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Payfare
Payfare (PAY) investor relations material
Payfare has been acquired
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 will not renew its contract expiring in early 2025, prompting a strategic review to diversify revenue and address concentration risk; transition terms are still under negotiation.
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 1,502,028, and total gross dollar value rose 29% to $3.8 billion compared to Q3 2023.
Programs with Lyft and Uber achieved record activity, with long-term extensions secured and upgraded features launched.
Active business development pipeline includes three significant opportunities, two in late-stage due diligence.
Financial highlights
Q3 2024 revenue was $59.0 million, up from $47.2 million in Q3 2023, with gross profit of $16.0 million (27.1% margin) and adjusted EBITDA of $7.8 million (13.2% margin).
Net income for Q3 2024 was $4.5 million, down from $4.8 million in Q3 2023; adjusted net income was $8.1 million, up 8%.
Free cash flow for Q3 2024 was $5.4 million, up $1.7 million year-over-year.
Over $100 million in cash, cash equivalents, and guaranteed investment certificates as of September 30, 2024; no debt.
2025 revenue visibility is CAD 50–60 million from existing programs, excluding DoorDash.
Outlook and guidance
Strategic review process initiated to explore options to enhance value and reduce concentration risks, including acquisitions, investments, partnerships, or sale.
DasherDirect will contribute revenue at least through early 2025; timing and impact of DoorDash exit remain uncertain.
Any two of the three pipeline opportunities could offset the lost DoorDash GDV on a full-run basis.
Pilot EWA product launched with ADP for the Canadian market post-quarter-end, with material activity expected from Q1 2025 onward.
Well capitalized to fund new strategic initiatives, with no debt on the balance sheet.
Strategic review impact on new client deals?
When could 2 new deals offset DoorDash GDV?
Paid App's role in diversification beyond gig?
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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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