Full Year 2024 Tyro Payments Ltd Earnings Call Transcript
Key Points
- Gross profit for the year increased by 9.1% to $210.8 million, within the guided range.
- EBITDA increased by 31.6% to $55.7 million, representing an EBITDA margin of 26.4%, up from 21.9% last year.
- Net profit after tax increased significantly from $6 million last year to $25.7 million.
- Free cash flow of $30.4 million was more than five times the free cash flow generated last year.
- Strong growth in non-discretionary verticals, particularly in the health sector, which saw a 21% increase in transaction volume.
- Lending originations were down 9%, partly due to a more conservative credit management approach.
- Transaction growth in discretionary verticals like retail and hospitality has been challenging due to high inflation and interest rates.
- The Bendigo customer base reduced this year, with churn driven by delays to migration.
- Operating expenses and losses remained broadly unchanged from last year, including $3.9 million in one-off expenses.
- The company did not meet internal targets for merchant take-up of banking products, indicating room for improvement.
Good morning, and thank you to everyone for joining our call this morning. My name is Jon Davey. I'm the CEO and Managing Director of Tyro, and it's my pleasure to present our results for the 2024 financial year.
I'd like to acknowledge that I'm hosting this meeting in Sydney on the land of the traditional owners, the Gadigal people. I pay my respect to elders' past, present, and emerging. I'm joined today by our Chief Financial Officer, Prav Pala; and our Head of Investor Relations, Martyn Adlam.
Today's Prav's final results presentation, I'd like to take this opportunity to thank him for the 10 years of service he has given to the business and the support he has provided to me since I was appointed CEO. Prav will finish with Tyro in mid-November, following a handover with our new CFO, Emma Burke, who joins us from Stockland.
The presentation we're about to share was released this morning and is available on the ASX website and the Tyro Investor Center. It will also be displayed on this morning's webinar.
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