Cellebrite Announces Fourth Quarter 2022 Results

GlobeNewswire February 15, 2023

ARR of $249 million, up 33% year-over-year

Fourth-quarter revenue of $74.0 million, Increase 9% year-over-year

Fourth-quarter adjusted EBITDA of $16.1 million, 21.8% adjusted EBITDA margin

PETAH TIKVA, Israel and TYSONS CORNER, Va., Feb. 15, 2023 (GLOBE NEWSWIRE) — Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced financial results for the three and twelve months ending December 31, 2022.

“We ended 2022 with solid quarterly results fueled by our industry-leading technology in a healthy Digital Intelligence market. Our market leadership remains strong as a result of the tangible progress and investments we have made in innovating across our platforms and executing on our go-to-market strategy,” said Yossi Carmil, Cellebrite’s CEO. “As data volumes are surging, data complexity is increasing and scrutiny around ethics and accountability are mounting, we are committed to helping customers modernize their investigations by digitizing the evidence workflows end-to-end. We enter 2023 well positioned to accelerate our revenue growth rate and drive improved profitability as we continue to capitalize on the strong demand we see for our offerings.”

Fourth Quarter Financial Highlights

  • Annual Recurring Revenue (ARR) of $249 million, up 33% year-over-year
  • Revenue of $74.0 million, up 9% year-over-year, of which subscription revenue was $62.3 million, up 24% year-over-year
  • Recurring revenue dollar-based net retention rate of 130%
  • GAAP gross profit and gross margin of $61.9 million and 83.6%, respectively
  • GAAP net income of $7.1 million; Non-GAAP net income of $15.3 million
  • GAAP diluted EPS of $0.04; Non-GAAP diluted EPS of $0.08
  • Adjusted EBITDA and adjusted EBITDA margin of $16.1 million and 21.8%, respectively

Full Year Financial Highlights

  • Revenue of $270.7 million, up 10% year-over-year, of which subscription revenue was $216.0 million, up 18% year-over-year
  • GAAP gross profit and gross margin of $219.9 million and 81.3%, respectively
  • GAAP net income of $120.8 million; Non-GAAP net income of $19.7 million
  • Adjusted EBITDA and Adjusted EBITDA margin of $25.9 million and 10%, respectively

Fourth Quarter and Recent Digital Intelligence Highlights

  • Closed 29 large deals in the fourth quarter, each valued at $500,000 or more.
  • Won a $14 million agreement with a leading law enforcement agency in Asia for the company’s Advanced Extraction Solution.
  • Signed a $10+ million deal with a major West European national police force, marking one of the Company’s largest digital intelligence deals, further validating digital intelligence as an essential accelerator for investigators.
  • Announced that its collaboration with the Vanderburgh Co. Cyber Crime Task Force to service 29 agencies across 11 U.S. states has helped accelerate justice by reducing the time it takes to investigate and successfully prosecute felonies.
  • Launched new cloud workplace app collection capability for Cellebrite Endpoint Inspectorthataims to improve organizations’ investigation and eDiscovery capabilities. Thisnew functionalitywill enable customers to collect remote mobile and computer data as well as cloud workplace application data in one unified platform, reducing time and costs associated with the collection of data of these apps.
  • Published the Enterprise Solutions 2023 Industry Trends Report, which highlights major data collection headaches arising from a hybrid work environment that threaten to slow down corporate fraud, IP theft and sexual harassment investigations for eDiscovery professionals and corporate investigators.
  • Partnered with the Gangmasters and Labour Abuse Authority (GLAA), and The Exodus Road to help these organizations advance their efforts to advance their respective missions and eliminate forced labor and human trafficking.

Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

Financial Outlook

“With a strong 33% annual growth in ARR during 2022 and 84% of our fourth-quarter 2022 revenue coming from subscription software licenses, Cellebrite has largely completed a successful, multi-year transition to subscription software,” said Dana Gerner, Chief Financial Officer of Cellebrite. “Looking ahead, we are well positioned to increase our revenue growth rate and sustain solid ARR momentum in 2023 as we continue expanding wallet share with existing customers, complemented by winning new logos. We anticipate that the combination of our top-line growth and prudent investment in our operations will enable us to drive improvement in our profitability during 2023, and keep us on track to reach our original long-term EBITDA margin target of 20% or greater.”

  • December 2023 ARR is expected to be between $300 and $310 million, representing 21-25% year on year growth.
  • Full year 2023 revenue is expected to be between $305 and $315 million, representing 13-16% year on year growth.
  • Full year 2023 Adjusted EBITDA is expected to be between $35.0 and $40.0 million, representing 11-13% margin.

Conference Call Information
Today, February 15, 2023, at 8:30 a.m. ET, Cellebrite will host a conference call and webcast to discuss the Company’s financial results for the fourth quarter 2022. The call details are below:

Telephone participants are advised to register in advance at:
https://register.vevent.com/register/BIa98ecd8f02c04567a1515497e1f850c8.

Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The live conference call will be webcast in listen-only mode at: https://edge.media-server.com/mmc/p/6j7zngzy.

The webcast will remain available after the call at: https://investors.cellebrite.com/events-presentations

Non-GAAP Financial Information

This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP net income, non-GAAP operating income and Adjusted EBITDA is helpful to investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period and offers investors and management greater visibility to the underlying performance of its business. Mainly:

  • Share-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
  • Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
  • To the extent that the above adjustments have an effect on tax (income) expense, such an effect is excluded in the non-GAAP adjustment to net income;
  • Tax expense, depreciation and amortization expense vary for many reasons that are often unrelated to our underlying performance and make period-to-period comparisons more challenging; and
  • Financial instruments are remeasured according to GAAP and vary for many reasons that are often unrelated to the Company’s current operations and affect financial income.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.

A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.

Key Performance Indicators

This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.

Annual recurring revenue (“ARR”) is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Term-based license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

Dollar-based net retention rate (“NRR”) is calculated by dividing customer recurring revenue by base revenue. We define base revenue as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer revenue as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base revenue, including recurring revenue resulting from additional sales to those customers.

About Cellebrite

Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at www.cellebrite.com and https://investors.cellebrite.com.

Caution Regarding Forward Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on March 29, 2022,as amended on April 14, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contacts:

Investors
Investor Relations
investors@cellebrite.com

Media
Victor Cooper
Public Relations and Corporate Communications Director
+1 404 804 5910
Victor.cooper@cellebrite.com

Cellebrite DI Ltd.
Fourth Quarter 2022 Results Summary
(U.S Dollars in thousands)

  For the three months ended   For the Year ended
  December 31,   December 31,
  2022   2021   2022   2021
               
Revenue 74,018     67,908     270,651     246,246  
Gross profit 61,887     55,572     219,905     203,689  
Gross margin 83.6 %   81.8 %   81.3 %   82.7 %
Operating income 9,674     4,306     1,044     13,822  
Operating margin 13.1 %   6.3 %   0.4 %   5.6 %
Cash flow from operating activities 35,743     29,792     20,577     36,052  
               
Non-GAAP Financial Data:              
Operating income 14,428     7,751     19,538     42,869  
Operating margin 19.5 %   11.4 %   7.2 %   17.4 %
Adjusted EBITDA 16,114     8,874     25,906     47,905  
Adjusted EBITDA margin 21.8 %   13.1 %   9.6 %   19.5 %


Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

    December 31,   December 31,
      2022       2021  
     
Assets        
Current assets        
Cash and cash equivalents   $ 87,645     $ 145,973  
Short-term deposits     51,335       35,592  
Marketable securities     44,643        
Trade receivables (net of allowance for doubtful accounts of $1,904 and $1,040 as of December 31, 2022 and 2021, respectively)     78,761       67,505  
Prepaid expenses and other current assets     17,085       12,818  
Contract acquisition costs     6,286       4,813  
Inventories     10,176       6,511  
Total current assets     295,931       273,212  
         
Non-current assets        
Other non-current assets     1,731       1,958  
Marketable securities     22,125        
Deferred tax assets, net     12,511       9,800  
Property and equipment, net     17,259       16,756  
Intangible assets, net     11,254       11,228  
Goodwill     26,829       26,829  
Operating lease right-of-use assets, net     15,653        
Total non-current assets     107,362       66,571  
         
Total assets   $ 403,293     $ 339,783  
         
Liabilities and shareholders’ equity (deficiency)        
         
Current Liabilities        
Trade payables   $ 4,612     $ 9,546  
Other accounts payable and accrued expenses     45,453       54,044  
Deferred revenues     152,709       122,983  
Operating lease liabilities     5,003        
Total current liabilities     207,777       186,573  
         
Long-term liabilities        
Other long term liabilities     5,394       9,537  
Deferred revenues     42,173       36,426  
Restricted Sponsor Shares liability     17,532       44,712  
Price Adjustment Shares liability     26,184       79,404  
Warrant liability     20,015       56,478  
Operating lease liabilities     10,353        
Total long-term liabilities     121,651       226,557  
         
Total liabilities   $ 329,428     $ 413,130  
         
Shareholders’ equity (deficiency)        
Share capital   *)   *)
Additional paid-in capital     (125,624 )     (153,072 )
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares     (85 )     (85 )
Accumulated other comprehensive income     331       1,372  
Retained earnings     199,243       78,438  
Total shareholders’ equity (deficiency)     73,865       (73,347 )
         
Total liabilities and shareholders’ equity (deficiency)   $ 403,293     $ 339,783  

*) Less than 1 USD



Cellebrite DI Ltd.
Condensed Consolidated Statements of Income
(U.S Dollars in thousands, except share and per share data)

  For the three months ended   For the Year ended
  December 31,   December 31,
    2022       2021       2022       2021  
               
Revenue:              
Subscription services $ 43,698     $ 31,999     $ 153,470     $ 120,889  
Term-license   18,625       18,088       62,487       62,428  
Total subscription   62,323       50,087       215,957       183,317  
Perpetual license and related   3,666       9,387       21,373       34,169  
Professional services   8,029       8,434       33,321       28,760  
Total revenue   74,018       67,908       270,651       246,246  
               
Cost of revenue:              
Subscription services   3,681       2,045       16,875       9,369  
Term-license   50       753       425       2,299  
Total subscription   3,731       2,798       17,300       11,668  
Perpetual license and related   3,381       4,659       12,987       9,817  
Professional services   5,019       4,879       20,459       21,072  
Total cost of revenue   12,131       12,336       50,746       42,557  
               
Gross profit $ 61,887     $ 55,572     $ 219,905     $ 203,689  
               
Operating expenses:              
Research and development   19,734       18,833       80,620       65,541  
Sales and marketing   23,669       21,239       97,387       76,389  
General and administrative   8,810       11,194       40,854       47,937  
Total operating expenses $ 52,213     $ 51,266     $ 218,861     $ 189,867  
               
Operating income $ 9,674     $ 4,306     $ 1,044     $ 13,822  
Financial (expense) income, net   (572 )     49,809       119,716       68,483  
Income before tax   9,102       54,115       120,760       82,305  
Tax expense (income)   2,024       2,244       (45 )     10,909  
Net income $ 7,078     $ 51,871     $ 120,805     $ 71,396  
               
Earnings per share              
Basic $ 0.04     $ 0.28     $ 0.64     $ 0.49  
Diluted $ 0.04     $ 0.25     $ 0.59     $ 0.44  
               
Weighted average shares outstanding              
Basic   184,952,107       180,170,342       182,693,375       144,002,394  
Diluted   192,786,615       199,082,479       195,393,558       161,538,579  
               
Other comprehensive income:              
Unrealized income (loss) on hedging transactions   1,194       495       (953 )     (944 )
Unrealized income (loss) on marketable securities   44             (502 )      
Currency translation adjustments   (133 )     955       414       995  
Total other comprehensive income (loss) net of tax   1,105       1,450       (1,041 )     51  
Total other comprehensive income $ 8,183     $ 53,321     $ 119,764     $ 71,447  


Cellebrite DI Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S Dollars in thousands, except share and per share data)

  For the three months ended   For the Year ended
  December 31,   December 31,
    2022       2021       2022       2021  
               
Cash flow from operating activities:              
               
Net income $ 7,078     $ 51,871     $ 120,805     $ 71,396  
Adjustments to reconcile net income to net cash provided by operating activities:              
Share based compensation and RSU’s   3,787       1,661       13,708       6,480  
Amortization of premium, discount and accrued interest on marketable securities   (225 )           (372 )    
Depreciation and amortization   2,520       1,814       9,194       7,007  
Interest income from short term deposits   (318 )           (684 )      
Deferred income taxes   (61 )     269       (2,392 )     (1,638 )
Remeasurement of warrant liability   375       (15,506 )     (36,463 )     (11,967 )
Remeasurement of Restricted Sponsor Shares   1,381       (11,181 )     (27,180 )     (17,635 )
Remeasurement of Price Adjustment Shares liabilities   1,211       (23,934 )     (53,220 )     (38,271 )
Decrease (increase) in trade receivables   11,242       8,690       (12,885 )     (1,958 )
Increase in deferred revenue   18,953       9,152       38,966       21,804  
Decrease (increase) in other non-current assets   94       (1,779 )     227       (1,394 )
(Increase) decrease in prepaid expenses and other current assets   (4,431 )     2,541       (5,692 )     (8,304 )
Changes in operating lease assets   4,667             4,667        
Changes in operating lease liability   (5,955 )           (5,955 )      
Increase in inventories   (812 )     (1,711 )     (3,680 )     (1,798 )
(Decrease) increase in trade payables   (895 )     2,955       (5,471 )     4,239  
(Decrease) increase in other accounts payable and accrued expenses   (2,060 )     2,428       (8,853 )     5,107  
(Decrease) increase in other long-term liabilities   (808 )     2,522       (4,143 )     2,984  
Net cash provided by operating activities   35,743       29,792       20,577       36,052  
               
Cash flows from investing activities:              
               
Purchases of property and equipment   (1,391 )     (778 )     (6,897 )     (5,111 )
Cash paid in conjunction with acquisitions, net of acquired cash         (20,000 )           (20,000 )
Purchase of Intangible assets   (1,788 )           (2,188 )      
Investment in marketable securities   (9,253 )           (89,364 )      
Proceeds from maturity of marketable securities   7,445             22,277        
Assets acquisition                     (3,000 )
Investment in short term deposits   (51,000 )     (21,000 )     (76,000 )     (21,000 )
Redemption of short term deposits   18,544       47,210       60,941       94,337  
Net cash (used in) provided by investing activities   (37,443 )     5,432       (91,231 )     45,226  
               
Cash flows from financing activities:              
               
Payment of dividend                     (100,000 )
Exercise of options to shares   1,327       944       12,628       2,305  
Proceeds from Employee Share Purchase Plan, net   657             1,337        
Exercise of public warrants               5        
Proceeds from Recapitalization transaction, net                     29,298  
Net cash provided by (used in) financing activities   1,984       944       13,970       (68,397 )
               
Net increase (decrease) in cash and cash equivalents   284       36,168       (56,684 )     12,881  
Net effect of Currency Translation on cash and cash equivalents   2,795       (81 )     (1,644 )     (754 )
Cash and cash equivalents at beginning of period   84,566       109,886       145,973       133,846  
Cash and cash equivalents at end of period $ 87,645     $ 145,973     $ 87,645     $ 145,973  
               
Supplemental cash flow information:              
Income taxes paid $ 3,727     $ 1,758     $ 9,053     $ 8,157  
Non-cash activities              
Purchase of property and equipment $     $ 749     $     $ 814  
Purchase of Intangible assets $ 493     $     $ 664     $  


Cellebrite DI Ltd.

Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

  For the three months ended   For the year ended
  December 31,   December 31,
    2022       2021       2022       2021  
  Unaudited   Unaudited   Unaudited   Unaudited
               
Operating income $ 9,674     $ 4,306     $ 1,044     $ 13,822  
Issuance expenses                     11,835  
Dividend participation compensation                     966  
Share based compensation   3,787       1,661       13,708       6,480  
Amortization of intangible assets   834       607       2,826       1,971  
Acquisition related costs   133       1,177       1,960       7,795  
Non-GAAP operating income $ 14,428     $ 7,751     $ 19,538     $ 42,869  
               
               
               
  For the three months ended   For the year ended
  December 31,   December 31,
    2022       2021       2022       2021  
  Unaudited   Unaudited   Unaudited   Unaudited
               
Net income $ 7,078     $ 51,871     $ 120,805     $ 71,396  
One time tax (income) expense               (2,368 )     7,067  
Issuance expenses                     11,835  
Dividend participation compensation                     966  
Share based compensation   3,787       1,661       13,708       6,480  
Amortization of intangible assets   834       607       2,826       1,971  
Acquisition related costs   133       1,177       1,960       7,795  
Tax expense (income)   516       498       (384 )     (1,670 )
Finance expense (income) from financial derivatives   2,967       (50,621 )     (116,863 )     (67,873 )
Non-GAAP net income $ 15,315     $ 5,193     $ 19,684     $ 37,967  
               
Non-GAAP Earnings per share:              
Basic   0.08     $ 0.03       0.10     $ 0.26  
Diluted   0.08     $ 0.03       0.10     $ 0.24  
               
Weighted average shares outstanding:              
Basic   184,952,107       180,170,342       182,693,375       144,002,394  
Diluted   192,786,615       199,082,479       195,393,558       161,538,579  

  For the three months ended   For the year ended
  December 31,   December 31,
    2022       2021       2022       2021  
  Unaudited   Unaudited   Unaudited   Unaudited
               
Net income $ 7,078     $ 51,871     $ 120,805     $ 71,396  
Financial expense (income), net   572       (49,809 )     (119,716 )     (68,483 )
Tax expense (income)   2,024       2,244       (45 )     10,909  
Issuance expenses                     11,835  
Dividend participation compensation                     966  
Share based compensation   3,787       1,661       13,708       6,480  
Amortization of intangible assets   834       607       2,826       1,971  
Acquisition related costs   133       1,177       1,960       7,795  
Depreciation expenses   1,686       1,123       6,368       5,036  
Adjusted EBITDA $ 16,114     $ 8,874     $ 25,906     $ 47,905  



Primary Logo

AAPR aggregates press releases and media statements from around the world to assist our news partners with identifying and creating timely and relevant news.

All of the press releases published on this website are third-party content and AAP was not involved in the creation of it. Read the full terms.