PaySauce Grows Recurring Revenue by 120%
PaySauce Grows Recurring Revenue by 120%, Customer Numbers by 118%, and Gross Payroll Processed by 133%1
Wellington, New Zealand, 10 July, 2019 - SaaS employment solutions provider PaySauce (NZX:PYS) maintains its strong year-on-year growth trajectory for Q2 2019. Total recurring revenue1 is up 120%. The number of employees in New Zealand receiving their pay through PaySauce payroll software has increased by 123% to 9,851 people, with payslips issued up 115% to 68,921. The number of employers processing pays through PaySauce payroll software has increased by 118% to 2,002. The gross payroll value processed by PaySauce for the quarter totalled $108.4 million, an increase of 133%.
|Key Metrics||Q2 2019||Q2 2018||%
|Total recurring revenue||NZD $343.4K||NZD $156.2K||120%|
|# Employees (at end of qtr)||9,851||4,411||123%|
|# Payslips (total for qtr)||68,921||32,051||115%|
|# Payroll customers (at end of qtr)||2,002||917||118%|
|Gross value of payroll processed||NZD $108.4M||NZD $46.5M||133%|
CEO and co-founder of PaySauce, Asantha Wijeyeratne, reflects on the quarter: “It’s been intense but extremely rewarding. We’ve seen major milestones like our first ever annual report, hitting 2,000 live processing customers, and processing over $100M of payroll for Kiwi businesses in a quarter. I’m incredibly grateful for all of the team’s hard work, and truly proud of our continued growth as a SaaS business.”
YEAR-ON-YEAR PERFORMANCE HIGHLIGHTS FOR THE QUARTER
Recurring revenue up 120% to $343.3K
Total employees paid through PaySauce up 123% to 9,851
Number of payslips issued up 115% to 68,921
Number of payroll customers up 118% to 2,002
Gross payroll value processed up 133% to $108.4M
 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.