Investor Presentaiton
Financial Performance - P&L
STATUTORY NORMALISED¹ STATUTORY
CHANGE FY21
NORMALISED
Revenue and income
FY21
($'000)
FY21
($'000)
FY20
($'000)
Transaction value
25,453,507
25,453,507
20,131,045
26.4%
Payments revenue and income
229,221
230,204
202,826
13.5%
Banking income
3,222
3,222
1,818
77.2%
Other revenue and income
6,079
6,079
6,031
0.8%
>
Total revenue
238,522
239,505
210,675
13.7%
Payments direct expenses
Interest expenses on deposits
(118,694)
(379)
(119,392)
(116,684)
2.3%
TO FY20
STATUTORY
%
$4.5 million - JobKeeper ensured no team retrenchments + assisted support to merchants (FY20: $3.9
million)
Operating leverage continuing to build
Total operating expenses 17.9% vs gross profit ↑28.1%
Employee benefits expense ↑11.4% reflecting:
>
net increase in headcount and full-year impact of prior year increases (FY21: 533 vs FY20:476)
4.4% annualised average salary increase from January 2021
Administrative expenses 3.1% reflecting:
>
(379)
Total direct expenses
(119,073)
(119,771)
(516)
(117,200)
26.6%
reduced travel, training and office expenses
>
2.2%
Gross profit
119,449
119,734
93,475
28.1%
Operating expenses:
Employee benefits expense (excl. share-based payments)
(76,174)
(75,365)
(67,662)
11.4%
>
Administrative expenses.
(22,903)
(16,077)
(16,598)
3.1%
Contractor and consulting expenses
(7,192)
(7,192)
(5,913)
21.6%
>
Marketing expenses
(5,419)
(5,419)
(5,716)
5.2%
>
Lending and non-lending losses
(10,863)
(1,515)
(1,958)
offset by increased licencing costs, recruitment costs and growth related expenses
Contractor and consulting expenses 121.6% reflect fluid use of contractors to maintain delivery
capacity
Marketing expenses 5.2%:
targeted marketing activity providing increased brand awareness
> growth in merchant acquisition of 11.1%
Lending and non-lending losses 22.6% to $1.5 million reflecting:
$0.7 million in lending losses (FY20: $1.1 million) - 2.1% loss to loan origination ratio
$0.8 million in non-lending losses (FY20: $0.9 million)
22.6%
Total operating expenses
(122,551)
(105,568)
(97,847)
7.9%
EBITDA
EBITDA¹
(3,102)
14,166
(4,372)
424.0%
Share based payments expense
(9,342)
(8,779)
(10,896)
19.4%
IPO costs
(331)
(9,730)
>
>
Share of loss from associates
(1,119)
(1,119)
Net interest expense
(517)
(517)
Depreciation and Amortisation
(15,364)
(15,364)
(535)
(12,524)
3.4%
Operating leverage significantly increased in FY21 despite COVID-19 and terminal incident
Improvement in EBITDA:
positive FY21 - $14.2 million at an EBITDA margin to gross profit of 11.8%
loss FY20 - $4.4 million
Positive operating expense to gross profit margin outcome - 88.2% (FY20: 104.7%)
Driven predominantly by growth in transaction value of $5.4 billion
22.7%
Bendigo Bank partner share
698
Share-based payments expense
Loss before tax
(29,775)
(10,915)
(38,057)
71.3%
19.4% includes $0.6 million in one-time grant of LEPRS partially expensed in FY21 (FY20: $2.4 million)
Net loss before tax
1
Refer to page 29 for a reconciliation of normalised results to statutory results. Tyro uses EBITDA as a non-IFRS measure of business
performance, which excludes the non-cash impact of share-based payments expense, share of loss from associates, expenses
associated with the terminal connectivity issue and the IPO and other significant one-off costs.
Normalised net loss before tax $10.9 million (FY20: $25.9 million) - Refer to Attachment 1 on page 29
Statutory net loss before tax $29.8 million (FY20: $38.1 million)
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