Cuộc họp công bố kết quả kinh doanh Q2 2026 của Paysafe (PSFE): Doanh thu tăng 4%, tập trung vào giảm đòn bẩy tài chính

Thông tin trọng tâm

• Doanh thu quý 2/2026 tăng 4% so với cùng kỳ năm ngoái trên cả cơ sở báo cáo và cơ sở tự thân, đạt 447,4 triệu USD. Doanh thu nửa đầu năm tăng 7% trên cơ sở báo cáo và 6% trên cơ sở tự thân.
• EBITDA điều chỉnh giảm 2% xuống 102,8 triệu USD, trong khi biên lợi nhuận thu hẹp 150 điểm cơ bản xuống 23,0%, bao gồm 7 triệu USD đầu tư bổ sung cho tiếp thị và CNTT.
• Doanh thu từ Giải pháp thương nhân tăng 6% lên 246,1 triệu USD và EBITDA điều chỉnh tăng 28%, nhờ sự hỗ trợ từ mảng iGaming ở Bắc Mỹ, cấp phép dữ liệu và việc hoàn nhập khoản dồn tích khoảng 6 triệu USD.
• Doanh thu từ Ví điện tử tăng 3% lên 206,6 triệu USD, nhưng EBITDA điều chỉnh giảm 9% do chi phí tiếp thị cao hơn, khoản điều chỉnh dồn tích thuế VAT khoảng 4 triệu USD và cơ cấu sản phẩm.
• Paysafe kết thúc quý 2 với 2,5 tỷ USD nợ và đòn bẩy ròng là 5,3 lần. Ban lãnh đạo dự kiến đòn bẩy ròng cuối năm ở mức 5,1x–5,2% và duy trì mục tiêu trung hạn là 3,5 lần.
• Công ty tái khẳng định dự báo doanh thu và EBITDA điều chỉnh cho năm tài chính 2026. Ban lãnh đạo kỳ vọng quý 4 sẽ là quý mạnh nhất, nhờ sự gia tăng số lượng khách hàng, ra mắt sản phẩm mới, hoạt động thể thao theo mùa và các khoản đầu tư tiếp thị người tiêu dùng trước đó.

Dữ liệu tài chính cốt lõi

Kết quả hoạt động và kinh doanh

Ví điện tử

Sản lượng giao dịch của Ví điện tử nhìn chung không đổi ở mức 6,6 tỷ USD. Doanh thu tăng 3% lên 206,6 triệu USD, với mức tăng trưởng tự thân 1% sau khi chuẩn hóa biến động tiền tệ và doanh thu từ lãi vay.

Số lượng người dùng hoạt động trong 3 tháng tăng 8% lên 7,8 triệu, đánh dấu quý tăng trưởng thứ năm liên tiếp. Mỹ Latinh và PaysafeWallet ở châu Âu dẫn đầu đà tăng trưởng, với đà tăng người dùng tại Mỹ Latinh duy trì ở mức hai chữ số và hoạt động kinh doanh khu vực tăng trưởng hơn 30%.

Số lượng giao dịch trên mỗi người dùng hoạt động ở mức ổn định, trong khi doanh thu trung bình trên mỗi người dùng giảm 5% do cơ cấu khu vực và sản phẩm. EBITDA điều chỉnh của mảng giảm 9% xuống 74,9 triệu USD, và biên lợi nhuận giảm xuống 36,2%. Nếu không tính khoản điều chỉnh thuế VAT và 3 triệu USD đầu tư tiếp thị bổ sung, ban lãnh đạo cho biết biên lợi nhuận sẽ vào khoảng 40%.

PaysafeWallet hiện đã có mặt tại 19 quốc gia châu Âu, bao gồm cả Ba Lan. Kết quả ban đầu từ việc tăng cường tiếp thị tại các thị trường châu Âu ưu tiên cho thấy mức tăng trưởng thu hút người dùng mới đạt hai chữ số.

Giải pháp thương nhân

Sản lượng giao dịch của Giải pháp thương nhân tăng 5% lên 37,3 tỷ USD. Doanh thu tăng 6% lên 246,1 triệu USD, nhờ sản lượng iGaming tại Bắc Mỹ và các hợp đồng cấp phép dữ liệu bổ sung, trong khi mảng doanh nghiệp vừa và nhỏ (SMB) đi ngang.

EBITDA điều chỉnh tăng 28% lên 50,6 triệu USD, với biên lợi nhuận mở rộng 350 điểm cơ bản lên 20,6%. Nếu không tính khoản hoàn nhập dồn tích khoảng 6 triệu USD, ban lãnh đạo ước tính biên lợi nhuận của mảng này là khoảng 18%.

Cấp phép dữ liệu đã đóng góp 12,5 triệu USD vào doanh thu quý 2. Ban lãnh đạo coi việc thương mại hóa dữ liệu là một cơ hội sản phẩm mang lại doanh thu định kỳ và cho biết nó có thể vượt quy mô doanh thu hàng năm 50 triệu USD.

Doanh thu của Clover tăng trưởng hai chữ số. Ban lãnh đạo báo cáo không có áp lực về giá và nhấn mạnh sức hút bổ sung từ các dịch vụ gia tăng giá trị, đặc biệt là hoạt động cho vay.

Dự báo của ban lãnh đạo

Paysafe tái khẳng định dự báo doanh thu và EBITDA điều chỉnh cho năm tài chính 2026, đồng thời cập nhật kỳ vọng EPS điều chỉnh để phản ánh chi phí lãi vay cao hơn sau khi tái cơ cấu nợ.

Ban lãnh đạo kỳ vọng tăng trưởng doanh thu nửa cuối năm sẽ đến từ ba nguồn chính: các đợt ra mắt sản phẩm theo kế hoạch và mở rộng khách hàng, triển khai cơ hội kinh doanh mới, cùng các xu hướng hoạt động hiện tại như sự tăng trưởng mạnh mẽ tại Mỹ Latinh và gia tăng người dùng hoạt động.

Công ty dự kiến chi phí hoạt động nửa cuối năm sẽ giảm khoảng 25 triệu–30 triệu USD so với nửa đầu năm. Điều này phản ánh việc không còn các tổn thất tín dụng tăng cao trong quý 1, chi phí tiếp thị và CNTT đã dồn vào giai đoạn đầu, cùng hiệu quả hoạt động được nâng cao hơn. Quý 4 dự kiến sẽ nhận được lợi ích lớn nhất.

Ban lãnh đạo kỳ vọng quý 4 sẽ là quý có doanh thu mạnh nhất năm 2026. Các chỉ số đầu tháng 7 cho thấy tăng trưởng iGaming của mảng Giải pháp thương nhân mạnh mẽ hơn, đà tăng trưởng tiếp tục duy trì ở Mỹ Latinh và tăng trưởng người dùng hoạt động trong 3 tháng đạt hai chữ số.

Rủi ro và các điểm cần theo dõi

• Đòn bẩy ròng vẫn ở mức cao 5,3 lần vào cuối quý. Ban lãnh đạo xác định việc giảm đòn bẩy là động lực chính thúc đẩy giá trị vốn chủ sở hữu trong ngắn hạn và đặt mục tiêu trung hạn là 3,5 lần.
• Paysafe dự kiến thanh toán 39 triệu USD bằng tiền mặt trong nửa cuối năm liên quan đến thỏa thuận dàn xếp pháp lý sơ bộ.
• Việc tái cơ cấu nợ dự kiến sẽ làm tăng chi phí lãi vay hàng năm khoảng 30 triệu–35 triệu USD, bao gồm phân bổ chi phí trả trước. Ban lãnh đạo cho biết chi phí lãi vay bằng tiền mặt tăng thêm là khoảng 25 triệu USD.
• Khả năng sinh lời của mảng Ví điện tử tiếp tục bị ảnh hưởng bởi chi phí đầu tư tiếp thị, cơ cấu khu vực và khoản điều chỉnh dồn tích thuế VAT.
• Tăng trưởng của mảng Ví điện tử bị bù đắp một phần bởi sự sụt giảm ở các thị trường mà Paysafe ít hoạt động hơn và cơ sở so sánh mức cao khó khăn trong mảng trúng thưởng (sweepstakes) và giao dịch tiền điện tử.
• Kết quả hoạt động nửa cuối năm phụ thuộc một phần vào các đợt ra mắt theo kế hoạch, mở rộng khách hàng, chuyển đổi cơ hội kinh doanh và việc giảm chi phí dự kiến.

Nội dung nổi bật từ phần Q&A với chuyên gia phân tích

Ban lãnh đạo cho biết sự cải thiện EBITDA điều chỉnh trong nửa cuối năm dự kiến sẽ được hỗ trợ bởi việc thực thi kế hoạch doanh thu và chi phí thấp hơn. Đóng góp về doanh thu nhìn chung được chia đều giữa các đợt ra mắt theo kế hoạch và mở rộng khách hàng, chuyển đổi cơ hội kinh doanh và các xu hướng tăng trưởng hiện tại. Về chi phí, công ty dự kiến việc hoàn nhập các tổn thất do gian lận trong quý 1 và các khoản đầu tư dồn vào giai đoạn đầu sẽ thúc đẩy việc cải thiện chi phí bán hàng, quản lý doanh nghiệp (SG&A) từ 25 triệu–30 triệu USD theo kế hoạch trong nửa cuối năm.

Mỹ Latinh đang trở thành yếu tố đóng góp đáng kể vào tăng trưởng Ví điện tử nhưng vẫn còn tương đối nhỏ so với toàn bộ mảng này. Ban lãnh đạo mô tả biên lợi nhuận gộp của khu vực này nằm ở khoảng giữa mảng eCash và mảng ví cốt lõi, với tiềm năng tiến gần hơn đến hiệu quả kinh tế của mảng ví cốt lõi khi PaysafeWallet mở rộng quy mô.

Ban lãnh đạo duy trì mục tiêu tỷ lệ đòn bẩy ròng trung hạn là 3,5 lần. Công ty có kế hoạch dành phần lớn dòng tiền tự do để giảm nợ, trong khi tiếp tục tài trợ cho các sáng kiến sản phẩm và tăng trưởng có sinh lời cao hơn.

Về mảng Giải pháp thương nhân, ban lãnh đạo đề cập đến tỷ lệ rời đi của khách hàng SMB cải thiện nhẹ, doanh số cùng cửa hàng yếu hơn và đà tăng trưởng tiếp tục mạnh mẽ từ doanh số bán hàng mới cũng như các sáng kiến sản phẩm mới. Hoạt động liên quan đến World Cup vượt kỳ vọng nhưng không có ảnh hưởng đáng kể đến tổng doanh thu hàng quý.

Toàn văn cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Greetings. Welcome to the Paysafe Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Kirsten Nielsen, Head of Investor Relations. Thank you, Kirsten. You may begin.

Kirsten Nielsen

Thank you, and welcome to Paysafe's Earnings Conference Call for the second quarter of 2026. Joining me today are Bruce Lowthers, Chief Executive Officer; and John Crawford, Chief Financial Officer. Before we begin, a reminder that this call will contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent SEC reports. These statements reflect management's current assumptions and expectations and are subject to factors that may cause actual results to differ materially from those forward-looking statements. You should not place undue reliance on these statements.

Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them. Today's presentation also contains non-GAAP financial measures. You can find additional information about these measures and reconciliations to the most directly comparable GAAP financial measures in today's press release and in the appendix of this presentation, which are available on the Investor Relations section of our website.

With that, I'll turn the call over to Bruce.

Bruce Lowthers

Thank you, and good morning, everyone. If you're following the webcast, let's start on Slide 3. The second quarter and first half of 2026 marked an important inflection point for Paysafe. We delivered strong first half revenue growth of 7%, while adjusted EBITDA was essentially flat year-over-year, even as we deliberately increased marketing and IT investment to support the next phase of growth. Just as important, we have now resolved the major inherited matters that have weighed on the company for some time. This summer, we resolved the final legacy overhang from the SPAC through a settlement in principle with the Farzad litigation which involved legal claims brought by pre-SPAC shareholders.

John will take you through the financial implications, but this resolution addresses a significant restructuring expense tied to our indemnification obligations related to this case. We also successfully refinanced a significant portion of our debt. We believe the trajectory of our net leverage ratio is the most important near-term driver of equity value, and we remain focused on reducing leverage as a meaningful value creation opportunity over the next 24 months. Together, these actions put us in a much stronger position to focus on what matters most from here, consistent execution, sustainable growth and disciplined deleveraging.

In our view, the SPAC area is now behind us. We have returned the company to consistent growth, completed the portfolio rationalization and made major rebuilds across talent, technology, sales and product delivery. This is evident through our product vitality index, which is tracking towards 20% for 2026 compared to less than 2% just 3 years ago.

Finally, I want to welcome Naj Atkinson, our new Chief People Officer. Naj brings nearly 30 years of global HR experience, including leadership roles at Hasbro and Dell. She joins Paysafe at an important time as we continue to strengthen our culture, develop future leaders and build on our recognition as one of the 2026 Top 100 Inspiring Workplaces in North America.

Turning to Slide 4. I'll share a few additional highlights on our recent progress. We had another strong quarter with 3-month actives at 7.8 million, reflecting 5 quarters of growth, and we continue to see double-digit user growth in Latin America. While it's still early, the initial results of our incremental marketing spend across priority countries in Europe have shown double-digit growth in consumer acquisitions, which has translated into active user growth in those markets. Across these markets, our World Cup marketing initiatives helped drive customer engagement, acquisition growth and brand awareness. Through brand campaigns, strategic partnerships, influencer activations and targeted consumer offers, we expanded our reach to new audiences and strengthened our acquisition engine. These investments are delivering results today while creating a stronger foundation to drive long-term customer value.

Our PaysafeWallet solution also continued to gain traction in Europe, where we are now live in 19 countries. The recent launch in Poland demonstrates how we can build on the strong consumer trust and adoption of PaysafeCard while extending that relationship into broader wallet experience. By bringing everyday money movement into a single familiar platform, PaysafeWallet increases consumer engagement and expands our opportunity to deepen customer relationships over time.

Finally, as a forward-looking highlight, we're pleased to preview our new partnership with Envision Racing, one of Formula E's most successful and innovative teams. This investment reflects our strategy of building brand awareness, reaching new audiences and fueling long-term customer growth across our priority markets. Formula E is one of the fastest-growing global motorsport platforms with an audience of over 550 million. They attract highly engaged digital native fan base at the intersection of sport, gaming and digital commerce, closely aligning with Paysafe's target audience and existing customer base. Through fan engagement, gaming, rewards and digital commerce experiences, we see an opportunity to introduce millions of consumers to our brands, strengthen customer acquisition and deepen engagement across our portfolio.

More broadly, the partnership demonstrates how we are bringing our marketing and product strategies closer together to create differentiated customer experiences and support sustainable growth. With that, I will turn it over to John to discuss the financial results and outlook.

John Crawford

Thank you, Bruce. Let's move to Slide 6 for a summary of our second quarter results. Revenue for Q2 was $447.4 million, an increase of 4% on both a reported and organic basis. As the FX tailwind in the second quarter was relatively small and last year's business disposal is no longer relevant to the comparisons since we lapped that in Q1. Our Q2 results also benefited from additional licensing data deals, which contributed $12.5 million as we continue to advance our strategy to commercialize data assets. This brings our first half growth rate to 7% on a reported basis and 6% on an organic basis with continued traction across our priority markets and products. This is consistent with the 6-K we issued 2 weeks ago in connection with our refinancing and in line with the expectations we communicated on our last earnings call.

Adjusted EBITDA decreased 2% to $102.8 million in the second quarter and adjusted EBITDA margin declined to 23% compared to 24.5% in the prior period. As we previewed with you on our last call, this included an increase in marketing and IT investment of $7 million in Q2 and an incremental $16 million for the first half of 2026. Turning to cash flow. We generated $45 million of unlevered free cash flow with a 44% conversion of adjusted EBITDA. Q2 is typically a lighter cash flow quarter seasonally, coupled with some timing effects on receivables and capital expenditures. On an LTM basis, unlevered free cash flow was $298 million, an increase of 10% compared to the prior year and reflecting 69% conversion.

I do want to point out that we expect to have a cash payment in the second half of $39 million related to the preliminary legal settlement. As a reminder, on an LTM basis, we had cash outflow of nearly $19 million and significant restructuring expenses of $57 million on the P&L related to our indemnification agreement and the associated legal costs for this case. So, this removes a significant drain on cash flow and the GAAP P&L. Adjusted net income for the second quarter was $23.1 million and adjusted EPS was $0.43, a decrease of 7% as the benefit of our reduced share count was offset by the decline in adjusted EBITDA and other income as well as a modest increase in interest expense.

Turning to the segment results on Slide 7. Starting with Digital Wallets. Volume in Q2 was $6.6 billion, roughly flat year-on-year. Revenue from Digital Wallets increased 3% to $206.6 million with organic growth of 1% when normalizing for currency movement and interest revenue. Growth for the segment was driven by continued momentum and active user growth from both Latin America and PaysafeWallet in Europe. As we expected for Q2, the strong double-digit growth in these areas was partly offset by a decline from rest of world markets in which we're largely not active, coupled with short-term grow-over effects in certain subverticals such as sweepstakes and cryptocurrency trading, which were relatively strong in Q2 of last year. 3-month actives increased 8% year-over-year, again, led by strong growth in Latin America and PaysafeWallet in Europe.

Transactions per active user was stable year-on-year and average revenue per user decreased 5%, with both metrics influenced by the regional and product mix, including the strong growth from LatAm. Adjusted EBITDA for Digital Wallets was $74.9 million, down 9% year-over-year, and adjusted EBITDA margin for the segment was 36.2%, reflecting higher investments in consumer marketing, a VAT accrual adjustment related to distributor commissions and product mix. Without the VAT adjustment, which was approximately $4 million and the increased marketing investment of $3 million, adjusted EBITDA margin for the segment would have been about 40%.

Turning to the Merchant segment results. Volume increased 5% to $37.3 billion, resulting in revenue of $246.1 million, an increase of 6%, driven by iGaming volumes in North America and the benefit of additional data licensing deals, while the SMB business line was flat for the quarter. Adjusted EBITDA for the segment was $50.6 million, an increase of 28% and adjusted EBITDA margin for the segment increased 350 basis points to 20.6%, reflecting favorable mix as a result of the licensing deal and the release of a previously recorded accrual that was resolved during the quarter. Normalizing for the accrual release of approximately $6 million, the segment margin would have been around 18% for the quarter.

Turning to Slide 8 for a summary of debt and leverage. At the end of the quarter, total debt was $2.5 billion, down $106 million versus Q4, mainly reflecting net repayments of $79 million as well as FX fluctuations which reduced total debt by $34 million. Our net leverage ratio was 5.3x at quarter end compared to 5.5x at Q4. And now factoring in the preliminary legal settlement and the debt refinancing fees, we expect to end the year with net leverage in the range of 5.1x to 5.2x.

Lastly, on the right-hand side of this slide, we've included a supplemental cash walk in response to investor interest in better understanding our own cash balance. This separates Paysafe's own cash from customer accounts and other restricted cash, which is not available for general corporate use, making own cash the relevant measure for tracking net debt and leverage. Additional details for this walk are included in the appendix.

Let's turn to Slide 9 to cover the refinancing. We are very pleased to have completed this transaction, which underscores our prudent approach to managing the balance sheet and liquidity. The refinancing extends our debt maturity profile, refinances a significant portion of our capital structure and upsizes our revolver while supporting our priorities to invest in the business and reduce leverage over time. We were also pleased with the reception in the market. Beyond the strong support from our existing lenders, we attracted a number of new bank and lender relationships as part of this transaction, pointing to confidence in the business from the debt community.

Turning now to our full year outlook on Slide 10. We are reaffirming 2026 guidance for revenue and adjusted EBITDA while updating adjusted EPS to account for the refinancing. including the incremental interest expense in the second half. I will also note that next year, on a cash basis, the incremental interest expense is largely offset by the removal of the lawsuit indemnification costs I spoke about earlier. As for cadence in the second half, we expect revenue growth to be supported by continued traction across our priority markets, growth from recent client wins and continued delivery on our product priorities. We expect Q4 to be our strongest quarter of the year, consistent with the seasonality of the business and key sporting events, coupled with the benefit of the targeted marketing investments we have made on the consumer side.

The business trends over the course of June and our early read on July's data support this outlook, including higher growth in iGaming from Merchant Solutions, continued strength in Latin America on the consumer side and double-digit growth in 3-month active users in July. Turning to SG&A. We expect roughly $25 million to $30 million of reduction in operating expenses in the second half compared to the first half. This reflects the elevated credit losses in Q1, the front-loaded marketing and IT investments as well as some additional operational efficiencies. Putting that together, our full year outlook is intact, and we're focused on strong execution in the second half to build momentum for 2027.

Now I'll turn the call back to Bruce for closing remarks.

Bruce Lowthers

Thank you, John. To wrap up on Slide 11, the message is straightforward. With the refinancing complete and the significant litigation matters resolved, we are entering the next phase of Paysafe's evolution from a stronger position. Sustainable growth and continued operating excellence remain essential. They generate the free cash flow that funds deleveraging, which should ultimately support a higher valuation multiple. A simple illustration, we believe every $200 million reduction in net debt, holding all else equal, equals to roughly $3 to $4 per share without multiple expansion. But for shareholders today, we believe the pace of deleverage is the primary value driver. Our capital allocation priority is therefore clear, generate strong free cash flow and direct the substantial majority of it to debt reduction while continuing to invest in the high-return initiatives that support growth and product vitality. With that, John and I are happy to take your questions.

Operator

[Operator Instructions] Our first question is from Matthew Inglis with RBC Capital Markets.

Phần hỏi đáp

Matthew Nakajima-Inglis

This is Matthew Inglis on for Dan Perlin at RBC. Can you just walk us through some of the factors that give you confidence in the second half adjusted EBITDA ramp? In the past, you've talked about a portion of that second half ramp coming from new products being rolled out in the back half of the year. So I'm just curious if that's still on track.

Bruce Lowthers

Yes, Matthew. I'll let John walk you through -- the walk for the back half of the year. But yes, we remain confident in our NPI, our vitality index is tracking as we expected, but I'll let John walk you through the mechanics.

John Crawford

Yes. I think of it as 2 components. The second component is cost. I'll do that second. On the revenue side, think of it as roughly 1/3, 1/3, 1/3 between scheduled launches and ramps. So products that are on launch schedules, customers that are signed and active and ramping. And then 1/3 of pipeline, which is new sales, new execution forward ramp and then 1/3 of current trends, which is the things we're seeing that we highlighted from July, continued strength in LatAm, continued robust consumer active growth and so forth that are ahead of what we expected. And then the other piece is on the cost side.

So, we had some substantial fraud losses in Q1 and front-loaded marketing and IT investments. Those combined to about $26 million, and that's roughly how we get to our $25 million to $30 million of SG&A-related improvement in the back half of the year. Q4 should be the largest beneficiary if you're thinking about the shape of that SG&A, where we'll be coming out of the year in Q4 at a run rate that's substantially below the full year SG&A number and probably below 2025's SG&A number on a run rate basis.

Matthew Nakajima-Inglis

And just as a follow-up, on the Digital Wallet side, how much of Digital Wallet growth is now actually coming from LatAm at this point? And as that LatAm portion of the Digital Wallet business increases, what does that mix do to the margin profile?

John Crawford

It's a meaningful piece, but LatAm is still -- remember, it's still relatively small. So even with LatAm growing north of 30%, you're talking about a P&L that's north of $100 million against a multi-hundred million dollar overall P&L. So it's impacting, but it's not the only source. The second comment is the gross profit profile in LatAm is very much in line with the -- I'd say, the overall segment margin. It's lower than the core wallet solutions and much more in line with kind of in between the 2. Some of it looks a little more like eCash, some of it looks, obviously, the PaysafeWallet solution as it ramps and gets to scale, ought to look and feel more like the core wallet businesses. But I'd say today, it's in between the eCash and core wallet business from a gross margin standpoint.

Operator

Our next question is from Jamie Friedman with Susquehanna International Group.

James Friedman

I appreciate the incremental disclosures and these slides are really helpful. Like this cash walk on Slide 8. But John, if you could just walk us through what the interest expense obligations look like going forward versus what they were previously. Am I reading this right that there's a $30 million to $35 million step-up in interest expense going forward? Or am I oversimplifying it?

John Crawford

You are reading it correctly. Thank you. And that number, probably obvious, but that number includes some amortization of upfront costs and that sort of thing. And so that's why we also, on Slide 9, tried to clarify the -- roughly the cash increase in interest costs. So in simplest math, if we did all of the term loans without a stub with a plus or minus a 200-basis point increase in spread, we would have been looking at about $30 million all in. We've got a stub that's going to continue to run here at the lower rates. And so that's how we get to the roughly $25 million of incremental.

James Friedman

And then your math, Bruce, is interesting on the equity -- the value that accrues to equity from the debt reduction. So do you have long-term objectives in terms of that 5.1 ratio -- net leverage ratio that you're targeting for year-end?

Bruce Lowthers

Thank you for asking that. So it was a question that came up often during the lender process. Our midterm goal is 3.5x net leverage.

James Friedman

And is there anything that's changed in that relative to -- I know the Analyst Day is a long time ago, but relative to -- I mean, is that up or down from any other previous message that you might have articulated? Or is this the same?

John Crawford

I think I would think of it as about the same. I think the difference, Jamie, is we're really focused on a few other things now than that. And I think that's the messaging we're trying to make clear. I think with Bruce's algorithm at the end of the call, we think -- and certainly at today's stock price, there's a lot of value we can drive without multiple expansion, just paying down debt and growing EBITDA by about the same amount that we're trying to grow EBITDA this year and without doing anything fancy. So that's -- I think that's why we're trying to get that messaging really clear externally as well as internally.

Operator

[Operator Instructions] Our next question is from Timothy Chiodo with UBS.

Timothy Chiodo

I was hoping we could take a little bit of a deeper dive into the 5% Merchant Solutions volume growth and break down some of the components broadly speaking. So the contribution coming from newer customer additions of the new cohort, particularly with some of the sales efforts, there would be a same-store sales component and then, of course, a churn component. And then for this quarter in particular, particularly at the latter part of the quarter, there was the iGaming bump from the World Cup. And I was hoping you could just quantify what that might have contributed to the 5% alongside those components.

Bruce Lowthers

Thank you, Tim. So we have a -- I don't know if we put a walk in the slides, but we have that general walk Tim that we've used before. So you saw on the SMB side, a slight improvement in attrition. You see a little bit of a slowdown in the existing customer same-store sales category. And then you're still seeing strong growth in the new sales and NPI initiatives. So really kind of in line generally with what we had forecasted previously and consistent with what our expectations have been in that space. So no real changes there.

I think in regard to the World Cup, World Cup was successful, exceeded what we had from an expectation perspective in Q2 and candidly into Q3. I think for us, that is just a small piece of our total revenue stream. When you look at sports betting as a whole, it's just a small component of what we do. So while it exceeded our expectations, I don't -- it doesn't drive a material impact in the quarter.

Timothy Chiodo

No problem. And just we didn't talk about Clover too much, but is there any just broader update you could give on your Clover trends or if there's anything changing there from either a pricing or competitive aspect or potentially any comments around Clover capital traction? Any kind of a broader update around the Clover portion of your business would be appreciated.

Bruce Lowthers

Yes. For us, Clover is still doing exceptionally well. It's a great product, does very well in the marketplace. We're not seeing any pricing pressure candidly. Our Clover revenue is really up double digits. So we feel very strongly about the continued success of Clover leaning into that. I think one of the questions that did come up in the lending process was just pressure around pricing of the point of sale. We don't see that. As Tim, you know, we buy in bulk. So that kind of offsets probably any current pricing narratives. But right now, we feel very good about Clover and what it's doing. We also see some nice lift from the value-added services. So especially the lending product has done exceptionally well. So I feel very good about Clover and our relationship with Fiserv.

Operator

[Operator Instructions] Our next question is from Leah Rosenstein with Susquehanna.

Unknown Analyst

So my question is, could you guys maybe quantify the licensing revenue I discussed and by that I mean, like what was that from? And do you expect these to recur?

Bruce Lowthers

Yes. So I think we've covered that. So in the past, we have started a variety of new product initiatives, which we categorize under a vitality index. Data is one of them. We have access to a tremendous amount of data, both on the merchant and consumer side. And we began about 18 months to almost 2 years now ago, building out a data foundation layer that allows us to monetize the data in a variety of ways. One, internally, we use it for algorithms on attrition and fraud, customer engagement. And so, we drive a lot of value out of the data infrastructure that we've built. And then about a year ago, we get to the point where we could start monetizing it as a product.

As I've said before, we anticipate this is going to be a revenue stream for us going forward. And over time, as we build this new product, we think it will be north of a $50 million kind of annual run rate product for us, is probably our initial thoughts on it, maybe a little bit more as we get into it and really start uncovering what the true values are around the consumer side of the data. Hopefully, that helps you.

Operator

[Operator Instructions] We have reached the end of the question-and-answer session. I would like to turn the floor back over to Bruce Lowthers for closing comments.

Bruce Lowthers

Thank you. Look, to summarize, we delivered second quarter results in line with expectations and first half growth of 7% continues to reflect solid progress across our priority markets and products. We've also taken important steps to strengthen the balance sheet. The refinancing of our term loans and revolving credit facility extends our maturity profile to 2030 and increases the financial flexibility while preliminary resolution of our major legacy litigation removes significant overhang. These actions leave us with a more resilient capital structure and clear strategic foundation. We remain focused on disciplined execution, continued deleveraging and durable growth opportunities as we look ahead.

I want to thank the team for their work with the refinancing and also with the litigation resolution. It's been a really busy second quarter to say the least, and truly appreciate everyone here at Paysafe and the work that they put in to get us to this point, closing out our SPAC era. So, thank you very much for joining the call today.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.