An anonymous director reports

PAYFARE ANNOUNCES UPDATE TO TIMING OF ITS FOURTH QUARTER AND FULL YEAR 2023 RESULTS RELEASE AND EARNINGS CONFERENCE CALL

Payfare Inc. has updated the timing of its fourth quarter and full-year 2023 results release and corresponding earnings conference call to April 1, 2024, after the market close, from the previously scheduled date of March 21, 2024.

The company has not yet received a System and Organization Controls (SOC 1) auditor's report from one of its key service providers related to the operating effectiveness of the service provider's controls. The company cannot complete the certification of the fiscal 2023 results until this report has been obtained and assessed and for Payfare's external auditor to complete its related audit procedures. The delivery of the SOC 1 auditor's report is the sole responsibility of the key service provider and the key service provider is working closely with its auditor to finalize the SOC 1 report.

Payfare reaffirms its previously issued fourth quarter 2023 revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (1) guidance of $50-million and $7-million, respectively, and highlights that the delay in receiving this SOC 1 report from its service provider has no impact on the company's financial outlook.

Revised conference call details

Management will host a conference call on April 1, 2024, at 6:30 p.m. ET, to discuss these results. A short presentation in connection with the conference call will be made available on the company's website. Management will also host a live question-and-answer session on the conference call with analysts.

To access the conference call, please dial 289-514-5100 or 1-800-717-1738. Please call the conference telephone number 10 to 15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until May 1, 2024. To listen to the recording, call 416-764-8692 or 1-877-674-7070 and enter passcode 10007.

About Payfare Inc.

Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig work force. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their work force.

(1) Non-IFRS (international financial reporting standards) and supplementary financial measures

This news release contains references to adjusted EBITDA, which is not a measure prescribed by IFRS. This supplementary financial measure is provided as additional information to complement IFRS measures by providing a further understanding of the company's results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the company and highlight trends in the company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and strategic business plans, and to evaluate and price potential acquisitions. Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of the company's financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition, and the company's definitions and method of calculation may differ from other issuers and therefore may not be comparable with similar measures presented by other issuers.

EBITDA means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income (costs), current tax expense, and change in fair value of derivative liability.

Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events that management believes will not reoccur within the foreseeable future and includes legal and professional fees related to claim settlements, acquisition, divestiture, asset impairment charges and going-public transaction.

The attached table reconciles net income (loss) to EBITDA and adjusted EBITDA for the three and nine months ended Sept. 30, 2023, and Sept. 30, 2022.

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