Paymentus Holdings Inc (PAY) Reports 18.9% YoY Revenue Growth in Q3 2023
Paymentus Holdings Inc (NYSE:PAY) reported an 18.9% YoY increase in revenue for Q3 2023, reaching $152.4 million.
The company's adjusted EBITDA rose by 93.9% YoY, reaching $15.5 million.
Net income for the quarter was $6.4 million, with a GAAP earnings per share of $0.05.
The company processed 115.4 million transactions in Q3 2023, marking a 25.2% increase from Q3 2022.
Paymentus Holdings Inc (NYSE:PAY), a leading provider of cloud-based bill payment technology and solutions, released its unaudited financial results for the quarter ended September 30, 2023, on November 6, 2023. The company reported strong growth in revenue, contribution profit, and adjusted EBITDA.
Financial Highlights
Paymentus Holdings Inc (NYSE:PAY) reported revenue of $152.4 million for Q3 2023, marking an 18.9% increase year-over-year. This growth was primarily driven by increased transactions. The company's gross profit rose by 23.9% YoY to $46.9 million, while the adjusted gross profit was $51.3 million, up 24.9% YoY.
The contribution profit for the quarter was $61.5 million, reflecting a YoY increase of 20.3%. The company's net income stood at $6.4 million, with GAAP earnings per share of $0.05. Non-GAAP net income was $10.9 million, and non-GAAP earnings per share were $0.09.
Adjusted EBITDA for Q3 2023 was $15.5 million, representing a 25.3% adjusted EBITDA margin, a significant increase of 93.9% YoY. The company processed 115.4 million transactions during the quarter, a 25.2% increase from Q3 2022.
CEO's Commentary
Paymentus reported exceptional results for the third quarter highlighted by strong growth in revenue, contribution profit and adjusted EBITDA with year-over-year increases of 18.9%, 20.3% and 93.9%, respectively. Demand and competitive differentiation remains strong, reflected in our substantial backlog at quarter end, which we believe provides us good visibility for the rest of 2023 and well into 2024, said Dushyant Sharma, Founder and CEO.
Balance Sheet Summary
As of September 30, 2023, Paymentus Holdings Inc (NYSE:PAY) had cash and cash equivalents of $162.06 million. The company's total assets stood at $489.34 million, while total liabilities were $71.89 million. The total stockholders' equity was $417.44 million.
Looking Forward
For the fourth quarter of 2023, Paymentus expects revenue to be between $155 million and $159 million. The company anticipates a contribution profit of $60.5 million to $62.5 million and adjusted EBITDA of $12 million to $14 million. For the full fiscal year 2023, the company projects revenue to be between $604.5 million and $608.5 million.
Explore the complete 8-K earnings release (here) from Paymentus Holdings Inc for further details.
This article first appeared on GuruFocus.
