Boku Inc reports revenues increased by 23%

Boku Inc

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**)
·   Group Adjusted EBITDA* up 31% to $20.0 million (2020: $15.3 million) 
·   Net Profit before tax of $4.4 million (2020: $17.3 million loss)
·   Closing cash balances were $62.4 million at 31 December 2021 (including restricted cash balances of $5.8 million) up from $48.6 million on 30 June 2021
·   Monthly average cash balances, which smooth the impact of intra-month flows of both carrier and merchant payments, were $50.8 million in December 2021 up from $38.0 million in June 2021
·   Cash generated from Operations before working capital changes during the year was $19.5 million (2020: $11.5 million)

Payments division highlight

·   Payments division revenues up 21% to $62.1 million (2020: $51.2 million**)
·   Payments division Adjusted EBITDA* of $22.9 million (2020: $19.2 million)
·   Monthly Active Users grew by 3.5 million to 32.3 million in December 2021 (December 2020: 28.8 million)
·   Total Payment Volume*** (“TPV”) up 18% to $8.2 billion in 2021 compared to $6.9 billion in 2020
·   Continued progress in building out Boku’s mobile first payments network ‘M1ST’ which now reaches over seven billion end user accounts. Four billion of those are Direct Carrier Billing connections, three billion are from other payment methods like eWallets and Real Time Payments.

Identity division highlight

·   Identity business sold to Twilio after year end for up to $32.3 million on 28 February 2022. Cash receipts of $26.2 million received with balance due in 2023, contingent on the delivery of certain performance terms. Group term loan paid down in full from proceeds
·   Identity revenues up 37% to $7.1 million and reduced EBITDA loss of $2.9 million (2020: $3.9 million EBITDA loss).

*Adjusted EBITDA: Earnings before interest, tax, depreciation and amortisation, impairment of goodwill , non-recurring other income, stock option expenses, Forex gains/losses and Exceptional items

** 2020 comparatives include six months of revenues and costs from Fortumo acquired 1 July 2020

*** TPV is the $ value of transactions processed by the Boku and Fortumo platforms

Jon Prideaux, Chief Executive of Boku Inc, commented, “We are pleased with our performance in 2021. Going forward, 2022 will see the emergence of Boku as a pureplay payments company, with the leading position in Direct Carrier Billing and rapid growth in other local payment methods, such as eWallets and Real Time Payments. We will invest further in building out our network and systems.  This year we will broaden our M1ST network, grow existing merchants, recruit more new merchants who do not use us for DCB and expand into new territories. Non DCB payments will, for the first time, be a material part of our growth.

“Trading so far this year has started well,  with growth in eWallets and Real Time Payments to the fore. MAUs on these methods exceeded 1.4m in February – ten times the figure a year before. Our cash balances are strong and I look forward to the remainder of 2022 and beyond with considerable confidence.”

Investor Presentation

The Company will provide a live investor presentation relating to the results via Zoom at 5.30 pm today.  The presentation is open to all existing and potential shareholders.  Those wishing to attend should register via the following link:

https://us02web.zoom.us/webinar/register/WN_na06mT37Rfi4-Z0fEJQVnQ

There will be the opportunity for participants to ask questions at the end of the presentation.  Questions can also be emailed to boku@investor-focus.co.uk ahead of the presentation.

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