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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paysign Inc | NASDAQ:PAYS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -1.28% | 4.61 | 4.57 | 4.74 | 4.75 | 4.53 | 4.70 | 188,980 | 21:00:19 |
Second Quarter 2019 Revenue increased by 58.2%, Net Income by 137.5% and Adjusted EBITDA by 123.3% when compared to the same period in 2018.
Paysign, Inc. (NASDAQ: PAYS), a vertically integrated provider of innovative prepaid card programs and processing services for corporate, consumer and government applications, today reported financial results for the second quarter ended June 30, 2019.
Financial Highlights
Management Commentary
“We are very pleased with our results, as we’ve delivered three and six month record revenue and net profit,” said Mark Newcomer, Chief Executive Officer, Paysign. “Our strong results demonstrate our continued ability to execute and to grow our new and existing business lines.”
“We delivered strong results across the board in the second quarter, as we continued to operationalize our strategic initiatives,” commented Dan Henry, Chairman, Paysign. “As we look ahead, we remain focused on execution, profitability and maximizing shareholder value.”
“As anticipated, we continue to experience an expansion in gross and net margins, as we benefit from higher margin industry mix and improved operating leverage,” stated Mark Attinger, Chief Financial Officer, Paysign.
Conference Call
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About Paysign, Inc.
Paysign, Inc. (NASDAQ: PAYS) is an experienced and trusted prepaid debit card payment solutions provider and integrated payment processor with over 2.5 million cardholders in its portfolio. Paysign designs and develops payment solutions, prepaid card programs, and customized payment services for consumer, corporate and public sector applications.
Paysign’s corporate incentive prepaid cards are changing the way corporations reward, motivate, and engage their current and potential customers, employees, and agents. Paysign’s customizable solutions offer significant cost savings while improving brand recognition and customer loyalty. For over 15 years, healthcare companies, major pharmaceutical companies, multinationals, prestigious universities, and social media companies have relied on Paysign to provide state of the art prepaid payment programs tailored to their unique requirements. Paysign® is a registered trademark of 3PEA Technologies, Inc. in the United States and other countries. For more information visit us at paysign.com or follow us on LinkedIn, Twitter and Facebook.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. Paysign undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
PAYSIGN, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(Unaudited)
For the three months ended
For the six months ended
June 30,
June 30,
2019
2018
2019
2018
Revenue$
8,636,271
$
5,460,723
$
15,893,561
$
10,137,042
Cost of revenues
3,598,038
2,840,876
7,080,174
5,274,086
Gross profit
5,038,233
2,619,847
8,813,387
4,862,956
Operating expense Depreciation and amortization
395,510
250,447
729,271
496,079
Selling, general and administrative
3,012,971
1,667,856
5,717,921
3,247,321
Total operating expenses
3,408,481
1,918,303
6,447,192
3,743,400
Income from operations
1,629,752
701,544
2,366,195
1,119,556
Other income/ (expense) Other (expense)
-
(3,125
)
-
(31,125
)
Interest income
131,811
33,015
250,985
53,615
Total Other Income/ (expense)
131,811
29,890
250,985
22,490
Income before income tax expense and noncontrolling interest
1,761,563
731,434
2,617,180
1,142,046
Income tax expense
23,276
-
7,786
-
Net income before income tax benefit and noncontrolling interest
1,738,287
731,434
2,609,394
1,142,046
Net loss attributable to noncontrolling interest
504
622
1,068
2,517
Net income attributable to Paysign, Inc.
$
1,738,791
$
732,056
$
2,610,462
$
1,144,563
Net income per common share - basic
$
0.04
$
0.02
$
0.06
$
0.03
Net income per common share - fully diluted
$
0.03
$
0.01
$
0.05
$
0.02
Weighted average common shares outstanding - basic
47,310,209
45,560,692
47,136,608
45,359,479
Weighted average common shares outstanding - fully diluted
54,976,595
51,988,192
54,739,483
51,437,538
PAYSIGN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2019 and DECEMBER 31, 2018
June 30,
December 31,
2019
2018
(Unaudited)
(Audited)
ASSETS Current Assets Cash$
6,289,008
$
5,615,073
Cash restricted
42,600,430
26,050,668
Accounts receivable
948,892
337,303
Prepaid expenses and other assets
966,633
1,175,241
Total current assets
50,804,963
33,178,285
Fixed assets, net
969,161
883,490
Intangible assets, net
2,268,611
2,115,933
Total assets
$
54,042,736
$
36,177,708
LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities
$
1,005,867
$
1,327,497
Customer card funding
40,323,617
25,960,974
Total current liabilities
41,329,484
27,288,471
Total liabilities
41,329,484
27,288,471
Equity Preferred stock: $0.001 par value; 25,000,000 shares authorized;none issued and outstanding
-
-
Common stock: $0.001 par value; 150,000,000 shares authorized,47,556,912 and 46,440,765 issued at June 30, 2019 andDecember 31, 2018, respectively
47,557
46,441
Additional paid-in-capital
9,833,648
8,620,144
Treasury stock at cost, 303,450 shares
(150,000
)
(150,000
)
Retained earnings
3,190,044
579,582
Total Paysign, Inc's stockholders' equity
12,921,249
9,096,167
Non-controlling interest
(207,998
)
(206,930
)
Total equity
12,713,251
8,889,237
Total liabilities and equity
$
54,042,735
$
36,177,708
Paysign, Inc. Non-GAAP Measures
To supplement Paysign’s financial results presented on a GAAP basis, we use a non-GAAP measure of Adjusted EBITDA defined as net income less the following cash and non-cash items: interest, taxes, stock-based compensation, amortization and depreciation. We believe this non-GAAP measure helps investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting and investors should read them in conjunction with the Company’s financial statements prepared in accordance with GAAP.
“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges. Adjusted EBITDA is not intended to represent cash flows from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performance.
Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA or any other non-GAAP measures may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA and non-GAAP measures in the same manner.
PAYSIGN, INC.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(Unaudited)
For the three months ended
For the six months ended
June 30,
June 30,
2019
2018
2019
2018
Net income attributable to Paysign, Inc.$
1,738,791
$
732,056
$
2,610,462
$
1,144,563
Income tax benefit
23,276
-
7,786
-
Interest
(131,811
)
(33,015
)
(250,985
)
(53,615
)
Depreciation and amortization
395,510
250,447
729,271
496,079
EBITDA
2,025,766
949,488
3,096,534
1,587,027
Stock-based compensation
567,910
212,181
1,214,620
349,582
Adjusted EBITDA
2,593,676
1,161,669
4,311,154
1,936,609
Non-GAAP EPS - basic
$
0.05
$
0.03
$
0.09
$
0.04
Non-GAAP EPS - fully diluted
$
0.05
$
0.02
$
0.08
$
0.04
View source version on businesswire.com: https://www.businesswire.com/news/home/20190806005247/en/
Paysign, Inc. Jim McCroy, 702-749-7269 Investor Relations ir@paysign.com www.paysign.com
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