Payfare Announces Second Quarter 2024 Financial Results
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access company, announced its Q2 2024 financial results. Key highlights include:
- Record revenue of $56.0 million, up 20% year-over-year
- Net income of $4.9 million ($0.10 per share), up 132% from Q2 2023
- Adjusted net income of $7.5 million ($0.16 per share), up 61% year-over-year
- Active users increased to 1,468,770, up 24% from Q2 2023
- Total gross dollar value reached $3.8 billion, up 31% year-over-year
The company also announced a long-term extension of its agreement with Lyft Inc. and the formation of a Strategic Advisory Board to guide international expansion.
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), una delle principali aziende internazionali nel campo dell'accesso al salario guadagnato, ha annunciato i risultati finanziari del secondo trimestre 2024. I principali punti salienti includono:
- Entrate record di $56,0 milioni, in aumento del 20% rispetto all'anno precedente
- Utile netto di $4,9 milioni ($0,10 per azione), in aumento del 132% rispetto al Q2 2023
- Utile netto rettificato di $7,5 milioni ($0,16 per azione), in aumento del 61% anno su anno
- Utenti attivi aumentati a 1.468.770, in aumento del 24% rispetto al Q2 2023
- Valore lordo totale raggiunto di $3,8 miliardi, in aumento del 31% anno su anno
L'azienda ha inoltre annunciato un'estensione a lungo termine del suo accordo con Lyft Inc. e la formazione di un Consiglio consultivo strategico per guidare l'espansione internazionale.
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), una empresa líder internacional en el acceso a salarios ganados, ha anunciado sus resultados financieros del segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Ingresos récord de $56.0 millones, un aumento del 20% interanual
- Ingresos netos de $4.9 millones ($0.10 por acción), un aumento del 132% en comparación con el Q2 2023
- Ingreso neto ajustado de $7.5 millones ($0.16 por acción), un aumento del 61% interanual
- Usuarios activos aumentaron a 1,468,770, un incremento del 24% en comparación con el Q2 2023
- El valor bruto total alcanzó $3.8 mil millones, un aumento del 31% interanual
La empresa también anunció una extensión a largo plazo de su acuerdo con Lyft Inc. y la formación de un Consejo Asesor Estratégico para guiar la expansión internacional.
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), 국제적인 근로 소득 접근(급여 선지급) 선도 기업이 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 기록적인 수익 $56.0 백만, 전년 대비 20% 증가
- 순이익 $4.9 백만 ($0.10 주당), 2023년 2분기 대비 132% 증가
- 조정된 순이익 $7.5 백만 ($0.16 주당), 전년 대비 61% 증가
- 활성 사용자 수 1,468,770명으로 2023년 2분기 대비 24% 증가
- 총 총 매출액 $3.8 억, 전년 대비 31% 증가
또한, 이 회사는 Lyft Inc.와의 계약 연장 및 국제 확장을 이끌기 위한 전략 자문 위원회를 구성하였습니다.
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), une entreprise internationale leader dans l'accès aux salaires gagnés, a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les points saillants incluent:
- Chiffre d'affaires record de 56,0 millions de dollars, en hausse de 20 % par rapport à l'année dernière
- Bénéfice net de 4,9 millions de dollars (0,10 $ par action), en hausse de 132 % par rapport au T2 2023
- Bénéfice net ajusté de 7,5 millions de dollars (0,16 $ par action), en hausse de 61 % d'une année sur l'autre
- Utilisateurs actifs augmentés à 1 468 770, en hausse de 24 % par rapport au T2 2023
- Valeur brute totale atteinte de 3,8 milliards de dollars, en hausse de 31 % d'une année sur l'autre
La société a également annoncé une prolongation à long terme de son accord avec Lyft Inc. et la formation d'un Conseil consultatif stratégique pour guider son expansion internationale.
Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), ein führendes internationales Unternehmen im Bereich des Zugangs zu verdienten Löhnen, hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben. Die wichtigsten Highlights sind:
- Rekordumsatz von 56,0 Millionen USD, ein Anstieg von 20 % im Vergleich zum Vorjahr
- Nettoeinkommen von 4,9 Millionen USD (0,10 USD je Aktie), ein Anstieg von 132 % gegenüber dem Q2 2023
- Bereinigtes Nettoeinkommen von 7,5 Millionen USD (0,16 USD je Aktie), ein Anstieg von 61 % im Jahresvergleich
- Anzahl aktiver Nutzer stieg auf 1.468.770, ein Anstieg von 24 % im Vergleich zum Q2 2023
- Der Gesamtbruttowert belief sich auf 3,8 Milliarden USD, ein Anstieg von 31 % im Vergleich zum Vorjahr
Das Unternehmen gab außerdem eine langfristige Verlängerung seiner Vereinbarung mit Lyft Inc. und die Bildung eines Strategischen Beratungsausschusses zur Unterstützung der internationalen Expansion bekannt.
- Record revenue of $56.0 million, up 20% year-over-year
- Net income increased by 132% to $4.9 million compared to Q2 2023
- Adjusted net income grew by 61% to $7.5 million year-over-year
- Active users increased by 24% to 1,468,770 compared to Q2 2023
- Total gross dollar value up 31% to $3.8 billion year-over-year
- Free cash flow improved to $9.6 million from $0.2 million in Q2 2023
- Long-term extension of agreement with Lyft Inc. for the Lyft Direct Program
- None.
Payfare generated net income of
Q2 2024 Highlights:
- Increased revenue to a record
$56.0 million $9.5 million 20% ) increase compared to the same period in 2023. - Ended Q2 2024 with 1,468,770 active users1, up by 280,445 (+
24% ) compared to active users1 count as at the end of Q2 2023. - Total gross dollar value (Total GDV)1 in Q2 2024 was
$3.8 billion $0.9 billion 31% ) over Q2 2023. - Gross Profit1 of
$13.9 million $2.7 million 25% ) over the prior year period. - Net income of
$4.9 million $0.10 $2.8 million 132% ), compared to the same period in 2023. - Adjusted net income1 of
$7.5 million $0.16 $2.8 million 61% ) over the prior year period. - Adjusted EBITDA1 of
$6.6 million $1.8 million 39% ) compared to the same period in 2023. - Free cash flow1 of
$9.6 million $0.2 million - On July 25, 2024, the Company announced the long-term extension of its agreement with Lyft Inc. in respect to the Lyft Direct Program, which Payfare currently powers. The extension means drivers on the Lyft program will continue to benefit from free instant pay, a feature rich digital banking platform and a rich cashback rewards program that is offered through Lyft's partnership with Payfare.
- On July 16, 2024, the Company announced the formation of a Strategic Advisory Board led by seasoned strategy and corporate development executive Alex Ceballos to guide the company's rapid international expansion opportunities (including EWA platform) and achieve global scale efficiently and effectively.
Conference Call
Management will be hosting a conference call on Wednesday, August 7, 2024, at 6:30 PM ET to discuss the Company's financial results for the second quarter of 2024. A short presentation in connection with the conference call will be made available ahead of time on the Company's website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.
To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.
An archived recording of the conference call will be available until September 7, 2024. To listen to the recording, call (289) 819-1325 or 1-888-660-6264 and enter passcode 21617#.
About Payfare (TSX:PAY, OTCQX: PYFRF)
Payfare is a leading, international Earned Wage Access ("EWA") company powering instant access to earnings through an award-winning digital banking platform for today's workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.
1Non-IFRS and Supplementary Financial Measures
This press release contains references to "active users", "Total GDV", "adjusted net income", "adjusted net income per share", "EBITDA", "Adjusted EBITDA", "free cash flow" and "gross profit", which are not measures prescribed by IFRS Accounting Standards ("IFRS"). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions.
Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.
The Company determines the number of users to its services based on active users. "Active users" represent users who have loaded earnings and direct deposits on their card in the period.
"Total GDV" is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period.
"EBITDA" means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income/ costs, current tax expense and change in fair value of derivative liability.
"Adjusted EBITDA" adjusts EBITDA for share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.
The table below reconciles net income to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, | Six Months Ended June 30, | |||||
In CAD $ | 2024 | 2023 | 2024 | 2023 | ||
Net income (loss) | $ 4,895,823 | $ 2,113,525 | $ 3,402,401 | |||
Add: | ||||||
Current tax expense | 8,084 | 28,099 | 49,601 | 45,368 | ||
Finance income | (544,419) | (287,090) | (1,415,600) | (769,972) | ||
Other income | - | (1,607) | - | (9,397) | ||
Foreign exchange gain (loss) | (348,921) | 370,450 | (975,650) | 425,681 | ||
Amortization of intangible assets | 1,445,906 | 713,262 | 2,666,262 | 1,285,245 | ||
Depreciation of building, property and equipment | 28,375 | 34,917 | 53,999 | 70,433 | ||
EBITDA | 5,484,848 | 2,971,556 | 10,382,998 | 4,449,759 | ||
Adjustments: | ||||||
Restructuring expense/other | 547,602 | 688,829 | 1,048,589 | 1,303,319 | ||
Share based compensation | 568,352 | 1,095,813 | 1,169,938 | 2,037,506 | ||
Adjusted EBITDA | $ 6,600,802 | $ 4,756,198 | $ 12,601,525 | |||
"Adjusted net income" adjusts net income (loss) for amortization of intangible assets, depreciation of building, property & equipment, share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.
The table below reconciles net income to Adjusted net income for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, | Six Months Ended June 30, | |||||
In CAD $ | 2024 | 2023 | 2024 | 2023 | ||
Net income (loss) | $ 4,895,823 | $ 2,113,525 | $ 3,402,401 | |||
Add: | ||||||
Amortization of intangible assets | 1,445,906 | 713,262 | 2,666,262 | 1,285,245 | ||
Depreciation of building, property and equipment | 28,375 | 34,917 | 53,999 | 70,433 | ||
Restructuring expense/other | 547,602 | 688,829 | 1,048,589 | 1,303,319 | ||
Share based compensation | 568,352 | 1,095,813 | 1,169,938 | 2,037,506 | ||
Adjusted net income | $ 7,486,058 | $ 4,646,346 | $ 14,943,174 | $ 8,098,904 | ||
"Adjusted net income per share" is calculated as Adjusted net income divided by the basic weighted average number of shares outstanding during the period.
The Company defines its "free cash flow" as cash from operating activities less cash used in purchase of building, property and equipment and additions to intangible assets.
The table below reconciles cash from operating activities to free cash flow for the three and six ended June 30, 2024 and 2023.
Three Months Ended June 30, | Six Months Ended June 30, | |||||
In CAD $ | 2024 | 2023 | 2024 | 2023 | ||
Cash from operating activities | $ 11,557,746 | $ 19,103,820 | $ 9,303,710 | |||
Less: Cash used in investing activities | ||||||
Purchase of building, property and equipment | (10,510) | (2,930) | (41,252) | (4,213) | ||
Additions to intangible assets | (1,902,993) | (1,369,002) | (3,600,846) | (2,561,099) | ||
Free cash flow | $ 9,644,243 | $ 229,933 | $ 15,461,722 | |||
The Company defines "gross profit" as revenue less cost of services.
Additional information on these measure may be found under the heading "Definitions – IFRS, Additional GAAP and Non-GAAP Measures" in the interim MD&A for the three and six months ended June 30, 2024 which is available under Payfare's profile on SEDAR+ at www.sedarplus.ca and is incorporated by reference to this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release also contains forward-looking information within the meaning of applicable securities legislation, which reflects Payfare's current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the Company's future financial conditions, results of operations, plans, objectives, performance or business developments and includes statements on rapid international expansion opportunities and achieving global scale efficiently and effectively, achieving continued profitability, and expansion into the earned wage access vertical for hourly paid employees. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the "Risk Factors" section in Payfare's MD&A for the year ended December 31, 2023 and factors discussed from time to time in Payfare's filings with the Canadian Securities Authorities, copies of which can be found under Payfare's profile on the SEDAR+ website at www.sedarplus.ca. Other factors that could cause actual results or events to differ materially include the inability of Payfare to launch its new programs or platforms including for earned wage access in a timely manner, the lack of experience or resources to enter into the EWA vertical, the regulatory uncertainty and constraints around EWA services, the economic viability of new programs and platforms, the inability to scale Payfare's operations to manage the increased volume of new cardholder sign-ups, active users or transactions, the inability of the Company to renew existing service agreements with one of its large gig platform clients, or such renewals are carried out at less favourable economic terms, or the loss or termination exercised by any one of its large gig platform clients, the impact of an inflationary recession and rising costs of goods and services on Payfare's business model, Payfare's ability to finance and support new programs and platforms, a general decline in the credit markets or gig economy in
View original content:https://www.prnewswire.com/news-releases/payfare-announces-second-quarter-2024-financial-results-302216943.html
SOURCE Payfare Inc.
FAQ
What was Payfare's revenue for Q2 2024?
How much did Payfare's net income increase in Q2 2024 compared to Q2 2023?
What was Payfare's (PYFRF) adjusted net income per share for Q2 2024?
How many active users did Payfare have at the end of Q2 2024?
What was Payfare's total gross dollar value (GDV) in Q2 2024?
