OFX Group Limited (OFX) Q2 2024 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Ofx Group Ltd..

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:01.027 -- 00:00:04.030 Thank you, Zach, and thank you, everyone, for joining the call. 00:00:04.030 -- 00:00:09.016 And as Zach mentioned, I'm joined by Selina Burr, our CFO, and Matt Gregorowski, who 00:00:09.016 -- 00:00:12.960 leads our investor relations program at Citadel Magnus. 00:00:12.960 -- 00:00:17.706 Selina and I will take you through the pages, and then there will be time for Q&A. 00:00:17.706 -- 00:00:22.351 The presentation will cover four things, the half-year result, what was achieved and 00:00:22.351 -- 00:00:28.280 what drove it, our financials in more detail, the strategy for the larger OFX, 00:00:28.280 -- 00:00:33.466 including why and how we'll be more valuable in the future, and our fiscal year 24 00:00:33.466 -- 00:00:38.032 outlook. Let's move to slide four in the pack. 00:00:38.032 -- 00:00:43.358 Our first half of 24 was a good performance, with turnover at $19.2 billion, 00:00:43.358 -- 00:00:48.584 down 3.5% versus prior year, net operating income, or NOI, 00:00:48.584 -- 00:00:50.066 at $115.1 00:00:50.066 -- 00:00:53.170 million, up 9.4%, 00:00:53.170 -- 00:00:58.554 and underlying EBITDA at $31.8 million, up 1.6%, 00:00:58.587 -- 00:01:01.171 including our patron investment. 00:01:01.171 -- 00:01:06.238 Our fundamentals continue to improve, with recurring revenue up just over 00:01:06.238 -- 00:01:08.782 2 percentage points to 84%, 00:01:08.782 -- 00:01:14.810 and NOI margin, X same currency, up 8 basis points to 70 basis points. 00:01:14.810 -- 00:01:17.214 We finished the half, 60.8 00:01:17.214 -- 00:01:21.500 million in net available cash, a very healthy position. 00:01:21.500 -- 00:01:26.086 There's no doubt the external environment has been an unusual and challenging one, high 00:01:26.086 -- 00:01:28.990 interest ...