Nexxen Reports Fourth Quarter and Full Year 2024 Financial Results

Generated all-time quarterly Contribution ex-TAC, programmatic revenue and CTV revenue records in Q4 2024, achieving 16%, 15%, and 86% year-over-year growth, respectively Attained 38% year-over-year Adjusted EBITDA growth in Q4 2024, while expanding Adjusted EBITDA Margin as a percentage of Contribution ex-TAC to 42% from 35% Simplified the Company’s stock exchange and trading structure in Q1 2025, streamlining to a single U.S. Ordinary Share listing Nexxen’s Board of Directors approved the launch of a new $50 million Ordinary Share repurchase program following the completion of the currently ongoing program NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) -- Nexxen International Ltd. (NASDAQ: NEXN) (“Nexxen” or the “Company”), a global, flexible advertising technology platform with deep expertise in data and advanced TV, announced today its financial results for the three and twelve months ended December 31, 2024. Q4 2024 Financial Highlights All-time quarterly record Contribution ex-TAC of $105.2 million, up 16% year-over-yearAll-time quarterly record programmatic revenue of $98.7 million, up 15% year-over-yearAll-time quarterly record CTV revenue of $37.0 million, up 86% year-over-yearCTV revenue increased to 38% of programmatic revenue from 23% in Q4 2023Programmatic revenue reflected 88% of revenue compared to 90% in Q4 2023Second-highest all-time quarterly Adjusted EBITDA of $44.3 million, up 38% year-over-year, representing a 42% Adjusted EBITDA Margin on a Contribution ex-TAC basis (39% on a revenue basis), compared to 35% (33% on a revenue basis) in Q4 2023Video revenue increased to 75% of programmatic revenue from 67% in Q4 2023$187.1 million cash and cash equivalents as of December 31, 2024, alongside $90 million undrawn on the Company’s revolving credit facility and no long-term debt following the full repayment of the Company’s $100 million outstanding principal long-term debt balance in April 2024 Full Year 2024 Financial Highlights All-time annual record Contribution ex-TAC of $343.5 million, up 9% year-over-yearAll-time annual record programmatic revenue of $324.5 million, up 9% year-over-yearAll-time annual record CTV revenue of $113.8 million, up 33% year-over-yearCTV revenue increased to 35% of programmatic revenue from 29% in 2023Programmatic revenue reflected 89% of revenue compared to 90% in 2023Adjusted EBITDA of $114.6 million, up 38% year-over-year, representing a 33% Adjusted EBITDA Margin on a Contribution ex-TAC basis (31% on a revenue basis), compared to 26% (25% on a revenue basis) in 2023Video revenue increased to 72% of programmatic revenue from 69% in 2023Contribution ex-TAC retention rate of 102% compared to 73% in 2023 “Q4 capped off a strong and transformational year highlighted by all-time Contribution ex-TAC, programmatic revenue and CTV revenue records,” said Ofer Druker, Chief Executive Officer of Nexxen. “Our success validates that the upgrades we made in 2024 to our data capabilities, CTV and omnichannel capabilities, brand recognition and messaging are fueling better execution and resonating with customers and the market. As a result, partners across the industry are increasingly allocating more spending towards Nexxen and adopting multiple solutions within our end-to-end ecosystem.” Mr. Druker added, “In the first half of 2025, and throughout the year, we will take major strides in our AI efforts, specifically launching several new Generative AI capabilities focused on two primary objectives - simplifying the use of our vertically integrated offerings and significantly enhancing their performance. As the owner of a robust technology stack, and through years-long and continued investments in machine learning, we believe the time is now for Generative AI to align with our strategic vision. Over time, we expect this promising turnkey innovation to streamline our customers’ experiences, enable more-precise audience targeting and measurement capabilities, advance our solutions across planning, activation, optimization and monetization, generate stronger returns for our customers and accelerate our growth opportunity. We also look forward to expanding our U.S. investor presence after simplifying our trading structure, which we believe will significantly benefit Nexxen and its shareholders over the long-term.” Financial Guidance Nexxen provides the following financial guidance for full year 2025: Full year 2025 Contribution ex-TAC of approximately $380 millionFull year 2025 programmatic revenue to reflect approximately 90% of full year 2025 revenueFull year 2025 Adjusted EBITDA of approximately $125 million Management expects to continue increasing the Company’s investments in technology, data and Generative AI in 2025, with a focus on enhancing Nexxen’s DSP and data platform capabilities, which is expected to augment the Company’s ability to attract higher levels of customer spending and new partners, and further Nexxen’s competitive advantages.Management expects the Company to increase its CTV and data licensing revenue in 2025 compared to 2024.In 2025, management expects the Company’s sales and marketing expenses, general and administrative expenses, and depreciation and amortization to reflect similar percentages of Contribution ex-TAC as in 2024 and expects research and development expenses to increase as a percentage of Contribution ex-TAC. Operational Highlights Simplified Nexxen’s trading structure by exchanging the Company’s Nasdaq-listed ADRs for New Nasdaq-listed Ordinary Shares, voluntarily delisting from AIM and streamlining to a single U.S. Ordinary Share listing on Nasdaq in Q1 2025. The Company expects these changes will enhance Nexxen’s positioning with U.S. investors, drive greater trading volume and increase the Company’s eligibility for inclusion in select stock indices.Nexxen DSP added 112 new actively spending first-time advertiser customers in Q4 2024 across travel, entertainment and other verticals. This figure included 18 new enterprise self-service advertiser customers and three new independent agencies adopting Nexxen’s self-service software solutions. Onboarded 73 new supply partners across several verticals and formats in Q4 2024, highlighted by some of the industry’s most well-known free ad-supported streaming services.Successfully attracted and onboarded top talent across our employee base, particularly within the Company’s sales management, positioning Nexxen strongly for future growth.Launched Deal Marketplace within Nexxen DSP, enabling advertisers to better discover, visualize and activate preferred deals across CTV, online video and display, reducing time spent planning and executing campaigns. Through Nexxen’s Deal Marketplace, advertisers can gain transparency into a wide range of premium supply inventory, leveraging advanced audience-targeting capabilities. Share Repurchase Program Updates Nexxen repurchased 4,493,721 Ordinary Shares during Q4 2024 (2,246,861 Ordinary Shares as adjusted for the Company’s reverse-split) at an average price of 347.48 pence (694.96 pence on a post-reverse-split adjusted basis), reflecting a total investment of £15.6 million or $20.1 million.During 2024, Nexxen repurchased 18,275,064 Ordinary Shares (9,137,532 Ordinary Shares on a post-reverse-split adjusted basis), reflecting a total investment of £48.2 million or $61.7 million.From March 1, 2022, when the Company launched a series of share repurchase programs, through December 31, 2024, the Company repurchased 37,909,216 Ordinary Shares (18,954,608 Ordinary Shares on a post-reverse-split adjusted basis), or 24.5% of shares outstanding, reflecting a total investment of £125.9 million or $157.3 million.On November 19, 2024, the Company launched a new $50 million Ordinary Share repurchase program which is scheduled to continue until the earlier of May 19, 2025, or completion, following the expiration of its previous $50 million Ordinary Share repurchase program on November 1, 2024. Until the Company’s AIM-delisting on February 14, 2025, the Ordinary Share repurchases under the program were executed on the AIM Market, and beginning February 18, 2025, the Ordinary Share repurchases are now executed on Nasdaq. The program does not obligate Nexxen to repurchase any particular amount of Ordinary Shares and the program may be suspended, modified or discontinued at any time at the Company’s discretion, subject to applicable law.As of December 31, 2024, the Company had $38.4 million remaining on its Ordinary Share repurchase program authorization. Nexxen’s Board of Directors Approved the Launch of a New $50 Million Ordinary Share Repurchase Program Following Completion of the Currently Ongoing Program On March 4, 2025, Nexxen’s Board of Directors approved the launch of a new $50 million Ordinary Share repurchase program, which is scheduled to begin on the earlier of May 19, 2025, or completion of the currently ongoing program, and continue until the earlier of November 19, 2025, or completion. The launch of the new Ordinary Share repurchase program is subject to compliance with a creditor notice period required under Israeli law.Nexxen’s Board of Directors intends to continue to evaluate implementing additional share repurchase programs following the completion of the ongoing and impending programs, subject to then current market conditions and necessary approvals. Financial Highlights for the Three and Twelve Months Ended December 31, 2024 ($ in millions, except per share amounts) Three months ended December 31 Twelve months ended December 31 2024 2023 % 2024 2023 % IFRS Highlights Revenues112.3 95.9 17% 365.5 332.0 10%Programmatic Revenues98.7 86.0 15% 324.5 299.0 9%Operating profit (loss)24.8 9.6 158% 40.8 (17.0) 340% Net income (loss) margin on a gross profit basis30% 5% 14% (10%) Total comprehensive income (loss)23.3 5.3 336% 35.4 (18.1) 295%Diluted earnings (loss) per share (*)0.37 0.04 738% 0.51 (0.30) 269% Non-IFRS Highlights Contribution ex-TAC105.2 90.5 16% 343.5 314.2 9% Adjusted EBITDA44.3 32.0 38% 114.6 83.2 38%Adjusted EBITDA Margin on a Contribution ex-TAC basis42% 35% 33% 26% Non-IFRS net income32.4 14.5 124% 65.2 32.2 102%Non-IFRS diluted earnings per share (*)0.48 0.20 143% 0.93 0.44 110% (*) Prior period results have been retroactively adjusted to reflect the Company’s two-for-one reverse split and the changes in par value from NIS 0.01 to NIS 0.02 effected on February 14, 2025. See also Note 1a of the Company’s annual report filed on Form 20-F on March 5, 2025 for details. Fourth Quarter 2024 Financial Results Webcast and Conference Call Details When: March 5, 2025, at 6:00 AM PT / 9:00 AM ET / 2:00 PM GMTWebcast: A live and archived webcast can be accessed from the Events and Presentations section of Nexxen’s Investor Relations website at https://investors.nexxen.com/Participant Dial-In Numbers: U.S. / Canada Toll-Free Dial-In Number: (888) 596-4144U.K. Toll-Free Dial-In Number: +44 800 260 6470International Dial-In Number: +1 (646) 968-2525Conference ID: 9187123 About Nexxen Nexxen empowers advertisers, agencies, publishers and broadcasters around the world to utilize data and advanced TV in the ways that are most meaningful to them. Our flexible and unified technology stack comprises a demand-side platform (“DSP”) and supply-side platform (“SSP”), with the Nexxen Data Platform at its core. With streaming in our DNA, Nexxen’s robust capabilities span discovery, planning, activation, monetization, measurement and optimization – available individually or in combination – all designed to enable our partners to achieve their goals, no matter how far-reaching or hyper niche they may be. Nexxen is headquartered in Israel and maintains offices throughout the United States, Canada, Europe and Asia-Pacific, and is traded on Nasdaq (NEXN). For more information, visit www.nexxen.com. For further information please contact: Billy Eckert, Vice President of Investor Relationsir@nexxen.com Caroline Smith, Vice President of Communicationscsmith@nexxen.com Forward Looking Statements This press release contains forward-looking statements, including forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Forward-looking statements are identified by words such as “anticipates,” “believes,” “expects,” “intends,” “may,” “can,” “will,” “estimates,” and other similar expressions. However, these words are not the only way Nexxen identifies forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding anticipated financial results for full year 2025 and beyond; anticipated benefits of Nexxen’s strategic transactions and commercial partnerships; anticipated features and benefits of Nexxen’s products and service offerings; Nexxen’s positioning for accelerated growth and continued future growth in both the U.S. and international markets in 2025 and beyond; Nexxen’s medium- to long-term prospects; management’s belief that Nexxen is well-positioned to benefit from future industry growth trends and Company-specific catalysts; the Company’s expectations with respect to CTV revenue growth and data licensing revenue growth; the Company’s expectations with respect to its sales and marketing expenses, general and administrative expenses, and depreciation and amortization as a percentage of Contribution ex-TAC in 2025 and its expectations with respect to its research and development expenses as a percentage of Contribution ex-TAC in 2025; the Company’s plans with respect to its cash reserves as well as ongoing and future share repurchase programs; the anticipated impact of the Company’s Generative AI initiative and its ability to contribute to the Company’s growth; the anticipated benefits of the Company’s ADR exchange and termination, reverse share split, AIM delisting and single U.S. Ordinary Share listing on Nasdaq; as well as any other statements related to Nexxen’s future financial results and operating performance. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors that may cause Nexxen’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including, but not limited to, the following: negative global economic conditions; global conflicts and war, including the war and hostilities between Israel and Hamas, Hezbollah and Iran, and how those conditions may adversely impact Nexxen’s business, customers and the markets in which Nexxen competes; changes in industry trends; and other negative developments in Nexxen’s business or unfavorable legislative or regulatory developments. Nexxen cautions you not to place undue reliance on these forward-looking statements. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s most recent Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (www.sec.gov) on March 6, 2024. Any forward-looking statements made by Nexxen in this press release speak only as of the date of this press release, and Nexxen does not intend to update these forward-looking statements after the date of this press release, except as required by law. Nexxen, and the Nexxen logo are trademarks of Nexxen International Ltd. in the United States and other countries. All other trademarks are the property of their respective owners. The use of the word “partner” or “partnership” in this press release does not mean a legal partner or legal partnership. Use of Non-IFRS Financial Information In addition to our IFRS results, we review certain non-IFRS financial measures to help us evaluate our business, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-IFRS measures include Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA Margin, Non-IFRS Net Income and Non-IFRS Earnings per share, each of which is discussed below. These non-IFRS financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to the corresponding financial measures prepared in accordance with IFRS. You are encouraged to evaluate these adjustments and review the reconciliation of these non-IFRS financial measures to their most comparable IFRS measures and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-IFRS financial measures may differ from the items excluded from, or included in, similar non-IFRS financial measures used by other companies. See "Reconciliation of Revenue to Contribution ex-TAC," "Reconciliation of Total Comprehensive Income (Loss) to Adjusted EBITDA," and "Reconciliation of Net Income (Loss) to Non-IFRS Net Income," included as part of this press release. Contribution ex-TAC: Contribution ex-TAC for Nexxen is defined as gross profit plus depreciation and amortization attributable to cost of revenue and cost of revenue (exclusive of depreciation and amortization) minus the Performance media cost (“traffic acquisition costs” or “TAC”). Performance media cost represents the costs of purchases of impressions from publishers on a cost-per-thousand impression basis in our non-core Performance activities. Contribution ex-TAC is a supplemental measure of our financial performance that is not required by or presented in accordance with IFRS. Contribution ex-TAC should not be considered as an alternative to gross profit as a measure of financial performance. Contribution ex-TAC is a non-IFRS financial measure and should not be viewed in isolation. We believe Contribution ex-TAC is a useful measure in assessing the performance of Nexxen because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis. Adjusted EBITDA: We define Adjusted EBITDA for Nexxen as total comprehensive income (loss) for the period adjusted for foreign currency translation differences for foreign operations, foreign currency translation for subsidiary sold reclassified to profit and loss, tax expenses (benefit), financial expenses (income), net, depreciation and amortization, stock-based compensation expenses, other expenses, net, acquisition related costs, restructuring and delisting related one-time costs. Adjusted EBITDA is included in the press release because it is a key metric used by management and our Board of Directors to assess our financial performance. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business. Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA on a Contribution ex-TAC basis. Non-IFRS Net Income and Non-IFRS Earnings per Share: We define non-IFRS earnings per share as non-IFRS net income divided by non-IFRS weighted-average shares outstanding. Non-IFRS net income is equal to net income (loss) excluding acquisition related costs, amortization of acquired intangibles, restructuring, delisting related one-time costs, stock-based compensation expenses, and other expenses, net, and also considers the tax effects of non-IFRS adjustments. In periods in which we have non-IFRS net income, non-IFRS weighted-average shares outstanding used to calculate non-IFRS earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock awards, restricted stock units and performance stock units, each computed using the treasury stock method. We believe non-IFRS earnings per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-IFRS measure. However, a potential limitation of our use of non-IFRS earnings per share is that other companies may define non-IFRS earnings per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-IFRS earnings per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable IFRS measure of net income (loss). We do not provide a reconciliation of forward-looking non-IFRS financial metrics because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding IFRS metric. Reconciliation of Total Comprehensive Income (Loss) to Adjusted EBITDA Three months ended December 31 Twelve months ended December 31 2024 2023 % 2024 2023 % ($ in thousands) Total comprehensive income (loss)23,279 5,341 336% 35,402 (18,127) 295%Foreign currency translation differences for foreign operation1,575 (2,114) 35 (2,126) Foreign currency translation for subsidiary sold reclassified to profit and loss- - - (1,234) Tax expenses (benefit)(533) 6,487 3,095 2,503 Financial expenses (income), net435 (105) 2,289 2,008 Depreciation and amortization14,621 21,047 58,676 78,285 Stock-based compensation expenses2,782 1,386 11,460 19,169 Other expenses, net16 - 1,504 1,765 Acquisition related costs- - - 171 Restructuring- - - 796 Delisting related one-time costs2,094 - 2,094 - Adjusted EBITDA44,269 32,042 38% 114,555 83,210 38% Reconciliation of Revenue to Contribution ex-TAC Three months ended December 31 Twelve months ended December 31 2024 2023 % 2024 2023 % ($ in thousands) Revenue112,284 95,916 17% 365,477 331,993 10%Cost of revenue (exclusive of depreciation and amortization)(17,068) (17,886) (61,020) (62,270) Depreciation and amortization attributable to Cost of revenue(12,139) (13,682) (47,372) (50,825) Gross profit (IFRS)83,077 64,348 29% 257,085 218,898 17%Depreciation and amortization attributable to Cost of revenue12,139 13,682 47,372 50,825 Cost of revenue (exclusive of depreciation and amortization)17,068 17,886 61,020 62,270 Performance media cost(7,122) (5,392) (21,976) (17,810) Contribution ex-TAC (Non-IFRS)105,162 90,524 16% 343,501 314,183 9% Reconciliation of Net Income (Loss) to Non-IFRS Net Income Three months ended December 31 Twelve months ended December 31 2024 2023 % 2024 2023 % ($ in thousands) Net income (loss)24,854 3,227 670% 35,437 (21,487) 265%Acquisition related costs- - - 171 Amortization of acquired intangibles5,409 14,931 23,359 42,952 Restructuring- - - 796 Delisting related one-time costs2,094 - 2,094 - Stock-based compensation expenses2,782 1,386 11,460 19,169 Other expenses, net16 - 1,504 1,765 Tax effect of non-IFRS adjustments (1)(2,800) (5,086) (8,630) (11,153) Non-IFRS net income 32,355 14,458 124% 65,224 32,213 102% Weighted average shares outstanding—diluted (in millions) (2) (*)67.8 73.7 70.1 72.6 Non-IFRS diluted Earnings Per Share (in USD) (*)0.48 0.20 143% 0.93 0.44 110% (1) Non-IFRS net income includes the estimated tax impact from the expense items reconciling between net income (loss) and non-IFRS net income (2) Non-IFRS earnings per share is computed using the same weighted-average number of shares that are used to compute IFRS earnings (loss) per share (*) Prior period results have been retroactively adjusted to reflect the Company’s two-for-one reverse split and the changes in par value from NIS 0.01 to NIS 0.02 effected on February 14, 2025. See also Note 1a of the Company’s annual report filed on Form 20-F on March 5, 2025 for details. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Audited) December 31 2024 2023 Note USD thousandsASSETS: Cash and cash equivalents 10 187,068 234,308Trade receivables, net 8 217,960 201,973Other receivables 8 4,579 8,293Current tax assets 3,373 7,010 TOTAL CURRENT ASSETS 412,980 451,584 Fixed assets, net 5 15,727 21,401Right-of-use assets 6 31,500 31,900Intangible assets, net 7 336,768 362,000Deferred tax assets 4 17,800 12,393Investment in shares 18 25,000 25,000Other long-term assets 738 525 TOTAL NON-CURRENT ASSETS 427,533 453,219 TOTAL ASSETS 840,513 904,803 Liabilities and shareholders’ equity LIABILITIES: Current maturities of lease liabilities 6 14,340 12,106Trade payables 9 228,514 183,296Other payables 9 38,526 29,098Current tax liabilities 4,677 4,937 TOTAL CURRENT LIABILITIES 286,057 229,437 Employee benefits 300 237Long-term lease liabilities 6 22,857 24,955Long-term debt 11 - 99,072Other long-term liabilities - 6,800Deferred tax liabilities 4 445 754 TOTAL NON-CURRENT LIABILITIES 23,602 131,818 TOTAL LIABILITIES 309,659 361,255 SHAREHOLDERS’ EQUITY: 15 Share capital 377 417Share premium 362,507 410,563Other comprehensive loss (2,476) (2,441)Retained earnings 170,446 135,009 TOTAL SHAREHOLDERS’ EQUITY 530,854 543,548 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 840,513 904,803 CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME (LOSS)(Audited) Year ended December 31 2024 2023 2022 Note USD thousands Revenues12 365,477 331,993 335,250 Cost of Revenues (Exclusive of depreciation and amortization shown separately below)13 61,020 62,270 60,745 Research and development expenses 49,992 49,684 33,659Selling and marketing expenses 112,227 105,914 89,953General and administrative expenses14 41,237 51,051 68,005Depreciation and amortization 58,676 78,285 42,700Other expenses (income), net 1,504 1,765 (4,564) Total operating costs 263,636 286,699 229,753 Operating Profit (loss) 40,821 (16,976) 44,752 Financing income (6,657) (8,192) (2,284)Financing expenses 8,946 10,200 4,611 Financing expenses, net 2,289 2,008 2,327 Profit (loss) before taxes on income 38,532 (18,984) 42,425 Tax expenses4 3,095 2,503 19,688 Profit (loss) for the year 35,437 (21,487) 22,737 Other comprehensive income (loss) items: Foreign currency translation differences for foreign operations (35) 2,126 (6,499)Foreign currency translation for subsidiary sold reclassified to profit and loss - 1,234 - Total other comprehensive income (loss) for the year (35) 3,360 (6,499) Total comprehensive income (loss) for the year 35,402 (18,127) 16,238 Earnings per share Basic earnings (loss) per share (in USD) (*)16 0.51 (0.30) 0.30Diluted earnings (loss) per share (in USD) (*)16 0.51 (0.30) 0.30 (*) Prior period results have been retroactively adjusted to reflect the Company’s two-for-one reverse split and the changes in par value from NIS 0.01 to NIS 0.02 effected on February 14, 2025. See also Note 1a of the Company’s annual report filed on Form 20-F on March 5, 2025 for details. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Audited) Share capital Share premium Other comprehensive income (loss) Retained Earnings Total USD thousands Balance as of January 1, 2022442 437,476 698 133,759 572,375Total Comprehensive income (loss) for the year Profit for the year- - - 22,737 22,737Other comprehensive loss: Foreign currency translation- - (6,499) - (6,499) Total comprehensive income (loss) for the year- - (6,499) 22,737 16,238Transactions with owners, recognized directly in equity Own shares acquired(50) (86,202) - - (86,252)Share based compensation- 47,049 - - 47,049Exercise of share options21 2,184 - - 2,205 Balance as of December 31, 2022413 400,507 (5,801) 156,496 551,615 Total comprehensive income (loss) for the year Loss for the year- - - (21,487) (21,487)Other comprehensive income: Foreign currency translation- - 2,126 - 2,126Foreign currency translation for subsidiary sold- - 1,234 - 1,234 Total comprehensive income (loss) for the year- - 3,360 (21,487) (18,127) Transactions with owners, recognized directly in equity Own shares acquired(8) (9,306) - - (9,314)Share based compensation- 19,141 - - 19,141Exercise of share options12 221 - - 233 Balance as of December 31, 2023417 410,563 (2,441) 135,009 543,548 Share capital Share premium Other comprehensive income (loss) Retained Earnings Total USD thousands Balance as of January 1, 2024417 410,563 (2,441) 135,009 543,548 Total comprehensive income (loss) for the year Profit for the year- - - 35,437 35,437Other comprehensive loss: Foreign currency translation- - (35) - (35) Total comprehensive income (loss) for the year- - (35) 35,437 35,402 Transactions with owners, recognized directly in equity Own shares acquired(49) (61,690) - - (61,739)Share based compensation- 12,510 - - 12,510Exercise of share options9 1,124 - - 1,133 Balance as of December 31, 2024 377 362,507 (2,476) 170,446 530,854 CONSOLIDATED STATEMENTS OF CASH FLOWS(Audited) Year ended December 31 2024 2023 2022 USD thousandsCASH FLOWS FROM OPERATING ACTIVITIES: Profit (loss) for the year 35,437 (21,487) 22,737 Adjustments for: Depreciation and amortization 58,676 78,285 42,700 Net financing expense 1,965 1,699 2,147 Loss from disposals of fixed and intangible assets - 2 542 Loss on leases modification 10 119 56 Loss and revaluation on sale of business unit 16 1,765 - Remeasurement of net investment in a finance lease 1,488 - - Share-based compensation and restricted shares 11,460 19,169 50,505 Tax expense 3,095 2,503 19,688 Change in trade and other receivables (14,458) 30,603 57,050 Change in trade and other payables 57,671 (43,077) (100,145) Change in employee benefits 63 (1) (179) Income taxes received 704 352 1,175 Income taxes paid (5,512) (8,721) (14,784) Interest received 6,595 8,016 2,103 Interest paid (6,375) (8,486) (587) Net cash provided by operating activities 150,835 60,741 83,008 CASH FLOWS FROM INVESTING ACTIVITIES Change in pledged deposits, net 390 1,498 (213) Payments on finance lease receivable 1,824 1,112 1,306 Repayment of debt investment 95 51 - Acquisition of fixed assets (7,742) (4,495) (6,433) Acquisition and capitalization of intangible assets (15,779) (15,126) (8,750) Proceeds from sale of business unit - - 1,180 Investment in shares - - (25,000) Acquisition of subsidiaries, net of cash acquired - - (195,084) Net cash used in investing activities (21,212) (16,960) (232,994) CASH FLOWS FROM FINANCING ACTIVITIES Acquisition of own shares (60,735) (9,518) (86,048) Proceeds from exercise of share options 1,133 233 2,205 Leases repayment (15,142) (17,262) (12,018) Receipt of long-term debt, net of transaction cost - - 98,917 Repayment of long-term debt (100,000) - - Net cash provided by (used in) financing activities (174,744) (26,547) 3,056 Net increase (decrease) in cash and cash equivalents (45,121) 17,234 (146,930) CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF YEAR 234,308 217,500 367,717EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS (2,119) (426) (3,287) CASH AND CASH EQUIVALENTS AS OF THE END OF YEAR 187,068 234,308 217,500

Nexxen Reports Fourth Quarter and Full Year 2024 Financial Results

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