Paymentus Reports Third Quarter 2024 Financial Results
Paymentus Holdings (NYSE: PAY), a leading provider of cloud-based bill payment technology, announced its unaudited financial results for Q3 2024, ending September 30, 2024. Revenue reached a record $231.6 million, a 51.9% increase year-over-year, driven by more billers and transactions. Gross profit rose 29.3% to $60.7 million, while adjusted gross profit increased 29.1% to $66.2 million. The company reported a net income of $14.4 million with GAAP EPS of $0.11. Non-GAAP net income was $19.6 million, and non-GAAP EPS was $0.15. Adjusted EBITDA was $24.6 million, reflecting a 58.2% increase year-over-year and a 30.7% adjusted EBITDA margin. Paymentus processed 155.3 million transactions during the quarter, a 34.6% increase from Q3 2023. The company exited the quarter with strong bookings and backlog, expressing confidence in achieving its growth and strategic objectives.
Paymentus Holdings (NYSE: PAY), un fornitore leader di tecnologia per il pagamento delle fatture basata su cloud, ha annunciato i risultati finanziari non auditati per il terzo trimestre del 2024, terminato il 30 settembre 2024. I ricavi hanno raggiunto un record di 231,6 milioni di dollari, con un incremento del 51,9% rispetto all'anno precedente, sostenuto da un maggior numero di emissori di fatture e transazioni. Il profitto lordo è aumentato del 29,3% a 60,7 milioni di dollari, mentre il profitto lordo rettificato è aumentato del 29,1% a 66,2 milioni di dollari. L'azienda ha riportato un utile netto di 14,4 milioni di dollari con un utile per azione GAAP di 0,11 dollari. L' utile netto non-GAAP è stato di 19,6 milioni di dollari, e l'utile per azione non-GAAP è stato di 0,15 dollari. L'EBITDA rettificato è stato di 24,6 milioni di dollari, riflettendo un aumento del 58,2% rispetto all'anno precedente e un margine di EBITDA rettificato del 30,7%. Paymentus ha elaborato 155,3 milioni di transazioni durante il trimestre, con un incremento del 34,6% rispetto al terzo trimestre del 2023. L'azienda ha chiuso il trimestre con ordini e un portafoglio ordini robusto, esprimendo fiducia nel raggiungimento dei suoi obiettivi di crescita e strategici.
Paymentus Holdings (NYSE: PAY), un proveedor líder de tecnología de pagos de facturas basada en la nube, anunció sus resultados financieros no auditados para el tercer trimestre de 2024, que finalizó el 30 de septiembre de 2024. Los ingresos alcanzaron un récord de 231,6 millones de dólares, un aumento del 51,9% interanual, impulsado por un mayor número de facturadores y transacciones. El beneficio bruto aumentó un 29,3% hasta los 60,7 millones de dólares, mientras que el beneficio bruto ajustado creció un 29,1% hasta los 66,2 millones de dólares. La compañía reportó un ingreso neto de 14,4 millones de dólares con un BPA GAAP de 0,11 dólares. El ingreso neto no GAAP fue de 19,6 millones de dólares, y el BPA no GAAP fue de 0,15 dólares. El EBITDA ajustado fue de 24,6 millones de dólares, reflejando un aumento del 58,2% interanual y un margen de EBITDA ajustado del 30,7%. Paymentus procesó 155,3 millones de transacciones durante el trimestre, un aumento del 34,6% con respecto al tercer trimestre de 2023. La compañía cerró el trimestre con fuertes reservas y una cartera de pedidos, expresando confianza en alcanzar sus objetivos de crecimiento y estratégicos.
Paymentus Holdings (NYSE: PAY), 클라우드 기반 청구서 결제 기술의 선두 제공업체가 2024년 3분기(9월 30일 기준)의 감사되지 않은 재무 결과를 발표했습니다. 수익은 2억 3,160만 달러로 기록적인 수준에 도달했으며, 이는 전년 대비 51.9% 증가한 수치입니다. 이는 더 많은 청구서 발행자와 거래 수가 증가하여 이루어진 결과입니다. 총 이익은 29.3% 증가하여 6,070만 달러에 이르렀으며, 조정 총 이익은 29.1% 증가하여 6,620만 달러로 증가했습니다. 회사는 순이익이 1,440만 달러이며 GAAP EPS가 0.11 달러라고 보고했습니다. 비-GAAP 순이익은 1,960만 달러였으며, 비-GAAP EPS는 0.15 달러였습니다. 조정 EBITDA는 2,460만 달러로, 전년 대비 58.2% 증가했으며 30.7%의 조정 EBITDA 마진을 나타냈습니다. Paymentus는 이 분기에 1억 5,530만 건의 거래를 처리했으며, 이는 2023년 3분기 대비 34.6% 증가한 것입니다. 회사는 강력한 예약 및 백로그를 보유하고 있어 성장 및 전략적 목표 달성에 대한 자신감을 표명했습니다.
Paymentus Holdings (NYSE: PAY), un fournisseur de technologie de paiement de factures basé sur le cloud, a annoncé ses résultats financiers non audités pour le troisième trimestre 2024, se terminant le 30 septembre 2024. Le chiffre d'affaires a atteint un niveau record de 231,6 millions de dollars, soit une augmentation de 51,9 % par rapport à l'année précédente, grâce à un plus grand nombre d'émetteurs de factures et de transactions. Le bénéfice brut a augmenté de 29,3 % pour atteindre 60,7 millions de dollars, tandis que le bénéfice brut ajusté a augmenté de 29,1 % pour atteindre 66,2 millions de dollars. L'entreprise a enregistré un bénéfice net de 14,4 millions de dollars avec un bénéfice par action GAAP de 0,11 dollar. Le bénéfice net non-GAAP était de 19,6 millions de dollars et le bénéfice par action non-GAAP était de 0,15 dollar. L'EBITDA ajusté était de 24,6 millions de dollars, reflétant une augmentation de 58,2 % par rapport à l'année précédente et une marge EBITDA ajustée de 30,7 %. Paymentus a traité 155,3 millions de transactions durant le trimestre, soit une augmentation de 34,6 % par rapport au 3ème trimestre 2023. L'entreprise a terminé le trimestre avec des réservations et un carnet de commandes solides, exprimant sa confiance quant à l'atteinte de ses objectifs de croissance et stratégiques.
Paymentus Holdings (NYSE: PAY), ein führender Anbieter von cloudbasierter Rechnungssystemtechnologie, hat seine nicht testierten Finanzberichte für das dritte Quartal 2024, das am 30. September 2024 endete, veröffentlicht. Der Umsatz erreichte mit 231,6 Millionen Dollar einen Rekord und stieg im Jahresvergleich um 51,9%, was auf mehr Rechnungssteller und Transaktionen zurückzuführen ist. Bruttogewinn stieg um 29,3% auf 60,7 Millionen Dollar, während der bereinigte Bruttogewinn um 29,1% auf 66,2 Millionen Dollar zunahm. Das Unternehmen berichtete von einem Nettoeinkommen von 14,4 Millionen Dollar mit GAAP EPS von 0,11 Dollar. Das Non-GAAP-Nettoeinkommen betrug 19,6 Millionen Dollar, und das Non-GAAP EPS lag bei 0,15 Dollar. Das bereinigte EBITDA belief sich auf 24,6 Millionen Dollar, was einem Anstieg von 58,2% im Vergleich zum Vorjahr und einer bereinigten EBITDA-Marge von 30,7% entspricht. Paymentus verarbeitete im Quartal 155,3 Millionen Transaktionen, was einem Anstieg von 34,6% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen beendete das Quartal mit starken Buchungen und einem Auftragsbestand und äußerte Vertrauen in die Erreichung seiner Wachstums- und Strategieziele.
- Revenue increased by 51.9% year-over-year to $231.6 million.
- Adjusted EBITDA rose 58.2% year-over-year to $24.6 million.
- Gross profit increased 29.3% to $60.7 million.
- Processed transactions increased by 34.6% year-over-year.
- Net income was $14.4 million, with GAAP EPS of $0.11.
- None.
Insights
Paymentus delivered an exceptionally strong Q3 2024 with remarkable growth across key metrics. Revenue surged
Transaction volume growth of
Strong bookings and backlog position indicate potential for sustained growth momentum. The company's cloud-based bill payment technology continues to gain traction in the evolving digital payments landscape.
Revenue up
Adjusted EBITDA up
“Paymentus has delivered excellent results to date in 2024 with third quarter revenue, contribution profit and adjusted EBITDA increasing
Third Quarter 2024 Financial and Business Highlights
-
Revenue was a record
$231.6 million 51.9% , driven largely by increased billers and transactions. -
Gross profit was
$60.7 million 29.3% year-over-year. Adjusted gross profit(1) was$66.2 million 29.1% year-over-year. -
Contribution profit(1) was 80.0 million, a year-over-year increase of
30.1% . -
Net income was
$14.4 million $0.11 $19.6 million $0.15 -
Record adjusted EBITDA(1) was
$24.6 million 30.7% adjusted EBITDA margin(1), a58.2% increase in adjusted EBITDA year-over-year. -
The Company processed 155.3 million transactions during the third quarter of 2024, an increase of
34.6% from the third quarter of 2023.
(1) Descriptions of the non-GAAP financial measures adjusted gross profit, contribution profit, non-GAAP net income, non-GAAP earnings per share, adjusted EBITDA, and adjusted EBITDA margin are provided below under “Use and Definitions of Non-GAAP Financial Measures,” and reconciliations are provided in the tables at the end of this release. |
Financial Guidance
The statements in this section are forward-looking statements. For additional information regarding the use and limitations of such statements, refer to “Forward-Looking Statements” below and the “Risk Factors” section of Paymentus’ most recent Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission, or SEC, on March 5, 2024.
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Fourth Quarter 2024 |
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Fiscal-Year 2024 |
Revenue |
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Contribution Profit |
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Adjusted EBITDA |
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|
|
|
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Paymentus does not reconcile its forward-looking guidance for non-GAAP measures because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated due to potential variability, complexity and uncertainty as to the items that would be excluded from the GAAP measure in the relevant future period. Refer to “Use of Forward-Looking Non-GAAP Measures” below for additional explanation.
Conference Call Information
In conjunction with this announcement, Paymentus will host a conference call for investors today at 5:00 p.m. ET (2:00 p.m. PT) to discuss its third quarter 2024 results and outlook for the remainder of 2024. The live webcast and replay will be available at the Investor Relations section of Paymentus’ website at ir.paymentus.com or click here. To participate via telephone, dial 1-833-470-1428 (
About Paymentus
Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 2,200 billers and financial institutions across
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding bookings and backlog, our ability to deliver near and longer-term growth and strategic objectives, outlook for 2024, our future financial performance and our updated fourth quarter and full-year 2024 financial guidance. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements.
These forward-looking statements are based on our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to our ability to effectively manage our growth and expand our operations, including into new channels and industry verticals across different markets; our ability to expand and retain our biller, financial institution, partner and consumer base; our ability to timely implement new bookings and recognize anticipated revenue therefrom, our ability to manage economic challenges, including inflation; the impact of future widespread health issues on our operating results, liquidity and financial condition and on our employees, billers, financial institutions, partners, consumers and other key stakeholders; our ability to remain competitive; our ability to develop new product features and enhance our platform and brand; our future acquisitions and strategic investments; our ability to hire and retain experienced and talented employees; the impact of any cybersecurity incidents; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024, and subsequent Quarterly Reports on Form 10-Q, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which we expect to file with the SEC shortly after the date of this release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Use of Forward-Looking Non-GAAP Measures
We do not meaningfully reconcile guidance for adjusted EBITDA and adjusted EBITDA margin, because we cannot provide guidance for the more significant reconciling items between net income and adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the supplemental financial information for reconciliation of reported GAAP results to non-GAAP results. Such items include acquisition related amortization expense for acquired intangibles, foreign exchange gains and losses, adjustments to our income tax provision and certain other items we believe to be non-indicative of our ongoing operations. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains/losses or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant. In addition, we do not meaningfully reconcile guidance for contribution profit, because the determination of contribution is subject to variables outside our control, such as an increase in the average payment amount, changes in the payment mix, or the payment channel used by consumers that can influence contribution profit, and cannot be determined without unreasonable effort, if at all.
Use and Definitions of Non-GAAP Financial Measures
In addition to disclosing financial measures in accordance with accounting principles generally accepted in
Adjusted gross profit is defined as gross profit adjusted for certain non-cash items, primarily stock-based compensation and amortization of acquisition-related intangible assets and capitalized software development costs.
Contribution profit is defined as gross profit plus other cost of revenue. Other cost of revenue equals cost of revenue less interchange and assessment fees paid by us to our payment processors. Interchange and assessment fees paid by us to our payment processors are excluded from contribution profit because we believe inclusion is less directly reflective of our operating performance as we do not control the payment channel used by consumers, which is the primary determinant of the amount of interchange and assessment fees. We use contribution profit to measure the amount available to fund our operations after interchange and assessment fees, which are directly linked to the number of transactions we process and thus our revenue and gross profit.
Adjusted EBITDA is defined as net income before interest income (expense), net, other income (expense), depreciation and amortization of acquisition related intangible assets and capitalized software development costs, and income taxes, adjusted to exclude foreign exchange gain (loss), the effects of stock-based compensation expense and certain nonrecurring expenses that management believes are not indicative of ongoing operations.
Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of contribution profit.
Non-GAAP operating expense is defined as total operating expense excluding amortization of acquisition-related intangibles, stock-based compensation and other nonrecurring expenses. Management believes that the adjustment of acquisition-related intangibles amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although we exclude amortization of acquisition-related intangible assets from our non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Non-GAAP net income and non-GAAP EPS are defined as net income and net income per share, respectively, excluding stock-based compensation, amortization of acquisition-related intangibles and certain nonrecurring items such as discrete tax items, one-time expenses or other non-cash items.
We believe non-GAAP net income and non-GAAP EPS enhance the understanding of our operating performance and enable more meaningful period-to-period comparisons.
Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software development costs.
We believe these non-GAAP measures provide our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.
We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance and liquidity, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance and liquidity. There are limitations to the use of the non-GAAP measures presented in this press release. Our non-GAAP measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-GAAP measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-GAAP measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with GAAP.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view our non-GAAP measures in conjunction with GAAP financial measures. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables for the reconciliation of GAAP to non-GAAP results included at the end of this release.
PAYMENTUS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except share and per share data) |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Revenue |
$ |
231,571 |
|
$ |
152,423 |
|
$ |
613,868 |
|
$ |
449,690 |
|
|||
Cost of revenue |
|
170,906 |
|
|
105,513 |
|
|
441,727 |
|
|
316,840 |
|
|||
Gross profit |
|
60,665 |
|
|
46,910 |
|
|
172,141 |
|
|
132,850 |
|
|||
Operating expenses |
|
|
|
|
|||||||||||
Research and development |
|
13,187 |
|
|
11,035 |
|
|
37,773 |
|
|
33,595 |
|
|||
Sales and marketing |
|
26,451 |
|
|
21,481 |
|
|
76,456 |
|
|
63,344 |
|
|||
General and administrative |
|
8,939 |
|
|
9,083 |
|
|
27,245 |
|
|
26,958 |
|
|||
Total operating expenses |
|
48,577 |
|
|
41,599 |
|
|
141,474 |
|
|
123,897 |
|
|||
Income from operations |
|
12,088 |
|
|
5,311 |
|
|
30,667 |
|
|
8,953 |
|
|||
Interest income, net |
|
2,342 |
|
|
1,905 |
|
|
6,722 |
|
|
5,003 |
|
|||
Other income (expense) |
|
5 |
|
|
(17 |
) |
|
275 |
|
|
(32 |
) |
|||
Income before income taxes |
|
14,435 |
|
|
7,199 |
|
|
37,664 |
|
|
13,924 |
|
|||
Provision for income taxes |
|
(5 |
) |
|
(822 |
) |
|
(6,644 |
) |
|
(1,004 |
) |
|||
Net income |
$ |
14,430 |
|
$ |
6,377 |
|
$ |
31,020 |
|
$ |
12,920 |
|
|||
Net income per share |
|
|
|
|
|||||||||||
Basic |
$ |
0.12 |
|
$ |
0.05 |
|
$ |
0.25 |
|
$ |
0.10 |
|
|||
Diluted |
$ |
0.11 |
|
$ |
0.05 |
|
$ |
0.24 |
|
$ |
0.10 |
|
|||
Weighted-average number of shares used to compute net income per share |
|
|
|
|
|||||||||||
Basic |
|
124,538,195 |
|
|
123,620,260 |
|
|
124,251,147 |
|
|
123,430,652 |
|
|||
Diluted |
|
127,614,115 |
|
|
125,639,879 |
|
|
127,254,611 |
|
|
124,457,360 |
|
|||
Comprehensive income |
|
|
|
|
|||||||||||
Net income |
|
14,430 |
|
|
6,377 |
|
|
31,020 |
|
|
12,920 |
|
|||
Foreign currency translation adjustments, net of tax |
|
(8 |
) |
|
(64 |
) |
|
(90 |
) |
|
22 |
|
|||
Comprehensive income |
$ |
14,422 |
|
$ |
6,313 |
|
$ |
30,930 |
|
$ |
12,942 |
|
|||
PAYMENTUS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) |
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|
September 30, |
December 31, |
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|
2024 |
2023 |
|||||
Assets |
|
|
|||||
Current assets |
|
|
|||||
Cash and cash equivalents |
$ |
187,542 |
|
$ |
179,361 |
||
Restricted cash and cash equivalents |
|
3,243 |
|
|
3,834 |
|
|
Accounts and other receivables, net of allowance for expected credit losses of |
|
111,174 |
|
|
76,389 |
|
|
Income tax receivable |
|
4,334 |
|
|
259 |
|
|
Prepaid expenses and other current assets |
|
13,804 |
|
|
10,505 |
|
|
Total current assets |
|
320,097 |
|
|
270,348 |
|
|
Property and equipment, net |
|
1,323 |
|
|
1,558 |
|
|
Capitalized internal-use software development costs, net |
|
65,993 |
|
|
58,787 |
|
|
Intangible assets, net |
|
21,096 |
|
|
27,158 |
|
|
Goodwill |
|
131,849 |
|
|
131,860 |
|
|
Operating lease right-of-use assets |
|
8,610 |
|
|
10,027 |
|
|
Deferred tax asset |
|
358 |
|
|
94 |
|
|
Other long-term assets |
|
3,606 |
|
|
5,031 |
|
|
Total assets |
$ |
552,932 |
|
$ |
504,863 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|||||
Current liabilities |
|
|
|||||
Accounts payable |
$ |
49,659 |
|
$ |
35,182 |
|
|
Accrued liabilities |
|
20,299 |
|
|
21,301 |
|
|
Current portion of operating lease liabilities |
|
2,098 |
|
|
1,853 |
|
|
Contract liabilities |
|
2,192 |
|
|
4,089 |
|
|
Income tax payable |
|
— |
|
|
363 |
|
|
Total current liabilities |
|
74,248 |
|
|
62,788 |
|
|
Deferred tax liability |
|
1 |
|
|
1,067 |
|
|
Operating lease liabilities, less current portion |
|
7,146 |
|
|
8,661 |
|
|
Contract liabilities, less current portion |
|
2,744 |
|
|
2,731 |
|
|
Total liabilities |
|
84,139 |
|
|
75,247 |
|
|
Stockholders’ equity |
|
|
|||||
Preferred stock, |
|
— |
|
|
— |
|
|
Class A common stock, |
|
2 |
|
|
2 |
|
|
Class B common stock, |
|
10 |
|
|
10 |
|
|
Additional paid-in capital |
|
386,020 |
|
|
377,773 |
|
|
Accumulated other comprehensive income |
|
(3 |
) |
|
87 |
|
|
Retained earnings |
|
82,764 |
|
|
51,744 |
|
|
Total stockholders’ equity |
|
468,793 |
|
|
429,616 |
|
|
Total liabilities and stockholders' equity |
$ |
552,932 |
|
$ |
504,863 |
|
|
PAYMENTUS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Cash flows from operating activities |
|
|
|
|
|||||||||||
Net income |
$ |
14,430 |
|
$ |
6,377 |
|
$ |
31,020 |
|
$ |
12,920 |
|
|||
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|||||||||||
Depreciation and amortization |
|
9,321 |
|
|
7,772 |
|
|
26,827 |
|
|
22,314 |
|
|||
Deferred income taxes |
|
(1,510 |
) |
|
91 |
|
|
(1,333 |
) |
|
278 |
|
|||
Stock-based compensation |
|
3,168 |
|
|
2,456 |
|
|
9,424 |
|
|
6,891 |
|
|||
Non-cash lease expense |
|
608 |
|
|
442 |
|
|
1,806 |
|
|
1,346 |
|
|||
Amortization of contract asset |
|
514 |
|
|
756 |
|
|
1,395 |
|
|
2,197 |
|
|||
Provision for (benefit from) expected credit losses |
|
(44 |
) |
|
112 |
|
|
114 |
|
|
(122 |
) |
|||
Other non-cash adjustments |
|
— |
|
|
— |
|
|
(213 |
) |
|
— |
|
|||
Change in operating assets and liabilities |
|
|
|
|
|||||||||||
Accounts and other receivables |
|
(21,068 |
) |
|
(7,806 |
) |
|
(34,917 |
) |
|
(6,941 |
) |
|||
Prepaid expenses and other current and long-term assets |
|
(4,498 |
) |
|
(2,594 |
) |
|
(4,579 |
) |
|
(1,797 |
) |
|||
Accounts payable |
|
6,399 |
|
|
2,929 |
|
|
14,349 |
|
|
4,279 |
|
|||
Accrued liabilities |
|
3,921 |
|
|
3,297 |
|
|
(197 |
) |
|
4,188 |
|
|||
Operating lease liabilities |
|
(583 |
) |
|
(448 |
) |
|
(1,656 |
) |
|
(1,364 |
) |
|||
Contract liabilities |
|
(830 |
) |
|
(625 |
) |
|
(1,883 |
) |
|
1,232 |
|
|||
Income taxes receivable, net of payable |
|
(3,091 |
) |
|
384 |
|
|
(4,436 |
) |
|
(1,034 |
) |
|||
Net cash provided by operating activities |
|
6,737 |
|
|
13,143 |
|
|
35,721 |
|
|
44,387 |
|
|||
Cash flows from investing activities |
|
|
|
|
|||||||||||
Purchases of property and equipment |
|
(72 |
) |
|
(158 |
) |
|
(376 |
) |
|
(511 |
) |
|||
Purchase of interest-bearing deposits |
|
(1,256 |
) |
|
— |
|
|
(2,569 |
) |
|
— |
|
|||
Proceeds from matured interest-bearing deposits |
|
1,376 |
|
|
— |
|
|
2,566 |
|
|
— |
|
|||
Capitalized internal-use software development costs |
|
(8,876 |
) |
|
(8,728 |
) |
|
(27,238 |
) |
|
(25,339 |
) |
|||
Net cash used in investing activities |
|
(8,828 |
) |
|
(8,886 |
) |
|
(27,617 |
) |
|
(25,850 |
) |
|||
Cash flows from financing activities |
|
|
|
|
|||||||||||
Proceeds from exercise of stock-based awards |
|
19 |
|
|
234 |
|
|
156 |
|
|
435 |
|
|||
Settlement of holdback liability related to prior acquisitions |
|
(39 |
) |
|
— |
|
|
(545 |
) |
|
— |
|
|||
Payments on other financing obligations |
|
— |
|
|
— |
|
|
— |
|
|
(1,709 |
) |
|||
Payments on finance leases |
|
— |
|
|
— |
|
|
— |
|
|
(102 |
) |
|||
Net cash provided by (used in) financing activities |
|
(20 |
) |
|
234 |
|
|
(389 |
) |
|
(1,376 |
) |
|||
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash |
|
16 |
|
|
(67 |
) |
|
(125 |
) |
|
46 |
|
|||
Net increase in cash, cash equivalents and Restricted cash |
|
(2,095 |
) |
|
4,424 |
|
|
7,590 |
|
|
17,207 |
|
|||
Cash and cash equivalents and Restricted cash at the beginning of period |
|
192,880 |
|
|
162,468 |
|
|
183,195 |
|
|
149,685 |
|
|||
Cash and cash equivalents and Restricted cash at the end of period |
$ |
190,785 |
|
$ |
166,892 |
|
$ |
190,785 |
|
$ |
166,892 |
|
|||
Reconciliation of Cash and cash equivalents and Restricted Cash: |
|
|
|
|
|||||||||||
Cash and cash equivalents at the beginning of period |
|
188,810 |
|
|
159,068 |
|
|
179,361 |
|
|
147,334 |
|
|||
Restricted cash at the beginning of period |
|
4,070 |
|
|
3,400 |
|
|
3,834 |
|
|
2,351 |
|
|||
Cash and cash equivalents and Restricted cash at the beginning of period |
$ |
192,880 |
|
$ |
162,468 |
|
$ |
183,195 |
|
$ |
149,685 |
|
|||
Cash and cash equivalents at the end of period |
|
187,542 |
|
|
162,062 |
|
|
187,542 |
|
|
162,062 |
|
|||
Restricted cash at the end of period |
|
3,243 |
|
|
4,830 |
|
|
3,243 |
|
|
4,830 |
|
|||
Cash and cash equivalents and Restricted cash at the end of period |
$ |
190,785 |
|
$ |
166,892 |
|
$ |
190,785 |
|
$ |
166,892 |
|
|||
PAYMENTUS HOLDINGS, INC.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
The following tables set forth our non-GAAP financial measures with reconciliations to the most directly comparable GAAP financial measures.
Adjusted Gross Profit
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
||||||||||||||
Gross profit |
$ |
60,665 |
|
$ |
46,910 |
|
$ |
172,141 |
|
$ |
132,850 |
||||
Stock-based compensation |
|
67 |
|
|
|
36 |
|
|
|
184 |
|
|
|
110 |
|
Amortization of capitalized software development costs |
|
4,627 |
|
|
|
3,493 |
|
|
|
13,022 |
|
|
|
9,473 |
|
Amortization of acquisition-related intangibles |
|
829 |
|
|
|
829 |
|
|
|
2,486 |
|
|
|
2,486 |
|
Adjusted gross profit |
$ |
66,188 |
|
|
$ |
51,268 |
|
|
$ |
187,833 |
|
|
$ |
144,919 |
|
Contribution Profit
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
||||||||||||||
Gross profit |
$ |
60,665 |
|
$ |
46,910 |
|
$ |
172,141 |
|
$ |
132,850 |
||||
Plus: other cost of revenue |
|
19,339 |
|
|
|
14,583 |
|
|
|
53,711 |
|
|
|
41,764 |
|
Contribution profit |
$ |
80,004 |
|
|
$ |
61,493 |
|
|
$ |
225,852 |
|
|
$ |
174,614 |
|
Adjusted EBITDA and Adjusted EBITDA Margin
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
(in thousands) |
||||||||||||||
Net income — GAAP |
$ |
14,430 |
|
$ |
6,377 |
|
|
31,020 |
|
$ |
12,920 |
|
|||
Interest income, net |
|
(2,342 |
) |
|
(1,905 |
) |
|
(6,722 |
) |
|
(5,003 |
) |
|||
Other income (1) |
|
— |
|
|
— |
|
|
(213 |
) |
|
— |
|
|||
Provision for income taxes |
|
5 |
|
|
822 |
|
|
6,644 |
|
|
1,004 |
|
|||
Amortization of capitalized software development costs |
|
7,097 |
|
|
5,473 |
|
|
20,147 |
|
|
15,286 |
|
|||
Amortization of acquisition-related intangibles |
|
2,020 |
|
|
2,095 |
|
|
6,061 |
|
|
6,359 |
|
|||
Depreciation |
|
204 |
|
|
204 |
|
|
619 |
|
|
669 |
|
|||
EBITDA |
$ |
21,414 |
|
$ |
13,066 |
|
$ |
57,556 |
|
$ |
31,235 |
|
|||
|
|
|
|
|
|||||||||||
Adjustments |
|
|
|
|
|||||||||||
Foreign exchange (gain) loss |
|
(4 |
) |
|
17 |
|
|
(61 |
) |
|
32 |
|
|||
Stock-based compensation |
|
3,168 |
|
|
2,456 |
|
|
9,424 |
|
|
6,891 |
|
|||
Adjusted EBITDA |
$ |
24,578 |
|
$ |
15,539 |
|
$ |
66,919 |
|
$ |
38,158 |
|
|||
Adjusted EBITDA margin |
|
30.7 |
% |
|
25.3 |
% |
|
29.6 |
% |
|
21.9 |
% |
|||
(1) Other income consists of a remeasurement adjustment relating to the purchase price of a prior acquisition. |
|||||||||||||||
PAYMENTUS HOLDINGS, INC.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Non-GAAP Operating Expense
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
(in thousands) |
||||||||||||||
Operating expenses - GAAP |
$ |
48,577 |
|
$ |
41,599 |
|
$ |
141,474 |
|
$ |
123,897 |
|
|||
Stock-based compensation |
|
(3,101 |
) |
|
(2,420 |
) |
|
(9,240 |
) |
|
(6,781 |
) |
|||
Amortization of acquisition-related intangibles |
|
(1,192 |
) |
|
(1,266 |
) |
|
(3,576 |
) |
|
(3,873 |
) |
|||
Non-GAAP operating expense |
$ |
44,284 |
|
$ |
37,913 |
|
$ |
128,658 |
|
$ |
113,243 |
|
|||
Non-GAAP Net Income & Non-GAAP EPS
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
||||||||||||||
Net income — GAAP |
$ |
14,430 |
|
$ |
6,377 |
|
$ |
31,020 |
|
$ |
12,920 |
||||
Stock-based compensation |
|
3,168 |
|
|
|
2,456 |
|
|
|
9,424 |
|
|
|
6,891 |
|
Amortization of acquisition-related intangibles |
|
2,020 |
|
|
|
2,095 |
|
|
|
6,061 |
|
|
|
6,359 |
|
Non-GAAP net income |
$ |
19,618 |
|
|
$ |
10,928 |
|
|
$ |
46,505 |
|
|
$ |
26,170 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock — diluted |
|
127,614,115 |
|
|
|
125,639,879 |
|
|
|
127,254,611 |
|
|
|
124,457,360 |
|
Non-GAAP earnings per share — diluted |
$ |
0.15 |
|
|
$ |
0.09 |
|
|
$ |
0.37 |
|
|
$ |
0.21 |
|
Free Cash Flow
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
|
(in thousands) |
||||||||||||||
Net cash provided by operating activities |
$ |
6,737 |
|
$ |
13,143 |
|
$ |
35,721 |
|
$ |
44,387 |
|
|||
Purchases of property and equipment and software |
|
(72 |
) |
|
(158 |
) |
|
(376 |
) |
|
(511 |
) |
|||
Capitalized internal-use software development costs |
|
(8,876 |
) |
|
(8,728 |
) |
|
(27,238 |
) |
|
(25,339 |
) |
|||
Free cash flow |
$ |
(2,211 |
) |
$ |
4,257 |
|
$ |
8,107 |
|
$ |
18,537 |
|
|||
Net cash used in investing activities |
$ |
(8,828 |
) |
$ |
(8,886 |
) |
$ |
(27,617 |
) |
$ |
(25,850 |
) |
|||
Net cash provided by (used in) financing activities |
$ |
(20 |
) |
$ |
234 |
|
$ |
(389 |
) |
$ |
(1,376 |
) |
|||
CATEGORY:EARNINGS
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112090919/en/
At the Company
Sanjay Kalra
Chief Financial Officer
Paymentus Holdings, Inc.
ir@paymentus.com
Investor Relations
David
paymentus@kcsa.com
Media Relations
Tony Labriola
media-relations@paymentus.com
Source: Paymentus
FAQ
What were Paymentus' Q3 2024 financial results?
How did Paymentus' adjusted EBITDA perform in Q3 2024?
What was the transaction volume for Paymentus in Q3 2024?
How much did Paymentus' gross profit increase in Q3 2024?
What is Paymentus' non-GAAP net income for Q3 2024?
