Reaffirms 2016 Guidance
Planet Payment, Inc. (NASDAQ:PLPM), a provider of
international payment and transaction processing and multi-currency
processing services, today announced its results for the second
quarter ended June 30, 2016.
Financial Highlights for the Second Quarter Ended June
30, 2016
- Total revenue for the quarter was $13.1 million, compared to
$12.7 million for 2015.
- Net income for the quarter was $1.3 million, compared to $1.9
million for 2015.
- Adjusted EBITDA for the quarter was $2.8 million, compared to
$2.9 million for 2015.
Refer to Table 1 for reconciliation of net income to Adjusted
EBITDA (a non-GAAP measure).
Operational Highlights
- Launched Pay in Your Currency® with Moneris in Canada.
- Executed agreement with Redeban to deliver Pay in Your Currency
in Colombia.
- Launched Multi-Currency Pricing solution with ABSA and XPressa
in South Africa.
Outlook for Fiscal Year 2016
Planet Payment reaffirms its revenue, 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
$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 51.9 million fully-diluted common
shares outstanding.
Stock Repurchase Program
On August 2, 2016, the Board of Directors reinstated the
Company’s share repurchase program and expanded the authorization
by an incremental $4.0 million, bringing its total current
authorization to $6.0 million.
Tender Offer
As a result of the completion of the tender offer, on April 12,
2016, the Company paid $14.2 million, including transaction costs,
to repurchase approximately 3.9 million shares at a tender price of
$3.60 per share.
“Our strategic plan and hard work have resulted
in sustained profitability as we continue to lay the ground work
for long-term growth and future success,” said Carl Williams,
Chairman and Chief Executive Officer of Planet Payment. “We have
expanded into new markets, launched solutions with new and existing
partners, and continue to work diligently to improve the payment
experience for merchants and consumers around the globe.”
Conference Call
The Company will host a conference call to discuss second
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 (877) 870-5176, or for
international callers (858) 384-5517, and entering the conference
ID 13641381. The replay will be available until our next
earnings call on our website or via telephone until August 10,
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 six months ended June 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 22 countries and territories across the
Asia Pacific region, the Americas, the Middle East, Africa and
Europe, primarily through our more than 75 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.
Planet Payment is headquartered in New York and has offices in
Atlanta, Beijing, Bermuda, Delaware, Dubai, London, Hong Kong,
Mexico City, Shanghai and Singapore. Visit
www.planetpayment.com for more information about the Company
and its services. For up-to-date information, follow Planet Payment
on Twitter at @PlanetPayment or join Planet Payment’s Facebook
page.
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 six months ended
June 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.
Enquiries: |
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Planet
Payment, Inc. |
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Tel: + 1 516 670 3200 |
Raymond D’Aponte (CFO) |
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www.planetpayment.com |
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.
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Table 1. Reconciliation of Net Income to
Adjusted EBITDA |
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For the three and six months ended June 30,
2016 and 2015 |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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ADJUSTED
EBITDA: |
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Net income |
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$ |
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1,282,723 |
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$ |
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1,875,328 |
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$ |
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3,043,028 |
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$ |
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3,586,954 |
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Interest expense |
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83,021 |
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13,830 |
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97,697 |
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28,443 |
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Interest income |
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(398 |
) |
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(365 |
) |
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(822 |
) |
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(791 |
) |
Provision for income
taxes |
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149,058 |
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105,319 |
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386,408 |
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215,732 |
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Depreciation and
amortization |
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618,103 |
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714,605 |
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1,227,093 |
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1,439,778 |
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Stock-based
compensation expense |
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576,931 |
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228,128 |
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1,180,899 |
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461,590 |
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Restructuring
charges |
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125,268 |
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— |
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125,268 |
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— |
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Adjusted EBITDA
(non-GAAP) |
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$ |
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2,834,706 |
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$ |
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2,936,845 |
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$ |
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6,059,571 |
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$ |
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5,731,706 |
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Table 2. Explanation of Key
Metrics |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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KEY
METRICS: |
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Consolidated gross
billings(1) |
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$ |
36,791,417 |
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$ |
33,884,508 |
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$ |
76,902,616 |
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$ |
67,131,157 |
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Total settled dollar
volume processed(2) |
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$ |
1,962,972,987 |
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$ |
1,994,928,717 |
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$ |
4,026,255,657 |
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$ |
4,004,670,449 |
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Total active merchant
locations (at period end)(3) |
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178,198 |
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103,049 |
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178,198 |
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103,049 |
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Total settled
transactions processed(4) |
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45,680,275 |
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57,195,139 |
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99,071,948 |
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100,896,820 |
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Multi-currency
processing services key metrics: |
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Active merchant
locations (at period end)(3) |
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105,987 |
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35,398 |
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105,987 |
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35,398 |
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Settled transactions
processed(5) |
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3,888,083 |
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3,587,580 |
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8,162,182 |
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7,075,453 |
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Gross foreign currency
mark-up(6) |
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$ |
31,646,647 |
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$ |
29,262,838 |
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$ |
66,707,565 |
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$ |
58,058,482 |
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Settled dollar volume
processed(7) |
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$ |
662,524,562 |
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$ |
639,029,484 |
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$ |
1,388,799,284 |
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$ |
1,299,306,228 |
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Average net mark-up
percentage on settled dollar volume processed(8) |
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1.20 |
% |
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1.23 |
% |
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1.19 |
% |
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1.18 |
% |
Payment
processing services key metrics: |
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Active merchant
locations (at period end)(3) |
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73,728 |
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68,763 |
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73,728 |
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68,763 |
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Payment processing
services revenue(9) |
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$ |
5,144,770 |
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$ |
4,621,670 |
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$ |
10,195,051 |
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$ |
9,072,675 |
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Settled transactions
processed(10) |
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41,969,598 |
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53,717,345 |
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91,231,000 |
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94,039,972 |
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Settled dollar volume
processed(11) |
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$ |
1,333,260,862 |
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$ |
1,367,839,326 |
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$ |
2,697,846,395 |
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$ |
2,727,299,244 |
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(1) Represents gross foreign currency mark-up (see footnote 6)
plus payment processing services revenue (see
footnote 9).
(2) Represents total settled dollar volume processed through
both our multi-currency and payment processing services.
(3) 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 June 30, 2016 and 2015, there were 1,517 and 1,112 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.
(4) Represents total settled transactions (excluding other
transaction types such as authorizations and rate
look‑ups).
(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 gross foreign currency mark‑up amount on
settled dollar volume processed using our multi‑currency processing
services. Gross foreign currency mark‑up represents multi‑currency
processing services net revenue plus amounts paid to acquiring
banks and their merchants associated with such multi‑currency
processing transactions. Management believes this metric is
relevant because it provides the reader an indication of the gross
mark‑up derived from multi‑currency transactions processed through
our platform during a given period.
(7) Represents the total settled dollar volume processed using
our multi‑currency processing services.
(8) 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
($8.0 million and $7.9 million for the three months ended June
30, 2016 and 2015, respectively, and $16.6 million and $15.3
million for the six months ended June 30, 2016 and 2015,
respectively) and dividing by settled dollar volume processed (see
footnote 7 above). For purposes of calculating “Average net
mark-up percentage on settled dollar volume processed,”
multi-currency processing services revenue includes revenue related
to multi-currency transactions only.
(9) Represents revenue earned and reported on payment processing
services.
(10) Represents settled transactions processed using our payment
processing services (excluding other transaction types such as
authorizations and rate look‑ups).
(11) Represents the total settled dollar volume processed using
our payment processing services.
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Table 3. Reconciliation of Prospective Net
Income to Adjusted EBITDA |
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For the year ending December 31,
2016 |
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Range |
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Millions |
ADJUSTED
EBITDA: |
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Low |
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High |
Net income |
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$ |
8.6 |
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$ |
9.6 |
Interest expense,
net |
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0.2 |
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0.2 |
Provision for income
taxes |
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0.9 |
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0.9 |
Depreciation and
amortization |
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2.6 |
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2.6 |
Stock-based
compensation expense |
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1.8 |
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1.8 |
Adjusted EBITDA
(non-GAAP) |
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$ |
14.1 |
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$ |
15.1 |
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Planet Payment, Inc. |
Condensed Consolidated Balance Sheets |
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As of |
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As of |
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June 30, |
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December 31, |
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2016 |
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2015 |
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(unaudited) |
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Current
assets: |
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Cash and
cash equivalents |
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$ |
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10,486,645 |
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$ |
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14,675,515 |
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Restricted cash |
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4,561,278 |
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5,050,147 |
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Accounts
receivable, net of allowances of $0.1 million as of June 30, 2016
and December 31, 2015 |
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5,762,559 |
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6,406,496 |
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Prepaid
expenses and other assets |
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2,026,928 |
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1,800,566 |
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Total
current assets |
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22,837,410 |
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27,932,724 |
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Other
assets: |
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Restricted cash |
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551,862 |
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551,917 |
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Property
and equipment, net |
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1,602,882 |
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1,811,619 |
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Software
development costs, net |
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4,104,959 |
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3,964,454 |
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Intangible assets, net |
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1,117,235 |
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1,378,264 |
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Goodwill |
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292,041 |
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286,852 |
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Deferred
tax asset and other long-term assets |
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8,293,159 |
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8,581,082 |
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Total
other assets |
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15,962,138 |
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16,574,188 |
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Total
assets |
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$ |
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38,799,548 |
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$ |
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44,506,912 |
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Liabilities and
stockholders’ equity |
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Current
liabilities: |
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Accounts
payable |
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$ |
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317,308 |
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$ |
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306,520 |
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Accrued
expenses |
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3,824,694 |
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6,438,600 |
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Due to
merchants |
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4,812,012 |
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5,240,427 |
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Current
portion of capital leases |
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244,223 |
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290,911 |
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Total
current liabilities |
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9,198,237 |
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12,276,458 |
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Long-term
liabilities: |
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Long-term
debt |
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9,916,000 |
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— |
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Other
long-term liabilities |
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1,424,243 |
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1,666,938 |
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Total
long-term liabilities |
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11,340,243 |
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|
1,666,938 |
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Total
liabilities |
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20,538,480 |
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|
13,943,396 |
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Commitments and
contingencies |
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Stockholders’
equity: |
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Convertible preferred stock—10,000,000 shares authorized as of June
30, 2016 and December 31, 2015, $0.01 par value:
Series A—2,243,750 issued and 1,535,398 outstanding as of June
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 June 30, 2016 and December 31, 2015,
respectively |
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15,354 |
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22,438 |
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Common
stock—250,000,000 shares authorized as of June 30, 2016 and
December 31, 2015, $0.01 par value, and 59,087,147 issued and
50,330,051 shares outstanding as of June 30, 2016, and 56,191,389
issued and 52,585,503 shares outstanding as of December 31,
2015 |
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590,871 |
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561,914 |
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Treasury
stock, at cost, 8,757,096 shares and 3,605,886 shares as of June
30, 2016 and December 31, 2015, respectively |
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(25,726,459 |
) |
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(7,883,012 |
) |
Additional paid-in capital |
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109,224,346 |
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106,741,026 |
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Accumulated other comprehensive loss |
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(517,667 |
) |
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(510,445 |
) |
Accumulated deficit |
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(65,325,377 |
) |
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(68,368,405 |
) |
Total
stockholders’ equity |
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18,261,068 |
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30,563,516 |
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Total
liabilities and stockholders’ equity |
|
$ |
|
38,799,548 |
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$ |
|
44,506,912 |
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Planet Payment, Inc. |
Condensed Consolidated Statements of Operations
(unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
Revenue: |
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Net
revenue |
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$ |
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13,103,376 |
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$ |
|
12,683,359 |
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$ |
|
26,787,889 |
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$ |
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24,816,129 |
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Operating
expenses: |
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Cost of
revenue: |
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Payment
processing service fees |
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2,734,689 |
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2,590,885 |
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5,425,913 |
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|
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|
5,179,089 |
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Processing and service costs |
|
|
|
3,524,123 |
|
|
|
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3,385,658 |
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|
|
|
7,024,791 |
|
|
|
|
6,623,598 |
|
Total cost of revenue |
|
|
|
6,258,812 |
|
|
|
|
5,976,543 |
|
|
|
|
12,450,704 |
|
|
|
|
11,802,687 |
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Selling,
general and administrative expenses |
|
|
|
5,204,892 |
|
|
|
|
4,712,704 |
|
|
|
|
10,685,606 |
|
|
|
|
9,183,104 |
|
Restructuring charges |
|
|
|
125,268 |
|
|
|
|
— |
|
|
|
|
125,268 |
|
|
|
|
— |
|
Total operating expenses |
|
|
|
11,588,972 |
|
|
|
|
10,689,247 |
|
|
|
|
23,261,578 |
|
|
|
|
20,985,791 |
|
Income
from operations |
|
|
|
1,514,404 |
|
|
|
|
1,994,112 |
|
|
|
|
3,526,311 |
|
|
|
|
3,830,338 |
|
Other (expense)
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
(83,021 |
) |
|
|
|
(13,830 |
) |
|
|
|
(97,697 |
) |
|
|
|
(28,443 |
) |
Interest
income |
|
|
|
398 |
|
|
|
|
365 |
|
|
|
|
822 |
|
|
|
|
791 |
|
Total
other expense, net |
|
|
|
(82,623 |
) |
|
|
|
(13,465 |
) |
|
|
|
(96,875 |
) |
|
|
|
(27,652 |
) |
Income
from operations before provision for income taxes |
|
|
|
1,431,781 |
|
|
|
|
1,980,647 |
|
|
|
|
3,429,436 |
|
|
|
|
3,802,686 |
|
Provision
for income taxes |
|
|
|
(149,058 |
) |
|
|
|
(105,319 |
) |
|
|
|
(386,408 |
) |
|
|
|
(215,732 |
) |
Net
income |
|
$ |
|
1,282,723 |
|
|
$ |
|
1,875,328 |
|
|
$ |
|
3,043,028 |
|
|
$ |
|
3,586,954 |
|
Basic net
income per share applicable to common stockholders |
|
$ |
|
0.02 |
|
|
$ |
|
0.03 |
|
|
$ |
|
0.06 |
|
|
$ |
|
0.06 |
|
Diluted
net income per share applicable to common stockholders |
|
$ |
|
0.02 |
|
|
$ |
|
0.03 |
|
|
$ |
|
0.05 |
|
|
$ |
|
0.06 |
|
Weighted
average common stock outstanding (basic) |
|
|
|
49,602,206 |
|
|
|
|
53,082,296 |
|
|
|
|
50,186,828 |
|
|
|
|
53,439,467 |
|
Weighted
average common stock outstanding (diluted) |
|
|
|
51,987,695 |
|
|
|
|
53,830,534 |
|
|
|
|
52,401,790 |
|
|
|
|
54,090,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Planet Payment, Inc. |
Condensed Consolidated Statements of Cash Flows
(unaudited) |
|
|
|
Six Months Ended |
|
|
June 30, |
|
|
2016 |
|
2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
income |
|
$ |
|
3,043,028 |
|
|
$ |
|
3,586,954 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
1,180,899 |
|
|
|
|
461,590 |
|
Depreciation and amortization expense |
|
|
|
1,330,238 |
|
|
|
|
1,439,778 |
|
Provision
(recovery) for doubtful accounts |
|
|
|
58,595 |
|
|
|
|
(193 |
) |
Disposal
of property and equipment |
|
|
|
500 |
|
|
|
|
— |
|
Gain on
insurance settlement |
|
|
|
— |
|
|
|
|
(517,930 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
Decrease
(increase) in settlement assets |
|
|
|
498,553 |
|
|
|
|
(244,451 |
) |
Decrease
in accounts receivables, prepaid expenses and other current
assets |
|
|
|
358,980 |
|
|
|
|
1,529,933 |
|
Decrease
(increase) in other long-term assets |
|
|
|
287,923 |
|
|
|
|
(181,213 |
) |
(Decrease) increase in accounts payable and accrued expenses |
|
|
|
(3,540,524 |
) |
|
|
|
239,331 |
|
(Decrease) increase in due to merchants |
|
|
|
(438,099 |
) |
|
|
|
240,034 |
|
Other |
|
|
|
(26,219 |
) |
|
|
|
(53,259 |
) |
Net cash provided by operating activities |
|
|
|
2,753,874 |
|
|
|
|
6,500,574 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
(Increase) decrease in restricted cash |
|
|
|
(9,629 |
) |
|
|
|
11,506 |
|
Increase
(decrease) in merchant reserves |
|
|
|
9,684 |
|
|
|
|
(131,599 |
) |
Purchase
of property and equipment |
|
|
|
(109,555 |
) |
|
|
|
(168,282 |
) |
Capitalized software development |
|
|
|
(677,822 |
) |
|
|
|
(593,946 |
) |
Purchase
of intangible assets |
|
|
|
(353 |
) |
|
|
|
(13,454 |
) |
Net cash used for investing activities |
|
|
|
(787,675 |
) |
|
|
|
(895,775 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds
from issuance of common stock |
|
|
|
1,965,380 |
|
|
|
|
22,949 |
|
Principal
payments on capital lease obligations |
|
|
|
(193,002 |
) |
|
|
|
(287,168 |
) |
Borrowings under credit facility |
|
|
|
13,916,000 |
|
|
|
|
— |
|
Repayments under credit facility |
|
|
|
(4,000,000 |
) |
|
|
|
— |
|
Purchase
of treasury stock |
|
|
|
(17,843,447 |
) |
|
|
|
(1,647,211 |
) |
Net cash used for financing activities |
|
|
|
(6,155,069 |
) |
|
|
|
(1,911,430 |
) |
Effect of exchange rate
changes on cash and cash equivalents(*) |
|
|
|
— |
|
|
|
|
— |
|
Net (decrease) increase
in cash and cash equivalents |
|
|
|
(4,188,870 |
) |
|
|
|
3,693,369 |
|
Cash and cash
equivalents at beginning of period |
|
|
|
14,675,515 |
|
|
|
|
9,837,791 |
|
Cash and cash
equivalents at end of period |
|
$ |
|
10,486,645 |
|
|
$ |
|
13,531,160 |
|
Supplemental
disclosure: |
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
Interest |
|
$ |
|
14,718 |
|
|
$ |
|
30,785 |
|
Income
taxes |
|
|
|
504,398 |
|
|
|
|
395,294 |
|
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 |
|
|
|
|
79,291 |
|
Accrued
capitalized hardware, software and fixed assets |
|
|
|
63,291 |
|
|
|
|
12,071 |
|
Capitalized stock-based compensation |
|
|
|
14,018 |
|
|
|
|
20,015 |
|
(*) For the six months ended June 30, 2016 and 2015, the effect
of exchange rate changes on cash and cash equivalents was
immaterial.
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