Could be a result of smaller product suite and headcount of Adyen.
The vast majority of those fees flow through to payment networks and issuing banks.
I don't think it's the vast majority. Stripe charges ~2.9% + $0.30, and seems like Mastercard / Visa are probably taking around 1.15% + $0.05. So the vast majority should still be going to Stripe.
It’s as easy as one, two, steal all the earnings and indebt the company before running away
Because most of that revenue actually gets passed straight through to the payment networks and issuing banks.
Volume != profit. Time to start learning some basic math for the CFOs after the fat years
that’s not revenue that’s GMV
Then why mention EBIDTA? It exists to basically say "we are bullshit artists and we are using creative accounting to LOOK profitable".
If you apply "creative" accounting to your EBITDA, you in the same group of companies like Enron.
Never forget that WeWork used “community adjusted” ebitda. So it can still get worse
That, and "Cash flow including funding" are my two favorite bullshit financial metrics!