Payfare reaffirms fourth quarter 2023 revenue and Adjusted EBITDA1 guidance of $50 million and $7 million, respectively
Toronto, Ontario – March 18, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF),a leading fintech powering instant payout and digital banking solutions for workforces, today announced an update to the timing of its fourth quarter and full year 2023 results release and corresponding earnings conference call to April 1, 2024, after market close, from the previously scheduled date of March 21, 2024.
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 Payfare’s external auditors to complete their related audit procedures. The delivery of the SOC 1 auditor’s report is the sole responsibility of the key service provider and the key service provider is working closely with its auditor to finalize the SOC 1 report.
Payfare reaffirms its previously issued fourth quarter 2023 revenue and Adjusted EBITDA1 guidance of $50 million and $7 million, respectively, and highlights that the delay in receiving this SOC 1 report from its service provider has no impact on the Company’s financial outlook.
Revised Conference Call Details
Management will host a conference call on April 1, 2024, at 6:30 p.m. ET to discuss these results. A short presentation in connection with the conference call will be made available on the Company’s website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.
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 May 1, 2024. To listen to the recording, call 416-764-8692 or 1-877-674-7070 and enter passcode 10007.
##
About Payfare (TSX:PAY, OTCQX: PYFRF)
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as