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Verifone Q1 FY2018 Results

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Kwiyoung Baumgarten
Director of Public Relations
March 8, 2018
Verifone Reports Results for the First Quarter of Fiscal 2018


Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results for the three months ended January 31, 2018.

First Quarter 2018 Financial Highlights (1)

  • Non-GAAP net revenue and EPS results ahead of guidance
  • GAAP net revenues of $437 million
  • GAAP net income per diluted share of $0.06
  • Non-GAAP net revenues of $425 million
  • Non-GAAP net income per diluted share of $0.23
  • Services growth of 11%; Comprise 43% of Non-GAAP net revenues
  • Repurchased $50 million of Verifone stock
  • Reaffirms growth outlook for the full year fiscal 2018


“In Q1 we made meaningful progress executing our top three strategic priorities that will return Verifone to growth this year and accelerate our transformation from a terminal sales company to a payments and commerce services provider," said Paul Galant, Chief Executive Officer of Verifone. “Our primary objective is to scale Verifone’s next-generation devices, connect more of our 30+ million device footprint to Verifone’s cloud-based services, and leverage our leadership position at the point-of-sale with value-added services that help merchants to start, run, and grow their businesses.”

(1) Non-GAAP measures are adjusted to exclude amounts from divested businesses. Reconciliations for the non-GAAP measures are provided at the end of this press release.




Fiscal 2018 and Second Quarter 2018 Outlook

Verifone’s outlook for fiscal year 2018 and second quarter is presented as follows:

Guidance for full fiscal year 2018 is reaffirmed as follows:

  • GAAP net revenues of approximately $1.787 to $1.812 billion
  • Non-GAAP net revenues of approximately $1.775 to $1.800 billion, adjusted to exclude divested businesses
  • GAAP net income per diluted share of approximately $0.66 to $0.69
  • Non-GAAP net income per diluted share of $1.47 to $1.50

Guidance for second fiscal quarter of 2018 is as follows:

  • GAAP and Non-GAAP net revenues of approximately $435 million
  • GAAP net income per diluted share of approximately $0.08 to $0.09
  • Non-GAAP net income per diluted share of $0.27 to $0.28


Conference Call
Verifone will hold its earnings conference call today, March 8, 2018, at 1:30 p.m. (PT) / 4:30 p.m. (ET). To listen to the call and view the slides, visit Verifone’s website The recorded audio webcast will be available on Verifone's website for 30 days.


About Verifone

Verifone is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. Powered by a growing footprint of more than 30 million devices in more than 150 countries, our people are trusted experts working with the world’s best-known retail brands, financial institutions, and payment providers. Verifone is connecting more products to an integrated solutions platform to better meet the evolving needs of our clients and partners. Built on a 35-year history of uncompromised security, we are committed to consistently solving the most complex payment challenges. | (NYSE: PAY) | @Verifone

Additional Resources:


This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological, and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: execution of our strategic plan and business and operational initiatives, including whether the expected benefits of our plan and initiatives are achieved within expected timeframes or at all, timely product introductions, and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our dependence on a limited number of customers, downturns in the retail sector, the pace of EMV adoption in the United States, the conduct of our business and operations internationally, including the complexity of compliance with international laws and regulations and risks related to adverse regulatory actions, including tax-related audits and assessments, our ability to deliver new products to the market on time and in sufficient quantities to meet demand, our ability to protect our computer systems and networks from fraud, cyber-attacks or security breaches, our assumptions, judgments and estimates regarding the impact on our business of political instability in markets where we conduct business, uncertainty in the global economic environment and financial markets, the status of our relationships with and condition of third parties such as our contract manufacturers, key customers, distributors and key suppliers upon whom we rely in the conduct of our business, our ability to effectively integrate the businesses we acquire and to achieve the expected benefits of such acquisitions, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, successful execution of our restructuring plans, including whether the expected benefits of restructuring and divestiture plans are achieved within expected timeframes or at all, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

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Investor Relations:
Chris Mammone, 408-232-7230
Media Relations:
Kwiyoung Baumgarten, 770-754-3460

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