Reporting Season Round-Up: NextDC posts unexpected loss, PointsBet burns through $149m

Tyro Payments (ASX: TYR): Largely in line 

Reports 1HFY23: 

• Normalised NPAT of $3.1m vs. -$11.2m pcp 

• Revenue of $216.6m in line with expectations 

• Noramlised EBITDA of $19.5m in line with expectations 

• Transaction value of $21.69bn in line with expectations 

• Transaction value 1st Jan - 24th Feb @ $6.3bn 

Outlook: 

• Adjusted full FY23 EBITDA of $37-41m vs. expectations of $36.7m 

• Transaction value between $42bn and $43.5bn 

• Gross profit up to $191m ($187m low estimate) 

DDH1 Ltd (ASX: DDH): In a gold rush, sell shovels 

Reports 1HFY23: 

• NPAT of $28.4m vs. $19.7m in 1HFY22 (+44%) 

• NPAT in line with consensus of $28.6m 

• Confirms revenue of $286m 

• Confirms adjusted EBITDA of $25.6m 

• Rig utilisation at 77.1% 

• Interim dividend of 3.33cps payable 11th of April 

Outlook

• “Operating revenue for Jan and Feb has been affected by adverse weather conditions, approvals delays and deferrals of clients during drilling programs” 

• Three more rigs expected for addition to fleet during 2HFY23

Harvey Norman (ASX: HVN): NPAT down -15% on 1HFY22

Reports 1HFY23: 

• NPAT of $303.3m vs. $343.5m YoY (-12%) 

• Total systems revenue of $4.98bn vs. $4.91bn YoY

• Company operated sales revenue of $1.47bn 

• EBITDA of $490.3m vs. $538.2m YoY (-9%) 

• NPAT of $365.9m vs. $430.9m YoY (-15%) 

• Interim dividend of 13cps (fully franked) 

NextDC (ASX: NXT): Top-line mostly in-line but unexpected net loss

Reports half-year FY23:

• Data centre services revenue of $159.7m, up 10%: Below analysts expectations of $165.3m

• Underlying EBITDA of $97.5m, up 15%: Beat $96.3m expected

• Operating cash flow of $71.3m, up 3%

• Net loss of $2.8m vs. $10.3m profit on the pcp 

• Cash and undrawn debt facilities of $2.0bn as at 31 December 2022

• “NEXTDC’s upsized liquidity position and record forward sales pipeline provides the Company with a strong position to not only achieve its FY23 guidance but to accelerate its growth in the medium term.” - CEO Craig Scroggie

FY23 guidance:

• Data centre services revenue towards top end of $340-355m guidance (range unchanged) 

• Underlying EBITDA between $190-198m (unchanged)

• Capex between $620-670m from $380-420m 

• “NEXTDC remains on track to deliver another record financial performance in FY23 on the back of strong performance in 1H23. With total liquidity of A$2 billion and record sales pipeline, the Company remains in an outstanding position to take advantage of further customer growth.” - CEO Craig Scroggie 

Sandfire Resources (ASX: SFR): Inflation, weakening commodity prices and depreciation

Reports half-year FY23: 

• Record revenue of $431.7m, up 38.5%: Largely in-line with $433m expected 

• Group EBITDA of $135.9m, down -15.9%: Missed $146.5m expected

• Net loss of $27.1m compared to $55.2m loss a year ago

• Cash position of $263.7m as at 31 December 2022

• “The combination of rising inflation and input costs – notably the spike in European energy costs during the half-year – together with slightly weaker metal prices and a significant increase in depreciation and amortisation charges due to the capitalisation of the MATSA acquisition, resulted in a net loss after tax for the period.” - CEO Jason Grace

FY23 guidance:

• Production guidance reaffirmed at 83-91kt of copper and 78-83kt of zinc

• “... the second half of FY2023 has started on a positive note with improved margins seen in the March 2023 Quarter.”

Pointsbet (ASX: PBH): Cash burn remains painstakingly high

Reports half-year FY23:

• Turnover of $3.2bn, up 40%

• Revenue of $178m, up 28%: Slight ahead of $175m expected

• Normalised EBITDA loss of $149.1m: Higher than the -$136.6m expected

• Net loss of $178m, up 22% 

• Cash position of $387.2m as at 31 December 2022

Outlook:

• 2H23 EBITDA loss expected to be between $77-82m compared to a loss of $117.6m in 2H22 

Sezzle (ASX: SZL): Inching towards profitability 

Reports fourth quarter 2022: 

• Total income of US$38.3m, up 16.2%: Beat estimates of US$37m

• Underlying merchant sales of US$452.3m, down 19.4%

• Net income of US$0.6m from a US$25.9m loss a year ago

Full-year highlights:

• FY22 revenue of US$125.6m, up 9.4%

• Net loss of US$38.1m, down 49.3%

• Cash position of US$69.5m as of 31 December 2022

Trading update:

• Total income of US$11.7m in the month of January, up 18.3% compared to the pcp

• Average daily underlying merchant sales up over 8.0% in February (through to 25 February) compared to January 2023

• Net loss of US$0.2m for January compared to average monthly net loss of US$9.3m in 1Q22