April 19, 2014 8:23 PM ET

IT Services

Company Overview of iPayment Inc.

Company Overview

iPayment, Inc. provides credit and debit card payment processing services to small merchants in the United States. It performs various functions for small merchants, such as application processing, underwriting, account set-up, risk management, fraud detection, merchant assistance and support, and equipment deployment and chargeback services. The company’s processing services enable merchants to accept credit cards and other forms of payment, including debit cards, checks, gift cards, and loyalty programs in traditional card-present or swipe transactions, as well as in card-not-present transactions, such as those conducted over the phone or through the Internet. It markets and sells its serv...

126 East 56th Street

New York, NY 10022

United States

Founded in 1999

422 Employees

Phone:

212-802-7200

Key Executives for iPayment Inc.

Co-Founder
Age: 45
Chief Financial Officer
Age: 47
Chief Accounting Officer and Vice President of Finance
Age: 43
Senior Vice President
Age: 51
Vice President of Sales - Independent Sales Groups
Compensation as of Fiscal Year 2013.

iPayment Inc. Key Developments

iPayment Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

iPayment Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The company's total revenues increased by 0.2% to $169.2 million for the fourth quarter of 2013 from $168.9 million for the fourth quarter of 2012. This increase was primarily due to a higher volume per merchant offset by lower discount and a lower number of merchants on file during the fourth quarter 2013 versus the fourth quarter 2012. Revenues, net of interchange, decreased 5.5% to $80.2 million for the fourth quarter of 2013 compared with $84.9 million for the fourth quarter of 2012. Income from operations, both for iPayment and its consolidated subsidiaries and for Holdings and its consolidated subsidiaries, decreased 34.2% to $11.3 million for the fourth quarter of 2013 compared with $17.2 million for the fourth quarter of 2012. Income from operations for the fourth quarter of 2013 was affected by an impairment charge related to a trade name intangible and lower net revenue, offset in part by lower residual and amortization expenses. Excluding charges related to stock-based compensation and impairment of trade name, income from operations in the fourth quarter would have been $17.2 million, a 10.2% decrease versus the comparable period of 2012. Results for the fourth quarter of 2013 included $2.2 million in embezzlement recoveries and $0.2 million of investigation and remediation costs associated with the matters described in the Company's November 5, 2012, Report on Form 8-K. Excluding stock based compensation and non-recurring charges and embezzlement recoveries and costs, income from operations for the fourth quarter of 2013 would have decreased 22.1% versus the comparable period in 2012. For the fourth quarter 2013, the Company had a net and comprehensive loss of $2.0 million and Consolidated EBITDA of $30.0 million, compared with net and comprehensive income of $0.1 million and Consolidated EBITDA of $35.7 million for the fourth quarter 2012. Net and comprehensive loss for the fourth quarter of 2013 was affected by lower income from operations and higher interest expense. Consolidated EBITDA for the fourth quarter was affected primarily by lower revenues, net of interchange. The company's total revenues decreased by 2.1% to $666.8 million for the twelve months ended December 31, 2013, from $681.1 million for the twelve months ended December 31, 2012. Revenues, net of interchange, decreased 7.6% to $315.5 million for the twelve months ended December 31, 2013, compared with $341.5 million for the twelve months ended December 31, 2012. Income from operations decreased 27.3% to $41.8 million for iPayment and its consolidated subsidiaries and $41.6 million for Holdings and its consolidated subsidiaries for the twelve months ended December 31, 2013, compared with $57.5 million for iPayment and its consolidated subsidiaries and $57.3 million for Holdings and its consolidated subsidiaries for the twelve months ended December 31, 2012. For the twelve months ended December 31, 2013, income from operations, excluding stock based compensation and non-recurring charges and embezzlement recoveries and costs, decreased 11.8% versus the comparable period in 2012. For the twelve months ended December 31, 2013, the Company had a net and comprehensive loss of $34.3 million and Consolidated EBITDA of $110.9 million, compared with a net and comprehensive loss of $3.6 million and consolidated EBITDA of $130.3 million for the twelve months ended December 31, 2012. Net and comprehensive loss for the twelve months ended December 31, 2013, was affected by lower income from operations, higher other expense and higher income tax provision. Consolidated EBITDA for the twelve months ended December 31, 2013, was primarily affected by lower revenues, net of interchange.

iPayment Inc., iPayment Holdings, Inc., Q4 2013 Earnings Call, Mar 28, 2014

iPayment Inc., iPayment Holdings, Inc., Q4 2013 Earnings Call, Mar 28, 2014

iPayment Inc. Presents at J.P. Morgan Global High Yield & Leveraged Finance Conference, Feb-24-2014

iPayment Inc. Presents at J.P. Morgan Global High Yield & Leveraged Finance Conference, Feb-24-2014 . Venue: Loews Miami Beach, Miami, Florida, United States.

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