59 results
20-F
2023 FY
ODD
ODDITY Tech Ltd. - Ordinary Shares
5 Mar 24
Annual report (foreign)
8:02pm
The following tables set forth our results of operations for the periods presented in dollars and as a percentage of net revenue and should be reviewed in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical results and period-to-period comparisons for any prior period are not necessarily indicative of results expected in any future period.
| | | | | | | | | | | | | | | | |
| | Year Ended December 31, | ||||||||||||||
| | 2023 | | 2022 | | 2021 | ||||||||||
| | | | | % of net | | | | | % of net | | | | | % of net | |
| (in thousands) | revenue | (in thousands) | revenue | (in thousands) | revenue | ||||||||||
Statements of Operations Data: | | | | | ||||||||||||
Net revenue | | $ | 508,685 | 100.0 | % | $ | 324,520 | 100.0 | % | $ | 222,555 | 100.0 | % | |||
Cost of revenue | | 150,456 | 29.6 | | 106,470 | 32.8 | | 69,374 | 31.2 | | ||||||
Gross profit | | 358,229 | 70.4 | | 218,050 | 67.2 | | 153,181 | 68.8 | | ||||||
Selling, general and administrative expenses | | 283,911 | 55.8 | | 190,385 | 58.7 | | 133,669 | 60.1 | | ||||||
Operating income | | 74,318 | 14.6 | | 27,665 | 8.5 | | 19,512 | 8.8 | | ||||||
Financial expenses (income), net | | (4,283) | (0.8) | | (1,247) | (0.4) | | 877 | 0.4 | | ||||||
Income before taxes on income | | 78,601 | 15.4 | | 28,912 | 8.9 | | 18,635 | 8.4 | | ||||||
Taxes on income | | 20,067 | 3.9 | | 7,184 | 2.2 | | 4,715 | 2.1 | | ||||||
Net income | | $ | 58,534 | 11.5 | % | $ | 21,728 | 6.7 | % | $ | 13,920 | 6.3 | % |
20-F
2023 FY
ODD
ODDITY Tech Ltd. - Ordinary Shares
5 Mar 24
Annual report (foreign)
8:02pm
Selling, General and Administrative Expenses
| | | | | | | | | | | | | ||||||||||||
| | Year Ended December 31, | ||||||||||||||||||||||
| | 2023 | | 2022 | | $ Change | | % Change | ||||||||||||||||
| | (in thousands) | ||||||||||||||||||||||
Selling, general, and administrative expenses | $ | 283,911 | $ | 190,385 | $ | 93,526 | 49.1 | % |
20-F
2023 FY
ODD
ODDITY Tech Ltd. - Ordinary Shares
5 Mar 24
Annual report (foreign)
8:02pm
We believe Adjusted EBITDA and Adjusted EBITDA margin are useful for financial and operational decision-making and as a means to evaluate period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide meaningful supplemental information regarding our performance. In addition, Adjusted EBITDA and Adjusted EBITDA margin are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as depreciation and amortization, interest expense, and interest income, which can vary substantially from company to company depending on their financing and capital structures and the method by which their assets were acquired. However, these non-GAAP measures also have limitations as analytical tools, and you should not consider these measures as a substitute for or in isolation from, our financial results prepared in accordance with U.S. GAAP. For example, Adjusted EBITDA does not reflect: (i) interest expense or the cash requirements necessary to service interest or principal payments on our debt, which reduces the cash available to us, (ii) tax payments that may represent a reduction in cash available to us, (iii) non-cash charges for depreciation of property and equipment and amortization of intangible assets, even though the assets being depreciated and amortized may have to be replaced in the future and would require cash capital expenditure requirements for such replacements or for new capital expenditure requirements, or (iv) share-based compensation expense, which is expected to be a recurring expense for our business. Other companies, including companies in our industry, may calculate Adjusted EBITDA and Adjusted EBITDA margin differently or not at all, which reduces their usefulness as comparative measures.
| | | | | | | | | | | ||||||||||
| | Year Ended December 31, | ||||||||||||||||||
| | 2023 | | 2022 | | 2021 | ||||||||||||||
| | (in thousands) | ||||||||||||||||||
Net Income | $ | 58,534 | $ | 21,728 | $ | 13,920 | | |||||||||||||
Financial expenses (income), net | | (4,283) | | (1,247) | | 877 | | |||||||||||||
Taxes on income | | 20,067 | | 7,184 | | 4,715 | | |||||||||||||
Depreciation and amortization | | 8,605 | | 4,408 | | 4,006 | | |||||||||||||
Share-based compensation | | 24,111 | | 6,697 | | 2,107 | | |||||||||||||
Non-recurring adjustments | | 300 | | 701 | | 1,003 | | |||||||||||||
Adjusted EBITDA | | $ | 107,334 | | $ | 39,471 | | $ | 26,628 | | ||||||||||
Net income margin | | 11.5 | % | 6.7 | % | 6.3 | % | |||||||||||||
Adjusted EBITDA margin | | 21.1 | % | 12.2 | % | 12.0 | % |
20-F
2023 FY
ODD
ODDITY Tech Ltd. - Ordinary Shares
5 Mar 24
Annual report (foreign)
8:02pm
Our philosophy regarding diversity of candidates for the board of directors is to identify, nominate and elect the most qualified individuals available to us, regardless of race, creed, sexual orientation, nationality, ethnicity, language and religion.
Board Diversity Matrix (As of December 31, 2023) | |||||
Country of Principal Executive Offices: | Israel | ||||
Foreign Private Issuer | | Yes | |||
Disclosure Prohibited Under Home Country Law | | No | |||
Total Number of Directors | | 5 | |||
| | Female | Male | Non-Binary | Did Not Disclose Gender |
Part I: Gender Identity | | | |||
Directors | | 2 | 3 | — | — |
Part II: Demographic Background | | | |||
Underrepresented Individual in Home Country Jurisdiction | | — | |||
LGBTQ+ | | — | |||
Did Not Disclose Demographic Background | | — |
20-F
2023 FY
ODD
ODDITY Tech Ltd. - Ordinary Shares
5 Mar 24
Annual report (foreign)
8:02pm
| | | | | | |
| December 31, | |||||
| | 2023 | 2022 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | ||||
CURRENT LIABILITIES: | | | ||||
Trade payables | | $ | 56,185 | | $ | 44,807 |
Other accounts payable and accrued expenses | | 49,325 | | 37,792 | ||
Short-term debt and current maturities of long-term debt | | — | | 3,917 | ||
Operating lease liabilities, current | | 3,802 | | 3,890 | ||
Total current liabilities | | 109,312 | | 90,406 | ||
LONG-TERM LIABILITIES: | | | | |||
Operating lease liabilities, non-current | | 8,712 | | 8,076 | ||
Digital securities liability | | — | | 648 | ||
Other long-term liabilities | | 3,775 | | 6,298 | ||
Total liabilities | | 121,799 | | 105,428 | ||
COMMITMENTS AND CONTINGENCIES (Note 11) | | | | |||
Redeemable A shares of NIS 0.001 par value each - Authorized: zero and 2,000,000 shares at December 31, 2023 and 2022 respectively; Issued and outstanding: zero and 983,861 shares at December 31, 2023 and 2022, respectively (**) | | — | | 12,275 | ||
SHAREHOLDERS’ EQUITY: (**) | | | | |||
Class A Ordinary shares of NIS 0.001 par value each - Authorized (*): 200,000,000 and 10,000,000 shares at December 31, 2023 and 2022 respectively; Issued and outstanding: 45,319,675 and 38,384,577 shares at December 31, 2023 and 2022, respectively | | 14 | | 12 | ||
Class B Ordinary shares of NIS 0.001 par value each – Authorized (*): 40,000,000 and 2,000,000 shares at December 31, 2023 and 2022 respectively; Issued and outstanding: 11,547,000 and 14,022,549 shares at December 31, 2023 and 2022, respectively | | 3 | | 4 | ||
Additional paid-in capital | | 178,910 | | 53,707 | ||
Accumulated other comprehensive income | | | 2,402 | | | 1,738 |
Retained earnings | | 101,778 | | 43,244 | ||
Total shareholders’ equity | | 283,107 | | 98,705 | ||
Total liabilities and shareholders’ equity | | $ | 404,906 | | $ | 216,408 |
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