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Payfare Announces First Quarter 2024 Financial Results

Payfare generated net income of $5.1 million, and Adjusted net income per share1 of $0.15 in Q1 2024. The Company has also provided an update on its Audited Annual Filings.

TORONTO, May 8, 2024 /CNW/ - Payfare Inc. ("Payfare" or the "Company") (TSX:PAY) (OTCQX:PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter ending March 31, 2024. A comprehensive discussion of Payfare's financial position and results of operations are provided in the MD&A, which is filed on SEDAR+ under Payfare's profile and can be found at www.sedarplus.ca.

Q1 2024 Highlights:

  • Increased revenue to a record $51.9 million for the three months ended March 31, 2024, representing a $9.6 million (+23%) increase compared to the same period in 2023.
  • Ended Q1 2024 with 1,423,502 active users1, up by 296,042 (+26%) compared to active users1 count as at the end of Q1 2023.
  • Total gross dollar value (Total GDV)1 in Q1 2024 was $3.5 billion, up by $0.9 billion (+33%) over Q1 2023.
  • Gross Profit of $12.8 million in Q1 2024, up by $3.4 million (+36%) over the prior year period.
  • Net income of $5.1 million, or $0.11 per share, for the three months ended March 31, 2024, up $3.8 million (+296%), compared to the same period in 2023.
  • Adjusted net income1 of $7.5 million, or $0.15 per share, for the three months ended March 31, 2024, representing growth of $4.0 million (+116%) over the prior year period.
  • Adjusted EBITDA1 of $6.0 million for the three months ended March 31, 2024, reflecting a $3.0 million increase (+98%) compared to the same period in 2023.
  • Free cash flow1 of $5.8 million for the three months ended March 31, 2024, versus $6.5 million in the prior year period. The year-over-year change in free cash flow was a function of investing in new growth programs and enhancing existing programs.
  • On March 5, 2024, the Company announced the launch of the Uber Pro Card, a significant new program with Uber providing free instant payouts after every trip or delivery, enhanced loyalty features for drivers and delivery people, and backup balance for qualifying users on the Uber platform in Canada, powered by Payfare's leading digital banking app.
  • Payfare launched a new embedded finance product with an international big box retailer, to provide earnings payouts to the retailer's delivery gig workforce in Canada. The Company expects to announce additional details of this program as it completes the enrollment phase.
  • In Q1 2024, the Company signed a commercial agreement with Automatic Data Processing Inc. ("ADP") to offer Earned Wage Access (EWA) to the Canadian market.

Payfare Provides Update on Annual Filings

Payfare provided an update to its previously disclosed management cease trade order ("MCTO"), in respect of its delayed filing of its audited annual financial statements, management's discussion and analysis, annual information form, and related certifications, all for the year ended December 31, 2023 (collectively, the "Annual Filings").

The delay in the Annual Filings is due solely to the delay in receiving the System and Organization Controls ("SOC 1") auditor's report from its material vendor (the "Vendor") which is required in order for the Company's auditors to complete their required audit procedures to issue their opinion.

There have been no changes to the expected timing of the delivery of the SOC 1 report from the Vendor disclosed within the press release dated April 25, 2024. Payfare continues to anticipate that it will complete its Annual Filings by May 22, 2024. The Company will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed.

Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults, including issuing bi-weekly default status reports by way of news releases such as this one, which will be filed on SEDAR+.

No Conference Call Scheduled

Management recently hosted a conference call on April 29, 2024, and provided an update on Payfare's financial outlook, strategy, and operations. There have been no new developments to discuss since the previous conference call, and as such management believes there is no value in hosting another conference call to discuss Q1 2024 financial results. An archived recording of the previous conference call hosted on April 29, 2024 will be available until May 29, 2024. To listen to the recording, call 289-819-1325 or 1-888-660-6264 and enter passcode 10007.   

About Payfare (TSX:PAY, OTCQX:PYFRF)

Payfare is a leading, international Earned Wage Access ("EWA") company powering instant access to earnings through an award-winning digital banking platform for today's workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

1Non-IFRS and Supplementary Financial Measures

This press release contains references to "active users", "Total GDV", "adjusted net income", "adjusted net income per share", "EBITDA", "Adjusted EBITDA" and "free cash flow", which are not measures prescribed by IFRS Accounting Standards ("IFRS"). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when ...

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