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Payfare (PAY) investor relations material
Payfare Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary6 Nov, 2024
Executive summary
DoorDash contract non-renewal announced, expiring in early 2025; transition terms under negotiation.
Strategic review process launched to diversify revenue and address concentration risk, with all options under consideration.
Q3 2024 revenue grew 25% year-over-year to $59.0 million, with net income of $4.5 million and adjusted net income per share of $0.17.
Active users increased 24% to over 1.5 million, and gross dollar value loaded on cards rose 29% year-over-year.
Lyft and Uber programs achieved record activity, with long-term contract extensions and new product enhancements.
Financial highlights
Q3 2024 revenue: $59.0 million, up from $47.2 million in Q3 2023.
Gross profit reached $16.0 million (27% margin), up 31% year-over-year.
Adjusted EBITDA for Q3 2024 was $7.8 million (13.2% margin), up 23% year-over-year.
Free cash flow for Q3 2024 was $5.4 million, up from $3.8 million year-over-year.
Over CAD 100 million in cash, cash equivalents, and GICs as of September 30, 2024; no debt.
Outlook and guidance
2025 revenue visibility of $50–60 million from existing programs, excluding DoorDash.
Cost structure can be right-sized to match revenue profile; levers available to achieve adjusted EBITDA breakeven if pipeline opportunities are delayed.
No material ADP revenue expected in Q4 2024; ramp anticipated in Q1/Q2 2025.
Definitive agreements for new pipeline programs could be reached by late Q4 2024 or early Q1 2025.
New large-scale EWA programs in gig economy and employee verticals are being pursued.
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Frequently asked questions
Payfare Inc. is a financial technology company that provides digital banking and payment solutions for the gig economy. The company partners with on-demand platforms to offer gig workers instant access to their earnings through mobile banking apps and prepaid cards. Payfare's services are designed to improve financial inclusion by providing gig workers with tools for managing their income, including real-time payment deposits, rewards programs, and access to financial services without the need for traditional banking. The company supports workers in industries such as ridesharing, food delivery, and freelance services. The company is headquartered in Toronto, Ontario, and its shares are listed on the TSX.
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