Paysafe Ltd (PSFE)
SIC breadcrumb: Services > Business Services > SIC 7389 Services-Business Services, NEC
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1833835. Latest filing source: 0001193125-26-088095.
Informational only - descriptive public-record data, not investment advice.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 1,701,388,000 | USD | 2025 | 2026-03-03 |
| Net income | -182,507,000 | USD | 2025 | 2026-03-03 |
| Assets | 4,803,633,000 | USD | 2025 | 2026-03-03 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001833835.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,418,140,000 | 1,426,489,000 | 1,487,013,000 | 1,496,137,000 | 1,601,138,000 | 1,704,835,000 | 1,701,388,000 | |
| Net income | -110,137,000 | -126,714,000 | -110,328,000 | -1,862,284,000 | -20,251,000 | 22,160,000 | -182,507,000 | |
| Operating income | 51,812,000 | 19,680,000 | -269,272,000 | -1,871,936,000 | 158,656,000 | 133,354,000 | 71,916,000 | |
| Diluted EPS | -0.15 | -2.10 | -1.84 | -30.78 | -0.33 | 0.36 | -3.14 | |
| Operating cash flow | 289,047,000 | 409,109,000 | 261,462,000 | 237,201,000 | 234,022,000 | 253,804,000 | 236,155,000 | |
| Capital expenditures | 9,657,000 | 5,386,000 | 5,616,000 | 4,543,000 | 12,849,000 | 15,935,000 | 12,579,000 | |
| Assets | 7,409,331,000 | 7,267,229,000 | 5,957,056,000 | 5,227,701,000 | 4,809,334,000 | 4,803,633,000 | ||
| Liabilities | 5,476,328,000 | 4,559,460,000 | 5,097,419,000 | 4,344,388,000 | 3,930,073,000 | 4,148,596,000 | ||
| Stockholders' equity | 2,169,981,000 | 2,063,707,000 | 1,933,003,000 | 2,707,769,000 | 859,637,000 | 883,313,000 | 879,261,000 | 655,037,000 |
| Cash and cash equivalents | 234,617,000 | 387,616,000 | 313,439,000 | 260,219,000 | 202,322,000 | 216,683,000 | 250,168,000 | |
| Free cash flow | 279,390,000 | 403,723,000 | 255,846,000 | 232,658,000 | 221,173,000 | 237,869,000 | 223,576,000 |
Ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net margin | -7.77% | -8.88% | -7.42% | -124.47% | -1.26% | 1.30% | -10.73% | |
| Operating margin | 3.65% | 1.38% | -18.11% | -125.12% | 9.91% | 7.82% | 4.23% | |
| Return on equity | -5.34% | -6.56% | -4.07% | -216.64% | -2.29% | 2.52% | -27.86% | |
| Return on assets | -1.71% | -1.52% | -31.26% | -0.39% | 0.46% | -3.80% | ||
| Liabilities / equity | 2.83 | 1.68 | 5.93 | 4.92 | 4.47 | 6.33 | ||
| Current ratio | 1.21 | 1.41 | 1.09 | 1.11 | 1.16 | 1.24 |
Financial Charts
Quarterly
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-K MD&A
Results of Operations
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
The following table sets forth our results of operations for the years ended December 31, 2025 and 2024:
55
| Year ended December 31, | Variance | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (U.S. dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||||
| Revenue | 1,701,388 | 1,704,835 | (3,447 | ) | (0.2 | )% | ||||||||||
| Cost of services (excluding depreciation and amortization) | 741,197 | 715,762 | 25,435 | 3.6 | % | |||||||||||
| Selling, general and administrative | 563,647 | 575,553 | (11,906 | ) | (2.1 | )% | ||||||||||
| Depreciation and amortization | 274,107 | 273,364 | 743 | 0.3 | % | |||||||||||
| Impairment expense on goodwill and intangible assets | 1,423 | 823 | 600 | 72.9 | % | |||||||||||
| Restructuring and other costs | 48,366 | 5,178 | 43,188 | 834.1 | % | |||||||||||
| Loss on disposal of subsidiaries and other assets, net | 732 | 801 | (69 | ) | (8.6 | )% | ||||||||||
| Operating income | 71,916 | 133,354 | (61,438 | ) | (46.1 | )% | ||||||||||
| Other (expense) / income, net | (7,563 | ) | 21,475 | (29,038 | ) | (135.2 | )% | |||||||||
| Interest expense, net | (136,414 | ) | (140,805 | ) | 4,391 | (3.1 | )% | |||||||||
| (Loss)/ income before taxes | (72,061 | ) | 14,024 | (86,085 | ) | (613.8 | )% | |||||||||
| Income tax expense / (benefit) | 110,446 | (8,136 | ) | (118,582 | ) | 1457.5 | % | |||||||||
| Net (loss) / income | (182,507 | ) | 22,160 | (204,667 | ) | 923.6 | % |
Revenue
Revenue decreased by $3,447, or 0.2%, to $1,701,388 for the year ended December 31, 2025 from $1,704,835 for the year ended December 31, 2024. This was driven by a decrease of $52,955, or 5.5%, in our Merchant Solutions segment due to the sale of the direct marketing payment processing business line which contributed to a decline in revenue of $99,166. This decline was partially offset by an increase in revenue due to higher volumes and growth in e-commerce driven by initiatives to expand our sales capabilities and a licensing agreement executed during the year. This was further offset by an increase of $49,222 or 6.4%, in our Digital Wallets segment primarily due to a favorable impact of $33,510 on foreign exchange rates and growth across all verticals, offset by a decrease in interest revenue earned. For further detail on our segments, see “Analysis by Segments” below.
Cost of services (excluding depreciation and amortization)
Cost of services (excluding depreciation and amortization) increased $25,435, or 3.6%, to $741,197 for the year ended December 31, 2025 from $715,762 for the year ended December 31, 2024. The increase is largely attributable to an increase of $25,513, or 11.9% in our Digital Wallets segment mainly due to growth in lower margin verticals in addition to the unfavorable impact of $12,658 on foreign exchange rates. Cost of services (excluding depreciation and amortization) remained relatively flat in our Merchant Solutions segment as the decrease related to the sale of the direct marketing payment processing business were largely offset by increased costs associated with growth in lower margin verticals.
Selling, general and administrative
Selling, general and administrative expenses decreased $11,906, or 2.1%, to $563,647 for the year ended December 31, 2025 from $575,553 for the year ended December 31, 2024. The decrease is primarily driven by a decrease in legal and professional fees of $11,204 due to a decline in consulting fees following the finalization of the portfolio optimization project in the prior year, a decrease in personnel costs of $6,910 due to a decline in performance based compensation, a decrease in share based compensation of $6,230 due to performance awards and awards that vested after December 31, 2024, and a decrease in credit losses of $4,676. The decrease was offset partially by an increase in advertising and promotions of $7,898, and an increase in severance of $3,868.
Depreciation and amortization
Depreciation and amortization increased $743, or 0.3%, to $274,107 for the year ended December 31, 2025 from $273,364 for the year ended December 31, 2024. This was mainly driven by an increase in amortization due to software development costs placed in service during the year ended December 31, 2025, offset partially by a decrease due to fully amortized customer relationships.
Impairment expense on goodwill and intangible assets
Impairment expense on goodwill and intangible assets increased by $600 or 72.9%, to $1,423 for the year ended, December 31, 2025 from $823 for the year ended December 31, 2024. The increase is mainly driven by impairment expense of $638 related to the right of use asset for a leased office space following the disposal of the direct marketing business line for the year ended December 31, 2025. The remainder of the expense for December 31, 2025 and 2024 relates to specifically identified software development costs which had no future economic benefit.
Restructuring and other costs
56
Restructuring and other costs increased $43,188, or 834.1%, to $48,366 for the year ended December 31, 2025 from $5,178 for the year ended December 31, 2024. This was driven by an increase in other costs of $36,868 primarily attributable to higher legal cost related to the securities litigation involving the Company and indemnities provided by the Company in a related class action lawsuit, as well as higher transformation costs of $7,090 associated with projects to improve merchant platforms as well as finance and risk processes.
Loss on disposal of subsidiaries and other assets, net
Loss on disposal of subsidiaries and other assets, net remained relatively flat at $732 for the year ended December 31, 2025. This was a result of an increase in the loss on disposal of non-financial assets, which was offset partially by a gain on disposal of the direct marketing payment processing business line.
Other income, net
Other expense, net changed $29,038, or 135.2%, to an expense of $7,563 for the year ended December 31, 2025 from an income of $21,475 for the year ended December 31, 2024. The change was primarily driven by a foreign exchange loss of $9,758 in the current year compared to a foreign exchange gain of $11,316 in the prior year, a fair value loss on derivative instruments of $1,294 compared to a gain of $3,994 in the prior year, and a decrease in other gains of $3,196 mainly related to a release of a goods and services tax provision of $4,120 due to the statute of limitations.
Interest expense, net
Interest expense, net decreased by $4,391, or 3.1%, to $136,414 for the year ended December 31, 2025 from $140,805 for the year ended December 31, 2024. The decrease in interest expense, net was mainly due to the benefit of decreased effective interest rates.
Income tax expense / benefit
Income tax expense was $110,446 for the year ended December 31, 2025 compared to an income tax benefit of $8,136 for the year ended December 31, 2024. The increase in the income tax expense is a result of the recognition of a valuation allowance related to our recoverability of deferred tax assets on tax losses and restricted interest carryforwards in the UK and tax losses in the US during the year ended December 31, 2025, offset by an income tax benefit due to the release of a valuation allowance in Canada.
The effective tax rate for the year ended December 31, 2025 and 2024 was (153.3)% and (58.0)%, respectively. The change in the effective tax rate for the year ended December 31, 2025 compared to year ended December 31, 2024 primarily arises as a result of movements in the valuation allowance as described above. A reconciliation between the statutory income tax rate and the income tax benefit / provision reported in the Consolidated Statements of Comprehensive (Loss) / Income is summarized in Note 3, Taxation, within Item 18, Financial Statements included elsewhere in this Report.
Net income / (loss)
The Company had a net loss of $182,507 for the year ended December 31, 2025 compared to a net income of $22,160 for the year ended December 31, 2024. The net loss was largely driven by the increase in income tax expense compared to an income tax benefit in the prior year, an increase in restructuring and other costs, an increase in other expense, net compared to other income, net in the prior year and an increase in cost of services (excluding depreciation and amortization). This is offset partially by a decrease a decrease in selling, general and administrative expenses.
Non-GAAP financial measure
Adjusted EBITDA
Adjusted EBITDA for the Company decreased by $23,206, or 5.1%, to $428,848 for the year ended December 31, 2025 from $452,054 for the year ended December 31, 2024. This decrease was primarily driven by increased cost of services of $25,435, offset partially by a decrease in selling, general and administrative expenses, excluding share-based compensation cost of $5,676 as described above. For further explanation on the year-over-year change on these financial statement line items, please refer to the commentary above in “Results of Operations.”
A reconciliation of Net (loss) / income to Adjusted EBITDA is as follows for the years ended December 31, 2025 and 2024:
57
| Year Ended December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (U.S. dollars in thousands) | 2025 | 2024 | ||||||
| Net (loss) / income | $ | (182,507 | ) | $ | 22,160 | |||
| Income tax expense / (benefit) | 110,446 | (8,136 | ) | |||||
| Interest expense, net | 136,414 | 140,805 | ||||||
| Depreciation and amortization | 274,107 | 273,364 | ||||||
| Share-based compensation | 32,304 | 38,534 | ||||||
| Impairment expense on goodwill and intangible assets | 1,423 | 823 | ||||||
| Restructuring and other costs (1) | 48,366 | 5,178 | ||||||
| Loss on disposal of subsidiaries and other assets, net | 732 | 801 | ||||||
| Other expense / (income), net (2) | 7,563 | (21,475 | ) | |||||
| Adjusted EBITDA | $ | 428,848 | $ | 452,054 |
(1)
For the year ended December 31, 2025, restructuring costs were $8,322, mainly consisting of transformation costs associated with projects to improve merchant platforms as well as finance and risk processes, and other costs were $40,044, which primarily consisted of legal costs associated with the securities litigation involving the Company and other indemnified parties. For the year ended December 31, 2024, restructuring costs were $2,582, and other costs were $2,596, which primarily consisted of legal costs.
(2)
For the year ended December 31, 2025, other expense / (income), net includes a loss on foreign exchange of $9,758 and a fair value loss on derivative instruments of $1,294. This was partly offset by a fair value gain on warrant liabilities of $1,401, other gains of $1,580 and a fair value gain on contingent consideration of $508. For the year ended December 31, 2024, other expense / (income), net includes a gain on foreign exchange of $11,316, a gain on derivative instruments of $3,994, gains on debt repurchases of $1,696 and other income of $4,776.
Analysis by Segment
We operate in two operating segments: Merchant Solutions and Digital Wallets. Our reportable segments are the same as our operating segments. Segment Adjusted EBITDA is reported to the Chief Operating Decision Maker for purposes of making decisions about allocating resources to the segments and assessing their performance. Segment Adjusted EBITDA includes the revenues of the segment less operating expenses that are directly related to those revenues and an allocation of shared costs and excludes the impact of income tax (benefit)/expense, interest expense, net, depreciation and amortization, share-based compensation expense, impairment expense on goodwill and intangible assets, restructuring and other costs, loss/(gain) on disposal of subsidiaries and other assets, net, and other (expense)/income, net. For this reason, Segment Adjusted EBITDA, is presented in conformity with Accounting Standards Codification 280, Segment Reporting, and is excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission’s Regulation G and Item 10(e) of Regulation S-K.
The Company allocates shared costs to the two segments. Shared costs are the cost of people and other resources consumed in activities that provide a benefit across more than one segment. Shared costs are allocated to each segment primarily based on applicable drivers including headcount, revenue and Adjusted EBITDA.
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
Merchant Solutions
The following table presents our results for the Merchant Solutions operating segment for the year ended December 31, 2025 and 2024:
| For the year ended December 31, | Variance | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (U.S. dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||||
| Revenue (1) | 904,668 | 957,623 | (52,955 | ) | -5.5 | % | ||||||||||
| Cost of services (excluding depreciation and amortization) (1) | 518,428 | 518,792 | (364 | ) | -0.1 | % | ||||||||||
| Selling, general and administrative (2) | 240,546 | 247,980 | (7,434 | ) | -3.0 | % | ||||||||||
| Segment Adjusted EBITDA | 145,694 | 190,851 | (45,157 | ) | -23.7 | % |
(1)
Amount includes intersegment transactions that are attributable to the segment. Intersegment transactions are primarily for processing credit card transactions and deposits between segments.
(2)
Selling, general and administrative excludes share-based compensation costs which are not included in our definition of Segment Adjusted EBITDA.
The commentary included below exclude amounts that are outside of our definition of Segment Adjusted EBITDA. Refer to the commentary of these amounts under “Results of Operations”.
58
Revenue decreased by $52,955, or 5.5%, to $904,668 for the year ended December 31, 2025 from $957,623 for the year ended December 31, 2024. This was driven by the sale of the direct marketing payment processing business line which contributed to a decline in revenue of $99,166, offset partially by an increase in revenue due to higher volumes and growth in e-commerce driven by initiatives to expand our sales capabilities, and due to a licensing agreement executed during the year.
Cost of services (excluding depreciation and amortization) was $518,428 for the year ended December 31, 2025 compared to $518,792 for the year ended December 31, 2024. Cost of services (excluding depreciation and amortization) remained relatively flat as the decrease related to the sale of the direct marketing payment processing business were largely offset by increased costs associated with growth in lower margin verticals
Selling, general and administrative decreased by $7,434 or 3.0% to $240,546 for the year ended December 31, 2025 from $247,980 for the year ended December 31, 2024. The decrease is due to a reduction in legal and professional fees of $13,152 due to a decline in consulting fees following the finalization of the portfolio optimization project in the prior year, a decrease in credit losses of $8,151 and a decrease in personnel costs of $3,150 mainly due to a decrease in performance based compensation. This was offset partially by an increase in advertising and promotion costs of $8,846, an increase in sales and other taxes of $6,260 and an increase in severance of $1,600.
Segment Adjusted EBITDA decreased by $45,157 or 23.7%, to $145,694 for the year ended December 31, 2025 from $190,851 for the year ended December 31, 2024 which is dues to variances explained above.
Digital Wallets
The following table presents our results for the Digital Wallets operating segment for the year ended December 31, 2025 and 2024:
| For the year ended December 31, | Variance | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (U.S. dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||||
| Revenue (1) | 814,727 | 765,505 | 49,222 | 6.4 | % | |||||||||||
| Cost of services (excluding depreciation and amortization) (1) | 240,776 | 215,263 | 25,513 | 11.9 | % | |||||||||||
| Selling, general and administrative (2) | 222,217 | 211,217 | 11,000 | 5.2 | % | |||||||||||
| Segment Adjusted EBITDA | 351,734 | 339,025 | 12,709 | 3.7 | % |
(1)
Amount includes intersegment transactions that are attributable to the segment. Intersegment transactions are primarily for processing credit card transactions and deposits between segments.
(2)
Selling, general and administrative excludes share-based compensation costs which are not included in our definition of Segment Adjusted EBITDA.
The commentary included below exclude amounts that are outside of our definition of Segment Adjusted EBITDA. Refer to the commentary of these amounts under “Results of Operations”.
Revenue increased by $49,222, or 6.4%, to $814,727 for the year ended December 31, 2025 from $765,505 for the year ended December 31, 2024. This was primarily due to a favorable impact of $33,510 on foreign exchange rates and growth across all verticals, offset by a decrease in interest revenue earned caused by lower interest rates.
Cost of services (excluding depreciation and amortization) increased by $25,513 or 11.9% to $240,776 for the year ended December 31, 2025 from $215,263 for the year ended December 31, 2024. This increase is mainly due to growth in lower margin verticals in addition to the unfavorable impact of $12,658 on foreign exchange rates.
Selling, general and administrative increased by $11,000 or 5.2% to $222,217 for the year ended December 31, 2025 from $211,217 from December 31, 2024. This increase is due to an increase in credit losses of $3,741, legal and professional fees of $3,581, personnel costs of $1,950, information technology cost of $1,195 and severance of $1,306.
Segment Adjusted EBITDA increased by $12,709 or 3.7%, to $351,734 for the year ended December 31, 2025 from $339,025 for the year ended December 31, 2024 which is due to the variances explained above.
Seasonality
We have experienced in the past, and expect to continue to experience, seasonal fluctuations in our business. For instance, both of the Company’s Merchant Solutions and Digital Wallets businesses historically experience increased activity during the traditional holiday period and around other nationally recognized holidays, when certain of our game’s operators may run promotions, consumers enjoy
59
more leisure time and younger consumers may receive our products as gifts. Our Digital Wallets segment experiences increased activity based on the occurrence and timing of sporting events. Volatility in our revenue, key operating metrics or their rates of growth could result in fluctuations in our financial condition or results of operations.