TIDMBOKU
RNS Number : 6825T
Boku Inc
22 July 2020
22 July 2020
Boku, Inc.
("Boku" or the "Company" and, together with its subsidiaries,
the "Group")
Trading Update for the six months ended 30 June 2020
Strong Payments performance in H1 in the light of coronavirus
impact
Boku, a leading global mobile payment and mobile identity
company, is pleased to provide the following unaudited trading
update for the six months ended 30 June 2020.
Group
-- Group Revenues for H1 2020 are expected to be at least $24.7m
o Underlying Payments revenue* growth has been strong at over
13.5%
o Identity revenue impacted by coronavirus particularly in June,
though with minimal effect on Group EBITDA
-- Acquisition of DCB payments company Fortumo Holdings Inc
('Fortumo') completed on 1 July consolidating Boku's dominant
position in the global Direct Carrier Billing (DCB) market
-- Group cash of $80.7 million at 30 June 2020 which included
$44.5m of cash held to pay for the acquisition of Fortumo on 1 July
2020. Excluding this cash, the balances were $36.2 million (30 June
2019: US$27.8 million)
-- The average daily cash balance - a measure which smooths out
the effect of carrier and merchant payments, was $25.7 million in
June 2020 (June 2019: $22.2 million)
-- Full year Group Adjusted EBITDA** is expected to be at least
in line with expectations and at least 65% higher than 2019
Payments division
-- Underlying Payments revenues* increased by 13.5% to at least
$22.0m (H1 2019 $19.4m, excluding the impact of a non-recurring
item, $20.2m reported)
-- Total Payment Volume ("TPV")*** of $3.1 billion in H1 2020, 35% up on H1 2019 ($2.3 billion)
-- 10.8 million New Users made their first ever Boku transaction
during the first half of the year, 19% up on the prior year, driven
by increased adoption during the coronavirus lockdowns
-- 20.3 million Monthly Active Users ("MAU") of the Boku
platform in June 2020 (June 2019: 15.3 million), a 33% increase
-- Carrier billing launches in H1 with Google, Netflix, Sony, Spotify and Tencent
-- Good progress with eWallets with seven mobile wallets now
live including Grabpay, GoPay and Dana and further contracts
signed
Identity division
-- Identity revenues of approximately $2.7m (H1 2019: $3.4 million)
-- Revenues and new sales have been impacted by coronavirus,
particularly in June, though with minimal impact on expected
EBITDA
-- Good progress on building out international carrier supply -
now l ive with more than 200 carriers in 51 countries. Merchants
now live and generating revenues in five countries
-- Contract wins including FIS (owners of Worldpay)
* 2019 H1 revenues included $790k of one off revenues relating
to a contractual change that accelerated revenue recognition of a
large contract
** Adjusted EBITDA: Adjusted for stock option expenses, Forex
gains/losses and Exceptional items
*** TPV is the US$ value of transactions processed by the Boku platform
Jon Prideaux, Boku's CEO, commented : " Boku has traded well in
the first half with revenues and EBITDA ahead of the same period
last year.
"Our Payments division has performed strongly through the period
of coronavirus lockdown in H1 with video and gaming merchants
benefiting from increased demand for home entertainment, leading to
record levels of new users making their first Boku payment. In June
we announced the acquisition of Fortumo for a maximum enterprise
value of $41m, further extending Boku's dominant position as the
scale player in the direct carrier billing (DCB) market. We have
also seen good progress with eWallets with seven mobile wallets now
live and further contracts signed, including LinePay and PayPay in
Japan.
"In contrast our Identity division has been affected by the
coronavirus pandemic which impacted both revenues from existing
merchants and slowed new sales, particularly in June. As flagged
previously, the Identity division also suffered a supply side
impact in the US in Q4 2019 when one of the four US carriers
switched off supply to all Identity businesses and as a result H1
revenues were lower than the same period in 2019. There are
parallels with Boku's DCB payments business which had similar
supply side challenges in the US in its early days, but went on to
build the world's largest DCB network. The forward-looking
indicators for the division are strong. The international supply
network now extends to more than 200 carriers in 51 countries.
Large customers are interested in the service and moving through
the pipeline. We remain confident that the fledgling Identity
business is on track to build a similar global Identity
network.
"With Payments growth supporting investment in Identity, I am
confident that the full year Group EBITDA performance will be at
least in line with expectations."
Enquiries:
Boku, Inc.
Jon Prideaux, Chief Executive Officer +44 (0)20 3934
Keith Butcher, Chief Financial Officer 6630
Peel Hunt LLP (Nominated Adviser and Broker)
Edward Knight / Nick Prowting / Christopher +44 (0)20 7418
Golden 8900
IFC Advisory Limited (Financial PR & IR) +44 (0)20 3934
Tim Metcalfe / Graham Herring / Florence Chandler 6630
Notes to Editors
Boku Inc. (AIM: BOKU) is a leading global provider of mobile
payment and mobile identity solutions. Boku's technology platform,
which is linked to more than 200 mobile wallets and network
operators worldwide, verifies user identity, executes payments, and
provisions new services, simplifying daily mobile interactions
between consumers and digital organizations.
Boku's technology platform is used in over 59 countries with
over 815 million verified transactions in 2019, contributing $5
billion to the digital economy. Businesses that currently employ
Boku's platform to simplify sign-up, acquire new paying users and
prevent fraud include global leaders such as Apple, Discover,
Experian, Facebook, FIS, Fiserv, Google, Microsoft, Netflix,
Paypal, Sony, Spotify and Western Union.
Boku Inc. was incorporated in 2008 and is headquartered in
London, UK, with offices in various locations globally including in
the US, Mumbai, Munich, Beijing, Paris, Sao Paulo, Singapore,
Taipei, and Tokyo.
To learn more about Boku Inc., please visit:
https://www.boku.com .
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END
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