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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.60 | 4.53 | 4.75 | 4.70 | 4.505 | 4.64 | 12,789 | 01:00:00 |
Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released its results for the fourth quarter (“Q4 2023”) and full year (“FY 2023”) ended June 30, 2023.
Performance highlights for Q4 2023:
Lesaka Group CEO Chris Meyer said: “Fiscal 2023 represents a milestone for Lesaka. The successful turnaround in the Consumer Division, and the seamless integration of the Connect Group, enabled Lesaka to deliver continued growth and improved profitability despite the particularly challenging macroeconomic and socio-political conditions in South Africa. Simultaneously, our Merchant Division continues to outperform the acquisition base case, diversifying our business and positioning Lesaka as a true FinTech innovator. Our Consumer Division reported a third consecutive quarter of increasing profitability, evidencing our transition from turnaround to growth.”
Mr. Meyer continued, “We continue to innovate and deliver market-leading solutions to our customers with our results demonstrating the value our customers place on our services and the resilience of our business model in a challenging environment. The continued digitalization of South Africa’s informal economy serves as a durable catalyst for our business which we expect to continue over the long term.”
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 and Group Adjusted EBITDA are non-GAAP measures.
Below is the reconciliation between our GAAP measure and our non-GAAP measures.
FY23 Q4
FY22 Q4
FY23 Q4
FY22 Q4
ZAR’000
ZAR’000
$’000
$’000
Average exchange rate for conversion from ZAR to $
18.74
15.56
18.74
15.56
Loss attributable to Lesaka – GAAP
(223 192
)
(235 783
)
(11 909
)
(15 149
)
Loss from equity accounted investments
47 509
38 802
2 535
2 493
Net loss before loss from equity-accounted investments
(175 683
)
(196 981
)
(9 374
)
(12 656
)
Income tax (benefit) expense
(34 560
)
(6 646
)
(1 844
)
(427
)
Loss before income tax expense
(210 243
)
(203 627
)
(11 218
)
(13 083
)
Gain on disposal of equity securities
-
-
-
-
Net loss on disposal of equity-accounted investment
225
467
12
30
Impairment loss
131 921
-
7 039
-
Unrealized loss FV for currency adjustments
3 355
-
179
-
Operating income/(loss) after PPA amortization and net interest (non-GAAP)
(74 742
)
(203 160
)
(3 988
)
(13 053
)
PPA amortization (amortization of acquired intangible assets)
67 266
57 586
3 590
3 700
Operating income/(loss) before PPA amortization after net interest (non-GAAP)
(7 476
)
(145 574
)
(398
)
(9 353
)
Interest expense
96 687
55 362
5 159
3 557
Interest income
(10 945
)
(9 743
)
(584
)
(626
)
Operating income/(loss) before PPA amortization and net interest (non-GAAP)
78 266
(99 955
)
4 177
(6 422
)
Depreciation (excluding amortization of intangibles)
41 303
27 877
2 203
1 791
Stock-based compensation charges
25 376
19 471
1 354
1 251
Lease adjustments
12 201
20 358
651
1 308
Once-off items
1 199
92 887
64
5 968
Group Adjusted EBITDA (non-GAAP)
158 345
60 638
8 449
3 896
View source version on businesswire.com: https://www.businesswire.com/news/home/20230912482981/en/
Investor Relations Contacts: 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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