PAYSIGN INC (NASDAQ:PAYS) Q4 2019 Earnings Conference Call - Final Transcript
Apr 06, 2020 • 12:00 pm ET
Greetings and welcome to the Paysign 2019 Year-End Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
This presentation may include forward-looking statements to the extent that the information presented in this presentation discusses financial projections, information or expectations about the Company's business plans, results of operations, the impact of COVID-19, returns on equity, expected gross margins, markets, or otherwise makes statements about future events. Such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as should, may, intends, anticipates, believes, estimates, projects, forecasts, expects, plans and proposes. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from those such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading Risk Factors and elsewhere in our 2019 Form 10-K. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements, except as may be required by law.
This presentation also includes adjusted EBITDA, a non-GAAP financial measure that is not prepared in accordance with nor an alternative to financial measures prepared in accordance with US Generally Accepted Accounting Principles, GAAP. In addition, adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
I would now like to turn the conference over to our host, Chief Executive Officer, Mark Newcomer. Please go ahead.
Thank you, Diego. Good afternoon, everyone, and thank you for joining us for a discussion about our full year 2019 financial results. I am Mark Newcomer, the President and Chief Executive Officer of Paysign. With me this afternoon is Mark Attinger, our Chief Financial Officer.
Before I begin my commentary on the business, I would like to address the delay in the filing of our 10-K. The delay in our filing was due to several rounds of auditor requests for additional data, which took several days to complete. I would like to point out that there were no changes to the preliminary financial numbers we reported on March 16. Mark can touch on this in more detail during his discussion.
I'm very pleased to be able to deliver strong results for the full year performance, even with the miss related to our revenue guidance. For the full year, our revenues were a record $34.7 million, an increase of 48% compared to the prior year. Our full year net income was up 188% or $7.5 million, also a record. And our adjusted EBITDA was $10.1 million, an increase of 106%. I'm very happy with these results and extremely proud of our team and their contributions towards our continued growth.
We experienced strong growth in our existing industry verticals and as we