Full year revenue reached
Positive full year cash flow from operations – $8.8 million
2024 full year revenue guidance of $325-335 million, representing 38%+ YoY growth;
2024 full year adjusted EBITDA guidance of $30-35 million(1)
HERZLIYA, Israel,
Management Commentary
“2023 was a fantastic year for
“2023 also marked a big milestone for
(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
- 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 acquireRetail 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
- 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
$975 million , and number of processed transactions grew by 35% to 511 million.
- On
November 30, 2023 , we acquired Retail Pro, a global leader in retail POS software with Tier 1 global brand names across the world and an extensive distribution network of over 80+ partner resellers. This transaction will triple our distributor network to over 120 partner resellers and will extend our scale and provide additional meaningful opportunities to cross-sell our payment solutions to Retail Pro’s customer base and their distribution channels.
- Success with Nayax’s new support hub rollout, increasing efficiencies, reducing technical support calls and case times to desired service level agreement (“SLA”).
- License granted for Nayax Financial services (NFS) from the
UK FCA.Nayax transferred allUK customers from European licenses to NFS in line with regulation requirements.
- Started introducing Deferred Online functionality in readers on trains of the
Deutsche Bahn (German Railways ), enablingNayax to increase card acceptance and sales in tunnels and regions with bad cellular network reception.
Operational Metrics Summary
Key Performance Indicators | Q4 2023 | Q4 2022 | Growth (%) |
Total transaction value ($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
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
Conference Calls:
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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
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
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
Public Relations Contact: Scott@strategyvoiceassociates.com | Investor Relations Contact: Chief Strategy Officer Aarong@nayax.com |
Consolidated Financial Statements 2023 Annual Report | ||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||||
2023 | 2022 | |||||||||||
(Audited) | ||||||||||||
Note | ||||||||||||
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 | |||||||||
12 | 96,411 | 55,116 | ||||||||||
Total non-current assets | 120,450 | 80,028 | ||||||||||
TOTAL ASSETS | 323,859 | 230,488 | ||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||||
2023 | 2022 | |||||||||||
(Audited) | ||||||||||||
Note | ||||||||||||
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 |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS | ||||||||||||||||
Year ended | ||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||
(Audited) | ||||||||||||||||
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) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Year ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
(Audited) | ||||||||||||
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) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||||||||||||||||||||||||||||||||
Equity attributed to shareholders of the Company | ||||||||||||||||||||||||||||||||||||
Share capital | Additional paid in capital | Remeasurement of post- employment benefit obligations | Other capital reserves | Foreign currency translation reserve | Accumulated deficit | Total equity attributed to shareholders of the Company | Non- controlling interests | Total equity | ||||||||||||||||||||||||||||
Balance at | 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 | 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 | 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 | 8 | 153,524 | 248 | 9,545 | (150 | ) | (65,585 | ) | 97,590 | - | 97,590 | |||||||||||||||||||||||||
*Presents less than 1 thousand |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Year ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
(Audited) | ||||||||||||
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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Year ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
(Audited) | ||||||||||||
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 ( | ||
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 ( | |||
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
(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.
Source:
2024 GlobeNewswire, Inc., source