Boku positive momentum in both the Payments and Identity businesses

Boku Inc (LON:BOKU), a leading global mobile payment and mobile identity company, has announced the following unaudited interim results for the six months ended 30 June 2021.

Highlights

Group

· Group Revenues for H1 2021 up 38% to $34.2 million (H1 2020: $24.7 million*)

o Organic Group revenue growth strong at 21.0% (excluding acquired Fortumo revenues)

· Group Adjusted EBITDA** for H1 2021 of $10.3 million is 61% higher than H1 2020 (H1 2020: $6.4 million)

· Operating Profit increased to $2.3 million for H1 2021 (H1 2020: $0.2 million)

· Net Profit before tax increased to $1.9 million (H1 2020: $0.09 million)

· Twelve-month earnout period relating to the 2020 acquisition of Fortumo Holdings Inc completed on 30 June 2021. $5.4 million has been held in escrow during the earnout period.

o The earnout payment, based on Fortumo Adjusted EBITDA** performance for the 12 months period ended 30 June 2021, is expected to be $2.16 million, subject to final confirmation, which will be paid to Fortumo’s former shareholders by 5 October 2021, with the balance of $3.24 million returned to Boku.

· Group cash of $48.6 million at 30 June 2021 (30 June 2020: $36.2 million***)

o $11.25 million of the $20.0 million debt used to acquire Fortumo paid down by 30 June 2021 with $3 million of the revolver and $0.9 million of the term loan paid down since the year end.

· The average daily cash balance – a measure which smooths out the effect of carrier and merchant payments, was $38.0 million in June 2021 (June 2020: $25.7 million)

Payments division

· H1 2021 Payments revenue increased by 40% to $30.7 million (H1 2020: $22.0 million)

o Organic Payments revenue* growth of 20% to $26.3 million (excluding Fortumo revenues acquired 1 July 2020) compared to $22.0 million in H1 2020

· Payments Adjusted EBITDA** increased by 33% to $11.2 million (H1 2020 $8.4 million*)

· Total Payment Volume**** of $4.0 billion in H1 2021, an increase of 29% on H1 2020 ($3.1 billion)

· 20.8 million new users made their first transaction with the Group during the first half of the year, 91% up on the same period in the previous year (H1 2020)

o At Group level the number of new users increased materially due to the inclusion of transactional merchants from Fortumo; excluding Fortumo data, new users increased by 8% to 11.7 million

· 29.7 million Monthly Active Users of the Boku platform in June 2021 (June 2020: 20.3 million), a 46% increase.

o Organic growth in Monthly Active Users (excluding Fortumo) of 28%

· H1 2021 take rate (Total Payments revenue divided by TPV) stable at 0.77%, in line with H2 2020 (including Fortumo volumes)

· Launches in H1 2021 with Google, Netflix, Apple, DAZN, Spotify, Epic Games, Amazon, Riot Games and Tinder across both Direct Carrier Billing (‘DCB’) and eWallets.

· Boku has materially expanded its regulated payment activities and is currently authorized to process regulated payments in 49 countries in Europe and Asia.

Identity division

· Identity revenues increased by 30% to $3.5 million in H1 2021 (H1 2020: $2.7 million) and Adjusted EBITDA** losses reduced to $0.9 million from H1 2020 ($2.3 million loss), in line with the Board’s expectations. H2 2021 costs expected to increase as further investment is made.

· Identity connections added in Spain, Italy and Indonesia, together with a strengthening of the global partnership with Vodafone Group

· Strong growth from key existing customers complemented by a ramp up in transaction volumes from new mobile wallet customers in Indonesia

* 2020 H1 comparative excludes any revenues from Fortumo Holdings Inc (‘Fortumo’) which was acquired on 1 July 2020

** Adjusted EBITDA (Earnings before interest, taxation, depreciation and amortization): Adjusted for stock option expenses, Forex gains/losses, Exceptional items and ‘other income’ item in 2021. See reconciliation to profit per the income statement

*** Comparative group cash balance at 30 June 2020 of $80.7 million included $44.5 million of cash held to pay for the acquisition of Fortumo on 1 July 2020. Excluding this cash, the balances were $36.2 million

**** TPV is the US$ value of transactions processed by the Boku platform

***** Adjusted operating expenditure is Gross Profit less Adjusted EBITDA

Jon Prideaux, Boku’s CEO, commented:

“Our short run performance has been strong, we think our long-term future is brighter still. With positive momentum in both the Payments and Identity businesses, I am confident in our ability to meet the revised, increased expectations over the full year.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Boku Inc.

More articles like this

Boku Inc.

Boku adds PayPay and LINE Pay mobile wallets in Japan for DAZN

Boku Inc (LON:BOKU), a leading global provider of mobile payment solutions, has announced that it has added PayPay and LINE Pay mobile wallets in Japan for leading global sports streaming platform DAZN. With this launch, 50M+ users of PayPay and

Boku Inc.

Boku Inc. deliver a strong underlying performance (VIDEO)

Boku, Inc (LON:BOKU) CEO Jon Prideaux joins DirectorsTalk Interviews to discuss interim results for the six months ended 30th June 2022. Jon talks us through the highlights of the period, explains how efforts in eWallets and real time payments

Boku Inc.

Boku, Inc. strong performance across the Group

Boku Inc. (LON:BOKU), a leading provider of global mobile payment solutions, has announced the following unaudited interim results for the six months ended 30 June 2022. Jon Prideaux, Boku’s CEO, commented: “Our efforts on eWallets and real-time payments are being validated. In

Boku Inc.

Boku, Inc report new multi-year Amazon commercial agreement

Boku Inc. (LON:BOKU), a leading global provider of mobile payment solutions, through a subsidiary, has entered into a new multi-year commercial agreement with a subsidiary of Amazon.com, Inc. for Boku Payments to supply its digital wallet and other

Boku Inc.

Boku sees strong growth in new payment types

Boku Inc (LON:BOKU), a leading global mobile payments company, has provided the following unaudited trading update for the six months ended 30 June 2022. Summary ·    The Group saw further growth in volume processed through its mobile-first payments network of Direct

Boku Inc.

Boku’s M1ST adds real-time payment options for PromptPay and K PLUS

Boku Inc (LON:BOKU), a leading global provider of mobile payment solutions, has announced that its M1ST (Mobile First) Payment Network has added real-time payment options for PromptPay and K PLUS in Thailand. PromptPay and K PLUS join Boku’s M1ST Payments Network, which includes over

Boku Inc.

Boku launches PayPay mobile wallet payments for Netflix in Japan

Boku Inc (LON: BOKU), a leading global provider of mobile payment solutions, has announced that its M1ST (Mobile First) platform has launched PayPay mobile wallet payments for Netflix in Japan.  With this launch, PayPay’s more than 45 million users can

Boku Inc.

Boku reports revenues increased by 23%

Boku Inc. (LON: BOKU), a leading provider of mobile payment solutions, has announced its audited results for the year ended 31 December 2021. Group Financial Highlights ·    Group revenues increased by 23% to $69.2 million (2020: $56.4 million**) ·   

Boku Inc.

Boku appoints Dr. Richard Hargreaves as new Chairman

Boku Inc (LON:BOKU), a leading provider of mobile payment solutions, has announced that Mark Britto will step down as Non-Executive Chairman of Boku at the Company’s Annual General Meeting, due to be convened for 1 June 2022, after

Boku Inc.

Boku completes sale of Boku Identity to Twilio

Boku Inc (LON:BOKU), a leading provider of mobile payment solutions, has confirmed, further to its announcement on 19 January 2022, the completion of the sale of Boku Identity, Inc. to Twilio, Inc., the leading cloud communications platform, for

No more posts to show