Paysafe Limited (“Paysafe” or the “Company”) (NYSE: PSFE), a
leading payments platform, today announced its financial results
for the first quarter of 2023.
First Quarter 2023 Financial Highlights (Metrics compared
to first quarter of 2022)
- Revenue of $387.8 million, increased 5%; increased 7% on a
constant currency basis
- Total Payment Volume of $33.8 billion*, increased 8%
- Net loss attributable to the Company of $3.8 million, compared
to $1,171.2 million
- Adjusted net income of $33.1 million, compared to $37.3
million
- Adjusted EBITDA of $107.8 million, increased 4%; increased 5%
on a constant currency basis
Bruce Lowthers, CEO of Paysafe, commented: “We kicked off 2023
by delivering our strongest quarterly revenue since going public.
Revenue increased 7% and adjusted EBITDA increased 5%
year-over-year on a constant currency basis, fueled by double-digit
growth from our classic digital wallets as well as e-commerce. We
are confident in maintaining our full year outlook and remain very
pleased with the progress of our sales transformation initiative,
which is driving cross-selling and higher value client wins.”
Strategic and Operational Highlights
- Continued to expand sales organization to drive new customer
acquisition, cross-selling, multi-product sales, and geographical
expansion
- Welcomed Nicole Carroll as Paysafe's Chief Strategy &
Innovation Officer
- Expanded into new iGaming markets in the U.S. (Massachusetts,
Washington and Ohio); Paysafe now powers payments for iGaming
operators across 27 U.S. states or jurisdictions
- eCash partnership with Greyhound Lines, largest provider of
long-distance bus transportation in the U.S., offering customers
safe and secure cash payments when booking a trip online
* Volumes exclude embedded wallet related
volumes of $9.6 billion and $4.4 billion in the first quarter of
2023 and 2022, respectively.
First Quarter of 2023 Summary of Consolidated Results
Three Months Ended
March 31,
($ in thousands) (unaudited)
2023
2022
Revenue
$
387,849
$
367,668
Gross Profit (excluding depreciation and
amortization)
$
228,910
$
220,565
Net loss attributable to the Company
$
(3,808
)
$
(1,171,183
)
Adjusted EBITDA
$
107,815
$
103,967
Adjusted EBITDA margin
27.8
%
28.3
%
Adjusted net income attributable to the
Company
$
33,076
$
37,261
Total revenue for the first quarter of 2023 was $387.8 million,
an increase of 5%, compared to $367.7 million in the prior year
period. Excluding a $7.3 million unfavorable impact from changes in
foreign exchange rates, total revenue increased 7%. Revenue from
the Merchant Solutions segment increased 8%, driven by strong
growth from e-commerce as well as the SMB market in North America.
Revenue from the Digital Wallets segment increased 2% on a reported
basis and 6% on a constant currency basis, driven by underlying
growth from iGaming and digital assets, as well as interest revenue
on customer deposits, which offset the impact from the
Russia-Ukraine war.
Net loss attributable to the Company for the first quarter was
$3.8 million, compared to $1,171.2 million in the prior year
period. The decrease in net loss reflects an impairment of goodwill
recognized in the prior year period. Adjusted net income for the
first quarter was $33.1 million, compared to $37.3 million in the
prior year period, primarily driven by an increase in interest
expense.
Adjusted EBITDA for the first quarter was $107.8 million, an
increase of 4%, compared to $104.0 million in the prior year
period. Excluding a $1.5 million unfavorable impact from changes in
foreign exchange rates, Adjusted EBITDA increased 5% compared to
the prior year period. Adjusted EBITDA margin for the first quarter
was 27.8%, compared to 28.3% in the prior year period, reflecting
non-recurring executive severance payments of approximately $2.0
million.
First quarter net cash used in operating activities was $119.0
million, compared to an inflow of $503.8 million in the prior year
period, mainly reflecting the timing of settlement of funds payable
and amounts due to customers. Free cash flow was $70.3 million,
compared to $59.2 million in the prior year period, which includes
the movement in customer accounts and other restricted cash which
was an increase of $167.0 million in the first quarter of 2023,
compared to a decrease of $450.9 million in the prior year
period.
Balance Sheet
As of March 31, 2023, total cash and cash equivalents were
$221.7 million, total debt was $2.6 billion and net debt was $2.4
billion. Compared to December 31, 2022, total debt decreased by
$32.1 million, reflecting net repayments of approximately $50
million, which was partly offset by movement in foreign exchange
rates.
Summary of Segment Results
Three Months Ended
March 31,
YoY
($ in thousands) (unaudited)
2023
2022
change
Revenue:
Merchant Solutions
$
208,521
$
192,345
8
%
Digital Wallets
$
181,448
$
177,827
2
%
Intersegment
$
(2,120
)
$
(2,504
)
-15
%
Total Revenue
$
387,849
$
367,668
5
%
Adjusted EBITDA:
Merchant Solutions
$
52,336
$
48,538
8
%
Digital Wallets
$
79,209
$
74,499
6
%
Corporate
$
(23,730
)
$
(19,070
)
-24
%
Total Adjusted EBITDA
$
107,815
$
103,967
4
%
Adjusted EBITDA margin:
Merchant Solutions
25.1
%
25.2
%
(10 bps)
Digital Wallets
43.7
%
41.9
%
180 bps
Total Adjusted EBITDA margin
27.8
%
28.3
%
(50 bps)
Full Year 2023 Financial Guidance
($ in millions) (unaudited)
Full Year 2023
Revenue
$1,580 - $1,600
Adjusted EBITDA
$452 - $462
Webcast and Conference Call
Paysafe will host a live webcast to discuss the results today at
8:30 a.m. (ET). The webcast and supplemental information can be
accessed on the investor relations section of the Paysafe website
at ir.paysafe.com. An archive will be available after the
conclusion of the live event and will remain available via the same
link for one year.
Time
Tuesday, May 16, 2023, at 8:30 a.m. ET
Webcast
Go to the Investor Relations section of
the Paysafe website to listen and view slides
Dial in
877-407-3037 (U.S. toll-free);
215-268-9852 (International)
About Paysafe
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
payments platform with an extensive track record of serving
merchants and consumers in the global entertainment sectors. Its
core purpose is to enable businesses and consumers to connect and
transact seamlessly through industry-leading capabilities in
payment processing, digital wallet, and online cash solutions. With
over 20 years of online payment experience, an annualized
transactional volume of over $130 billion in 2022, and
approximately 3,300 employees located in 12+ countries, Paysafe
connects businesses and consumers across 100 payment types in over
40 currencies around the world. Delivered through an integrated
platform, Paysafe solutions are geared toward mobile-initiated
transactions, real-time analytics and the convergence between
brick-and-mortar and online payments. Further information is
available at www.paysafe.com.
Forward-looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Paysafe Limited’s
(“Paysafe,” “PSFE” or the “Company”) actual results may differ from
their expectations, estimates, and projections and, consequently,
you should not rely on these forward-looking statements as
predictions of future events. Words such as “anticipate,” “appear,”
“approximate,” “believe,” “budget,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “foresee,” “guidance,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “seek,” “should,” “would” and variations of such words
and similar expressions (or the negative version of such words or
expressions) may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, without
limitation, Paysafe’s expectations with respect to future
performance.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. While the Company
believes its assumptions concerning future events are reasonable, a
number of factors could cause actual results to differ materially
from those projected, including, but not limited to: cyberattacks
and security vulnerabilities; complying with and changes in money
laundering regulations, financial services regulations,
cryptocurrency regulations, consumer and business privacy and data
use regulations or other regulations in Bermuda, the UK, Ireland,
Switzerland, the United States, Canada and elsewhere; risks related
to our focus on specialized and high-risk verticals; geopolitical
events and the economic and other impacts of such geopolitical
events and the responses of governments around the world; acts of
war and terrorism; the effects of global economic uncertainties,
including inflationary pressure and rising interest rates, on
consumer and business spending; risks associated with foreign
currency exchange rate fluctuations; changes in our relationships
with banks, payment card networks, issuers and financial
institutions; risk related to processing online payments for
merchants and customers engaged in the online gambling and foreign
exchange trading sectors; risks related to becoming an unwitting
party to fraud or be deemed to be handling proceeds of crimes being
committed by customers; the effects of chargebacks, merchant
insolvency and consumer deposit settlement risk; changes to our
continued financial institution sponsorships; failure to hold,
safeguard or account accurately for merchant or customer funds;
risks related to the availability, integrity and security of
internal and external IT transaction processing systems and
services; our ability to manage regulatory and litigation risks,
and the outcome of legal and regulatory proceedings; failure of
third parties to comply with contractual obligations; changes and
compliance with payment card network operating rules; substantial
and increasingly intense competition worldwide in the global
payments industry; risks related to developing and maintaining
effective internal controls over financial reporting; managing our
growth effectively, including growing our revenue pipeline; any
difficulties maintaining a strong and trusted brand; keeping pace
with rapid technological developments; risks associated with the
significant influence of our principal shareholders; the effect of
the COVID-19 pandemic on our business; and other factors included
in the “Risk Factors” in our Form 20-F and in other filings we make
with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in their expectations with respect thereto or
any change in events.
Paysafe Limited Condensed Consolidated
Balance Sheets (unaudited)
($ in thousands)
March 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
221,687
$
260,219
Customer accounts and other restricted
cash
1,718,800
1,866,976
Accounts receivable, net of allowance for
credit losses of $9,492 and $10,558, respectively
167,153
159,324
Settlement receivables, net of allowance
for credit losses of $4,549 and $5,398, respectively
110,855
147,774
Prepaid expenses and other current
assets
80,647
60,810
Total current assets
2,299,142
2,495,103
Deferred tax assets
104,538
104,538
Property, plant and equipment, net
14,294
11,947
Operating lease right-of-use assets
27,903
35,509
Derivative asset
13,888
17,321
Intangible assets, net
1,263,435
1,291,458
Goodwill
2,009,126
1,999,132
Other assets – noncurrent
2,297
2,048
Total assets
$
5,734,623
$
5,957,056
Liabilities and equity
Current liabilities
Accounts payable and other liabilities
$
222,079
$
241,529
Short-term debt
10,190
10,190
Funds payable and amounts due to
customers
1,840,433
1,997,867
Operating lease liabilities – current
8,104
7,953
Income taxes payable
—
11,325
Contingent and deferred consideration
payable – current
12,088
18,171
Liability for share-based compensation –
current
3,708
11,400
Total current liabilities
2,096,602
2,298,435
Non-current debt
2,601,125
2,633,269
Operating lease liabilities –
non-current
22,565
29,913
Deferred tax liabilities
126,868
118,791
Warrant liabilities
5,007
3,094
Liability for share-based compensation –
non-current
2,482
4,942
Contingent and deferred consideration
payable – non-current
9,063
8,975
Total liabilities
4,863,712
5,097,419
Commitments and contingent liabilities
Total shareholders' equity
870,911
859,637
Total liabilities and shareholders'
equity
$
5,734,623
$
5,957,056
Paysafe Limited Condensed Consolidated
Statements of Operations (unaudited)
Three Months Ended
March 31,
($ in thousands)
2023
2022
Revenue
$
387,849
$
367,668
Cost of services (excluding depreciation
and amortization)
158,939
147,103
Selling, general and administrative
128,311
130,568
Depreciation and amortization
63,547
63,423
Impairment expense on goodwill and
intangible assets
82
1,205,731
Restructuring and other costs
1,990
12,591
Operating income / (loss)
34,980
(1,191,748
)
Other income, net
2,547
3,478
Interest expense, net
(37,456
)
(25,956
)
Income / (loss) before taxes
71
(1,214,226
)
Income tax expense / (benefit)
3,879
(43,414
)
Net loss
$
(3,808
)
$
(1,170,812
)
Less: net income attributable to
non-controlling interest
—
371
Net loss attributable to the
Company
$
(3,808
)
$
(1,171,183
)
Net loss per share attributable to the
Company – basic and diluted
$
(0.06
)
$
(19.41
)
Net loss
$
(3,808
)
$
(1,170,812
)
Other comprehensive income / (loss), net
of tax of $0:
Gain on foreign currency translation
2,174
14,396
Total comprehensive loss
$
(1,634
)
$
(1,156,416
)
Less: comprehensive income attributable to
non-controlling interest
—
371
Total comprehensive loss attributable
to the Company
$
(1,634
)
$
(1,156,787
)
Paysafe Limited Consolidated Net (loss) /
income per share attributable to the Company
Three Months Ended
March 31,
2023
2022
Numerator ($ in thousands)
Net loss attributable to the Company -
basic and diluted
$
(3,808
)
$
(1,171,183
)
Denominator (in millions)
Weighted average shares – basic and
diluted
61.0
60.3
Net loss per share attributable to the
Company
Basic and diluted
$
(0.06
)
$
(19.41
)
Paysafe Limited Condensed Consolidated
Statements of Cash Flow (unaudited)
Three Months Ended
March 31,
($ in thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(3,808
)
$
(1,170,812
)
Adjustments for non-cash items:
Depreciation and amortization
63,547
63,423
Unrealized foreign exchange (gain) /
loss
(5,598
)
2,364
Deferred tax expense / (benefit)
7,782
(49,601
)
Interest expense, net
8,563
11,202
Share-based compensation
7,216
13,970
Other income, net
(3,189
)
(1,815
)
Impairment expense on goodwill and
intangible assets
82
1,205,731
Allowance for credit losses and other
3,923
5,888
Non-cash lease expense
2,243
2,269
Movements in working capital:
Accounts receivable, net
(12,766
)
(14,529
)
Prepaid expenses, other current assets,
and related party receivables
(11,947
)
(5,151
)
Settlement receivables, net
38,223
22,447
Accounts payable, other liabilities, and
related party payables
(15,752
)
(1,189
)
Funds payable and amounts due to
customers
(177,198
)
418,944
Income tax payable
(20,282
)
707
Net cash flows (used in) / provided by
operating activities
(118,961
)
503,848
Cash flows in investing
activities
Purchase of property, plant &
equipment
(2,732
)
(650
)
Purchase of merchant portfolios
(4,399
)
(10,364
)
Purchase of other intangible assets
(27,636
)
(19,989
)
Net cash outflow on disposal of
subsidiary
—
(424,722
)
Receipts under derivative financial
instruments, net
2,224
—
Net cash flows used in investing
activities
(32,543
)
(455,725
)
Cash flows from financing
activities
Cash settled equity awards
(484
)
(154
)
Repurchases of shares withheld for
taxes
(3,690
)
—
Proceeds from exercise of warrants
—
3
Repurchase of borrowings
(57,386
)
—
Proceeds from loans and borrowings
25,781
50,000
Repayments of loans and borrowings
(13,329
)
(60,885
)
Payment of debt issuance costs
—
(6,261
)
Proceeds under line of credit
225,000
150,000
Repayments under line of credit
(225,000
)
(150,000
)
Contingent and deferred consideration
paid
(6,475
)
(1,436
)
Net cash flows used in financing
activities
(55,583
)
(18,733
)
Effect of foreign exchange rate
changes
20,379
(31,068
)
Decrease in cash and cash equivalents,
including customer accounts and other restricted cash during the
period
$
(186,708
)
$
(1,678
)
Cash and cash equivalents, including
customer accounts and other restricted cash at beginning of the
period
2,127,195
1,971,718
Cash and cash equivalents at end of the
period, including customer accounts and other restricted
cash
$
1,940,487
$
1,970,040
Three Months Ended
March 31,
2023
2022
Cash and cash equivalents
$
221,687
$
258,046
Customer accounts and other restricted
cash, net
1,718,800
1,711,994
Total cash and cash equivalents,
including customer accounts and other restricted cash, net
$
1,940,487
$
1,970,040
Non-GAAP Financial Measures
To supplement the Company’s condensed consolidated financial
statements presented in accordance with generally accepted
accounting principles, or GAAP, the company uses non-GAAP measures
of certain components of financial performance. This includes Gross
Profit (excluding depreciation and amortization), Gross Profit
Margin (excluding depreciation and amortization), Adjusted EBITDA,
Adjusted EBITDA margin, Free cash flow and Free cash flow
conversion, Adjusted net income and Adjusted net income per share,
which are supplemental measures that are not required by, or
presented in accordance with, accounting principles generally
accepted in the United States (“U.S. GAAP”).
Gross Profit (excluding depreciation and amortization) is
defined as revenue less cost of services (excluding depreciation
and amortization). Gross Profit Margin (excluding depreciation and
amortization) is defined as Gross Profit (excluding depreciation
and amortization) as a percentage of revenue. Management believes
Gross Profit to be a useful profitability measure to assess the
performance of our businesses and ability to manage cost.
Adjusted EBITDA is defined as net income/(loss) before the
impact of income tax (benefit)/expense, interest expense, net,
depreciation and amortization, share-based compensation, impairment
expense on goodwill and intangible assets, restructuring and other
costs, loss/(gain) on disposal of a subsidiaries and other assets,
net, and other income/(expense), net. These adjustments also
include certain costs and transaction items that are not reflective
of the underlying operating performance of the Company. Adjusted
EBITDA margin is defined as Adjusted EBITDA as a percentage of
Revenue. Management believes Adjusted EBITDA to be a useful
profitability measure to assess the performance of our businesses
and improves the comparability of operating results across
reporting periods.
Adjusted net income excludes the impact of certain
non-operational and non-cash items. Adjusted net income is defined
as net income/(loss) attributable to the Company before the impact
of other non-operating income / (expense), net, impairment expense
on goodwill and intangible assets, restructuring and other costs,
accelerated amortization of debt fees, amortization of acquired
assets, loss/(gain) on disposal of subsidiaries and other assets,
share-based compensation, discrete tax items and the income tax
(benefit)/expense on these non-GAAP adjustments. Adjusted net
income per share is adjusted net income as defined above divided by
adjusted weighted average dilutive shares outstanding. Management
believes the removal of certain non-operational and non-cash items
from net income enhances shareholders ability to evaluate the
Company’s business performance and profitability by improving
comparability of operating results across reporting periods.
Free cash flow is defined as net cash flows provided by/used in
operating activities, adjusted for the impact of capital
expenditure, payments relating to restructuring and other costs,
cash paid for interest and movements in customer accounts and other
restricted cash. Capital expenditure includes purchases of property
plant & equipment and purchases of other intangible assets,
including software development costs. Capital expenditure does not
include purchases of merchant portfolios. Free cash flow conversion
is defined as free cash flow as a percentage of Adjusted EBITDA.
Management believes free cash flow to be a liquidity measure that
provides useful information about the amount of cash generated by
the business.
Management believes the presentation of these non-GAAP financial
measures, including Gross Profit, Gross Profit Margin, Adjusted
EBITDA, Adjusted EBITDA margin, and Adjusted net income, when
considered together with the Company’s results presented in
accordance with GAAP, provide users with useful supplemental
information in comparing the operating results across reporting
periods by excluding items that are not considered indicative of
Paysafe’s core operating performance. In addition, management
believes the presentation of these non-GAAP financial measures
provides useful supplemental information in assessing the Company’s
results on a basis that fosters comparability across periods by
excluding the impact on the Company’s reported GAAP results of
acquisitions and dispositions that have occurred in such periods.
However, these non-GAAP measures exclude items that are significant
in understanding and assessing Paysafe’s financial results or
position. Therefore, these measures should not be considered in
isolation or as alternatives to revenue, net income, cash flows
from operations or other measures of profitability, liquidity or
performance under GAAP.
You should be aware that Paysafe’s presentation of these
measures may not be comparable to similarly titled measures used by
other companies. In addition, the forward-looking non-GAAP
financial measures of Adjusted EBITDA and Gross Profit provided
herein have not been reconciled to comparable GAAP measures due to
the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliations. We have
reconciled the historical non-GAAP financial measures presented
herein to their most directly comparable GAAP financial measures. A
reconciliation of our forward-looking non-GAAP financial measures
to their most directly comparable GAAP financial measures cannot be
provided without unreasonable effort because of the inherent
difficulty of accurately forecasting the occurrence and financial
impact of the adjusting items necessary for such reconciliations
that have not yet occurred, are out of our control, or cannot be
reasonably predicted. For the same reasons, we are unable to
address the probable significance of the unavailable information,
which could be material to future results.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
Three Months Ended
March 31,
($ in thousands)
2023
2022
Net loss
$
(3,808
)
$
(1,170,812
)
Income tax expense / (benefit)
3,879
(43,414
)
Interest expense, net
37,456
25,956
Depreciation and amortization
63,547
63,423
Share-based compensation expense
7,216
13,970
Impairment expense on goodwill and
intangible assets
82
1,205,731
Restructuring and other costs
1,990
12,591
Other income, net
(2,547
)
(3,478
)
Adjusted EBITDA
$
107,815
$
103,967
Adjusted EBITDA Margin
27.8
%
28.3
%
Reconciliation of Operating Cash Flow to Non-GAAP Free Cash
Flow
Three Months Ended
March 31,
($ in thousands)
2023
2022
Net cash (outflows) / inflows from
operating activities
$
(118,961
)
$
503,848
Capital Expenditure
(30,368
)
(20,639
)
Cash paid for interest
28,893
14,754
Payments relating to Restructuring and
other costs
23,684
12,141
Movement in Customer Accounts and other
restricted cash
167,027
(450,882
)
Free Cash Flow
$
70,275
$
59,222
Adjusted EBITDA
107,815
103,967
Free Cash Flow Conversion
65
%
57
%
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
(excluding depreciation and amortization)
Three Months Ended
March 31,
($ in thousands)
2023
2022
Revenue
$
387,849
$
367,668
Cost of services (excluding depreciation
and amortization)
158,939
147,103
Depreciation and amortization
63,547
63,423
Gross Profit (1)
$
165,363
$
157,142
Depreciation and amortization
63,547
63,423
Gross Profit (excluding depreciation
and amortization)
$
228,910
$
220,565
(1) Gross Profit has been calculated as
revenue, less cost of services and depreciation and amortization.
Gross profit is not presented within the Company's consolidated
financial statements.
Reconciliation of GAAP Net Loss to Adjusted Net
Income
Three Months Ended
March 31,
($ in thousands)
2023
2022
Net loss attributable to the
Company
$
(3,808
)
$
(1,171,183
)
Other non-operating income, net (1)
(764
)
(5,408
)
Impairment expense on goodwill and
intangible assets
82
1,205,731
Amortization of acquired assets (2)
33,673
42,266
Restructuring and other costs
1,990
12,591
Share-based compensation expense
7,216
13,970
Discrete tax items (3)
5,479
(6,625
)
Income tax benefit on non-GAAP adjustments
(4)
(10,792
)
(54,081
)
Adjusted net income attributable to the
Company
$
33,076
$
37,261
(in millions)
Weighted average shares -
diluted
61.0
60.3
Adjusted diluted impact
0.4
0.1
Adjusted weighted average
shares - diluted
61.4
60.4
(1) Other non-operating income, net
primarily consists of income and expenses outside of the Company's
operating activities, including, fair value gain / loss on warrant
liabilities and loss on contingent consideration and gain / loss on
foreign exchange. For the three months ended March 31, 2023, this
item also includes the gain to repurchase secured notes and fair
value loss on derivative instruments.
(2) Amortization of acquired asset
represents amortization expense on the fair value of intangible
assets acquired through various Company acquisitions, including
brands, customer relationships, software and merchant
portfolios.
(3) Discrete tax items represents certain
amounts within income tax (benefit)/expense, including changes in
uncertain tax positions and the remeasurement of certain deferred
tax balances due to changes in the statutory tax rates in certain
jurisdictions.
(4) Income tax benefit on non-GAAP
adjustments reflects the tax impact of the non-GAAP adjustments to
net loss attributable to the Company to calculate adjusted net
income.
Adjusted Net Income per Share
Three Months Ended
March 31,
2023
2022
Numerator ($ in thousands)
Adjusted net income attributable to the
Company - basic
$
33,076
$
37,261
Adjusted net income attributable to the
Company - diluted
$
33,076
$
37,261
Denominator (in millions)
Weighted average shares – basic
61.0
60.3
Adjusted weighted average shares – diluted
(1)
61.4
60.4
Adjusted net income per share attributable
to the Company
Basic
$
0.54
$
0.62
Diluted
$
0.54
$
0.62
(1) The denominator used in the
calculation of diluted adjusted net income per share attributable
to the Company for the three months ended March 31, 2023 and 2022
has been adjusted to include the dilutive effect of the Company's
restricted stock units.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230516005228/en/
Media Kate Aldridge Paysafe kate.aldridge@paysafe.com +44 750
079 7547
Investors Kirsten Nielsen Paysafe +1 (646) 901-3140
kirsten.nielsen@paysafe.com
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