Planet Payment Announces Second Quarter 2014 Results

Second Quarter Net Income Increased to $1.5 million and Adjusted EBITDA Increased to $2.8 million

LONG BEACH, N.Y., August 11, 2014 — Planet Payment, Inc. (NASDAQ:PLPM) (LSE:AIM:PPT), a leading provider of international payment and transaction processing and multi-currency processing services, announced today its results for the three months and six months ended June 30, 2014.

Financial Highlights for the Quarter Ended June 30, 2014

Net revenue for the period increased to $11.9 million compared to $11.8 million in the second quarter of 2013.
Net income for the period was $1.5 million compared to net income of $0.3 million in the second quarter of 2013.
Adjusted EBITDA for the period was $2.8 million compared to $1.3 million in the second quarter of 2013. (See Table 1 for reconciliation of net income to Adjusted EBITDA).
Total active merchant locations increased to approximately 80,000 (2013: approximately 44,000) (See Table 3 for explanation of this metric).
Total settled dollar volume processed increased to $2.1 billion (2013: $1.7 billion) and total settled transactions processed increased to 26.3 million (2013: 14.9 million). (See Table 3 for explanation of these metrics).
Settled multi-currency dollar volume processed totaled approximately $660 million (2013: $638 million). (See Table 3 for explanation of this metric).

Operational Highlights for the Quarter Ended June 30, 2014

Continued roll out of Pay in Your Currency® service with Cielo, S.A. in Brazil
Continued roll out of Pay in Your Currency with PT Bank of Central Asia in Indonesia and with Vantiv in the United States.
Continued roll out of processing solution for Visa initiative in Mexico, adding transaction types.
Continued rollout of UPOP e-commerce solution with new accounts in the United States.
Launched MICROS Payment Gateway solution for hospitality and lodging merchants with Axia Payments in the United States.

Commenting on the results, Carl Williams, CEO and President of Planet Payment, Inc., said:

“We are hard at work executing a plan that we believe will generate revenue growth and profitability. These efforts are starting to bear fruit as can be seen by the profitability in the quarter as compared to a year ago, and we shall ardently continue our efforts to achieve all of our goals. The progress that we have made over the past few months shows us that we are on the right track and I am excited about our prospects for success as we look to the future.”

Outlook for Fiscal Year 2014

The Company reaffirmed its guidance for the year 2014, as follows:
Net revenue estimated to be in the range of $52.1 million to $55.1 million.
Net income estimated to be in the range of $4.1 million to $6.4 million.
Adjusted EBITDA estimated to be in the range of $10.0 million to $12.3 million. (See Table 2 for reconciliation of prospective net income to Adjusted EBITDA).
Fully diluted earnings per share estimated to be in the range of $0.06 to $0.10 based upon an estimated 56.0 million fully diluted common shares outstanding.

Conference Call

The Company will host a conference call to discuss second quarter 2014 financial results today at 5:00 pm New York time. Carl Williams, Chief Executive Officer and President, and Robert Cox, Chief Financial Officer and Chief Operating Officer will host the call. The call will be webcast live from the Company’s investor relations website at The conference call can also be accessed live over the phone by dialing (877) 705-6003, or for international callers (201) 493-6725. 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 13585469. The replay will be available until our next earnings call on our website or via telephone until Monday, August 18, 2014.

Additional analysis of the Company’s performance can be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in the Quarterly Report on Form 10-Q to be filed at

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 set forth in “Outlook for Fiscal Year 2014” and those regarding the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, estimated net revenue, net income, Adjusted EBITDA, diluted earnings per share, estimated fully diluted common shares outstanding, tax rates, 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 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 on Form 10-Q, filed at 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.

About Planet Payment

Planet Payment is a leading provider of international payment 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 60 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, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit 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.

Planet Payment, Inc.
Robert Cox (CFO)
Tel: + 1 516 670 3200
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Cameron Duncan
Tel: +44 20 7523 8000

Non-GAAP Financial Information

The Company provides certain non-GAAP financial measures in this announcement. 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 (loss) adjusted to exclude: (1) interest expense, (2) interest income, (3) provision (benefit) 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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