LONDON–(BUSINESS WIRE)–Paysafe Limited (“Paysafe” or the “Company”) (NYSE: PSFE), a leading payments platform, today announced its financial results for the first quarter of 2024.
First Quarter 2024 Financial Highlights
(Metrics compared to first quarter of 2023, unless otherwise noted)
- Revenue of $417.7 million, increased 8%; increased 7% on a constant currency basis
- Total Payment Volume of $36.1 billion, increased 7%
- Net income of $3.1 million, or $0.05 per diluted share, compared to net loss of $3.8 million, or ($0.06) per diluted share
- Adjusted net income of $35.3 million, or $0.57 per diluted share, compared to $33.1 million, or $0.54 per diluted share
- Adjusted EBITDA of $111.9 million, increased 4%; increased 3% on a constant currency basis
- Net leverage1 decreased to 4.9x as of March 31, 2024, compared to 5.0x as of December 31, 2023
Bruce Lowthers, CEO of Paysafe, commented: “We are off to a great start this year, delivering 8% year-over-year revenue growth in the first quarter, reinforcing that our strategic initiatives and associated investments are driving momentum in the business and setting us up for long-term success. We remain confident in our financial outlook for this year, which reflects stronger underlying revenue performance, anchored by improved operational execution.”
Recent Strategic and Operational Highlights
- Published Paysafe’s inaugural sustainability report
- Expanded sales team as part of previously announced investment plans to enhance Paysafe’s go-to-market capabilities to support growth in target verticals
- Capital returns – repurchased 989,419 of Paysafe’s common shares for $14 million
- Advanced our white label wallet strategy through a partnership with Xsolla, a leader in game commerce
- Launched Paysafe’s Pay by Bank solution for U.S. iGaming, allowing bettors to log-in directly to their bank accounts at online sportsbooks’ cashiers to fund real-time wagers
- Paysafe is now processing iGaming payments in 33 U.S. states and territories, including Q1 launches in Vermont and North Carolina
- Completed our network tokenization offering by integrating with Mastercard’s Secure Card on File, providing cardholders with an extra layer of protection and enhancing their payment journey
(1) | Paysafe defines net leverage as net debt (total debt less cash and cash equivalents) divided by the sum of the last twelve months (LTM) Adjusted EBITDA. For the period ended March 31, 2024, total debt was $2,457.4 million and cash and cash equivalents was $202.1 million, and LTM Adjusted EBITDA was $462.8 million. For the period ended December 31, 2023, total debt was $2,501.8 million and cash and cash equivalents was $202.3 million, and LTM Adjusted EBITDA was $458.7 million. |
First Quarter of 2024 Summary of Consolidated Results
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
($ in thousands) (unaudited) |
| 2024 |
|
| 2023 |
| ||
Revenue |
| $ | 417,738 |
|
| $ | 387,849 |
|
Gross Profit (excluding depreciation and amortization) |
| $ | 247,365 |
|
| $ | 228,910 |
|
Net income / (loss) |
| $ | 3,056 |
|
| $ | (3,808 | ) |
|
|
|
|
|
|
| ||
Adjusted EBITDA |
| $ | 111,916 |
|
| $ | 107,815 |
|
Adjusted net income |
| $ | 35,306 |
|
| $ | 33,076 |
|
Total revenue for the first quarter of 2024 was $417.7 million, an increase of 8%, compared to $387.8 million in the prior year period, reflecting 7% growth in total payment volume. Excluding a $2.1 million favorable impact from changes in foreign exchange rates, total revenue increased 7%. Revenue from the Merchant Solutions segment increased 11%, reflecting double-digit growth in e-commerce as well as growth from small and medium-sized businesses (“SMBs”) driven by initiatives to expand our sales capabilities and optimize the portfolio. Revenue from the Digital Wallets segment increased 5% as reported and 4% in constant currency, reflecting growth from gambling merchants as well as ongoing initiatives related to product and consumer engagement.
Net income for the first quarter increased to $3.1 million, compared to a net loss of $3.8 million in the prior year period. An increase in expenses for depreciation and amortization, share-based compensation, and taxes was more than offset by an increase in other income as well as a decrease in interest expense, which declined by $2.5 million, despite higher interest rates year-over-year, partly reflecting our focus on reducing debt.
Adjusted net income for the first quarter increased 7% to $35.3 million, compared to $33.1 million in the prior year period.
Adjusted EBITDA for the first quarter was $111.9 million, an increase of 4%, compared to $107.8 million in the prior year period. Excluding a $0.4 million favorable impact from changes in foreign exchange rates, Adjusted EBITDA increased 3%, primarily reflecting revenue growth, partially offset by incremental expenses related to previously announced initiatives to expand the sales team and optimize the portfolio as well as higher severance and credit loss expense.
First quarter operating cash flow was $58.8 million, compared to $20.0 million in the prior year period, which was mainly driven by lower taxes paid and the timing of bonus payments. Unlevered free cash flow was $69.2 million, compared to $42.2 million in the prior year period.
Balance Sheet
As of March 31, 2024, total cash and cash equivalents were $202.1 million, total debt was $2.5 billion and net debt was $2.3 billion. Compared to December 31, 2023, total debt decreased by $44.5 million, reflecting net repayments of $14.6 million as well as movement in foreign exchange rates.
2023 Sustainability Report
Demonstrating our commitment to acting as a responsible fintech company, Paysafe published its first Sustainability Report today, outlining the core tenets of the new strategy, its key pillars, and commitments. Paysafe’s approach to sustainability seeks to deepen the company’s work in four key areas where the greatest impact can be realized: Trusted technology, Engaged employees, Thriving society, and Responsible business principles.
Paysafe has established an oversight framework to drive the strategy and set targets across all focus areas to ensure accountability and monitor performance. Embedding sustainability practices into every level of the organization will increase the positive impact Paysafe makes on customers, employees, society and the environment.
The report can be accessed on the Sustainability section of Paysafe’s website at https://www.paysafe.com/en/about/sustainability/.
Paysafe’s Sustainability Report highlights the company’s commitment to focus on the following four pillars:
- Trusted technology: delivering security and protection for consumers and merchants alike by continually strengthening the security of our products, services and internal processes, providing a great customer experience, underpinned by trust, convenience and support for the vulnerable and a responsible approach to technology and innovation.
- Engaged employees: attracting and retaining the right talent through offering our people a great place to work, which rewards commitment, promotes engagement, offers development opportunities and prioritizes their wellbeing, building upon our diverse workforce at every level of the business.
- Thriving society: striving to make a positive contribution to society by increasing accessibility to financial and digital products for all customers, supporting community volunteer programs, corporate donations, and reducing the impact of our operations and value chain on the environment.
- Responsible business practices: operating in a responsible manner by promoting effective governance, ethics and compliance across our organization through experienced leaders, established committees and robust policies, standards and procedures to guide everyone that works for Paysafe, including our suppliers and partners.
Summary of Segment Results
|
| Three Months Ended |
|
|
|
| ||||||
|
| March 31, |
|
| YoY | |||||||
($ in thousands) (unaudited) |
| 2024 |
|
| 2023 |
|
| change | ||||
Revenue: |
|
|
|
|
|
|
|
|
| |||
Merchant Solutions |
| $ | 231,398 |
|
| $ | 208,521 |
|
|
| 11 | % |
Digital Wallets |
| $ | 190,457 |
|
| $ | 181,448 |
|
|
| 5 | % |
Intersegment |
| $ | (4,117 | ) |
| $ | (2,120 | ) |
|
| 94 | % |
Total Revenue |
| $ | 417,738 |
|
| $ | 387,849 |
|
|
| 8 | % |
|
|
|
|
|
|
|
|
|
| |||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
| |||
Merchant Solutions |
| $ | 49,178 |
|
| $ | 52,336 |
|
|
| -6 | % |
Digital Wallets |
| $ | 83,274 |
|
| $ | 79,209 |
|
|
| 5 | % |
Corporate |
| $ | (20,536 | ) |
| $ | (23,730 | ) |
|
| 13 | % |
Total Adjusted EBITDA |
| $ | 111,916 |
|
| $ | 107,815 |
|
|
| 4 | % |
Full Year 2024 Financial Guidance
($ in millions) (unaudited) |
| Full Year 2024 |
Revenue |
| $1,688 – $1,712 |
Adjusted EBITDA |
| $473 – $488 |
Webcast and Conference Call
Paysafe will host a live webcast to discuss the results today at 4:30 p.m. (ET). The webcast and supplemental information can be accessed on the investor relations section of the Paysafe website at ir.paysafe.com. An archive will be available after the conclusion of the live event and will remain available via the same link for one year.
| Time | Monday, May 13 2024, at 4:30 p.m. ET | |
| Webcast | Go to the Investor Relations section of the Paysafe website to listen and view slides | |
| Dial in | 877-407-0752 (U.S. toll-free); 201-389-0912 (International) |
About Paysafe
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 25 years of online payment experience, an annualized transactional volume of $140 billion in 2023, and approximately 3,200 employees located in 12+ countries, Paysafe connects businesses and consumers across 260 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Paysafe Limited’s (“Paysafe,” “PSFE,” the “Company,” “we,” “us,” or “our”) actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “anticipate,” “appear,” “approximate,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “guidance,” “intends,” “likely,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” and variations of such words and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, Paysafe’s expectations with respect to future performance.
These forward-looking statements involve significant risks, uncertainties, and events that may cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: cyberattacks and security vulnerabilities; complying with and changes in money laundering regulations, financial services regulations, cryptocurrency regulations, consumer and business privacy and data use regulations or other regulations in Bermuda, the UK, Ireland, Switzerland, the United States, Canada and elsewhere; risks related to our focus on specialized and high-risk verticals; geopolitical events and the economic and other impacts of such geopolitical events and the responses of governments around the world; acts of war and terrorism; the effects of global economic uncertainties, including inflationary pressure and rising interest rates, on consumer and business spending; risks associated with foreign currency exchange rate fluctuations; changes in our relationships with banks, payment card networks, issuers and financial institutions; risk related to processing online payments for merchants and customers engaged in the online gambling and foreign exchange trading sectors; risks related to becoming an unwitting party to fraud or being deemed to be handling proceeds resulting from the criminal activity by customers; the effects of chargebacks, merchant insolvency and consumer deposit settlement risk; changes to our continued financial institution sponsorships; failure to hold, safeguard or account accurately for merchant or customer funds; risks related to the availability, integrity and security of internal and external IT transaction processing systems and services; our ability to manage regulatory and litigation risks, and the outcome of legal and regulatory proceedings; failure of fourth parties to comply with contractual obligations; changes and compliance with payment card network operating rules; substantial and increasingly intense competition worldwide in the global payments industry; risks related to developing and maintaining effective internal controls over financial reporting; managing our growth effectively, including growing our revenue pipeline; any difficulties maintaining a strong and trusted brand; keeping pace with rapid technological developments; risks associated with the significant influence of our principal shareholders; the effect of regional epidemics or a global pandemic on our business; and other factors included in the “Risk Factors” in our Form 20-F and in other filings we make with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events.
Paysafe Limited Condensed Consolidated Statements of Operations (unaudited)
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
($ in thousands) |
| 2024 |
|
| 2023 |
| ||
Revenue |
| $ | 417,738 |
|
| $ | 387,849 |
|
Cost of services (excluding depreciation and amortization) |
|
| 170,373 |
|
|
| 158,939 |
|
Selling, general and administrative |
|
| 144,808 |
|
|
| 128,311 |
|
Depreciation and amortization |
|
| 68,310 |
|
|
| 63,547 |
|
Impairment expense on goodwill and intangible assets |
|
| 653 |
|
|
| 82 |
|
Restructuring and other costs |
|
| 452 |
|
|
| 1,990 |
|
Loss on disposal of subsidiary and other assets, net |
|
| 177 |
|
|
| — |
|
Operating income |
|
| 32,965 |
|
|
| 34,980 |
|
Other income, net |
|
| 12,355 |
|
|
| 2,547 |
|
Interest expense, net |
|
| (34,965 | ) |
|
| (37,456 | ) |
Income before taxes |
|
| 10,355 |
|
|
| 71 |
|
Income tax expense |
|
| 7,299 |
|
|
| 3,879 |
|
Net income / (loss) |
| $ | 3,056 |
|
| $ | (3,808 | ) |
|
|
|
|
|
|
| ||
Net income / (loss) per share – basic |
| $ | 0.05 |
|
| $ | (0.06 | ) |
Net income / (loss) per share – diluted |
| $ | 0.05 |
|
| $ | (0.06 | ) |
|
|
|
|
|
|
| ||
Net income / (loss) |
| $ | 3,056 |
|
| $ | (3,808 | ) |
Other comprehensive (loss) / income, net of tax of $0: |
|
|
|
|
|
| ||
(Loss)/gain on foreign currency translation |
|
| (7,612 | ) |
|
| 2,174 |
|
Total comprehensive loss |
| $ | (4,556 | ) |
| $ | (1,634 | ) |
Paysafe Limited Consolidated Net income / (loss) per share
| Three Months Ended |
| |||||
| March 31, |
| |||||
| 2024 |
|
| 2023 |
| ||
Numerator ($ in thousands) |
|
|
|
|
| ||
Net income / (loss) – basic | $ | 3,056 |
|
| $ | (3,808 | ) |
Net income / (loss) – diluted | $ | 3,056 |
|
| $ | (3,808 | ) |
Denominator (in millions) |
|
|
|
|
| ||
Weighted average shares – basic |
| 61.6 |
|
|
| 61.0 |
|
Weighted average shares – diluted (1) |
| 62.0 |
|
|
| 61.0 |
|
Net income / (loss) per share |
|
|
|
|
| ||
Basic | $ | 0.05 |
|
| $ | (0.06 | ) |
Diluted | $ | 0.05 |
|
| $ | (0.06 | ) |
(1) | The denominator used in the calculation of diluted net income per share for the three months ended March 31, 2024, includes an additional 0.4 million shares representing the dilutive effect of the Company’s restricted stock units. |
Paysafe Limited Condensed Consolidated Balance Sheets (unaudited)
($ in thousands) |
| March 31, 2024 |
|
| December 31, 2023 |
| ||
Assets |
|
|
|
|
|
| ||
Current assets |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 202,134 |
|
| $ | 202,322 |
|
Customer accounts and other restricted cash |
|
| 1,172,818 |
|
|
| 1,295,947 |
|
Accounts receivable, net of allowance for credit losses of $6,322 and $5,240, respectively |
|
| 176,283 |
|
|
| 162,081 |
|
Settlement receivables, net of allowance for credit losses of $4,774 and $5,197, respectively |
|
| 179,404 |
|
|
| 171,224 |
|
Prepaid expenses and other current assets |
|
| 61,454 |
|
|
| 74,919 |
|
Total current assets |
|
| 1,792,093 |
|
|
| 1,906,493 |
|
Deferred tax assets |
|
| 77,273 |
|
|
| 77,273 |
|
Property, plant and equipment, net |
|
| 18,925 |
|
|
| 17,213 |
|
Operating lease right-of-use assets |
|
| 28,649 |
|
|
| 22,120 |
|
Derivative financial assets |
|
| 11,097 |
|
|
| 10,427 |
|
Intangible assets, net |
|
| 1,109,934 |
|
|
| 1,163,935 |
|
Goodwill |
|
| 2,006,801 |
|
|
| 2,023,402 |
|
Other assets – non-current |
|
| 9,381 |
|
|
| 6,838 |
|
Total non-current assets |
|
| 3,262,060 |
|
|
| 3,321,208 |
|
Total assets |
| $ | 5,054,153 |
|
| $ | 5,227,701 |
|
|
|
|
|
|
|
| ||
Liabilities and equity |
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
|
| ||
Accounts payable and other liabilities |
| $ | 206,649 |
|
| $ | 202,699 |
|
Short-term debt |
|
| 10,190 |
|
|
| 10,190 |
|
Funds payable and amounts due to customers |
|
| 1,357,682 |
|
|
| 1,477,017 |
|
Operating lease liabilities – current |
|
| 8,241 |
|
|
| 8,233 |
|
Contingent and deferred consideration payable – current |
|
| 10,183 |
|
|
| 11,828 |
|
Liability for share-based compensation – current |
|
| 3,105 |
|
|
| 2,701 |
|
Total current liabilities |
|
| 1,596,050 |
|
|
| 1,712,668 |
|
Non-current debt |
|
| 2,447,162 |
|
|
| 2,491,643 |
|
Operating lease liabilities – non-current |
|
| 23,357 |
|
|
| 16,963 |
|
Deferred tax liabilities |
|
| 108,540 |
|
|
| 111,705 |
|
Warrant liabilities |
|
| 1,698 |
|
|
| 1,423 |
|
Liability for share-based compensation – non-current |
|
| 2,798 |
|
|
| 3,108 |
|
Contingent and deferred consideration payable – non-current |
|
| 642 |
|
|
| 6,878 |
|
Total non-current liabilities |
|
| 2,584,197 |
|
|
| 2,631,720 |
|
Total liabilities |
|
| 4,180,247 |
|
|
| 4,344,388 |
|
Commitments and contingent liabilities |
|
|
|
|
|
| ||
Total shareholders’ equity |
|
| 873,906 |
|
|
| 883,313 |
|
Total liabilities and shareholders’ equity |
| $ | 5,054,153 |
|
| $ | 5,227,701 |
|
Paysafe Limited Condensed Consolidated Statements of Cash Flow (unaudited)
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
($ in thousands) |
| 2024 |
|
| 2023 (1) |
| ||
Cash flows from operating activities |
|
|
|
|
|
| ||
Net income / (loss) |
| $ | 3,056 |
|
| $ | (3,808 | ) |
Adjustments for non-cash items: |
|
|
|
|
|
| ||
Depreciation and amortization |
|
| 68,581 |
|
|
| 63,547 |
|
Unrealized foreign exchange gain |
|
| (2,519 | ) |
|
| (5,598 | ) |
Deferred tax (benefit) / expense |
|
| (1,767 | ) |
|
| 7,782 |
|
Interest expense, net |
|
| 3,634 |
|
|
| 8,563 |
|
Share-based compensation |
|
| 9,359 |
|
|
| 7,216 |
|
Other income, net |
|
| (7,162 | ) |
|
| (3,189 | ) |
Impairment expense on goodwill and intangible assets |
|
| 653 |
|
|
| 82 |
|
Allowance for credit losses and other |
|
| 11,739 |
|
|
| 3,923 |
|
Loss on disposal of subsidiary and other assets, net |
|
| 177 |
|
|
| — |
|
Non-cash lease expense |
|
| 2,232 |
|
|
| 2,243 |
|
Movements in working capital: |
|
|
|
|
|
| ||
Accounts receivable, net |
|
| (24,222 | ) |
|
| (12,766 | ) |
Prepaid expenses and other current assets |
|
| (1,788 | ) |
|
| (11,947 | ) |
Accounts payable and other liabilities |
|
| (3,792 | ) |
|
| (15,752 | ) |
Income tax receivable / (payable) |
|
| 654 |
|
|
| (20,282 | ) |
Net cash flows from operating activities |
|
| 58,835 |
|
|
| 20,014 |
|
Cash flows in investing activities |
|
|
|
|
|
| ||
Purchase of property, plant & equipment |
|
| (3,719 | ) |
|
| (2,732 | ) |
Purchase of merchant portfolios |
|
| — |
|
|
| (4,399 | ) |
Other intangible asset expenditures |
|
| (20,706 | ) |
|
| (27,636 | ) |
Receipts under derivative financial instruments |
|
| 2,531 |
|
|
| 2,224 |
|
Cash inflow from merchant reserves |
|
| 6,510 |
|
|
| — |
|
Other investing activities, net |
|
| 1,559 |
|
|
| — |
|
Net cash flows used in investing activities |
|
| (13,825 | ) |
|
| (32,543 | ) |
Cash flows from financing activities |
|
|
|
|
|
| ||
Cash settled equity awards |
|
| — |
|
|
| (484 | ) |
Repurchases of shares withheld for taxes |
|
| (257 | ) |
|
| (3,690 | ) |
Purchase of treasury shares |
|
| (12,000 | ) |
|
| — |
|
Settlement funds – merchants and customers, net |
|
| (108,302 | ) |
|
| (138,975 | ) |
Repurchase of borrowings |
|
| (30,545 | ) |
|
| (57,386 | ) |
Proceeds from loans and borrowings |
|
| 50,242 |
|
|
| 25,781 |
|
Repayments of loans and borrowings |
|
| (33,759 | ) |
|
| (13,329 | ) |
Proceeds under line of credit |
|
| 225,000 |
|
|
| 225,000 |
|
Repayments under line of credit |
|
| (225,000 | ) |
|
| (225,000 | ) |
Contingent consideration paid |
|
| (7,755 | ) |
|
| (6,475 | ) |
Net cash flows used in financing activities |
|
| (142,376 | ) |
|
| (194,558 | ) |
Effect of foreign exchange rate changes |
|
| (25,951 | ) |
|
| 20,379 |
|
Decrease in cash and cash equivalents, including customer accounts and other restricted cash during the period |
| $ | (123,317 | ) |
| $ | (186,708 | ) |
Cash and cash equivalents, including customer accounts and other restricted cash at beginning of the period |
|
| 1,498,269 |
|
|
| 2,127,195 |
|
Cash and cash equivalents at end of the period, including customer accounts and other restricted cash |
| $ | 1,374,952 |
|
| $ | 1,940,487 |
|
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Cash and cash equivalents |
| $ | 202,134 |
|
| $ | 221,687 |
|
Customer accounts and other restricted cash |
|
| 1,172,818 |
|
|
| 1,718,800 |
|
Total cash and cash equivalents, including customer accounts and other restricted cash |
| $ | 1,374,952 |
|
| $ | 1,940,487 |
|
(1) | During the fourth quarter of 2023, the Company elected to change its presentation of the cash flows associated with “Settlement receivables, net” and “Funds payable and amounts due to customers” from operating activities, to present them as financing activities within its Consolidated Statements of Cash Flows. Comparative amounts have been recast to conform to current period presentation. These recasts had no impact on the Consolidated Statements of Comprehensive Loss, Consolidated Statements of Financial Position or Consolidated Statements of Shareholders’ Equity. |
Non-GAAP Financial Measures
To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. This includes Gross Profit (excluding depreciation and amortization), Adjusted EBITDA, Unlevered free cash flow, Adjusted net income, Adjusted net income per share, and Net leverage which are supplemental measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“U.S. GAAP”).
Gross Profit (excluding depreciation and amortization) is defined as revenue less cost of services (excluding depreciation and amortization). Management believes Gross Profit to be a useful profitability measure to assess the performance of our businesses and ability to manage cost.
Adjusted EBITDA is defined as net income/(loss) before the impact of income tax (benefit)/expense, interest expense, net, depreciation and amortization, share-based compensation, impairment expense on goodwill and intangible assets, restructuring and other costs, loss/(gain) on disposal of a subsidiaries and other assets, net, and other income/(expense), net. These adjustments also include certain costs and transaction items that are not reflective of the underlying operating performance of the Company.
Contacts
Media
Crystal Wright
Paysafe
[email protected]
+1 (904) 328-7740
Investors
Kirsten Nielsen
Paysafe
+1 (646) 901-3140
Read the orginal article: https://siliconcanals.com/news/business-wire/paysafe-reports-first-quarter-2024-results-reaffirms-full-year-outlook/
