Paysafe Q2 Results: Earnings Beat, 6% Sales Growth, Higher Payment Volume & More

Paysafe Limited PSFE reported second-quarter FY23 revenue growth of 6% year-over-year to $402.338 million, beating the consensus of $394.16 million. The revenue was up 5% Y/Y on a constant currency basis.

Adjusted EPS was $0.56, down from $0.62 in 2Q22, beating the consensus of $0.13.

Q2 total payment volume totaled $35.5 billion, up 6% Y/Y.

Segment revenues: Merchant Solutions +6% Y/Y, and Digital Wallets +6% Y/Y.

Also Read: Paysafe Expands Partnership With IC Markets To Boost Presence In Latin America

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Adjusted EBITDA was $113.0 million (+10% Y/Y), and the margin expanded by 90 bps to 28.1%.

As of June 30, 2023, total cash and equivalents were $206.7 million, and total debt was $2.6 billion.

FY23 Outlook Raised: Paysafe raised its revenue outlook to $1.595 billion-$1.608 billion, versus the consensus of $1.59 billion (Prior View: $1.580 billion- $1.60 billion).

Paysafe CEO Bruce Lowthers: "Based on our results to date, we are raising our full year 2023 revenue growth outlook to the range of 6.5% to 7.5%, while maintaining more than 100 basis points in Adjusted EBITDA margin expansion this year."

The company sees Adjusted EBITDA of $454 million- $462 million (prior view $452 million - $462 million).

Price Action: PSFE shares were trading higher by 6.5% at $12.59 premarket on the last check Tuesday.