Fintech Firm Adyen Release H2 2022 Financial Results

Adyen (AMS: ADYEN) posts “strong” results and sustained profitable growth “driven by its global customer portfolio and motivated team executing on the company’s long-term ambitions.”

Summary H2 2022

  • Processed volume “was €421.7 billion, up 41% year-on-year.” Of these volumes, point-of-sale volumes “were €67.6 billion, up 62% year-on-year”
  • Net revenue was €721.7 million, up 30% year-on-year
  • EBITDA of €372.0 million, up 4% year-on-year, with EBITDA margin at 52%
  • Free cash flow conversion ratio was 80%, with CapEx at 8% of net revenue

Full Year 2022 Figures

  • Processed volume was €767.5 billion, up 49% year-on-year. Of these volumes, point-of-sale volumes were €112.5 billion, up 74% year-on-year
  • Net revenue was €1.3 billion, up 33% year-on-year
  • EBITDA of €728.3 million, up 16% year-on-year
  • EBITDA margin was 55% for the full year
  • CapEx was 7% of net revenue for the full year

Shareholder letter & interim financial results

You can find the firm’s full H2 2022 financial results and accompanying shareholder letter here.

As covered, Adyen claims it is “the financial technology platform of choice for leading companies.”

By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses “achieve their ambitions faster.”

With offices around the world, Adyen works “with the likes of Facebook, Uber, H&M, eBay, and Microsoft.”

In another update, Adyen announced that Ingo Uytdehaage will “become the company’s co-CEO alongside Pieter van der Does.”

Ethan Tandowsky will be “transitioning into the CFO position. In addition, Kamran Zaki will be stepping down in his role as COO.”

Pieter van der Does, co-founder and CEO of Adyen, said:

“Ingo’s new role formalizes how we have been working together for a long time already. In addition, I shared with the team and the market that I had to balance my time between being at our Adyen offices and my health for a month or two in November. What I learned is that, should it be needed in the future, it’s important to be able to spend time on my health. With Ingo as co-CEO, I can do that while Adyen stays its course.”

Ethan Tandowsky will join Adyen’s Management Board “as CFO later this year.”

Alongside his role as Head of Group Finance, he has been “a key contributor to scaling Adyen’s business and culture over the last years.”

Kamran Zaki will be “stepping down from his role as COO during Adyen’s 2023 Annual General Meeting after a high-impact career at Adyen.”

Kamran will “remain an active part of the team until the summer and will help make the transfer of the role as smooth as possible.”

His responsibilities will “be split between Ingo Uytdehaage, who will be running the Operations and Product parts of the role, while Roelant Prins (CCO) will be adding Account Management to his activities.”

Kamran Zaki, Adyen’s current COO, said:

“It has been a great run. I am extremely proud of the culture, teams, and products we have built and know there is much more in store for Adyen. With almost a decade at Adyen in the rear-view mirror. While I will miss the thrill of building Adyen, it’s now time for a change.”

The appointments of Ingo and Ethan as co-CEO and CFO are “subject to regulatory approval by the Dutch Central Bank, followed by approval from shareholders during Adyen’s 2023 Annual General Meeting on May 11.”

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