Payments platform Paysafe Limited (NYSE:PSFE) today announced its financial results for the second quarter of 2024.
Total revenue for the second quarter of 2024 was $439.9 million, an increase of 9%, compared to $402.3 million in the prior year period, reflecting 7% growth in total payment volume.
Excluding a $2.1 million unfavorable impact from changes in foreign exchange rates, total revenue increased 10%.
Revenue from the Merchant Solutions segment increased 13%, reflecting double-digit growth in e-commerce as well as growth from small and medium-sized businesses (SMBs) driven by initiatives to expand our sales capabilities and optimize the portfolio. Revenue from the Digital Wallets segment increased 6% as reported and 7% in constant currency, reflecting growth from gambling merchants as well as ongoing initiatives related to product and consumer engagement.
Net loss for the second quarter decreased to $1.4 million, compared to $1.8 million in the prior year period. This was largely due to increased operating income, mainly driven by higher revenues, and decreased tax expense, slightly offset by a reduction in other income.
Adjusted net income for the second quarter increased 5% to $36.3 million, compared to $34.7 million in the prior year period.
Adjusted EBITDA for the second quarter was $119.0 million, an increase of 5%, compared to $113.0 million in the prior year period. Excluding a $0.7 million unfavorable impact from changes in foreign exchange rates, Adjusted EBITDA increased 6%, primarily reflecting revenue growth, partially offset by incremental expenses related to previously announced initiatives to expand the sales team and optimize the portfolio.
Second quarter operating cash flow was $54.1 million, compared to $50.2 million in the prior year period, which was mainly driven by movements in working capital. Unlevered free cash flow was $70.0 million, compared to $76.2 million in the prior year period, driven by the timing of bonus payments.
As of June 30, 2024, total cash and cash equivalents was $222.4 million, total debt was $2.5 billion and net debt was $2.2 billion. Compared to December 31, 2023, total debt decreased by $50.4 million, reflecting net repayments of $13.3 million as well as movement in foreign exchange rates.
