FYBER N.V. Fyber N.V.
H1 2021 Results Statement
H1 2021 Results Statement
Fyber (Fyber N.V. and its subsidiaries, "Fyber" or the "Company"), a Digital Turbine company, is a global technology company, developing a next-generation monetization platform for mobile app publishers. Fyber combines proprietary technologies and expertise in mediation, programmatic, and video to create holistic solutions that shape the future of the app economy. Fyber has global offices in Berlin, Tel Aviv, San Francisco, New York, London, Seoul, and Beijing. To learn more, visit www.fyber.com.
H1 2021 Results Statement
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H1 2021 Results Statement
Table of Content
Highlights & Key Figures | 5 |
Report of the Management Board | 6 |
Business Performance | 7 |
Subsequent Events | 10 |
Responsibility Statement | 11 |
Condensed Consolidated Interim Financial Statements | 12 |
Notes to the Condensed Consolidated Interim Financial Statements | 22 |
Editorial | 27 |
H1 2021 Results Statement
Highlights & Key Figures
Positive adjusted EBITDA of €15.0million
6% overall YoYrevenue growthto€179.8 million
Financial performance
Six months ended 30 June | Three months ended 30 June | Year ended 31 December | |||||
2021 | 2020 | 2021 | 2020 | 2020 | |||
in € millions | |||||||
Revenue | 179.8 | 65.2 | 94.1 | 34.5 | 209.8 | ||
Cost of sales | (151.5} | (56.3) | (79.6} | (30.1) | (179.3) | ||
Gross profit | 28.3 | 8.9 | 14.6 | 4.4 | 30.5 | ||
EBITDA* | 15.0 | (1.7) | 7.6 | (0.9) | 5.6 | ||
- Unaudited, adjusted figures - Adjusted EBITDA is excluding one-off impacts such as impairment of goodwill and acquisition related costs as well as not cash effective stock option expenses and is not a measure calculated in accordance with IFRS. For further details on the adjustment please refer to the Company's latest Annual Report.
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H1 2021 Results Statement
Report of the
Management
Board
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H1 2021 Results Statement
Business Performance
Revenue composition
Six months ended 30 June | ||||||||
In € millions, rounded | 2021 | 2020 | H1 2021 change YoY | H1 2021 share in % | ||||
Programmatic display advertising | 76.0 | 31.0 | 145% | 42% | ||||
Programmatic video advertising | 84.5 | 13.1 | 545% | 47% | ||||
Total programmatic business | 160.5 | 44.1 | 264% | 89% | ||||
Non-programmatic business | 19.3 | 21.1 | -9% | 11% | ||||
Total revenue | 179.8 | 65.2 | 176% | 100% | ||||
The revenue for the first six months of 2021 amounted to €179.8 million, a plus of 176% compared to H1 2020. The growth trend driven by programmatic trading and video advertising continued and the management views the growing market opportunity as very positive for Fyber and the joined group. The net revenue amounted to €35 million, bringing the adjusted EBITDA for H1 2021 to €15.0 million (H1 2020: €-1.7 million).
Development of revenue share paid to third parties
Six months ended 30 June | Full year | |||||||
In € millions, rounded | 2021 | 2020 | H1 2020 change YoY | 2020 | ||||
Revenue | 179.8 | 65.2 | 176% | 209.8 | ||||
Revenue share to third parties | (144.8) | (48.4) | 199% | (164.4) | ||||
Net revenue* | 35.0 | 16.8 | 108% | 45.4 | ||||
Net revenue margin* | 19.5% | 25.8% | -6.3pp | 21.6% | ||||
Other cost of sales | (6.7) | (7.9) | -15% | (14.9) | ||||
Gross profit | 28.3 | 8.9 | 218% | 30.5 | ||||
*Net revenue: not a measure calculated in accordance with IFRS, but often referred to as a term of analysis in the industry, describing the revenue less the share paid out to connected publishers and app developers as their monetization yield.
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H1 2021 Results Statement
Consolidated income statement - Highlights
Six months ended 30 June | Three months ended 30 June | Year ended 31 December | ||||
2021 | 2020 | 2021 | 2020 | 2020 | ||
in € millions | ||||||
Revenue | ||||||
179.8 | 65.2 | 94.2 | 34.5 | 209.8 | ||
Cost of sales | (151.5) | (56.3) | (82.6) | (30.1) | (179.3) | |
Gross profit | 28.3 | 8.9 | 14.6 | 4.4 | 30.5 | |
Research & development | (9.4) | (5.7) | (6.3) | (2.5) | (12.1) | |
Sales & marketing | (10.2) | (7.4) | (6.4) | (3.6) | (15.0) | |
General & administrative | (31.6) | (3.2) | (29.3) | (2.0) | (7.7) | |
Other expenses | (0.1) | (0.4) | 0.2 | 0 | 0 | |
Depreciation & amortization | 3.4 | 5.3 | 1.9 | 2.4 | 8.9 | |
Stock option plan | 26.0 | 0.8 | 32.2 | 0 | 1.0 | |
Other adjustments | 8.6 | 0 | 0.6 | 0 | 0 | |
Adj. EBITDA* | 15.0 | (1.7) | 7.6 | (0.9) | 5.6 | |
Adj. EBITDA margin (%)* | 43% | n/a | 42% | n/a | 12% | |
from net revenue | ||||||
- We define adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate one-off impacts such as impairment of goodwill and acquisition related costs as well as not cash effective stock option expenses. Adjusted EBITDA is not a measure calculated in accordance with IFRS. We have included adjusted EBITDA in this form because it is a key metric used by our Management Board and Supervisory Board to evaluate operating performance, generate future operating plans and make strategic decisions regar- ding the allocation of capital. In particular, we believe that the adjusted EBITDA can act as a useful metric for period-over-period comparisons of our core business. Accordingly, we believe that this metric provides useful information to investors and others in understanding and evaluating our opera- tional results in the same manner our management does.
Profitability detail
Six months ended 30 June | Year ended 31 December | |||
2021 | 2020 | 2020 | ||
in € millions | ||||
Earnings before interest and tax | ||||
(21.7) | (7.8) | (4.8) | ||
Total adjustments | 36.7 | 6.1 | 10.4 | |
Thereof depreciation & | 3.4 | 5.3 | 9.4 | |
amortization | ||||
Thereof 'Stock Options | 32.6 | 0.8 | 1.0 | |
Program' | ||||
Thereof other adjustments in | 0.7 | 0 | 0 | |
general & administrative | ||||
Adjusted EBITDA | 15.0 | (1.7) | 5.6 | |
H1 2021 Results Statement
Cash flow and going concern considerations
Six months ended 30 June | Year ended 31 December | |||
2021 | 2020 | 2020 | ||
in € millions | ||||
Net cash flow from operating activities | ||||
(13.4) | 3.3 | 10.4 | ||
Net cash flow from investing activities | (2.2) | (1.5) | (3.3) | |
Net cash flow from financing activities | 19.5 | (0.4) | 6.1 | |
Net change in cash and cash equivalents | 3.9 | 1.4 | 13.3 | |
Net foreign exchange difference | 0 | (0.1) | (0.2) | |
Opening balance cash and cash equivalents | 26.0 | 12.9 | 12.9 | |
Closing balance cash and | 29.9 | 14.2 | 26.0 | |
cash equivalents and cash deposits | ||||
Financial and asset position
Per 30 June | Per 31 December | ||||
2021 | 2020 | ||||
in € millions | |||||
Intangible assets | 139.6 | 137.4 | |||
Other assets | 9.8 | 9.9 | |||
Cash and cash deposits | 29.9 | 26.0 | |||
Trade and other receivables | 75.9 | 65.0 | |||
Other financial assets | 5.2 | 5.7 | |||
Total assets | 260.4 | 244.0 | |||
Interest bearing loans | 98.9 | 132.6 | |||
Trade and other payables | 98.0 | 78.3 | |||
Employee benefits liabilities | 5.6 | 5.2 | |||
Other liabilities | 12.0 | 12.7 | |||
Deferred tax liabilities | 0 | 0 | |||
Total liabilities | 214.5 | 229.1 | |||
Total equity | 45.9 | 14.9 | |||
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Fyber NV published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 05:31:02 UTC.
