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Paymentus Reports Fourth Quarter and Full Year 2023 Financial Results

Quarterly revenue increased 24.7% year-over-year

Adjusted EBITDA grew 95.4% year-over-year, reflecting 30% of contribution profit

Paymentus Holdings, Inc. (“Paymentus”) (NYSE: PAY), a leading provider of cloud-based bill payment technology and solutions, today announced its unaudited financial results for its fourth quarter and full year ended December 31, 2023.

"Paymentus again reported quarterly results that exceeded our original expectations as revenue rose 24.7%, contribution profit grew 22.7% and adjusted EBITDA was up 95.4% year-over-year. We also ended the year on solid footing with a strong backlog, which we believe leaves us well positioned for continued growth in 2024," said Dushyant Sharma, Founder and CEO.

Fourth Quarter 2023 Financial and Business Highlights

  • Revenue was $164.8 million, an increase of 24.7% year-over-year, driven largely by increased transactions.
  • Gross profit was $49.5 million, an increase of 20.3% year-over-year. Adjusted gross profit(1) was $54.2 million, up 21.5% year-over-year.
  • Contribution profit(1) was $66.3 million, a year-over-year increase of 22.7%.
  • Net income was $9.4 million and GAAP earnings per share was $0.07. Non-GAAP net income(1) was $13.9 million and non-GAAP earnings per share(1) was $0.11. Prior year non-GAAP net income and non-GAAP earnings per share have been recast to align with the updated methodology described in the section "Use and Definitions of Non-GAAP Financial Measures" below.
  • Adjusted EBITDA(1) was $19.9 million for the fourth quarter of 2023, representing a 30.0% adjusted EBITDA margin(1), an increase of 95.4% year-over-year.
  • The Company processed 124.8 million transactions in the fourth quarter of 2023, an increase of 28.4% from the fourth quarter of 2022.

Full Year 2023 Financial and Business Highlights

  • Revenue was $614.5 million, an increase of 23.6% year-over-year, driven largely by increased transactions.
  • Gross profit was $182.3 million, an increase of 21.8% year-over-year. Adjusted gross profit(1) was $199.2 million, up 23.1% year-over-year.
  • Contribution profit(1) was $240.9 million, a year-over-year increase of 19.7%.
  • Net income was $22.3 million and GAAP earnings per share was $0.18. Non-GAAP net income(1) was $40.1 million and non-GAAP earnings per share(1) was $0.32. Prior year non-GAAP net income and non-GAAP earnings per share have been recast to align with the updated methodology described in the section "Use and Definitions of Non-GAAP Financial Measures" below.
  • Adjusted EBITDA(1) was $58.1 million for the full year of 2023, representing a 24.1% adjusted EBITDA margin(1), an increase of 103.1% year-over-year.
  • The Company processed 458.2 million transactions for the full year 2023, an increase of 24.9% from the full year 2022.

(1) Descriptions of the non-GAAP financial measures adjusted gross profit, contribution profit, non-GAAP net income, non-GAAP earnings per share, adjusted EBITDA, and adjusted EBITDA margin are provided below under “Use and Definitions of Non-GAAP Financial Measures,” and reconciliations are provided in the tables at the end of this release.

Financial Guidance

The statements in this section are forward-looking statements. For additional information regarding the use and limitations of such statements, refer to “Forward-Looking Statements” below and the “Risk Factors” section of Paymentus’ most recent Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission, or SEC, on March 3, 2023, subsequent Forms 10-Q filed with the SEC in 2023, and Form 10-K for the fiscal year ended December 31, 2023, expected to be filed with the SEC in early March 2024.

 

First Quarter 2024

 

Fiscal-Year 2024

Revenue

$170 million to $176 million

 

$720 million to $744 million

Contribution Profit

$64 million to $66 million

 

$274 million to $288 million

Adjusted EBITDA

$15 million to $17 million

 

$65 million to $75 million

Paymentus does not reconcile its forward-looking guidance for non-GAAP measures because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated due to potential variability, complexity and uncertainty as to the items that would be excluded from the GAAP measure in the relevant future period. Refer to “Use of Forward-Looking Non-GAAP Measures” below for additional explanation.

Conference Call Information

In conjunction with this announcement, Paymentus will host a conference call for investors at 5:00 p.m. ET (2:00 p.m. PT) today to discuss fourth quarter and full year 2023 results and its outlook for 2024. The live webcast and replay will be available at the Investor Relations section of Paymentus’ website at ir.paymentus.com or click here. To participate via telephone, dial 1-833-470-1428 (U.S. Toll-Free) or 1-404-975-4839 (International), access code 620430. A replay will be available after 5:00 p.m. PT on the same web site.

About Paymentus

Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 1,900 billers and financial institutions across North America. The company was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network®, or IPN, connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding demand, bookings and backlog, the continuing competitive market momentum and growth visibility in 2024, our future financial performance and first quarter and full-year 2024 financial guidance. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements.

These forward-looking statements are based on our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to our ability to effectively manage our growth and expand our operations, including into new channels and industry verticals across different markets; our ability to expand and retain our biller, financial institution, partner and consumer base; our ability to timely implement new bookings and recognize anticipated revenue therefrom, our ability to manage economic challenges, including inflation; the impact of future widespread health issues on our operating results, liquidity and financial condition and on our employees, billers, financial institutions, partners, consumers and other key stakeholders; our ability to remain competitive; our ability to develop new product features and enhance our platform and brand; our future acquisitions and strategic investments; our ability to hire and retain experienced and talented employees; the impact of any cybersecurity incidents, and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 3, 2023, subsequent Quarterly Reports on Form 10-Q filed with the SEC in 2023, and our Annual Report on Form 10-K for the year ended December 31, 2023, which we expect to file with the SEC shortly after the date of this release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

Use of Forward-Looking Non-GAAP Measures

We do not meaningfully reconcile guidance for adjusted EBITDA and adjusted EBITDA margin, because we cannot provide guidance for the more significant reconciling items between net income and adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the supplemental financial information for reconciliation of reported GAAP results to non-GAAP results. Such items include acquisition related amortization expense for acquired intangibles, foreign exchange gains and losses, adjustments to our income tax provision and certain other items we believe to be non-indicative of our ongoing operations. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains/losses or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant. In addition, we do not meaningfully reconcile guidance for contribution profit, because the determination of contribution is subject to variables outside our control, such as an increase in the average payment amount, changes in the payment mix, or the payment channel used by consumers that can influence contribution profit, and cannot be determined without unreasonable effort, if at all.

Use and Definitions of Non-GAAP Financial Measures

In addition to disclosing financial measures in accordance with accounting principles generally accepted in the United States, or GAAP, this press release and the accompanying tables contain certain non-GAAP financial measures, including adjusted gross profit, contribution profit, non-GAAP net income (including those amounts as a percentage of revenue), non-GAAP earnings per share, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating expense and free cash flow. We use non-GAAP measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management and our board of directors to more fully understand our consolidated financial performance from period to period and helps management project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures.

Adjusted gross profit is defined as gross profit adjusted for certain non-cash items, primarily stock-based compensation and amortization of acquisition-related intangible assets and capitalized software development costs.

Contribution profit is defined as gross profit plus other cost of revenue. Other cost of revenue equals cost of revenue less interchange and assessment fees paid by us to our payment processors. Interchange and assessment fees paid by us to our payment processors are excluded from contribution profit because we believe inclusion is less directly reflective of our operating performance as we do not control the payment channel used by consumers, which is the primary determinant of the amount of interchange and assessment fees. We use contribution profit to measure the amount available to fund our operations after interchange and assessment fees, which are directly linked to the number of transactions we process and thus our revenue and gross profit.

Adjusted EBITDA is defined as net income before other income (expense) (which consists of interest income (expense), net and foreign exchange gain (loss)), depreciation and amortization of acquisition related intangible assets and capitalized software development costs, and income taxes, adjusted to exclude the effects of stock-based compensation expense and certain nonrecurring expenses that management believes are not indicative of ongoing operations.

Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of contribution profit.

Non-GAAP operating expense is defined as total operating expense excluding amortization of acquisition-related intangibles, stock-based compensation and other nonrecurring expenses. Management believes that the adjustment of acquisition-related intangibles amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although we exclude amortization from acquisition-related intangible assets from our non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.

Non-GAAP net income and non-GAAP EPS are defined as net income and net income per share, respectively, excluding certain nonrecurring items such as discrete tax items, one-time expenses or other non-cash items, including amortization of acquisition-related intangibles. Beginning with the quarter ended June 30, 2023, we have excluded stock-based compensation from the calculation of our non-GAAP net income and non-GAAP EPS to be consistent with our methodology for non-GAAP operating expenses, which we believe enhances the understanding of our operating performance and enables more meaningful period-to-period comparisons. Our non-GAAP net income and non-GAAP EPS for the fourth quarter and full year ended December 31, 2022 were recast to conform to the updated methodology and are reflected herein for comparison purposes.

We believe non-GAAP net income and non-GAAP EPS enhance the understanding of our operating performance and enable more meaningful period-to-period comparisons.

Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software development costs.

We believe these non-GAAP measures provide our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.

We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance and liquidity, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance and liquidity. There are limitations to the use of the non-GAAP measures presented in this press release. Our non-GAAP measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-GAAP measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-GAAP measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with GAAP.

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view our non-GAAP measures in conjunction with GAAP financial measures. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables for the reconciliation of GAAP to non-GAAP results included at the end of this release.

PAYMENTUS HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended December 31,

 

 

 

2023

 

2022

 

2023

 

2022

Revenue

 

$

164,800

 

 

$

132,176

 

 

$

614,490

 

 

$

497,001

 

Cost of revenue

 

 

115,308

 

 

 

91,037

 

 

 

432,148

 

 

 

347,323

 

Gross profit

 

 

49,492

 

 

 

41,139

 

 

 

182,342

 

 

 

149,678

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

10,653

 

 

 

10,295

 

 

 

44,248

 

 

 

41,220

 

Sales and marketing

 

 

20,652

 

 

 

20,206

 

 

 

83,996

 

 

 

73,295

 

General and administrative

 

 

9,047

 

 

 

9,101

 

 

 

36,005

 

 

 

38,139

 

Total operating expenses

 

 

40,352

 

 

 

39,602

 

 

 

164,249

 

 

 

152,654

 

Income (loss) from operations

 

 

9,140

 

 

 

1,537

 

 

 

18,093

 

 

 

(2,976

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

2,016

 

 

 

1,069

 

 

 

7,019

 

 

 

1,663

 

Foreign exchange (loss) gain

 

 

44

 

 

 

(47

)

 

 

12

 

 

 

5

 

Income (loss) before income taxes

 

 

11,200

 

 

 

2,559

 

 

 

25,124

 

 

 

(1,308

)

(Provision for) benefit from income taxes

 

 

(1,798

)

 

 

(1,602

)

 

 

(2,802

)

 

 

795

 

Net income (loss)

 

$

9,402

 

 

$

957

 

 

$

22,322

 

 

$

(513

)

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.01

 

 

$

0.18

 

 

$

 

Diluted

 

$

0.07

 

 

$

0.01

 

 

$

0.18

 

 

$

 

Weighted-average number of shares used to compute net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

123,751,835

 

 

 

123,090,334

 

 

 

123,511,608

 

 

 

122,099,437

 

Diluted

 

 

126,502,771

 

 

 

124,395,447

 

 

 

125,071,829

 

 

 

122,099,437

 

PAYMENTUS HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

December 31,

December 31,

 

2023

2022

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

179,361

$

147,334

 

Restricted cash and cash equivalents

 

3,834

 

2,351

 

Accounts and other receivables, net of allowance for expected credit losses of $435 and $370, respectively

 

76,389

 

67,789

 

Income tax receivable

 

259

 

1,493

 

Prepaid expenses and other current assets

 

10,505

 

9,994

 

Total current assets

 

270,348

 

228,961

 

Property and equipment, net

 

1,558

 

1,823

 

Capitalized internal-use software development costs, net

 

58,787

 

46,032

 

Intangible assets, net

 

27,158

 

36,017

 

Goodwill

 

131,860

 

131,851

 

Operating lease right-of-use assets

 

10,027

 

9,561

 

Deferred tax asset

 

94

 

116

 

Other long-term assets

 

5,031

 

7,178

 

Total assets

$

504,863

$

461,539

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

35,182

$

29,232

 

Accrued liabilities

 

21,301

 

15,809

 

Current portion of operating lease liabilities

 

1,853

 

1,462

 

Contract liabilities

 

4,089

 

4,358

 

Income tax payable

 

363

 

635

 

Total current liabilities

 

62,788

 

51,496

 

Deferred tax liability

 

1,067

 

680

 

Operating lease liabilities, less current portion

 

8,661

 

8,608

 

Contract liabilities, less current portion

 

2,731

 

2,826

 

Finance leases and other finance obligations, net of current portion

 

 

750

 

Total liabilities

 

75,247

 

64,360

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized as of December 31, 2023 and 2022, respectively; none issued and outstanding as of December 31, 2023 and 2022, respectively

 

 

 

Class A common stock, $0.0001 par value per share, 883,950,000 shares authorized as of December 31, 2023 and 2022, respectively; 20,758,603 and 19,934,331 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

2

 

2

 

Class B common stock, $0.0001 par value per share, 111,050,000 shares authorized as of December 31, 2023 and 2022, respectively; 103,062,508 and 103,306,842 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

10

 

10

 

Additional paid-in capital

 

377,773

 

367,767

 

Accumulated other comprehensive income (loss)

 

87

 

(22

)

Retained earnings

 

51,744

 

29,422

 

Total stockholders’ equity

 

429,616

 

397,179

 

Total liabilities and stockholders' equity

$

504,863

$

461,539

 

PAYMENTUS HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

9,400

 

 

$

957

 

 

$

22,320

 

 

$

(513

)

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

8,286

 

 

 

6,545

 

 

 

30,600

 

 

 

24,063

 

Deferred income taxes

 

 

135

 

 

 

350

 

 

 

413

 

 

 

(2,981

)

Stock-based compensation

 

 

2,499

 

 

 

2,114

 

 

 

9,390

 

 

 

6,736

 

Non-cash lease expense

 

 

443

 

 

 

432

 

 

 

1,789

 

 

 

2,135

 

Amortization of contract asset

 

 

802

 

 

 

711

 

 

 

2,999

 

 

 

2,058

 

Provision for expected credit losses

 

 

210

 

 

 

49

 

 

 

88

 

 

 

268

 

Change in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts and other receivables

 

 

(1,731

)

 

 

(5,144

)

 

 

(8,672

)

 

 

(24,287

)

Prepaid expenses and other current and long-term assets

 

 

613

 

 

 

2,065

 

 

 

(1,184

)

 

 

1,211

 

Accounts payable

 

 

1,738

 

 

 

1,791

 

 

 

6,017

 

 

 

4,766

 

Accrued liabilities

 

 

2,100

 

 

 

1,010

 

 

 

6,288

 

 

 

3,400

 

Operating lease liabilities

 

 

(453

)

 

 

(434

)

 

 

(1,817

)

 

 

(1,832

)

Contract liabilities

 

 

(1,593

)

 

 

3,219

 

 

 

(361

)

 

 

3,299

 

Income taxes receivable, net of payable

 

 

1,992

 

 

 

1,059

 

 

 

958

 

 

 

1,544

 

Net cash provided by operating activities

 

 

24,441

 

 

 

14,724

 

 

 

68,828

 

 

 

19,867

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Business combinations, net of cash and restricted cash acquired

 

 

 

 

 

(3,260

)

 

 

 

 

 

(3,260

)

Other intangible assets acquired

 

 

 

 

 

(32

)

 

 

 

 

 

(280

)

Purchases of property and equipment

 

 

(89

)

 

 

(94

)

 

 

(600

)

 

 

(1,257

)

Capitalized internal-use software development costs

 

 

(8,360

)

 

 

(7,506

)

 

 

(33,699

)

 

 

(29,763

)

Net cash used in investing activities

 

 

(8,449

)

 

 

(10,892

)

 

 

(34,299

)

 

 

(34,560

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from exercise of stock-based awards

 

 

181

 

 

 

21

 

 

 

616

 

 

 

1,490

 

Financial institution funds in-transit

 

 

 

 

 

(77,601

)

 

 

 

 

 

(33,443

)

Payments on other financing obligations

 

 

 

 

 

(2,576

)

 

 

(1,709

)

 

 

(5,062

)

Payments on finance leases

 

 

 

 

 

(67

)

 

 

(102

)

 

 

(268

)

Net cash (used in) provided by financing activities

 

 

181

 

 

 

(80,223

)

 

 

(1,195

)

 

 

(37,283

)

Effect of exchange rate changes on Cash and cash equivalents and Restricted cash

 

 

130

 

 

 

161

 

 

 

176

 

 

 

(168

)

Net increase in cash, cash equivalents and Restricted cash

 

 

16,303

 

 

 

(76,230

)

 

 

33,510

 

 

 

(52,144

)

Cash and cash equivalents and Restricted cash beginning of period

 

 

166,892

 

 

 

225,915

 

 

 

149,685

 

 

 

201,829

 

Cash and cash equivalents and Restricted cash end of period

 

$

183,195

 

 

$

149,685

 

 

$

183,195

 

 

$

149,685

 

Reconciliation of Cash and cash equivalents and Restricted Cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

162,062

 

 

 

148,314

 

 

 

147,334

 

 

 

168,386

 

Restricted cash at beginning of period

 

 

4,830

 

 

 

77,601

 

 

 

2,351

 

 

 

 

Restricted funds held for financial institutions at beginning of period

 

 

 

 

 

 

 

 

 

 

 

33,443

 

Cash and cash equivalents and Restricted cash at beginning of period

 

$

166,892

 

 

$

225,915

 

 

$

149,685

 

 

$

201,829

 

Cash and cash equivalents at end of period

 

 

179,361

 

 

 

147,334

 

 

 

179,361

 

 

 

147,334

 

Restricted cash at end of period

 

 

3,834

 

 

 

2,351

 

 

 

3,834

 

 

 

2,351

 

Cash and cash equivalents and Restricted cash at end of period

 

$

183,195

 

 

$

149,685

 

 

$

183,195

 

 

$

149,685

 

PAYMENTUS HOLDINGS, INC.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

The following tables set forth our non-GAAP financial measures with reconciliations to the most directly comparable GAAP financial measures.

Adjusted Gross Profit

 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Gross profit

 

$

49,492

 

$

41,139

 

$

182,342

 

$

149,678

Stock-based compensation

 

 

46

 

 

 

 

156

 

 

Amortization of capitalized software development costs

 

 

3,868

 

 

2,673

 

 

13,341

 

 

8,763

Amortization of acquisition-related intangibles

 

 

828

 

 

829

 

 

3,314

 

 

3,314

Adjusted gross profit

 

$

54,234

 

$

44,641

 

$

199,153

 

$

161,755

Contribution Profit

 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Gross profit

 

$

49,492

 

$

41,139

 

$

182,342

 

$

149,678

Plus: other cost of revenue

 

 

16,842

 

 

12,918

 

 

58,606

 

 

51,622

Contribution profit

 

$

66,334

 

$

54,057

 

$

240,948

 

$

201,300

Adjusted EBITDA and Adjusted EBITDA Margin

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

 

(in thousands)

Net income (loss) — GAAP

$

9,402

 

 

$

957

 

 

$

22,322

 

 

$

(513

)

Interest income, net

 

(2,016

)

 

 

(1,069

)

 

 

(7,019

)

 

 

(1,663

)

Provision for (benefit from) income taxes

 

1,798

 

 

 

1,602

 

 

 

2,802

 

 

 

(795

)

Amortization of capitalized software development costs

 

6,063

 

 

 

4,185

 

 

 

21,349

 

 

 

14,619

 

Amortization of acquisition-related intangibles

 

2,021

 

 

 

2,015

 

 

 

8,380

 

 

 

8,092

 

Depreciation

 

202

 

 

 

345

 

 

 

871

 

 

 

1,352

 

EBITDA

$

17,470

 

 

$

8,035

 

 

$

48,705

 

 

$

21,092

 

 

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

Foreign exchange loss (gain)

 

(44

)

 

 

47

 

 

 

(12

)

 

 

(5

)

Stock-based compensation

 

2,499

 

 

 

2,114

 

 

 

9,390

 

 

 

6,736

 

Other nonrecurring expense (1)

 

 

 

 

--

 

 

 

 

 

 

769

 

Adjusted EBITDA

$

19,925

 

 

$

10,196

 

 

$

58,083

 

 

$

28,592

 

Adjusted EBITDA margin

 

30.0

%

 

 

18.9

%

 

 

24.1

%

 

 

14.2

%

(1) Other nonrecurring expenses consist of an estimated liability booked in the year ended December 31, 2022 related to the potential costs of terminating a commercial contract.

PAYMENTUS HOLDINGS, INC.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Non-GAAP Operating Expenses

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

 

(in thousands)

Operating expenses - GAAP

$

40,352

 

 

$

39,602

 

 

$

164,249

 

 

$

152,654

 

Stock-based compensation

 

(2,453

)

 

 

(2,114

)

 

 

(9,234

)

 

 

(6,736

)

Amortization of acquisition-related intangibles

 

(1,192

)

 

 

(1,186

)

 

 

(5,065

)

 

 

(4,778

)

Other nonrecurring expense (1)

 

 

 

 

 

 

 

 

 

 

(769

)

Non-GAAP operating expense

$

36,707

 

 

$

36,302

 

 

$

149,950

 

 

$

140,371

 

(1) Other nonrecurring expenses consist of an estimated liability booked in the year ended December 31, 2022 related to the potential costs of terminating a commercial contract.

Non-GAAP Net Income & Non-GAAP EPS

Revised Methodology:

The prior year and most recent quarter non-GAAP net income and non-GAAP earnings per share have been recast to align with the updated methodology.

 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Net income (loss) — GAAP

 

$

9,402

 

$

957

 

$

22,322

 

$

(513

)

Stock-based compensation

 

 

2,499

 

 

2,114

 

 

9,390

 

 

6,736

 

Amortization of acquisition-related intangibles

 

 

2,021

 

 

2,007

 

 

8,380

 

 

8,028

 

Exclude discrete one-time items, net of tax (1)

 

 

 

 

 

 

 

 

565

 

Non-GAAP net income

 

$

13,922

 

$

5,078

 

$

40,092

 

$

14,816

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock — diluted

 

 

126,502,771

 

 

124,395,447

 

 

125,071,829

 

 

125,134,317

 

Non-GAAP earnings per share — diluted

 

$

0.11

 

$

0.04

 

$

0.32

 

$

0.12

 

(1) Discrete one-time items, net of tax consist of the tax impacted estimated liability booked in the year ended December 31, 2022 related to the potential costs for terminating a commercial contract.

Previous Methodology:

The following tables set forth our non-GAAP financial measures using the previous methodology with reconciliations to the most directly comparable GAAP financial measures:

 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Net income (loss) — GAAP

 

$

9,402

 

$

957

 

$

22,322

 

$

(513

)

Excluding amortization of acquisition-related intangibles

 

 

2,021

 

 

2,007

 

 

8,380

 

 

8,028

 

Exclude discrete one-time items, net of tax (1)

 

 

 

 

--

 

 

 

 

565

 

Non-GAAP net income

 

$

11,423

 

$

2,964

 

$

30,702

 

$

8,080

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock — diluted

 

 

126,502,771

 

 

124,395,447

 

 

125,071,829

 

 

125,134,317

 

Non-GAAP earnings per share — diluted

 

$

0.09

 

$

0.02

 

$

0.25

 

$

0.06

 

(1) Discrete one-time items, net of tax consist of the tax impacted estimated liability booked in the year ended December 31, 2022 related to the potential costs for terminating a commercial contract.

Free Cash Flow

 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

 

 

(in thousands)

Net cash (used in) provided by operating activities

 

$

24,441

 

 

$

14,724

 

 

$

68,828

 

 

$

19,867

 

Purchases of property and equipment and software

 

 

(89

)

 

 

(94

)

 

 

(600

)

 

 

(1,257

)

Other intangible assets acquired

 

 

 

 

 

(32

)

 

 

 

 

 

(280

)

Capitalized software development costs

 

 

(8,360

)

 

 

(7,506

)

 

 

(33,699

)

 

 

(29,763

)

Free cash flow

 

$

15,992

 

 

$

7,092

 

 

$

34,529

 

 

$

(11,433

)

Net cash used in investing activities

 

$

(8,449

)

 

$

(10,892

)

 

$

(34,299

)

 

$

(34,560

)

Net cash (used in) provided by financing activities

 

$

181

 

 

$

(80,223

)

 

$

(1,195

)

 

$

(37,283

)

 

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