PR Newswire
Toronto, April 25, 2024
Payfare generated unaudited net income of $4.9 million, and Adjusted net income per share1 of $0.15 in Q4 2023. The Company has also provided an update on its Annual Filings.
Toronto, April 25, 2024 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF), a leading fintech powering instant payout and digital banking solutions for workforces, today announced summarized unaudited results for the fourth quarter and year ending December 31, 2023.
Unaudited Q4 2023 Highlights:
Unaudited Full Year 2023 Highlights:
The amounts disclosed in this press release are unaudited as the Company's auditors, KPMG LLP, have not yet completed their audit procedures on the consolidated financial statements as at, and for the year ended December 31, 2023.
Executed Strategic Objectives for Fiscal 2023
Update: Payfare achieved its full year 2023 revenue and Adjusted EBITDA1 guidance based on unaudited financial results for the year ending 2023.
Update: Subsequent to year end, the Company launched new programs in Canada including with Uber (the Uber Pro Card powered by Payfare) and a new embedded finance product with an international big box retailer, to provide earnings payouts to the retailer's delivery gig workforce in Canada.
Update: In Q1 2024, the Company signed a commercial agreement with ADP, a leading global provider of Human Capital Management solutions, to offer EWA to the Canadian market.
Update: The Uber Pro Card powered by Payfare includes the Back-up Balance feature, providing qualifying cardholders access to up to $50 when they need it most at no cost and no interest.
Update: The Company has partnered with Upside (retail technology platform) to launch a cashback rewards program enabling Dasher Direct cardholders to claim personalized price promotion offers on all major spend categories (fuel, restaurants and grocery). The Company has also partnered with Avibra (financial, insurance and wellness platform) providing free and low-cost access to a suite of health and wellness perks to Dasher Direct Cardholders.
Strategic Objectives for 2024:
Management will use these strategic objectives to measure the Company's progress and will update and supplement these objectives over the course of 2024.
Payfare Provides Update on Annual Filings
Payfare today provided an update to its previously disclosed management cease trade order ("MCTO"), in respect of its delayed filing of its audited annual financial statements, management's discussion and analysis, annual information form, and related certifications, all for the year ended December 31, 2023 (collectively, the "Annual Filings").
The delay in the Annual Filings is due solely to the delay in receiving the System and Organization Controls ("SOC 1") auditor's report from its material vendor (the "Vendor") which is required in order for the Company's auditors to complete their required audit procedures to issue their opinion.
Based on the updated timing for the delivery of the SOC 1 report confirmed by the Vendor's auditors, Payfare now anticipates that it will complete its Annual Filings by May 22, 2024. The Company will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed.
The delay in the Company's Annual Filings is not expected to impact the filing of the Company's quarter ended March 31, 2024 unaudited financial statements and the related management's discussions and analysis for such interim period (the "Q1 Filings"). The Q1 Filings are anticipated to be filed on or about May 8, 2024. Work is already underway by the Company to ensure timely reporting for this period.
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults, including issuing bi-weekly default status reports by way of news releases such as this one, which will be filed on SEDAR+.
Conference Call
Management will host a conference call on Monday April 29, 2024, at 8:00 AM ET to discuss the unaudited 2023 financial results. A short presentation in connection with the conference call will be made available on the Company's website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.
To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through. An archived recording of the conference call will be available until May 29, 2024. To listen to the recording, call 416-764-8692 or 1-877-674-7070 and enter passcode 10007.
Summary Unaudited 2023 Financial Results
The tables below display a summary of the Company's select unaudited consolidated statements of financial position data as at December 31, 2023 and 2022 and an unaudited summary of consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023 and 2022.
In CAD $ | As at December 31, | As at January 1, | |
2023 | Restated 2022 (1) | Restated 2022 (1) | |
Cash and cash equivalents (1) | $ 78,153,324 | $ 56,177,184 | $ 51,170,389 |
Pre-funded deposits (1) | 207,585,374 | 147,444,308 | 164,830,737 |
Accounts receivable (1) | 5,234,864 | 4,449,083 | 2,505,177 |
Loan receivable from related parties | 1,760,564 | – | 2,631,339 |
Prepaid and other assets (1) | 3,192,291 | 5,619,625 | 1,839,681 |
Building, property and equipment | 111,043 | 161,387 | 218,044 |
Intangible assets | 5,607,927 | 3,324,736 | 1,097,575 |
Total assets | 301,645,387 | 217,176,323 | 224,292,942 |
Accounts payable and accrued liabilities (1) | 22,813,915 | 21,166,525 | 12,480,795 |
Pre-funded liability | 207,585,374 | 147,444,308 | 164,830,737 |
Deferred income | – | 9,397 | 120,645 |
Lease liability | – | 35,744 | 93,970 |
Total liabilities | 230,399,289 | 168,655,974 | 177,526,147 |
Total shareholders' equity (1) | $ 71,246,098 | $ 48,520,349 | $ 46,766,795 |
(1) Prior period comparatives have been restated – See "Correction of Prior Period Financial Statements Resulting in an Increase to Prior Period Cash and Cash Equivalents Balance" below.
In CAD $ | Year ended December 31, | |
2023 | 2022 | |
Revenue | $ 186,044,054 | $ 129,927,592 |
Cost of services | 140,128,208 | 104,051,329 |
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