Planet Payment, Inc. (NASDAQ:PLPM), a provider of
international payment and transaction processing and multi-currency
processing services, today announced its results for the third
quarter ended September 30, 2016.
Financial Highlights for the Third Quarter Ended
September 30, 2016
- Total revenue for the quarter grew 8% to $13.6 million,
compared to $12.6 million for 2015.
- Net income for the quarter increased to $2.2 million, compared
to $0.1 million for 2015.
- Adjusted EBITDA and Adjusted EBITDA margins for the quarter
nearly doubled to $3.7 million and 28%, respectively, compared to
$1.9 million and 15%, respectively, for 2015.
Refer to Table 1 for reconciliation of net income to Adjusted
EBITDA (a non-GAAP measure).
Operational Highlights
- Announced partnership with UATP for the offering of UnionPay to
UATP’s global network of airlines and travel agents.
- Launched Pay in Your Currency® with Redeban Multicolor in
Colombia.
- Launched Pay in Your Currency with Ahli United Bank in
Bahrain.
- Announced contract extension with Mashreq Bank for Pay in Your
Currency in the United Arab Emirates.
- Announced contract extension with the Bank of Communications of
China, renewing Pay in Your Currency and adding DCC at ATMs.
- Launched Multi-Currency Pricing with Moneris Solutions
Corporation in Canada.
Revised Revenue Outlook for Fiscal Year
2016
Planet Payment revises its revenue guidance, while reaffirming
its net income, Adjusted EBITDA and fully-diluted earnings per
share guidance for the full year 2016, as follows:
- Net revenue for the year is estimated to be in the range of
$56.0 million and $57.0 million, a change from our prior guidance
of $57.0 million and $59.2 million.
- Net income for the year is estimated to be in the range of $8.6
million and $9.6 million.
- Adjusted EBITDA for the year is estimated to be in the range of
$14.1 million and $15.1 million (see Table 3 for reconciliation of
prospective net income to Adjusted EBITDA).
- Fully-diluted earnings per share is estimated to be in the
range of $0.15 and $0.17 based on 51.6 million fully-diluted common
shares outstanding.
Stock Repurchase Program
From August 2, 2016 to September 30, 2016, the Company
repurchased approximately 1.6 million shares of common stock for an
aggregate price of $6.0 million. As of September 30, 2016,
the total amount of common stock repurchased under the program was
6.5 million shares for an aggregate price of $17.5 million.
On November 1, 2016, the Board of Directors authorized the
repurchase of up to an additional $10.0 million of the Company’s
outstanding shares of common stock.
“This past quarter we announced several new partnership and
merchant wins across multiple industries, from the Americas and
EMEA to Asia-Pacific,” said Carl Williams, Chairman and Chief
Executive Officer of Planet Payment. “We are continuing to
expand into growing and profitable avenues, while maintaining our
core existing business, creating a steady framework for
success.”
Conference Call
The Company will host a conference call to discuss third quarter
2016 financial results today at 5:00 pm New York time. Carl
J. Williams, Chairman and Chief Executive Officer, Robert Cox,
President and Chief Operating Officer, and Raymond D’Aponte, Chief
Financial Officer, will host the call. The call will be
webcast live from the Company’s investor relations website at
http://ir.planetpayment.com/. The conference call can also be
accessed live over the phone by dialing (877) 407-3982, or for
international callers (201) 493-6780. A replay will be
available approximately two hours after the call concludes and can
be accessed on our website or by dialing (844) 512-2921, or for
international callers (412) 317-6671, and entering the conference
ID 13646668. The replay will be available until our next
earnings call on our website or via telephone until November 9,
2016.
Additional analysis of the Company’s performance can be found in
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included in the Quarterly Report on Form
10-Q for the three and nine months ended September 30, 2016 to be
filed at www.sec.gov and posted on the Company’s investor
relations website.
About Planet Payment
Planet Payment is a provider of international payment and
transaction processing and multi-currency processing services. We
provide our services in 23 countries and territories across the
Asia Pacific region, the Americas, the Middle East, Africa and
Europe, primarily through our more than 74 acquiring bank and
processor customers. Our point-of-sale and e-commerce services help
merchants sell more goods and services to consumers, and together
with our ATM services, are integrated within the payment card
transaction flow, enabling our acquiring customers, their merchants
and consumers to shop, pay, transact and reconcile payment
transactions in multiple currencies, geographies and channels.
Notice Regarding Forward-Looking
Statements.
Information contained in this announcement may include
“forward-looking statements.” All statements other than statements
of historical facts included herein, including, without limitation,
those regarding the financial position, business strategy, plans
and objectives of management for future operations of both Planet
Payment and its business partners, net revenue, net income,
Adjusted EBITDA, diluted earnings per share, future service
launches with customers and new initiatives and customer pipeline
are forward-looking statements. Such forward-looking
statements are based on a number of assumptions regarding Planet
Payment’s present and future business strategies, and the
environment in which Planet Payment expects to operate in the
future, which assumptions may or may not be fulfilled in practice.
Implementation of some or all of the new services referred to is
subject to regulatory or other third party approvals. Actual
results may vary materially from the results anticipated by these
forward-looking statements as a result of a variety of risk
factors, including the risk that implementation, adoption and
offering of the service by processors, acquirers, merchants and
others may take longer than anticipated, or may not occur at all;
regulatory changes and changes in card association regulations and
practices; changes in domestic and international economic
conditions; and changes in volume of international travel and
commerce and others. Additional risks may arise with respect to
commencing operations in new countries and regions, of which Planet
Payment is not fully aware at this time. See the Company’s
Quarterly Report Form 10-Q for the three and nine months ended
September 30, 2016 to be filed at www.sec.gov for other risk
factors which investors should consider. These
forward-looking statements speak only as to the date of this
announcement and cannot be relied upon as a guide to future
performance. Planet Payment expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained in this announcement to
reflect any changes in its expectations with regard thereto or any
change in events, conditions or circumstances on which any
statement is based.
Non-GAAP Financial Information
The Company provides certain non-GAAP financial measures in this
statement. Management believes that Adjusted EBITDA, when
viewed with our results under GAAP and the accompanying
reconciliations, provides useful information about our
period-over-period results. Adjusted EBITDA is presented because
management believes it provides additional information with respect
to the performance of our fundamental business activities and is
also frequently used by securities analysts, investors and other
interested parties in the evaluation of comparable companies. We
also rely on Adjusted EBITDA as a primary measure to review and
assess the operating performance of our company and our management
team in connection with our executive compensation. These
non-GAAP key business indicators, which include Adjusted EBITDA,
should not be considered replacements for and should be read in
conjunction with the GAAP financial measures.
We define Adjusted EBITDA as GAAP net income adjusted to
exclude: (1) interest expense, (2) interest income,
(3) provision for income taxes, (4) depreciation and
amortization, (5) stock-based compensation expense and
(6) certain other items management believes affect the
comparability of operating results. Please see “Adjusted EBITDA”
below for more information and for a reconciliation of Adjusted
EBITDA to net income, the most directly comparable financial
measure calculated and presented in accordance with GAAP.
|
Table 1. Reconciliation of Net Income to
Adjusted EBITDA |
For the three and nine months ended September
30, 2016 and 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
|
2015 |
ADJUSTED
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
|
2,225,413 |
|
|
$ |
|
105,971 |
|
|
$ |
|
5,268,441 |
|
|
$ |
|
3,692,925 |
|
Interest expense |
|
|
|
88,669 |
|
|
|
|
10,372 |
|
|
|
|
186,366 |
|
|
|
|
38,815 |
|
Interest income |
|
|
|
(428 |
) |
|
|
|
(392 |
) |
|
|
|
(1,250 |
) |
|
|
|
(1,183 |
) |
Provision for income
taxes |
|
|
|
289,543 |
|
|
|
|
92,674 |
|
|
|
|
675,951 |
|
|
|
|
308,406 |
|
Depreciation and
amortization |
|
|
|
598,699 |
|
|
|
|
735,442 |
|
|
|
|
1,825,792 |
|
|
|
|
2,175,220 |
|
Stock-based
compensation expense |
|
|
|
317,459 |
|
|
|
|
699,227 |
|
|
|
|
1,498,358 |
|
|
|
|
1,160,817 |
|
Restructuring
charges |
|
|
|
229,121 |
|
|
|
|
283,726 |
|
|
|
|
354,389 |
|
|
|
|
283,726 |
|
Adjusted EBITDA
(non-GAAP) |
|
$ |
|
3,748,476 |
|
|
$ |
|
1,927,020 |
|
|
$ |
|
9,808,047 |
|
|
$ |
|
7,658,726 |
|
Table 2. Explanation of Key
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
KEY
METRICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total active merchant
locations (at period end)(1) |
|
$ |
196,534 |
|
$ |
109,376 |
|
$ |
196,534 |
|
$ |
109,376 |
|
Total settled
transactions processed(2) |
|
|
45,471,822 |
|
|
62,035,730 |
|
|
144,543,770 |
|
|
162,932,550 |
|
Total settled dollar
volume processed(3) |
|
|
2,005,105,612 |
|
|
2,055,804,097 |
|
|
6,031,361,269 |
|
|
6,060,474,546 |
|
Adjusted EBITDA
(non-GAAP)(4) |
|
|
3,748,476 |
|
|
1,927,020 |
|
|
9,808,047 |
|
|
7,658,726 |
|
Capitalized
expenditures |
|
|
404,653 |
|
|
279,098 |
|
|
1,269,692 |
|
|
1,086,866 |
|
Multi-currency
processing services key metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Active merchant
locations (at period end)(1) |
|
|
125,598 |
|
|
37,495 |
|
|
125,598 |
|
|
37,495 |
|
Settled transactions
processed(5) |
|
|
4,182,779 |
|
|
3,547,406 |
|
|
12,344,961 |
|
|
10,622,859 |
|
Settled dollar volume
processed(6) |
|
$ |
652,029,363 |
|
$ |
687,490,018 |
|
$ |
2,040,828,647 |
|
$ |
1,986,796,246 |
|
Average net mark-up
percentage on settled dollar volume processed(7) |
|
|
1.25 |
% |
|
1.11 |
% |
|
1.21 |
% |
|
1.15 |
% |
Payment
processing services key metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Active merchant
locations (at period end)(1) |
|
|
72,488 |
|
|
73,532 |
|
|
72,488 |
|
|
73,532 |
|
Payment processing
services revenue(8) |
|
$ |
5,445,764 |
|
$ |
4,826,084 |
|
$ |
15,640,815 |
|
$ |
13,898,759 |
|
Settled transactions
processed(9) |
|
|
41,520,262 |
|
|
58,592,942 |
|
|
132,751,262 |
|
|
152,632,914 |
|
Settled dollar volume
processed(10) |
|
$ |
1,392,081,077 |
|
$ |
1,380,707,538 |
|
$ |
4,089,927,472 |
|
$ |
4,108,006,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We consider a merchant location to be active as of a date if
the merchant completed at least one revenue-generating transaction
at the location during the 90-day period ending on such date.
The total number of active merchant locations exceeds the total
number of merchants, as merchants may have multiple locations. As
of September 30, 2016 and 2015, there were 1,552 and 1,651 active
merchant locations, respectively, included in both multi-currency
and payment processing active merchant locations but are not
included in total active merchant locations, in order to eliminate
counting these locations twice.
(2) Represents total settled transactions (excluding other
transaction types such as authorizations and rate look-ups).
(3) Represents total settled dollar volume processed through
both our multi-currency and payment processing services.
(4) We define Adjusted EBITDA as GAAP net income adjusted to
exclude (1) interest expense, (2) interest income,
(3) provision for income taxes, (4) depreciation and
amortization, (5) stock-based compensation expense and
(6) certain other items management believes affect the
comparability of operating results. Please see “—Adjusted EBITDA”
below for more information and for a reconciliation of Adjusted
EBITDA to net income, the most directly comparable financial
measure calculated and presented in accordance with GAAP.
(5) Represents settled transactions processed using our
multi-currency processing services (excluding other transaction
types such as authorizations and rate look-ups).
(6) Represents the total settled dollar volume processed using
our multi-currency processing services.
(7) Represents the average net foreign currency mark-up
percentage earned on settled dollar volume processed using our
multi-currency processing services. The average net mark-up
percentage on settled dollar volume processed is calculated by
taking total multi-currency processing services net revenue
($8.2 million and $7.6 million for the three months ended
September 30, 2016 and 2015, respectively, and $24.7 million and
$22.9 million for the nine months ended September 30, 2016 and
2015, respectively) and dividing by settled dollar volume processed
(see footnote 6 above). For purposes of calculating
“Average net mark-up percentage on settled dollar volume
processed,” multi-currency processing services revenue includes
revenue related to multi-currency transactions only.
(8) Represents revenue earned and reported on payment processing
services.
(9) Represents settled transactions processed using our payment
processing services (excluding other transaction types such as
authorizations and rate look-ups).
(10) Represents the total settled dollar volume processed using
our payment processing services.
|
Table 3. Reconciliation of Prospective Net
Income to Adjusted EBITDA |
For the year ending December 31,
2016 |
|
|
|
|
|
|
|
|
|
Range |
|
|
Millions |
ADJUSTED
EBITDA: |
|
|
Low |
|
|
High |
Net income |
|
$ |
8.6 |
|
$ |
9.6 |
Interest expense,
net |
|
|
0.2 |
|
|
0.2 |
Provision for income
taxes |
|
|
0.9 |
|
|
0.9 |
Depreciation and
amortization |
|
|
2.6 |
|
|
2.6 |
Stock-based
compensation expense |
|
|
1.8 |
|
|
1.8 |
Adjusted EBITDA
(non-GAAP) |
|
$ |
14.1 |
|
$ |
15.1 |
Planet Payment, Inc. |
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
September 30, |
|
December 31, |
|
|
2016 |
|
2015 |
|
|
(unaudited) |
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
|
7,440,864 |
|
|
$ |
|
14,675,515 |
|
Restricted cash |
|
|
|
3,887,288 |
|
|
|
|
5,050,147 |
|
Accounts
receivable, net of allowances of $0.1 million as of September 30,
2016 and December 31, 2015 |
|
|
|
6,641,993 |
|
|
|
|
6,406,496 |
|
Prepaid
expenses and other assets |
|
|
|
1,761,184 |
|
|
|
|
1,800,566 |
|
Total
current assets |
|
|
|
19,731,329 |
|
|
|
|
27,932,724 |
|
Other
assets: |
|
|
|
|
|
|
Restricted cash |
|
|
|
551,054 |
|
|
|
|
551,917 |
|
Property
and equipment, net |
|
|
|
1,321,342 |
|
|
|
|
1,811,619 |
|
Software
development costs, net |
|
|
|
4,177,879 |
|
|
|
|
3,964,454 |
|
Intangible assets, net |
|
|
|
981,279 |
|
|
|
|
1,378,264 |
|
Goodwill |
|
|
|
294,844 |
|
|
|
|
286,852 |
|
Deferred
tax asset and other long-term assets |
|
|
|
8,270,540 |
|
|
|
|
8,581,082 |
|
Total
other assets |
|
|
|
15,596,938 |
|
|
|
|
16,574,188 |
|
Total
assets |
|
$ |
|
35,328,267 |
|
|
$ |
|
44,506,912 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
|
446,946 |
|
|
$ |
|
306,520 |
|
Accrued
expenses |
|
|
|
4,459,360 |
|
|
|
|
6,438,600 |
|
Due to
merchants |
|
|
|
4,068,506 |
|
|
|
|
5,240,427 |
|
Current
portion of capital leases |
|
|
|
206,873 |
|
|
|
|
290,911 |
|
Total
current liabilities |
|
|
|
9,181,685 |
|
|
|
|
12,276,458 |
|
Long-term
liabilities: |
|
|
|
|
|
|
Long-term
debt |
|
|
|
9,916,000 |
|
|
|
— |
Other
long-term liabilities |
|
|
|
1,107,982 |
|
|
|
|
1,666,938 |
|
Total
long-term liabilities |
|
|
|
11,023,982 |
|
|
|
|
1,666,938 |
|
Total
liabilities |
|
|
|
20,205,667 |
|
|
|
|
13,943,396 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Convertible preferred stock—10,000,000 shares authorized as of
September 30, 2016 and December 31, 2015, $0.01 par value:
Series A—2,243,750 issued and 1,535,398 outstanding as of
September 30, 2016 and 2,243,750 issued and outstanding as of
December 31, 2015; $6,141,592 and $8,975,000 aggregate
liquidation preference as of September 30, 2016 and December 31,
2015, respectively |
|
|
|
15,354 |
|
|
|
|
22,438 |
|
Common
stock—250,000,000 shares authorized as of September 30, 2016 and
December 31, 2015, $0.01 par value, and 59,230,684 issued and
48,855,330 shares outstanding as of September 30, 2016, and
56,191,389 issued and 52,585,503 shares outstanding as of December
31, 2015 |
|
|
|
592,307 |
|
|
|
|
561,914 |
|
Treasury
stock, at cost, 10,375,354 shares and 3,605,886 shares as of
September 30, 2016 and December 31, 2015, respectively |
|
|
|
(31,726,486 |
) |
|
|
|
(7,883,012 |
) |
Additional paid-in capital |
|
|
|
109,870,586 |
|
|
|
|
106,741,026 |
|
Accumulated other comprehensive loss |
|
|
|
(529,197 |
) |
|
|
|
(510,445 |
) |
Accumulated deficit |
|
|
|
(63,099,964 |
) |
|
|
|
(68,368,405 |
) |
Total
stockholders’ equity |
|
|
|
15,122,600 |
|
|
|
|
30,563,516 |
|
Total
liabilities and stockholders’ equity |
|
$ |
|
35,328,267 |
|
|
$ |
|
44,506,912 |
|
Planet Payment, Inc. |
Condensed Consolidated Statements of Operations
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
|
13,621,239 |
|
|
$ |
|
12,618,413 |
|
|
$ |
|
40,409,128 |
|
|
$ |
|
37,434,542 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Payment
processing service fees |
|
|
|
2,781,289 |
|
|
|
|
2,692,090 |
|
|
|
|
8,207,202 |
|
|
|
|
7,871,179 |
|
Processing and service costs |
|
|
|
2,878,088 |
|
|
|
|
3,776,232 |
|
|
|
|
9,902,879 |
|
|
|
|
10,399,830 |
|
Total
cost of revenue |
|
|
|
5,659,377 |
|
|
|
|
6,468,322 |
|
|
|
|
18,110,081 |
|
|
|
|
18,271,009 |
|
Selling,
general and administrative expenses |
|
|
|
5,222,560 |
|
|
|
|
5,657,740 |
|
|
|
|
15,908,166 |
|
|
|
|
14,840,844 |
|
Restructuring charges |
|
|
|
229,121 |
|
|
|
|
283,726 |
|
|
|
|
354,389 |
|
|
|
|
283,726 |
|
Total
operating expenses |
|
|
|
11,111,058 |
|
|
|
|
12,409,788 |
|
|
|
|
34,372,636 |
|
|
|
|
33,395,579 |
|
Income
from operations |
|
|
|
2,510,181 |
|
|
|
|
208,625 |
|
|
|
|
6,036,492 |
|
|
|
|
4,038,963 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
(88,669 |
) |
|
|
|
(10,372 |
) |
|
|
|
(186,366 |
) |
|
|
|
(38,815 |
) |
Interest
income |
|
|
|
428 |
|
|
|
|
392 |
|
|
|
|
1,250 |
|
|
|
|
1,183 |
|
Other
income |
|
|
|
93,016 |
|
|
|
|
— |
|
|
|
|
93,016 |
|
|
|
|
— |
|
Total
other income (expense), net |
|
|
|
4,775 |
|
|
|
|
(9,980 |
) |
|
|
|
(92,100 |
) |
|
|
|
(37,632 |
) |
Income
from operations before provision for income taxes |
|
|
|
2,514,956 |
|
|
|
|
198,645 |
|
|
|
|
5,944,392 |
|
|
|
|
4,001,331 |
|
Provision
for income taxes |
|
|
|
(289,543 |
) |
|
|
|
(92,674 |
) |
|
|
|
(675,951 |
) |
|
|
|
(308,406 |
) |
Net
income |
|
$ |
|
2,225,413 |
|
|
$ |
|
105,971 |
|
|
$ |
|
5,268,441 |
|
|
$ |
|
3,692,925 |
|
Basic net
income per share applicable to common stockholders |
|
$ |
|
0.04 |
|
|
$ |
|
0.00 |
|
|
$ |
|
0.10 |
|
|
$ |
|
0.06 |
|
Diluted
net income per share applicable to common stockholders |
|
$ |
|
0.04 |
|
|
$ |
|
0.00 |
|
|
$ |
|
0.09 |
|
|
$ |
|
0.06 |
|
Weighted
average common stock outstanding (basic) |
|
|
|
49,179,596 |
|
|
|
|
51,360,758 |
|
|
|
|
49,848,634 |
|
|
|
|
52,985,106 |
|
Weighted
average common stock outstanding (diluted) |
|
|
|
51,254,223 |
|
|
|
|
52,384,391 |
|
|
|
|
52,002,249 |
|
|
|
|
53,611,968 |
|
Planet Payment, Inc. |
Condensed Consolidated Statements of Cash Flows
(unaudited) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2016 |
|
2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
income |
|
$ |
|
5,268,441 |
|
|
$ |
|
3,692,925 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
1,498,358 |
|
|
|
|
1,197,741 |
|
Depreciation and amortization expense |
|
|
|
2,083,655 |
|
|
|
|
2,175,220 |
|
Provision
for doubtful accounts |
|
|
|
62,675 |
|
|
|
|
7,403 |
|
Disposal
of property and equipment |
|
|
|
500 |
|
|
|
|
— |
|
Gain on
insurance settlement |
|
|
|
— |
|
|
|
|
(517,930 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Decrease
(increase) in settlement assets |
|
|
|
1,160,869 |
|
|
|
|
(322,982 |
) |
(Increase) decrease in accounts receivables, prepaid expenses and
other current assets |
|
|
|
(258,790 |
) |
|
|
|
1,184,851 |
|
Decrease
(increase) in other long-term assets |
|
|
|
310,542 |
|
|
|
|
(131,588 |
) |
(Decrease) increase in accounts payable and accrued expenses |
|
|
|
(3,062,995 |
) |
|
|
|
559,792 |
|
(Decrease) increase in due to merchants |
|
|
|
(1,169,931 |
) |
|
|
|
323,105 |
|
Other |
|
|
|
(44,740 |
) |
|
|
|
(133,242 |
) |
Net cash
provided by operating activities |
|
|
|
5,848,584 |
|
|
|
|
8,035,295 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Decrease
(increase) in restricted cash |
|
|
|
2,853 |
|
|
|
|
(27,651 |
) |
Decrease
in merchant reserves |
|
|
|
(1,990 |
) |
|
|
|
(92,169 |
) |
Purchase
of property and equipment |
|
|
|
(156,165 |
) |
|
|
|
(175,570 |
) |
Capitalized software development |
|
|
|
(999,733 |
) |
|
|
|
(828,393 |
) |
Purchase
of intangible assets |
|
|
|
(16,299 |
) |
|
|
|
(16,500 |
) |
Net cash
used for investing activities |
|
|
|
(1,171,334 |
) |
|
|
|
(1,140,283 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of common stock |
|
|
|
2,287,990 |
|
|
|
|
1,203,750 |
|
Principal
payments on capital lease obligations |
|
|
|
(272,417 |
) |
|
|
|
(404,884 |
) |
Borrowings under credit facility |
|
|
|
13,916,000 |
|
|
|
|
— |
|
Repayments under credit facility |
|
|
|
(4,000,000 |
) |
|
|
|
— |
|
Purchase
of treasury stock |
|
|
|
(23,843,474 |
) |
|
|
|
(4,567,501 |
) |
Net cash
used for financing activities |
|
|
|
(11,911,901 |
) |
|
|
|
(3,768,635 |
) |
Effect of exchange rate
changes on cash and cash equivalents(*) |
|
|
|
— |
|
|
|
|
— |
|
Net (decrease) increase
in cash and cash equivalents |
|
|
|
(7,234,651 |
) |
|
|
|
3,126,377 |
|
Cash and cash
equivalents at beginning of period |
|
|
|
14,675,515 |
|
|
|
|
9,837,791 |
|
Cash and cash
equivalents at end of period |
|
$ |
|
7,440,864 |
|
|
$ |
|
12,964,168 |
|
Supplemental
disclosure: |
|
|
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
|
165,252 |
|
|
$ |
|
36,585 |
|
Income
taxes |
|
|
|
744,911 |
|
|
|
|
539,520 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
|
|
Common
stock issued for preferred stock conversion |
|
|
|
21,629 |
|
|
|
|
— |
|
Common
stock issued for stock options exercised |
|
|
|
98 |
|
|
|
|
— |
|
Assets
acquired under capital leases |
|
|
|
122,630 |
|
|
|
|
156,129 |
|
Accrued
capitalized hardware, software and fixed assets |
|
|
|
75,870 |
|
|
|
|
39,158 |
|
Capitalized stock-based compensation |
|
|
|
21,625 |
|
|
|
|
27,245 |
|
(*) For the nine months ended September 30, 2016 and 2015, the
effect of exchange rate changes on cash and cash equivalents was
immaterial.
Enquiries:
Planet Payment, Inc.
Raymond D’Aponte (CFO)
Tel: + 1 516 670 3200
www.planetpayment.com
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