Quarterly revenue increased 24.7%
year-over-year Adjusted EBITDA grew 95.4% year-over-year,
reflecting 30% of contribution profit
Paymentus Holdings, Inc. (“Paymentus”) (NYSE: PAY), a leading
provider of cloud-based bill payment technology and solutions,
today announced its unaudited financial results for its fourth
quarter and full year ended December 31, 2023.
"Paymentus again reported quarterly results that exceeded our
original expectations as revenue rose 24.7%, contribution profit
grew 22.7% and adjusted EBITDA was up 95.4% year-over-year. We also
ended the year on solid footing with a strong backlog, which we
believe leaves us well positioned for continued growth in 2024,"
said Dushyant Sharma, Founder and CEO.
Fourth Quarter 2023 Financial and
Business Highlights
- Revenue was $164.8 million, an increase of 24.7%
year-over-year, driven largely by increased transactions.
- Gross profit was $49.5 million, an increase of 20.3%
year-over-year. Adjusted gross profit(1) was $54.2 million, up
21.5% year-over-year.
- Contribution profit(1) was $66.3 million, a year-over-year
increase of 22.7%.
- Net income was $9.4 million and GAAP earnings per share was
$0.07. Non-GAAP net income(1) was $13.9 million and non-GAAP
earnings per share(1) was $0.11. Prior year non-GAAP net income and
non-GAAP earnings per share have been recast to align with the
updated methodology described in the section "Use and Definitions
of Non-GAAP Financial Measures" below.
- Adjusted EBITDA(1) was $19.9 million for the fourth quarter of
2023, representing a 30.0% adjusted EBITDA margin(1), an increase
of 95.4% year-over-year.
- The Company processed 124.8 million transactions in the fourth
quarter of 2023, an increase of 28.4% from the fourth quarter of
2022.
Full Year 2023 Financial and Business
Highlights
- Revenue was $614.5 million, an increase of 23.6%
year-over-year, driven largely by increased transactions.
- Gross profit was $182.3 million, an increase of 21.8%
year-over-year. Adjusted gross profit(1) was $199.2 million, up
23.1% year-over-year.
- Contribution profit(1) was $240.9 million, a year-over-year
increase of 19.7%.
- Net income was $22.3 million and GAAP earnings per share was
$0.18. Non-GAAP net income(1) was $40.1 million and non-GAAP
earnings per share(1) was $0.32. Prior year non-GAAP net income and
non-GAAP earnings per share have been recast to align with the
updated methodology described in the section "Use and Definitions
of Non-GAAP Financial Measures" below.
- Adjusted EBITDA(1) was $58.1 million for the full year of 2023,
representing a 24.1% adjusted EBITDA margin(1), an increase of
103.1% year-over-year.
- The Company processed 458.2 million transactions for the full
year 2023, an increase of 24.9% from the full year 2022.
(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, 2022 filed with the Securities
and Exchange Commission, or SEC, on March 3, 2023, subsequent Forms
10-Q filed with the SEC in 2023, and Form 10-K for the fiscal year
ended December 31, 2023, expected to be filed with the SEC in early
March 2024.
First Quarter 2024
Fiscal-Year 2024
Revenue
$170 million to $176 million
$720 million to $744 million
Contribution Profit
$64 million to $66 million
$274 million to $288 million
Adjusted EBITDA
$15 million to $17 million
$65 million to $75 million
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 at 5:00 p.m. ET (2:00 p.m. PT) today
to discuss fourth quarter and full year 2023 results and its
outlook for 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 (U.S. Toll-Free) or 1-404-975-4839 (International),
access code 620430. A replay will be available after 5:00 p.m. PT
on the same web site.
About Paymentus
Paymentus is a leading provider of cloud-based bill payment
technology and solutions for more than 1,900 billers and financial
institutions across North America. The company was named the
industry’s best-in-class provider of EBPP solutions by
Aite-Novarica in February 2022. The Paymentus omni-channel platform
provides consumers with easy-to-use, flexible, and secure
electronic bill payment experiences through their preferred payment
channel and type. Paymentus’ proprietary Instant Payment Network®,
or IPN, connects IPN partners’ platforms and tens of thousands of
billers to Paymentus’ integrated billing, payment, and
reconciliation capabilities. For more information, please visit
www.paymentus.com.
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 demand, bookings and backlog, the
continuing competitive market momentum and growth visibility in
2024, our future financial performance and first 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, 2022, filed with the SEC on
March 3, 2023, subsequent Quarterly Reports on Form 10-Q filed with
the SEC in 2023, and our Annual Report on Form 10-K for the year
ended December 31, 2023, 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 the United States, or
GAAP, this press release and the accompanying tables contain
certain non-GAAP financial measures, including adjusted gross
profit, contribution profit, non-GAAP net income (including those
amounts as a percentage of revenue), non-GAAP earnings per share,
adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating expense
and free cash flow. We use non-GAAP measures to supplement
financial information presented on a GAAP basis. We believe that
excluding certain items from our GAAP results allows management and
our board of directors to more fully understand our consolidated
financial performance from period to period and helps management
project our future consolidated financial performance as forecasts
are developed at a level of detail different from that used to
prepare GAAP-based financial measures.
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 other
income (expense) (which consists of interest income (expense), net
and foreign exchange gain (loss)), depreciation and amortization of
acquisition related intangible assets and capitalized software
development costs, and income taxes, adjusted to exclude 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 from
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
certain nonrecurring items such as discrete tax items, one-time
expenses or other non-cash items, including amortization of
acquisition-related intangibles. Beginning with the quarter ended
June 30, 2023, we have excluded stock-based compensation from the
calculation of our non-GAAP net income and non-GAAP EPS to be
consistent with our methodology for non-GAAP operating expenses,
which we believe enhances the understanding of our operating
performance and enables more meaningful period-to-period
comparisons. Our non-GAAP net income and non-GAAP EPS for the
fourth quarter and full year ended December 31, 2022 were recast to
conform to the updated methodology and are reflected herein for
comparison purposes.
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.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and
per share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
164,800
$
132,176
$
614,490
$
497,001
Cost of revenue
115,308
91,037
432,148
347,323
Gross profit
49,492
41,139
182,342
149,678
Operating expenses
Research and development
10,653
10,295
44,248
41,220
Sales and marketing
20,652
20,206
83,996
73,295
General and administrative
9,047
9,101
36,005
38,139
Total operating expenses
40,352
39,602
164,249
152,654
Income (loss) from operations
9,140
1,537
18,093
(2,976
)
Other income (expense)
Interest income, net
2,016
1,069
7,019
1,663
Foreign exchange (loss) gain
44
(47
)
12
5
Income (loss) before income taxes
11,200
2,559
25,124
(1,308
)
(Provision for) benefit from income
taxes
(1,798
)
(1,602
)
(2,802
)
795
Net income (loss)
$
9,402
$
957
$
22,322
$
(513
)
Net income (loss) per share
Basic
$
0.08
$
0.01
$
0.18
$
—
Diluted
$
0.07
$
0.01
$
0.18
$
—
Weighted-average number of shares used to
compute net income per share
Basic
123,751,835
123,090,334
123,511,608
122,099,437
Diluted
126,502,771
124,395,447
125,071,829
122,099,437
PAYMENTUS HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and
per share data)
December 31,
December 31,
2023
2022
Assets
Current assets
Cash and cash equivalents
$
179,361
$
147,334
Restricted cash and cash equivalents
3,834
2,351
Accounts and other receivables, net of
allowance for expected credit losses of $435 and $370,
respectively
76,389
67,789
Income tax receivable
259
1,493
Prepaid expenses and other current
assets
10,505
9,994
Total current assets
270,348
228,961
Property and equipment, net
1,558
1,823
Capitalized internal-use software
development costs, net
58,787
46,032
Intangible assets, net
27,158
36,017
Goodwill
131,860
131,851
Operating lease right-of-use assets
10,027
9,561
Deferred tax asset
94
116
Other long-term assets
5,031
7,178
Total assets
$
504,863
$
461,539
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
35,182
$
29,232
Accrued liabilities
21,301
15,809
Current portion of operating lease
liabilities
1,853
1,462
Contract liabilities
4,089
4,358
Income tax payable
363
635
Total current liabilities
62,788
51,496
Deferred tax liability
1,067
680
Operating lease liabilities, less current
portion
8,661
8,608
Contract liabilities, less current
portion
2,731
2,826
Finance leases and other finance
obligations, net of current portion
—
750
Total liabilities
75,247
64,360
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per
share, 5,000,000 shares authorized as of December 31, 2023 and
2022, respectively; none issued and outstanding as of December 31,
2023 and 2022, respectively
—
—
Class A common stock, $0.0001 par value
per share, 883,950,000 shares authorized as of December 31, 2023
and 2022, respectively; 20,758,603 and 19,934,331 shares issued and
outstanding as of December 31, 2023 and 2022, respectively
2
2
Class B common stock, $0.0001 par value
per share, 111,050,000 shares authorized as of December 31, 2023
and 2022, respectively; 103,062,508 and 103,306,842 shares issued
and outstanding as of December 31, 2023 and 2022, respectively
10
10
Additional paid-in capital
377,773
367,767
Accumulated other comprehensive income
(loss)
87
(22
)
Retained earnings
51,744
29,422
Total stockholders’ equity
429,616
397,179
Total liabilities and stockholders'
equity
$
504,863
$
461,539
PAYMENTUS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cash flows from operating
activities
Net income
$
9,400
$
957
$
22,320
$
(513
)
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation and amortization
8,286
6,545
30,600
24,063
Deferred income taxes
135
350
413
(2,981
)
Stock-based compensation
2,499
2,114
9,390
6,736
Non-cash lease expense
443
432
1,789
2,135
Amortization of contract asset
802
711
2,999
2,058
Provision for expected credit losses
210
49
88
268
Change in operating assets and
liabilities
Accounts and other receivables
(1,731
)
(5,144
)
(8,672
)
(24,287
)
Prepaid expenses and other current and
long-term assets
613
2,065
(1,184
)
1,211
Accounts payable
1,738
1,791
6,017
4,766
Accrued liabilities
2,100
1,010
6,288
3,400
Operating lease liabilities
(453
)
(434
)
(1,817
)
(1,832
)
Contract liabilities
(1,593
)
3,219
(361
)
3,299
Income taxes receivable, net of
payable
1,992
1,059
958
1,544
Net cash provided by operating
activities
24,441
14,724
68,828
19,867
Cash flows from investing
activities
Business combinations, net of cash and
restricted cash acquired
—
(3,260
)
—
(3,260
)
Other intangible assets acquired
—
(32
)
—
(280
)
Purchases of property and equipment
(89
)
(94
)
(600
)
(1,257
)
Capitalized internal-use software
development costs
(8,360
)
(7,506
)
(33,699
)
(29,763
)
Net cash used in investing activities
(8,449
)
(10,892
)
(34,299
)
(34,560
)
Cash flows from financing
activities
Proceeds from exercise of stock-based
awards
181
21
616
1,490
Financial institution funds in-transit
—
(77,601
)
—
(33,443
)
Payments on other financing
obligations
—
(2,576
)
(1,709
)
(5,062
)
Payments on finance leases
—
(67
)
(102
)
(268
)
Net cash (used in) provided by financing
activities
181
(80,223
)
(1,195
)
(37,283
)
Effect of exchange rate changes on Cash
and cash equivalents and Restricted cash
130
161
176
(168
)
Net increase in cash, cash equivalents and
Restricted cash
16,303
(76,230
)
33,510
(52,144
)
Cash and cash equivalents and Restricted
cash beginning of period
166,892
225,915
149,685
201,829
Cash and cash equivalents and Restricted
cash end of period
$
183,195
$
149,685
$
183,195
$
149,685
Reconciliation of Cash and cash
equivalents and Restricted Cash:
Cash and cash equivalents at beginning of
period
162,062
148,314
147,334
168,386
Restricted cash at beginning of period
4,830
77,601
2,351
—
Restricted funds held for financial
institutions at beginning of period
—
—
—
33,443
Cash and cash equivalents and Restricted
cash at beginning of period
$
166,892
$
225,915
$
149,685
$
201,829
Cash and cash equivalents at end of
period
179,361
147,334
179,361
147,334
Restricted cash at end of period
3,834
2,351
3,834
2,351
Cash and cash equivalents and Restricted
cash at end of period
$
183,195
$
149,685
$
183,195
$
149,685
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 December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Gross profit
$
49,492
$
41,139
$
182,342
$
149,678
Stock-based compensation
46
—
156
—
Amortization of capitalized software
development costs
3,868
2,673
13,341
8,763
Amortization of acquisition-related
intangibles
828
829
3,314
3,314
Adjusted gross profit
$
54,234
$
44,641
$
199,153
$
161,755
Contribution Profit
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Gross profit
$
49,492
$
41,139
$
182,342
$
149,678
Plus: other cost of revenue
16,842
12,918
58,606
51,622
Contribution profit
$
66,334
$
54,057
$
240,948
$
201,300
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Net income (loss) — GAAP
$
9,402
$
957
$
22,322
$
(513
)
Interest income, net
(2,016
)
(1,069
)
(7,019
)
(1,663
)
Provision for (benefit from) income
taxes
1,798
1,602
2,802
(795
)
Amortization of capitalized software
development costs
6,063
4,185
21,349
14,619
Amortization of acquisition-related
intangibles
2,021
2,015
8,380
8,092
Depreciation
202
345
871
1,352
EBITDA
$
17,470
$
8,035
$
48,705
$
21,092
Adjustments
Foreign exchange loss (gain)
(44
)
47
(12
)
(5
)
Stock-based compensation
2,499
2,114
9,390
6,736
Other nonrecurring expense (1)
—
--
—
769
Adjusted EBITDA
$
19,925
$
10,196
$
58,083
$
28,592
Adjusted EBITDA margin
30.0
%
18.9
%
24.1
%
14.2
%
(1) Other nonrecurring expenses consist of
an estimated liability booked in the year ended December 31, 2022
related to the potential costs of terminating a commercial
contract.
PAYMENTUS HOLDINGS, INC. GAAP to Non-GAAP
Reconciliations (Unaudited) (in thousands, except percentages and
per share data)
Non-GAAP Operating Expenses
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Operating expenses - GAAP
$
40,352
$
39,602
$
164,249
$
152,654
Stock-based compensation
(2,453
)
(2,114
)
(9,234
)
(6,736
)
Amortization of acquisition-related
intangibles
(1,192
)
(1,186
)
(5,065
)
(4,778
)
Other nonrecurring expense (1)
—
—
—
(769
)
Non-GAAP operating expense
$
36,707
$
36,302
$
149,950
$
140,371
(1) Other nonrecurring expenses consist of
an estimated liability booked in the year ended December 31, 2022
related to the potential costs of terminating a commercial
contract.
Non-GAAP Net Income & Non-GAAP EPS
Revised Methodology:
The prior year and most recent quarter non-GAAP net income and
non-GAAP earnings per share have been recast to align with the
updated methodology.
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Net income (loss) — GAAP
$
9,402
$
957
$
22,322
$
(513
)
Stock-based compensation
2,499
2,114
9,390
6,736
Amortization of acquisition-related
intangibles
2,021
2,007
8,380
8,028
Exclude discrete one-time items, net of
tax (1)
—
—
—
565
Non-GAAP net income
$
13,922
$
5,078
$
40,092
$
14,816
Weighted-average shares of common stock —
diluted
126,502,771
124,395,447
125,071,829
125,134,317
Non-GAAP earnings per share —
diluted
$
0.11
$
0.04
$
0.32
$
0.12
(1) Discrete one-time items, net of tax
consist of the tax impacted estimated liability booked in the year
ended December 31, 2022 related to the potential costs for
terminating a commercial contract.
Previous Methodology:
The following tables set forth our non-GAAP financial measures
using the previous methodology with reconciliations to the most
directly comparable GAAP financial measures:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Net income (loss) — GAAP
$
9,402
$
957
$
22,322
$
(513
)
Excluding amortization of
acquisition-related intangibles
2,021
2,007
8,380
8,028
Exclude discrete one-time items, net of
tax (1)
—
--
—
565
Non-GAAP net income
$
11,423
$
2,964
$
30,702
$
8,080
Weighted-average shares of common stock —
diluted
126,502,771
124,395,447
125,071,829
125,134,317
Non-GAAP earnings per share —
diluted
$
0.09
$
0.02
$
0.25
$
0.06
(1) Discrete one-time items, net of tax
consist of the tax impacted estimated liability booked in the year
ended December 31, 2022 related to the potential costs for
terminating a commercial contract.
Free Cash Flow
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
Net cash (used in) provided by operating
activities
$
24,441
$
14,724
$
68,828
$
19,867
Purchases of property and equipment and
software
(89
)
(94
)
(600
)
(1,257
)
Other intangible assets acquired
—
(32
)
—
(280
)
Capitalized software development costs
(8,360
)
(7,506
)
(33,699
)
(29,763
)
Free cash flow
$
15,992
$
7,092
$
34,529
$
(11,433
)
Net cash used in investing activities
$
(8,449
)
$
(10,892
)
$
(34,299
)
$
(34,560
)
Net cash (used in) provided by financing
activities
$
181
$
(80,223
)
$
(1,195
)
$
(37,283
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240304970189/en/
At the Company Sanjay Kalra Chief Financial Officer
Paymentus Holdings, Inc. ir@paymentus.com
Investor Relations David Hanover paymentus@kcsa.com
Media Relations Tony Labriola tony@thinkinsideout.com
Grafico Azioni Paymentus (NYSE:PAY)
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Grafico Azioni Paymentus (NYSE:PAY)
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