289 0 Kommentare Sezzle Fourth-Quarter and Fiscal Year 2023 Results

Minneapolis, MN, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Sezzle Inc. (NASDAQ:SEZL) (Sezzle or Company) // Purpose-driven digital payment platform, Sezzle, is pleased to provide the market with an update on key financial metrics for the quarter and year ended December 31, 2023.[1]

“There were a number of watershed moments in 2023 - launching Sezzle Anywhere, listing on the NASDAQ, achieving Net Income every quarter, and creating a culture and operating framework that we can leverage,” stated Charlie Youakim, Sezzle’s Executive Chairman and CEO. “Our success did not happen overnight, nor was it easy, but it occurred through creativity, dedication, and hard work from each person at Sezzle. We will continue to innovate with a hyperfocus on profitability, as we expect to more than double Net Income in 2024 to $20.0 million.”

Fourth-Quarter 2023 Highlights

Underlying Merchant Sales (UMS) increased by 33.1% YoY to set a new quarterly high of $601.9 million, driven by robust engagement from our Consumers and Subscribers during the holiday period.
Total Income of $48.9 million in the quarter, also a new quarterly high, rose 27.8% YoY. When measured against Underlying Merchant Sales, Total Income reached 8.1%.
Representing the sixth straight quarter of profitability, GAAP Net Income reached $2.9 million in 4Q23.
The Company posted Adjusted EBTDA and Adjusted EBITDA (non-GAAP financial measures) of $3.2 million and $7.8 million, respectively, for the quarter ended December 31, 2023.
As of December 31, 2023, Sezzle had $70.7 million of cash on hand ($3.1 million restricted) and $95.0 million drawn on its $100.0 million credit facility.
Total Stockholders’ Equity for 4Q23 stood at $22.1 million, an increase of 149.8% YoY and 22.9 % QoQ.

Full Year 2023 Highlights

UMS reached a new annual high of $1.8 billion, representing a 4.6% increase from the year prior.
In FY23, Total Income increased by 26.9% YoY to $159.4 million and represented 8.7% of UMS.
Total Income less Transaction Related Costs significantly improved by 72.1% YoY to $81.0 million, or 4.4% of UMS, a 174bps YoY improvement as a percentage of UMS.
Driven by product innovation and monetization initiatives launched in 2023 as well as the carryover of revenue and cost initiatives launched in 2022, GAAP Net Income in FY23 totaled $7.1 million, representing a $45.2 million turnaround compared to FY22. Net Income as a percentage of Total Income in FY23 was 4.5%.
- The Provision for Credit Losses as a percentage of UMS in FY23 reached a new low of 1.3% compared to 1.7% in FY22.
The Company’s Non-GAAP Adjusted EBITDA rose by $51.4 million to $30.0 million in FY23. Adjusted EBITDA as a percentage of Total Income in FY23 was 18.8%.