Nayax Reports Third Quarter 2021 Financial Results: Revenue Grew 40% to $31M
HERZLIYA, Israel, Nov. 18, 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 third quarter of 2021.
"Recent major achievements in key markets helped further solidify our position as a global leading payment platform. Our product portfolio provides end-to-end solutions, which continues to be a powerful growth engine and an instrumental factor in establishing a high net retention rate of more than 140%. Valuing each customer as a long-term partner creates significant room for growth," commented Yair Nechmad, Nayax's Chief Executive Officer and Chairman of the Board.
"Our continued focus on covering a diverse range of verticals and geographies led to a 40% year-over-year increase in revenue, to $31 million this quarter. As global trends continue to provide a strong tailwind supporting the growth of the unattended market, recurring revenue from SaaS and processing grew an impressive 65% year over year, reaching $19.6 million. Despite component pricing increases due to global supply-chain challenges, we have made a strategic decision to keep Nayax's product prices intact. We believe that our commitment to our customers' growth, supported by our strong balance sheet, will expedite our long-term expansion plans even if our devices' gross margin is impacted in the short term," Nechmad concluded.
Third Quarter Financial Highlights
Total revenue was $31 million, an increase of 40% over Q3 2020.
Managed and connected devices grew 38% year over year for the quarter to more than 461,000.
Quarterly transaction value grew 84% from the same quarter last year to $407 million.
Recurring revenue from monthly SaaS and processing fees grew more than 65% over Q3 2020, reflecting a total revenue share of 64% in the current quarter.
Gross margin was 40%, reflecting continued strong margins from recurring revenue offset by lower margins on POS devices as a result of global component shortages. Gross profit reached $12.3 million, an increase of 18% over Q3 2020.
Operational expenses, including research and development, share-based compensation expenses, depreciation and amortization, and excluding IPO-related expenses, amounted to $18.6 million, an increase of 81% over Q3 2020. This is the result of our growth strategy to increase sales, marketing, R&D staff and enhance overall global infrastructure.
Operating loss was $6.4 million, compared to an operating gain of $0.2 million in Q3 2020.
Adjusted EBITDA was ($1.6) million, a reduction of 171% over Q3 2020 due to higher cost of goods sold and an increase in headcount, reflecting a continued investment in our customer base and in human capital. On a like-for-like basis, however, excluding a bonus for non-sales employees that was introduced this quarter and product cost increase, that number is reduced to $0.5 million.
Net loss for the third quarter of 2021 was $6.7 million, or $0.021 per diluted share, compared to a net loss of $0.2 million, or $0.001 per diluted shares for the third quarter of 2020.
As of September 30, 2021, Nayax had $104 million in cash and cash equivalents.
GAAP Results ($M) |
|||
Revenue Breakdown |
Q3 2021 |
Q3 2020 |
Change (%) |
Recurring - SaaS & Payment Processing |
19.6 |
11.9 |
65.4% |
POS Devices |
11.3 |
10.2 |
10.6% |
Total Revenue |
30.9 |
22.1 |
40.1% |
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 gained significant growth in its recurring revenue from SaaS and payment processing, reflecting a share of 64% of total revenue. This rise in repeat revenue from SaaS and payment processing represents growth from our existing and new customer base generating larger transactions and volume.
Third Quarter Business Highlights
Total number of managed and connected devices for the quarter reached 461,000, representing a growing customer demand and market expansion, an increase of 29,000 or 38% over the number of managed and connected devices in Q3 2020.
Operational expenses amounted to $9.8 million, excluding share-based compensation expenses. Research and development expenses were $4.9 million, excluding share-based compensation expenses. These expenses increased 60% and 95%, respectively, compared to the same quarter last year. This represents our continuing investment in innovation and global recruitment expansion.
We continue to expand our worldwide presence through a proven partnership strategy, growing our customer base, capturing new market share, expanding to new verticals and launching strategic marketing initiatives.
Third Quarter Key Performance Indicators
Key Performance Indicators |
Q3 2021 |
Q3 2020 |
Change (%) |
Total Transaction Value ($m) |
407 |
222 |
83.8% |
Number of Transactions (millions) |
218 |
126 |
73.2% |
Take Rate % (Payments) (*) |
2.61% |
2.34% |
11.6% |
Managed and Connected devices |
461,096 |
334,557 |
37.7% |
(*) 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 transaction value by the company's processing revenue in the same quarter.
Outlook
Sales from unattended retail are poised to continue growing, as we expect increased adoption in this space. Consumers are steadily transitioning to cashless alternatives, which accelerates enterprise adoption of digital payment platforms
Our product portfolio and marketing initiatives will continue to drive, develop and support our sales strategy. Established key markets will receive more focused product rollouts. We will continue to monitor this type of progress and duplicate successful aspects into future launches.
Annual revenue is on track to reach over $200 million in the midterm, fueled by organic growth and strategic M&A. The accelerated growth rate target is 30% in the medium term, with customer growth, market penetration and continued expansion of our platform serving as the main growth drivers. Gross margin in the long run is expected to reach 50% by providing leasing options for IoT POS and by growing the SaaS and payment processing revenue segments. Lastly, our long-term EBITDA margin guidance is set 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 third quarter of 2021, today, Thursday, November 18, 2021, at 8:30 a.m. Eastern Time.
Yair Nechmad, Chief Executive Officer, and Sagit Manor, Chief Financial Officer, will review the Company's third 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=fyA31BOl
The Company encourages participants to pre-register for the conference call using the following link https://dpregister.com/sreg/10161100/ee83b0cd8c. 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 November 19, 2021, to December 2, 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: 10161100
Link: https://services.choruscall.com/ccforms/replay.html
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 500 employees, connections to more than 80 merchant and payment method integrations 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 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, 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.
Logo - https://mma.prnewswire.com/media/1522055/Nayax_Logo.jpg
Investor Relations Contact:
Miri Segal
MS-IR LLC
[email protected]
Tel: +1-917-6078654
NAYAX LTD |
||||
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||
September 30 |
December 31 |
|||
2021 |
2020 |
2020 |
||
(Unaudited) |
(Audited) |
|||
Note |
U.S. dollars in thousands |
|||
ASSETS |
||||
CURRENT ASSETS: |
||||
Cash and cash equivalents |
103,804 |
7,715 |
8,195 |
|
Restricted cash transferable to customers for |
||||
Processing activity |
23,185 |
14,843 |
18,166 |
|
Short-term bank deposits |
103 |
80 |
87 |
|
Receivables for processing activity |
16,030 |
12,595 |
7,213 |
|
Accounts receivable: |
||||
Trade, net |
15,783 |
13,136 |
13,840 |
|
Others |
4,401 |
1,215 |
1,976 |
|
Inventory |
7,386 |
5,431 |
5,041 |
|
Total current assets |
170,692 |
55,015 |
54,518 |
|
NON-CURRENT ASSETS: |
||||
Long-term bank deposits |
1,056 |
741 |
798 |
|
Long-term receivables |
5b, 5c |
875 |
- |
- |
Investment in associate |
5b |
8,787 |
- |
- |
Property, plant and equipment, net |
5,189 |
4,087 |
5,047 |
|
Right-of-use assets, net |
5,522 |
4,980 |
4,761 |
|
Goodwill and intangible assets, net |
36,905 |
25,621 |
27,388 |
|
Deferred income tax |
202 |
135 |
241 |
|
Total non-current assets |
58,536 |
35,564 |
38,235 |
|
TOTAL ASSETS |
229,228 |
90,579 |
92,753 |
|
The accompanying notes are an integral part of the condensed financial statements. |
||||
NAYAX LTD
|
||||
September 30 |
December 31 |
|||
2021 |
2020 |
2020 |
||
(Unaudited) |
(Audited) |
|||
Note |
U.S. dollars in thousands |
|||
LIABILITIES AND EQUITY |
||||
CURRENT LIABILITIES: |
||||
Short-term bank borrowings |
- |
8,745 |
11,589 |
|
Current maturities of long-term bank loans |
2,403 |
1,524 |
1,938 |
|
Loans from shareholders |
- |
- |
- |
|
Current maturities of loans from others |
3,308 |
2,434 |
3,041 |
|
Current maturities of other long-term liabilities |
774 |
516 |
686 |
|
Current maturities of leases liabilities |
1,373 |
1,252 |
1,320 |
|
Payables in respect of processing activity |
48,559 |
29,788 |
27,181 |
|
Liabilities in connection with acquisition of investees |
5a |
466 |
- |
|
Accounts payable: |
||||
Trade |
11,504 |
8,666 |
10,998 |
|
Other |
7,777 |
4,812 |
5,498 |
|
Total current liabilities |
76,164 |
57,737 |
62,251 |
|
NON-CURRENT LIABILITIES: |
||||
Long-term bank loans |
3,146 |
5,407 |
5,391 |
|
Long-term loans from others |
930 |
3,347 |
2,662 |
|
Long-term loans from shareholders |
- |
14 |
- |
|
Retirement benefit obligation, net |
980 |
615 |
894 |
|
Other long-term liabilities |
4,093 |
2,882 |
3,374 |
|
Lease liabilities |
5,528 |
5,010 |
5,154 |
|
Deferred income tax |
1,045 |
538 |
526 |
|
Total non-current liabilities |
15,722 |
17,813 |
18,001 |
|
TOTAL LIABILITIES |
91,886 |
75,550 |
80,252 |
|
EQUITY: |
||||
Equity attributed to parent company's shareholders: |
||||
Share capital |
8 |
7 |
7 |
|
Share premium |
150,060 |
16,689 |
16,689 |
|
Put option to purchase subsidiary's shares |
- |
(493) |
- |
|
Capital reserves |
9,407 |
9,589 |
9,238 |
|
Accumulated deficit |
(22,133) |
(11,946) |
(13,433) |
|
Total equity attributed to shareholders of the company |
137,342 |
13,846 |
12,501 |
|
Non-controlling interest |
- |
1,183 |
- |
|
TOTAL EQUITY |
137,342 |
15,029 |
12,501 |
|
TOTAL LIABILITIES AND EQUITY |
229,228 |
90,579 |
92,753 |
|
The accompanying notes are an integral part of the condensed financial statements. |
||||
NAYAX LTD
|
||||||
Nine 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 |
84,701 |
54,177 |
30,926 |
22,078 |
78,783 |
Cost of revenues |
(48,533) |
(27,890) |
18,580) |
(11,631) |
(41,603) |
|
Gross Profit |
36,168 |
26,287 |
12,346 |
10,447 |
37,180 |
|
Research and development expenses |
(13,287) |
(6,794) |
(5,265) |
(2,782) |
(9,300) |
|
Selling, general and administrative expenses |
30,890) |
(18,649) |
(12,271) |
(6,593) |
(26,545) |
|
Depreciation and amortization in respect of |
(2,771) |
(2,718) |
(1,073) |
(894) |
(3,559) |
|
Other expenses, net |
10 |
(1,802) |
- |
(96) |
- |
- |
Share in losses of associate company |
5b |
(124) |
- |
(67) |
- |
- |
Profit (loss) from ordinary operations |
(12,706) |
(1,874) |
(6,426) |
178 |
(2,224) |
|
Finance expenses |
(2,897) |
(1,716) |
(347) |
(413) |
(4,277) |
|
Finance income |
840 |
537 |
- |
- |
403 |
|
Loss before taxes on income |
(14,763) |
(3,053) |
(6,773) |
(235) |
(6,098) |
|
Tax benefit (expense) |
(14) |
55 |
38 |
10 |
15 |
|
Loss for the period |
(14,777) |
(2,998) |
(6,735) |
(225) |
(6,083) |
|
Attribution of income (loss) for the period: |
||||||
To shareholders of the Company |
(14,771) |
(3,166) |
(6,735) |
(263) |
(6,254) |
|
To non-controlling interests |
(6) |
168 |
- |
38 |
171 |
|
Total |
(14,777) |
(2,998) |
(6,735) |
(225) |
(6,083) |
|
Loss per share attributed to shareholders of the Company: |
||||||
Basic and diluted loss |
(0.0504) |
(0.0127) |
(0.0207) |
(0.0011) |
(0.0252) |
|
The accompanying notes are an integral part of the condensed financial statements. |
||||||
NAYAX LTD
|
|||||
Nine months ended |
Three months ended |
Year ended |
|||
2021 |
2020 |
2021 |
2020 |
2020 |
|
(Unaudited) |
(Audited) |
||||
U.S. dollars in thousands |
|||||
Loss for the period |
(14,777) |
(2,998) |
(6,735) |
(225) |
(6,083) |
Other comprehensive income (loss) for the period: |
|||||
Items that will not be recycled to profit or loss: |
|||||
Loss from remeasurement of liabilities |
- |
- |
- |
- |
(126) |
Items that may be recycled to profit or loss: |
|||||
Gain (loss) from translation of financial |
(74) |
112 |
166 |
17 |
243 |
Total comprehensive loss for the period |
(14,851) |
(2,886) |
(6,569) |
(208) |
(5,966) |
Attribution of total comprehensive income (loss) for the period: |
|||||
To shareholders of the Company |
(14,781) |
(3,054) |
(6,569) |
(246) |
(6,137) |
To non-controlling interests |
(70) |
168 |
- |
38 |
171 |
Total comprehensive loss for the period |
(14,851) |
(2,886) |
(6,569) |
(208) |
(5,966) |
The accompanying notes are an integral part of the condensed financial statements. |
|||||
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 nine months ended |
|||||||||||
Loss for the period |
- |
- |
- |
- |
- |
- |
- |
(14,771) |
(14,771) |
(6) |
(14,777) |
Other comprehensive loss for the period |
- |
- |
- |
- |
- |
- |
(10) |
- |
(10) |
(64) |
(74) |
Non-controlling interests from business |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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 |
- |
812 |
- |
- |
- |
- |
- |
- |
812 |
- |
812 |
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
6,071 |
6,071 |
- |
6,071 |
Balance at September 30, 2021 (unaudited) |
8 |
150,060 |
(329) |
10,264 |
(761) |
- |
233 |
(22,133) |
137,342 |
- |
137,342 |
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 nine months ended September 30, 2020 (unaudited): |
|||||||||||
Income (loss) for the period |
- |
- |
- |
- |
- |
- |
- |
(3,166) |
(3,166) |
168 |
(2,998) |
Other comprehensive income for the period |
- |
- |
- |
- |
- |
- |
112 |
- |
112 |
- |
112 |
Share-based payment |
- |
- |
- |
- |
- |
- |
- |
2,246 |
2,246 |
- |
2,246 |
Balance at September 30, 2020 (unaudited) |
7 |
16,689 |
(203) |
10,085 |
(405) |
(493) |
112 |
(11,946) |
13,846 |
1,183 |
15,029 |
The accompanying notes are an integral part of these financial statements |
|||||||||||
NAYAX LTD
|
|||||||||||
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 |
The accompanying notes are an integral part of these financial statements |
|||||||||||
NAYAX LTD
|
||||||
Nine 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 |
(14,777) |
(2,998) |
(6,735) |
(225) |
(6,083) |
|
Adjustments required to reflect the cash flow from |
15,048 |
5,739 |
6,170 |
2,193 |
12,571 |
|
Net cash provided by (used in) operating activities |
271 |
2,741 |
(565) |
1,968 |
6,488 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||
Capitalized development costs |
(4,327) |
(3,638) |
(1,289) |
(1,144) |
(5,731) |
|
Acquisition of property, plant and equipment |
(1,393) |
(1,375) |
(811) |
(657) |
(2,125) |
|
Loans extended to others |
- |
(76) |
- |
(33) |
(141) |
|
Investments in associates (see note 5b) |
(6,449) |
- |
(4,000) |
- |
- |
|
Repayment of loans extended to shareholders |
61 |
848 |
- |
- |
786 |
|
Increase in bank deposits |
(274) |
(347) |
(243) |
(136) |
(411) |
|
Purchase of subsidiary net of purchased |
418 |
(686) |
- |
- |
(686) |
|
Repayment of liability to pay deferred |
(7,335) |
(580) |
(126) |
(290) |
(580) |
|
Interest received |
2 |
12 |
- |
3 |
14 |
|
Investments in financial assets (see note 5c) |
(446) |
- |
(225) |
- |
- |
|
Proceeds from sub-lessee |
158 |
219 |
- |
76 |
302 |
|
Net cash used in investing activities |
19,585) |
(5,623) |
(6,694) |
(2,181) |
(8,572) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||
IPO (see note 10) |
132,560 |
- |
- |
- |
- |
|
Interest paid |
(582) |
(755) |
(132) |
(229) |
(1,065) |
|
Short-term bank credit received (repayment), net |
(11,393) |
747 |
- |
2,760 |
2,976 |
|
Support received (royalties paid) in respect |
(199) |
- |
- |
- |
16 |
|
Transactions with non-controlling interests (see note 5a) |
(790) |
(278) |
- |
(1,049) |
||
Long-term bank loans received |
- |
4,735 |
- |
- |
4,734 |
|
Repayment of long-term bank loans |
(1,849) |
(713) |
(583) |
(278) |
(1,003) |
|
Long-term loans received from others |
- |
3,804 |
- |
- |
3,804 |
|
Repayment of long-term loans from others |
(1,230) |
(648) |
(505) |
(164) |
(920) |
|
Loans received from shareholders |
8,900 |
14 |
- |
(578) |
- |
|
Repayment of loans from shareholders |
(8,900) |
- |
- |
- |
||
Decrease in other long-term liabilities |
(219) |
(131) |
(74) |
(43) |
(280) |
|
Employee options exercised |
384 |
- |
249 |
- |
- |
|
Repayment of lease liability principal |
(1,013) |
(844) |
(286) |
(300) |
(1,167) |
|
Net cash provided by financing activities |
115,669 |
6,209 |
(1,609) |
1,168 |
6,046 |
|
Increase (decrease) in cash and cash equivalents |
96,355 |
3,327 |
(8,868) |
955 |
3,962 |
|
Balance of cash and cash equivalents at Beginning of period |
8,195 |
4,412 |
113,050 |
7,029 |
4,412 |
|
Losses from exchange differences on |
(717) |
(63) |
(612) |
(306) |
(222) |
|
Gains (losses) from translation of cash |
(29) |
39 |
234 |
37 |
43 |
|
Balance of cash and cash equivalents at end of period |
103,804 |
7,715 |
103,804 |
7,715 |
8,195 |
|
The accompanying notes are an integral part of the condensed financial statements. |
||||||
NAYAX LTD
|
||||||
Appendix A – adjustments required to reflect the cash flows from operating activities: |
Nine months ended |
Three months ended |
Year ended |
|||
2021 |
2020 |
2021 |
2020 |
2020 |
||
(Unaudited) |
(Audited) |
|||||
U.S. dollars in thousands |
||||||
Adjustments in respect of: |
||||||
Depreciation and amortization |
5,331 |
4,354 |
1,898 |
1,434 |
5,908 |
|
Retirement benefit obligation, net |
86 |
(48) |
37 |
- |
106 |
|
Income taxes |
(134) |
(93) |
(50) |
(34) |
(230) |
|
Financing expenses, net |
1,541 |
776 |
807 |
821 |
3,428 |
|
Expenses (income) in respect of long-term employee benefits |
149 |
(55) |
42 |
(216) |
5 |
|
Share in losses of associate company |
124 |
- |
67 |
- |
- |
|
Expenses in respect of share-based payment |
5,354 |
1,729 |
2,789 |
694 |
2,965 |
|
Total adjustments |
12,451 |
6,663 |
5,590 |
2,699 |
12,182 |
|
Changes in operating assets and liability items: |
||||||
Increase in restricted cash in respect of processing activity |
(5,021) |
(8,609) |
(137) |
(5,614) |
(11,930) |
|
Increase in receivables from processing activity |
(7,064) |
(378) |
(1,218) |
(2,973) |
5,003 |
|
Decrease (increase) in trade receivables |
(1,157) |
(3,252) |
823 |
(4,922) |
(3,894) |
|
Decrease (increase) in other receivables |
(2,177) |
371 |
(1,971) |
(42) |
(389) |
|
Decrease (increase) in inventory |
(2,334) |
(911) |
(2,251) |
94 |
(511) |
|
Increase in payables for processing activity |
19,570 |
9,811 |
2,357 |
9,822 |
7,203 |
|
Increase (decrease) in trade payables |
(1,136) |
951 |
2,711 |
2,261 |
3,154 |
|
Increase in other payables |
1,916 |
1,093 |
266 |
868 |
1,753 |
|
Total changes in operating assets and liability items |
2,597 |
(924) |
580 |
(506) |
389 |
|
Total adjustments required to reflect the |
15,048 |
5,739 |
6,170 |
2,193 |
12,571 |
|
Appendix B – Information regarding investing |
Nine 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 |
- |
741 |
- |
741 |
806 |
|
Recognition of right-of-use assets in respect of |
1,567 |
1,235 |
24 |
1,235 |
1,235 |
|
Capitalized development costs |
720 |
518 |
410 |
203 |
883 |
|
Exercised options against other receivables |
428 |
- |
428 |
- |
- |
|
The accompanying notes are an integral part of the condensed financial statements. |
||||||
SOURCE Nayax
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