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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lesaka Technologies Inc | NASDAQ:LSAK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.61% | 4.94 | 4.18 | 5.95 | 4.95 | 4.815 | 4.91 | 83,831 | 23:29:25 |
Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released its results for the third quarter ended March 31, 2023 (“Q3 2023”) as the turnaround in the Group’s Consumer Division gathers momentum and the Merchant Division continues to outperform.
Performance highlights for Q3 2023:
Note 1 – before reorganisation costs of R91.4 million in Q3 2022
Lesaka Technologies has leveraged disruptive technologies to build a unique fintech platform which meets the needs of both merchants and consumers operating in informal and formal markets. More than 72,000 merchants use the Group’s cash management solutions, bill payment technologies, value-added services, business funding and card-acquiring solutions and 1.3 million consumers access Lesaka’s unsecured credit, transactional banking and micro-insurance products and services.
Lesaka's strong third quarter results were driven by the transformational acquisition and outperformance of the Connect Group in the Merchant Division and the successful turnaround of the Group’s Consumer Division, despite the persistently challenging economic environment.
The Merchant Division continues to exceed expectations and grow across all products. A key highlight of the quarter was the performance of the informal market business, Kazang, which delivered the best quarter in the business’ history.
Lincoln Mali CEO Lesaka Southern Africa who has been driving the turnaround in the consumer business commented: “We work hard to add value to the lives of grant beneficiaries by understanding their needs and creating relevant and affordable financial products and services. We have been largely focused on turning the consumer business around as quickly as possible and now that we have achieved EBITDA profitability we can focus all our efforts on growth.”
Lesaka Group CEO Chris Meyer added “As a result of our improved trading, cash flow and our ability to deliver against what we have promised, our funders have, in a show of confidence, extended and increased our facilities providing us with flexibility and access to resources to execute on our growth plans. Q3 represents another quarter of growth and transformation. We are excited by the Merchant Division’s outperformance and another quarter of continued improvement and profitability in the Consumer Division where we are moving strongly on to the front foot.”
The full SENS announcement can be seen here.
Full release and webcast details at https://ir.lesakatech.com/.
The discussion of our consolidated overall results of operations is based on amounts as reflected in our unaudited condensed consolidated financial statements which are prepared in accordance with U.S. GAAP. We analyze our results of operations both in U.S. dollars, as presented in the unaudited condensed consolidated financial statements, and supplementally in ZAR, because ZAR is the functional currency of the entities which contribute the majority of our revenue and is the currency in which the majority of our transactions are initially incurred and measured. Due to the significant impact of currency fluctuations between the U.S. dollar and the ZAR on our reported results and because we use the U.S. dollar as our reporting currency, we believe that the supplemental presentation of our results of operations in ZAR is useful to investors to understand the changes in the underlying trends of our business.
Use of Non-GAAP Measures
U.S. securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. The presentation of EBITDA, Group Adjusted EBITDA, Operating income (loss) before PPA amortization and net interest, fundamental net (loss) income and fundamental (loss) earnings per share and headline (loss) earnings per share are non-GAAP measures.
Attached is the reconciliation between our GAAP measure and our non-GAAP measures.
Q3 - ended 31 March
FY23 Q3
FY22 Q3
FY23 Q3
FY22 Q3
ZAR’000
ZAR’000
$’000
$’000
Average exchange rate for conversion from ZAR to $
17.93
15.61
17.93
15.61
Net loss attributable to Lesaka (GAAP)
(104,363
)
(51,940
)
(5,820
)
(3,327
)
Earnings from equity-accounted investments
(305
)
-
(17
)
-
Income tax (benefit) expense
(15,422
)
7,338
(860
)
470
Net loss before income tax (benefit) expense
(120,090
)
(44,602
)
(6,697
)
(2,857
)
Interest expense
89,372
10,788
4,984
691
Interest income
(8,410
)
(11,881
)
(469
)
(761
)
PPA amortization (Amortization of acquired intangible assets)
67,269
256
3,789
15
Other items, comprising:
5,900
(101,384
)
329
(6,494
)
Loss on disposal of equity accounted investments
5,900
5,402
329
346
Gain on disposal of equity securities
-
(11,241
)
-
(720
)
Gain related to fair value adjustment to currency options
-
(95,545
)
-
(6,120
)
Operating income (loss) before PPA amortization and net interest (Non-GAAP)
34,041
(146,823
)
1,936
(9,406
)
PPA amortization (Amortization of acquired intangible assets)
(67,269
)
(256
)
(3,789
)
(15
)
Operating loss
(33,228
)
(147,079
)
(1,853
)
(9,421
)
Depreciation and amortization
107,143
7,228
5,975
463
Operating loss before depreciation and amortization (Non-GAAP)
73,915
(139,851
)
4,122
(8,958
)
Adjusted for:
-
-
-
-
Stock-based compensation
29,480
9,586
1,644
614
Lease adjustments
12,481
13,895
696
890
Once-off items
21,231
3,669
1,184
235
Group Adjusted EBITDA (Non-GAAP)
137,107
(112,701
)
7,646
(7,219
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230509006172/en/
Investor Relations Contact: Phillipe Welthagen Email: phillipe.welthagen@lesakatech.com Mobile: +27 84 512 5393
FNK IR: Rob Fink / Matt Chesler, CFA Email: lsak@fnkir.com
Media Relations Contact: Janine Bester Gertzen Email: Janine@thenielsennetwork.com
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