Nayax Reports Second Quarter 2022 Financial Results
Revenue Grew 33% Year-Over-Year to $41.2 Million
Recurring Revenue Grew 47% Year-Over-Year
Reaffirming Mid-Term Revenue Growth Target of 35%
HERZLIYA, Israel, Aug. 17, 2022 /PRNewswire/ -- Nayax Ltd. (TASE: NYAX), a global commerce enablement and payments platform designed to enable retailers to provide consumers with digital, cashless, connected commerce experiences, and enhance consumer loyalty and conversion, today announced its financial results for the second quarter ended June 30, 2022.
"We again delivered strong financial and operating performance for the second quarter, led by the continued pace of double-digit revenue growth and high customer adoption and satisfaction for our comprehensive, market-leading payment solutions. We delivered another quarter with excellent revenue performance driven by higher recurring revenues. Recurring revenues, comprised of SaaS subscription revenue and processing fees, grew 47% over the prior year quarter and accounted for more than 60% of our total revenue. During the second quarter, we continued to demonstrate the high level of customer satisfaction for our comprehensive solutions by maintaining an industry-leading net retention rate greater than 130%. Also, in Q2, we saw broad-based customer momentum across all geographies, with new customer growth of 58% over the prior year quarter and increasing scale from significantly growing both the number of transactions processed and the transaction value.
Looking ahead, based on our strong second quarter and first half results, our higher recurring revenue and continued business momentum, we remain confident about executing against our growth trajectory and our mid-term and long-term growth aspirations. Our continued momentum is a result of the value proposition we bring to our customers, the accelerating acceptance for cashless payments globally and the consistent execution of our strategies by the dedicated Nayax team" said Yair Nechmad, Chief Executive Officer and Chairman of the Board."
Nayax reports in U.S dollars and according to IFRS
Second Quarter Financial Highlights
- Total revenue was $41.2 million, an increase of 33% over Q2 2021. During Q2, foreign currency exchange rate fluctuations had little impact on revenues.
- Recurring revenue from monthly SaaS and payment processing fees grew 47% compared to Q2 2021.
- Recurring revenue represented 61% of total revenue in Q2 2022 compared to 55% of total revenue in Q2 2021.
- Added 42,000 managed and connected devices during the quarter, for a total of 595,000 devices, driven by growing customer demand and execution of our market expansion strategy. This represents an increase of 38% compared to Q2 2021.
- The number of processed transactions grew 70% over Q2 2021 to 316 million.
- Transaction value increased 70% from prior year quarter to $585 million.
- Q2 gross margin decreased to 34% in comparison to prior year quarter, tracking in-line with the direction communicated previously. Gross margin was impacted mainly due to the mix of higher hardware revenue which has lower gross margin. We continue to expect hardware gross margins to be temporarily impacted by the ongoing disruption caused by the global component shortage.
- Gross profit reached $14 million, an increase of 6% over Q2 2021.
- Operating expenses, including research and development, share-based compensation expenses, as well as depreciation and amortization amounted to $21.2 million, an increase of 34% over Q2 2021. This reflects an increase of our investment in talent acquisition, customer base expansion and product innovation. Other investments included higher go-to-market expenses and enhanced infrastructure to support our global growth as we gain scale and become a much larger company. During Q2, operating expenses had a favorable impact from foreign currency exchange rate fluctuations of $1 million compared to Q1 2022.
- Operating loss was $8.6 million, compared to an operating loss of $4.1 million in Q2 2021.
- Adjusted EBITDA was a negative $3.2 million compared to positive $1.4 million in Q2 2021 largely due to higher cost of goods sold, as a result of global component shortage, and an increase in operating expenses from strategic investments mentioned above that support our growth strategy. On a like for like basis, excluding Q2 2022 bonus expenses for non-sales employees that was introduced in Q3 2021 for the first time, and excluding the impact of product costs, Q2 2022 Adjusted EBITDA on a like for like basis, would have been a positive $1.3 million.
- Net loss for Q2 2022 was $10.3 million, or ($0.0315) per diluted share, compared to a net loss of $5.9 million, or ($0.0192) per diluted share for Q2 2021.
Nayax generates revenue from the sale of its POS devices, a monthly subscription fee for access to our SaaS solutions and payment processing fees for transactions made at the point-of-sale and through our global platform.
IFRS Results ($M) |
|||
Revenue Breakdown |
Q2 2022 |
Q2 2021 |
Change (%) |
Recurring - SaaS & Payment |
25.4 |
17.2 |
47.4 % |
POS Devices |
15.8 |
13.8 |
14.7 % |
Total Revenue |
41.2 |
31.0 |
32.9 % |
The Company provides payment processing and business operations software solutions and services through its global cashless payment platform. In Q2 2022, the Company recorded strong growth in its recurring revenue from SaaS and payment processing, reflecting 61% of total revenue. This increase in recurring revenue represents growth in both the number of transactions processed through our devices as well as an increase in transaction value. This is contributed by our growing install base of managed and connected devices as well as the continued rapid adoption of cashless payments by consumers.
Second Quarter Business Highlights
- Expanded our diverse customer base, adding 4,000 new customers across our global footprint, bringing our total customer base to 38,000, as of June 30, 2022, growing 58% over Q2 2021.
- Dollar-based net retention rate stayed elevated at 132%, reflecting the high satisfaction and loyalty our customers place on our comprehensive solutions to increase their revenue and improve their operations.
- Continued to execute on our market expansion strategy by entering the New Zealand unattended retail market with our contactless card reader and cashless payment solutions.
- Extended our customer relationship with Five Star Food Service, a leading U.S. unattended operator and the largest of the Canteen franchise. Five Star will deploy Nayax's comprehensive payments solutions initially across their fleet of 20,000 vending machines and will also use Nayax's VendSys, a leading vending management system.
- Successfully closed the acquisition of On Track Innovations (OTI) in June 2022.
Key Performance Indicators |
Q2 2022 |
Q2 2021 |
Change (%) |
Total Transaction Value ($m) |
585 |
344 |
70 % |
Number of Transactions (millions) |
316 |
186 |
70 % |
Take Rate % (Payments) (*) |
2.50 % |
2.57 % |
-3 % |
Managed and Connected devices |
595,000 |
432,000 |
38 % |
(*) Take Rate % - Payment service providers typically take a percentage of every transaction in exchange for facilitating the movement of funds from the buyer to the seller. It is calculated by dividing the total dollar transaction value by the company's processing revenue in the same quarter.
Outlook
Looking ahead, we remain excited about our strong long-term growth drivers and the large market opportunities, we see ahead. In the near term, we expect to continue to see disruption in supply chain which will delay immediate improvements in hardware gross margin of our POS devices due to the global shortage in components.
Our durable business model is demonstrated by our diverse customer base, verticals, and geographies. With strong secular tailwind and with our industry-leading net revenue retention rate, we believe we have a clear opportunity to drive revenue growth in the future.
Mid-Term Outlook
We are reaffirming our mid-term revenue projection of $220 million, driven by organic growth and strategic M&A. We are also reaffirming the growth rate target of 35% in the medium term, with customer growth, increased market penetration and continued expansion of our platform serving as the main growth drivers.
Long-Term Outlook
Gross margin in the long-term is expected to reach 50% by providing leasing options for IoT POS and by growing the SaaS and payment processing revenue segments.
Our long-term Adjusted EBITDA margin guidance is set around 30%.
Conference Call
Nayax will host a conference call and webcast to discuss second quarter 2022 results on August 17, 2022, at 8:30 a.m. Eastern Time, 3:30 p.m. Israel Time and 5:30 a.m. Pacific Time. Participating on the call will be Yair Nechmad, Chief Executive Officer and Sagit Manor, Chief Financial Officer.
We encourage participants to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call, bypassing the live operator. Participants may pre-register any time, including up to and after the call start time. You will immediately receive an online confirmation, an email with the dial in number and a calendar invitation for the event.
To pre-register, go to:
https://services.choruscall.ca/DiamondPassRegistration/register?confirmationNumber=10019699&linkSecurityString=182969eb8f
For those who are unable to pre-register, kindly join the conference call by using one of the dial-in numbers or clicking the webcast link below.
U.S. TOLL-FREE 1-855-327-6837
ISRAEL TOLL-FREE: 1-809-458-327
INTERNATIONAL TOLL-FREE: 1-631-891-4304
WEBCASTLINK: https://viavid.webcasts.com/starthere.jsp?ei=1559099&tp_key=12dda7810e
Participants may also register and join the conference call by visiting the Events section of the investor relations website, found here: Events
A replay of the conference call will be available from August 17, 2022, following the call, until August 31, 2022. To access the replay, please dial one of the following numbers:
Replay TOLL-FREE: 1-844-512-2921
Replay TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 10166383
An archive of the conference call will be available on Nayax's Investor Relations website Nayax Investors - Nayax.
An English version of the complete earnings materials can be found on our investor relations website: https://ir.nayax.com/
Forward-Looking Statements
The information included in this press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). Said forward-looking statements, are subject to uncertainties and assumptions and the actual results may materially differ. All forward-looking statements in this press release are based on information available to Nayax on the date hereof. All written or oral forward-looking statements attributable to Nayax are expressly qualified in their entirety by the factors referred to above. Nayax does not intend to update these forward-looking statements.
Use and Definitions of Non-IFRS Financial Measures
In addition to disclosing financial measures in accordance with accounting principles generally accepted under International Financial Reporting Standards, or IFRS, this press release and the accompanying tables contains a non-IFRS financial measures, including, adjusted EBITDA. We use Adjusted EBITDA to supplement financial information presented on an IFRS basis. We believe that excluding certain items from our IFRS results allows management and our board of directors to more fully understand our consolidated financial performance from period to period and helps management project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare IFRS-based financial measures.
Adjusted EBITDA is defined as net income (loss) before other income (expense), interest income (expense), foreign exchange gain (loss), income taxes, and depreciation and amortization, adjusted to exclude the effects of share-based compensation expense and certain nonrecurring expenses that management believes are not indicative of ongoing operations, consisting primarily of Equity method investee expenses and other indirect charges associated with our initial public offering. We believe Adjusted
EBITDA provides our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.
We use non-IFRS measures in conjunction with IFRS measures as part of our overall assessment of our performance. There are limitations to the use of the non-IFRS measures presented in this press release. Our non-IFRS measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-IFRS measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-IFRS measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with IFRS.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view our non-IFRS measures in conjunction with IFRS financial measures. For a reconciliation of net income (loss) to Adjusted EBITDA please see the tables included at the end of this press release.
About Nayax
Nayax is a global commerce enablement and payments platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and consumer engagement tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers' growth across multiple channels. Today, Nayax has 9 global offices, over 700 employees, connections to more than 80 merchant acquirers and payment method integrations and is a recognized payment facilitator worldwide. Nayax's mission is to improve our customers' revenue potential and operational efficiency. For more information, please visit www.nayax.com
Investor Relations Contact:
ICR, Inc.
[email protected]
NAYAX LTD |
|||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||
June 30 |
December 31 |
||
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
||
U.S. dollars in thousands |
|||
ASSETS |
|||
CURRENT ASSETS: |
|||
Cash and cash equivalents |
41,762 |
113,050 |
87,332 |
Short-term bank deposits |
6,122 |
99 |
48 |
Restricted cash transferable to customers for |
|||
Processing activity |
32,716 |
23,050 |
23,695 |
Receivables in respect of processing activity |
22,360 |
14,812 |
14,395 |
Trade receivable, net |
25,666 |
16,678 |
19,338 |
Inventory |
21,428 |
5,133 |
7,691 |
Other current assets |
11,901 |
2,003 |
3,549 |
Total current assets |
161,955 |
174,825 |
156,048 |
NON-CURRENT ASSETS: |
|||
Long-term bank deposits |
1,367 |
817 |
1,033 |
Other long-term assets |
2,011 |
880 |
1,252 |
Investment in associate |
7,301 |
2,092 |
8,372 |
Right-of-use assets, net |
6,816 |
5,803 |
5,275 |
Property and equipment, net |
6,563 |
4,805 |
6,225 |
Goodwill and intangible assets, net |
50,241 |
36,450 |
37,801 |
Deferred income tax |
- |
202 |
- |
Total non-current assets |
74,299 |
51,049 |
59,958 |
TOTAL ASSETS |
236,254 |
225,874 |
216,006 |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||
NAYAX LTD |
|||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) |
|||
June 30 |
December 31 |
||
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
||
U.S. dollars in thousands |
|||
LIABILITIES AND EQUITY |
|||
CURRENT LIABILITIES: |
|||
Short-term bank credit |
2,000 |
3 |
- |
Current maturities of long-term bank loans |
1,067 |
2,355 |
2,406 |
Current maturities of loans from others and |
2,485 |
3,910 |
3,600 |
Current maturities of leases liabilities |
1,892 |
1,269 |
1,502 |
Payables in respect of processing activity |
58,466 |
46,202 |
42,826 |
Deferred consideration for business combination |
4,500 |
871 |
- |
Trade payables |
22,133 |
8,767 |
9,136 |
Other payables |
14,267 |
7,364 |
10,718 |
Total current liabilities |
106,810 |
70,741 |
70,188 |
NON-CURRENT LIABILITIES: |
|||
Long-term bank loans |
1,960 |
3,701 |
2,760 |
Long-term loans from others and other long- |
3,062 |
3,430 |
4,299 |
Post-employment benefit obligations, net |
614 |
943 |
602 |
Lease liabilities |
5,829 |
5,835 |
5,393 |
Deferred income taxes |
889 |
1,187 |
1,088 |
Total non-current liabilities |
12,354 |
15,096 |
14,142 |
TOTAL LIABILITIES |
119,164 |
85,837 |
84,330 |
EQUITY: |
|||
Share capital |
8 |
8 |
8 |
Additional paid in capital |
150,763 |
149,383 |
150,366 |
Capital reserves |
9,510 |
9,241 |
9,999 |
Accumulated deficit |
(43,191) |
(18,595) |
(28,697) |
TOTAL EQUITY |
117,090 |
140,037 |
131,676 |
TOTAL LIABILITIES AND EQUITY |
236,254 |
225,874 |
216,006 |
Date of approval of the financial statements: August 16, 2022. |
|||
NAYAX LTD |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF LOSS |
||||||
Six months ended |
Three months |
Year ended |
||||
2022 |
2021 |
2022 |
2021 |
2021 |
||
(Unaudited) |
(Audited) |
|||||
U.S. dollars in thousands |
||||||
Note |
(Excluding loss per share data) |
|||||
Revenues |
4 |
75,343 |
53,775 |
41,211 |
31,001 |
119,134 |
Cost of revenues |
(48,144) |
(29,953) |
(27,105) |
(17,680) |
(70,970) |
|
Gross Profit |
27,199 |
23,822 |
14,106 |
13,321 |
48,164 |
|
Research and development expenses |
(10,692) |
(8,022) |
(5,098) |
(4,722) |
(19,040) |
|
Selling, general and administrative |
(29,946) |
(18,619) |
(15,121) |
(10,303) |
(45,379) |
|
Depreciation and amortization in |
(2,111) |
(1,698) |
(1,066) |
(820) |
(3,810) |
|
Other expenses, net |
(866) |
(1,706) |
(866) |
(1,545) |
(1,879) |
|
Share of loss of equity method investee |
(1,071) |
(57) |
(570) |
(57) |
(538) |
|
Operating loss |
(17,487) |
(6,280) |
(8,615) |
(4,126) |
(22,482) |
|
Finance expenses, net |
(2,357) |
(1,710) |
(1,499) |
(1,626) |
(1,655) |
|
Loss before taxes on income |
(19,844) |
(7,990) |
(10,114) |
(5,752) |
(24,137) |
|
Income tax expense |
(285) |
(52) |
(235) |
(108) |
(632) |
|
Loss for the period |
(20,129) |
(8,042) |
(10,349) |
(5,860) |
(24,769) |
|
Attribution of loss for the period: |
||||||
To shareholders of the Company |
(20,129) |
(8,036) |
(10,349) |
(5,860) |
(24,763) |
|
To non-controlling interests |
- |
(6) |
- |
- |
(6) |
|
Total |
(20,129) |
(8,042) |
(10,349) |
(5,860) |
(24,769) |
|
Loss per share attributed to |
||||||
Basic and diluted loss per share |
(0.0614) |
(0.0291) |
(0.0315) |
(0.0192) |
(0.0820) |
|
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
||||||
NAYAX LTD |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||
Six months ended |
Three months |
Year ended |
|||
2022 |
2021 |
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
||||
U.S. dollars in thousands |
|||||
Loss for the period |
(20,129) |
(8,042) |
(10,349) |
(5,860) |
(24,769) |
Other comprehensive income (loss) for the |
|||||
Items that will not be reclassified to profit or |
|||||
Gain from remeasurement of liabilities (net) in |
|||||
respect of post-employment benefit obligations |
- |
- |
- |
- |
431 |
Items that may be reclassified to profit or |
|||||
Exchange differences on translation of foreign |
(489) |
(240) |
(339) |
144 |
87 |
Total comprehensive loss for the period |
(20,618) |
(8,282) |
(10,688) |
(5,716) |
(24,251) |
Attribution of total comprehensive loss for |
|||||
To shareholders of the Company |
(20,618) |
(8,212) |
(10,688) |
(5,716) |
(24,181) |
To non-controlling interests |
- |
(70) |
- |
- |
(70) |
Total comprehensive loss for the period |
(20,618) |
(8,282) |
(10,688) |
(5,716) |
(24,251) |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||
NAYAX LTD |
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
|||||||||
Equity attributed to shareholders of the Company |
|||||||||
Share |
Additional |
Remeasurement of |
Other capital |
Foreign |
Accumulated |
Total equity |
Non- |
Total |
|
U.S. dollars in thousands |
|||||||||
Balance at January 1, 2022 (audited) |
8 |
150,366 |
102 |
9,503 |
394 |
(28,697) |
131,676 |
- |
131,676 |
Changes in the six months ended June 31, 2022 |
|||||||||
Loss for the period |
- |
- |
- |
- |
- |
(20,129) |
(20,129) |
- |
(20,129) |
Other comprehensive loss for the period |
- |
- |
- |
- |
(489) |
- |
(489) |
- |
(489) |
Employee options exercised |
* |
397 |
- |
- |
- |
- |
397 |
- |
397 |
Share-based payment |
- |
- |
- |
- |
- |
5,635 |
5,635 |
- |
5,635 |
Balance at June 30, 2022 (unaudited) |
8 |
150,763 |
102 |
9,503 |
(95) |
(43,191) |
117,090 |
- |
117,090 |
Balance at January 1, 2021 (audited) |
7 |
16,689 |
(329) |
9,324 |
243 |
(13,433) |
12,501 |
- |
12,501 |
Changes in the six months ended June 31, 2021 |
|||||||||
Loss for the period |
- |
- |
- |
- |
- |
(8,036) |
(8,036) |
(6) |
(8,042) |
Other comprehensive loss for the period |
- |
- |
- |
- |
(176) |
- |
(176) |
(64) |
(240) |
Non-controlling interests from business combination |
- |
- |
- |
- |
- |
- |
- |
1,530 |
1,530 |
IPO |
1 |
132,559 |
- |
- |
- |
- |
132,560 |
- |
132,560 |
Transactions with non-controlling interests |
- |
- |
- |
205 |
- |
- |
205 |
(1,460) |
(1,255) |
Business combination under common control |
- |
- |
- |
(26) |
- |
- |
(26) |
- |
(26) |
Employee options exercised |
* |
135 |
- |
- |
- |
- |
135 |
- |
135 |
Share-based payment |
- |
- |
- |
- |
- |
2,874 |
2,874 |
- |
2,874 |
Balance at June 30, 2021 (unaudited) |
8 |
149,383 |
(329) |
9,503 |
67 |
(18,595) |
140,037 |
- |
140,037 |
(*) Represents an amount lower than $1 thousand. |
|||||||||
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||||||
NAYAX LTD |
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
|||||||||
Equity attributed to shareholders of the Company |
|||||||||
Share |
Additional |
Remeasurement of |
Other capital |
Foreign |
Accumulated |
Total equity |
Non- |
Total |
|
U.S. dollars in thousands |
|||||||||
Balance at April 1, 2022 |
8 |
150,460 |
102 |
9,503 |
244 |
(35,217) |
125,100 |
- |
125,100 |
Changes in the three months ended June 30, 2022 |
|||||||||
Loss for the period |
- |
- |
- |
- |
- |
(10,349) |
(10,349) |
- |
(10,349) |
Other comprehensive loss for the period |
- |
- |
- |
- |
(339) |
- |
(339) |
- |
(339) |
Employee options exercised |
* |
303 |
- |
- |
- |
- |
303 |
- |
303 |
Share-based compensation |
- |
- |
- |
- |
- |
2,375 |
2,375 |
- |
2,375 |
Balance at June 30, 2022 (unaudited) |
8 |
150,763 |
102 |
9,503 |
(95) |
(43,191) |
117,090 |
- |
117,090 |
Balance at April 1, 2021 |
7 |
16,689 |
(329) |
9,324 |
(77) |
(15,152) |
10,462 |
1,460 |
11,922 |
Changes in the Three months ended June 30, 2021 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Loss for the period |
- |
- |
- |
- |
- |
(5,860) |
(5,860) |
- |
(5,860) |
Other comprehensive income for the period |
- |
- |
- |
- |
144 |
- |
144 |
- |
144 |
Non-controlling interests from business |
- |
- |
- |
- |
- |
- |
- |
- |
1,530 |
IPO |
1 |
132,559 |
- |
- |
- |
- |
132,560 |
- |
132,560 |
Transactions with non-controlling interests |
- |
- |
- |
205 |
- |
- |
205 |
(1,460) |
(1,255) |
Business combination under common control |
- |
- |
- |
(26) |
- |
- |
(26) |
- |
(26) |
Employee options exercised |
* |
135 |
- |
- |
- |
- |
135 |
- |
135 |
Share-based payment |
- |
- |
- |
- |
- |
2,417 |
2,417 |
- |
2,417 |
Balance at June 30, 2021 (unaudited) |
8 |
149,383 |
(329) |
9,503 |
67 |
(18,595) |
140,037 |
- |
140,037 |
(*) Represents an amount lower than $1 thousand. |
|||||||||
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||||||
NAYAX LTD |
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued) |
|||||||||
Equity attributed to shareholders of the Company |
|||||||||
Share |
Additional |
Remeasurement of |
Other |
Foreign |
Accumulated |
Total equity |
Non- |
Total |
|
U.S. dollars in thousands |
|||||||||
Balance at January 1, 2021 (audited) |
7 |
16,689 |
(329) |
9,324 |
243 |
(13,433) |
12,501 |
- |
12,501 |
Changes in 2021(audited): |
- |
||||||||
Loss for the year |
- |
- |
- |
- |
- |
(24,763) |
(24,763) |
(6) |
(24,769) |
Other comprehensive income (loss) for the year |
- |
- |
431 |
- |
151 |
- |
582 |
(64) |
518 |
Non-controlling interests from business combination |
- |
- |
- |
- |
- |
- |
- |
1,530 |
1,530 |
IPO |
1 |
132,559 |
- |
- |
- |
- |
132,560 |
- |
132,560 |
Transactions with non-controlling interests |
- |
- |
- |
205 |
- |
- |
205 |
(1,460) |
(1,255) |
Business combination under common control |
- |
- |
- |
(26) |
- |
- |
(26) |
- |
(26) |
Employee options exercised |
* |
1,118 |
- |
- |
- |
- |
1,118 |
- |
1,118 |
Share-based compensation |
- |
- |
- |
- |
- |
9,499 |
9,499 |
- |
9,499 |
Balance at December 31, 2021 (audited) |
8 |
150,366 |
102 |
9,503 |
394 |
(28,697) |
131,676 |
- |
131,676 |
(*) Represents an amount lower than $1 thousand. |
|||||||||
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||||||
NAYAX LTD |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
Six months ended |
Three months |
Year ended |
|||
2022 |
2021 |
2022 |
2021 |
2021 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
U.S. dollars in thousands |
|||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||
Net loss for the period |
(20,129) |
(8,042) |
(10,349) |
(5,860) |
(24,769) |
Adjustments to reconcile net loss to net cash provided |
1,942 |
8,878 |
(4,892) |
2,951 |
11,963 |
Net cash provided by (used in) operating activities |
(18,187) |
836 |
(15,241) |
(2,909) |
(12,806) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||
Capitalized development costs |
(6,131) |
(3,038) |
(3,269) |
(1,307) |
(6,059) |
Acquisition of property and equipment |
(599) |
(582) |
(410) |
(59) |
(2,637) |
Investments in associates |
- |
(2,449) |
- |
(2,149) |
(6,449) |
Loans repaid by shareholders |
- |
61 |
- |
179 |
61 |
Increase in bank deposits |
(7,048) |
(31) |
(370) |
(26) |
(352) |
Payments for acquisitions of subsidiaries, net of cash |
440 |
418 |
440 |
316 |
418 |
Payment of deferred consideration with respect to |
- |
(7,209) |
- |
(7,209) |
(7,335) |
Interest received |
35 |
2 |
35 |
1 |
2 |
Investments in financial assets |
(6,686) |
(221) |
(1,014) |
(221) |
(446) |
Proceeds from sub-lessee |
- |
158 |
- |
80 |
158 |
Net cash used in investing activities |
(19,989) |
(12,891) |
(4,588) |
(10,395) |
(22,639) |
CASH FLOWS FROM FINANCING |
|||||
Initial public offering (IPO) |
- |
132,560 |
- |
132,560 |
132,560 |
Interest paid |
(261) |
(450) |
(120) |
(184) |
(630) |
Changes in short-term bank credit |
- |
(11,393) |
- |
(11,731) |
(11,393) |
Royalties paid in respect to government assistance |
(36) |
(199) |
(36) |
(144) |
(199) |
Transactions with non-controlling interests |
(186) |
(512) |
- |
(512) |
(1,069) |
Repayment of long-term bank loans |
(1,711) |
(1,266) |
(248) |
(852) |
(1,971) |
Repayment of long-term loans from others |
(1,568) |
(725) |
(626) |
(279) |
(2,175) |
Receipt of loans from shareholders |
- |
8,900 |
- |
3,500 |
8,900 |
Repayment of loans from shareholders |
- |
(8,900) |
- |
(8,900) |
(8,900) |
Repayment of other long-term liabilities |
(148) |
(145) |
(73) |
(73) |
(295) |
Employee options exercised |
501 |
135 |
410 |
135 |
718 |
Principal lease payments |
(656) |
(727) |
(205) |
(410) |
(1,406) |
Net cash provided by (used in) financing activities |
(4,065) |
117,278 |
(898) |
113,110 |
114,140 |
Increase (decrease) in cash and cash equivalents |
(42,241) |
105,223 |
(20,727) |
99,806 |
78,695 |
Balance of cash and cash equivalents at beginning |
87,332 |
8,195 |
64,752 |
13,291 |
8,195 |
Gains (losses) from exchange differences on cash |
(3,897) |
(105) |
(2,618) |
210 |
626 |
Gains (losses) from translation differences on cash |
568 |
(263) |
355 |
(257) |
(184) |
Balance of cash and cash equivalents at end of |
41,762 |
113,050 |
41,762 |
113,050 |
87,332 |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||
Six months ended |
Three months |
Year ended |
|||
2022 |
2021 |
2022 |
2021 |
2021 |
|
(Unaudited) |
(Audited) |
||||
U.S. dollars in thousands |
|||||
Appendix A – adjustments to reconcile net |
|||||
Adjustments in respect of: |
|||||
Depreciation and amortization |
3,936 |
3,433 |
1,932 |
1,761 |
7,198 |
Post-employment benefit obligations, net |
(42) |
49 |
(19) |
55 |
139 |
Deferred taxes |
(107) |
(84) |
(53) |
(10) |
25 |
Finance expenses, net |
2,988 |
734 |
2,034 |
604 |
269 |
Expenses in respect of long-term employee |
91 |
107 |
41 |
61 |
193 |
Share of loss of equity method investee |
1,071 |
57 |
570 |
57 |
538 |
Long-term deferred income |
(52) |
- |
(26) |
- |
(26) |
Expenses in respect of share-based |
5,165 |
2,565 |
2,063 |
2,192 |
8,850 |
Total adjustments |
13,050 |
6,861 |
6,542 |
4,720 |
17,186 |
Changes in operating asset and liability items: |
|||||
Decrease (increase) in restricted cash |
(9,021) |
(4,884) |
338 |
(7,635) |
(5,529) |
Increase in receivables from processing activity |
(7,965) |
(5,846) |
(2,777) |
(4,489) |
(5,429) |
Increase in trade receivables |
(5,851) |
(1,980) |
(4,784) |
(3,084) |
(5,136) |
Increase in other current assets |
(7,063) |
(206) |
(7,326) |
(838) |
(1,352) |
Increase in inventory |
(10,208) |
(83) |
(7,960) |
(519) |
(2,631) |
Increase in payables in respect of processing |
15,645 |
17,213 |
609 |
14,770 |
13,832 |
Increase (decrease) in trade payables |
12,106 |
(3,847) |
11,160 |
(1,189) |
(3,775) |
Increase (decrease) in other payables |
1,249 |
1,650 |
(694) |
1,215 |
4,797 |
Total changes in operating asset and liability |
(11,108) |
2,017 |
(11,434) |
(1,769) |
(5,223) |
Total adjustments to reconcile net loss to net |
1,942 |
8,878 |
(4,892) |
2,951 |
11,963 |
Appendix B – Information regarding |
|||||
Purchase of property and equipment in credit |
70 |
- |
70 |
- |
118 |
Acquisition of right-of-use assets through lease |
380 |
1,543 |
- |
1,469 |
1,428 |
Share based payments costs attributed to |
470 |
726 |
312 |
640 |
649 |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. |
|||||
IFRS to Non-IFRS
Quarter ended as of |
||
(U.S. dollars in thousands) |
||
Q2 2022 |
Q2 2021 |
|
Loss for the year |
(10,349) |
(5,860) |
Finance expense, net |
1,499 |
1,626 |
Tax (Benefit) expense |
235 |
108 |
Depreciation and amortization |
1,929 |
1,759 |
EBITDA |
(6,686) |
(2,366) |
Share-based compensation |
2,059 |
2,190 |
IPO related expenses |
866 |
1,545 |
Equity method investee |
570 |
57 |
Adjusted EBITDA |
(3,191) |
1,425 |
(*) Excluding (i) product costs increase due to global components shortage and (ii) bonus plan for non-sales employees that was introduced in Q3 2021, Q2 2022 Adjusted EBITDA improved to a positive $1.3M.
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SOURCE Nayax Ltd.
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