Nayax Ltd. (Nasdaq:
NYAX, TASE:
NYAX), a global commerce payments and
loyalty platform designed to help merchants scale their business,
today announced its financial results for the fourth quarter and
full year 2023.
Management Commentary
“2023 was a fantastic year for Nayax from both a
strategic and financial perspective. The inherent operating
leverage in our business model continues to be a key driver of our
improving margins, as we progress towards our long-term 2028 target
of 50% gross margins and 30% adjusted EBITDA margin,” commented
Yair Nechmad, Chief Executive Officer and Chairman of the
Board.
“2023 also marked a big milestone for Nayax in
which we crossed 1,000,000 managed and connected devices. Over the
course of the year, we expanded our offering, advanced our level of
automation in the company, and significantly improved our
operational efficiency. Looking ahead, we see strong tailwinds as
we continue to build on our core automated self-service platform
and expand to other geographies.”
Sagit Manor,
Chief Financial Officer added, “We ended 2023 with
very strong fourth quarter results and we are set up very well for
2024, showcasing the strength and scalability of our business
model. Recurring revenue grew by 44% year over year, making up 64%
of our total 2023 revenue. Our dollar-based net retention rate
remains healthy at 144%, which reflects strong customer
satisfaction and loyalty for our comprehensive solutions.”
(1) The Company does not provide a
reconciliation of forward-looking adjusted EBITDA to IFRS net
income (loss) due to the inherent difficulty in forecasting and
quantifying certain amounts that are necessary for such
reconciliation, in particular, because special items such
as finance expenses and Issuance and acquisition costs used to
calculate projected net income (loss) vary dramatically based on
actual events. Therefore, the Company is not able to forecast
on an IFRS basis with reasonable certainty all deductions needed in
order to provide an IFRS calculation of projected net income (loss)
at this time. The amount of these deductions may be material, and
therefore could result in projected IFRS net income (loss) being
materially less than projected adjusted EBITDA (non-IFRS).
Full Year 2023 Financial
Highlights
(All comparisons are relative to the
twelve-month period ended December 31, 2022, unless otherwise
stated)
- Revenue of
$235.5 million, an increase of 36% year-over-year; recurring
revenue from SaaS and processing fees increased 44% year-over-year,
comprising 64% of total revenue.
- Gross margin
improved to 37.5% from 34.6% mainly due to higher hardware margins,
from 9% to 19%.
- Operating loss
reduced to $12.4 million, compared to an operating loss of $34.0
million.
- Loss for the
period improved by $21.6 million to $15.9 million or ($0.48)
per share for 2023, compared to a net loss of $37.5 million,
or ($1.14) per share.
- Adjusted EBITDA
improved by $20.9 million to $8.2 million, compared to adjusted
EBITDA loss of $12.7 million.
- Generated
positive operating cash flow of $8.8 million and ended the year
with $38 million in cash and cash equivalents.
- As of December
31, 2023, debt balances stood at $52.8 million, out of which
approximately $20 million was used to acquire Retail Pro
International.
- Total
transaction value grew 54% to $3.65 billion.
- Number of
processed transactions increased 41% to 1.84 billion.
Fourth Quarter 2023 Financial
Highlights
(All comparisons are relative to the three-month
period ended December 31, 2022, unless otherwise stated)
- Revenue of $66.6
million, an increase of 31% year-over-year; recurring revenue from
SaaS and processing fees increased 43% year-over-year, comprising
63% of total revenue.
Revenue Breakdown Summary |
Q4 2023 ($M) |
Q4 2022 ($M) |
Growth (%) |
SaaS revenue |
16.2 |
12.8 |
27% |
Payment processing fees |
26.0 |
16.8 |
55% |
Total recurring revenue (*) |
42.2 |
29.6 |
43% |
POS devices revenue (**) |
24.4 |
21.3 |
15% |
Total revenue (***) |
66.6 |
50.9 |
31% |
(*) Recurring revenue comprised of SaaS revenue
and payment processing fees.(**) POS devices revenue includes
revenues that are derived from the sale of our hardware
products.(***) Retail Pro P&L results are included for the
first time in the fourth quarter of 2023
- Gross margin
improved to 39.9% from 33.4% mainly due to higher hardware margins,
from 9% to 24%.
- Operating loss
reduced to $2.0 million, compared to an operating loss of $7.4
million.
- Adjusted EBITDA
improved by 6.5 million, to $4.0 million, compared to adjusted
EBITDA loss of $2.5 million.
- Loss for the
period reduced to $3.3 million, or ($0.10) per share, from a loss
of $7.5 million or ($0.23) per share.
Fourth Quarter Business
and Operational
Highlights
- Customer expansion continued at a healthy pace, adding 12,000
new customers in the quarter, bringing the total customer base to
over 72,000 as of December 31, 2023, an increase of 53%
year-over-year. The number of customers includes 7,500 Retail Pro
customers, which were included for the first time in Q4 2023.
- Dollar-based net retention rate remains high at 144%,
reflecting strong customer satisfaction, while customer churn rate
remained low at 3.4%.
- Nayax added 171,000 managed and connected devices during the
quarter, driven by robust customer demand, bringing the total
number of managed and connected devices to 1,044,000 as of year-end
2023, a year over year increase of 44%. The number of managed and
connected devices includes 130,000 generated by Retail Pro,
included for the first time in Q4 2023.
- Total transaction value increased by 43% to $975 million, and
number of processed transactions grew by 35% to 511 million.
- On November 30, 2023, we acquired Retail Pro, a global leader
in retail POS software with Tier 1 global brand names across the
world and an extensive distribution network of over 80+ partner
resellers. This transaction will triple our distributor network to
over 120 partner resellers and will extend our scale and provide
additional meaningful opportunities to cross-sell our payment
solutions to Retail Pro’s customer base and their distribution
channels.
- Success with Nayax’s new support hub rollout, increasing
efficiencies, reducing technical support calls and case times to
desired service level agreement (“SLA”).
- License granted for Nayax Financial services (NFS) from the UK
FCA. Nayax transferred all UK customers from European licenses to
NFS in line with regulation requirements.
- Started introducing Deferred Online functionality in readers on
trains of the Deutsche Bahn (German Railways), enabling Nayax to
increase card acceptance and sales in tunnels and regions with bad
cellular network reception.
Operational Metrics
Summary
Key Performance Indicators |
Q4 2023 |
Q4 2022 |
Growth (%) |
Total transaction value ($m) |
975 |
681 |
43% |
Number
of processed transactions (millions) |
511 |
378 |
35% |
Take
rate % (payments) (*) |
2.66% |
2.47% |
0.19% |
Managed
and connected devices (**) |
1,044,000 |
725,000 |
44% |
(*) Payment service providers typically take a
percentage of every transaction in exchange for facilitating the
movement of funds from the buyer to the seller. Take rate %
(payments) is calculated by dividing the total dollar transaction
value by the Company’s processing revenue in the same
quarter. (**) Number of managed and connected devices includes
130,000 generated by Retail Pro, included for the first time in Q4
2023.
Financial
Outlook
For the full year 2024, management provided the
following outlook:
Revenue is expected to be in the range of $325
million to $335 million (based on constant currency), representing
year-over-year organic and inorganic growth of over 38%. Adjusted
EBITDA is expected to be in the rangeof$30 to $35 million as Nayax
continues to scale its business.
Over the long term, management expects to
maintain an approximate 35% CAGR on revenue, driven by organic
growth initiatives and strategic M&A. The long-term adjusted
EBITDA margin and gross margin target is 30% and 50%, respectively.
Improvements over the coming years are expected to be driven by
leasing options for IoT POS, growing SaaS revenue and payment
processing fees, and emerging growth initiatives.
It is noted that the financial outlook provided
by Nayax constitutes forward-looking information within the meaning
of applicable securities laws and is based on a number of
assumptions and subject to a number of risks. Please see the
cautionary note regarding Forward-looking Statements below.
Conference
Calls:
Nayax will host two conference calls and
webcasts on February 28, 2023, the first in English and the other
in Hebrew to discuss its fourth quarter and full year 2023 results.
The call in English will be held at 8:30 a.m. Eastern Time, 3:30
p.m. Israel Time and 5:30 a.m. Pacific Time, followed by the
conference call in Hebrew at 9:30 a.m. Eastern Time, 4:30 p.m.
Israel time and 6:30 a.m. Pacific Time.
Participating on the calls will be Yair Nechmad,
Chief Executive Officer and Sagit Manor, Chief Financial
Officer.
For the conference call in English, we encourage
participants to pre-register using the link below. Those 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/webcast
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=10022962&linkSecurityString=1a935cf038
For those who are unable to pre-register, kindly
join the conference call/webcast by using one of the dial-in
numbers or clicking the webcast link below.
U.S. TOLL-FREE:
1-855-327-6837ISRAEL TOLL-FREE:
1-809-458-327INTERNATIONAL TOLL-FREE:
1-631-891-4304
WEBCAST
LINK: https://viavid.webcasts.com/starthere.jsp?ei=1652425&tp_key=7561fc2df4
Participants may also register and join the
conference call/webcast by visiting the Events section of the Nayax
website, found here: Events
Following the conference call, a replay will be
available until March 13, 2024. To access the replay, please dial
one of the following numbers:
Replay TOLL-FREE: 1-844-512-2921Replay
TOLL/INTERNATIONAL: 1-412-317-6671Replay
Pin Number: 10022962
An archive of the audio webcast will be
available on Nayax's Investor Relations website. Nayax -
Investor Relations
To access the conference call/webcast in Hebrew,
use the link with below:
https://us02web.zoom.us/j/85105523849
Forward-Looking Statements
This press release contains statements that
constitute forward-looking statements. Many of the forward-looking
statements contained in this press release can be identified by the
use of forward-looking words such as “anticipate,” “believe,”
“could,” “expect,” “should,” “plan,” “intend,” “estimate” and
“potential,” among others. Forward-looking statements include, but
are not limited to, statements regarding our intent, belief, or
current expectations. Forward-looking statements are based on our
management’s beliefs and assumptions and on information currently
available to our management. Such statements are subject to risks
and uncertainties, and actual results may differ materially from
those expressed or implied in the forward-looking statements due to
of various factors, including, but not limited to: our expectations
regarding general market conditions, including as a result of the
COVID-19 pandemic and other global economic trends; changes in
consumer tastes and preferences; fluctuations in inflation,
interest rate and exchange rates in the global economic environment
over the world; the availability of qualified personnel and the
ability to retain such personnel; changes in commodity costs,
labor, distribution and other operating costs; our ability to
implement our growth strategy; changes in government regulation and
tax matters; other factors that may affect our financial condition,
liquidity and results of operations; general economic, political,
demographic and business conditions in Israel, including ongoing
military conflicts in the region; the success of operating
initiatives, including advertising and promotional efforts and new
product and concept development by us and our competitors; factors
relating to the acquisition of Retail Pro International, including
but not limited to the financing for and payment of the acquisition
and our ability to effectively and efficiently integrate the
acquired business into our existing business; and other risk
factors discussed under “Risk Factors” in our annual report on Form
20-F filed with the SEC on Feb 28, 2024 (our "Annual Report"). The
preceding list is not intended to be an exhaustive list of all of
our forward-looking statements. The forward-looking statements are
based on our beliefs, assumptions, and expectations of future
performance, taking into account the information currently
available to us. These statements are only estimates based upon our
current expectations and projections about future events. There are
important factors that could cause our actual results, levels of
activity, performance, or achievements to differ materially from
the results, levels of activity, performance or achievements
expressed or implied by the forward-looking statements. In
particular, you should consider the risks provided under “Risk
Factors” in our Annual Report. You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Each forward-looking statement speaks only
as of the date of the particular statement. Except as required by
law, we undertake no obligation to update publicly any
forward-looking statements for any reason, to conform these
statements to actual results or to changes in our expectations.
Use of Non-IFRS Financial
Information
In addition to various operational metrics and
financial measures in accordance with accounting principles
generally accepted under International Financial Reporting
Standards, or IFRS, this press release contains Adjusted EBITDA, a
non-IFRS financial measure, as a measure to evaluate our past
results and future prospects.
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS financial measure
that we define as loss for the period plus finance expenses, tax
expense, depreciation and amortization, share-based compensation
costs, non-recurring issuance and acquisition related costs and our
share in losses of associates accounted for by the equity
method.
We present Adjusted EBITDA in this press release
because it is a measure that our management and board of directors
utilize as a measure to evaluate our operating performance and for
internal planning and forecasting purposes. Accordingly, we believe
that Adjusted EBITDA provides useful information to investors and
others in understanding and evaluating our operating results in the
same manner as our management and board of directors.
We believe that Adjusted EBITDA, when taken
collectively with financial measures prepared in accordance with
IFRS, may be helpful to investors because it provides an additional
tool for investors to use in evaluating our ongoing operating
results and trends and in comparing our financial results with
other companies because it provides consistency and comparability
with past financial performance. However, our management does not
consider this non-IFRS measure in isolation or as an alternative to
financial measures determined in accordance with IFRS.
Adjusted EBITDA is presented for supplemental
informational purposes only, has limitations as an analytical tool
and should not be considered in isolation or as a substitute for
financial information presented in accordance with IFRS. Adjusted
EBITDA may be different from similarly titled measures used by
other companies. The principal limitation of Adjusted EBITDA is
that it excludes significant expenses that are required by IFRS to
be recorded in our financial statements, as further detailed above.
In addition, it is subject to inherent limitations as it reflects
the exercise of judgment by management about which expenses are
excluded or included in determining Adjusted EBITDA.
A reconciliation is provided at the end of this
press release for Adjusted EBITDA to net loss, the most directly
comparable financial measure prepared in accordance with IFRS.
Investors are encouraged to review net loss and the reconciliation
to Adjusted EBITDA included below and to not rely on any single
financial measure to evaluate our business.
Constant Currency
Nayax presents constant currency information to
provide a framework for assessing how our underlying businesses
performed excluding the effect of foreign currency rate
fluctuations. Future expected results for transactions in
currencies other than United States dollars are converted into
United States dollars using the exchange rates in effect in the
last month of the reporting period. Nayax provides this financial
information to aid investors in better understanding our
performance. These constant currency financial measures presented
in this release should not be considered as a substitute for, or
superior to, the measures of financial performance prepared in
accordance with IFRS.
The Company cannot provide expected 2024 net
income without unreasonable effort because certain items that
impact net income are out of the Company's control and/or cannot be
reasonably predicted at this time, which unavailable information
could have a significant impact on the Company’s IFRS financial
results.
About Nayax
Nayax is a global commerce enablement, payments
and loyalty platform designed to help merchants scale their
business. Nayax offers a complete solution including localized
cashless payment acceptance, management suite, and loyalty 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, approximately 870 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
Public
Relations Contact:Scott GammStrategy Voice Associates
Scott@strategyvoiceassociates.com |
Investor Relations Contact:Aaron GreenbergChief
Strategy Officer Aarong@nayax.com |
|
NAYAX LTD.Consolidated Financial Statements2023
Annual Report |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION |
|
|
|
|
|
December 31 |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
(Audited) |
|
|
Note |
|
U.S. dollars in thousands |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7 |
|
|
|
38,386 |
|
|
|
33,880 |
|
Restricted cash transferable
to customers for processing activity |
|
|
8 |
|
|
|
49,858 |
|
|
|
34,119 |
|
Short-term bank deposits |
|
|
|
|
|
|
1,269 |
|
|
|
83 |
|
Receivables in respect of
processing activity |
|
|
|
|
|
|
43,261 |
|
|
|
25,382 |
|
Trade receivable, net |
|
|
9 |
|
|
|
41,300 |
|
|
|
27,412 |
|
Inventory |
|
|
|
|
|
|
20,563 |
|
|
|
23,807 |
|
Other current assets |
|
|
|
|
|
|
8,772 |
|
|
|
5,777 |
|
Total current
assets |
|
|
|
|
|
|
203,409 |
|
|
|
150,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank deposits |
|
|
|
|
|
|
2,304 |
|
|
|
1,336 |
|
Other long-term assets |
|
|
|
|
|
|
5,883 |
|
|
|
2,948 |
|
Investment in associate |
|
|
|
|
|
|
5,024 |
|
|
|
6,579 |
|
Right-of-use assets, net |
|
|
10 |
|
|
|
5,341 |
|
|
|
7,381 |
|
Property and equipment,
net |
|
|
11 |
|
|
|
5,487 |
|
|
|
6,668 |
|
Goodwill and intangible
assets, net |
|
|
12 |
|
|
|
96,411 |
|
|
|
55,116 |
|
Total non-current
assets |
|
|
|
|
|
|
120,450 |
|
|
|
80,028 |
|
TOTAL
ASSETS |
|
|
|
|
|
|
323,859 |
|
|
|
230,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION |
|
|
|
|
|
December 31 |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
(Audited) |
|
|
Note |
|
U.S. dollars in thousands |
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank credit |
|
|
13 |
|
|
|
47,477 |
|
|
|
7,684 |
|
Current maturities of
long-term bank loans |
|
|
13 |
|
|
|
1,101 |
|
|
|
1,052 |
|
Current maturities of loans
from others and other long-term liabilities |
|
|
14, 15 |
|
|
|
5,422 |
|
|
|
4,126 |
|
Current maturities of lease
liabilities |
|
|
10 |
|
|
|
2,145 |
|
|
|
2,206 |
|
Payables in respect of
processing activity |
|
|
|
|
|
|
104,523 |
|
|
|
63,336 |
|
Trade payables |
|
|
|
|
|
|
17,464 |
|
|
|
14,574 |
|
Other payables |
|
|
|
|
|
|
25,650 |
|
|
|
17,229 |
|
Total current
liabilities |
|
|
|
|
|
|
203,782 |
|
|
|
110,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank loans |
|
|
13 |
|
|
|
327 |
|
|
|
1,444 |
|
Long-term loans from others
and other long-term liabilities |
|
|
14,15 |
|
|
|
14,476 |
|
|
|
7,062 |
|
Post-employment benefit
obligations, net |
|
|
|
|
|
|
427 |
|
|
|
403 |
|
Lease liabilities |
|
|
10 |
|
|
|
4,149 |
|
|
|
5,944 |
|
Deferred income taxes |
|
|
16 |
|
|
|
3,108 |
|
|
|
793 |
|
Total non-current
liabilities |
|
|
|
|
|
|
22,487 |
|
|
|
15,646 |
|
TOTAL
LIABILITIES |
|
|
|
|
|
|
226,269 |
|
|
|
125,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
17 |
|
|
|
|
|
|
|
|
|
Shareholders Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
|
8 |
|
|
|
8 |
|
Additional paid in
capital |
|
|
|
|
|
|
153,524 |
|
|
|
151,406 |
|
Capital reserves |
|
|
|
|
|
|
9,643 |
|
|
|
9,771 |
|
Accumulated deficit |
|
|
|
|
|
|
(65,585) |
|
|
|
(56,550) |
|
TOTAL
EQUITY |
|
|
|
|
|
|
97,590 |
|
|
|
104,635 |
|
TOTAL LIABILITIES AND
EQUITY |
|
|
|
|
|
|
323,859 |
|
|
|
230,488 |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF
PROFIT OR LOSS |
|
|
|
|
|
Year ended December 31 |
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
(Audited) |
|
|
|
|
U.S. dollars in thousands |
|
|
Note |
|
(Excluding loss per share data) |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
18 |
|
|
|
235,491 |
|
|
|
173,514 |
|
|
|
119,134 |
|
Cost of revenues |
|
|
19 |
|
|
|
(147,198) |
|
|
|
(113,476) |
|
|
|
(70,970) |
|
Gross
Profit |
|
|
|
|
|
|
88,293 |
|
|
|
60,038 |
|
|
|
48,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
20 |
|
|
|
(21,928) |
|
|
|
(22,132) |
|
|
|
(19,040) |
|
Selling, general and
administrative expenses |
|
|
21 |
|
|
|
(70,320) |
|
|
|
(64,092) |
|
|
|
(45,379) |
|
Depreciation and amortization
in respect of technology and capitalized development costs |
|
|
12 |
|
|
|
(6,430) |
|
|
|
(4,268) |
|
|
|
(3,810) |
|
Other expenses |
|
|
1a,6b |
|
|
|
(444) |
|
|
|
(1,790) |
|
|
|
(1,879) |
|
Share of loss of equity method
investee |
|
|
|
|
|
|
(1,555) |
|
|
|
(1,794) |
|
|
|
(538) |
|
Loss from ordinary
operations |
|
|
|
|
|
|
(12,384) |
|
|
|
(34,038) |
|
|
|
(22,482) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expenses, net |
|
|
22 |
|
|
|
(2,288) |
|
|
|
(3,020) |
|
|
|
(1,655) |
|
Loss before taxes on
income |
|
|
|
|
|
|
(14,672) |
|
|
|
(37,058) |
|
|
|
(24,137) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expenses |
|
|
16 |
|
|
|
(1,215) |
|
|
|
(451) |
|
|
|
(632) |
|
Loss for the
year |
|
|
|
|
|
|
(15,887) |
|
|
|
(37,509) |
|
|
|
(24,769) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attribution of loss
for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To shareholders of the
Company |
|
|
|
|
|
|
(15,887) |
|
|
|
(37,509) |
|
|
|
(24,763) |
|
To non-controlling
interests |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(6) |
|
Total |
|
|
|
|
|
|
(15,887) |
|
|
|
(37,509) |
|
|
|
(24,769) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
attributed to shareholders of the Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per
share |
|
|
23 |
|
|
|
(0.479) |
|
|
|
(1.143) |
|
|
|
(0.820) |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) |
|
|
|
Year ended December 31 |
|
|
2023 |
|
2022 |
|
2021 |
|
|
(Audited) |
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
Loss for the year |
|
|
(15,887) |
|
|
|
(37,509) |
|
|
|
(24,769) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not be
recycled to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from remeasurement
of liabilities (net) in |
|
|
|
|
|
|
|
|
|
|
|
|
respect of post-employment
benefit obligations |
|
|
- |
|
|
|
146 |
|
|
|
431 |
|
Items that may be
recycled to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from translation
of financial statements of foreign activities |
|
|
(170) |
|
|
|
(374) |
|
|
|
87 |
|
Gains on cash flow hedges |
|
|
42 |
|
|
|
- |
|
|
|
- |
|
Total comprehensive
loss for the year |
|
|
(16,015) |
|
|
|
(37,737) |
|
|
|
(24,251) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attribution of total
comprehensive income (loss) for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
To shareholders of the
Company |
|
|
(16,015) |
|
|
|
(37,737) |
|
|
|
(24,181) |
|
To non-controlling
interests |
|
|
- |
|
|
|
- |
|
|
|
(70) |
|
Total comprehensive
loss for the year |
|
|
(16,015) |
|
|
|
(37,737) |
|
|
|
(24,251) |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY |
|
|
|
Equity attributed to shareholders of the
Company |
|
|
Sharecapital |
|
Additional paid in capital |
|
Remeasurement of post-employment benefit
obligations |
|
Other capital reserves |
|
Foreign currency translation reserve |
|
Accumulateddeficit |
|
Total equity attributed to shareholders of the
Company |
|
Non-controllinginterests |
|
Totalequity |
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2021 |
|
|
7 |
|
|
|
16,689 |
|
|
|
(329 |
) |
|
|
9,324 |
|
|
|
243 |
|
|
|
(13,433 |
) |
|
|
12,501 |
|
|
|
- |
|
|
|
12,501 |
|
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 (See note 1a2) |
|
|
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 payment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,499 |
|
|
|
9,499 |
|
|
|
- |
|
|
|
9,499 |
|
Balance at December
31, 2021 |
|
|
8 |
|
|
|
150,366 |
|
|
|
102 |
|
|
|
9,503 |
|
|
|
394 |
|
|
|
(28,697 |
) |
|
|
131,676 |
|
|
|
- |
|
|
|
131,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes during the
year; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(37,509 |
) |
|
|
(37,509 |
) |
|
|
|
|
|
|
(37,509 |
) |
Other comprehensive income
(loss) for the year |
|
|
- |
|
|
|
- |
|
|
|
146 |
|
|
|
- |
|
|
|
(374 |
) |
|
|
- |
|
|
|
(228 |
) |
|
|
- |
|
|
|
(228 |
) |
Employee options
exercised |
|
|
* |
|
|
|
1,040 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,040 |
|
|
|
- |
|
|
|
1,040 |
|
Share-based payment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,656 |
|
|
|
9,656 |
|
|
|
- |
|
|
|
9,656 |
|
Balance at December
31, 2022 |
|
|
8 |
|
|
|
151,406 |
|
|
|
248 |
|
|
|
9,503 |
|
|
|
20 |
|
|
|
(56,550 |
) |
|
|
104,635 |
|
|
|
- |
|
|
|
104,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes during the
year; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,887 |
) |
|
|
(15,887 |
) |
|
|
- |
|
|
|
(15,887 |
) |
Other comprehensive (loss) for
the year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
42 |
|
|
|
(170 |
) |
|
|
- |
|
|
|
(128 |
) |
|
|
- |
|
|
|
(128 |
) |
Employee options
exercised |
|
|
* |
|
|
|
2,118 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,118 |
|
|
|
- |
|
|
|
2,118 |
|
Share-based payment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,852 |
|
|
|
6,852 |
|
|
|
- |
|
|
|
6,852 |
|
Balance at December
31, 2023 |
|
|
8 |
|
|
|
153,524 |
|
|
|
248 |
|
|
|
9,545 |
|
|
|
(150 |
) |
|
|
(65,585 |
) |
|
|
97,590 |
|
|
|
- |
|
|
|
97,590 |
|
*Presents less than 1 thousand |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
Year ended December 31 |
|
|
2023 |
|
2022 |
|
2021 |
|
|
(Audited) |
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the year |
|
|
(15,887) |
|
|
|
(37,509) |
|
|
|
(24,769) |
|
Adjustments required to
reflect the cash flow from operating activities (see Appendix
A) |
|
|
24,685 |
|
|
|
9,962 |
|
|
|
11,963 |
|
Net cash provided by
(used in) operating activities |
|
|
8,798 |
|
|
|
(27,547) |
|
|
|
(12,806) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized development
costs |
|
|
(15,948) |
|
|
|
(13,706) |
|
|
|
(6,059) |
|
Acquisition of property and
equipment |
|
|
(611) |
|
|
|
(1,518) |
|
|
|
(2,637) |
|
Loans extended to others |
|
|
(1,432) |
|
|
|
- |
|
|
|
- |
|
Investments in associates |
|
|
- |
|
|
|
- |
|
|
|
(6,449) |
|
Loans repaid by
shareholders |
|
|
- |
|
|
|
- |
|
|
|
61 |
|
Increase in bank deposits |
|
|
(2,154) |
|
|
|
(480) |
|
|
|
(352) |
|
Payments for acquisitions of
subsidiaries, net of cash acquired |
|
|
(18,330) |
|
|
|
440 |
|
|
|
418 |
|
Payment of deferred
consideration with respect to business combinations |
|
|
- |
|
|
|
(4,500) |
|
|
|
(7,335) |
|
Interest received |
|
|
1,684 |
|
|
|
76 |
|
|
|
2 |
|
Investments in financial
assets |
|
|
(195) |
|
|
|
(6,856) |
|
|
|
(446) |
|
Proceeds from sub-lessee |
|
|
155 |
|
|
|
- |
|
|
|
158 |
|
Net cash used in
investing activities |
|
|
(36,831) |
|
|
|
(26,544) |
|
|
|
(22,639) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering
(IPO) |
|
|
- |
|
|
|
- |
|
|
|
132,560 |
|
Interest paid |
|
|
(2,651) |
|
|
|
(504) |
|
|
|
(630) |
|
Changes in short-term bank
credit |
|
|
39,135 |
|
|
|
5,874 |
|
|
|
(11,393) |
|
Support received (royalties
paid) in respect to government assistance plans |
|
|
(55) |
|
|
|
(40) |
|
|
|
(199) |
|
Transactions with
non-controlling interests |
|
|
- |
|
|
|
(186) |
|
|
|
(1,069) |
|
Repayment of long-term bank
loans |
|
|
(998) |
|
|
|
(2,282) |
|
|
|
(1,971) |
|
Receipt of long-term loans
from others |
|
|
- |
|
|
|
6,908 |
|
|
|
- |
|
Repayment of long-term loans
from others |
|
|
(3,626) |
|
|
|
(2,577) |
|
|
|
(2,175) |
|
Receipt of loans from
shareholders |
|
|
- |
|
|
|
- |
|
|
|
8,900 |
|
Repayment of loans from
shareholders |
|
|
- |
|
|
|
- |
|
|
|
(8,900) |
|
Decrease in other long-term
liabilities |
|
|
(249) |
|
|
|
(288) |
|
|
|
(295) |
|
Employee options
exercised |
|
|
2,177 |
|
|
|
1,152 |
|
|
|
718 |
|
Principal lease payments |
|
|
(2,182) |
|
|
|
(1,851) |
|
|
|
(1,406) |
|
Net cash provided by
financing activities |
|
|
31,551 |
|
|
|
6,206 |
|
|
|
114,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in
cash and cash equivalents |
|
|
3,518 |
|
|
|
(47,885) |
|
|
|
78,695 |
|
Balance of cash and
cash equivalents at beginning of year |
|
|
33,880 |
|
|
|
87,332 |
|
|
|
8,195 |
|
Gains (losses) from
exchange differences on cash and cash equivalents |
|
|
906 |
|
|
|
(6,189) |
|
|
|
626 |
|
Gains (losses) from
translation of cash and cash equivalents of foreign
activity |
|
|
82 |
|
|
|
622 |
|
|
|
(184) |
|
Balance of cash and
cash equivalents at end of year |
|
|
38,386 |
|
|
|
33,880 |
|
|
|
87,332 |
|
|
NAYAX LTD.CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
Year ended December 31 |
|
|
2023 |
|
2022 |
|
2021 |
|
|
(Audited) |
|
|
U.S. dollars in thousands |
Appendix A – adjustments required to reflect the cash flows
from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments in respect
of: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
12,505 |
|
|
|
9,028 |
|
|
|
7,198 |
|
Post-employment benefit
obligations, net |
|
|
25 |
|
|
|
(107) |
|
|
|
139 |
|
Deferred taxes |
|
|
(294) |
|
|
|
(181) |
|
|
|
25 |
|
Finance expenses, net |
|
|
750 |
|
|
|
4,544 |
|
|
|
269 |
|
Expenses in respect of
long-term employee benefits |
|
|
237 |
|
|
|
245 |
|
|
|
193 |
|
Share in losses of associate
company |
|
|
1,555 |
|
|
|
1,794 |
|
|
|
538 |
|
Long-term deferred income |
|
|
(85) |
|
|
|
(104) |
|
|
|
(26) |
|
Expenses in respect of
share-based payment |
|
|
6,027 |
|
|
|
8,747 |
|
|
|
8,850 |
|
Total adjustments |
|
|
20,720 |
|
|
|
23,966 |
|
|
|
17,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating asset and
liability items: |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in restricted cash
transferable to customers for processing activity |
|
|
(15,739) |
|
|
|
(10,424) |
|
|
|
(5,529) |
|
Increase in receivables from
processing activity |
|
|
(17,880) |
|
|
|
(10,986) |
|
|
|
(5,429) |
|
Increase in trade
receivables |
|
|
(12,487) |
|
|
|
(8,272) |
|
|
|
(5,136) |
|
Increase in other current
assets |
|
|
(1,073) |
|
|
|
(936) |
|
|
|
(1,352) |
|
Decrease (increase) in
inventory |
|
|
3,239 |
|
|
|
(12,592) |
|
|
|
(2,631) |
|
Increase in payables in
respect of processing activity |
|
|
41,187 |
|
|
|
20,510 |
|
|
|
13,832 |
|
Increase (decrease) in trade
payables |
|
|
1,189 |
|
|
|
4,519 |
|
|
|
(3,775) |
|
Increase in other
payables |
|
|
5,529 |
|
|
|
4,177 |
|
|
|
4,797 |
|
Total changes in operating
asset and liability items |
|
|
3,965 |
|
|
|
(14,004) |
|
|
|
(5,223) |
|
Total adjustments required to
reflect the cash flow from operating activities |
|
|
24,685 |
|
|
|
9,962 |
|
|
|
11,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix B –
Information regarding investing and financing activities not
involving cash flows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment on credit |
|
|
97 |
|
|
|
215 |
|
|
|
118 |
|
Acquisition of right-of-use
assets through lease liabilities |
|
|
338 |
|
|
|
2,048 |
|
|
|
1,428 |
|
Recognition of Sub lease
asset |
|
|
455 |
|
|
|
- |
|
|
|
- |
|
Share based payments costs
attributed to development activities, capitalized as intangible
assets |
|
|
825 |
|
|
|
909 |
|
|
|
649 |
|
|
IFRS to Non-IFRS |
|
The following is a reconciliation of loss for the period, the most
directly comparable IFRS financial measure, to Adjusted EBITDA for
each of the periods indicated. |
|
Quarter ended as of(U.S. dollars in
thousands) |
|
|
Dec 31, 2023 |
Dec 31, 2022 |
Loss for the period |
(3,292) |
(7,513) |
Finance expense, net |
932 |
132 |
Tax expense |
346 |
7 |
Depreciation and
amortization |
3,503 |
2,731 |
EBITDA |
1,489 |
(4,643) |
Expenses in respect of
share-based compensation |
1,763 |
1,747 |
Issuance and acquisition
costs |
444 |
100 |
Share of loss of equity method
investee(1) |
311 |
295 |
ADJUSTED
EBITDA |
4,007 |
(2,501) |
(1) Equity method investee is related to our 2021 investment in
Tigapo and IOT Technologies.
|
IFRS to Non-IFRS |
|
The following is a reconciliation of loss for the period, the most
directly comparable IFRS financial measure, to Adjusted EBITDA for
each of the periods indicated. |
|
Year ended as of (U.S. dollars in
thousands) |
|
|
Dec 31, 2023 |
Dec 31, 2022 |
Dec 31, 2021 |
Loss for the
period |
(15,886) |
(37,509) |
(24,769) |
Finance expense, net |
2,287 |
3,020 |
1,655 |
Tax expense |
1,215 |
451 |
632 |
Depreciation and
amortization |
12,505 |
9,028 |
7,198 |
EBITDA |
121 |
(25,010) |
(15,284) |
Expenses in respect of
share-based compensation |
6,033 |
8,747 |
8,850 |
Issuance and acquisition
costs |
444 |
1,790 |
1,879 |
Share of loss of equity method
investee (1) |
1,555 |
1,794 |
538 |
ADJUSTED EBITDA
(2) |
8,153 |
(12,679) |
(4,017) |
(1) Consists primarily of (i) fees and
expenses, other than underwriter discount and commissions, incurred
in connection with our May 2021 initial public offering on the TASE
and (ii) expenses incurred in connection with our listing on Nasdaq
in September 2022. (2) Share of loss of
equity method investee is related to our 2021 investment in
Tigapo. Retail Pro P&L
figures are included for the first time in Q4.2023.
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