INDEPENDENT NEWS

PaySauce Grows Recurring Revenue by 107%

Published: Tue 8 Oct 2019 09:37 AM
Wellington, New Zealand - 7 October 2019 - SaaS employment solutions provider PaySauce (NZX:PYS) maintains strong year-on-year growth for Q3 2019, with total recurring revenue1 up 107%. The number of employees in New Zealand being paid through PaySauce payroll software has increased by 118% to 11,765 people. The number of payslips issued has grown 113% to 82,678, and total employers processing pays through PaySauce payroll has increased by 113% to 2,248.
The gross payroll value processed by PaySauce for the quarter totalled $133.8 million, an increase of 127%. Key Metrics[1] Q3 2019 Q3 2018 % YOY
Change Total recurring revenue[2] NZD $400.6K NZD $193.5K 107% # Employees (at end of qtr) 11,765 5,394 118% # Payslips (total for qtr) 82,678 38,801 113% # Payroll customers (at end of qtr) 2,248 1,054 113% Gross value of payroll processed NZD $133.8M NZD $58.9M 127%
CEO and co-founder of PaySauce, Asantha Wijeyeratne, reflects on the quarter: “We’re really proud to present another quarter of sustained growth. Obviously we’ve produced strong numbers, but we’ve also found the time to act on our core values. We’re now a Living Wage accredited employer, and our internal volunteer time off policy is in active use. We finished the quarter with our very first AGM, an excellent chance to meet more of our shareholders in person.”
KEY YEAR-ON-YEAR PERFORMANCE HIGHLIGHTS FOR THE QUARTER
Recurring revenue up 107% to $400.6K
Total employees paid through PaySauce up 118% to 11,765
Number of payslips issued up 113% to 82,678
Number of payroll customers up 113% to 2,248
Gross payroll value processed up 127% to $133.8M
[1] these figures are prepared on the same basis as previous quarterly updates, are unaudited, and may include Non-GAAP financial information which does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
2 total recurring revenue includes subsidy revenue claims that have yet to be finalised with Inland Revenue, and may be subject to change. A provision has been made in this figure accordingly.

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