Paymentus Holdings, Inc. (NYSE: PAY) posts 54% surge in adjusted EBITDA
Rhea-AI Filing Summary
Paymentus Holdings, Inc. reported strong results for the quarter ended June 30, 2026. Revenue was $360.7 million, up 28.8% year-over-year, driven by more billers and transactions. Gross profit reached $94.3 million, while contribution profit was $118.1 million, both growing more than 26% year-over-year. Net income rose to $25.6 million from $14.7 million, with diluted GAAP EPS of $0.20 versus $0.11 a year earlier. Non-GAAP net income was $32.4 million, with diluted non-GAAP EPS of $0.25 versus $0.15.
Adjusted EBITDA was $48.8 million, a 54.0% year-over-year increase, and the company reported a record 41.3% adjusted EBITDA margin. Paymentus processed 213.4 million transactions in the quarter, up 21.4%. For the first half of 2026, net cash provided by operating activities was $79.3 million, generating free cash flow of $59.9 million. Cash and cash equivalents totaled $377.7 million plus $2.0 million of restricted cash as of June 30, 2026. Guidance for 2026 includes Q3 revenue of $353–$363 million and full-year revenue of $1,443–$1,458 million, with contribution profit and adjusted EBITDA expected within specified ranges.
Positive
- Q2 2026 revenue grew 28.8% year-over-year to $360.7 million, with gross profit up 31.9% and contribution profit up 26.3%.
- Adjusted EBITDA increased 54.0% year-over-year to $48.8 million, delivering a record 41.3% adjusted EBITDA margin and indicating significantly improved profitability.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
contribution profit financial
adjusted EBITDA margin financial
free cash flow financial
stock-based compensation financial
capitalized internal-use software development costs financial
Earnings Snapshot
Q3 2026 guidance: revenue $353–$363 million, contribution profit $112–$115 million, adjusted EBITDA $40–$45 million. FY 2026 guidance: revenue $1,443–$1,458 million, contribution profit $460–$465 million, adjusted EBITDA $175–$185 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02 Results of Operations and Financial Condition
On August 3, 2026, Paymentus Holdings, Inc. issued a press release reporting its financial results for the three and six months ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
The information in Item 2.02 of this Current Report on Form 8-K, including the accompanying Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Item 2.02 of this Current Report, including the accompanying Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
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Description |
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99.1 |
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Press release dated August 3, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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PAYMENTUS HOLDINGS, INC. |
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Date: |
August 3, 2026 |
By: |
/s/ Sanjay Kalra |
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Sanjay Kalra |
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Paymentus Reports Second Quarter 2026 Financial Results
Revenue up 28.8% year-over-year
Contribution Profit up 26.3% year-over-year
Adjusted EBITDA up 54.0% year-over-year, with a record adjusted EBITDA margin 41.3%
Addison, Texas, August 3, 2026 -- Paymentus Holdings, Inc. (“Paymentus”) (NYSE: PAY), a leading provider of cloud-based bill payment technology and solutions, today announced its unaudited financial results for the quarter ended June 30, 2026.
“Paymentus' strong business momentum in 2026 continued into the second quarter, with financial results that included record revenue that increased 28.8% year-over-year. This in turn drove healthy year-over-year contribution profit and adjusted EBITDA growth of 26.3% and 54.0%, respectively. Our year-to-date results, combined with our robust bookings and substantial backlog, position us well to meet our 2026 financial goals,” said Dushyant Sharma, Founder and CEO.
Second Quarter 2026 Financial and Business Highlights
(1) Descriptions of the non-GAAP financial measures adjusted gross profit, contribution profit, non-GAAP net income, non-GAAP earnings per share, adjusted EBITDA, and adjusted EBITDA margin are provided below under “Use and Definitions of non-GAAP Financial Measures,” and reconciliations are provided in the tables at the end of this release.
(2) Non-GAAP net income and non-GAAP earnings per share are adjusted for an assumed provision for income taxes based on our long-term projected non-GAAP tax rate of 25%. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information regarding non-GAAP net income and non-GAAP earnings per share.
Financial Guidance
The statements in this section are forward-looking statements. For additional information regarding the use and limitations of such statements, refer to “Forward-Looking Statements” below and the “Risk Factors” section of Paymentus’ most recent Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, or SEC, on February 24, 2026.
1
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Third Quarter 2026 |
Fiscal Year 2026 |
Revenue |
$353 million to $363 million |
$1,443 million to $1,458 million |
Contribution Profit |
$112 million to $115 million |
$460 million to $465 million |
Adjusted EBITDA |
$40 million to $45 million |
$175 million to $185 million |
Paymentus does not reconcile its forward-looking guidance for non-GAAP measures because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated due to potential variability, complexity and uncertainty as to the items that would be excluded from the GAAP measure in the relevant future period. Refer to “Use of Forward-Looking Non-GAAP Measures” below for additional explanation.
Conference Call Information
In conjunction with this announcement, Paymentus will host a conference call for investors today at 5:00 p.m. ET (2:00 p.m. PT) to discuss second quarter 2026 results and its financial guidance for the remainder of 2026. The live webcast and replay will be available at the Investor Relations section of Paymentus’ website at ir.paymentus.com or click here. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BI89de8c3c7430402e8f5ded9002badf9b.
Upon registration, telephone participants will receive a confirmation email detailing how to join the audio version of the webcast, including the dial-in number and a unique registrant ID. A replay of the webcast will be available for one year following its conclusion and will be accessible on Paymentus' website.
About Paymentus
Paymentus is a leading provider of cloud-based bill payment technology and solutions for billers and financial institutions across North America. Our omni-channel platform provides consumers with easy-to-use, flexible and secure electronic bill payment experiences through their preferred payment channel and payment type. Paymentus’ proprietary Instant Payment NetworkTM, or IPN, extends our reach by connecting our IPN partners’ platforms and tens of thousands of billers to our integrated billing, payment and reconciliation capabilities. For more information, please visit www.paymentus.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements included in this press release, other than statements of historical or current fact, are forward-looking statements, including but not limited to statements regarding bookings, backlog and pipeline, visibility into 2026 and beyond, our ability to deliver near-term and longer-term growth and strategic objectives, future financial performance and our third-quarter and full year 2026 financial guidance. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements.
These forward-looking statements are based on Paymentus' current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including, without limitation, risks related to our ability to effectively manage our growth and expand our operations, including into new channels and industry verticals across different markets; our ability to expand and retain our base of billers, financial institutions, partners and consumers; our ability to implement new bookings in a timely manner and recognize anticipated revenue therefrom; our ability to manage economic challenges, including inflation; the impact of future widespread health issues on our operating results, liquidity and financial condition and on our employees, billers, financial institutions, partners, consumers and other key stakeholders; our ability to remain competitive; our ability to develop new product features and enhance our platform and brand; our use of artificial intelligence and machine learning; our future acquisitions and strategic investments; our ability to hire and retain experienced and talented employees; the impact of any cybersecurity incidents; the impact of evolving regulations and our ability to maintain regulatory compliance; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026, and subsequent Quarterly Reports on Form 10-Q, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which we expect to file with the SEC shortly after the date of this release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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All forward-looking statements are qualified in their entirety by this cautionary statement, and speak only as of the date hereof, and Paymentus undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
Use of Forward-Looking Non-GAAP Measures
Paymentus does not meaningfully reconcile guidance for adjusted EBITDA and adjusted EBITDA margin because we cannot provide guidance for the more significant reconciling items between net income and adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of Paymentus' core operations, which may include, without limitation, items included in the supplemental financial information for reconciliation of reported GAAP results to non-GAAP results. Such items include acquisition-related amortization expense for acquired intangibles, foreign exchange gains and losses, adjustments to our income tax provision and certain other items we believe to be non-indicative of our ongoing operations. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains/losses or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant. In addition, Paymentus does not meaningfully reconcile guidance for contribution profit because the determination of contribution profit is subject to variables outside our control, such as an increase in the average payment amount, changes in the payment mix, or the payment channel used by consumers that can influence contribution profit, and cannot be determined without unreasonable effort, if at all.
Use and Definitions of Non-GAAP Financial Measures
In addition to disclosing financial measures in accordance with accounting principles generally accepted in the United States, or GAAP, this press release and the accompanying tables contain certain non-GAAP financial measures, including adjusted gross profit, contribution profit, non-GAAP net income (including those amounts as a percentage of revenue), non-GAAP earnings per share, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating expense and free cash flow. Paymentus uses non-GAAP measures to supplement financial information presented on a GAAP basis. Paymentus believes that excluding certain items from GAAP results allows management and our board of directors to more fully understand our consolidated financial performance from period to period and helps management project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures.
Adjusted gross profit is defined as gross profit adjusted for certain non-cash items, primarily stock-based compensation and amortization of acquisition-related intangible assets and capitalized software development costs.
Contribution profit is defined as gross profit plus other cost of revenue. Other cost of revenue equals cost of revenue less interchange, assessment and other network fees paid by us to our payment processors. Interchange, assessment and other network fees paid by us to our payment processors are excluded from contribution profit because we believe inclusion is less directly reflective of our operating performance as we do not control the payment channel used by consumers, which is the primary determinant of the amount of interchange, assessment and other network fees. We use contribution profit to measure the amount available to fund our operations after interchange, assessment and other network fees, which are directly linked to the number of transactions we process and thus our revenue and gross profit.
Adjusted EBITDA is defined as net income before interest income (expense), net, other income (expense), depreciation and amortization of acquisition-related intangible assets and capitalized software development costs, and income taxes, adjusted to exclude foreign exchange gain (loss), the effects of stock-based compensation expense and certain nonrecurring expenses that management believes are not indicative of ongoing operations.
Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of contribution profit.
Non-GAAP operating expense is defined as total operating expense excluding amortization of acquisition-related intangibles, stock-based compensation and other nonrecurring expenses. Management believes that the adjustment of acquisition-related intangibles amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although we exclude amortization of acquisition-related intangible assets from our non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such
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intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Non-GAAP net income and non-GAAP EPS are defined as the applicable GAAP measures, adjusted for (1) stock-based compensation, (2) amortization of acquisition-related intangibles, (3) certain nonrecurring items such as discrete tax items, one-time expenses or other non-cash items, and (4) an assumed provision for income taxes based on our long-term projected non-GAAP tax rate. Our long-term projected non-GAAP tax rate is subject to change for a variety of reasons, including significant changes in our earnings, tax adjustments and potential future changes to business operations. We will re-evaluate our long-term projected tax rate as appropriate.
We believe non-GAAP net income and non-GAAP EPS enhance the understanding of our operating performance and enable more meaningful period-to-period comparisons.
Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software development costs.
Paymentus believes these non-GAAP measures provide our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.
Paymentus uses these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance and liquidity, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance and liquidity. There are limitations to the use of the non-GAAP measures presented in this press release. Our non-GAAP measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-GAAP measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-GAAP measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with GAAP.
Paymentus encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view our non-GAAP measures in conjunction with GAAP financial measures. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables for the reconciliation of GAAP to non-GAAP results included at the end of this release.
CONTACTS:
At the Company Sanjay Kalra Chief Financial Officer Paymentus Holdings, Inc. ir@paymentus.com |
Investor Relations |
Media Relations
Tony Labriola
media-relations@paymentus.com
4
PAYMENTUS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
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Three Months Ended |
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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
$ |
360,736 |
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$ |
280,077 |
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$ |
719,177 |
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$ |
555,312 |
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Cost of revenue |
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266,425 |
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|
208,600 |
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|
538,634 |
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417,811 |
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Gross profit |
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94,311 |
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71,477 |
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180,543 |
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|
137,501 |
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Operating expenses |
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Research and development |
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15,317 |
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|
15,231 |
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31,650 |
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|
30,332 |
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Sales and marketing |
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33,047 |
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29,610 |
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|
63,257 |
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|
55,661 |
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General and administrative |
|
13,326 |
|
|
10,714 |
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|
26,463 |
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|
19,897 |
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Total operating expenses |
|
61,690 |
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|
55,555 |
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|
121,370 |
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|
105,890 |
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Income from operations |
|
32,621 |
|
|
15,922 |
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|
59,173 |
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|
31,611 |
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Interest income, net |
|
3,042 |
|
|
2,336 |
|
|
5,573 |
|
|
4,398 |
|
Other (expense) income |
|
(5 |
) |
|
111 |
|
|
3 |
|
|
161 |
|
Income before income taxes |
|
35,658 |
|
|
18,369 |
|
|
64,749 |
|
|
36,170 |
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Provision for income taxes |
|
10,099 |
|
|
3,662 |
|
|
18,309 |
|
|
7,650 |
|
Net income |
$ |
25,559 |
|
$ |
14,707 |
|
$ |
46,440 |
|
$ |
28,520 |
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Net income per share |
|
|
|
|
|
|
|
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Basic |
$ |
0.20 |
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$ |
0.12 |
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$ |
0.37 |
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$ |
0.23 |
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Diluted |
$ |
0.20 |
|
$ |
0.11 |
|
$ |
0.36 |
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$ |
0.22 |
|
Weighted-average number of shares used to compute net income per share |
|
|
|
|
|
|
|
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||||
Basic |
|
125,861,225 |
|
|
125,077,964 |
|
|
125,763,761 |
|
|
125,066,334 |
|
Diluted |
|
129,005,011 |
|
|
129,030,539 |
|
|
129,049,030 |
|
|
128,967,807 |
|
5
PAYMENTUS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and per share data)
|
June 30, |
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December 31, |
|
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|
2026 |
|
2025 |
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Assets |
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|
|
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Current assets |
|
|
|
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Cash and cash equivalents |
$ |
377,694 |
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$ |
320,908 |
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Restricted cash and cash equivalents |
|
2,009 |
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|
3,630 |
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Accounts and other receivables, net of allowance for expected credit losses of $479 and $452, respectively |
|
105,584 |
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|
102,338 |
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Income tax receivable |
|
1,132 |
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|
1,207 |
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Prepaid expenses and other assets |
|
8,046 |
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|
13,248 |
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Total current assets |
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494,465 |
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441,331 |
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Property and equipment, net |
|
2,319 |
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|
877 |
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Capitalized internal-use software development costs, net |
|
72,826 |
|
|
70,920 |
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Intangible assets, net |
|
10,353 |
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|
11,987 |
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Goodwill |
|
131,783 |
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|
131,815 |
|
Operating lease right-of-use assets |
|
8,282 |
|
|
6,380 |
|
Deferred tax asset |
|
1,377 |
|
|
314 |
|
Prepaid expenses and other assets, less current portion |
|
3,969 |
|
|
4,261 |
|
Total assets |
$ |
725,374 |
|
$ |
667,885 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
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Current liabilities |
|
|
|
|
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Accounts payable |
$ |
70,595 |
|
$ |
63,972 |
|
Accrued and other liabilities |
|
23,269 |
|
|
27,671 |
|
Current portion of operating lease liabilities |
|
2,826 |
|
|
2,294 |
|
Contract liabilities |
|
4,139 |
|
|
3,496 |
|
Income tax payable |
|
366 |
|
|
1,416 |
|
Total current liabilities |
|
101,195 |
|
|
98,849 |
|
Operating lease liabilities, less current portion |
|
6,006 |
|
|
4,560 |
|
Contract liabilities, less current portion |
|
3,100 |
|
|
3,404 |
|
Accrued and other liabilities, less current portion |
|
1,652 |
|
|
683 |
|
Total liabilities |
|
111,953 |
|
|
107,496 |
|
Stockholders’ equity |
|
|
|
|
||
Class A common stock, $0.0001 par value per share, 883,950,000 shares authorized as of June 30, 2026 and December 31, 2025; 63,111,757 and 62,459,587 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively |
|
6 |
|
|
6 |
|
Class B common stock, $0.0001 par value per share, 111,050,000 shares authorized as of June 30, 2026 and December 31, 2025; 62,825,427 and 63,121,661 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively |
|
6 |
|
|
6 |
|
Additional paid-in capital |
|
404,726 |
|
|
397,954 |
|
Accumulated other comprehensive loss |
|
(607 |
) |
|
(427 |
) |
Retained earnings |
|
209,290 |
|
|
162,850 |
|
Total stockholders’ equity |
|
613,421 |
|
|
560,389 |
|
Total liabilities and stockholders' equity |
$ |
725,374 |
|
$ |
667,885 |
|
6
PAYMENTUS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
|
Three Months Ended June 30, |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
||||
Net income |
$ |
25,559 |
|
$ |
14,707 |
|
$ |
46,440 |
|
$ |
28,520 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
9,427 |
|
|
10,483 |
|
|
19,319 |
|
|
21,223 |
|
Deferred income taxes |
|
(612 |
) |
|
(978 |
) |
|
(1,064 |
) |
|
(1,991 |
) |
Stock-based compensation |
|
6,466 |
|
|
4,728 |
|
|
12,160 |
|
|
7,770 |
|
Amortization of capitalized warrants cost |
|
289 |
|
|
565 |
|
|
574 |
|
|
1,124 |
|
Non-cash operating lease expense |
|
894 |
|
|
585 |
|
|
1,498 |
|
|
1,158 |
|
Amortization of capitalized contract acquisition cost |
|
784 |
|
|
455 |
|
|
1,515 |
|
|
873 |
|
Provision for expected credit losses |
|
(102 |
) |
|
(49 |
) |
|
58 |
|
|
(171 |
) |
Change in operating assets and liabilities |
|
|
|
|
|
|
|
|
||||
Accounts and other receivables |
|
11,741 |
|
|
3,481 |
|
|
(3,407 |
) |
|
23,429 |
|
Prepaid expenses and other assets |
|
2,097 |
|
|
1,363 |
|
|
2,468 |
|
|
986 |
|
Accounts payable |
|
(2,894 |
) |
|
(3,175 |
) |
|
6,610 |
|
|
2,516 |
|
Accrued and other liabilities |
|
6,502 |
|
|
4,699 |
|
|
(4,760 |
) |
|
(2,421 |
) |
Operating lease liabilities |
|
(820 |
) |
|
(621 |
) |
|
(1,467 |
) |
|
(1,225 |
) |
Contract liabilities |
|
(999 |
) |
|
315 |
|
|
339 |
|
|
716 |
|
Income taxes receivable, net of payable |
|
(9,472 |
) |
|
(5,079 |
) |
|
(971 |
) |
|
(587 |
) |
Net cash provided by operating activities |
|
48,860 |
|
|
31,479 |
|
|
79,312 |
|
|
81,920 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment |
|
(113 |
) |
|
(116 |
) |
|
(193 |
) |
|
(176 |
) |
Purchases of interest-bearing deposits |
|
— |
|
|
(913 |
) |
|
(754 |
) |
|
(913 |
) |
Proceeds from matured interest-bearing deposits |
|
739 |
|
|
496 |
|
|
1,604 |
|
|
1,547 |
|
Capitalized internal-use software development costs |
|
(9,715 |
) |
|
(8,888 |
) |
|
(19,176 |
) |
|
(18,166 |
) |
Net cash used in investing activities |
|
(9,089 |
) |
|
(9,421 |
) |
|
(18,519 |
) |
|
(17,708 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
||||
Proceeds from exercise of stock-based awards |
|
12 |
|
|
40 |
|
|
15 |
|
|
91 |
|
Payments of taxes withheld on net settled vesting of restricted stock units |
|
(2,117 |
) |
|
(1,821 |
) |
|
(5,403 |
) |
|
(3,764 |
) |
Net cash used in financing activities |
|
(2,105 |
) |
|
(1,781 |
) |
|
(5,388 |
) |
|
(3,673 |
) |
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash |
|
(91 |
) |
|
120 |
|
|
(240 |
) |
|
95 |
|
Net increase in Cash and cash equivalents and Restricted cash |
|
37,575 |
|
|
20,397 |
|
|
55,165 |
|
|
60,634 |
|
Cash and cash equivalents and Restricted cash at the beginning of period |
|
342,128 |
|
|
249,648 |
|
|
324,538 |
|
|
209,411 |
|
Cash and cash equivalents and Restricted cash at the end of period |
$ |
379,703 |
|
$ |
270,045 |
|
$ |
379,703 |
|
$ |
270,045 |
|
Reconciliation of Cash and cash equivalents and Restricted Cash: |
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents at the beginning of period |
|
338,780 |
|
|
245,849 |
|
|
320,908 |
|
|
205,900 |
|
Restricted cash at the beginning of period |
|
3,348 |
|
|
3,799 |
|
|
3,630 |
|
|
3,511 |
|
Cash and cash equivalents and Restricted cash at the beginning of period |
$ |
342,128 |
|
$ |
249,648 |
|
$ |
324,538 |
|
$ |
209,411 |
|
Cash and cash equivalents at the end of period |
|
377,694 |
|
|
266,422 |
|
|
377,694 |
|
|
266,422 |
|
Restricted cash at the end of period |
|
2,009 |
|
|
3,623 |
|
|
2,009 |
|
|
3,623 |
|
Cash and cash equivalents and Restricted cash at the end of period |
$ |
379,703 |
|
$ |
270,045 |
|
$ |
379,703 |
|
$ |
270,045 |
|
7
PAYMENTUS HOLDINGS, INC.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
The following tables set forth our non-GAAP financial measures with reconciliations to the most directly comparable GAAP financial measures.
Adjusted Gross Profit
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Gross profit |
$ |
94,311 |
|
$ |
71,477 |
|
$ |
180,543 |
|
$ |
137,501 |
|
Stock-based compensation |
|
85 |
|
|
83 |
|
|
154 |
|
|
149 |
|
Amortization of capitalized software development costs |
|
5,783 |
|
|
5,517 |
|
|
11,839 |
|
|
11,155 |
|
Amortization of acquisition-related intangibles |
|
— |
|
|
829 |
|
|
— |
|
|
1,657 |
|
Adjusted gross profit |
$ |
100,179 |
|
$ |
77,906 |
|
$ |
192,536 |
|
$ |
150,462 |
|
Contribution Profit
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Gross profit |
$ |
94,311 |
|
$ |
71,477 |
|
$ |
180,543 |
|
$ |
137,501 |
|
Plus: other cost of revenue |
|
23,787 |
|
|
22,051 |
|
|
47,255 |
|
|
43,669 |
|
Contribution profit |
$ |
118,098 |
|
$ |
93,528 |
|
$ |
227,798 |
|
$ |
181,170 |
|
Adjusted EBITDA and Adjusted EBITDA Margin
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Net income — GAAP |
$ |
25,559 |
|
$ |
14,707 |
|
$ |
46,440 |
|
$ |
28,520 |
|
Interest income, net |
|
(3,042 |
) |
|
(2,336 |
) |
|
(5,573 |
) |
|
(4,398 |
) |
Provision for income taxes |
|
10,099 |
|
|
3,662 |
|
|
18,309 |
|
|
7,650 |
|
Amortization of capitalized software development costs |
|
8,418 |
|
|
8,189 |
|
|
17,334 |
|
|
16,615 |
|
Amortization of acquisition-related intangibles |
|
818 |
|
|
2,130 |
|
|
1,635 |
|
|
4,267 |
|
Depreciation |
|
191 |
|
|
164 |
|
|
350 |
|
|
341 |
|
EBITDA |
$ |
42,043 |
|
$ |
26,516 |
|
$ |
78,495 |
|
$ |
52,995 |
|
|
|
|
|
|
|
|
|
|
||||
Adjustments |
|
|
|
|
|
|
|
|
||||
Foreign exchange loss (gain) |
|
5 |
|
|
(111 |
) |
|
(3 |
) |
|
(161 |
) |
Stock-based compensation |
|
6,748 |
|
|
5,288 |
|
|
12,722 |
|
|
8,833 |
|
Adjusted EBITDA |
$ |
48,796 |
|
$ |
31,693 |
|
$ |
91,214 |
|
$ |
61,667 |
|
Adjusted EBITDA margin |
41.3% |
|
33.9% |
|
40.0% |
|
34.0% |
|
||||
8
PAYMENTUS HOLDINGS, INC.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)
Non-GAAP Operating Expense
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Operating expenses — GAAP |
$ |
61,690 |
|
$ |
55,555 |
|
$ |
121,370 |
|
$ |
105,890 |
|
Stock-based compensation |
|
(6,663 |
) |
|
(5,205 |
) |
|
(12,568 |
) |
|
(8,684 |
) |
Amortization of acquisition-related intangibles |
|
(818 |
) |
|
(1,301 |
) |
|
(1,635 |
) |
|
(2,610 |
) |
Non-GAAP operating expense |
$ |
54,209 |
|
$ |
49,049 |
|
$ |
107,167 |
|
$ |
94,596 |
|
Non-GAAP Net Income & Non-GAAP EPS(1)
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Net income — GAAP |
$ |
25,559 |
|
$ |
14,707 |
|
$ |
46,440 |
|
$ |
28,520 |
|
Add: Provision for income taxes — GAAP |
|
10,099 |
|
|
3,662 |
|
|
18,309 |
|
|
7,650 |
|
Income before taxes — GAAP |
|
35,658 |
|
|
18,369 |
|
|
64,749 |
|
|
36,170 |
|
Add: |
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
6,748 |
|
|
5,288 |
|
|
12,722 |
|
|
8,833 |
|
Amortization of acquisition-related intangibles |
|
818 |
|
|
2,130 |
|
|
1,635 |
|
|
4,267 |
|
Income before taxes — non-GAAP |
|
43,224 |
|
|
25,787 |
|
|
79,106 |
|
|
49,270 |
|
Less: Provision for income taxes — non-GAAP |
|
(10,806 |
) |
|
(6,447 |
) |
|
(19,777 |
) |
|
(12,318 |
) |
Net income — non-GAAP |
$ |
32,418 |
|
$ |
19,340 |
|
$ |
59,329 |
|
$ |
36,952 |
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares of common stock — diluted |
|
129,005,011 |
|
|
129,030,539 |
|
|
129,049,030 |
|
|
128,967,807 |
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share — diluted (GAAP) |
$ |
0.20 |
|
$ |
0.11 |
|
$ |
0.36 |
|
$ |
0.22 |
|
Earnings per share — diluted (non-GAAP) |
$ |
0.25 |
|
$ |
0.15 |
|
$ |
0.46 |
|
$ |
0.29 |
|
(1) Non-GAAP financial information for the periods shown reflects an assumed provision for income taxes based on our long-term projected tax rate of 25%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our long-term projected tax rate on non-GAAP net income may differ from our GAAP tax rate and from our actual tax liabilities.
Free Cash Flow
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
|
(in thousands) |
|
||||||||||
Net cash provided by operating activities |
$ |
48,860 |
|
$ |
31,479 |
|
$ |
79,312 |
|
$ |
81,920 |
|
Purchases of property and equipment |
|
(113 |
) |
|
(116 |
) |
|
(193 |
) |
|
(176 |
) |
Capitalized internal-use software development costs |
|
(9,715 |
) |
|
(8,888 |
) |
|
(19,176 |
) |
|
(18,166 |
) |
Free cash flow |
$ |
39,032 |
|
$ |
22,475 |
|
$ |
59,943 |
|
$ |
63,578 |
|
9