Paya Holdings Inc., a leading provider of integrated payment and commerce solutions, today reported financial results for its third quarter ended September 30, 2021.

“Paya performed well in the quarter, with payment volume growing 28%, revenue growing 22% and gross profit growing 26%. We signed some great new partners across our verticals and saw a certain B2B partner scale faster than expected, which is promising as we focus on our medium-term growth ambitions,” said Jeff Hack, Paya CEO. “Additionally, we hired some key talent, which will serve to accelerate our sales and go to market efforts, while further enhancing our existing product offerings and technological capabilities. While there were modest headwinds in the quarter that prevented us from growing even faster, we remain focused on the continued execution of our medium-term strategy and our competitive positioning remains strong in high-growth end markets,” Hack concluded.

Third Quarter 2021 Financial Highlights

• Payment volume was $11.1 billion, an increase of 27.7% from $8.7 billion for the third quarter of 2020.
• Total revenue was $63.1 million, an increase of 21.8% from $51.8 million for the third quarter of 2020.
  • Integrated Solutions segment revenue was $39.7 million, an increase of 30.6% from $30.4 million for the third quarter of 2020.
  • Payment Services segment revenue was $23.4 million, an increase of 9.1% from $21.4 million for the third quarter of 2020.
• Gross profit was $32.6 million, resulting in a gross profit margin of 51.7%, as compared to $25.9 million with a gross profit margin of 50.0% for the third quarter of 2020.
• Net income (loss) was $(3.0) million, compared to $1.6 million for the third quarter of 2020.
• Adjusted EBITDA(1) was $16.3 million, an increase of 20.7% from $13.5 million for the third quarter of 2020.
• Adjusted Net Income(1) was $5.5 million.
• Earnings per share was $(0.02).
• Adjusted earnings per share(1) was $0.04.
• Ended September 30, 2021 with $133.1 million of cash and $250 million of total debt.

These financial highlights include non-GAAP measures. See below for definitions and reconciliation.

2021 Outlook

Paya provides the following updated revenue, gross margin, and Adjusted EBITDA guidance for the full year 2021, which replaces previously issued guidance. This outlook assumes no further unanticipated impacts from the COVID-19 pandemic or other factors outside of Paya’s control.

Conference Call

The Company has scheduled a conference call for November 5, 2021 at 8:00 a.m. Eastern Time to discuss the third quarter 2021 results.

The conference call will be available by live webcast through Paya’s Investor Relations website at https://investors.paya.com or by dialing in as follows:

Please register for the webcast or dial into the conference call approximately 15 minutes prior to the scheduled start time.

A replay of the conference call will be available for approximately 14 days and can be accessed through the Investors section of Paya’s website or by dialing 1-833-665-0668 (for Domestic callers), or 1-914-987-7320 (for International callers), with passcode 3872346.