PaySauce FY2023 Full Year Result and Annual Report
PaySaucebucksthetrend
LowerHutt,NewZealand-23May2023
EmploymentsolutionsfintechPaySauce(NXZ:PYS)hasbuckedthetrendofSaaS
companiestorelyoncontinuedcapitalinjectionsforgrowthwithsuccess
demonstratedbythemsmashingthroughtheruleof40.Fullanalysisisshowninthe
FY2023AnnualReportreleasedtoday.
PaySauceCEOAsanthaWijeyeratnesaidhe’sproudofthecontinuedimprovementin
thebusiness.Continuedstrongrevenuegrowthcombinedwiththecarefuland
deliberatemanagementofresourceshasresultedinastrongyearforPaySauce
ensuringsustainablegrowthinanincreasinglyturbulenttechsectorandeconomy,
”Theruleof40takesintoaccountbothrevenueandprofitability.It’sbecomesomewhat
ofabenchmarktoinvestorsandSaaScompaniesalike,sotodeliverascoreof67on
thatmetricisveryhumbling.It'stheresultofourunrelentingfocusonreinvestingfor
long-termgrowthinthebusinesswhilemanagingcostsandI’mincrediblyproudof
thisfinancialresult.
Inaclimatewhereinvestorsentimenthaschanged,ourprioritytogrowsustainably,
ratherthangrowatallcostshasproventobeawinningstrategy.”
HIGHLIGHTS
●
Improvedprofitabilityby$800ktoalossof$80k
1
●
Increasedrevenue66%YoY,whileexpensegrowthcurbedat33%YoY
●
Recurringrevenuegrowthof68%YoYto$5.7M
●
Ruleof40scoreof67
●
TotalcustomerLTVof$53.7M
●
LTV:CACratioof16:1
●
$2.8MofearnedwagesaccessedthroughtheBNZPayNowfeature
Wijeyeratnereflectsontheyear,andwhat’stocome:
“We’veoutperformedonthehighstandardwesetforourselves.We’reself-sufficient
fromacashperspectiveandweremaincommittedtoreinvestingforgrowthgoing
forward.ThatreinvestmenthasalreadystartedfortheFY24yearwithsomeexceptional
talentaddedtothePayForce.”
1
EarningsbeforeTax,DepreciationandAmortisation
FINANCIALHIGHLIGHTS
FinancialPerformanceMar2023Mar2022ChangeChange%
Recurringrevenue-total(000s)$5,715$3,399$2,316
￪
68%
￪
Netlossfortheperiod(000s)($558)($1,282)$724
￬
(57%)
￬
Recurringrevenuegrew68%YoYto$5.7mfortheyearended31March2023asaresult
of:
●
Increasedcustomernumbers;
●
Additionalrevenuefromexistingcustomers;and
●
Increasedinterestearnedonfundsheldonbehalfofcustomers.
RecurringRevenueMetricsMar
2023
Mar
2022
ChangeChange%
ARPUatendofperiod(monthly)$81$61$20
￪
32%
￪
AnnualisedRecurringRevenue(ARR)(000s)$6,701$4,466$2,235
￪
50%
￪
RevenueperFTE(000s)$138$110$28
￪
26%
￪
THERULEOF40
OUTLOOK
Wijeyeratneontheyeartocome:
“Thefocusforthiscomingyearistwofold.Domestically,we’llbuildonsellingour
producttomicro-businessesinadjacentmarkets.Atthesametime,we’refocusingon
adaptingourcoreproducttosuittheAustralianmicro-businesses.Thisisalreadywell
underwayandwe’reexcitedaboutrefiningthattosuittheirspecificneeds.We’re
enjoyinglearningmoreaboutthatmarket.”
APPENDICES
●
Appendix1-NZXTemplateforResultsAnnouncementtotheMarket
●
Appendix2-AnnualReport
●
Appendix3-InvestorPresentation
NON-GAAPFINANCIALINFORMATION
Non-GAAP(GenerallyAcceptedAccountingPrinciples)financialinformationdoesnot
haveastandardisedmeaningprescribedbyGAAPandthereforemaynotbe
comparabletosimilarfinancialinformationpresentedbyotherentities.Non-GAAP
informationhasnotbeenaudited,andisnotpreparedinaccordancewithNZIFRS.
ThemeasuresreportedbyPaySauceareusedbymanagementtomonitorthe
performanceofthecompanyandareusefultoinvestorstoassessperformance.
Non-GAAPmeasuresaredefinedandexplainedintheAnnualReport.
ENDS
PaySauceisaSaaSfintechplatformprovidingsolutionsforpeopleatworkin14
jurisdictionsacrosstheAsia-Pacificregion.Wegiveemployersthetechnologyto
digitallyonboard,payandmanageemployeesfromanydevice.Ourplatformincludes
rosters,mobiletimesheets,payrollcalculations,bankingintegration,automated
payments,PAYEfiling,labourcosting,automatedgeneralledgerentriesanddigital
employmentcontracts.
www.paysauce.com
CONTACT
Pleasedirectanyinvestmentqueriestoinvestor@paysauce.com.
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuer PaySauce Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency $ NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,813 +65%
Total Revenue $5,813 +65%
Net profit/(loss) from
continuing operations
($557) -57% (loss reduction)
Total net profit/(loss) ($557) -57% (loss reduction)
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends are proposed to be paid
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.00441609) $0.00059672
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the comments above, and the Annual Report and
financial statements.
Authority for this announcement
Name of person
authorised
to make this announcement
Jaime Monaghan
Contact person for this
announcement
Jaime Monaghan
Contact phone number +64 225246366
Contact email address investor@paysauce.com
Date of release through MAP
23 May 2023
Audited financial statements accompany this announcement.
---
1
2023
Annual
Report
21
Content
PaySauce has rocketed from start-up
to scale-up, with global growth on the
horizon.
We’ve built a platform and a team that
exceeds customer expectations and
achieved a score of 67 against the much-
benchmarked rule of 40.
We’re optimising our systems and
structures to operate at scale.
Our vision is to be the first choice people
platform for small businesses globally –
and that vision is now in sight.
02 / Strategic plan and highlights
04 / Leadership messages
06 / Leadership team
08 / Delivering on the plan
14 / Performance (SaaS metrics)
24 / Financial statements
56 / Corporate governance
72 / Company directory
23
The highlights
How we’re tracking
Secure, robust,
scalable platform
Targeting micro-
businesses as payroll
consumers
Service target
markets expertly
Actively seek
acquisition targets
Enable seamless
integration with
product partners
Leverage global
payment solutions
Commercialise the
payroll rules engine
Optimise industry
expertise
Mobile first, self-service
product development
Own rural in NZ and
Australia
Enter 6 new verticals
in NZ
Exceptional customer
advocacy
Increase capacity to
continue product-led
growth
Attract top talent as a
recognised employer
of choice
Global workforce
servicing global
employers
Build a healthy
pipeline of talent
through all teams
3 year strategic plan
Where we’re heading
Strategic priorities
Our role
Our values
1.
Reinvest for
long term
growth
Fun and
f resh
Resourceful
and results-
orientated
Simple and
smart
Our vision
The first choice
people platform for
SMEs globally
The straight
up provider of
effortless solutions
for people at work
2.
Obsess over
customers
3.
Win-win-win
partnerships
4.
Awesome
people
Do good and
be honest
Respect and
include
$2.8m of earned
wages accessed
through PayNow
Hi-Tech
Awards Finalist
with BNZ
Net Promoter
Score of 48
$
5.7
m
$
53.7
m
67
Total Customer LTV (CLTV)
Rule of 40
Tracking well above
Up 68% YOY
Up 77% YOY
Recurring Revenue
45
So – what’s the secret PaySauce sauce? It comes down
to five pillars of long-term growth:
1. We make it easy for customers to recommend us,
find us and join us with effective marketing, strong
onboarding funnels and industry partnerships.
2. We solve business problems for an industry or niche
that is related to payroll.
3. We earn our customers’ love by going above and
beyond with our service and software.
4. We foster a culture of innovation where we all strive
for the best in a culture that loves positive change.
5. Finally, we always look for ways to make our
operations scalable through high-bandwidth
processes, lower costs per customer, and making
sure the teams that make PaySauce so special are
adding real value at the most important moments.
Thank you so much to our team - the PayForce, our
partners, our customers and to you, our shareholders, for
helping us take PaySauce to the world.
Yours sincerely,
Asantha Wijeyeratne
Executive Director, CEO and Co-Founder
Dear fellow shareholders,
What a tumultuous 12 months! While the challenges
of Covid lockdowns are far away in the rear mirror,
businesses are still dealing with the long Covid
economic effects: inflation, high interest rates and tight
labour markets. On top of that, we recently saw two
“one in 100 year” weather events within two weeks of
each other.
Through it all, PaySauce has been a reliable, steady
presence for our customers. The power of cloud-based
software has never been so clear, especially for our rural
customers in cyclone-affected areas. We’re proud to
have helped keep those communities on an even keel,
by ensuring that amongst all the challenges they were
facing, they could still be paid.
In this past year, we’ve welcomed new faces, new
customers and new innovations. We’re now firmly
focused on preparing PaySauce to operate at serious
scale, with the first step of our global expansion, which
starts in Australia, set to begin in earnest.
Our people, partners and shareholders can all be proud
of our results this year. In a challenging environment,
we’re outperforming the rule of 40 - a benchmark many
other SaaS companies aspire to.
We’re all buzzing with the opportunities ahead of us
this year. We’ve put in the hard work, and while there’s
a lot more work to do, this coming year is when it
starts turning into growth at scale. We move from
predominantly a New Zealand payroll business to a
global micro business payroll solution provider. As
Jeff Bezos so eloquently put it way back in 1997 talking
about Amazon- “It’s All About the Long Term. We believe
that a fundamental measure of our success will be the
shareholder value we create over the long term.”
Our mission is to serve 1 million micro businesses
globally. That’s why we’re improving our scalability and
making sure all our processes have as little friction as
possible as we grow at scale.
Reaching that goal means sustainably accelerating our
current growth. We are doing that in three ways:
1. Expanding our foothold in Australia, which has
huge potential and a competitive space with real
opportunities for us. This also allows us to build and
test our infrastructure outside of New Zealand.
2. Entering new industries in New Zealand. We have
new association partnerships with Master Plumbers,
Master Builders, and Hospitality NZ, representing
about 7% of all New Zealand employers.
3. Expanding on our excellent relationships with
accountants. We’ve partnered with Chartered
Accountants, giving us access to these important
business influencers across New Zealand and
Australia.
Yours sincerely,
Shelley Ruha
Independent Director, Chair
Dear shareholders
Let me start by acknowleging our amazing customers.
They’ve seen the value in our service and as a direct
result, our Recurring Revenue increased 68% year
on year to $5.7m, to finish the year with Annualised
Recurring Revenue (ARR) of $6.7m.
This growth hasn’t been the result of old-school
pressure marketing and “immediate growth at all costs”
tactics. Thanks to our amazing PayForce answering the
curly payroll questions and an online and mobile app
that’s easy for everyone to use, our biggest source of
growth is referrals from our existing customers. It’s no
surprise to see that our Net Promoter Score (NPS) is 48.
It’s a huge result, and we’re exceptionally proud of it.
In a marked departure from past practices in the SaaS
industry, this strong, steady growth is highly sustainable.
Our exceptionally high retention rate is another
outstanding result of customer satisfaction. To put that
into perspective, our churn rate is just 0.75% per month,
meaning on average, our customers remain customers
for eleven years.
I’m pleased to report that this growth is reflected in our
bottom line, with our Earnings before Tax, Depreciation
and Amortisation improving from a loss of $880k last
year to just $80k this year. Our total revenue is up 66%
to $5.8m, while our expenses have increased just 33%
to $5.9m as we’ve improved efficiency through building
for scale.
We’ve started measuring ourselves against the Rule
of 40, and with PaySauce scoring 67, I’m very pleased
with how we’re comparing against our peers. This
measure ensures that both growth and profitability are
considered when attributing value.
MESSAGE FROM THE CHAIRMESSAGE FROM THE CE0
Shelley Ruha
Independent Director, Chair
Asantha Wijeyeratne
CEO, Co-founder
“
“
Our mission is to serve 1 million micro
businesses globally. That’s why we’re
improving our scalability and making
sure all our processes have as little
friction as possible as we grow at scale.
68
%
11
yrs
Growth in
Recurring
Revenue (YOY)
Customer
Lifetime
$4m
$2m
$3m
$1m
Mar 23Sep 22Mar 22Sep 21Mar 21Sep 20
67
Troy Tarrant
CTO and Co-Founder
Troy has over 20 years experience
in IT development, product design
and architecture - ten of those years
focused solely on HR and payroll applications. He’s
worked on projects across the board, from small
business to government. He’s built PaySauce to enable
rapid development, security and scale.
Mathew Stokes
COO
Mathew has a strong finance and
technology background and amplifies
this with his passion for innovation,
streamlining operations and enhancing customer
experiences. Mathew actively contributes to the finance
and technology sectors, providing invaluable insights
and guidance.
Jaime Monaghan
CFO
With an extensive commercial
background, Jaime brings incisive
leadership to our financial and strategic
planning. Jaime’s expertise in bringing business and
finance together was honed in her previous roles at
Trade Me and Kiwibank. A Scottish Accountant, Jaime is
dedicated to ensuring the best possible stewardship of
shareholders’ funds in the short, medium and long term.
Jessica McLean
CPO
Jess has had a career that started with
hands-on customer service and payroll
consulting, then moved into people
& culture. She’s now leading people experience at
PaySauce, making sure we have the right talent and the
best people and product strategies to propel PaySauce
forward. She’s passionate about creating high-trust,
growth-supporting cultures and enabling high-
performing teams to do what they do best.
Shelley Ruha
Independent Director and Chair
Shelley joined the PaySauce board in
February 2022. Shelley is a professional
director with strong governance
experience within fintech, large scale technology
infrastructure, payments innovation, banking, wealth
management and venture capital.
Current governance roles include Chair of TaxGift and
Allied Farmers and directorships at Heartland Bank,
9Spokes, Partners Life and Hobson Wealth. Prior
directorships include Paymark, The Icehouse and
JBWere Australia.
Asantha Wijeyeratne
Executive Director,
CEO and Co-Founder
Asantha has over 20 years’ experience
of unparalleled focus on helping small
businesses navigate the difficult landscape of effective
payroll. His formal background in accounting combined
with his ‘people first’ attitude has seen him successfully
build a number of businesses into market leadership
positions.
Most notably, Asantha was the driving force behind the
creation and growth of SmartPayroll and SmartBooks
which he grew to service close to 10,000 SMEs in NZ
before he left in December 2013.
Asantha’s obsession is the small business sector with
a tech and customer service focus. He loves seeing
someone with determination and passion turn an idea
into a business that supports them, their families and
the wider community. He gets a lot of enjoyment from
making tech work to help business owners succeed.
In recognition of his contribution to business and the
community, he was awarded a Queens Service Medal
(QSM) in the New Year’s honours list in 2013 and was a
finalist in Ernst & Young’s 2021 Entrepreneur of the Year.
Gavin Thompson
Director (Non-Independent)
Gavin is a founder and director of
Catalyst IT, New Zealand’s largest
open-source IT service provider. His
background is in software development and delivery,
and he has over 30 years’ experience in software
systems in the manufacturing, engineering, financial,
and government sectors. Gavin is also a director on the
board of Catalyst Cloud, a company which grew from an
infrastructure platform for the Catalyst business into a
provider of cloud services for Aotearoa.
Gavin is passionate about open source and open
standards software and systems which allow a
collaborative and effective approach to delivering
secure, resilient and innovative solutions.
Jacqueline Cheyne
Independent Non-Executive Director,
Audit & Risk Committee Chair
Jackie is a professional director with a
focus on finance, risk and sustainability.
She is currently on the boards of Stride Property Group,
Pioneer Energy Ltd and NZ Green Investment Finance and
is Chair of Snow Sports NZ. Jackie is on the board of the
XRB and chairs the steering group leading the project for
the development of climate risk disclosure standards in
New Zealand. Jackie is also a member of the FMA’s audit
oversight committee and MBIE’s Risk and Assurance
committee.
Jackie was previously an assurance partner at Deloitte
for over 12 years and led Deloitte NZ’s sustainability
service line. Jackie is a Chartered Member of the Institute
of Directors and a Fellow of the Institute of Chartered
Accountants.
Michael “MOD” O’Donnell
Independent Non-Executive Director
Mike “MOD” O’Donnell is a professional
director, writer and advisor with a
background in fintech, ecommerce and
news media.
MOD is chair of New Zealand’s largest craft brewery
Garage Project, deputy chair of New Zealand Trade
and Enterprise and deputy chair of global online music
company Serato. He’s also a director of Radio New
Zealand, www.realestate.co.nz, Sandfield Software and
The New Zealand Hi-Tech Trust.
MOD is an independent weekly business columnist for
Stuff Media and the host of TVNZ series “Start Me Up”.
He was previously Chief Operating Officer of Trade
Me, Chief Operating Officer of vWork and Head of
Wholesale Investment at Gareth Morgan Investments.
Mark Samlal
Independent Director
Mark Samlal has over 25 years’
experience in growth leadership roles
in Asia Pacific. Most recently Mark co-
founded PayAsia in 2006 where he was Non-Executive
Chair, until being appointed as Executive Chair and
Managing Director of PayAsia in 2015. In 2017, Mark
was appointed to the Board and as Managing Director
of PayGroup which listed on the ASX in May 2018 and
PayAsia became a 100% subsidiary. During this time,
Mark strategically executed over five acquisitions
before being acquired by Deel Inc by way of scheme of
arrangement in November 2022 and delisted.
Mark remains the CEO and Founder PayGroup. Mark was
also a Director and General Manager of PayConnect
Solutions that was acquired by ADP. His previous
senior roles include CEO at Vicplas International Ltd,
a Singapore Stock Exchange listed company, as well
as Executive Director of Omni Industries in Singapore.
Throughout all experience mentioned, Mark was an
invested shareholder.
Safe hands
on the wheel
We have ambitious goals, so we’ve built an ambitious leadership team. They have the
talents, mindsets and skills to achieve our goals, and will keep PaySauce on course as we
scale up for increased sustainable growth.
LEADERSHIP TEAM
89
Highlights
Increased Product & Development
Team headcount by 67%
Mobile product prototype
developed for Australian market
Increased investment in R&D by
78% YOY
Investing in our infrastructure
We’ve always optimised our technology stack for the
best customer experience. Now we’re also optimising it
for future growth. That means ensuring best practices in
our underlying architecture, using our automated testing
environments to make sure every release is squeaky
clean, making those roll-out processes robust, and
testing recovery plans for every contingency.
Investing in security
Payroll is always one of the most confidential parts
of any business. With lots of money movement and a
cloud-based system as well, it’s clear our cybersecurity
has to be robust. We’ve engaged a virtual Chief Security
Officer to discover any vulnerabilities, monitor risks,
and make our systems even more robust. At the same
time, we’re using the latest security tools to ensure our
customer experience stays simple and friendly.
Investing in our people
Our platform is one thing, but nothing happens without
the right people in place. We have a bunch of exciting
new things in the pipeline, so we’ve invested in a lot of
new tech specialists and developers to help us deliver.
In fact we’ve grown our Product and Development team
by 67% to make sure we’re ready for new markets and
growth at scale.
Investing in our operations
One of our biggest strengths is our amazing PayForce
team. They answer big and small customer questions
every day, and of course help with the essential set up
process that creates happy, confident customers who
never want to leave. To create more capacity and better
customer experiences, we’ve integrated a new CRM
and phone system, and made it easier for customers to
self-serve with an online knowledge base of our most
common questions.
Investing in continuous improvement
Delivering a simple, fast and accurate payroll service
is just table stakes for this industry. We’re focused on
going above and beyond, with innovations like our
PayNow service, integrating with other platforms,
taking new approaches to usability and more. This is so
important to our growth we’re now investing 31% of our
recurring revenue into R&D.
PaySauce already has the capacity to cope with far more
growth within the New Zealand market. But that’s not
enough. Our target is now Australia and then the world,
so we’re investing in the capacity, people and partners
we need to deliver on sustainable growth at scale.
This year has been all about building a solid platform
to enable further growth - in particular, a launch into
Australia towards the end of 2023 to cater to a severely
underserviced market there. We’ve invested in people
and tools to continue optimising the existing platform
while simultaneously developing our new mobile
product. We’ve also created a new role within our
Product & Development team to focus on product
quality and improvement. Overall, the size of our
Product & Development team increased by 67%. We’re
continuing to focus on security, scalability and stability
of the existing infrastructure while preparing for our
launch into Australia.
Our technology capability was recognised by
nominations for awards, such as in the Technology
Gold category at the Wellington Gold awards as well as
finalists in partnership with BNZ in the Hi-Tech Awards for
our PayNow product.
By investing in the inf rastructure, following best in class architecture
and security practices, and locking in adjacent markets, we’ll make the
business scalable in a sustainable way. This will enable a platform f rom
which to launch into Australia.
Re-invest for long
term growth
DELIVERING ON THE PLAN
Investing in mobile
Mobile is the preferred platform for the vast majority
of our customers’ employees, and for a lot of our
customers as well. We’ve engaged a mobile tech
expert to help us make our app and tech stack more
responsive, simpler to use and more accessible.
Investing in the Australian market
We already have a beach head in Australia, but now
we’re preparing for the big push. We’ve established
relationships with key partner bodies, like the Chartered
Accountants of Australia and New Zealand as well as
formed new relationships with industry experts in our
chosen Australian markets.
Investing in sales and marketing
Our strategy of developing industry verticals has
been a big success. Around half of all employing dairy
farmers use PaySauce, for example, and now we’re
moving into adjacent markets. Our new Head of Sales
brings extensive experience in SaaS payroll and strong
relationships through partner and industry channels.
To deepen our already excellent relationship with
accountants across Aotearoa, we added two Partner
Support Specialist roles as well as BDMs who regularly
get out and about to visit partners in both the North
and South Island. Investment into our internal support
platform allowed us to set up dedicated channels for
partner support.
We’ve also added a Business Development Manager
to the PayForce to deepen our relationship with
accountants. These critical partners support our existing
customers, and they can also refer us to their other
clients. Our new partnership with CAANZ will strengthen
these relationships, and help us expand in Australia.
New strategic
partnerships
1011
Customer support
We know that as busy employers, customers want to
reach us in a variety of ways depending on what suits
them. To meet that need, we’ve increased the size of the
customer support team by 46%, extended our support
hours, added dedicated partner support channels and
launched a support via chat function. We have continued
to add resources to our online knowledge base allowing
customers to self-serve. We’ve delivered product
enhancements to allow customers to self-serve more,
and future enhancements will have the same focus.
Helping employers follow best practice
Our customers want to carry out their obligations the
right way, with the least friction. That’s why they use us
for their payroll, and they really appreciate our help in
understanding the nitty gritty of employment. With our
partners we’ve run popular webinars on employment
practices, released guides on curly topics like parental
leave and public holidays. We’ve also continued to
support small employers with their employment and
payroll practices, such as delivering webinars with
Our long-term strategy of targeting vertical
markets gives us a deep understanding of our
customers and their unique challenges. We then
tailor our platform, people and processes to suit,
making us unbeatable. That’s led to our industry-
leading Net Promoter Score of 48.
Obsess over
customers
DELIVERING ON THE PLANDELIVERING ON THE PLAN
Highlights
Net Promoter Score of 48
Increased customer
support capability
PayNow saved customers
an estimated $2.2m in
interest and fees
100
-100
0
Channel partnerships
Accountants are important partners for our customers
and for us. We’ve continued to deepen our relationship
with them through a new strategic partnership with
CAANZ.
Our partner programme continues to demonstrate
the mutual benefit of the relationships we have
with accounting partners. Through our partnership
with CAANZ we have attended events, delivering
presentations and further strengthening our
accountant network.
Rural industry partnerships
Our key agribusiness partnerships – Dairy NZ, Dairy
Women’s Network and Federated Farmers – help us
keep our finger on the pulse of our important rural
market, and introduces us to new customers and
customer groups.
We love creating growth through
partnerships. We team up with the
organisations and professionals our
customers already work with, or who our
customers value in other ways. We win, our
partner wins and our customers win too.
Win-win-win
partnerships
Highlights
New relationship with CAANZ for
reach into Australia
New employee share scheme
National brand exposure through
rugby sponsorships
our partners, developing resources for employers to
refer to, and attending and sponsoring conferences.
We’re well engaged with industry communities to make
sure we’re supporting their specific needs and deeply
understanding their challenges and strengths.
PayNow
Our obsession with customers extends to their
employees and how we can make their lives better. Our
partnership with BNZ to deliver the PayNow feature
facilitated $2.8 million in payments, preventing that
money going through predatory payday lenders. This
is even more important in this economic climate as
households face mounting financial pressures. We’ve
been recognised along with our partner BNZ for the
good this does for the community, being nominated as
a Hi-Tech award finalist in the Best Solution for the Public
Good category.
Future customers
This year our obsession with customers and the
employment problems they face saw us extend our
view to Australia, where dairy farmers face significant
challenges around payments and award compliance.
We’ve developed strong relationships across the ditch
and we’re confident that we’re well on the way to solving
a very real need there in 2023. This has been validated by
extensive research, including attending events in Hobart
and Melbourne to get close to our target market, working
with partners and advisors and talking to employers
about the challenges they’re facing.
Sponsorships
We continued to support Taranaki Rugby Football
Union as a First XV partner and entered a new
sponsorship partnership with Wellington Rugby
Football Union, providing back of shorts coverage
for PaySauce across all of the Wellington Lions
players and jersey sponsorship for three of the
Wellington Pride. With Wellington Lions having
secured both the Ranfurly Shield and the Bunnings
NPC title, there was broad television coverage of our
branding.
Branching out beyond rural
Our dominance over payroll in the dairy sector is
testament to our ability to solve problems for small
employers, and while we continue to expand further
into the rural market we’ve also forged strong
connections with new ones: notably construction
and hospitality. We’ve already established good
organic growth in these markets, indicating we’re
a good match for the specific needs of these
employers. Newly cemented partnerships with
Master Builders, Master Plumbers and Hospitality
NZ is just the beginning of our commitment to
developing further within these industries.
Sharing success with our employees
The PayForce is one of our biggest assets, so it’s
only fair they see a return on investment too. So
we’ve launched a share scheme for our employees,
based on their contribution and the time they’ve
been with us.
1213
Highlights
Increased total headcount by 31%
Established a People Experience
function
Providing employees with equity
through a share scheme
Focus on capability, connection
and culture
Attracting awesome people to PaySauce enables us to hire based
on attitude, skills and alignment of values. By offering training and
experiences that enable the payforce to develop ensures they choose
to remain in the business longer.
Awesome people
DELIVERING ON THE PLANDELIVERING ON THE PLAN
New People Experience Team
We’ve had a huge year of growth in the PayForce,
increasing our employee numbers by nearly 50%
over the last 12 months. We’ve established a People
Experience function, including adding to our Executive
Team by hiring a Chief People Officer. This has been
a year of strengthening an already incredibly solid
foundation to prepare ourselves for a huge year ahead.
We’re shooting for the stars, and we’re very happy with
the crew we have onboard.
Being a top employer
Focusing on making sure we have the right capability to
deliver has seen us hire new talent to the PayForce as well
as continue to develop those who were already part of
the team with professional development, promotions
and broader career path options. A record number of
staff moved into new roles within PaySauce: some were
supported to pursue new career paths, shifting focus
from service based roles to product development
roles. Others moved into newly created management
positions to help us make sure every member of the
PayForce is well looked after and supported.
Diversity, equity and inclusion
Meeting the needs of the customers that we support
is core to our being. To do that, the PayForce needs to
accurately reflect the community. Our own diversity is
a strength when it comes to serving a diverse range of
employers and employees across Aotearoa.
In March 2023, women make up 40% of our exec, 40%
of the Board, and 50% of our SLT. Across the company,
we are 60% women. We know that diversity, equity
and inclusion is more than just gender reporting, so our
internal reporting allows us to report on different groups
(age, gender, ethnicity and nationality where those have
been self-reported) and track not just pay trends, but
also turnover, mobility, seniority, promotions and hiring.
This lets us always see how we’re tracking and hold
ourselves accountable to our high standards for how we
grow the PayForce.
Being well-balanced
We continue to ensure that we attract a variety of
candidates to work with us, and make fair decisions
that remove bias as much as possible. Our ads are
checked for gendered language, and we hire those
who will contribute to our culture rather than expecting
them to conform (culture add rather than culture fit). We
make our hiring processes as inclusive and accessible
as possible, and it averages a 9/10 score from all
candidates. The effort put into these processes has paid
off, as we’re attracting high calibre talent and are being
recognised as an employer of choice.
The proof is in the certifications: we continue to be
a certified Living Wage Employer and are currently
working towards B Corp certification.
42
+10
Headcount
We represent... We love...
All staff
Executive team
Male 40%
M
M
MF
F
F
Male 60%
Female 60%
Female 40%
Senior Leadership team
Male 50%
Female 50%
1415
PERFORMANCE fiSAAS METRICSflPERFORMANCE fiSAAS METRICSfl
The rule of 40 provides a balanced measure of two key
metrics for SaaS businesses: growth and profitability.
PaySauce uses the combination of recurring revenue
growth, and EBTDA to assess against this measure.
A score of 40 is widely seen as the benchmark for
SaaS companies. At 67 - PaySauce has surpassed this
benchmark with annual recurring revenue growing +68%
and an improved EBTDA margin of -1%.
Continued strong revenue growth combined with
the careful and deliberate management of resources
has resulted in a strong year for PaySauce ensuring
sustainable growth in an increasingly turbulent tech
sector and economy.
PaySauce SaaS
performance
Sustainable growth
and the rule of 40
*The business results and SaaS metrics reported in the following sections provide an overview of the performance of the business in a
format that we believe is useful for readers to assess the performance of PaySauce as a SaaS business.
Non-Generally Accepted Accounting Principles (Non-GAAP) measures have been included and should not be viewed in isolation, nor
considered as substitutes for measures reported in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS).
We use SaaS metrics to measure each stage
of the customer’s journey - the path to
Total Customer Lifetime Value. Metrics are
explained further in the following sections.
1415
PERFORMANCE (SAAS METRICS)
The Rule of 40 is a useful financial
performance valuation metric for
measuring the balance between growth
and profitability for SaaS businesses.
Recurring revenue growthEBTDA Margin (%)
-100%
-50%
0%
50%
100%
Mar 23Mar 22Mar 21
BenchmarkPYS Rule of 40
-40
0
40
80
Mar 23Mar 22Mar 21
6736-23
PaySauce customers
Michael and Hilary Gray,
owners of Buzz Cafe
At 31 March 2023
Total Customer
Lifetime Value
$
53.7m
77
% YOY
()
Customer pays a monthly
subscription
Recurring Revenue
(Monthly): $81 per customer
Customer receives
support
Cost to Serve (CTS)
(Monthly): $22 per customer
Customer stays with
PaySauce
Customer Lifetime
Average monthly churn
of 0.75%
New customer joins
PaySauce
Customer Acquisition
(CAC)
$500 per customer
Customer Lifetime Value
(CLTV)
$7,817 per customer
$
500
$
81
$
7,817
16:1
CLTV
LTV : CAC
$
22
MAR
11
yrs
1617
PERFORMANCE fiSAAS METRICSflPERFORMANCE fiSAAS METRICSfl
$
500
per customer
PaySauce reached an important milestone during the
year, with around 50% of all employing dairy farms in
New Zealand now using PaySauce. This level of market
penetration has accelerated the shift in focus to new
industries. New partnerships with Hospitality NZ, Master
Builders, and Master Plumbers are helping drive brand
awareness as we’re beginning to expand our reach
into other sectors. We’re continuing to see increased
engagement with new and existing accounting partners
through our partnership with CAANZ.
Recurring revenue grew 68% year on year to $5.7m for
the year ended 31 March 2023. This arose from increased
processing fee revenue due to growth in customer
numbers and pricing changes, as well as increased interest
revenue due to the increasing interest rate environment
and the balance of funds held on behalf of customers.
New customer
joins PaySauce
Customer Acquisition
(CAC)
Customer pays a
monthly subscription
Recurring Revenue
Mar 2023Mar 2022YOY Change
Customer acquisition costs ($000s)
709624
14%
New customers (organic)
1,4171,771
(20%)
CAC per addition
500352
42%
Mar 2023Mar 2022YOY Change
ARR at end of period ($000s)
6,7014,466
50%
Recurring revenue for the period - Total ($000s)
5,7163,399
68%
ARPU (monthly) at end of period ($)
8161
32%
FTEs
4232
31%
Revenue per FTE ($000s)
138110
26%
Annualised recurring revenue (ARR) grew 50% year on year
to $6.7m as at 31 March 2023.
How and why do we monitor
customer acquisition?
PaySauce monitors the cost
of acquiring new customers
as an efficiency metric. The
customer acquisition cost
(CAC) divides the total cost
of acquisition across the new
customers for the period.
Customer acquisition is more
efficient the lower the CAC
per new customer metric.
Definitions. Customer
acquisition costs relate to
acquiring and onboarding
new customers. These
consist of sales and
marketing people costs and
expenses such as digital
marketing, events and
sponsorship. These costs are
expensed as incurred as they
do not relate to any specific
customer or contract for
services.
How and why do we
monitor recurring revenue?
PaySauce monitors the
revenue received from
customers as a grow th
metric. Looking at it from
a customer journey angle,
this is the Average Revenue
per User (ARPU) and is
derived by dividing the total
recurring revenue by the
number of customers in a
period. PaySauce measures
this metric on a monthly
basis - the higher the ARPU,
the more value received from
each customer.
Definitions. Recurring
revenue is revenue that is
expected to repeat into the
future. Recurring revenue for
PaySauce consists of:
• Processing Fees
- the monthly or annual
subscription customers
pay for PaySauce payroll
products.
• Interest Income - interest
earned from funds held
on behalf of PaySauce
customers. As interest
earned on these funds
grows directly in relation to
the number of customers,
this is considered an
additional recurring
revenue stream.
Annualised recurring revenue
(ARR) multiples the recurring
revenue generated in the
last month of the period by
12 to annualise the current
recurring revenue.
$
81
per customer
ARR (Interest)ARR (Processing fees)
$8m
$4m
$6m
$2m
Mar 23Sep 22Mar 22Sep 21Mar 21Sep 20
MAR
1819
PERFORMANCE fiSAAS METRICSflPERFORMANCE fiSAAS METRICSfl
$
22
per customer
11
yrs
The investment into servicing our customers has increased
overall customer satisfaction - reflected with an increase in
NPS to 48 at March 2023. This investment includes additional
headcount and enhancements to our CRM and phone
systems - and provides us with a win-win by enabling greater
efficiencies in serving our customers too. The revenue growth
(up 68%) outpaced growth in cost to serve (up 49%) resulting
in an increased gross margin percentage of 4 percentage
points year on year to 73%.
PaySauce saw average monthly churn decrease to 0.75%, an
11% improvement year on year. Alongside the improvements
in gross margin - this saw a 56% year on year increase in
customer LTV to $7,817 per customer.
This increase in LTV combined with the increase in the number
of PaySauce customers increased total customer LTV by 77%
year on year, growing to $54m as at 31 March 2023.
Customer receives
support
Cost to Serve (CTS)
Customer stays with
PaySauce
Customer Lifetime
Mar 2023Mar 2022YOY Change
Recurring revenue ($000s)
5,7163,399
68%
Less cost to serve ($000s)
(1,569)(1,057)
49%
Gross margin ($000s)4,1462,34377%
Gross margin %
73%69%
4pp
Customer LTV is particularly sensitive to churn and assumes
these levels will remain consistent over an extended future
period. Using the average churn levels for the last three years
(0.83%), total customer LTV would be $4.7m (9%) lower.
Mar 2023Mar 2022YOY Change
Customers at end of period
6,8756,052
14%
Average monthly churn rate for the period (%)
0.750.84
(11%)
LTV per customer at end of period ($)
7,8175,022
56%
Total customer LTV at end of period ($000s)
53,74430,393
77%
LTV:CAC ratio at end of period
16 : 114 : 1
14%
How and why do we monitor
customer lifetime? PaySauce
monitors the retention of
customers. This is measured
using the churn metric which
calculates the percentage
of customers that stop using
PaySauce products each
month. The lower the churn
rate, the higher the derived
lifetime of each customer and
the more value generated from
them. The customer lifetime
value is assessed relative to
the customer acquisition cost
(CAC) to determine the return
on investment of acquiring
new customers.
Definitions. Monthly average
churn rate is the 12 month
average of the net reduction
of customers in a calendar
month. This is expressed as
the percentage of the total
customers at the star t of
that month. The estimated
customer lifetime (in months)
is derived using the inverse of
monthly average churn rate
(being 1 divided by the monthly
average churn rate).
Customer lifetime value (LTV)
is a measure of the gross
margin each customer brings
in over the time they use
PaySauce. LTV is calculated by
multiplying the gross margin
per customer by the estimated
customer lifetime.
Total customer LTV is a
measure of the estimated
value of the current customer
base, assuming that churn,
revenue and cost to ser ve
remain constant. This measure
is calculated by multiplying
customer LTV by the total
number of customers.
LTV : CAC is a measure of
the return on investment of
acquiring a new PaySauce
customer. This measure is
calculated by dividing the
customer LTV by the CAC per
addition.
How and why do we
monitor cost to serve?
PaySauce monitors the cost
of servicing customers as
an efficiency metric. The
cost to serve per customer
(CTS) divides the total cost
to ser ve by the total number
of customers for the period.
The lower the CTS, the more
efficient PaySauce is at
servicing customers.
Definitions. Cost to ser ve
relates to ser vicing PaySauce
customers. These consist
of customer support costs
and expenses such as cloud
hosting, maintenance of our
software products, and bank
fees charged per customer
transaction.
Gross margin represents our
recurring revenue less the
cost to ser ve our customers,
and is also often expressed
as a percentage, where the
gross margin is divided by the
recurring revenue.
Gross margin
Mar 23Sep 22Mar 22Sep 21Mar 21
$60m
$40m
$20m
Sep 20
Total Customer LTV
60%
Mar 23Sep 22Mar 22Sep 21Mar 21Sep 20
75%
2021
PERFORMANCE fiSAAS METRICSflPERFORMANCE fiSAAS METRICSfl
Research and development
costs relate to building new
products and features as
well as enhancing the current
products and infrastructure.
These costs predominantly
consist of the software
development team salaries,
and are either expensed or
capitalised in line with NZ
IFRS requirements. Costs are
expensed if they are primarily
related to researching new
products or maintaining
existing products, and
capitalised if they are related
to developing new and
improving existing products.
Development costs are
discussed in aggregate
below - to demonstrate the
total spend on R&D for the
business in the period before
capitalisation under NZ IFRS
requirements.
Reinvestment for growth has been the focus for PaySauce
this year with investment into product development being
a core component of this. Increased investment has been
made into headcount, outsourced development and
streamlining internal processes as PaySauce builds for
scale. The three focus points for the year have been:
• Enhancing the existing product architecture and
infrastructure for scale.
• Enhancing the existing products in response to
customers needs.
• Building the Australian product.
The capitalisation rate is a measure of how much time is
spent developing and improving products compared to
the time spent maintaining them. This measure improved
3 percentage points year on year to 49% as a result of
streamlining internal processes to execute on the growth
strategy.
Research and development costs increased 80% year
on year, and as a percentage of recurring revenue, these
increased 2 percentage points to represent 31% of
recurring revenue.
General and administration costs increased 20%
year on year at $2.6m, and made up 45% of recurring
revenue, down from 63% last year. This increase includes
establishing a people and culture team with two new
headcount as the company continues to grow (42 FTE’s
as at 31 March 2023), an important next step for PaySauce
that enables the business to scale for growth.
Improvements to structure and process of management,
finance and administration has resulted in greater
efficiencies in supporting the operational arms of the
business without significant investment in new headcount.
This continues the positive downward trend of general and
administration costs as a percentage of recurring revenue
as economies of scale are realised.
Research &
Development
(Building the
product)
General &
Administration
(Keeping the
lights on)
General and administration
costs are the overhead
related costs of running
the business which include
management remuneration,
director fees, office
running costs, finance and
administration, legal and
consulting expenses and
other overheads.
Mar 2023Mar 2022YOY Change
Research & development expensed ($000s)
991556
78%
Research & development capitalised ($000s)
811433
87%
Total research and development costs ($000s)1,78298980%
Percentage of recurring revenue
31%29%
2pp
Capitalisation rate
49%46%
3pp
Mar 2023Mar 2022YOY Change
Total general and administration costs ($000s)
2,5612,135
20%
Percentage of Recurring Revenue
45%63%
(18 pp)
Mar 23Sep 22Mar 22Sep 21Mar 21
125%
100%
75%
50%
Sep 20
G&A cost as a % of revenue
2223
PERFORMANCE fiSAAS METRICSflPERFORMANCE fiSAAS METRICSfl
Recurring revenue increased 68% year on year as a result
of both increases in processing fee and interest revenue.
PaySauce has reinvested this additional revenue with
purpose and care, ensuring that building for growth is
sustainable which is reflected in the EBTDA loss of $0.08m
for the year, an improvement of $0.80m.
The net loss for the year improved 58% year on year,
decreasing from $1.3m to $0.6m.
Cashflows (excluding loan drawdown and movement of
funds held on behalf of customers) increased by $0.5m
year on year for March 2023.
SaaS P&LBusiness results
Earnings Before Tax,
Depreciation and
Amortisation (EBTDA) is
calculated by adding back
depreciation, amortisation
and income tax expense
to the amounts repor ted in
the NZ IFRS-based financial
statements. PaySauce
believes that this measure
provides useful insights to
measure the performance
of PaySauce as a SaaS
business.
EBTDA Margin % is EBTDA as
a percentage of recurring
revenue and is calculated by
dividing EBTDA by recurring
revenue
Cashflow represents
the operational cash
movements. This includes
all cash movements other
than funds received from a
loan drawdown and all cash
movements relating to funds
held on behalf of customers.
Mar 2023Mar 2022
$000s$000s
Processing Fees
4,5923,196
Interest Income
1,123203
Recurring Revenue5,7153,399
Cost to Serve
(1,569)(1,057)
Gross Margin4,1462,342
Gross Margin %73%69%
Other Interest Income
157
Other Revenue
82111
Total Other Revenue97118
Customer Acquisition
(709)(624)
Research & Development
(991)(556)
General & Administration
(2,561)(2,135)
Interest Expense
(62)(25)
Earnings Before Tax, Depreciation and Amortisation (80)(880)
Earnings Before Tax, Depreciation and Amortisation Margin %(1%)(26%)
Depreciation & Amortisation
(498)(419)
Income Tax
2017
Net Loss for the period(558)(1,282)
For the year ended 31 March 2023
Mar 23Sep 22Mar 22Sep 21Mar 21
4000 k
3000 K
2000 K
1000 K
Sep 20
RevenueExpenses
Mar 23Sep 22Mar 22Sep 21Mar 21
- $1.00m
- $1.25m
- $0.75m
- $0.50m
- $0.25m
- $0.00m
Sep 20
Cashflow after financing and customer funds held on behalf
2425
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Consolidated
Financial Statements
For the year ended 31 March 2023
Director’s Report
Independent Auditor’s Report
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Movements in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Company Directory
25
26
30
30
31
33
34
35
72
/
/
/
/
/
/
/
/
/
Directors’ Report
The Board of Directors have pleasure in presenting the annual report of PaySauce Limited, incorporating the
consolidated financial statements and the independent auditor’s report, for the year ended 31 March 2023.
In the opinion of the directors of PaySauce Limited, the consolidated financial statements and notes on pages 30 to 54:
• comply with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and present fairly the consolidated
financial position of the Group as at 31 March 2023 and the results of their operations and cash flows for the year
ended on that date; and
• have been prepared using appropriate accounting policies, which have been consistently applied and supported by
reasonable judgements and estimates.
The directors consider that they have taken adequate steps to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide
reasonable assurance as to the integrity and reliability of the consolidated financial statements.
For and on behalf of the Board of Directors:
Shelley Ruha Jacqueline Cheyne
Chair Chair of Audit & Risk Committee
23 May 2023 23 May 2023
2627
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Why the audit matter is significantHow our audit addressed the key audit matter
Intangible Assets – internally developed software
Intangible assets carrying value of $2,009,000 at 31
March 2023 ($1,586,000 at 31 March 2022) comprised
of computer software, development in progress and
customer relationships.
The Group is a Software as a Service (“SaaS”) provider
which incurs significant expenditure in developing,
upgrading and maintaining software.
NZ IAS 38 Intangible Assets outlines the criteria for
capitalisation of costs associated with developing
the software including whether the software will
generate future economic benefits as disclosed in
Note 5. Capitalised software costs are recognised at
cost and subsequently amortised over their estimated
useful lives. Costs that do not meet the criteria for
capitalisation are expensed to profit or loss as incurred.
Capitalisation of appropriate costs and estimates of
useful life require significant judgement and therefore
have been included as a key audit matter.
We evaluated the appropriateness of additions that
have been capitalised costs or acquired as intangible
assets and management’s estimate of useful life by:
• Inquiry of management, evaluating costs that
have been capitalised with respect to the criteria
outlined in NZ IAS 38 Intangible Assets. We
obtained an understanding of the nature of the
costs including the intent for the software to
be completed and used within the business to
generate future economic benefits;
• Checked costs capitalised and annual amortisation
charged for mathematical accuracy including
sensitivity analysis on rates applied;
• Agreed a sample of costs capitalised for sufficient
appropriate audit evidence;
• Assessed management’s estimate of the useful life
of intangible assets for reasonableness based upon
the expected future period of use of the asset; and
• Reviewed disclosures in the financial statements for
reasonableness and appropriateness.
Independent
Auditor’s Report
To the Shareholders of PaySauce Limited
Report on the Audit of the
Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of PaySauce Limited (the “Company”) and its subsidiaries (“the
Group”) on pages 30 to 54 which comprise the consolidated statement of financial position as at 31 March 2023, and the
consolidated statement of comprehensive income, consolidated statement of movements in equity and consolidated
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as at 31 March 2023 and its financial performance and cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) issued by the New
Zealand Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by the
New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described
in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are
independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance
Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no other relationship with, or interests in, the Company or any of its
subsidiaries.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit matters to be
communicated in our report.
2829
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Why the audit matter is significantHow our audit addressed the key audit matter
Employee Share Scheme
During the year the Company approved an employee
share scheme for staff. In combination with the
previously approved share scheme this has resulted in
the recognition of $354,000 of employee cost in the
year ended 31 March 2023 with an increase in the share
based payment reserve of $111,000 and recognition of
related employee tax obligations of $107,000.
Due to the complexity of accounting arising from
accounting standard NZ IFRS 2 Share Based Payments
and the degree of judgements and estimates required
by management, we have determined this to be a key
audit matter.
We evaluated the appropriateness of recognition and
measurement of employee share-based payments by:
• Reviewing board minutes and other
announcements in respect of communications of
the scheme including review and assessment of the
approved scheme arrangement documentation;
• Obtained managements expert report prepared
by PWC providing advice on the accounting,
measurement and recognition of the employee
share scheme. Reviewed the report for
reasonableness obtaining sufficient appropriate
audit evidence for key judgements and estimates
made by management;
• Assessed the methodology and reasonableness of
fair value measurements of share options; and
• Reviewed disclosures in the financial statements for
reasonableness and appropriateness.
Other Information
The Directors are responsible for the other information. The other information comprises the strategic plan and highlights,
leadership messages, leadership team, delivering on the plan, Performance (SaaS metrics), corporate governance,
disclosures and company directory but does not include the consolidated financial statements and our auditor’s report
thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material misstatement of this information, we are required to report that
fact. We have nothing to report in this regard.
Directors’ responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS issued by the New Zealand Accounting Standards Board, and for such
internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the External
Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we
might state to the Company’s shareholders, as a body those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and its shareholders, as a body, for our audit work, for this report or for the opinion we
have formed.
Grant Thornton New Zealand Audit Limited
B Smith, Partner
Auckland
23 May 2023
3031
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2023
20232022
Notes$000s$000s
Operating revenue
85,8133,517
Expenses
Employee expenses
9(3,739)(2,928)
Other expenses
12(2,092)(1,444)
Depreciation and amortisation
4,5(498)(419)
Finance costs
11(62)(25)
Total expenses
(6,391)(4,816)
Net loss before income tax
(578)(1,299)
Tax benefit
132017
Net loss for the period
(558)(1,282)
Other comprehensive income
--
Total comprehensive loss for the period(558)(1,282)
Loss per share
CentsCents
Basic loss per share
7(0.40)(0.93)
Diluted loss per share7(0.40)(0.93)
The above statement should be read in conjunction with the accompanying notes.
Consolidated Statement
of Financial Position
As at 31 March 2023
20232022
Notes$000s$000s
Assets
Current assets
Cash and cash equivalents
228,67310,205
Term deposits
2224,20017,725
Trade receivables
12481
Other assets
638392
Total current assets
33,63528,403
Non‑current assets
Property, plant and equipment
4358137
Intangible assets
52,0091,586
Total non‑current assets
2,3671,723
Total assets 36,00230,126
Liabilities
Current liabilities
Trade and other payables
627454
Funds due to customers and IRD
2232,36927,338
Employee benefits
19372282
Other liabilities
346291
Lease liabilities
11466
Total current liabilities 33,82828,431
The above statement should be read in conjunction with the accompanying notes.
3233
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Consolidated Statement
of Financial Position (cont.)
As at 31 March 2023
20232022
Notes$000s$000s
Non‑current liabilities
Lease liabilities
115-
Employee benefits
191427
Interest bearing liabilities
650-
Total non‑current liabilities
77927
Total liabilities
34,60728,458
Net assets
1,3951,668
Equity
Share capital
613,21213,039
Reserves
242131
Accumulated losses
(12,059)(11,502)
Equity attributable to the owners of the Company
1,3951,668
The above statement should be read in conjunction with the accompanying notes.
For and on behalf of the Board of Directors, who authorised the issue of these Consolidated Financial Statements on 23rd
May 2023:
Shelley Ruha Jacqueline Cheyne
Chair Chair of Audit & Risk Committee
23 May 2023 23 May 2023
Consolidated Statement
of Movements in Equity
For the year ended 31 March 2023
Attributable to equity holders of the Company
Share-based
payment
reserve
Share CapitalAccumulated
losses
Total
Notes
$000s$000s$000s$000s
Balance as at 1 April 2022
13113,039(11,502)1,668
Comprehensive loss
Net loss for the period--(557)(557)
Other comprehensive income----
Total comprehensive loss--(557)(557)
Transactions with owners
Share-based payments, net of tax
19
257--257
Share-based payments paid up
6
(146)146--
Issue of ordinary shares
6
-27-27
Total transactions with owners111173-284
Balance as at 31 March 202324213,212(12,059)1,395
Balance as at 1 April 2021
-12,652(10,220)2,432
Comprehensive loss
Net loss for the period--(1,282)(1,282)
Other comprehensive income----
Total comprehensive loss--(1,282)(1,282)
Transactions with owners
Share-based payments, net of tax
19
131--131
Issue of ordinary shares
6
-387-387
Total transactions with owners131387-518
Balance as at 31 March 202213113,039(11,502)1,668
The above statement should be read in conjunction with the accompanying notes.
3435
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Consolidated Statement
of Cash Flows
For the year ended 31 March 2023
20232022
Notes
$000s$000s
Cash flows from / (used in) operating activities
Receipts f rom customers
4,2903,062
Interest received
970177
Payments to suppliers and employees
(4,978)(3,888)
Taxes (paid) / refunded
(13)8
Interest paid
(5)(25)
Net cash from / (used in) operating activities before
increase in funds due to customers and IRD
22
264(666)
Increase in funds due to customers and IRD
22
5,0317,374
Net cash from operating activities
18
5,2956,708
Cash flows used in investing activities
Funds on term deposit
(6,475)(6,125)
Investment in intangible assets
(791)(433)
Purchases of property, plant and equipment
(118)(42)
Other investing activities
-(27)
Net cash used in investing activities
(7,384)(6,627)
Cash flows from / (used in) financing activities
Loan advances
650-
Repayments of principal portion of lease liability
(55)(32)
Repayments of other borrowings
(38)-
Net cash from / (used in) financing activities
557(32)
Net (decrease) / increase in cash and cash equivalents
(1,532)49
Cash and cash equivalents at beginning of the period
10,20510,156
Cash and cash equivalents at end of the period8,67310,205
The above statement should be read in conjunction with the accompanying notes.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023
1. General information
PaySauce Limited (the “Company” or “PaySauce”), is a for-profit limited liability company, domiciled and incorporated in
New Zealand and registered under the Companies Act 1993. The company is an FMC Reporting Entity for the purpose of
the Financial Markets Conduct Act 2013. PaySauce is listed on the New Zealand Stock Exchange (“NZX”) that trades under
the ticker PYS.
The Group provides Software as a Service (SaaS) solutions for people at work in 14 jurisdictions across the Asia-Pacific
region. Providing employers the technology to digitally onboard, pay and manage employees from any device. The
PaySauce platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments,
PAYE filing, labour costing, automated general ledger entries and digital employment contracts.
The consolidated financial statements for the Company and its subsidiaries (the “Group”) for the year ended 31 March
2023 were authorised in accordance with a resolution of the directors for issue on 23 May 2023 and are audited.
2. Summary of significant accounting policies
Basis of preparation
These consolidated financial statements have been prepared:
• in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”)
• in accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and other
applicable Financial Reporting Standards, as appropriate for profit oriented entities
• in accordance with International Financial Reporting Standards (“IFRS”)
• in accordance with the requirements of the Financial Markets Conduct Act 2013;
• on the basis of historical cost;
• in New Zealand dollars (NZD) with all values rounded to the nearest one thousand dollars ($1,000) unless otherwise
stated;
• on the assumption that the Group is a going concern.
There were no new standards, amendments or interpretations issued in the financial period which would materially impact
the financial statements.
a. Basis of consolidation
The Group financial statements incorporate the financial statements of the Company and its subsidiaries as at 31 March
2023. All subsidiaries are wholly owned and controlled by the Company as at 31 March 2023 and have a reporting date of
31 March 2023 (note 21).
All transactions and balances between the Group are eliminated on consolidation. Amounts reported in the financial
statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies
adopted by the Group.
3637
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (New Zealand). The consolidated financial statements are
presented in New Zealand dollars ($), which is the Group’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions or valuation where items are re-measured.
b. Goods and Services Tax (GST)
All revenue and expense transactions are recorded exclusive of GST. Assets and liabilities are similarly stated exclusive of
GST, with the exception of receivables and payables, which are stated inclusive of GST.
c. Leases
Payments associated with short-term leases and leases of low-value assets are recognised on a straight line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise
IT-equipment and small items of office furniture.
Lease liabilities are initially measured at the present value of the remaining lease payments, discounted at the Group’s
incremental borrowing rate. Subsequently, the carrying value of the liability is adjusted to reflect interest and lease
payments made.
PaySauce recognised a right-of-use asset and corresponding lease liability for the property lease entered into during the
period at 85 The Esplanade, Petone.
3. Use of critical accounting estimates and judgements
The preparation of the consolidated financial statements requires PaySauce to make a number of judgements, estimates
and assumptions. Estimates and underlying assumptions are reviewed on an on-going basis.
Information about critical judgements and significant estimates used in applying accounting policies that have the most
significant effect on the amounts recognised in the consolidated financial statements are included below and in the
following notes:
• Intangible Assets (Note 5)
• Employee Share Scheme (Note 19)
• Tax Expense (Note 13)
Going concern
The consolidated financial statements have been prepared on a going concern basis.
The Group made a net loss before tax of $0.578 million for the year ended 31 March 2023 (2022: $1.299 million), has equity
at 31 March 2023 of $1.395 million (2022: $1.668 million) and net current liabilities of $0.193 million (2022: $0.028 million).
The Group now has positive operating cash flows. Additional investment into capital expenditure was funded by debt of
$0.650 million. The Group also has further debt facilities of $0.250 million to draw upon as required.
The Directors consider after making due enquiry and having regard to the circumstances which they consider reasonably
likely to affect the Group for the foreseeable future, which is not less than 12 months from the date these financial
statements are approved for issue, that the going concern assumption is valid.
4. Property, plant and equipment
Right-of-
use Asset
(Property)
Office
Equipment
Leasehold
Improvements
Computer
EquipmentTotal
Year ended 31 March 2023$000s$000s$000s$000s$000s
Opening net book value5830742137
Additions23942472357
Disposals/modifications-(1)-(5)(6)
Depreciation(69)(11)(7)(43)(130)
Closing net book value22860466358
As at 31 March 2023
Cost44112115224801
Accumulated depreciation(213)(61)(11)(158)(443)
Net book value22860466358
Right-of-
use Asset
(Property)
Office
Equipment
Leasehold
Improvements
Computer
EquipmentTotal
Year ended 31 March 2022$000s$000s$000s$000s$000s
Opening net book value30335756401
Acquisitions---22
Additions(5)1013036
Disposals(189)--(5)(194)
Depreciation(51)(15)(1)(41)(108)
Closing net book value 5830742137
As at 31 March 2022
Cost
2038011156450
Accumulated depreciation(145)(50)(4)(114)(313)
Net book value5830742137
3839
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Items of computer, office equipment, leasehold improvements are measured at cost less accumulated depreciation and
accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral
to the functionality of the related equipment is capitalised as part of that equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss within the
Statement of Comprehensive Income.
Depreciation is recognised in profit or loss on a straight line basis over the estimated useful lives of each item of
equipment.
The depreciation rates for the current and comparative years of significant items of property, plant and equipment are as
follows:
Right-of-use asset25 - 50%
Office equipment8.5 - 67%
Leasehold improvements25 - 50%
Computer equipment40 - 48%
Depreciation methods, useful lives and residual values are reviewed at each reporting period and adjusted if appropriate.
The carrying values of property, plant and equipment are reviewed annually for impairment when events or changes in
circumstances indicate the carrying value may not be recoverable.
5. Intangible assets
Development
in progress
Computer
Software
Customer
RelationshipsTotal
Year ended 31 March 2023
$000s$000s$000s$000s
Opening net book value4008912951,586
Additions14339-182
Development costs recognised as an asset57138-609
Development in progress recognised as
Software(315)315--
Amortisation-(297)(71)(368)
Closing net book value7999862242,009
As at 31 March 2023
Cost7992,0763543,229
Accumulated amortisation-(1,090)(130)(1,220)
Net book value7999862242,009
Development
in progress
Computer
Software
Customer
RelationshipsTotal
Year ended 31 March 2022
$000s$000s$000s$000s
Opening net book value213692-905
Acquisitions-205354559
Additions-20-20
Development costs recognised as an asset255158-413
Development in progress recognised as
Software(68)68--
Amortisation-(252)(59)(311)
Closing net book value4008912951,586
As at 31 March 2022
Cost
4001,6843542,438
Accumulated amortisation-(793)(59)(852)
Net book value4008912951,586
4041
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Finite life intangible assets
Acquired computer software licences and costs associated with developing computer software are capitalised on the
basis of the costs incurred to acquire and bring the specific software into use. All intangible assets of PaySauce are finite
life intangible assets.
Development expenditure initially recognised as an expense is not recognised as an asset in subsequent periods.
Costs associated with maintaining computer software programs are recognised as an expense as incurred.
Developed and acquired software is measured at cost less accumulated amortisation and impairment losses, if any.
Amortisation is recognised in the Statement of Comprehensive Income on a straight-line basis over 5 years.
Key estimates and judgements
Capitalisation of intangible assets
Management considers the time and associated salary cost of development staff to fall under the classification of
development expenditure for assessment purposes in accordance with the principles outlined below. No indirect people
costs, nor weighting of overheads is applied in these calculations.
Development expenditure is capitalised if, and only if the Group can demonstrate all of the following:
• its ability to measure reliably the expenditure attributable to the asset under development;
• the product or process is technically and commercially feasible;
• its future economic benefits are probable;
• its ability to use or sell the developed asset; and
• the availability of adequate technical, financial and other resources to complete the asset under development.
Accounting for finite life intangible assets
At each reporting date, the useful lives and residual values of finite life intangible assets are reviewed for indicators
of impairment. As at 31 March 2023, the assets were assessed for indicators of impairment, taking into account the
condition of the assets, expected period of use of the assets by the Group, and expected disposal proceeds from any
future sale of the assets. Management’s assessment concluded that there were no indicators of impairment.
Development in progress has been tested for impairment by reviewing the nature of the events that originally gave rise
to the recognition of the asset, the estimation of future generation of cash flows and any anticipated changes to the
business or product circumstances. Management’s assessment concluded that there were no indicators of impairment
of this asset as at 31 March 2023.
6. Share capital
DateDetailsNotesNumber of Shares$000s
1 April 2022Opening Balance138,583,81913,039
Issue of ordinary shares(i)273,24474
Share based payment(ii)98,46027
Issue of ordinary shares(iii)252,41272
31 March 2023Closing Balance139,207,93513,212
1 April 2021Opening Balance137,026,27812,652
Share based payment(iv)1,416,164348
Share based payment(v)141,37739
31 March 2022Closing Balance138,583,81913,039
Fully paid up, ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary
shares are recognised as a deduction from equity, net of any tax effects.
(i) On 31 May 2022: Shares issued (unpaid) as part of the 31 March 2022 employee share scheme were paid up as
tranche 1 of the scheme vested for those employees who met the vesting conditions. 273,244 shares were fully paid
up via a discretionary bonus approved by the board. This resulted in an issue of 273,244 ordinary shares at $0.2842
per share, totalling an issue of $0.078m. Directly attributable costs totalled $0.004m, bringing the net share issue to
$0.074m.
(ii) On 28 February 2023: PaySauce issued ordinary shares to remunerate and align the interests of a new director with
PaySauce shareholders ahead of their formal appointment to the Board. There was no vesting period, and the shares
were issued subject to the Director continuing to hold office until voted in by shareholders at the Annual Shareholders
Meeting. The allotment on 28 February 2023 resulted in 98,460 shares being issued at a price of $0.2694 per share,
satisfying remuneration arrangements to the value of $0.003 million expensed in the consolidated statement of
comprehensive income.
(iii) On 31 March 2023: Shares issued (unpaid) as part of the 31 March 2022 employee share scheme were paid up as
tranche 2 of the scheme vested for those employees who met the vesting conditions. 252,412 shares were fully paid
up via a discretionary bonus approved by the board. This resulted in an issue of 252,412 ordinary shares at $0.2842
per share, totalling an issue of $0.072m.
(iv) On 31 May 2021: PaySauce acquired the business and assets of SmoothPay Limited. PaySauce issued 1,416,164
ordinary shares as consideration for the purchase, issued at a price of $0.2648 per share, totalling a purchase price of
$0.375 million. Directly attributable costs totalled $0.027 million, bringing the net share issue to $0.348 million.
(v) On 31 December 2021: PaySauce issued ordinary shares to remunerate and align the interests of a new director with
PaySauce shareholders ahead of their formal appointment to the Board. There was no vesting period, and the shares were
issued subject to the Director continuing to hold office until voted in by shareholders at the Annual Shareholders Meeting.
The allotment on 31 December 2021 resulted in 141,377 shares being issued at a price of $0.2847 per share, satisfying
remuneration arrangements to the value of $0.04 million expensed in the consolidated statement of comprehensive
income. Directly attributable costs totalled $0.001 million, bringing the net share issue to $0.039 million.
4243
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Dividends
No dividends were declared or paid during the reporting period (2022: None).
Capital Risk Management
The Group considers its capital to comprise its fully paid up, ordinary share capital and accumulated retained earnings.
When managing capital, management’s objective is to achieve optimal long term capital returns to shareholders and
benefits for other stakeholders. Management also aims to maintain a capital structure that ensures the lowest cost of
capital available to the Group.
7. Earnings / (loss) per share
20232022
Basic earnings per share
Net loss used in calculating earnings per share ($000s)(557)(1,282)
Weighted average number of ordinary shares for basic earnings per share138,434,287138,241,759
Basic loss per share (cents)(0.40)(0.93)
There are no financial instruments on issue that will dilute the basic earnings per share amounts for the year ended 31
March 2023.
Basic earnings per share is calculated by dividing the profit / (loss) attributable to equity holders of the Company by the
weighted average number of fully paid up ordinary shares on issue during the period.
8. Operating revenue
20232022
$000s$000s
Revenue f rom contracts with customers
- Processing fees4,5923,196
- Other services revenue6560
Revenue f rom other sources
- Interest income1,139210
- Other revenue1751
Total operating revenue5,8133,517
There are no significant estimates or judgements surrounding recognition of revenue.
Revenue from contracts with customers
Processing fees
Revenue from processing fees includes both fixed and incremental components based on the number of employees and
pays processed for the customer. Revenue is recognised at the point in time the service is provided, which is when the
customer’s payroll has been processed.
Other services revenue
Revenue from sales of digital contracts are recognised when the customer has used the service. Revenue is recognised
at the point in time the service is provided, which is when the customer uses the contract builder application.
Revenue from other sources
Interest income
Interest income is generated from the balance of PAYE funds held due to IRD is determined to be operating revenue by
the Group. Interest income is accrued using the effective interest rate method.
Other revenue
Other revenue is recognised upon completion of services at a point in time.
9. Employee expenses
20232022
$000s$000s
Employee benefits/entitlements3,2512,630
Employee benefits/entitlements - share based payments355200
Fringe benefit tax1932
Other employee expenses11466
Total employee expenses3,7392,928
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service
is provided.
4445
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
10. Research & Development
20232022
$000s$000s
Research & development costs expensed
(included in note 9 - Employee expenses under Employee benefits/
entitlements, and note 12 - Other expenses under
Inf rastructure and security)991556
Total research & development991556
11. Finance Costs
20232022
$000s$000s
Interest paid57-
Finance cost - Interest on lease525
Total finance costs6225
12. Other expenses
20232022
$000s$000s
Advertising, PR and marketing273109
Audit fees7069
Communications and subscriptions239221
Customer and transactional489335
Directors’ fees197177
Professional services53115
Office running, rent and insurance129120
Other overheads117101
Inf rastructure and security429144
Travel9653
Total other expenses2,0921,444
13. Tax expense
20232022
(a) Income Tax$000s$000s
Net loss before tax for the period5781,299
At the New Zealand statutory income tax rate of 28%161364
Deferred tax adjustments2017
Non-deductible expenditure
(27)(14)
Prior period adjustments(112)91
Recognition of tax losses(22)(441)
Income tax benefit2017
Opening Deferred Tax Liability82-
Increases to Deferred Tax Liability-99
Decrease to Deferred Tax Liability
(20)(17)
Closing Deferred Tax Liability6282
Tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
• temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss;
• temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is
probable that they will not reverse in the foreseeable future; and
• taxable temporary differences arising on the initial recognition of goodwill.
The Group has not recognised any deferred tax in accordance with the key estimates and judgements below.
Key estimates and judgements
The Group holds tax losses of $8.926 million as at 31 March 2023 (2022: $8.844 million) available to carry forward, subject
to shareholder continuity being maintained. Deferred tax assets are only recognised to the extent that it is probable that
future taxable profits will be available to use against the asset. These are reviewed at each reporting period and adjusted
if appropriate. Management has assessed that no losses are to be recognised as deferred tax assets as at 31 March 2023
as the Group is not yet profitable and for the foreseeable future expects to reinvest profits back into the business.
14. Interest bearing liabilities
The Group entered into a revenue based funding agreement with BNZ for $0.65m on 26 April 2022, which was drawn
down on 20 June 2022. The repayment terms are interest only, starting on 20th July 2022 and continuing until 20 June
2024. Repayment of the principal is also due on 20 June 2024.
4647
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
The Group is required to maintain an Annual Recurring Revenue growth rate of at least 20% p.a. over the term of the
facility, tested at the end of each financial quarter. The funding is also provided on the basis that no dividend be paid out
during the term of the facility.
The loan is secured over all present and acquired property of the Group.
The loan carries a variable interest rate being BNZ’s floating interest rate which was 11.47% at 31 March 2023.
20232022
$000s$000s
BNZ Term Loan650-
Total interest bearing liabilities650-
15. Key management personnel and related parties
Key management personnel compensation
Key management personnel are defined as those persons having authority and responsibility for planning, directing and
controlling the activities of the Group, directly or indirectly and include the Directors, the Chief Executive Officer and the
Executive Leadership Team.
The table below summarises remuneration paid to key management personnel.
20232022
$000s$000s
Directors’ fees152215
Short term employee benefits876784
Share-based payments131-
Total key management personnel compensation1,159999
Related party transactions and balances
A number of key management personnel, or their related parties, hold positions in other entities that result in them
having control or significant influence over the financial or operating policies of those entities. A number of those entities
subscribe to services provided by the Group. None of the related party transactions are significant to either party.
Outside of these transactions, and the Directors’ fees and short term employee benefits noted above, all other related
party transactions are outlined below:
20232022
Related party transactions during the period$000s$000s
Consulting services supplied by entities controlled by related parties
Catalyst.Net Limited-6
Cloud hosting services supplied by entities controlled by related parties
Catalyst Cloud Limited113105
20232022
Related party balances payable at period end$000s$000s
Directors’ Fees1211
Cloud Hosting Services119
20232022
Related party balances receivable at period end$000s$000s
Prepaid Directors’ Fees2033
PaySauce Limited has a standby debt facility agreement with Director Gavin Thompson. The facility totals $0.25M and
can be drawn on demand, within three years from the date of the agreement (December 2021). The interest rate in the
agreement is linked to the floating interest rate of ASB Bank Limited. As at 31 March 2023, no funds have been drawn.
16. Financial instruments
The Group’s financial assets mainly comprise of Cash and Cash Equivalents and Term Deposits. Cash and Cash
Equivalents is comprised of cash on hand. Term Deposits are measured at amortised cost. Cash and Cash Equivalents
and Term Deposits includes funds collected from customers as a PAYE intermediary (note 22).
Classification and measurement of financial liabilities
The Group’s financial liabilities include trade and other payables, funds due to customers and IRD, other liabilities
(including an overdraft facility used to operate our BNZ PayNow feature), and interest bearing liabilities.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs. Subsequently,
financial liabilities are measured at amortised cost using the effective interest method.
a. Categories of Financial Assets & Liabilities
The Carrying amounts presented in the statement of financial position relate to the following categories of assets and
liabilities.
20232022
Financial assets$000s$000s
Financial assets at amortised cost
Cash and cash equivalents8,67310,205
Term deposits24,20017,725
Trade and other receivables12481
Total financial assets32,99728,011
4849
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
20232022
Financial liabilities$000s$000s
Financial liabilities at amortised cost
Funds due to customers and IRD32,36927,338
Trade and other payables574390
Other liabilities346291
Interest bearing liabilities650-
Total financial liabilities33,93928,019
The Group is exposed to a variety of financial risks. The financial risks arise from the business activities of the Group. The
specific financial risks that the Group is exposed to are discussed below.
b. Market Risk
(i) Credit risk
As a SaaS business with minimal credit exposure, credit risk is relatively low relating to revenue received from customers
and any associated trade receivables. For other financial assets (including cash and bank balances), the Group minimises
credit risk by dealing exclusively with high credit rating counterparties.
Credit risk concentration profile
The Group manages credit risk by placing its cash and short term investments with high quality financial institutions. The
majority of the Cash and Cash Equivalents are held with ASB Bank and BNZ, both of which have a credit rating of A+ from
Fitch, AA- from Standard & Poor’s, and Aa3 from Moody’s.
Exposure to credit risk
As the Group does not hold any collateral, the maximum exposure to credit risk is represented by the carrying amount of
the financial assets as at the end of the reporting period.
(ii) Liquidity risk
Liquidity risk arises mainly from business activities. The Group manages liquidity risk by ensuring cash flow is planned
ahead of time, and funding is planned and organised when required, to ensure the Group will be able to meet its financial
obligations. The following table sets out the maturity profile of the financial liabilities as at the end of the reporting period
based on contractual undiscounted cash flows (including interest payment computed using contractual rates or, if
floating, based on the rate at the end of the reporting period):
Carrying amountTotal0-6 months7-12 months1-2 years
Year ended 31 March 2023$000s$000s$000s$000s$000s
Funds due to customers and IRD32,36932,36932,369--
Trade and other payables574574574--
Other liabilities
346346346--
Lease liabilities
2302536666121
Interest bearing liabilities
6507363737662
Total34,16934,27833,392
103783
Year ended 31 March 2022$000s$000s$000s$000s$000s
Funds due to customers and IRD27,33827,33827,338--
Trade and other payables390390390--
Other liabilities291291291--
Total28,01928,01928,019--
(iii) Interest rate risk
PaySauce’s interest rate risk arises from the interest that it earns from its cash and cash equivalents. These funds are
subject to variable interest rates that expose PaySauce to cash flow interest risk rate. PaySauce does not currently use
any derivative products to manage interest rate risk.
As at balance date, none of the funds held in term deposits were subject to interest periods of greater than 12 months.
An analysis of the sensitivity of the Group’s earnings due to movements in interest rates is shown below.
20232022
Effect on net profit before tax$000s$000s
Cash and cash equivalents and term deposits
Each 100 basis point increase in interest rate304190
Each 100 basis point decrease in interest rate(304)(190)
Interest bearing liabilities
Each 100 basis point increase in interest rate7-
Each 100 basis point decrease in interest rate(7)-
The above information is calculated by applying the effective movement to the average balance of cash and cash
equivalents, term deposits, and interest bearing liabilities. Cash and cash equivalents and Term Deposits totalled $32.87
million as at 31 March 2023 (2022: $27.93 million). Interest bearing liabilities totalled $0.65 million as at 31 March 2023
(2022: nil).
5051
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
17. Fair values of financial assets and liabilities
The carrying values of short term financial assets and liabilities approximate their fair values. Short term financial assets
include cash, trade and other receivables and related party receivables.
18. Reconciliation of net loss after tax to net cash flows from operations
20232022
$000s$000s
Net Loss after taxation(557)(1,282)
Add back / (deduct) non-cash & non-operating items:
Depreciation & amortisation
498419
Loss on disposal of fixed assets54
Share based payment expense283170
Other non-cash & non-operating items19(97)
248(786)
Movement in working capital:
(Increase)/decrease in Trade and other receivables(42)(62)
(Increase)/decrease in Other assets
(246)(225)
Increase/(decrease) in Funds due to customers and IRD5,0317,374
Increase/(decrease) in Trade and other payables172156
Increase/(decrease) in Employee benefits 78107
Increase/(decrease) in Other liabilities54144
Net cash inflow from operating activities5,2956,708
51
FINANCIAL STATEMENTS
19. Employee Share Scheme
The Group has two Employee Share Scheme (ESS), where shares have been issued unpaid and, once allocated to
employees, may be paid up by those employees (or on their behalf by the Group) when the shares vest. Once ESS Shares
vest and are fully paid up, they become ordinary shares (Quotable Financial Product NZX:PYS). The first Employee Share
scheme (F22 ESS) issued ESS Shares (unvested and not paid up) in March 2022 with a service commencement date of 1
April 2022. The second scheme (F23 ESS) issued ESS shares on 31 March 2023 with a service commencement date of 1
April 2023.
The group provides benefits to employees in the form of share-based payment transactions, whereby employees render
services in exchange for shares or right over shares (‘equity settled transactions’) and/or cash settlements based on the
value of equity instruments of the group (‘cash settled transaction’). The cost of the transaction is spread over the period
in which the employees provide services and become entitled to the awards.
The cost of the equity-settled transactions with employees is measured by reference to the fair value of equity
instruments at the date at which they are granted. The cost of equity-settled transactions is recognised in the statement
of financial performance together with a corresponding increase in equity.
The fair value of the cash-settled transactions is determined at each reporting date and the change in fair value is
recognised in the income statement with a corresponding increase in the liability.
On grant date, an ESS agreement is entered into between each eligible employee and the Company stipulating the
number of ESS shares granted and their vesting schedules. On vesting date, the ESS shares are made available to be paid
up and converted into ordinary shares in the Company. Vesting is conditional on the employees remaining employed or
engaged under contract for personal service by the Company. For the current schemes the vesting schedules stipulate
one third of the shares vest on issue date, the second third vest one year from the issue date and the balance will vest two
years from the issue date.
ESS shares may be paid up by a Discretionary Bonus or in cash. The Company will determine the value of any Discretionary
Bonus based on the achievement of 100% of the budgeted EBIT and the employee’s achievement of their personal KPI
objectives. The payment and amount of the Discretionary bonus will be decided and communicated by the Company at
its sole discretion.
Any Discretionary Bonus attracts income tax on the employees. The income tax and other deductibles are deducted and
the net amount will be used to fully pay up as many of each employee’s vested shares as possible. Any ESS shares which
have vested and remain unpaid are available to the employees to pay up if they wish to do so. Any ESS shares that are
forfeited during the period (i.e. vesting conditions aren’t met) are returned to the ESS shares pool as unallocated.
For accounting purposes, the pool of ESS shares which have vested, but remain unpaid are accounted for in the same way
as options since the employee has the option to pay up the remaining unpaid ESS shares at the strike price. The vested,
but unpaid ESS shares are therefore valued at fair value, determined by using the Black-Scholes valuation model. The
weighted average fair value of the remaining vested, unpaid ESS shares during the year was $0.08 per remaining vested,
unpaid ESS share as at 31 March 2023 (2022: $0.06).
The inputs into the model were the market share price at valuation date, share strike price at grant date, expected
annualised volatility of 31%, a dividend yield of 0%, an expected life of the remaining shares between 3 and 5 years, and
an annualised risk-free interest rate of 4.25%.
The volatility input is based on a statistical analysis of historical daily share prices, with 31% representing the annualised
volatility over the past 6 months. The impact on the fair value of the remaining shares would not have been materially
different had a different time period been chosen.
5253
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
52
FINANCIAL STATEMENTS
ESS Share movements (volume 000s)
Scheme
and
TrancheGrant DateVesting Date
Allotted
ESS
shares at
beginning
of the year
Granted
during the
year
Paid up
during the
year
Forfeited
during the
year
Allotted ESS
shares at
the end of
the year
F22 ESS
T1
20 May
2022
31 Mar
2022422-(273)(20)129
F22 ESS
T2
20 May
2022
31 Mar
2023422-(252)(28)141
F22 ESS
T3
20 May
2022
31 Mar
2024422--(32)389
F23 ESS
T1
18 May
2023
31 Mar
2023-543--543
F23 ESS
T2
18 May
2023
31 Mar
2024-543--543
F23 ESS
T3
18 May
2023
31 Mar
2025-543--543
Total1,2651,629(526)(80)2,288
Weighted average strike price of ESS
Shares
$0.2842$0.2596$0.2842$0.2842$0.2667
Where a tranche of ESS shares has vested, the value of the ESS shares remaining at the end of the year,
represents the PAYE which will be settled by the Group on each employee’s behalf. For the tranches which have
not yet vested, an estimate for the value of the future PAYE to be deducted has been made, based on the tax
payable for individuals at their current marginal rates. As a result, a PAYE liability has been accrued as follows:
20232022
Share-based payment liabilities$000s$000s
Current9442
Non-current1426
Total share-based payment liabilities10768
The employee liabilities in the consolidated statement of financial position also include other employee entitlements
such as accrued leave.
20. Segment reporting
The Group is organised into one reportable operating segment only, being SaaS based employment and payment
solutions for people at work in 14 jurisdictions across the Asia-Pacific region, primarily within New Zealand. Providing
employers the technology to digitally onboard, pay and manage employees from any device. The PaySauce platform
includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE filing, labour
costing, automated general ledger entries and digital employment contracts. The chief operating decision maker has
been identified as the Board of Directors, as it makes all key strategic resource allocation decisions (such as those
concerning acquisition, divestment and significant capital expenditure).
Overseas revenue earned is not material and no separate geographical segment has been reported.
21. Investments in subsidiary
The Company had the following subsidiaries at 31 March 2023:
Entity NameDate of
incorporation
Nature of
business
Equity
held
Value
held
Country of
incorporation
Balance
date
%$
PaySauce Operations
Limited
07/01/2015SaaS
Employment
Solutions100309,278New Zealand31 March
Right Remuneration
Limited
22/01/2015PAYE
Intermediary100-New Zealand31 March
Payroll.Kiwi Limited01/08/2017Employee
Share Scheme
Bare Trustee100-New Zealand31 March
PaySauce Pty Limited08/02/2023Non-active
company100-Australia31 March
Only PaySauce Operations Limited and Right Remuneration Limited are consolidated in these consolidated financial
statements, as Payroll.Kiwi Limited and PaySauce Pty Limited are non-trading companies.
5455
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
22. Funds due to customers and IRD
As a PAYE intermediary, PaySauce collects funds f rom clients which are payable to both clients’ employees
(as the employees’ net wages and salaries) and the IRD (as the applicable PAYE, student loan and other IRD
liabilities). These funds are included in PaySauce’s cash and term deposit balances and in accordance with
section RP6 of the Income Tax Act 2007, PaySauce can earn interest on these funds, but the funds must only be
used as follows:
• Payment of net salary or wages to employees of PaySauce’s clients.
• Payment of IRD obligations resulting from pays run on PaySauce software to the IRD, including PAYE deductions,
student loan deductions, superannuation contributions and any other amount of tax withheld from a payment of
salary or wages to IRD.
Under the financial reporting standards movements in these funds do not meet the definition of either investing or
financing activities and so must be classified as operating cash flows. However as stated above the use of these funds is
restricted and they cannot be used to cover other PaySauce expenses, the company has therefore presented operating
cash flows in the Cash Flow Statement as both before and after this movement in funds. The value of restricted funds at
reporting date is represented by funds due to customers and IRD as disclosed in the Statement of Financial Position.
Term deposits were reclassified from cash and cash equivalents during the period. Comparative figures on the face of the
financial statements have changed as a result.
23. Contingencies
As at 31 March 2023 the Group had no contingent liabilities or assets (2022: $nil)
24. Events occurring after the reporting period
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.
5657
CORPORATE GOVERNANCECORPORATE GOVERNANCE
Corporate
Governance
Strong corporate governance protects the Company and as
a result our shareholders, customers, staff, and stakeholders.
Our approach to the recommendations outlined in the NZX
Corporate Governance Code (the Code) are set out below.
This section is structured around the principles detailed in the Code, and explains how
PaySauce is applying the Code’s recommendations. PaySauce documents referred to in this
section are also available online at https://www.paysauce.com/investor/
The Board considers that, as at 23 May 2023, the Company complied with the
recommendations set by the NZX Corporate Governance Code (17 June 2022), unless stated in
the sections outlined below, or in PaySauce’s Corporate Governance Code.
Principle 1 –
Code of ethical behaviour
“Directors should set high standards of ethical behaviour, model this behaviour and hold
management accountable for these standards being followed throughout the organisation.”
Code of ethics
Our code of ethics exists to help our directors, senior management, and employees with not just doing well, but doing
good.
This sets the standard of conduct for all our people. It’s intended to support decision-making that aligns with PaySauce’s
values, business goals, and legal and policy obligations. The board approves the code of ethics, which covers:
• conflicts of interest
• accepting gifts or benefits
• protecting company assets
• complying with laws and policies
• maintaining confidentiality
• valuing personnel
• transparency
All new directors and employees receive a copy of the code of ethics.
Securities trading policy
PaySauce respects the integrity of New Zealand’s financial markets and insider trading laws. Our securities trading policy
outlines how those laws apply, and the rules we’ve put in place to help ensure our people follow the law.
Directors, certain employees, and related parties need approval from PaySauce to trade in the company’s shares. Trading
is limited to defined “trading windows”.
The directors’ shareholdings and trading of shares during the year by the directors is published under Directors’
disclosures. A director or senior manager must advise the NZX promptly if they trade in the company’s shares.
Principle 2 –
Board composition and performance
“To ensure an effective board, there should be a balance of independence, skills, knowledge,
experience”
The board of directors
The directors are responsible for the corporate governance practices of the company. The board’s practices are detailed
in the Company’s corporate governance code, which lays out protocols for board operations.
This code complies with the relevant recommendations in the NZX Corporate Governance Code, and is reviewed
annually.
The board’s primary role is to represent and promote the interests of shareholders, ultimately adding long-term value to
the company’s shares.
The board carries out its responsibilities according to the following mandate.
5859
CORPORATE GOVERNANCECORPORATE GOVERNANCE
• the Board shall have a minimum number of three directors and a maximum of 10;
• the Board shall have at least two directors ordinarily resident in New Zealand;
• the Board shall maintain at least two Independent Directors (as defined in the NZX Main Board Listing Rules). Where
there are eight or more directors, the board will maintain three or one-third (rounded down to the nearest whole
number) of the total number of directors, whichever is the greater;
• a majority of the directors should not be executives of the Company;
• a director should not have any significant conflict of interest that is potentially detrimental to the Company, other
than and to the extent dealt with in the Corporate Governance Code of the Company;
• the Board seeks diversity in the skills, attributes and experience of its members across a broad range of criteria, to
represent the diversity of shareholders, business types and regions in which the Company operates; and
• the Board elects a Chair, and can replace them at any time.
• Management must provide the board with accurate information within the timeframe required for the board to
effectively discharge its duties.
• The effectiveness and performance of the board and its individual members should be re-evaluated annually.
As at 31 March 2023 the Board comprised of six Directors:
• Asantha Wijeyeratne – Executive Director and CEO
• Gavin Thompson – Non-executive Director
• Jacqueline Cheyne – Independent Director (Chair of Audit & Risk Committee)
• Mark Samlal – Independent Director
• Michael O’Donnell – Independent Director
• Shelley Ruha – Independent Director (Chair of Board)
Independence of directors is determined by assessing the directors against the following factors:
• Not currently, or historically (within 3 years) employed in an executive role with PaySauce;
• Not currently holding a senior role in a provider of material professional services to PaySauce;
• No current material business relationship (i.e. as a supplier or customer) to PaySauce;
• Not currently a substantial product holder of PaySauce or a senior manager of a product holder of PaySauce;
• No current material contractual relationship with PaySauce, other than as a director;
• No close family ties with anyone who would fall into the above categories;
• Has not been a director of PaySauce for a length of time that may compromise independence.
Mark Samlal joined the Board as an Independent Director, subject to shareholder approval at the next Annual Shareholder
Meeting, effective 1 February 2023.
More information on the directors, including their relevant interests, and shareholdings, is provided in the Directors’
disclosures section of this report and is on the company’s website.
Day-to-day management of PaySauce is delegated to the Chief Executive and the Executive team.
The board’s responsibilities
The primary responsibilities of the board are to:
• provide overall governance and strategic leadership;
• oversee management’s implementation of the Company’s strategic objectives and performance;
• oversee the development, adoption and communication of a clear strategy for the Company;
• oversee accounting and reporting systems and ensure the quality and independence of the Company’s external
audit process;
• adopt and regularly review the risk management framework;
• appoint a Chair of the Board and the CEO;
• review and approve the Company’s operating budgets and major capital expenditure;
• adopt and review the Company’s remuneration policy and other corporate governance documents;
• ensure compliance with the Company’s constitution, continuous disclosure obligations, and the relevant laws, listing
rules and regulations and auditing and accounting principles;
• implement and periodically review the Company’s Code of Ethics, foster high standards of ethical conduct and
personal behaviour and hold accountable those who engage in unethical behaviours;
• periodically assess its own effectiveness in carrying out these functions and the other responsibilities of the Board.
On appointment to the board by the shareholders, new directors sign a written agreement that covers the terms of their
appointment.
Every year, the board and sub-committees critically evaluate their own performance and processes. This will identify any
training opportunities for individual directors to maintain relevant and up-to-date skills for their role.
Independent professional advice
With the prior approval of the Chair, each director may seek independent legal and professional advice, at the company’s
expense, about any aspect of PaySauce’s operations to assist in fulfilling their duties as a director.
Diversity
The PaySauce board and management are determined that all staff and all eligible candidates for vacant positions should
have equal opportunity to demonstrate their skills and experience. This forms the basis of our diversity policy.
PaySauce embraces uniqueness in our people and welcomes diversity. We believe that difference builds resilience and
innovation. We encourage our employees to be curious and open-minded, embracing wide-ranging perspectives and
working to meet the needs of individuals.
Our approach to diversity is to continually develop a work environment that supports equality, exchange and inclusion.
We believe in accommodating, rather than minimising, the different needs of our people.
The Board has considered the need for measurable objectives for diversity and determined that it is not yet appropriate
to set measurable objectives due to market conditions and the stage of the company’s development. That decision will
be reconsidered annually. When appropriate the Board, or a committee appointed by the Board, will set measurable
objectives for achieving diversity (which, at a minimum, will address gender diversity). The Board will annually review those
objectives and the Company’s progress in achieving them. Despite being a small team, there is diversity across age,
gender identity, race, first language, religion and mobility.
We held the following gender diversity as at 31 March 2023:
As at 31 March 2023
DirectorsExecutive TeamEmployees
Male43 14
Female 2223
To t a l6537
6061
CORPORATE GOVERNANCECORPORATE GOVERNANCE
As at 31 March 2022
DirectorsExecutive TeamEmployees
Male33 12
Female2117
To t a l5429
Principle 3 –
Board committees
“The board should use committees where this will enhance its effectiveness in key areas, while
still retaining board responsibility.”
Audit and Risk Committee
The Audit and Risk Committee (“ARC”) assists the board in financial reporting, and risk and financial/secretarial
compliance.
The ARC makes recommendations to the board on appointing external auditors to ensure their independence. The ARC
also monitors 5-yearly rotation of the lead audit partner.
The ARC facilitates communication between the board and external auditors. The committee’s responsibilities include:
• reviewing the appointment of the external auditor, the annual audit plan, and addressing auditor recommendations
• reviewing publicly released dividend proposals and financial information
• ensuring that appropriate financial systems and internal controls are in place.
The ARC must include at least three directors, and consist of only non-executive directors and have a majority of
independent directors. At least one member must be a director with an accounting or financial background.
The Chair of the Board cannot also be the Chair of the ARC. The current members are Jacqueline Cheyne (Chair), Michael
O’Donnell, and Gavin Thompson, of which Jacqueline, and Michael are independent directors.
The committee usually invites the Executive Team, and at least twice a year invites the external auditors to attend ARC
meetings.
Principle 4 –
Reporting and disclosure
“The board should demand integrity in financial and non-financial reporting, and in the
timeliness and balance of corporate disclosures.”
Reporting and disclosure
The board is committed to providing accurate, thorough, and timely information to existing shareholders and to the
market. This means all investors can make informed decisions about PaySauce.
As an NZX listed company, PaySauce must comply with disclosure requirements under the NZX Main Board Listing Rules.
PaySauce recognises the importance of these requirements in providing equal access for all investors, or potential
investors, to price-sensitive information.
The disclosure and communications policy outlines PaySauce’s obligations to meet disclosure requirements. It also
covers related issues, including external communications.
PaySauce has not provided detailed reporting on environmental, economic and social sustainability risks. Whilst
PaySauce is not yet captured by the mandatory climate risk disclosure reporting regime, management does not consider
the business has material exposure to climate risk given the nature of our business and the increasing diversification of our
customer base.
PaySauce publishes key governance and other relevant documents in the investor centre of our website: https://www.
paysauce.com/investor/
Announcements made to the NZX and reports are also posted on the company’s website.
Principle 5 –
Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
The board is responsible for setting individual directors’ fees, and monitoring the remuneration of the Chief Executive and
Executive Team.
PaySauce has in place a remuneration policy, outlining the key principles that influence remuneration practices. This can
be found in the Company’s Corporate Governance Code, located on the Company’s website (at the date of this report,
located in section 15 of the Company’s Corporate Governance Code at https://www.paysauce.com/investor/).
Further details and disclosures are outlined in the disclosures section of this document.
Principle 6 –
Risk management
“Directors should have a sound understanding of the material risks faced by the issuer and how
to manage them. The board should regularly verify that the Company has appropriate processes
that identify and manage potential and material risks.”
The board is responsible for overseeing internal controls to manage key risks, and has overall responsibility for managing risk.
The company maintains a risk register to identify and manage risk. The Executive Team is responsible for maintaining this
register, and reporting to the board on a regular basis.
Through the ARC, the board considers the recommendations of external auditors. The board sees that those
recommendations are investigated and appropriate action is taken, where necessary.
Principle 7 –
Auditors
“The board should ensure the quality and independence of the external audit process.”
The Audit and Risk Committee (“ARC”) makes recommendations to the board to appoint an external auditor. The
committee also monitors the independence and effectiveness of the external auditor, and reviews and approves any
non-audit services they perform.
The committee meets with the external auditor at least twice a year to approve the terms of engagement, audit partner
rotation (at least every 5 years) and audit fee, and to review and provide feedback on the annual audit plan.
The committee routinely meets with PaySauce’s external auditor, Grant Thornton, without management present. Grant
Thornton also attends PaySauce’s ASM.
The company continually monitors its internal control environment.
6263
CORPORATE GOVERNANCECORPORATE GOVERNANCE
Principle 8 –
Shareholder rights and relations
“The board should respect the rights of shareholders and foster constructive relationships with
shareholders that encourage them to engage with the issuer.”
Information for shareholders
The company seeks to help investors understand its activities, by communicating effectively and providing clear and
balanced information. In addition to interim and annual reporting, the company also chooses to release quarterly trading
updates to the market.
The company website (www.paysauce.com) provides an overview of the business and information about its activities. This
includes details of the company’s services, latest news, investor information, key corporate governance information, and
copies of significant NZX announcements. The website also provides profiles of the directors and the Executive Team.
Shareholders have the right to vote on PaySauce’s major decisions, in line with the requirements of the Companies Act
1993 and the NZX Main Board Listing Rules.
Communicating with shareholders
PaySauce works to keep investors well informed, and regularly provides information about current operations and future
plans. This is achieved through our NZX market announcements and presentations to retail investors.
PaySauce sends notice of the ASM to shareholders, and publishes it on the company website at least 28 days before the
meeting each year.
Disclosures
Employee remuneration
The table below sets out the number of PaySauce Group employees and former employees who received remuneration
and other benefits, including non-cash benefits and share-based remuneration in excess of $100,000 per annum.
Director remuneration is not included in the table below, and instead set out in a separate section below.
Remuneration rangeEmployees - 2023Employees - 2022
$100,000 - $109,99932
$120,000 - $129,99932
$130,000 - $139,9992-
$170,000 - $179,999-1
$190,000 - $199,999-1
$200,000 - $209,99911
$210,000 - $219,999-1
$240,000 - $249,9992-
$250,000 - $259,9991-
Donations
No cash donations were made by the Group during the year ended 31 March 2023 (2022: $5,000). Donations in kind of
over $130,000 were given to over 100 charities and non-profit organisations during the period (2022: $110,000, and
120).
Board meeting attendance
Board meetings are held in person and/or by teleconference. The Directors attended the following board meetings
during the year ended 31 March 2023:
DirectorBoard Meetings AttendedARC Meetings Attended
Asantha Wijeyeratne8 of 8-
Gavin Thompson8 of 84 of 4
Jacqueline Cheyne8 of 84 of 4
Mark Samlal*2 of 2-
Michael O'Donnell7 of 83 of 4
Shelley Ruha8 of 84 of 4
Note - If a director was not a member of a particular committee at the time of the relevant meetings ‘-‘ has been
recorded.
*Mark Samlal joined the Board as an Independent Director, subject to shareholder approval at the next Annual
Shareholder Meeting, effective 1 February 2023.
6465
CORPORATE GOVERNANCECORPORATE GOVERNANCE
Directors’ share transactions
Directors disclosed, pursuant to section 148 of the Companies Act 1993 and Part 5 of the Financial Markets Conduct Act
2013, the following acquisitions and disposals of relevant interest in PaySauce ordinary shares during the year ended 31
March 2023:
DirectorRegistered holder
/ associated
entity
Number of
shares acquired /
(disposed)
ConsiderationDate
Asantha
Wijeyeratne
Payroll.Kiwi Limited(38,098)$10,828Jun-22Discretionary bonus
paid and applied to
paying up unpaid
Employee Share
Scheme Shares
Asantha
Wijeyeratne
Cloud Investments
Limited
(100,000)$30,000Feb-23Off-market sale of
shares
Asantha
Wijeyeratne
Cloud Investments
Limited
(200,000)$60,000Feb-23Off-market sale of
shares
Asantha
Wijeyeratne
Payroll.Kiwi Limited(38,098)$10,828Mar-23Discretionary bonus
paid and applied to
paying up unpaid
Employee Share
Scheme Shares
Michael O'DonnellMichael O'Donnell37,000$9,990May-22On-market
purchase of shares
Michael O'DonnellMichael O'Donnell16,392$5,045Dec-22On-market
purchase of shares
Shelley RuhaSam Hamana
Tiakiwai Ruha
34,500$9,926Feb-23On-market
purchase of shares
Shelley RuhaShelley Maree Ruha100,000$30,000Feb-23Off-market
purchase of shares
Mark SamlalMark Stephen
Malhotra Samlal
98,460$26,667Feb-23Issued prepaid
shares in lieu
of director
remuneration
Mark SamlalMark Stephen
Malhotra Samlal
200,000$60,000Feb-23Off-market
purchase of shares
Directors’ remuneration
The total Directors’ fees and other remuneration received by the Directors for the period ended 31 March 2023 is outlined
below:
31-Mar-2331-Mar-22
DirectorDirector feesOther
remuneration
To t a lDirector feesOther
remuneration
To t a l
Asantha
WijeyeratneNil$249,206$249,206
Nil$213,470$213,470
Gavin
Thompson$40,000Nil$40,000
$40,000Nil$40,000
Jacqueline
Cheyne$45,000Nil$45,000
$45,000Nil$45,000
Mark Samlal*$26,667Nil$26,667NilNilNil
Michael
O'Donnell$40,000Nil$40,000
$51,520Nil$51,520
Nicholas
Lewis**NilNilNil
$37,917Nil$37,917
Shelley Ruha$27,038Nil$65,000$40,250Nil$40,250
*Mark Samlal joined the Board as an Independent Director and Chair of the Board, subject to shareholder approval at the
next Annual Shareholder Meeting, effective 1 February 2023. PaySauce issued ordinary shares to the value of $40,250 to
Mark to remunerate and align his interests with PaySauce shareholders ahead of Mark’s formal appointment to the Board.
**Nicholas Lewis resigned as an Independent Director and Chair of the Board, effective 30 September 2021.
Executive Director remuneration
Asantha Wijeyeratne is the Chief Executive Officer, and held this position as at 31 March 2023. He did not receive any
remuneration in his capacity as a Director, but was remunerated as Chief Executive Officer as follows:
31-Mar-2331-Mar-22
CEO
Remuneration
SalaryEmployee
Share Scheme
To t a lSalaryEmployee
Share Scheme
To t a l
Asantha
Wijeyeratne$213,706$35,500$249,206$213,470Nil$213,470
Insurance of Directors and Officers
PaySauce has a Directors’ and officers’ liability insurance policy in place. This provides insurance for the liabilities of the
Directors and officers for acts or omissions in their capacity as Directors or employees. The insurance policies do not
cover dishonest, fraudulent, malicious, or wilful acts or omissions.
6667
CORPORATE GOVERNANCECORPORATE GOVERNANCE
General Disclosures of Interest
Director/ExecCompanyNature of Interest
Asantha WijeyeratneBuzz Hospitality LimitedDirector
Catalyst IT LimitedShareholder
Catalyst TP Limited (to 25 May 2022)Shareholder
Cloud Investments LimitedDirector & Shareholder
Manuka Café LimitedDirector
Payroll.Kiwi LimitedDirector
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Right Remuneration LimitedDirector
Wijeyeratne & Co LimitedDirector & Shareholder
Gavin ThompsonCatalyst Cloud LimitedDirector
Catalyst IT LimitedDirector & Shareholder
Catalyst.Net LimitedDirector
Catalyst TP Limited (to 25 May 2022)Director & Shareholder
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Truenet LimitedDirector
Catalyst IT Australia Pty LtdDirector
Catalyst IT Europe LtdDirector
Jacqueline Cheyne
Stride Property LimitedDirector
New Zealand Green Investment
Finance
Director
External Reporting BoardBoard Member
Snow Sports NZChair
Broader PerspectivesDirector
Ministry of Business Innovation and
Employment
Audit & Risk Committee Member
Financial Markets AuthorityMember of the Audit Oversight
Committee
Christchurch City CouncilAudit & Risk Committee Member
Pioneer Energy LimitedDirector
Mark SamlaiPaySauce LimitedShareholder, Independent Director
MS&MS Pty LtdFamily Trust
Pay AsiaManaging Director
PYG NXT 1 Inc - Investment companyDirector
Astute Corporation Pty LtdDirector
Managed Payroll Services Pty LtdDirector
INTEGRATED WORKFORCE
SOLUTIONS PTY LTD
Director
IWS BOOKKEEPING AUSTRALIA PTY.
LTD.Director
Payroll HQ Pty LtdDirector
Pay Asia Australia Pty LtdDirector
Pay Asia Pty LtdDirector
PayMY Outsourcing Sdn BhdDirector
Pay Asia LimitedDirector
Pay Asia HR Services Limited IncDirector
CONG TY TNH H PAY ASIA VIETNAMDirector
Pay Asia (Thailand) LimitedDirector
PT Payasia Konsultansi IndonesiaDirector
Payasia Company LimitedDirector
Pay Asia Management Private LimitedDirector
Payasia BPO Payroll India Private
Limited
Director
PAYGROUP NZ LIMITEDDirector
PayGroup (Shanghai) Human Resource
Co., Ltd.
Director
PayGroupEmployee - Founder and CEO
Michael O’DonnellPaySauce LimitedDirector
Realestate.co.nz LimitedDirector
Brewwell LimitedDirector
Radio New Zealand LimitedDirector
NZ Trade + Enterprise / G2GDeputy Chair
Serato Audio Research LimitedDeputy Chair
Stuff MediaNational Columnist
High Tech New ZealandTrustee
Sandfield SoftwareDirector
6869
CORPORATE GOVERNANCECORPORATE GOVERNANCE
Shelley RuhaAnaley Holdings LimitedDirector and Shareholder
IT & Business Consulting LimitedDirector
Analey Investments LimitedDirector and Shareholder
Heartland Bank LimitedIndependent Director
Partners Group Holdings LimitedIndependent Director
Partners Life LimitedDirector
Hobson Wealth Holdings LimitedIndependent Director
Hobson Wealth Partners LimitedDirector
TaxGift LimitedIndependent Chair
PaySauce LimitedIndependent Chair
New Zealand Rural Land Management
GP Limited
Director
Allied Farmers LimitedIndependent Chair
Allied Farmers Rural LimitedDirector
LONZ 2008 Holdings LimitedDirector
Allied Farmers Property Holdings
Limited
Director
Rural Funding Solutionz LimitedDirector
QWF Holdings LimitedDirector
Allied Farmers (New Zealand) LimitedDirector
Clearwater Hotel 2004 LimitedDirector
LONZ 2008 LimitedDirector
UFL Lakeview LimitedDirector
Lifestyles of New Zealand Queenstown
Limited
Director
5M No.2 LimitedDirector
ALF Nominees LimitedDirector
New Farmers Livestock Finance LimitedDirector
9 Spokes International LimitedIndependent Director
9 Spokes Trustee LimitedDirector
9 Spokes Knowledge LimitedDirector
9 Spokes US Holdings LimitedDirector
9 Spokes UK LimitedDirector
9 Spokes Canada LimitedDirector
9 Spokes Australia LimitedDirector
9 Spokes US LimitedDirector
Note - In some cases, shareholding indicated above may not be held directly. Furthermore, there may be subsidiaries of
the above entities in which the Directors are also interested, without necessarily being a Director, Shareholder, or Officer
of that entity.
Director interests in shares
Directors held the following relevant interests in PaySauce ordinary shares at 31 March 2023:
DirectorSecurities held by Director or associated entity*
Asantha Wijeyeratne39,048,461
Gavin Thompson2,276,978
Jacqueline Cheyne62,851
Mark Samlal**298,460
Michael O'Donnell87,835
Shelley Ruha241,377
*Whilst directors are not required to own shares as part of their directorships, all have chosen to own shares.
**Mark Samlal joined the Board as an Independent Director, subject to shareholder approval at the next Annual
Shareholder Meeting, effective 1 February 2023.
Substantial product holders
The substantial product holders in PaySauce ordinary shares as at 31 March 2023 were as follows:
Substantial product holderShares held% of issued shares
Wijeyeratne & Company Limited27,750,43319.93%
Perpetual Trust Limited21,466,66715.42%
Gondolin Trust16,729,63112.02%
Cloud Investments Limited11,298,0288.12%
New Zealand Central Securities8,221,5405.91%
7071
CORPORATE GOVERNANCECORPORATE GOVERNANCE
Twenty largest equity security holders
The 20 largest holders of PaySauce ordinary shares as at 31 March 2023 were as follows:
RankShareholders/InvestorsShares held% of issued shares
1Wijeyeratne & Company Limited27,750,43319.93%
2Perpetual Trust Limited21,466,66715.42%
3Gondolin Trust16,729,63112.02%
4Cloud Investments Limited11,298,0288.12%
5New Zealand Central Securities8,221,5405.91%
6Charlotte Anne Lockhart 3,211,1832.31%
7New Zealand Depository Nominee 2,869,5972.06%
8Ian Stewart Frame & Pamela Anne Frame 2,652,7651.91%
9David Russell Stewart & Adrienne Ruth
Stewart
2,551,3981.83%
10Gavin Thompson 2,276,9781.64%
11Woodward Family 2,120,0001.52%
12Krishnakumar Guda 1,870,0001.34%
13Bhagwanji Bhula Rama 1,645,0001.18%
14Malcolm William Campbell 1,500,0001.08%
15Hugh Anthony Pradeep Fernando 1,471,1021.06%
16Cloud Investments Two Limited 1,457,5571.05%
17Matthew Gardner 1,416,1641.02%
18Geoffrey William Bennett1,315,8540.95%
19Victoria Ann Taylor 1,217,8380.87%
20FNZ Custodians Limited 1,079,9310.78%
Spread of security holders
The spread of holders of PaySauce ordinary shares as at 31 March 2023 are listed below:
ShareholdersShares
Size of holding (shares)Number%Number%
1 - 10,00096175.55%1,835,1101.32%
10,001 - 50,00019915.64%4,536,2003.26%
50,001 - 100,000413.22%2,924,2622.10%
100,001 - 500,000413.22%8,848,1736.36%
500,001 - 1,000,00090.71%5,924,6034.26%
1,000,001 and over211.65%115,139,58782.71%
Totals1,272100.00%139,207,935100.00%
NZX waivers from listing rules
No waivers were granted to PaySauce by NZX during the year ended 31 March 2023, and there were no waivers that
PaySauce relied upon during this period.
7273
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
Company Directory
Directors:
Asantha Wijeyeratne
Gavin Thompson
Jacqueline Cheyne
Mark Samlal
Michael O’Donnell
Shelley Ruha
Registered Office:
85 The Esplanade
Petone, 5012
New Zealand
Website:
www.paysauce.com
Auditor:
Grant Thornton New Zealand Audit Limited
Stock Exchange:
NZX
Share Registrar:
Link Market Services Limited
80 Queen Street
Auckland, 1010
New Zealand
NZ Company Number:
1719868
NZBN:
9429034458099
74
FINANCIAL STATEMENTS
---
RESULTS PRESENTATION
YEAR ENDED 31 MARCH 2023
2
Disclaimer
●The information in this presentation is of a general nature and does not constitute financial product
advice, investment advice or any other recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
●This presentation should be read in conjunction with, and is subject to PaySauce’s Annual Report,
market releases and information published on PaySauce’s website - www.paysauce.com
●This presentation may contain forward looking statements about PaySauce and the environment in
which PaySauce operates, which are subject to uncertainties and elements outside of PaySauce’s
control - PaySauce’s actual results or performance may differ materially from these statements.
PaySauce gives no warranty or representation as to its future financial performance or any future
matter.
●This presentation may include statements relating to past performance, which should not be regarded
as a reliable indicator for future performance.
●This presentation may include information from third parties believed to be reliable; however, no
representations or warranties are made as to the accuracy or completeness of such information.
●While reasonable care has been taken in compiling this presentation, none of PaySauce nor its
subsidiaries, directors, employees, agents or advisors (to the maximum extent permitted by law) gives
any warranty or representation (express or implied) as to the accuracy, completeness or reliability of the
information contained in it, nor takes any responsibility for it. The information in this presentation has
not been and will not be independently verified or audited.
●No person is under any obligation to update this presentation at any time after its release to you or
provide you with further information about PaySauce.
Please refer to the Glossary for definitions of key metrics used in this presentation.
All currency amounts are in New Zealand Dollars unless stated otherwise.
Business Update
3
4
Self sufficient,
Surpassing Rule
of 40
Recurring
revenue grew
68% YoY
2023 Hi-Tech
Awards* &
Wellington
Gold Awards
Total customer
LTV grew 77%
YoY
Sustainable
Growth
Revenue
Growth
Awards
Customer
Value Growth
Highlights
$53.7M$5.7M67Finalists
* joint entry with BNZ for PayNow
Revenue growth
5
Recurring revenue grew 68% YoY to
$5.7m for the year ended 31 March 2023
as a result of:
●Increased customer numbers;
●Additional revenue from existing
customers; and
●Increased interest earned on funds
held on behalf of customers.
Annualised recurring revenue (ARR) grew
50% YoY to $6.7m as at 31 March 2023.
$5.7m
Up 68%
Customer value growth
6
The rule of 40 provides a balanced measure of two key
metrics for SaaS businesses: growth and profitability.
PaySauce uses the combination of recurring revenue
growth, and EBTDA* to assess against this measure.
A score of 40 is widely seen as the benchmark for SaaS
companies. At 67 - PaySauce has surpassed this
benchmark with annual recurring revenue growing
+68% and an improved EBTDA margin of -1%.
Wijeyeratne: “Continued strong revenue growth
combined with the careful and deliberate management
of resources has resulted in a strong year for PaySauce
ensuring sustainable growth in an increasingly turbulent
tech sector and economy.”
Sustainable growth & the rule of 40
7
*Earnings before Tax, Depreciation and Amortisation.
PaySauce was nominated as a finalist in the
Technology category of the Wellington Gold Awards
in June 2022, and is currently in the running as
finalists for the Best Hi-Tech Solution for Public Good
category for our joint product offering with BNZ.
PayNow is a feature of our product that we’re
incredibly proud of, estimating that we saved
employees of our customers over $2.2 million of
interest and fees this year by preventing that money
going through predatory payday lenders.
Keep your fingers crossed for us when the winners
are announced on 23 June 2023.
Awards
8
Strategy
9
Awesome
People
Reinvest For Long
Term Growth
Win-Win-Win
Partnerships
Obsess Over
Customers
Strategic Priorities
10
●Increased Product & Development Team headcount by 67%
●Mobile product prototype developed for Australian market
●Increased investment in R&D by 78% YoY
We reinvested for long term growth...
11
●New relationship with CAANZ for reach into Australia
●New relationships with Master Plumbers, Master Builders and Hospitality NZ
●New employee share scheme
●National brand exposure through rugby sponsorships
We formed new win-win-win partnerships...
12
●Net Promoter Score of 48
●Increased customer support capability
●PayNow saved customers an estimated $2.2m in interest and fees
We obsessed over our customers...
13
Colleen Upton,
Hutt Gas & Plumbing
Hilary and Michael Gray,
Buzz Cafe
Sam Dews,
Sierra Delta Civil
●Increased total headcount by 31%
●Established a People Experience function
●Providing employees with equity through a share scheme
●Focus on diversity, capability, connection and culture
We hired awesome people...
14
Financial Results
15
*excludes funds due to customers and the IRD, collected in performing our role as a PAYE intermediary,
FY23 ($000s)FY22 ($000s)Change
Total recurring revenue5,7153,399 68% ￪
Gross margin4,1462,34277% ￪
Gross margin %73%69%4pp ￪
Loss before tax, depr & amort(80)(880)(91%) ￬
Net loss(558)(1,282)(57%) ￬
Cash receipts from customers4,2903,06240% ￪
Net operating cashflow*264(666)$930k ￪
FY23 results summary
1616
FY23 results summary
PaySauce has closed the gap between revenue and
expenses, increasing revenue 66% year on year whilst
curbing expenditure growth to 33%.
This sustainable reinvestment for long term growth
has delivered an $0.7m improvement in the bottom
line with a net loss of $0.6m for the year.
Cashflows (excluding loan drawdown and movement
of funds held on behalf of customers) increased by
$0.5m year on year for March 2023.
17
Glossary
18
Recurring Revenue: Recurring revenue is revenue that is expected to repeat each period into the future. For PaySauce, this is directly linked to the number of customers, their size, and the
number of pays they run using the PaySauce payroll products. There are currently two sources of recurring revenue - processing fees and interest income.
ARR: The total recurring revenue for the last calendar month of the reporting period, multiplied by 12.
ARPU (monthly): Average revenue per user (monthly) is the total recurring revenue for the month, divided by the total customers processing payroll that month.
Gross margin: When discussed as a SaaS term, is the recurring revenue of the business, less the cost to serve customers. This is often then expressed as a percentage, where the gross margin
is divided by the recurring revenue.
Churn (monthly): Churn is expressed as a percentage calculated as the net reduction of customers in a calendar month divided by the total customers at the start of that month.
LTV: Lifetime value is the estimated value of a customer over its lifetime with PaySauce. This is calculated by taking the monthly ARPU multiplied by the gross margin percentage, then divided
by the monthly churn percentage.
Total Customer LTV: Total customer lifetime value is the lifetime value multiplied by the total customers.
LTV : CAC: This ratio reflects the return on investment for customer acquisition. It is calculated by dividing the lifetime value of a customer by the customer acquisition cost (per addition).
PayNow: A unique feature in the PaySauce mobile application, which lets employee’s access the money they’ve already earned, effectively letting them choose their own payday on demand.
Refer to paysauce.com/paynow for further details.
Rule of 40: The rule of 40 provides a balanced measure of two key metrics for SaaS businesses: growth and profitability. PaySauce uses the combination of recurring revenue growth, and
EBTDA to assess against this measure.
EBTDA: Earnings Before Tax, Depreciation and Amortisation is calculated by adding back depreciation, amortisation and income tax expense to the amounts reported in the NZ IFRS-based
financial statements. PaySauce believes that this measure provides useful insights to measure the performance of PaySauce as a SaaS business.
Note - the terms and metrics above are Non-Generally Accepted Accounting Principles (non-GAAP) measures and should not be viewed in isolation, not considered substitutes for measures
reported in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). Refer to the PaySauce Annual Report for further information.
Glossary
19
20
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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