Nayax Reports Second Quarter 2021 Financial Results: Quarterly Revenue Grew 121% to $31 million
HERZLIYA, Israel, August 23, 2021 /PRNewswire/ -- Nayax Ltd. (TASE: NYAX), a global commerce enablement and payments platform designed to help merchants scale their business, today announced its financial results for the second quarter of 2021.
"As governments around the world eased restrictions related to the COVID-19 pandemic, we saw a surge in consumers' preference to pay with cashless payments and continued to scale our marketing and sales efforts to help merchants grow their business with our complete merchant platform. These efforts led to a robust quarter with revenue increasing 121% year over year, reaching $31 million," commented Yair Nechmad, Nayax's CEO and Chairman of the Board.
"Following the successful public offering and debut on the TASE in May 2021, Nayax's second quarter performance reflects our ability to maintain a healthy growth rate as the economy rebounds to the "new normal". We finalized the acquisition of Weezmo, a start-up company in the field of interactive, customizable receipts, which is another step for extending and enhancing our consumer engagement and omni-channel platform" concluded Nechmad.
Second Quarter Financial Highlights
Total revenue was $31 million, an increase of 121% over Q2 2020.
Managed and connected devices grew 40% year over year for the quarter to more than 432,000.
Quarterly gross transaction value grew 160% from the same quarter last year to $344 million
Recurring revenue from monthly SAAS and processing fees grew more than 100% over Q2 2020, reflecting a share of total revenue of 56% in the current quarter.
Gross margin was 43%, representing strong sales this quarter of new POS devices, the enablers of future service and processing revenues. Gross profit reached $13.3 million, an increase of 85% over Q2 2020.
Operational expenses, including research and development, share-based compensation expenses, depreciation, amortization and excluding IPO-related expenses, amounted to $15.8 million, an increase of 95% over Q2 2020. This is the result of our growth strategy to increase sales, marketing, R&D staff and enhance overall global infrastructure.
Operating loss was $4.1 million, compared to an operating loss of $1 million in Q2 2020.
Adjusted EBITDA was $1.4 million, an increase of 75% over Q2 2020.
Net loss for the second quarter of 2021 was $5.9 million, or $0.019 per diluted share, compared to a net loss of $1.5 million, or $0.006 per diluted shares for the second quarter of 2020.
As of June 30th, 2021, Nayax had $113 million in cash and cash equivalents.
GAAP Results ($M) |
|||
Revenue Breakdown |
Q2 2021 |
Q2 2020 |
Change (%) |
SAAS & Payment Processing |
17.2 |
8.6 |
100% |
POS Devices |
13.8 |
5.4 |
156% |
Total Revenue |
31.0 |
14.0 |
121% |
Nayax generates revenues from the sale of IoT POS devices, SAAS and processing fees. The Company provides processing and business operations solutions and services via a global platform. This quarter the Company saw a strong demand for POS devices in all territories. Sales of POS devices constituted 44.5% of total revenue this quarter, compared to 38.6% in the same quarter last year. This growth relates, to some extent, to the market returning to post pandemic normalcy. The revenue mix, including a higher portion of POS devices this quarter, impacted the Company's overall gross margin.
Second Quarter Business Highlights
Total number of managed and connected devices for the quarter reached 432,000, an increase of 40% over the number of managed and connected devices in Q2 2020 and representing an increase of 30,000 new managed and connected devices compared to the previous quarter.
Operational expenses amounted to $8.7 million, excluding share-based compensation expenses. Research and development expenses were $4.2 million, excluding share-based compensation expenses. These expenses increased 66% and 143%, respectively, compared to the same quarter last year. This represents our continuing investment in innovation and global recruitment expansion.
We continue to expand our worldwide presence through a proven partnership strategy, growing within our customer base, capturing new market share, expanding to new verticals, and launching strategic marketing initiatives.
Second Quarter Key Performance Indicators
Key Performance Indicators |
Q2 2021 |
Q2 2020 |
Change (%) |
Total Transaction Value ($m) |
344 |
132 |
160% |
Number of Transactions (millions) |
186 |
83 |
124% |
Take Rate % (Payments) (*) |
2.57% |
2.48% |
3.63% |
Managed and Connected devices |
432,000 |
308,000 |
40% |
(*) 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 the total transaction value divided by the Company's processing revenue in the same quarter.
Outlook
We expect that unattended retail will benefit from increased adoption, tied with an accelerated shift in consumer behavior towards digital payments.
We will continue to pursue marketing and sales initiatives in new markets to support company growth through global diversification. Consumer behavior is expected to change as the world adapts to a new reality and learns how to live with the pandemic or similar threats, leading to increased cashless payments and subscriptions to our services by retailers.
The environment for cashless payment solutions has been directly correlated with companies' digital transformations and is imperative for adopting other technologies still in development. Annual revenue is expected to reach over $200 million in the mid – to - long term, fueled by organic growth and strategic M&A. An accelerated growth rate of 30% in the medium term will also be supported by customer growth, market penetration, and continued expansion of our platform. Gross margin in the long run is expected to reach 50% through a combination of providing leasing options for IoT POS, while increasing the share of SAAS and processing payments out of total revenue. Furthermore, we expect that the combination of increased operational efficiency with growing total revenue will result in the long-term EBITDA margin stabilizing around 30%.
An English translation of the full financial statements can be found on our web site: https://ir.nayax.com/
Conference Call & Webcast Information
Nayax will host a conference call to discuss its financial results for the second quarter of 2021, today, Monday, August 23, 2021, at 8:30 a.m. Eastern Time.
Yair Nechmad, Chief Executive Officer and Sagit Manor, Chief Financial Officer will review the Company's second quarter 2021 financial results. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call at least five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE: 1-866-777-2509
ISRAEL TOLL-FREE: 1-80-9212373
INTERNATIONAL: 1-412-317-5413
WEBCAST LINK:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=ge9Ube3b
The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10158266/ea98f08302. Callers will receive a unique dial-in upon registration, which enables immediate access on the day of the call. Participants may pre-register at any time, including up to and after the call start time. The conference call will also be available via live webcast from a link on Nayax's Investor Relations website.
A replay of the conference call will be available from August 24, 2021, to September 6, 2021. To access the replay, please dial one of the following numbers:
Replay TOLL-FREE: 1-877-344-7529
Replay TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 10158266
About Nayax
Nayax is a global commerce enablement and payment platform designed to help merchants scale their business. Nayax offers a complete solution, including localized cashless payment acceptance, a management suite, and consumer engagement tools, enabling merchants to conduct commerce anywhere, at any time. Founded in the unattended retail industry, Nayax has transformed into a comprehensive solution focused on our customers' growth across all channels globally. Today, Nayax has 10 global offices, over 400 employees, connections to more than 80 merchant and payment method integration and is a recognized payment facilitator worldwide. Nayax's mission is to improve our customers' revenue potential and operational efficiency.
Visit www.nayax.com for more information.
The securities referred to in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state of the United States, and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, any offer of the ordinary shares will be made only to "qualified institutional buyers" as defined in and in reliance on Rule 144A under the Securities Act or another available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Outside the United States, any offer will be made in accordance with Regulation S of the Securities Act.
Forward looking statement
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, relating to the initial public offering, 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.
Investor Relations Contact:
Miri Segal
MS-IR LLC
[email protected]
Tel: +1-917-6078654
NAYAX LTD |
|||||||
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
|||||||
June 30 |
December 31 |
||||||
2021 |
2020 |
2020 |
|||||
(Unaudited) |
(Audited) |
||||||
Note |
U.S. dollars in thousands |
||||||
ASSETS |
|||||||
CURRENT ASSETS: |
|||||||
Cash and cash equivalents |
113,050 |
7,029 |
8,195 |
||||
Restricted cash transferable to customers for |
|||||||
processing activity |
23,050 |
9,231 |
18,166 |
||||
Short-term bank deposits |
99 |
22 |
87 |
||||
Receivables for processing activity |
14,812 |
9,622 |
7,213 |
||||
Accounts receivable: |
|||||||
Trade, net |
16,678 |
8,214 |
13,840 |
||||
Others |
2,003 |
1,954 |
1,976 |
||||
Inventories |
5,133 |
5,524 |
5,041 |
||||
Total current assets |
174,825 |
41,596 |
54,518 |
||||
NON-CURRENT ASSETS: |
|||||||
Long-term bank deposits |
817 |
663 |
798 |
||||
Long-term receivables |
5b, 5c |
880 |
- |
- |
|||
Investment in associate |
5b |
2,092 |
- |
- |
|||
Property, plant and equipment, net |
4,805 |
3,693 |
5,047 |
||||
Right-of-use assets, net |
5,803 |
3,940 |
4,761 |
||||
Goodwill and intangible assets, net |
36,450 |
24,511 |
27,388 |
||||
Deferred income tax |
202 |
135 |
241 |
||||
Total non-current assets |
51,049 |
32,942 |
38,235 |
||||
TOTAL ASSETS |
225,874 |
74,538 |
92,753 |
||||
June 30 |
December 31 |
||||||
2021 |
2020 |
2020 |
|||||
(Unaudited) |
(Audited) |
||||||
Note |
U.S. dollars in thousands |
||||||
LIABILITIES AND EQUITY |
|||||||
CURRENT LIABILITIES: |
|||||||
Short-term bank borrowings |
3 |
5,842 |
11,589 |
||||
Short-term bank loans and current maturities of |
|||||||
long-term bank loans |
2,355 |
1,250 |
1,938 |
||||
Current maturities of loans from others |
3,154 |
1,780 |
3,041 |
||||
Current maturities of other long-term liabilities |
756 |
524 |
686 |
||||
Current maturities of leases liabilities |
1,269 |
1,241 |
1,320 |
||||
Payables in respect of processing activity |
46,202 |
19,968 |
27,181 |
||||
Liabilities in connection with acquisition of investees |
5a |
871 |
- |
- |
|||
Accounts payable: |
|||||||
Trade |
8,767 |
6,404 |
10,998 |
||||
Other |
7,364 |
3,948 |
5,498 |
||||
Total current liabilities |
70,741 |
40,957 |
62,251 |
||||
NON-CURRENT LIABILITIES: |
|||||||
Long-term bank loans |
3,701 |
6,008 |
5,391 |
||||
Long-term loans from others |
1,694 |
3,986 |
2,662 |
||||
Long-term loans from shareholders |
- |
592 |
- |
||||
Retirement benefit obligation, net |
943 |
614 |
894 |
||||
Other long-term liabilities |
1,736 |
3,393 |
3,374 |
||||
Lease liabilities |
5,835 |
4,078 |
5,154 |
||||
Deferred income tax |
1,187 |
569 |
526 |
||||
Total non-current liabilities |
15,096 |
19,240 |
18,001 |
||||
TOTAL LIABILITIES |
85,837 |
60,197 |
80,252 |
||||
EQUITY: |
|||||||
Equity attributed to parent company's shareholders: |
|||||||
Share capital |
8 |
7 |
7 |
||||
Share premium |
149,383 |
16,689 |
16,689 |
||||
Put option to purchase subsidiary's shares |
- |
(493) |
- |
||||
Capital reserves |
9,241 |
9,572 |
9,238 |
||||
Accumulated deficit |
(18,595) |
(12,579) |
(13,433) |
||||
Total equity attributed to shareholders of the company |
140,037 |
13,196 |
12,501 |
||||
Non-controlling interest |
- |
1,145 |
- |
||||
TOTAL EQUITY |
140,037 |
14,341 |
12,501 |
||||
TOTAL LIABILITIES AND EQUITY |
225,874 |
74,538 |
92,753 |
||||
NAYAX LTD. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
||||||||||||
Six months ended |
Three months ended |
Year ended |
||||||||||
2021 |
2020 |
2021 |
2020 |
2020 |
||||||||
(Unaudited) |
(Audited) |
|||||||||||
U.S. dollars in thousands |
||||||||||||
Note |
(excluding loss per share data) |
|||||||||||
Revenues |
4 |
53,775 |
32,099 |
31,001 |
13,997 |
78,783 |
||||||
Cost of revenues |
(29,953) |
(16,259) |
(17,680) |
(6,818) |
(41,603) |
|||||||
Gross Profit |
23,822 |
15,840 |
13,321 |
7,179 |
37,180 |
|||||||
Research and development expenses |
(8,022) |
(4,012) |
(4,722) |
(1,784) |
(9,300) |
|||||||
Selling, general and administrative expenses |
(18,619) |
(12,056) |
(10,303) |
(5,435) |
(26,545) |
|||||||
Amortization in respect of capitalized development costs and technology |
(1,698) |
(1,824) |
(820) |
(923) |
(3,559) |
|||||||
Other expenses, net |
10 |
(1,706) |
0 |
(1,545) |
0 |
0 |
||||||
Share in losses of associate company |
5b |
(57) |
0 |
(57) |
0 |
0 |
||||||
Loss from ordinary operations |
(6,280) |
(2,052) |
(4,126) |
(963) |
(2,224) |
|||||||
Finance expenses |
(2,550) |
(1,303) |
(1,626) |
(926) |
(4,277) |
|||||||
Finance income |
840 |
537 |
0 |
389 |
403 |
|||||||
Loss before taxes on income |
(7,990) |
(2,818) |
(5,752) |
(1,500) |
(6,098) |
|||||||
Tax benefit |
(52) |
45 |
(108) |
30 |
15 |
|||||||
Loss for the period |
(8,042) |
(2,773) |
(5,860) |
(1,470) |
(6,083) |
|||||||
Attribution of loss for the period: |
||||||||||||
To shareholders of the Company |
(8,036) |
(2,903) |
(5,860) |
(1,586) |
(6,254) |
|||||||
To non-controlling interests |
(6) |
130 |
0 |
116 |
171 |
|||||||
Total |
(8,042) |
(2,773) |
(5,860) |
(1,470) |
(6,083) |
|||||||
Loss per share attributed to shareholders of the Company: |
||||||||||||
Basic and diluted loss |
(0.0291) |
(0.0117) |
(0.0192) |
(0.0064) |
(0.0252) |
|||||||
NAYAX LTD |
|||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
|||||||||||
Six months ended |
Three months ended |
Year ended |
|||||||||
2021 |
2020 |
2021 |
2020 |
2020 |
|||||||
(Unaudited) |
(Audited) |
||||||||||
U.S. dollars in thousands |
|||||||||||
Loss for the period |
(8,042) |
(2,773) |
(5,860) |
(1,470) |
(6,083) |
||||||
Other comprehensive income (loss) forthe period: |
|||||||||||
Items that will not be recycled to profit or loss: |
|||||||||||
Loss from remeasurement of liabilities (net) for retirement benefit obligations |
- |
- |
- |
- |
(126) |
||||||
Items that may be recycled to profit or loss: |
|||||||||||
Gain (loss) from translation of financial statements of foreign activities |
(240) |
95 |
144 |
79 |
243 |
||||||
Total comprehensive loss for the period |
(8,282) |
(2,678) |
(5,716) |
(1,391) |
(5,966) |
||||||
Attribution of total comprehensive loss for the period: |
|||||||||||
To shareholders of the Company |
(8,212) |
(2,808) |
(5,716) |
(1,507) |
(6,137) |
||||||
To non-controlling interests |
(70) |
130 |
- |
116 |
171 |
||||||
Total comprehensive loss for the period |
(8,282) |
(2,678) |
(5,716) |
(1,391) |
(5,966) |
||||||
NAYAX LTD |
|||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|||||||||||||||||||||
Equity attributed to shareholders of the Company |
|||||||||||||||||||||
Share |
|
Defined |
Reserve from |
Reserve from |
Call option |
Capital reserve from gain and loss on translation of financial statements |
Accumulated |
Total equity attributed to shareholders of the Company |
Non- |
Total |
|||||||||||
U.S. dollars in thousands |
|||||||||||||||||||||
Balance at January 1, 2021 (audited) |
7 |
16,689 |
(329) |
10,085 |
(761) |
- |
243 |
(13,433) |
12,501 |
- |
12,501 |
||||||||||
Changes in the six months ended |
|||||||||||||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(8,036) |
(8,036) |
(6) |
(8,042) |
||||||||||
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
- |
- |
(176) |
- |
(176) |
(64) |
(240) |
||||||||||
Non-controlling interests from business combination (See note 5a) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,530 |
1,530 |
||||||||||
IPO (See note 10) |
1 |
132,559 |
- |
- |
- |
- |
- |
- |
132,560 |
- |
132,560 |
||||||||||
Transactions with non-controlling interests (See note 5a) |
- |
- |
- |
205 |
- |
- |
- |
- |
205 |
(1,460) |
(1,255) |
||||||||||
Business combination under common control (see note 5d) |
- |
- |
- |
(26) |
- |
- |
- |
- |
(26) |
- |
(26) |
||||||||||
Options exercised |
- |
135 |
- |
- |
- |
- |
- |
- |
135 |
- |
135 |
||||||||||
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
2,874 |
2,874 |
- |
2,874 |
||||||||||
Balance at June 30, 2021 (unaudited) |
8 |
149,383 |
(329) |
10,264 |
(761) |
- |
67 |
(18,595) |
140,037 |
- |
140,037 |
||||||||||
Balance at January 1, 2020 (audited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
- |
(11,026) |
14,654 |
1,015 |
15,669 |
||||||||||
Changes in the six months ended |
|||||||||||||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(2,903) |
(2,903) |
130 |
(2,773) |
||||||||||
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
- |
- |
95 |
- |
95 |
- |
95 |
||||||||||
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
1,350 |
1,350 |
- |
1,350 |
||||||||||
Balance at June 30, 2020 (unaudited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
95 |
(12,579) |
13,196 |
1,145 |
14,341 |
||||||||||
NAYAX LTD |
||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) |
||||||||||||||||||||||
Equity attributed to shareholders of the Company |
||||||||||||||||||||||
Share |
|
Defined |
Reserve from |
Reserve from |
Call option |
Capital reserve from gain and loss on translation of financial statements |
Accumulated |
Total equity attributed to shareholders of the Company |
Non- |
Total |
||||||||||||
U.S. dollars in thousands |
||||||||||||||||||||||
Balance at April 1, 2021 (unaudited) |
7 |
16,689 |
(329) |
10,085 |
(761) |
- |
(77) |
(15,152) |
10,462 |
1,460 |
11,922 |
|||||||||||
Changes in the three months ended |
||||||||||||||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(5,860) |
(5,860) |
- |
(5,860) |
|||||||||||
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
- |
- |
144 |
- |
144 |
- |
144 |
|||||||||||
IPO (See note 10) |
1 |
132,559 |
- |
- |
- |
- |
- |
- |
132,560 |
- |
132,560 |
|||||||||||
Transactions with non-controlling interests (See note 5a) |
- |
- |
- |
205 |
- |
- |
- |
- |
205 |
(1,460) |
(1,255) |
|||||||||||
Business combination under common control (see note 5d) |
- |
- |
- |
(26) |
- |
- |
- |
- |
(26) |
- |
(26) |
|||||||||||
Options exercised |
- |
135 |
- |
- |
- |
- |
- |
- |
135 |
- |
135 |
|||||||||||
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
2,417 |
2,417 |
- |
2,417 |
|||||||||||
Balance at June 30, 2021 (unaudited) |
8 |
149,383 |
(329) |
10,264 |
(761) |
- |
67 |
(18,595) |
140,037 |
- |
140,037 |
|||||||||||
Balance at April 1, 2020 (unaudited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
16 |
(11,354) |
14,342 |
1,029 |
15,371 |
|||||||||||
Changes in the three months ended |
||||||||||||||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(1,586) |
(1,586) |
116 |
(1,470) |
|||||||||||
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
- |
- |
79 |
- |
79 |
- |
79 |
|||||||||||
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
361 |
361 |
- |
361 |
|||||||||||
Balance at June 30, 2020 (unaudited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
95 |
(12,579) |
13,196 |
1,145 |
14,341 |
|||||||||||
NAYAX LTD |
|||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) |
|||||||||||||||||||||
Equity attributed to shareholders of the Company |
|||||||||||||||||||||
Share |
|
Defined |
Reserve from |
Reserve from |
Call option |
Capital reserve from gain and loss on translation of financial statements |
Accumulated |
Total equity attributed to shareholders of the Company |
Non- |
Total |
|||||||||||
U.S. dollars in thousands |
|||||||||||||||||||||
Balance at January 1, 2020 (audited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
- |
(11,026) |
14,654 |
1,015 |
15,669 |
||||||||||
Changes in 2020 (audited): |
|||||||||||||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(6,254) |
(6,254) |
171 |
(6,083) |
||||||||||
Other comprehensive income (loss) for the period |
- |
- |
(126) |
- |
- |
- |
243 |
- |
117 |
- |
117 |
||||||||||
Transactions with non-controlling interests |
- |
- |
- |
- |
(356) |
493 |
- |
- |
137 |
(1,186) |
(1,049) |
||||||||||
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
3,847 |
3,847 |
- |
3,847 |
||||||||||
Balance at December 31, 2020 (audited) |
7 |
16,689 |
(329) |
10,085 |
(761) |
- |
243 |
(13,433) |
12,501 |
- |
12,501 |
||||||||||
NAYAX LTD |
|||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW |
|||||||||||
Six months ended |
Three months ended |
Year ended December 31 |
|||||||||
2021 |
2020 |
2021 |
2020 |
2020 |
|||||||
(Unaudited) |
(Audited) |
||||||||||
U.S. dollars in thousands |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||||||
Net loss for the period |
(8,042) |
(2,773) |
(5,860) |
(1,470) |
(6,083) |
||||||
Adjustments required to reflect the cash flow from |
8,878 |
3,546 |
2,951 |
2,526 |
12,571 |
||||||
Net cash provided by (used in) operating activities |
836 |
773 |
(2,909) |
1,056 |
6,488 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||||||
Capitalized development costs |
(3,038) |
(2,494) |
(1,307) |
(1,290) |
(5,731) |
||||||
Acquisition of property, plant and equipment |
(582) |
(718) |
(59) |
(160) |
(2,125) |
||||||
Loans extended to others |
- |
(43) |
- |
(17) |
(141) |
||||||
Investments in associates (see note 5b) |
(2,449) |
- |
(2,149) |
- |
- |
||||||
Loans repaid by shareholders |
61 |
848 |
179 |
- |
786 |
||||||
Increase in bank deposits |
(31) |
(211) |
(26) |
(211) |
(411) |
||||||
Purchase of subsidiary net of purchased cash |
418 |
(686) |
316 |
- |
(686) |
||||||
Repayment of liability to pay deferred consideration |
(7,209) |
(290) |
(7,209) |
(290) |
(580) |
||||||
Interest received |
2 |
9 |
1 |
4 |
14 |
||||||
Investments in financial assets (see note 5c) |
(221) |
- |
(221) |
- |
- |
||||||
Proceeds from sub-lessee |
158 |
143 |
80 |
74 |
302 |
||||||
Net cash used in investing activities |
(12,891) |
(3,442) |
(10,395) |
(1,890) |
(8,572) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||||||
IPO (note 10) |
132,560 |
- |
132,560 |
- |
- |
||||||
Interest paid |
(450) |
(526) |
(184) |
(244) |
(1,065) |
||||||
Short-term bank credit received (repayment), net |
(11,393) |
(2,013) |
(11,731) |
(3,807) |
2,976 |
||||||
Support received (royalties paid) in respect to |
(199) |
- |
(144) |
- |
16 |
||||||
Transactions with non-controlling interests (see note 5a) |
(512) |
- |
(512) |
- |
(1,049) |
||||||
Long-term bank loans received |
- |
4,735 |
- |
4,735 |
4,734 |
||||||
Repayment of long-term bank loans |
(1,266) |
(435) |
(852) |
(180) |
(1,003) |
||||||
Long-term loans received from others |
- |
3,804 |
- |
353 |
3,804 |
||||||
Repayment of long-term loans from others |
(725) |
(484) |
(279) |
(484) |
(920) |
||||||
Loans received from shareholders |
8,900 |
592 |
3,500 |
322 |
- |
||||||
Repayment of loans from shareholders |
(8,900) |
- |
(8,900) |
- |
- |
||||||
Decrease in other long-term liabilities |
(145) |
(88) |
(73) |
(45) |
(280) |
||||||
Options exercised |
135 |
- |
135 |
- |
- |
||||||
Repayment of lease liability principal |
(727) |
(544) |
(410) |
(290) |
(1,167) |
||||||
Net cash provided by financing activities |
117,278 |
5,041 |
113,110 |
360 |
6,046 |
||||||
Increase (decrease) in cash and cash equivalents |
105,223 |
2,372 |
99,806 |
(474) |
3,962 |
||||||
Balance of cash and cash equivalents at Beginning of period |
8,195 |
4,412 |
13,291 |
7,043 |
4,412 |
||||||
Gains (losses) from exchange differences on cash and cash equivalents |
(105) |
243 |
210 |
465 |
(222) |
||||||
Gains (losses) from translation of cash and cash equivalents of foreign activity |
(263) |
2 |
(257) |
(5) |
43 |
||||||
Balance of cash and cash equivalents at end of period |
113,050 |
7,029 |
113,050 |
7,029 |
8,195 |
||||||
NAYAX LTD |
|||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) |
|||||||||||
Six months ended |
Three months ended |
Year ended December 31 |
|||||||||
2021 |
2020 |
2021 |
2020 |
2020 |
|||||||
(Unaudited) |
(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 |
3,433 |
2,920 |
1,761 |
1,487 |
5,908 |
||||||
Retirement benefit obligation, net |
49 |
(48) |
55 |
(5) |
106 |
||||||
Income taxes |
(84) |
(59) |
(10) |
(32) |
(230) |
||||||
Financing expenses (income), net |
734 |
(45) |
604 |
158 |
3,428 |
||||||
Expenses in respect of long-term employee benefits |
107 |
161 |
61 |
89 |
5 |
||||||
Share in losses of associate company |
57 |
- |
57 |
- |
- |
||||||
Expenses in respect of share-based payment |
2,565 |
1,035 |
2,192 |
270 |
2,965 |
||||||
Total adjustments |
6,861 |
3,964 |
4,720 |
1,967 |
12,182 |
||||||
Changes in operating asset and liability items: |
|||||||||||
Decrease (increase) in restricted cash in respect of processing activity |
(4,884) |
(2,995) |
(7,635) |
454 |
(11,930) |
||||||
Decrease (increase) in receivables from processing activity |
(5,846) |
2,595 |
(4,489) |
(3,010) |
5,003 |
||||||
Decrease (increase) in trade receivables |
(1,980) |
1,670 |
(3,084) |
2,282 |
(3,894) |
||||||
Decrease (increase) in other receivables |
(206) |
413 |
(838) |
(313) |
(389) |
||||||
Increase in inventory |
(83) |
(1,005) |
(519) |
(1,112) |
(511) |
||||||
Increase (decrease) in payables for processing activity |
17,213 |
(11) |
14,770 |
2,689 |
7,203 |
||||||
Increase (decrease) in trade payables |
(3,847) |
(1,310) |
(1,189) |
(729) |
3,154 |
||||||
Increase in other payables |
1,650 |
225 |
1,215 |
298 |
1,753 |
||||||
Total changes in operating asset and liability items |
2,017 |
(418) |
(1,769) |
559 |
389 |
||||||
Total adjustments required to reflect the cash flow from operating activities |
8,878 |
3,546 |
2,951 |
2,526 |
12,571 |
||||||
Six months ended |
Three months ended |
Year ended December 31 |
|||||||||
2021 |
2020 |
2021 |
2020 |
2020 |
|||||||
(Unaudited) |
(Audited) |
||||||||||
U.S. dollars in thousands |
|||||||||||
Purchase of property, plant and equipment on credit |
- |
- |
- |
- |
575 |
||||||
Acquisition of patents against offset of loan |
- |
- |
- |
- |
806 |
||||||
Recognition of right-of-use asset in respect of lease of buildings against a lease liability |
1,543 |
- |
1,469 |
- |
1,235 |
||||||
Capitalized development costs |
726 |
315 |
229 |
91 |
883 |
||||||
SOURCE Nayax
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