H1 FY23 Financial Performance
Financial Performance Analysis
H1 FY23
H1 FY22
GROWTH
PAYMENTS BUSINESS
$'000
$'000
%
Revenue
209,423
145,984
43.5%
H1 FY23
$'000
H1 FY22
$'000
GROWTH
%
Less: Interchange, scheme,
integration + support fees
(117,492)
(77,926)
50.8%
Transaction value
21,693,388
15,826,286
37.1%
Gross profit (statutory)
91,931
68,058
35.1%
Payments revenue and income
209,423
145,984
43.5%
Less: Bendigo gross profit share
(4,377)
(4,446)
1.6%
Add: Bendigo support fees
693
1,350
48.7%
Banking revenue (including fair value gain/(loss))
4,461
2,561
74.2%
Gross profit2 (normalised)
88,247
64,962
35.8%
Other revenue and income¹ (normalised)
2,706
667
306.2%
Revenue¹ (normalised)
216,590
149,212
45.2%
Less: Direct expenses
(117,746)
(78,053)
50.9%
H1 FY23
BANKING BUSINESS
Less: Bendigo gross profit share and support fees²
(3,684)
(3,096)
19.0%
$'000
H1 FY22
$'000
GROWTH
%
Gross profit² (normalised)
95,160
68,063
39.8%
Interest income
5,237
1,833
185.6%
Less: Operating expenses (excl. share-based payments)
(75,704)
(65,291)
16.0%
Fair value (loss)/gain on loan
(776)
728
206.6%
EBITDA³ (normalised)
19,456
2,772
601.0%
Revenue
4,461
2,561
74.2%
Less: Share-based payments expense
(3,970)
(3,720)
6.7%
Less: Depreciation and amortisation
(11,625)
(9,949)
16.8%
Less: Interest expense on deposits
Gross profit
(254)
(127)
99.0%
4,207
2,434
A
72.9%
EBIT (normalised)
Less: Net interest expense
3,861
(740)
(10,897)
135.4%
(296)
150.6%
H1 FY23
Profit/(loss) before tax (normalised)
3,121
(11,193)
127.9%
OTHER REVENUE AND INCOME
$'000
H1 FY22
$'000
GROWTH
%
Investment income
2,971
336
783.7%
Other revenue and income
Less: me&u fair value gain
Gross profit2 (normalised)
3,709
331
1,020.5%
(3,974)
2,706
667
100.0%
306.2%
1
2
3
4
Normalised other revenue and income is adjusted for the fair value gain of $4.0 million on the recognition of me&u as a financial asset.
Normalised gross profit is adjusted for Bendigo support fees of $0.7 million associated with transition of Bendigo merchants to the Tyro platform, the Bendigo gross profit share of $4.4 million not deducted from statutory gross profit but deducted to calculate normalised gross profit and a
fair value gain on the recognition of me&u as a financial asset. Refer to page 18 for a reconciliation of statutory to normalised 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 losses from associates, change in accounting treatment of investments and one-off costs to implement the cost reduction program and
any M&A related spend. Refer to page 18 for a reconciliation of statutory to normalised results.
EBIT and normalised net profit before tax excludes the non-cash accounting impact of the Bendigo Alliance, expenses associated with the change in accounting treatment of investments and one-off costs to implement the cost reduction program and any M&A related spend. Refer to
page 18 for a reconciliation of statutory to normalised results.
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