Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of
international payment and transaction processing and multi-currency
processing services, today announced its results for the fourth
quarter and fiscal year ended December 31, 2013.
Financial Highlights for the Fourth Quarter Ended
December 31, 2013
- Net revenue for the quarterly period was $12.2 million compared
to $11.9 million in the fourth quarter of 2012.
- Gross foreign currency mark-up for the quarterly period was
$30.0 million compared to $30.1 million in the fourth quarter of
2012. (See Table 2 for explanation of this metric).
- Net income for the quarterly period was $0.2 million compared
to net loss of $(0.1) million in the fourth quarter of 2012.
- Adjusted EBITDA for the quarterly period was $1.3 million
compared to Adjusted EBITDA of $0.9 million in the fourth quarter
of 2012. (See Table 1 for reconciliation of net income (loss) to
Adjusted EBITDA).
Financial Highlights for the Year Ended December 31,
2013
- Net revenue for the year was $46.6 million compared to $43.6
million for fiscal year 2012.
- Gross foreign currency mark-up for the year was $107.0 million
compared to $103.2 million for fiscal year 2012. (See Table 2 for
explanation of this metric).
- Net income was $22,006 or $0.00 per diluted share compared to
net loss of $(4.5) million or $(0.09) per diluted share for fiscal
year 2012.
- Adjusted EBITDA for the year was $4.2 million compared to $2.4
million for fiscal year 2012. (See Table 1 for reconciliation of
net income (loss) to Adjusted EBITDA).
Operational Highlights for the Year Ended December 31,
2013
- Total active merchant locations increased to approximately
61,000 (2012: approx. 41,000) (See Table 2 for explanation of this
metric).
- Settled multi-currency dollar volume processed was $2.6 billion
(2012: $2.6 billion). (See Table 2 for explanation of this
metric).
- Total settled dollar volume processed increased to $7.1 billion
(2012: $6.1 billion) and total settled transactions processed
increased to 64.4 million (2012: 46.0 million). (See Table 2 for
explanation of these metrics).
- Entered into a number of new contracts, notably a number of
processing agreements with Visa building on our strategic
partnership for emerging markets and an extension of our
multi-currency processing agreements with Network International. We
also signed an agreement with BCA for our PYC service in Indonesia
which was launched in December.
- Became an acquiring member of UnionPay International and signed
a direct acquiring agreement with Discover.
- Launched services with ICBC in Macau; in the U.S. we launched
Billabong with Vantiv and additional ATMs with Payment Alliance
International and integrated hospitality solutions were launched
with MICROS in Canada and Mexico.
- Integrated the Commercial Services Platform and its enabling
technology, which allows us to provide commercial services at the
point-of-sale.
- Continued to enhance our processing platform including
launching support UnionPay online and at the point-of-sale, to help
merchants access the Chinese market.
- Launched solutions with Visa for POS and ATM services for banks
in Myanmar and Grupo Bimbo in Mexico.
Commenting on the results, Carl Williams, CEO of Planet
Payment, Inc., said:
"I believe our achievements in 2013, that are in various stages
of implementation and roll-out, will validate that Planet Payment
is on the right path. I am enthusiastic to be leading Planet
Payment at this stage of the Company's evolution."
Conference Call
The Company will host a conference call to discuss fourth
quarter 2013 financial results today at 5:00 pm New York time. Carl
Williams, 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 13574809. The replay will be available until our next earnings
call on our website or via telephone until Friday, March 14,
2014.
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 Annual Report on Form
10-K to be filed at www.sec.gov and posted on the Company's
investor relations website.
About Planet Payment
Planet Payment is a leading provider of international payment
and transaction processing and multi-currency processing services.
We provide our services in 22 countries and territories across the
Asia Pacific region, North America, the Middle East, Africa and
Europe, primarily through our more than 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.
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 regarding the financial position, business strategy, plans
and objectives of management for future operations of both Planet
Payment and its business partners, net revenue, net income (loss),
Adjusted EBITDA, diluted earnings per share, future service
launches with customers 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 Annual Report Form 10-K, 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.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this
statement. 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 (loss),
the most directly comparable financial measure calculated and
presented in accordance with GAAP.
Table 1. Reconciliation of
Net Income (Loss) to Adjusted EBITDA
For the three months and year
ended December 31, 2013 and 2012
|
Three months
ended |
Twelve months
ended |
|
December
31, |
December
31, |
|
|
2013 |
2012 |
2013 |
2012 |
ADJUSTED EBITDA: |
US$
Millions |
|
|
|
|
|
Net income (loss) |
$ 0.2 |
$ (0.1) |
$ 0.0 |
$ (4.5) |
Interest expense |
0.0 |
0.0 |
0.1 |
0.1 |
Interest and other expense (income) |
0.0 |
0.0 |
0.0 |
0.0 |
(Benefit) provision for income taxes |
0.0 |
(0.1) |
0.0 |
0.2 |
Depreciation and amortization |
0.7 |
0.8 |
2.9 |
2.8 |
Expensing of deferred IPO costs(1) |
0.0 |
0.0 |
0.0 |
2.6 |
Stock‑based expense |
0.4 |
0.3 |
1.2 |
1.1 |
Acquisition deal costs |
0.0 |
0.0 |
0.0 |
0.1 |
Adjusted EBITDA (non-GAAP) |
$ 1.3 |
$ 0.9 |
$ 4.2 |
$ 2.4 |
(1) In July 2011 we filed our first registration statement on
Form S-1. From July 2011 through August 2012 we continued to
update and amend Form S-1. During the quarter ended September
30, 2012 we determined that it is likely that our IPO will be
postponed for a period in excess of 90 days and as a result deemed
it to be an aborted offering in accordance with the guidance set
forth in ASC 340-10-S99-1. For the three months ending September
30, 2012, we expensed previously deferred IPO costs of $2.3 million
associated with our registration statement on Form S-1 as well as
any IPO costs incurred in the third quarter to selling, general and
administrative expenses. The total amount of the expense for
the year was $2.6 million.
Table 2. Explanation of
Key Metrics
|
Year ended December 31, |
|
|
|
2013 |
2012 |
|
|
|
KEY METRICS: |
|
|
|
|
|
Consolidated gross billings(1) |
$ 123,766,535 |
$ 117,945,131 |
Total settled dollar volume processed(2) |
$ 7,054,447,195 |
$ 6,114,241,521 |
Total active merchant locations (at period
end)(3) |
61,029 |
40,918 |
Total settled transactions processed(4) |
64,438,090 |
45,968,171 |
|
|
|
Multi-currency processing services
key metrics: |
|
|
Active merchant locations (at
period end)(3) |
23,628 |
22,015 |
Settled transactions processed(5) |
12,496,150 |
11,883,366 |
Gross foreign currency mark-up(6) |
$ 107,013,919 |
$ 103,174,205 |
Settled dollar volume processed(7) |
$ 2,645,757,541 |
$ 2,628,252,265 |
Average net mark-up percentage on settled
dollar volume processed(8) |
1.13% |
1.10% |
|
|
|
Payment processing services key
metrics: |
|
|
Active merchant locations (at
period end)(3) |
37,424 |
18,921 |
Payment processing services revenue(9) |
$ 16,752,616 |
$ 14,770,926 |
Settled transactions processed(10) |
51,941,940 |
34,084,805 |
Settled dollar volume processed(11) |
$ 4,408,689,654 |
$ 3,485,989,256 |
(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 December 31, 2013 and 2012, there were 23 and
18 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 counting these locations twice.
(4) Represents total settled transactions (excluding other
transaction types such as authorizations and rate look-ups).
(5) Represents settled transactions processed using our
multi-currency processing services (excluding other transaction
types such as authorizations and rate look-ups).
(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 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 ($29.8 million,
and $28.8 million for the years ended December 31, 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 and rate look-ups).
(11) Represents the total settled dollar volume processed
using our payment processing services.
Planet Payment, Inc. unaudited consolidated balance
sheets
|
December 31, |
|
2013 |
2012 |
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 6,572,468 |
$ 6,002,457 |
Restricted cash |
3,471,023 |
2,517,616 |
Accounts receivable, net of
allowances of $0.2 million and $1.5 million as of December 31,
2013 and 2012, respectively |
6,016,296 |
5,585,815 |
Prepaid expenses and other
assets |
1,457,660 |
2,395,137 |
Total current assets |
17,517,447 |
16,501,025 |
Other assets: |
|
|
Restricted cash |
446,044 |
669,406 |
Property and equipment,
net |
2,198,640 |
1,396,154 |
Software development costs,
net |
4,904,415 |
4,776,320 |
Intangible assets, net |
2,820,909 |
3,289,590 |
Goodwill |
362,063 |
347,599 |
Security deposits and other
assets |
2,141,620 |
338,408 |
Total other assets |
12,873,691 |
10,817,477 |
Total assets |
$ 30,391,138 |
$ 27,318,502 |
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 585,604 |
$ 889,118 |
Accrued expenses |
5,032,620 |
5,298,789 |
Due to merchants |
3,018,900 |
2,546,140 |
Current portion of capital
leases |
466,010 |
337,588 |
Total current liabilities |
9,103,134 |
9,071,635 |
Long-term liabilities: |
|
|
Long-term portion of capital
leases and deferred revenue |
1,432,513 |
364,010 |
Total long-term
liabilities |
1,432,513 |
364,010 |
Total liabilities |
10,535,647 |
9,435,645 |
Commitments and
contingencies |
|
|
Stockholders' equity: |
|
|
Convertible preferred stock—10,000,000 shares
authorized as of December 31, 2013 and 2012, $0.01 par value:
Series A—2,243,750 issued and outstanding as of
December 31, 2013 and 2012; $8,975,000 aggregate liquidation
preference |
22,438 |
22,438 |
Common stock—250,000,000 shares authorized as
of December 31, 2013 and 2012, $0.01 par value, and 55,037,488
and 53,658,857 shares issued and outstanding as of
December 31, 2013 and 2012, respectively |
550,375 |
536,589 |
Additional paid-in capital |
101,038,685 |
99,199,149 |
Accumulated other comprehensive
income |
135,231 |
37,925 |
Accumulated deficit |
(81,891,238) |
(81,913,244 |
Total stockholders' equity |
19,855,491 |
17,882,857 |
Total liabilities and stockholders'
equity |
$ 30,391,138 |
$ 27,318,502 |
Planet Payment, Inc. unaudited consolidated
statements of operations
|
Year ended December 31, |
|
2013 |
2012 |
2011 |
Revenue: |
|
|
|
Net revenue |
$ 46,566,065 |
$ 43,578,016 |
$ 41,858,166 |
Operating expenses: |
|
|
|
Cost of revenue: |
|
|
|
Payment processing service
fees |
11,236,262 |
10,943,290 |
11,677,012 |
Processing and service
costs |
13,048,294 |
11,010,778 |
9,093,674 |
Total cost of revenue |
24,284,556 |
21,954,068 |
20,770,686 |
Selling, general and
administrative expenses |
22,241,656 |
25,865,652 |
18,152,014 |
Total operating expenses |
46,526,212 |
47,819,720 |
38,922,700 |
Income (loss) from
operations |
39,853 |
(4,241,704) |
2,935,466 |
Other income (expense): |
|
|
|
Interest expense |
(66,905) |
(55,987) |
(319,098) |
Interest income |
1,038 |
1,236 |
1,582 |
Other income (expense),
net |
88,889 |
(8,739) |
98,682 |
Total other income (expense),
net |
23,022 |
(63,490) |
(218,834) |
Income (loss) from operations
before provision for income taxes |
62,875 |
(4,305,194) |
2,716,632 |
Provision for income taxes |
(40,869) |
(147,111) |
(331,903) |
Net income (loss) |
$ 22,006 |
$ (4,452,305) |
$ 2,384,729 |
Basic net income (loss) per
share applicable to common stockholders |
$ 0.00 |
$ (0.09) |
$ 0.04 |
Diluted net income (loss) per
share applicable to common stockholders |
$ 0.00 |
$ (0.09) |
$ 0.04 |
Weighted average common stock
outstanding (basic) |
52,943,203 |
52,187,144 |
49,348,033 |
Weighted average common stock
outstanding (diluted) |
54,465,285 |
52,187,144 |
52,167,492 |
Planet Payment, Inc. unaudited consolidated
statements of cash flows
|
Year ended December 31, |
|
2013 |
2012 |
2011 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ 22,006 |
$ (4,452,305) |
$ 2,384,729 |
Adjustments to reconcile net
(loss) income to net cash provided by
operating activities: |
|
|
|
Stock-based compensation
expense |
1,227,369 |
1,075,079 |
555,882 |
Depreciation and amortization
expense |
2,872,167 |
2,831,379 |
2,416,873 |
Provision for doubtful accounts
|
326,457 |
136,350 |
75,384 |
Deferred tax benefit |
(583,420) |
(66,009) |
— |
Disposal of property and
equipment |
4,979 |
86,388 |
— |
Expensing of deferred IPO
costs |
— |
2,346,210 |
— |
Accrued insurance proceeds |
— |
(100,000) |
— |
Gain on insurance
settlement |
(301,281) |
— |
— |
Non-cash interest expense on
convertible debt |
— |
— |
254,636 |
Non-cash interest expense on
term debt |
— |
— |
— |
Warrant expense |
— |
— |
14,928 |
Common stock issued for payment
of account payable |
— |
— |
20,000 |
Derecognition of note
payable |
— |
— |
(700,000) |
Non-cash prepayment fee on
conversion of convertible debt |
— |
— |
601,318 |
Changes in operating assets and
liabilities net of effects of acquisitions: |
|
|
|
(Increase) decrease in
settlement assets |
(703,407) |
(575,707) |
118,448 |
(Increase) decrease in security
deposits and other assets |
(482,065) |
(11,575) |
32,051 |
Increase in accounts payable
and accrued expenses |
336,367 |
1,713,071 |
2,088,190 |
Increase (decrease) in due to
merchants |
472,760 |
409,076 |
(157,188) |
Other |
(14,594) |
(65,018) |
(13,128) |
Net cash provided by
operating activities |
2,520,150 |
1,601,416 |
5,866,720 |
Cash flows from investing
activities: |
|
|
|
Insurance proceeds |
401,281 |
— |
— |
(Increase) decrease in
restricted cash |
(26,638) |
(9,448) |
90,042 |
Purchase of property and
equipment |
(828,730) |
(269,557) |
(161,705) |
Capitalized software
development |
(1,443,010) |
(1,360,091) |
(1,862,653) |
Purchase of intangible
assets |
(162,181) |
(149,420) |
(78,453) |
Cash paid for business
combination, net of cash acquired |
— |
(1,577,829) |
— |
Net cash used in investing
activities |
(2,059,278) |
(3,366,345) |
(2,012,769) |
Cash flows from financing
activities: |
|
|
|
Proceeds from issuance of
common stock. |
589,131 |
774,749 |
269,965 |
Principal payments on capital
lease obligations |
(479,992) |
(324,795) |
(284,682) |
Payment of IPO costs |
— |
(354,531) |
(1,349,770 |
Net cash provided by (used in)
financing activities |
109,139 |
95,423 |
(1,364,487) |
Effect of exchange rate changes
on cash and cash equivalents(*) |
— |
— |
— |
Net (decrease) increase in
cash and cash equivalents |
570,011 |
(1,669,506) |
2,489,464 |
Beginning of period |
6,002,457 |
7,671,963 |
5,182,499 |
End of period |
$ 6,572,468 |
$ 6,002,457 |
$ 7,671,963 |
Supplemental
disclosure: |
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
Interest |
$ 63,352 |
$ 53,994 |
$ 64,462 |
Income taxes |
568,055 |
541,933 |
233,535 |
Non cash investing and
financing activities: |
|
|
|
Convertible debt converted to
common stock |
$ — |
$ — |
$ 8,979,926 |
Common stock issued for BPS
acquisition |
— |
1,596,862 |
— |
Common stock issued for stock
options and warrants exercised |
2,273 |
13,335 |
354 |
Assets acquired under capital
leases |
728,082 |
530,984 |
349,484 |
Accrued capitalized hardware,
software and fixed assets |
27,566 |
— |
— |
Capitalized stock-based
compensation |
52,133 |
— |
— |
Accrued IPO costs |
— |
— |
301,019 |
(*) For the years ended December 31, 2013, 2012 and 2011,
the effect of exchange rate changes on cash and cash equivalents
was inconsequential.
Planet Payment, Inc. unaudited consolidated
statements of changes in convertible preferred stock and
stockholders' equity
|
Convertible
preferred stock $0.01 par value 4,000,000 shares
authorized as of December 31, 2010 and 2011 and
10,000,000 shares authorized as of December 31, 2012 and 2013
Series A |
Common stock
$0.01 par value— 70,000,000 shares
authorized as of December 31, 2010
and 80,000,000 shares authorized as of December 31, 2011 and
250,000,000 shares authorized as of December 31, 2012 and
2013 |
|
|
|
|
|
Shares
issued |
Shares Value |
Issued |
Par value |
Additional paid-in
capital |
Accumulated other
comprehensive (loss) income |
Accumulated
deficit |
Total stockholders'
equity |
Balance—December 31,
2010 |
2,243,750 |
22,438 |
46,068,496 |
460,684 |
85,066,856 |
(27,600) |
(79,845,668) |
5,676,710 |
Stock issued |
— |
— |
4,484,776 |
44,848 |
9,811,033 |
— |
— |
9,855,881 |
Restricted stock issued |
— |
— |
915,000 |
9,150 |
— |
— |
— |
9,150 |
Warrants exercised |
— |
— |
28,560 |
286 |
(286) |
— |
— |
— |
Options exercised |
— |
— |
267,573 |
2,676 |
258,139 |
— |
— |
260,815 |
Warrant expense |
— |
— |
— |
— |
14,928 |
— |
— |
14,928 |
Stock-based compensation expense |
— |
— |
— |
— |
555,882 |
— |
— |
555,882 |
Cumulative translation adjustment |
— |
— |
— |
— |
— |
(13,129) |
— |
(13,129) |
Net income |
— |
— |
— |
— |
— |
— |
2,384,729 |
2,384,729 |
Balance—December 31,
2011 |
2,243,750 |
22,438 |
51,764,405 |
517,644 |
95,706,552 |
(40,729) |
(77,460,939) |
18,744,966 |
Stock issued ------ Acquisition
of BPS |
— |
— |
488,337 |
4,884 |
1,596,862 |
— |
— |
1,601,746 |
Warrants exercised |
— |
— |
917,602 |
9,176 |
(9,176) |
— |
— |
— |
Options exercised |
— |
— |
488,513 |
4,885 |
769,864 |
— |
— |
774,749 |
Stock-based compensation expense |
— |
— |
— |
— |
1,135,047 |
— |
— |
1,135,047 |
Cumulative translation adjustment |
— |
— |
— |
— |
— |
78,654 |
— |
78,654 |
Net loss |
— |
— |
— |
— |
— |
— |
(4,452,305) |
(4,452,305) |
Balance— December 31,
2012 |
2,243,750 |
22,438 |
53,658,857 |
536,589 |
99,199,149 |
37,925 |
(81,913,244) |
17,882,857 |
Restricted stock issued |
— |
— |
860,739 |
8,607 |
(23,918) |
— |
— |
(15,311) |
Warrants exercised |
— |
— |
213,123 |
2,131 |
(2,131) |
— |
— |
— |
Options exercised |
— |
— |
304,769 |
3,048 |
586,083 |
— |
— |
589,131 |
Stock-based compensation expense |
— |
— |
— |
— |
1,279,502 |
— |
— |
1,279,502 |
Cumulative translation adjustment |
— |
— |
— |
— |
— |
97,306 |
— |
97,306 |
Net income |
— |
— |
— |
— |
— |
— |
22,006 |
22,006 |
Balance— December 31,
2013 |
2,243,750 |
$ 22,438 |
55,037,488 |
$ 550,375 |
$ 101,038,685 |
$ 135,231 |
$ (81,891,238) |
$ 19,855,491 |
Planet Payment, Inc.
Notes to unaudited consolidated financial
statements
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 61,000 active merchant locations in 22
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 provides banks and their
merchants with innovative services to accept, process and reconcile
electronic payments. The Company's point-of-sale and
e-commerce are integrated within the international payment card
transaction process enabling its acquiring customers to process and
reconcile payment transactions in multiple currencies, geographies
and channels. The Company's ATM services provide its domestic and
international acquirers with additional processing capabilities to
help them increase revenue and improve customer satisfaction. The
Company also offers non-financial transaction processing services
that allow merchants to offer a range of value added services
including pre-paid mobile phone top-up, bill payments and insurance
premiums, using the same point-of-sale devices deployed to accept
payment cards. 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" and
"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 consolidated financial statements of the Company have been
prepared in accordance with accounting principles generally
accepted in the United States of America ("US GAAP").
The accompanying consolidated financial statements include the
accounts of Planet Payment, Inc. and its wholly-owned
subsidiaries. All intercompany transactions and balances have been
eliminated.
The Company combined the equity classification line item
"Warrants" (previously presented separately) with additional
paid-in capital on the consolidated balance sheet as of December
31, 2013 and 2012.
CONTACT: Enquiries:
Planet Payment, Inc.
Robert Cox (CFO and COO)
Tel: + 1 516 670 3200
www.planetpayment.com
Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan
Tel: +44 20 7523 8000
Putnam Premier Income (NYSE:PPT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Putnam Premier Income (NYSE:PPT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024