Quarterly Revenue increased
16%
Second Quarter Net Income $0.3 million
and Adjusted EBITDA $1.3 million
Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of
international payment and transaction processing and multi-currency
processing services, announced today its results for the second
quarter ended June 30, 2013.
Financial Highlights for the Quarter Ended June 30,
2013
- Net revenue for the period increased approximately 16% to $11.8
million compared to $10.1 million in the second quarter of
2012.
- Consolidated gross billings increased 11% to $30.4 million
compared to $27.4 million in the second quarter of 2012. (See Table
3 for explanation of this metric).
- Gross foreign currency mark-up increased 8% to $26.1 million
compared to $24.1 million in the second quarter of 2012. (See Table
3 for explanation of this metric).
- Processing services revenue increased 32% to $4.3 million
compared to $3.3 million in the second quarter of 2012.
- Net income for the period was $0.3 million compared to a net
loss of $1.2 million in the second quarter of 2012.
- Adjusted EBITDA for the period was $1.3 million compared to
$0.1 million in the second quarter of 2012. (See Table 1 for
reconciliation of net income to Adjusted EBITDA).
Operational Highlights for the Quarter Ended June 30,
2013
- Total active merchant locations increased by 30% to
approximately 44,000 (See Table 3 for explanation of this
metric).
- Total settled dollar volume processed increased 20% to $1.7
billion and total settled transactions processed increased 34% to
14.9 million. (See Table 3 for explanation of these metrics).
- Total acquirer and processor customers increased to 60 based on
roll outs in U.S.A., Myanmar and Greater China.
- Launched Pay in Your Currency® at Billabong locations and
additional ATMs with Vantiv and Payment Alliance International
across the United States, as well as additional hospitality
solutions for customers in Canada and Mexico.
"The second quarter showed increased revenue growth and
profitability and we are pleased with the results," said Philip
Beck, Chairman and CEO of Planet Payment, Inc. "Although we have
seen some weakness in certain areas, we have seen positive trends
this quarter in particular in the increase in payment processing
revenue, which we believe will continue to grow in the second half
of 2013 and beyond. We are focused on growing our revenue from
existing products and customers. In addition, we continue to work
with our customers on multi-currency processing implementations in
new markets such as Indonesia, Mexico, and Brazil, and we expect to
be able to report further developments in those markets as the year
progresses."
Outlook for Fiscal Year 2013
We have seen weakness in our multi-currency revenues,
particularly in the APAC region. This resulted from continued
change in international travel trends and softness in some of our
customers' portfolios in the APAC region in particular. If these
trends persist for the rest of the year, this may impact the growth
in our multi-currency revenues during 2013. Some of our customers,
particularly in the Americas, have been slower than anticipated in
completing technical implementations or roll-outs to their customer
portfolios, which may also impact 2013 results. Accordingly we are
adjusting our guidance for 2013 to reflect these uncertainties, as
follows:
- Net revenue estimated to be in the range of $48.0 million to
$50.0 million.
- Net income estimated to be in the range of $1.0 million to $2.9
million.
- Adjusted EBITDA estimated to be in the range of $5.4 million to
$7.4 million. (See Table 2 for reconciliation of prospective net
income to Adjusted EBITDA).
- Fully diluted earnings per share estimated to be in the range
of $0.02 to $0.05 based upon 56.0 million fully diluted common
shares outstanding.
Based on the planned multi-currency implementations during the
second half of 2013 and the expected growth in our processing
services, we are anticipating revenue growth in excess of 20% for
2014. We expect this revenue growth will result in increasing
profitability, as we continue to demonstrate the leverage in our
model.
Conference Call
The Company will host a conference call to discuss second
quarter 2013 financial results today at 5:00 pm New York time.
Philip Beck, Chairman and Chief Executive Officer, and Robert Cox,
Chief Financial Officer will host the call. The call will be
webcast live from the Company's investor relations website at
http://ir.planetpayment.com/. The conference call can also be
accessed live over the phone by dialing (877) 705-6003, or for
international callers (201) 493-6725. A replay will be available
approximately two hours after the call concludes and can be
accessed on our website or by dialing (877) 870-5176, or for
international callers (858) 384-5517, and entering the conference
ID 413496. The replay will be available until our next
earnings call on our website or via telephone until Tuesday, August
20, 2013.
Additional analysis of the Company's performance can be found in
the "Management's Discussion and Analysis of Financial Condition
and Results of Operations," included in the Quarterly Report on
Form 10-Q to be filed at www.sec.gov and posted on the Company's
investor relations website.
Notice Regarding Forward-Looking
Statements.
Information contained in this announcement may include
'forward-looking statements'. All statements other than statements
of historical facts included herein, including, without limitation,
those set forth in "Outlook for Fiscal Year 2013" and those
regarding the financial position, business strategy, plans, trends,
and objectives of management for future operations of both Planet
Payment and its business partners, financial growth, estimated net
revenue, net income, Adjusted EBITDA, diluted earnings per share,
estimated fully diluted common shares outstanding, future service
launches with customers in existing and new markets and new
initiatives and customer pipeline are forward-looking statements.
Such forward-looking statements are based on a number of
assumptions regarding Planet Payment's present and future business
strategies, and the environment in which Planet Payment expects to
operate in future, which assumptions may or may not be fulfilled in
practice. Implementation of some or all of the new services
referred to is subject to regulatory or other third party
approvals. Actual results may vary materially from the results
anticipated by these forward-looking statements as a result of a
variety of risk factors, including the risk that implementation,
adoption and offering of the service by processors, acquirers,
merchants and others may take longer than anticipated, or may not
occur at all, regulatory changes and changes in card association
regulations and practices, changes in domestic and international
economic conditions and changes in volume of international travel
and commerce and others. Additional risks may arise, with respect
to commencing operations in new countries and regions, of which
Planet Payment is not fully aware at this time. See the Company's
Quarterly Report on Form 10-Q, filed at www.sec.gov for other risk
factors which investors should consider. These forward-looking
statements speak only as to the date of this announcement and
cannot be relied upon as a guide to future performance. Planet
Payment expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained in this announcement to reflect any changes in
its expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based.
About Planet Payment
Planet Payment is a leading provider of international payment
processing and multi-currency processing services. We provide our
services in more than 20 countries and territories across the Asia
Pacific region, North America, the Middle East, Africa and Europe,
primarily through our 60 acquiring bank and processor customers.
Our point-of-sale and e-commerce services help merchants sell more
goods and services to consumers, and together with our ATM services
are integrated within the payment card transaction flow enabling
our acquiring customers, their merchants and consumers to shop,
pay, transact and reconcile payment transactions in multiple
currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in
Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong
Kong, Mexico City, Shanghai and Singapore. Visit
www.planetpayment.com for more information about the Company and
its services. For up-to-date information follow Planet Payment on
Twitter at @PlanetPayment or join Planet Payment's Facebook
page.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this
announcement. Management believes that Adjusted EBITDA, when viewed
with our results under GAAP and the accompanying reconciliations,
provides useful information about our period-over-period results.
Adjusted EBITDA is presented because management believes it
provides additional information with respect to the performance of
our fundamental business activities and is also frequently used by
securities analysts, investors and other interested parties in the
evaluation of comparable companies. We also rely on Adjusted EBITDA
as a primary measure to review and assess the operating performance
of our company and our management team in connection with our
executive compensation. These non-GAAP key business
indicators, which include Adjusted EBITDA, should not be considered
replacements for and should be read in conjunction with the GAAP
financial measures.
We define Adjusted EBITDA as GAAP net income (loss) adjusted to
exclude: (1) interest expense, (2) interest income,
(3) provision (benefit) for income taxes,
(4) depreciation and amortization, (5) stock‑based
expense from options and warrants and (6) certain other items
management believes affect the comparability of operating results.
Please see "Adjusted EBITDA" below for more information and for a
reconciliation of Adjusted EBITDA to net income, the most directly
comparable financial measure calculated and presented in accordance
with GAAP.
Table 1. Reconciliation of Net Income to
Adjusted EBITDA
For the three and six months ended June
30, 2013 and 2012
| |
Three months ended June 30, |
Six months ended June 30, |
| |
2013 |
2012 |
2013 |
2012 |
| ADJUSTED EBITDA: |
|
|
|
|
| Net income (loss) |
$304,691 |
$(1,158,622) |
$676,607 |
$(371,475) |
| Interest expense |
15,765 |
14,355 |
28,911 |
28,575 |
| Interest income |
(312) |
(242) |
(524) |
(413) |
| Provision for income taxes |
67,974 |
135,426 |
68,567 |
230,698 |
| Depreciation and amortization |
669,430 |
686,841 |
1,405,036 |
1,307,461 |
| Stock-based expense |
290,027 |
316,005 |
548,956 |
540,397 |
| Acquisition deal costs |
— |
121,755 |
— |
121,755 |
| Adjusted EBITDA (non-GAAP) |
$1,347,575 |
$115,518 |
$2,727,553 |
$1,856,998 |
Table 2. Reconciliation of Prospective
Net Income to Adjusted EBITDA
For the year ending December 31,
2013
| |
Range |
| ADJUSTED EBITDA: |
Millions |
| |
|
| Net income |
$1.0 |
$2.9 |
| Interest expense |
0.1 |
0.1 |
| Interest income |
0.0 |
0.0 |
| Provision for income taxes |
0.1 |
0.2 |
| Depreciation and amortization |
3.0 |
3.0 |
| Stock‑based expense |
1.2 |
1.2 |
| Adjusted EBITDA (non-GAAP) |
$5.4 |
$7.4 |
Table 3. Explanation of Key
Metrics
| |
Three months ended June 30, |
Six months ended June 30, |
| |
2013 |
2012 |
2013 |
2012 |
| KEY METRICS: |
|
|
|
|
| Consolidated gross billings(1) |
$30,406,907 |
$27,418,225 |
$62,908,833 |
$57,655,465 |
| Total settled dollar volume processed
(2) |
$1,731,199,719 |
$1,439,048,428 |
$3,431,303,136 |
$2,870,031,526 |
| Total active merchant locations (at period
end) (3) |
44,467 |
34,172 |
44,467 |
34,172 |
| Total settled transactions processed (4) |
14,882,349 |
11,097,084 |
28,061,154 |
21,432,710 |
| Multi-currency processing services
key metrics: |
|
|
|
|
| Active merchant locations (at period
end)(3) |
23,509 |
18,076 |
23,509 |
18,076 |
| Settled transactions processed(5) |
3,015,374 |
2,843,781 |
6,059,344 |
5,820,697 |
| Gross foreign currency mark-up(6) |
$26,089,431 |
$24,141,247 |
$54,336,023 |
$50,220,176 |
| Settled dollar volume processed(7) |
$637,806,403 |
$625,873,503 |
$1,335,672,927 |
$1,309,308,011 |
| Average net mark-up percentage on settled
dollar volume processed(8) |
1.17% |
1.09% |
1.14% |
1.10% |
| Payment processing services key
metrics: |
|
|
|
|
| Active merchant locations (at period
end)(3) |
20,979 |
16,109 |
20,979 |
16,109 |
| Payment processing services
revenue(9) |
$4,317,476 |
$3,276,978 |
$8,572,810 |
$7,435,289 |
| Settled transactions processed(10) |
11,866,975 |
8,253,303 |
22,001,810 |
15,612,013 |
| Settled dollar volume processed(11) |
$1,093,393,316 |
$813,174,925 |
$2,095,630,209 |
$1,560,723,515 |
(1) Represents gross foreign currency mark-up plus
payment processing services revenue.
(2) Represents total settled dollar volume processed
through both our multi-currency and payment processing
services.
(3) We consider a merchant location to be active as of a
date if the merchant completed at least one revenue-generating
transaction at the location during the 90-day period ending on such
date. The total number of active merchant locations exceeds the
total number of merchants, as merchants may have multiple
locations. As of June 30, 2013 and 2012, there were 21 and 13
active merchant locations, respectively, included in both
multi-currency and payment processing active merchant locations but
are not included in total active merchant locations, in order to
eliminate double counting.
(4) Represents total settled transactions (excluding other
transaction types such as authorizations, rate look-ups and
non-financial transactions).
(5) Represents settled transactions processed using our
multi-currency processing services (excluding other transaction
types such as authorizations, rate look-ups and non-financial
transactions).
(6) Represents the gross foreign currency mark-up amount on
settled dollar volume processed using our multi-currency processing
services. Gross foreign currency mark-up represents multi-currency
processing services net revenue plus amounts paid to acquiring
banks and their merchants associated with such multi-currency
processing transactions. Management believes this metric is
relevant because it provides the reader an indication of the gross
mark-up derived from multi-currency transactions processed through
our platform during a given period.
(7) Represents the total settled dollar volume processed
using our multi-currency processing services.
(8) Represents the average net foreign currency mark-up
percentage earned on settled dollar volume processed using our
multi-currency processing services. The average net mark-up
percentage on settled dollar volume processed is calculated by
taking the reported total multi-currency processing services net
revenue ($7.4 million and $6.8 million for the three
months ended June 30, 2013 and 2012, respectively, and $15.3
million and $14.4 million for the six months ended June 30, 2013
and 2012, respectively) and dividing by settled dollar volume
processed.
(9) Represents revenue earned and reported on payment
processing services.
(10) Represents settled transactions processed using our payment
processing services (excluding other transaction types such as
authorizations, rate look-ups and non-financial transactions).
(11) Represents the total settled dollar volume processed
using our payment processing services.
Planet Payment, Inc. Condensed Consolidated Balance
Sheets
| |
As of June
30, |
As of December 31, |
| |
2013 |
2012 |
| |
(unaudited) |
|
| Current assets: |
|
|
| Cash and cash equivalents |
$5,313,971 |
$6,002,457 |
| Restricted cash |
2,052,545 |
2,517,616 |
| Accounts receivable, net of allowances of
$0.2 million as of June 30, 2013 and $1.5 million
December 31, 2012 |
5,589,554 |
5,585,815 |
| Prepaid expenses and other assets |
1,896,573 |
2,395,137 |
| Total current assets |
14,852,643 |
16,501,025 |
| Other assets: |
|
|
| Restricted cash |
669,406 |
669,406 |
| Property and equipment, net |
2,186,276 |
1,396,154 |
| Software development costs, net |
5,013,802 |
4,776,320 |
| Intangible assets, net |
2,925,065 |
3,289,590 |
| Goodwill |
342,208 |
347,599 |
| Security deposits and other assets |
945,792 |
338,408 |
| Total other assets |
12,082,549 |
10,817,477 |
| Total assets |
$26,935,192 |
$27,318,502 |
| Liabilities and stockholders'
equity |
|
|
| Current liabilities: |
|
|
| Accounts payable |
$1,119,542 |
$889,118 |
| Accrued expenses |
3,019,662 |
5,298,789 |
| Due to merchants |
1,934,710 |
2,546,140 |
| Current portion of capital leases
liability |
450,644 |
337,588 |
| Total current liabilities |
6,524,558 |
9,071,635 |
| Long-term liabilities: |
|
|
| Long-term portion of capital leases
liability and other long-term liabilities |
1,060,681 |
364,010 |
| Total long-term liabilities |
1,060,681 |
364,010 |
| Total liabilities |
7,585,239 |
9,435,645 |
| Commitments and
contingencies |
|
|
| Stockholders' equity: |
|
|
| Convertible preferred stock— 10,000,000
shares authorized as of June 30, 2013 and December 31, 2012,
$0.01 par value: Series A— 2,243,750 issued and outstanding as
of June 30, 2013 and December 31, 2012; $8,975,000
aggregate liquidation preference |
22,438 |
22,438 |
| Common stock—250,000,000 shares authorized as
of June 30, 2013 and December 31, 2012, $0.01 par value, and
54,483,340 and 53,658,857 issued and outstanding as of June 30,
2013 and December 31, 2012, respectively |
544,833 |
536,589 |
| Additional paid-in capital |
100,059,732 |
99,199,149 |
| Accumulated other comprehensive (loss)
gain |
(40,413) |
37,925 |
| Accumulated deficit |
(81,236,637) |
(81,913,244) |
| Total stockholders' equity |
19,349,953 |
17,882,857 |
| Total liabilities and stockholders'
equity |
$26,935,192 |
$27,318,502 |
The accompanying notes are an integral part of
these financial statements
Planet Payment, Inc. Condensed Consolidated
Statements of Operations (unaudited)
| |
Three months ended June 30, |
Six months ended June 30, |
| |
2013 |
2012 |
2013 |
2012 |
| Revenue: |
|
|
|
|
| Net revenue |
$11,764,663 |
$10,117,038 |
$23,850,726 |
$21,797,974 |
| Operating expenses: |
|
|
|
|
| Cost of revenue: |
|
|
|
|
| Payment processing services fees |
2,748,935 |
2,434,248 |
5,551,224 |
5,217,839 |
| Processing and service costs |
3,178,655 |
2,642,590 |
6,354,302 |
5,373,419 |
| Total cost of revenue |
5,927,590 |
5,076,838 |
11,905,526 |
10,591,258 |
| Selling, general and administrative
expenses |
5,448,955 |
6,049,283 |
11,171,639 |
11,319,331 |
| Total operating expenses |
11,376,545 |
11,126,121 |
23,077,165 |
21,910,589 |
| Income (loss) from operations |
388,118 |
(1,009,083) |
773,561 |
(112,615) |
| Other income (expense): |
|
|
|
|
| Interest expense |
(15,765) |
(14,355) |
(28,911) |
(28,575) |
| Interest income |
312 |
242 |
524 |
413 |
| Total other expense, net |
(15,453) |
(14,113) |
(28,387) |
(28,162) |
| Income (loss) before provision for income
taxes |
372,665 |
(1,023,196) |
745,174 |
(140,777) |
| Provision for income taxes |
(67,974) |
(135,426) |
(68,567) |
(230,698) |
| Net income (loss) |
$304,691 |
$(1,158,622) |
$676,607 |
$(371,475) |
| Basic net income (loss) per share
applicable to common stockholders |
$0.01 |
$(0.02) |
$0.01 |
$(0.01) |
| Diluted net income (loss) per share
applicable to common stockholders |
$0.00 |
$(0.02) |
$0.01 |
$(0.01) |
| Weighted average common stock outstanding
(basic) |
52,832,451 |
52,035,014 |
52,805,938 |
51,906,425 |
| Weighted average common stock outstanding
(diluted) |
54,570,476 |
52,035,014 |
54,672,972 |
51,906,425 |
The accompanying notes are an integral part of
these financial statements
Planet Payment, Inc. Condensed Consolidated
Statements of Cash Flows (unaudited)
| |
Six months ended |
| |
June 30, |
| |
2013 |
2012 |
| Cash flows from operating
activities: |
|
|
| Net income (loss) |
$ 676,607 |
$ (371,475) |
| Adjustments to reconcile net income
(loss) to net cash provided by operating activities: |
|
|
| Stock option expense |
548,956 |
540,397 |
| Depreciation and amortization
expense |
1,405,036 |
1,307,461 |
| Provision for doubtful
accounts |
230,644 |
78,988 |
| Loss on disposal of equipment |
4,979 |
— |
| Gain on insurance settlement |
(301,281) |
|
| Changes in operating assets and
liabilities, net of effects of acquisition |
|
|
| Decrease (increase) in settlement
assets |
465,071 |
(518,202) |
| (Increase) decrease in accounts
receivables, prepaid expenses and other current assets |
(97,700) |
443,426 |
| Increase in security deposits and other
assets |
(345,503) |
(6,901) |
| Decrease in accounts payable, accrued
expenses and other long-term liabilities |
(1,563,329) |
(63,572) |
| (Decrease) increase in due to
merchants |
(611,430) |
455,132 |
| Other |
(39,164) |
(16,007) |
| Net cash provided by operating
activities |
372,886 |
1,849,247 |
| Cash flows from investing
activities: |
|
|
| Insurance proceeds |
401,281 |
— |
| Decrease in restricted cash |
— |
59,984 |
| Purchase of property and
equipment |
(684,667) |
(95,782) |
| Capitalized software
development |
(807,027) |
(744,902) |
| Purchase of intangible assets |
(59,287) |
(38,318) |
| Cash paid for business combination, net
of cash acquired |
— |
(1,577,829) |
| Net cash used in investing
activities |
(1,149,700) |
(2,396,847) |
| Cash flows from financing
activities: |
|
|
| Proceeds from issuance of common
stock |
292,202 |
61,680 |
| Principal payments on capital lease
obligations |
(203,874) |
(184,757) |
| Payment of IPO costs |
— |
(354,531 |
| Net cash provided by (used in) financing
activities |
88,328 |
(477,608) |
| Effect of exchange rate changes on cash and
cash equivalents(*) |
— |
— |
| Net decrease in cash and cash
equivalents |
(688,486) |
(1,025,208 |
| Beginning of period |
6,002,457 |
7,671,963 |
| End of period |
5,313,971 |
6,646,755 |
| Supplemental
disclosure: |
|
|
| Cash paid for: |
|
|
| Interest |
$ 31,146 |
$ 27,872 |
| Income taxes |
201,946 |
179,027 |
| Non cash investing and financing
activities: |
|
|
| Assets acquired under capital
leases |
$ 464,729 |
$ 180,805 |
| Common stock issued for BPS
acquisition |
— |
1,596,862 |
| Accrued capitalized hardware, software
and fixed assets |
63,507 |
55,643 |
| Capitalized stock-based
compensation |
27,669 |
— |
| Accrued IPO Costs |
— |
340,890 |
| |
|
|
| (*) For the six months ended June 30, 2013
and 2012, the effect of exchange rate changes on cash and cash
equivalents was inconsequential. |
|
|
| |
|
|
The accompanying notes are an integral part of
these financial statements
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Business description and basis of
presentation
Business description
Planet Payment, Inc. together with its wholly owned
subsidiaries ("Planet Payment," the "Company," "we," or "our") is a
provider of international payment and transaction processing and
multi-currency processing services. The Company provides its
services to approximately 44,000 active merchant locations in more
than 20 countries and territories across the Asia Pacific region,
North America, the Middle East, Africa and Europe, primarily
through its acquiring bank and processor customers, as well as
through its own direct sales force. The Company's point-of-sale,
e-commerce and ATM services are integrated within the payment card
transaction flow and enable its acquiring customers to process and
reconcile payment transactions in multiple currencies, geographies
and channels. The Company is a registered third party processor
with the major card associations and operates in accordance with
industry standards, including the Payment Card Industry, or PCI,
Security Council's Data Security Standards.
Company structure
Planet Payment was incorporated in the State of Delaware on
October 12, 1999 as Planet Group Inc. and changed its name to
Planet Payment, Inc. on June 18, 2007.
Since March 20, 2006, shares of the Company's common stock
have traded on the Alternative Investment Market of the London
Stock Exchange, or AIM, under the symbols "PPT". From March
2006 until June 2013 shares of our common stock were also traded on
AIM under the symbol "PPTR." From November 19, 2008 until
December 14, 2012, shares of our common stock were traded on
the OTCQX under the symbol "PLPM." On December 17, 2012 shares
of our common stock began trading on NASDAQ under the symbol
"PLPM."
Basis of presentation
The condensed consolidated financial statements of the Company
have been prepared in accordance with accounting principles
generally accepted in the United States of America ("GAAP").
The accompanying condensed consolidated financial statements
include the accounts of Planet Payment, Inc. and its
wholly-owned subsidiaries. All intercompany transactions and
balances have been eliminated.
As of March 31, 2013 the Company wrote-off a previously
fully reserved trade receivable in the amount of $1.4 million.
Unaudited consolidated interim financial
information
The accompanying unaudited condensed consolidated interim
financial statements as of June 30, 2013 and for the periods
ended June 30, 2013 and 2012 have been prepared on the same
basis as the annual consolidated financial statements. In the
opinion of management, the unaudited financial information for the
interim periods presented reflects all adjustments, which are
normal and recurring, necessary for a fair presentation of the
statement of operations, financial position and cash flows. The
accompanying unaudited condensed consolidated interim financial
statements should be read in conjunction with the audited
consolidated financial statements included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2012. Operating
results for the interim periods ended June 30, 2013 are not
necessarily indicative of the results that may be expected for the
year ending December 31, 2013. The December 31, 2012
balance sheet information has been derived from the audited
financial statements at that date. Certain information and
disclosures normally included in annual consolidated financial
statements have been omitted pursuant to the rules and
regulation of the Securities and Exchange Commission, or SEC.
CONTACT: Planet Payment, Inc.
Robert Cox (CFO)
Tel: + 1 516 670 3200
www.planetpayment.com
Redleaf Polhill (UK PR for Planet Payment)
Emma Kane / Rebecca Sanders-Hewett / David Ison
Tel: +44 207 382 4730
planet@redleafpr.com
ICR (USA IR for Planet Payment)
Don Duffy / Dara Dierks
Tel: +1 646-277-1212
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Andrew Chubb
Tel: +44 20 7523 8000
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