Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable multi-national fintech, agri-fintech, food processing
and commodity trading company, today announced its financial
results for the quarter ended September 30, 2023.
Highlights & Recent
Developments
Financial Results
-
Net revenues for the three and nine months ended September 30,
2023, were $586.2 million and $2.414 billion respectively, compared
to $13.7 million and $35.3 million for the three and nine months
ended September 30, 2022, respectively.The net revenues for the
three months ended September 30, 2023, represented a decrease of
$391.0 million compared to the three months ended June 30, 2023,
which was attributable to several factors. The Company’s net
revenues were materially affected by the significant devaluation of
Nigeria’s currency, which ensued following the Nigerian
Government’s lifting of certain foreign exchange restrictions on
June 14, 2023. While there was some impact on net revenues for the
second quarter, the impact was significantly greater in the third
quarter due to the fact the devaluation covered the entire quarter.
The exchange rate moved from Naira 462.88 / $1.00 on June 13, 2023,
to Naira 768.76 / $1.00 on September 30, 2023, which led to a
decrease of 39.43% in the U.S. Dollar reported revenues of both
Tingo Mobile and Tingo Foods for the third quarter, compared to the
level that would have been recorded if calculated at the June 13,
2023 pre-devaluation exchange rate.The businesses of Tingo Mobile
and Tingo Foods, and their respective revenues, were temporarily
adversely affected during the second quarter of 2023 by the
economic disruption following Nigeria’s government elections and
subsequent change of presidential administrations. These businesses
were then affected further, and to an even greater degree, by the
adverse publicity and loss of customer confidence created by the
short seller report against the Company on June 6, 2023. The
business of Tingo DMCC was also temporarily negatively impacted by
the adverse publicity, and resultant loss of customer confidence,
which resulted in a delay in several export orders.
-
Gross profit for the three and nine months ended September 30,
2023, was $137.9 million and $870.8 million, respectively, compared
to $3.2 million and $6.5 million for the three and nine months
ended September 30, 2022, respectively.The gross profit for the
three months ended September 30, 2023, represented a decrease of
$208.1 million compared to the three months ended June 30, 2023.
The reduction in the gross profit and gross profit margin for the
third quarter was attributable to the impact on revenues of the
material change in the exchange rate of Nigeria’s currency against
the U.S. dollar and the temporary loss of customer confidence
created by the short seller report against the Company, combined
with the impact on cost of sales in the Food Processing segment and
Export and Commodity Trading segment of the high level of food
price inflation in Nigeria, where it has taken time for the
businesses to adjust their selling prices accordingly and restore
profit margins.
-
Operating profit for the three and nine months ended September 30,
2023, was $50.1 million and $492.5 million, respectively, compared
to a loss from operations of $8.7 million and $32.5 million for the
three and nine months ended September 30, 2022, respectively.
-
EBITDA1 for the three and nine months ended September 30, 2023, was
$122.6 million and $777.9 million, respectively, compared to an
EBITDA loss of $8.1 million and $29.3 million, for the three and
nine months ended September 30, 2022, respectively.
-
Net profit per share attributable to Tingo Group for the nine
months ended September 30, 2023, of $1.69 based on the weighted
average shares outstanding on September 30, 2023, and $0.57 per
share on a fully diluted basis.
-
Tingo Group invested heavily in the growth of Tingo Mobile, Tingo
Foods and Tingo DMCC during the nine months, including: (i) making
an upfront payment of $711.6 million on the purchase of 6 million
handsets for new AFAN customers, which are scheduled to commence
generating revenue from December 2023; (ii) prepaying AFAN for
produce for Tingo Foods and settling their brought forward
payables, resulting in a total net outlay of $369.9 million; and
(iii) self-funding stock purchases of $370.4 million for Tingo
DMCCs export sales, the majority of the revenues for which are
scheduled to be received during the fourth quarter. In addition,
tax payments totaling $174.0 million were made for Tingo Mobile on
its taxable earnings for fiscal year 2022, and the Company also
incurred a substantial foreign exchange loss. As a result, the
balance of cash and cash equivalents on September 30, 2023, stood
at $53.4 million, compared to $500.3 million on December 31,
2022.
1EBITDA (Earnings Before Interest Tax
Depreciation and Amortization) is considered a non-GAAP measure of
financial performance). See reconciliation of EBITDA to Operating
Profit in the summarized financial results below.
Operational Milestones
-
AFAN adopted Nwassa marketplace on an exclusive basis for all its
members. AFAN is supporting this initiative with a nationwide
marketing campaign to promote Nwassa as AFAN’s recommended method
for farmers to use to purchase farming inputs; sell agricultural
produce; and purchase of a range of value-added services.
-
Purchased 6 million smartphone handsets to supply to new AFAN
customers, which are expected to generate leasing revenue and
Nwassa transaction revenue from December 2023.
-
Commenced the first harvest of the 3,000 hectares of new farming
land that Tingo Mobile financed the cultivation of in June 2023.
Following the successful proof of model, Tingo Mobile and AFAN plan
to significantly expand the program to cultivate much larger areas
of land in 2024.
-
Tingo Foods completed the development of its first Tingo branded
food and beverage products, in what is planned to be an extensive
range for the African market. Such products are scheduled for
launch during the early part of next year.
-
The joint venture construction partner for the new state-of-the-art
processing facility in Delta State remains on track for Phase 1 of
the facility to commence operations by the middle of 2024.
-
Resumed development of Tingo DMCC commodity trading and export
business outside of continental Africa, with the aim of commencing
significant dollarization of the business by end of fourth quarter
and the full dollarization of the Company’s earnings by end of
2024.
-
Launched full version of TingoPay on Android and iOS, having
completed beta testing. New version includes an expanded range of
features, including retail voucher cards and new bill payment
functions, building on original features and TingoPay’s partnership
with Visa.
-
Opened new Africa headquarters in the financial sector of Victoria
Island, Lagos. The new three-story 60,000 square foot headquarters
building has capacity to accommodate a workforce of up to 500 in
addition to the 100 employees that can be accommodated at the
Company’s former headquarters on Lagos Island.
-
Signed a Memorandum of Understanding with the Khyber Pakhtunkhwa
Information Technology Board to launch and roll out the Company’s
business and service offerings into Pakistan, the fifth most
populous country and one of the largest agricultural commodity
producers in the world.
- On August 30,
2023, completed a detailed investigation into allegations made by a
Short Seller against the Company, disproving all such allegations.
The investigation involved independent counsel investigating
certain of the allegations at the direction of the independent
directors, as well as the company engaging a Top 10 U.S. Law Firm
as outside counsel to undertake its own investigation; along with
the Nigerian offices of a separate global and Top 10 U.S. Law Firm
to undertake investigative work in Nigeria.
- On August 31,
2023, announced the commencement of a quarterly dividend. The
foreign exchange conversion for the payment of the first dividend,
which is in the amount of $20 million, is currently being approved
by the Central Bank of Nigeria, the finalization of which is
expected soon. We intend to increase the amount of the quarterly
dividend as we grow our earnings and cash balances.
Dozy Mmobuosi, Co-Chief Executive
Officer of Tingo Group and Founder of Tingo Mobile and Tingo Foods,
commented, “After a challenging third quarter, where we
suffered from the impact of several externally generated factors, I
am very pleased with the strong recovery we are seeing in the
fourth quarter, which I am confident will see us return to
growth.
“The deepening of our relationship with AFAN, as
the umbrella organization for Nigeria’s farmers and agricultural
sector, has been a particularly important catalyst in our recovery,
as we work with them, together with the cooperatives and several
other parties to restore customer confidence following the negative
press we received over the summer period in relation to the short
seller attack. The adoption of Nwassa as AFAN’s exclusive
agricultural marketplace platform, together with AFAN’s
commencement to lease and distribute 6 million new smartphones from
December, are expected to ensure that Tingo Mobile delivers a
strong end to the year.
“Tingo Foods has already seen a particularly
strong recovery, aided by the commencement of the wet-season
harvest, including the harvest of the new farming land that we
financed the cultivation and farming inputs for in June 2023. We
have also been able to adjust Tingo Food’s selling prices to
account for the significant increase in food price inflation
experienced in the summer, thereby restoring our gross profit
margins. The higher Tingo Foods selling prices are also expected to
outweigh the impact of devaluation of the Naira. In addition, we
are working towards launching our first Tingo branded food and
beverage products by the end of the year, which will see a
significant expansion of our product range, as well as a major step
towards making Tingo a household name in Africa.
“Tingo DMCC experienced the delay and
cancellation of business during the third quarter as new customers
located outside of Africa, decided to wait for the completion of
the investigation into the short seller allegations before
proceeding with their orders. Since the completion of the
investigation on August 30, 2023, and the publicly announced
confirmation that all the short seller’s allegations against the
Company had been disproved, Tingo DMCC has been able to resume the
further development of its export and commodity trading business,
including with its geographical expansion. The expansion of Tingo
DMCC’s business outside of Africa, is expected to lead to the
significant dollarization of the business before year end.
“I am aware that many of our stockholders are
interested to know the status of the payment of the Company’s first
dividend. I can confirm that we are working with our bankers in
Nigeria and the Central Bank of Nigeria to obtain the foreign
currency exchange approval on our first dividend payment of $20
million. While this has taken significantly longer than originally
anticipate, which is due to well publicized external factors, we
expect to receive the approval very soon, at which point we will
formally declare the dividend and set the record date.”
Kenneth Denos, Co-Chief Executive
Officer of Tingo Group, added: “We are proud of our
progress and achievements for the third quarter and the nine months
ended September 30, 2023. Despite some major headwinds that caused
a decrease in customer activity during the quarter, we were able to
regroup and continue on the path to growing and developing our
businesses.
“The deepening of our partnership with AFAN to
increase our customer base in Nigeria, the deployment of millions
of smartphones to more of AFAN’s members by the end of this year,
as well as the recent announcement of our endeavours in Pakistan,
are strong indicators of the enormous potential we have to both
increase our presence in those markets in which we already operate,
as well as expand into new markets with incredible growth
potential. We look forward to realizing these opportunities for the
Company and our shareholders in the near future.”
Nine Months Ended September 30, 2023
Financial Review
-
Net revenues for the nine months ended September 30, 2023, were
$2,414.6 million, compared to $35.3 million for the nine months
ended September 30, 2022, an increase of 6,745%. The increase is
mainly attributable to the addition of the Tingo Mobile and Tingo
Foods acquisitions completed on December 1, 2022, and February 9,
2023, respectively, and the commencement of export trades through
Tingo DMCC in May 2023.
-
Gross profit for the nine months ended September 30, 2023, was
$870.8 million, or 36% of revenues, compared to $6.5 million, or
19% of revenues, for the nine months ended September 30, 2022.
-
Selling and marketing expenses for the nine months ended September
30, 2023, were $174.9 million as compared to $4.9 million for the
nine months ended September 30, 2022. The increase was due to an
increase in marketing expenses from the inclusion of sales and
marketing expenses for Tingo Foods and Tingo Mobile, which was
offset in part by a decrease in marketing expenses for the stock
trading businesses.
-
General and administrative expenses for the nine months ended
September 30, 2023, were $127.9 million compared to $30.2 million
for the nine months ended September 30, 2022, mainly attributed to
the addition of costs from Tingo Mobile and Tingo Foods, and an
increase in share-based payments totalling $40.7 million and share
issuance from litigation in total amount of $16.5 million.
-
Operating profit for the nine months ended September 30, 2023, was
$492.5 million versus an operating loss of $32.5 million for the
nine months ended September 30, 2022. The increase in profit from
operations is mainly attributed to the acquisitions of Tingo Mobile
and Tingo Foods and the commencement of export trades through Tingo
DMCC, as explained above.
-
Net income attributable to Tingo Group for the nine months ended
September 30, 2023, was $293.9 million compared to a net loss of
$30.7 million for the nine months ended September 30, 2022,
primarily as a result of the acquisitions of Tingo Mobile and Tingo
Foods, and the commencement of export trades through Tingo DMCC in
May 2023.
-
Consolidated EBITDA1 for the for the nine months ended September
30, 2023, was $777.9 million compared to Consolidated EBITDA1 Loss
of $29.3 million for the nine months ended September 30, 2022.
Third Quarter 2023 Results Conference
Call
A presentation will accompany the conference
call, which can be viewed during the webcast or accessed via the
investor relations section of the Company’s website here.
The conference call will be followed by a
question-and-answer period. Questions will be accepted leading up
to the call and can be submitted via email to TIO@mzgroup.us.
To access the call, please use the following
information:
Date: |
Tuesday, November 14, 2023 |
Time: |
8:00 a.m. Eastern Time (5:00 a.m.
Pacific Time) |
Dial-in: |
1-844-826-3035 |
International
Dial-in: |
1-412-317-5195 |
Conference
Code: |
10184362 |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1639550&tp_key=34a5261e17 |
A telephone replay will be available
approximately three hours after the call and will run through
January 14, 2023, by dialing 1-844-512-2921 from the U.S., or
1-412-317-6671 from international locations, and entering replay
pin number: 10184362. The replay can also be viewed through the
webcast link above and the presentation utilized during the call
will be available in the company’s investor relations section
here.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
Fintech, Agri-Fintech, food processing and commodity trading group
of companies with operations in Africa, Southeast Asia and the
Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile,
is a leading Agri-Fintech company operating in Africa, with a
comprehensive portfolio of innovative products, including a ‘device
as a service’ smartphone and a value-added service platform, the
cornerstone of which is the Nwassa ‘seed-to-sale’ marketplace
platform, as well as insurance, micro-finance, and mobile phone and
data top-up. Tingo Group’s other Tingo business verticals include:
TingoPay, a SuperApp in partnership with Visa, offering a wide
range of B2C and B2B services including payment services, an
e-wallet, foreign exchange and merchant services; Tingo Foods, a
food processing business that processes raw foods into finished
products such as rice, groundnut oil, nut products, wheat, millet
and maize; and Tingo DMCC, a commodity trading platform and
agricultural commodities export business based out of the Dubai
Multi Commodities Center. In addition to its Tingo business
verticals, Tingo Group also holds and operates an insurance
brokerage platform business in China; and Magpie Securities, a
regulated finance services Fintech business operating out of Hong
Kong and Singapore, which, as relatively small businesses within
the Company, are currently in the process of being reviewed and
re-positioned. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the
Company’s board of director’s view of future events, expectations,
plans and prospects that constitute forward looking statements.
These statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual
results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these
forward-looking statements. Any number of factors could cause
actual results to differ materially from these forward-looking
statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the Company and: (i) the results of
the independent review; (ii) the risk of restatement of the
Company’s previously reported financial statements or the
identification of one or more material weaknesses in internal
control over financial reporting; (iii) costs relating to the
independent review, which are likely to be material; (iv) the
outcome of any legal proceedings that may be instituted against the
Company, including as may result from the independent review and
(v) the ability to meet stock exchange continued listing standards.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward-looking statements or otherwise.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
|
TINGO GROUP, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(USD In Thousands, Except Share and Par Value
Data) |
|
|
|
September 30, 2023 |
|
|
December 31,2022 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,418 |
|
|
$ |
500,316 |
|
Trade accounts receivable, net |
|
|
359,185 |
|
|
|
11,541 |
|
Inventories |
|
|
143 |
|
|
|
- |
|
Related party receivables |
|
|
8,953 |
|
|
|
13,491 |
|
Other current assets |
|
|
200,405 |
|
|
|
5,828 |
|
Total current assets |
|
|
622,104 |
|
|
|
531,176 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
811,287 |
|
|
|
855,125 |
|
Intangible assets, net |
|
|
280,935 |
|
|
|
185,407 |
|
Goodwill |
|
|
211,849 |
|
|
|
101,247 |
|
Right of use assets under
operating lease |
|
|
1,132 |
|
|
|
2,260 |
|
Long-term deposit and other
non-current assets |
|
|
438 |
|
|
|
514 |
|
Deferred tax assets |
|
|
- |
|
|
|
3,661 |
|
Restricted cash escrow |
|
|
1,371 |
|
|
|
2,233 |
|
Micronet Ltd. equity method
investment |
|
|
45 |
|
|
|
735 |
|
Total long-term assets |
|
|
1,307,057 |
|
|
|
1,151,182 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,929,161 |
|
|
$ |
1,682,358 |
|
|
TINGO GROUP, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(USD In Thousands, Except Share and Par Value
Data) |
|
|
|
September 30, 2023 |
|
|
December 31,2022 |
|
LIABILITIES, TEMPORARY EQUITY AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term loan |
|
$ |
164 |
|
|
$ |
460 |
|
Trade accounts payable |
|
|
262,530 |
|
|
|
11,092 |
|
Deposit held on behalf of clients |
|
|
498 |
|
|
|
2,528 |
|
Related party payables |
|
|
57,682 |
|
|
|
57,506 |
|
Current operating lease liability |
|
|
690 |
|
|
|
1,215 |
|
Other current liabilities |
|
|
136,229 |
|
|
|
192,594 |
|
Total current liabilities |
|
|
457,793 |
|
|
|
265,395 |
|
|
|
|
|
|
|
|
|
|
Long-term loan |
|
|
- |
|
|
|
377 |
|
Long-term operating lease liability |
|
|
382 |
|
|
|
905 |
|
Promissory note |
|
|
210,483 |
|
|
|
- |
|
Deferred tax liabilities |
|
|
105,460 |
|
|
|
89,597 |
|
Other long-term liability |
|
|
640 |
|
|
|
- |
|
Accrued severance pay |
|
|
46 |
|
|
|
50 |
|
Total long-term liabilities |
|
|
317,011 |
|
|
|
90,929 |
|
|
|
|
|
|
|
|
|
|
Commitment and Contingencies (Note 11) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Temporary equity |
|
|
|
|
|
|
|
|
Series B preferred stock subject to redemption: $0.001 par value,
33,687.21 shares authorized and 0 shares issued and outstanding as
of September 30, 2023 and December 31, 2022, respectively. |
|
|
553,035 |
|
|
|
553,035 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Series A preferred stock: $0.001 par value, 2,604.28 shares
authorized and 0 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively |
|
|
- |
|
|
|
3 |
|
Common stock: $0.001 par value, 750,000,000 shares authorized,
236,270,476 and 157,599,882 shares issued and outstanding as of
September 30, 2023, and December 31, 2022, respectively |
|
|
236 |
|
|
|
158 |
|
Additional paid-in capital |
|
|
949,192 |
|
|
|
889,579 |
|
Accumulated other comprehensive income (loss) |
|
|
(518,948 |
) |
|
|
4,367 |
|
Accumulated earnings (deficit) |
|
|
170,530 |
|
|
|
(123,463 |
) |
Tingo Group, Inc. stockholders’ equity |
|
|
601,010 |
|
|
|
770,644 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
312 |
|
|
|
2,355 |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
601,322 |
|
|
|
772,999 |
|
|
|
|
|
|
|
|
|
|
Total liabilities, temporary equity and stockholders’
equity |
|
$ |
1,929,161 |
|
|
$ |
1,682,358 |
|
.
|
TINGO GROUP, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(USD In Thousands, Except Share and Earnings Per Share
Data) |
|
|
|
For thenine months
endedSeptember 30, |
|
|
For thethree months
endedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,414,636 |
|
|
$ |
35,278 |
|
|
$ |
586,222 |
|
|
$ |
13,757 |
|
Cost of revenues |
|
|
1,543,880 |
|
|
|
28,746 |
|
|
|
448,336 |
|
|
|
10,563 |
|
Gross profit |
|
|
870,756 |
|
|
|
6,532 |
|
|
|
137,886 |
|
|
|
3,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,010 |
|
|
|
1,509 |
|
|
|
314 |
|
|
|
568 |
|
Selling and marketing |
|
|
174,933 |
|
|
|
4,873 |
|
|
|
726 |
|
|
|
1,321 |
|
General and
administrative |
|
|
127,923 |
|
|
|
30,224 |
|
|
|
74,880 |
|
|
|
9,233 |
|
Amortization of intangible
assets |
|
|
35,631 |
|
|
|
2,381 |
|
|
|
11,868 |
|
|
|
787 |
|
Loss from deconsolidation of
subsidiaries |
|
|
3,333 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment of long-term assets
and goodwill |
|
|
35,438 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
378,268 |
|
|
|
38,987 |
|
|
|
87,788 |
|
|
|
11,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from
operations |
|
|
492,488 |
|
|
|
(32,455 |
) |
|
|
50,098 |
|
|
|
(8,715 |
) |
Other income (loss), net |
|
|
414 |
|
|
|
535 |
|
|
|
777 |
|
|
|
(303 |
) |
Financial
income (expenses), net |
|
|
(35,021 |
) |
|
|
(718 |
) |
|
|
(13,644 |
) |
|
|
371 |
|
Profit (loss) before provision
for income taxes |
|
|
457,881 |
|
|
|
(32,638 |
) |
|
|
37,231 |
|
|
|
(8,647 |
) |
Income tax expenses
(benefit) |
|
|
164,434 |
|
|
|
(1,782 |
) |
|
|
16,739 |
|
|
|
(701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) after
provision for income taxes |
|
|
293,447 |
|
|
|
(30,856 |
) |
|
|
20,492 |
|
|
|
(7,946 |
) |
Loss from equity
investment |
|
|
(690 |
) |
|
|
(557 |
) |
|
|
(270 |
) |
|
|
(186 |
) |
Net profit (loss) |
|
|
292,757 |
|
|
|
(31,413 |
) |
|
|
20,222 |
|
|
|
(8,132 |
) |
Net loss attributable to
non-controlling interests |
|
|
(1,236 |
) |
|
|
(719 |
) |
|
|
(523 |
) |
|
|
(461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) attributable
to Tingo Group, Inc. |
|
$ |
293,993 |
|
|
$ |
(30,694 |
) |
|
$ |
20,745 |
|
|
$ |
(7,671 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) per share
attributable to Tingo Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit (loss) per
share |
|
$ |
1.69 |
|
|
$ |
(0.24 |
) |
|
$ |
0.11 |
|
|
$ |
(0.06 |
) |
Diluted profit (loss) per
share |
|
$ |
0.57 |
|
|
$ |
(0.24 |
) |
|
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
173,913,223 |
|
|
|
126,184,400 |
|
|
|
196,064,571 |
|
|
|
129,566,207 |
|
Diluted |
|
|
510,825,278 |
|
|
|
126,184,400 |
|
|
|
532,976,627 |
|
|
|
129,566,207 |
|
Non-GAAP Financial Measures
In addition to providing financial measurements
based on generally accepted accounting principles in the U.S., or
GAAP, we provide additional financial metrics that are not prepared
in accordance with GAAP, or non-GAAP financial measures. Management
uses non-GAAP financial measures, in addition to GAAP financial
measures, to understand and compare operating results across
accounting periods, for financial and operational decision making,
for planning and forecasting purposes and to evaluate our financial
performance.
Management believes that EBITDA reflects our
ongoing business in a manner that allows for meaningful comparisons
and analysis of trends in our business, as they exclude expenses
and gains that are not reflective of our ongoing operating results.
Management also believes that EBITDA is a key measure used by
our management team to evaluate our operating performance, generate
future operating plans and make strategic decisions. The Company
believes EBITDA is useful to investors for the purposes of
comparing our results period-to-period and alongside peers and
understanding and evaluating our operating results in the same
manner as our management team and board of directors.
These supplemental measures should not be
considered superior to, as a substitute for or as an alternative
to, and should be considered in conjunction with, the GAAP
financial measures presented. In addition, since these non-GAAP
measures are not determined in accordance with GAAP, they are
susceptible to varying calculations and may not be comparable to
other similarly titled non-GAAP measures of other companies.
EBITDA does not replace the presentation of our
GAAP financial results and should only be used as a supplement to,
not as a substitute for, our financial results presented in
accordance with GAAP.
EBITDA is defined as net income from continuing
operations calculated in accordance with GAAP, less net income
attributable to non-controlling interests, plus the sum of income
tax expense, interest expense, net, depreciation and amortization
(“EBITDA”).
The following is a reconciliation of net profit
(loss), the most directly comparable GAAP financial measure, to
EBITDA (a non-GAAP financial measure) for each of the periods
indicated.
|
|
For thethree months
endedSeptember 30, |
|
Dollars in Thousands |
|
2023 |
|
|
2022 |
|
Net profit (loss) attributable to Tingo Group, Inc. |
|
$ |
20,745 |
|
|
$ |
(7,671 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling stockholders |
|
|
(523 |
) |
|
|
(461 |
) |
Loss from equity
investment |
|
|
270 |
|
|
|
186 |
|
Income tax expenses
(benefit) |
|
|
16,739 |
|
|
|
(701 |
) |
Financial income
(expenses),net |
|
|
13,644 |
|
|
|
(371 |
) |
Depreciation and
amortization |
|
|
71,755 |
|
|
|
872 |
|
Total EBITDA attributable to
Tingo Group, Inc. |
|
$ |
122,630 |
|
|
$ |
(8,146 |
) |
|
|
For thenine months
endedSeptember 30, |
|
Dollars in Thousands |
|
2023 |
|
|
2022 |
|
Net profit (loss) attributable to Tingo Group, Inc. |
|
$ |
293,993 |
|
|
$ |
(30,694 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling stockholders |
|
|
(1,236 |
) |
|
|
(719 |
) |
Loss from equity
investment |
|
|
690 |
|
|
|
557 |
|
Income tax expenses
(benefit) |
|
|
164,434 |
|
|
|
(1,782 |
) |
Financial expenses,
net |
|
|
35,021 |
|
|
|
718 |
|
Depreciation and
amortization |
|
|
285,012 |
|
|
|
2,581 |
|
Total EBITDA attributable to
Tingo Group, Inc. |
|
$ |
777,914 |
|
|
$ |
(29,339 |
) |
Tingo (NASDAQ:TIO)
過去 株価チャート
から 8 2024 まで 9 2024
Tingo (NASDAQ:TIO)
過去 株価チャート
から 9 2023 まで 9 2024