Paya Holdings Inc. (PAYA) Reports Q3 Revenues Miss

Paya Holdings Inc. (NASDAQ: PAYA) reported Q3 revenue for the quarter came in at $51.8 million versus the consensus estimate of $53.35 million.

Third Quarter 2020 Financial Highlights

• Payment volume was $8.7 billion, an increase of 7.6% from $8.0 billion for the third quarter of 2019.
• Total revenue was $51.8 million, an increase of 2.4% from $50.6 million for the third quarter of 2019.
  • Integrated Solutions segment revenue was $30.4 million, an increase of 2.7% from $29.6 million for the third quarter of 2019.
  • Payment Services segment revenue was $21.4 million, an increase of 1.9% from $21.0 million for the third quarter of 2019.
• Gross profit was $25.9 million, resulting in a gross profit margin of 50.0%, as compared to $25.8 million with a gross profit margin of 51.0% for the third quarter of 2019.
• Net income was $1.6 million, compared to a net loss of $(0.6) million for the third quarter of 2019.
• Adjusted EBITDA was $13.5 million, an increase of 10.7% from $12.2 million for the third quarter of 2019.
• Adjusted Net Income was $8.2 million, an increase of 17.1% from $7.0 million for the third quarter of 2019.
• Ended September 30, 2020 with $32.3 million of cash and $229.3 million of gross debt.

“As Paya begins a new chapter as a publicly-traded company, we are pleased to report solid third quarter financial results that reflect strong execution of our growth strategy. Our results this quarter, as well our year-to-date performance, demonstrate the power and durability of integrated payments, particularly in our attractive end markets,” said Jeff Hack, CEO of Paya. “Even amid the COVID-19 pandemic, Paya returned to year-over-year revenue growth, reported positive net income, continued to achieve year-over-year EBITDA growth, and saw improving volume figures throughout the third quarter. We also executed well against our key growth initiatives, including strong progress implementing significant new partnerships; key wins in the education and healthcare verticals; and our acquisition of The Payment Group, a leading integrated payment provider focused on the local government and municipality sectors, which closed on October 1st. As we continue to expand our business and build long-term shareholder value, Paya is well-positioned to capitalize on the significant opportunities available to us.”

For earnings history and earnings-related data on Paya Holdings Inc. (PAYA) click here.

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