Payfare Announces Update to Timing of its Fourth Quarter and Full Year 2023 Results Release and Earnings Conference Call
The Company has not yet received a System and Organization Controls ("SOC 1") auditor's report from one of its key service providers related to the operating effectiveness of the service provider's controls. The Company cannot complete the certification of the fiscal 2023 results until this report has been obtained and assessed and for
Revised Conference Call Details
Management will host a conference call on
To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.
An archived recording of the conference call will be available until
About
1 Non-IFRS and Supplementary Financial Measures
This press release contains references to "Adjusted EBITDA" which is not a measure prescribed by International Financial Reporting Standards (IFRS). This supplementary financial measure is provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions. Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.
"EBITDA" means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income (costs), current tax expense and change in fair value of derivative liability.
"Adjusted EBITDA" adjusts EBITDA for stock-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.
The table below reconciles net income (loss) to EBITDA and Adjusted EBITDA for the three and nine months ended
|
Three Months Ended |
Nine Months Ended |
||||
In CAD $ |
2023 |
|
2022 |
2023 |
|
2022 |
Net income (loss) |
$ 4,810,360 |
|
$ (823,855) |
|
|
$ (5,839,217) |
Add: |
|
|
|
|
|
|
Current tax expense |
20,874 |
|
- |
66,242 |
|
- |
Finance income |
795,305 |
|
303,597 |
1,565,277 |
|
492,684 |
Other income |
- |
|
23,153 |
9,397 |
|
96,061 |
Foreign exchange gain |
445,690 |
|
63,136 |
20,009 |
|
34,712 |
Amortization of intangible assets |
942,531 |
|
354,976 |
2,227,776 |
|
753,295 |
Depreciation of building, property and equipment |
17,182 |
|
36,587 |
87,615 |
|
106,557 |
EBITDA |
4,549,952 |
|
(822,178) |
8,999,711 |
|
(5,602,822) |
Adjustments: |
|
|
|
|
|
|
Restructuring expense/other |
706,185 |
|
142,274 |
2,009,504 |
|
142,274 |
Share based compensation |
1,040,863 |
|
2,011,292 |
3,078,369 |
|
6,224,194 |
Adjusted EBITDA |
$ 6,297,000 |
|
$ 1,331,388 |
$ 14,087,584 |
|
|
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects
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