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Paysafe (PSFE) - 2022 Q2 - Quarterly Report
2022-08-10 11:01
Exhibit 99.1 PAYSAFE REPORTS SECOND QUARTER 2022 RESULTS UPDATES FULL YEAR OUTLOOK London, UK – August 10, 2022 – Paysafe Limited ("Paysafe" or the "Company") (NYSE: PSFE) (PSFE.WS), a leading specialized payments platform, today announced its financial results for the second quarter of 2022. Second Quarter 2022 Financial Highlights (Metrics compared to second quarter of 2021) Bruce Lowthers, CEO of Paysafe, commented: "Through the first half of the year, Paysafe has delivered financial results in line with ...
Paysafe (PSFE) - 2022 Q1 - Quarterly Report
2022-05-18 21:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2022 (Commission File No. 001-40302) PAYSAFE LIMITED (Exact name of registrant as specified in its charter) Not Applicable (Translation of registrant's name into English) Paysafe Limited 25 Canada Square 27th Floor London, United Kingdom E14 5LQ (Address of Principal Executive Offices) (Zip Code) Indicate by ch ...
Paysafe (PSFE) - 2022 Q1 - Earnings Call Transcript
2022-05-11 16:14
Paysafe Limited (NYSE:PSFE) Q1 2022 Earnings Conference Call May 11, 2022 8:30 AM ET Company Participants Kirsten Nielsen - Head, Investor Relations Bruce Lowthers - Chief Executive Officer Izzy Dawood - Chief Financial Officer Conference Call Participants George Mihalos - Cowen Dan Perlin - RBC Capital Markets Jason Kupferberg - Bank of America David Togut - Evercore ISI Scott Wurtzel - Wolfe Research Timothy Chiodo - Credit Suisse Andrew Hummel - WestPark Capital Operator Greetings. Welcome to the Paysafe ...
Paysafe (PSFE) - 2022 Q1 - Earnings Call Presentation
2022-05-11 11:20
Paysafe: First Quarter 2022 Earnings Presentation May 11, 2022 Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation 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 ...
Paysafe (PSFE) - 2021 Q4 - Annual Report
2022-03-28 19:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 19 ...
Paysafe (PSFE) - 2021 Q4 - Earnings Call Transcript
2022-03-02 17:00
Financial Data and Key Metrics Changes - Fourth quarter revenue reached $372 million, exceeding the high-end of revised guidance, with adjusted EBITDA of $105.5 million, also above expectations [8][31] - For the full year 2021, total revenue was $1.49 billion, a 4% increase from 2020, and adjusted EBITDA was $444 million, also up 4% [34][36] - Free cash flow for Q4 was $53 million, representing a 50% conversion on adjusted EBITDA, while full year free cash flow was $286 million, or 65% conversion [33][35] Business Line Data and Key Metrics Changes - Digital Commerce segment had volumes of $44 billion and revenues of $837 million, accounting for 56% of total revenue, with adjusted EBITDA margins of 42% [30] - U.S. acquiring segment reported volumes of $78 billion and revenues of $650 million, making up 44% of total revenue, with adjusted EBITDA margins of 26% [30] - Digital wallets experienced a volume decline of 19% year-over-year in Q4, with revenues of $87.9 million, down 9% compared to the prior year [40] Market Data and Key Metrics Changes - North America iGaming saw a 58% volume growth year-on-year, with expansion into new states and partnerships with major operators [20][21] - The U.S. SMB market in acquiring reported a 20% year-on-year revenue growth in Q4, with a 15% growth compared to 2019 [24] - eCash volumes were $1.6 billion in Q4, up 9% year-over-year, with full year revenue of $406 million, a 22% increase [38] Company Strategy and Development Direction - The company is focusing on a digital commerce strategy that integrates card processing, digital wallets, eCash, and real-time banking solutions [10][16] - A significant partnership with Binance was announced, launching a white-label wallet solution to enhance crypto capabilities [18][19] - The company aims to strengthen its digital wallet business by optimizing pricing and improving user experience, with a focus on core product features [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the 2022 outlook despite headwinds from Europe and a reset of the digital wallet business [11][45] - The company anticipates 2022 to be a transitional year, with expectations for growth in U.S. acquiring and stabilization in digital wallets [15][46] - Management highlighted the importance of adapting to regulatory changes in Europe, particularly in Germany and the Netherlands, while remaining optimistic about growth in North America and Latin America [64] Other Important Information - The company successfully delivered $40 million in cost savings in 2021, exceeding the initial target of $30 million, with plans for an additional $20 million in 2022 [11][25] - A leadership change was announced, with Dan Henson appointed as the new Chairman of the Board [48][49] Q&A Session Summary Question: Can you discuss cash flow conversion dynamics for FY '22? - Management expects free cash flow conversion to remain around 65% for FY '22, driven by growth in the U.S. acquiring business and increased cash taxes [55] Question: What are the competitive dynamics in iGaming? - The company is live in 21 states and offers a comprehensive set of APIs, making it competitive in the iGaming space [57][58] Question: Can you elaborate on the 2022 guidance despite headwinds? - Management remains confident in the guidance due to strong momentum in U.S. acquiring, eCash, and North America iGaming [62] Question: What are the regulatory risks in Europe? - The company has accounted for regulatory impacts in Germany and the Netherlands, with expectations for stabilization in the second half of the year [64] Question: What is the strategy for consumer growth in digital wallets? - Management is focused on improving user experience and pricing, with expectations for growth in the second half of the year [72][73]
Paysafe (PSFE) - 2021 Q4 - Earnings Call Presentation
2022-03-02 15:16
Paysafe: Fourth Quarter and Full Year 2021 Earnings Presentation March 2, 2022 Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation 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, ...
Paysafe (PSFE) - 2021 Q3 - Earnings Call Presentation
2021-11-17 11:33
Paysafe: Third Quarter 2021 Earnings Presentation November 11, 2021 Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation 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 assuran ...
Paysafe (PSFE) - 2021 Q3 - Earnings Call Transcript
2021-11-11 18:30
Financial Data and Key Metrics Changes - The third quarter adjusted EBITDA was $106 million, in line with expectations, while revenues were $354 million, below expectations primarily due to weaker results from digital wallets [5][27] - Total revenue for the third quarter decreased by 1% year-over-year, with adjusted EBITDA margin remaining approximately 30% [28] - Free cash flow for the quarter was $70 million, representing a 66% conversion on an adjusted EBITDA basis, with year-to-date free cash flow conversion around 70% [28] Business Line Data and Key Metrics Changes - The eCash segment saw a volume of $1.3 billion and revenue of $90.2 million, both up 10% year-over-year, indicating strong momentum [31] - The digital wallet segment experienced a volume of $4 billion, down 70% year-over-year, with revenue decreasing by 15% compared to the prior year [32] - Integrated processing volume was $26 billion, up 28% year-over-year, with revenue of $186.9 million, an increase of 4% compared to the prior year [33] Market Data and Key Metrics Changes - North America iGaming revenues grew by 50% year-to-date, reflecting strong market momentum [20] - The company is now live in 19 of the 21 legal jurisdictions across the U.S., with plans for further expansion [20] - The regulatory environment in Germany and the Netherlands has negatively impacted market activity, leading to a decline in digital wallet performance [12][60] Company Strategy and Development Direction - The company is focused on repositioning its digital wallet business for success, with a strong growth plan and new leadership in place [8][18] - There is an emphasis on combining wallet capabilities with e-commerce solutions to capture growth opportunities in fast-growing markets [9][26] - The company aims to streamline operations and improve customer experience in the digital wallet segment while addressing pricing issues [15][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the digital wallet business, citing both internal and external factors affecting performance [8][12] - The outlook for 2022 is expected to be transitional for digital wallets, with a focus on resetting the business and delivering on growth initiatives [17][40] - Management remains optimistic about the company's future, citing strong engagement with clients and a robust pipeline of opportunities [42] Other Important Information - The company is on track to meet or exceed all cost takeout and tech platform milestones, with significant progress in migrating to cloud technology [24][25] - Total debt outstanding was approximately $2.2 billion, with a net debt to LTM adjusted EBITDA ratio of 4.4 times [35] Q&A Session Summary Question: Why is the company still confident in the long-term potential of the digital wallet? - Management highlighted recent changes and improvements in client engagement, as well as the utility of the digital wallet for clients, indicating a positive outlook despite current challenges [45][48] Question: What changes are being made to address customer experience issues? - Management acknowledged some share loss in mature markets and emphasized the need for better engagement with clients and adjustments to pricing strategies [54][56] Question: What is the timeline for the take rate to return to long-term guidance? - The take rate is not expected to revert to 1.8% in the near term, with adjustments taking a couple of quarters to implement [65] Question: How will the company approach debt pay-down in light of revised guidance? - The company plans to prioritize debt pay-down with excess cash flow while maintaining a long-term commitment to reducing the net debt to EBITDA ratio [66] Question: Can you provide details on the WorldPay partnership in North America? - The partnership with WorldPay is not exclusive, and the company is expanding its acquiring relationships to meet market demand [81]
Paysafe (PSFE) - 2021 Q2 - Earnings Call Transcript
2021-08-16 18:17
Paysafe Limited (NYSE:PSFE) Q2 2021 Earnings Conference Call August 13, 2021 8:30 AM ET Company Participants Kirsten Nielsen – Head of Investor Relations Philip McHugh – Chief Executive Officer Izzy Dawood – Chief Financial Officer Conference Call Participants Dan Perlin – RBC Capital Markets George Mahola – Cowen Jason Kupferberg – Bank of America David Togut – Evercore ISI Jamie Friedman – Susquehanna Darrin Peller – Wolfe Research Josh Levin – Autonomous Research Timothy Chiodo – Credit Suisse Operator G ...