Full Year 2024 Nayax Ltd Earnings Call Transcript
Key Points
- Nayax Ltd (NYAX) achieved record revenue in 2024, with a 34% increase to $315.2 million on a constant currency basis.
- The company significantly improved its adjusted EBITDA, increasing it more than four times to $35.5 million, exceeding guidance.
- Recurring revenue grew by 47% for the full year, now representing 71% of total revenue, highlighting a successful shift towards high-margin subscription-driven revenue.
- Nayax Ltd (NYAX) achieved positive free cash flow of $18 million, converting more than 50% of its adjusted EBITDA into free cash flow.
- The customer base expanded by 32%, reaching over 95,000 customers, and the install base of managing connected devices grew by 21% to 1,260,000 devices.
- Despite the positive results, Nayax Ltd (NYAX) reported a loss of $5.6 million for the year, although this was an improvement from the previous year.
- The company faces risks and uncertainties that could impact future results, as highlighted in their forward-looking statements.
- There were certification delays on the POS side, which affected the mix of POS versus recurring revenue.
- The company is still working on integrating recent acquisitions, which could impact operational efficiency and costs in the short term.
- Foreign currency volatility had an impact of approximately $1.2 million on revenue, indicating exposure to currency fluctuations.
Hello, everyone. And welcome to Nayax's fourth quarter and full year 2024 earnings conference call (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Mr. Aaron Greenberg. Please go ahead, Aaron.
Thank you, operator, and everyone, for joining us today on this conference call. With me on the call today are Yair Nechmad, Nayax's Co-Founder and Chief Executive Officer; and Sagit Manor, Chief Financial Officer. Following management's prepared remarks, we will open the call for the question-and-answer session.
Our press release and supplementary investor presentation are available on our Investor Relations Web site at ir.nayax.com. As a reminder, during this call, we will be making forward looking statements. All forward-looking statements on our call today are based on assumptions and therefore, subject to risks and uncertainties that may cause results to differ materially from those projected.
We have no obligation to
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