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    Spencer James • Jefferies

    Spencer James's questions to Paysafe Ltd (PSFE) leadership

    Spencer James's questions to Paysafe Ltd (PSFE) leadership • Q4 2024

    Question

    Spencer James, on for Trevor Williams, asked about the assumptions behind the lower attrition headwind forecasted for FY25 compared to FY24. He also requested more color on the Q4 uptick in credit losses and the company's confidence in their normalization in the coming year.

    Answer

    CEO Bruce Lowthers explained that 2024 attrition was intentionally elevated by 2-3 points due to the strategic exit of higher-risk customers, a process now complete. He stated the Q4 credit loss spike was almost entirely due to these direct marketing business exits. With that portfolio rationalization finished, he expressed confidence that both attrition and credit losses would return to historically normal and stable levels.

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    Spencer James's questions to Paysafe Ltd (PSFE) leadership • Q3 2024

    Question

    Spencer James asked for a preview of the strategic playbook for fiscal year 2026 and an update on the health and mix of the sales pipeline.

    Answer

    CEO Bruce Lowthers stated that while it's too early to detail the 2026 plan, the 2025 strategy will follow a similar, focused construct of 4-5 key initiatives that are already underway. He described the sales pipeline as 'really strong,' highlighting that the 83 enterprise deals booked in the quarter were double the prior year's number, which gives the company high visibility and confidence for 2025.

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    Spencer James's questions to Payoneer Global Inc (PAYO) leadership

    Spencer James's questions to Payoneer Global Inc (PAYO) leadership • Q4 2024

    Question

    Speaking for Trevor Williams, Spencer James asked for a more specific analysis of tariff risk, particularly the 'de minimis' loophole for U.S. imports. He also requested color on the quarterly cadence of adjusted EBITDA for 2025.

    Answer

    CFO Bea Ordonez stated that the 'de minimis' rule is not a material risk, estimating that less than 3% of Payoneer's China volume falls under this exception and reiterated the resilience of their diversified business. For 2025 guidance, she projected a relatively consistent 24-25% adjusted EBITDA margin throughout the year, with OpEx being flat in the first half before seasonal increases in the second half.

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