Q2 2024 Paysafe Ltd Earnings Call Transcript
Key Points
- Paysafe Ltd (PSFE) reported strong Q2 2024 results with $440 million in revenue, growing 9% year over year.
- Adjusted EBITDA grew approximately 5% year over year to $119 million.
- Net debt ratio reduced to 4.8 times, a 14% reduction from Q2 2023.
- Digital wallets grew 5.4% in the first half of 2024, driven by improvements in the eCash business and growth in LatAm markets.
- Paysafe Ltd (PSFE) raised its full-year revenue outlook to 7% to 8%, up from the previous guidance of 5.5% to 7%.
- Adjusted EBITDA margins declined by 100 basis points due to planned incremental investments.
- Actions to limit volumes or exit relationships with higher-risk merchants will create a short-term headwind to revenue growth in the second half of 2024.
- Adjusted EBITDA margin guidance for the full year was reduced by 50 basis points to 27.5% to 28%.
- Three-month active users for digital wallets remained flat year over year.
- The company faces challenges in accelerating the growth of its user base for digital wallets.
Ladies and gentlemen, good morning, and welcome to Paysafe's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Matthew Parker, Investor Relations. Please go ahead.
Thank you, and welcome to Paysafe's earnings conference call for the second quarter of 2024. Joining me today are Bruce Lowthers, Chief Executive Officer; and Alex Gersh, Chief Financial Officer.
Before we begin, a reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent SEC reports. These statements reflect management's current assumptions and expectations and are subject to factors that could cause actual results to differ materially from forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements during this call speak only to the date of this
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