Revenue and Financial Performance - Revenue increased 11% in ZAR to $564.2 million (ZAR 10.6 billion) for FY 2024[2] - Revenue for the quarter increased to $146.046 million, up from $133.149 million in the previous year[25] - Merchant Division revenue increased 12% in ZAR to $498.3 million (ZAR 9.3 billion) and Segment Adjusted EBITDA increased 4% in ZAR to $33.4 million (ZAR 624.1 million)[2] - Consumer Division revenue increased 15% in ZAR to $69.2 million (ZAR 1.3 billion) and Segment Adjusted EBITDA increased 361% to $14.7 million (ZAR 274.2 million)[2] - For FY 2025, the company expects revenue between ZAR 10.0 billion and ZAR 11.0 billion and Group Adjusted EBITDA between ZAR 900 million and ZAR 1 billion[6] Operating Income and EBITDA - Operating income improved to $3.6 million (ZAR 67.3 million) from an operating loss of $15.3 million (ZAR 275.3 million) in FY 2023[2] - Group Adjusted EBITDA increased 55% in ZAR to $36.9 million (ZAR 690.9 million) for FY 2024[2] - Group Adjusted EBITDA for the three months ended June 30, 2024 was $10.258 million, a 31.5% increase from $7.798 million in the same period of 2023[20] - Group Adjusted EBITDA for the year ended June 30, 2024 was $36.936 million, a 48.8% increase from $24.830 million in the previous year[20] - The mid-point of the FY 2025 Group Adjusted EBITDA implies a growth rate of more than 30% on a like-for-like basis (excluding Adumo and the interest expense charge on the consumer book)[7] Net Loss and Earnings - Net loss improved 48% in ZAR to $17.4 million (ZAR 326.1 million) compared to a net loss of $35.1 million (ZAR 629.2 million) in FY 2023[2] - GAAP net loss for the three months ended June 30, 2024 was $5.035 million, compared to $11.909 million in the same period of 2023[20] - Net loss for the quarter was $5.035 million, compared to a net loss of $11.909 million in the same period last year[25] - GAAP net loss for the year ended June 30, 2024 was $17.440 million, a 50.3% improvement from $35.074 million in the previous year[23] - Net loss for the year ended June 30, 2024, was $17,440 thousand, compared to $35,074 thousand in 2023, a 50.3% improvement[28] - Net loss for the three months ended June 30, 2024, was $5,035 thousand, compared to $11,909 thousand in 2023, a 57.7% improvement[29] - Fundamental net earnings (loss) per share improved to $0.02 for the three months ended June 30, 2024, from a loss of $0.04 per share in the same period of 2023[23] - Headline loss per share (basic and diluted) for the year ended June 30, 2024, was $0.26, compared to $0.43 in 2023, a 39.5% improvement[28] Debt and Financial Ratios - Net debt to Group Adjusted EBITDA ratio improved to 2.5 times compared to 4.5 times in FY 2023[2] Acquisitions and Transaction Costs - The company expects to close the acquisition of Adumo in October 2024 (Q2 FY 2025)[6] - Transaction costs related to the Adumo acquisition totaled $1.628 million for the three months ended June 30, 2024[21] Employee Misappropriation and Stock-Based Compensation - Employee misappropriation of company funds resulted in a loss of $1.152 million for the three months ended June 30, 2023[21] - Stock-based compensation charges increased to $2.258 million for the three months ended June 30, 2024, up from $1.354 million in the same period of 2023[20] Intangible Assets and Amortization - Intangible asset amortization, net was $2.670 million for the three months ended June 30, 2024, compared to $2.621 million in the same period of 2023[23] Cost of Goods Sold and Operating Expenses - Cost of goods sold, IT processing, servicing, and support increased to $113.063 million from $102.893 million year-over-year[25] - Selling, general, and administrative expenses increased slightly to $24.855 million from $24.055 million year-over-year[25] - Depreciation and amortization expenses rose to $6.205 million from $5.793 million in the previous year[25] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $5.652 million, down from $9.757 million in the prior year[26] - Capital expenditures for the quarter were $4.715 million, up from $2.946 million in the previous year[26] - Net cash used in financing activities was $2.972 million, a decrease from $30.722 million in the same period last year[26] - Cash, cash equivalents, and restricted cash at the end of the period stood at $65.918 million, up from $58.632 million at the beginning of the period[26] - Cash and cash equivalents increased to $59,065 thousand in 2024 from $35,499 thousand in 2023, a 66.4% increase[27] Assets and Liabilities - Accounts receivable, net, rose to $36,667 thousand in 2024 from $25,665 thousand in 2023, a 42.9% increase[27] - Finance loans receivable, net, increased to $44,058 thousand in 2024 from $36,744 thousand in 2023, a 19.9% increase[27] - Inventory decreased to $18,226 thousand in 2024 from $27,337 thousand in 2023, a 33.3% decline[27] - Total current assets before settlement assets grew to $164,869 thousand in 2024 from $148,378 thousand in 2023, an 11.1% increase[27] Shareholder Information - Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP increased to 64,527 thousand in 2024 from 63,805 thousand in 2023, a 1.1% increase[30] - Denominator for headline diluted loss per share increased to 64,527 thousand in 2024 from 63,805 thousand in 2023, a 1.1% increase[30] Impairment Loss - Impairment loss for the year ended June 30, 2023 was $7.039 million, with no impairment loss recorded in 2024[20]
Lesaka(LSAK) - 2024 Q4 - Annual Results