Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, ERP

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.

Nayax Ltd. Logo

 

"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

 

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
Processing

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

 

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.
ir@nayax.com

 

 

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
other long-term liabilities

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-
term liabilities

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
June 30

Three months
ended
June 30

Year ended
December 31



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
expenses


(29,946)

(18,619)

(15,121)

(10,303)

(45,379)

Depreciation and amortization in
respect of technology and capitalized
development costs


(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
shareholders of the Company:














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
June 30

Three months
ended
June 30

Year ended
December 31


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
period:












Items that will not be reclassified to profit or
loss:






Gain from remeasurement of liabilities (net) in






respect of post-employment benefit obligations

-

-

-

-

431

Items that may be reclassified to profit or
loss:






Exchange differences on translation of foreign
operations

(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
the period:






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
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


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
(unaudited):










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
(unaudited):










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
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


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
(unaudited):










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
(unaudited):

-

-

-

-

-

-

-

-

-

Loss for the period

-

-

-

-

-

(5,860)

(5,860)

-

(5,860)

Other comprehensive income for the period

-

-

-

-

144

-

144

-

144

Non-controlling interests from business
combination

-

-

-

-

-

-

-

-

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
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


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
June 30

Three months
ended
June 30

Year ended
December 31


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
by operations (see Appendix A)

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
acquired (
See note 5)

440

418

440

316

418

Payment of deferred consideration with respect to
business combinations

-

(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
ACTIVITIES:






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
plans

(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
of period

87,332

8,195

64,752

13,291

8,195

Gains (losses) from exchange differences on cash
and cash equivalents

(3,897)

(105)

(2,618)

210

626

Gains (losses) from translation differences on cash
and cash equivalents of foreign activity operations

568

(263)

355

(257)

(184)

Balance of cash and cash equivalents at end of
period

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
June 30

Three months
ended June 30

Year ended
December 31


2022

2021

2022

2021

2021


(Unaudited)

(Audited)


U.S. dollars in thousands

Appendix A ? adjustments to reconcile net
loss to net cash provided by operations:












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
benefits

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
compensation

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
transferable to customers for processing activity

(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
activity

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
items

(11,108)

2,017

(11,434)

(1,769)

(5,223)

Total adjustments to reconcile net loss to net
cash provided by (used in) operations

1,942

8,878

(4,892)

2,951

11,963













Appendix B ? Information regarding
investing and financing activities not
involving cash flows:












Purchase of property and equipment in credit

70

-

70

-

118

Acquisition of right-of-use assets through lease
liabilities

380

1,543

-

1,469

1,428

Share based payments costs attributed to
development activities, capitalized as intangible
assets

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.

 

Logo - https://mma.prnewswire.com/media/1522055/Nayax_Logo.jpg

SOURCE Nayax Ltd.


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