PSFE - Paysafe stock climbs on Q1 revenue beat helped by digital wallets e-commerce
2023-05-16 08:45:28 ET
Paysafe ( NYSE: PSFE ) stock jumped as much as 7% in Tuesday premarket trading after the provider of digital commerce solutions posted revenue for the first quarter that exceeded Wall Street expectations and advanced from the prior quarter and Y/Y.
Q1 total revenue of $387.8M, topping the average analyst estimate of $377.6M, rose from $383.6M in Q4 2022 and from $367.7M a year ago, buoyed by strong growth from e-commerce as well as the small business market in North America.
Adjusted EPS of $0.54, falling short of the $0.63 consensus, was unchanged from the previous quarter and rose from $0.62 in the year-earlier quarter.
The company, meantime, reaffirmed its revenue and adjusted EBITDA guidance for the full year.
"We are confident in maintaining our full year outlook and remain very pleased with the progress of our sales transformation initiative, which is driving cross-selling and higher value client wins,” said CEO Bruce Lowthers.
Total payment volume of $33.8B gained 2.1% from the prior quarter and 8% year-over-year.
Adjusted EBITDA came in at $107.8M, up slightly from $107.6M in Q4 2022 and from $104M in Q1 2022. Adjusted EBITDA margin of 27.8% vs. 28.0% in Q4 2022 and 28.3% in Q1 2022.
Free cash flow fell to $70.3M from $91.5M in the prior quarter and increased from $59.2M in Q1 of last year.
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Paysafe stock climbs on Q1 revenue beat, helped by digital wallets, e-commerce