Paysafe (US:PSFE)2024-05-13 21:02Financial Performance - Revenue reached $418 million, an increase of 8% year-over-year (YoY), or 7% on a constant currency (cc) basis[8] - Adjusted Net Income was $35 million, with Adjusted Earnings Per Share (EPS) at $057, up 6% YoY[9] - Paysafe reported a positive GAAP net income of $31 million, compared to a GAAP net loss of $38 million in Q1 2023[10] - Adjusted EBITDA was $112 million, with a margin of 268%[22] - Volume increased by 7% YoY, reaching $36 billion[21] Strategic Initiatives and Investments - Sales and portfolio optimization initiatives are on track, including significant year-to-date hiring in the sales function[10] - The company is doubling its direct sales team in FY24, with 29 new hires in Q1[11] - Paysafe is expecting ~$50 million benefit in FY24 from investment hiring revenue[14] Segment Performance - Merchant Solutions revenue increased by 11%, while Digital Wallets revenue grew by 5%[10] - Digital Wallets added approximately 14 million consumers[42] - Digital Wallets segment metrics show 75 million 3-month active users, stable YoY, with an Average Revenue Per User (ARPU) of $26, up 5% YoY[42] Leverage and Capital Allocation - Net leverage reduced to 49x, compared to 50x in December 2023[23] - The company repurchased approximately 989k shares for $14 million[24] Outlook - Paysafe reaffirmed its 2024 revenue guidance of $1688 million - $1712 million, representing >6% revenue growth at midpoint[10, 61] - Adjusted EBITDA guidance for 2024 is $473 million - $488 million, with a margin of 280% to 285%[80]