USA Technologies Reports Fiscal Year 2019 and 2018 Results
Total Revenue of
Total Connections Rose 13.7% Year-Over-Year to 1,169,000 in Fiscal 2019
“We are pleased to have completed our audit and restatements in order to regain compliance with our periodic reporting requirements,” said
Fiscal 2019 Financial Highlights:
-
Revenue of
$143.8 million , increased 8.5% year-over-year-
License and transaction fee revenue of
$123.6 million , an increase of 27.5% year-over-year -
Equipment revenue of
$20.2 million , a decrease of 43.2% year-over-year
-
License and transaction fee revenue of
- Net new connections of 141,000 bring total connections to 1,169,000
- Added 3,169 new customers and ended the year with approximately 19,400 total customers
-
Gross margins of 26.5% decreased from 26.9% in fiscal year 2018
- License and transaction gross margin of 34.9% decreased from 36.8% in fiscal year 2018
- Equipment gross margin of (24.5)% decreased from (0.01)% in fiscal year 2018
-
Operating loss of
$(30.2) million compared to$(9.2) million in fiscal year 2018 -
Net loss of
$(32.0) million , or$(0.53) per share compared to$(11.3) million , or$(0.21) per share in fiscal year 2018 -
Non-GAAP net loss of
$(9.7) million , or$(0.16) per share, compared to a net loss of$(0.5) million , or$(0.01) per share in fiscal year 2018 -
Adjusted EBITDA of
$(3.1) million , compared to$7.4 million in fiscal year 2018 -
Investigation and restatement expenses were
$15.4 million as a result of expenses incurred by the Company in connection with the Audit Committee's investigation, the review of our accounting, the restatements of previously filed financial statements, bank consents, and the ongoing remediation of deficiencies in our internal control over financial reporting -
Integration and acquisition costs were
$1.3 million , down from$7.0 million in fiscal 2018 -
Ended the year with
$27.5 million in cash and cash equivalents
“We will continue to improve our control environment over the coming months,” said
| June 30, 2019 | March 31, 2019 | December 31,
| September 30,
| June 30, 2018 |
Revenue | $38,225 | $37,646 | $34,406 | $33,522 | $42,125 |
Net New Connections | 43,000 | 46,000 | 33,000 | 19,000 | 59,000 |
Total Connections | 1,169,000 | 1,126,000 | 1,080,000 | 1,047,000 | 1,028,000 |
License & Transaction Fee Revenue | $33,116 | $31,630 | $29,837 | $28,971 | $28,580 |
Gross Margin | 23.5% | 26.0% | 26.9% | 30.2% | 24.9% |
License & Transaction Margin | 33.7% | 35.4% | 34.4% | 36.0% | 38.6% |
Operating Income / (Loss) | ($10,143) | ($3,892) | ($10,200) | ($5,921) | ($1,002) |
Net Income / (Loss) | ($10,541) | ($4,510) | ($10,657) | ($6,320) | ($1,696) |
Non-GAAP Net Income / (Loss) | ($6,501) | ($1,682) | ($1,836) | $345 | $735 |
Adjusted EBITDA | ($5,338) | $190 | ($67) | $2,095 | $2,885 |
Cash & Equivalents | $27,464 | $32,788 | $63,193 | $68,262 | $83,964 |
Fiscal Year 2020 Outlook:
For full fiscal year 2020, the Company expects revenue to be between
About
Discussion of Non-GAAP Financial Measures:
This press release contains certain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP (Generally Accepted Accounting Principles). Reconciliations between non-GAAP financial measures and the most comparable GAAP financial measures are set forth in the Company’s
The following non-GAAP financial measures are discussed herein: adjusted EBITDA, non-GAAP net income (loss), and non-GAAP net income (loss) per share. The presentation of these additional financial measures is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including the net income or net loss of USAT or net cash used in operating activities. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with USAT's net income or net loss as determined in accordance with GAAP and are not a substitute for or a measure of the Company’s profitability or net earnings. These non-GAAP financial measures are not required by or defined under GAAP and may be materially different from the non-GAAP financial measures used by other companies. The reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Company’s
As used herein, non-GAAP net income (loss) represents GAAP net income (loss) excluding costs or benefits relating to any non-cash portions of the Company’s income tax benefit (provision), amortization expense related to our acquisition-related intangibles, non-recurring fees and charges that were incurred in connection with the acquisition and integration of businesses , non-recurring fees and charges that were incurred in connection with the Audit Committee investigation and financial statement restatement activities, and class-action litigation expenses. Management believes that non-GAAP net income (loss) is an important measure of USAT’s business. Non-GAAP net income (loss) is a non-GAAP financial measure which is not required by or defined under GAAP. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of our comparative operating performance. We believe that these non-GAAP financial measures serve as a useful metric for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors’ overall understanding of our current and future financial performance. Additionally, the Company utilizes non-GAAP net income (loss) as a metric in its executive officer and management incentive compensation plans.
As used herein, Adjusted EBITDA represents net loss before interest income, interest expense, income taxes, depreciation, amortization, non-recurring fees and charges that were incurred in connection with the acquisition and integration of businesses, non-recurring fees and charges that were incurred in connection with the Audit Committee investigation and financial statement restatement activities, class action litigation expenses, change in fair value of warrant liabilities, and stock-based compensation expense. We have excluded the non-cash expense, stock-based compensation, as it does not reflect the cash-based operations of the Company. We have excluded the non-recurring costs and expenses incurred in connection with business acquisitions in order to allow more accurate comparison of the financial results to historical operations. We have excluded the professional fees incurred in connection with the class action litigation as well as the non-recurring costs and expenses related to the Audit Committee investigation and financial statement restatement activities because we believe that they represent charges that are not related to our operations. Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance. Additionally, the Company utilizes Adjusted EBITDA as a metric in its executive officer and management incentive compensation plans.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of management to accurately predict or forecast future financial results, including earnings or taxable income of USAT; the incurrence by USAT of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing, route scheduling, inventory management, and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the risk that the closing conditions or the definitive loan documentation under the
(A) Restatement Related Income Statement Adjustments for Fiscal 2018 Periods
($ in thousands) | Increase / (Decrease) Restatement Impact | ||||||||||||||||||||
| Three months ended
|
| Three months ended
|
| Six months ended
|
| Three months ended
|
| Nine months ended
| ||||||||||||
Audit Committee Investigation-related Adjustments: |
|
|
|
|
|
|
|
|
| ||||||||||||
Revenue | $ | (411 | ) |
| $ | (866 | ) |
| $ | (1,277 | ) |
| $ | (768 | ) |
| $ | (2,045 | ) | ||
Costs of sales | $ | 165 |
|
| $ | (1,225 | ) |
| $ | (1,060 | ) |
| $ | (293 | ) |
| $ | (1,353 | ) | ||
Gross profit | $ | (576 | ) |
| $ | 359 |
|
| $ | (217 | ) |
| $ | (475 | ) |
| $ | (692 | ) | ||
Operating income (loss) | $ | (576 | ) |
| $ | 359 |
|
| $ | (217 | ) |
| $ | (9 | ) |
| $ | (226 | ) | ||
Income (loss) before income taxes | $ | (576 | ) |
| $ | 357 |
|
| $ | (219 | ) |
| $ | (29 | ) |
| $ | (248 | ) | ||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Acquisition and Financial Integration-related Adjustments: |
|
|
|
|
|
|
|
|
| ||||||||||||
Revenue | $ | — |
|
| $ | (60 | ) |
| $ | (60 | ) |
| $ | (1,546 | ) |
| $ | (1,606 | ) | ||
Costs of sales | $ | — |
|
| $ | (33 | ) |
| $ | (33 | ) |
| $ | (79 | ) |
| $ | (112 | ) | ||
Gross profit | $ | — |
|
| $ | (27 | ) |
| $ | (27 | ) |
| $ | (1,467 | ) |
| $ | (1,494 | ) | ||
Operating income (loss) | $ | — |
|
| $ | (288 | ) |
| $ | (288 | ) |
| $ | (1,594 | ) |
| $ | (1,882 | ) | ||
Income (loss) before income taxes | $ | — |
|
| $ | (223 | ) |
| $ | (223 | ) |
| $ | (1,499 | ) |
| $ | (1,722 | ) | ||
|
|
|
|
|
|
|
|
|
| ||||||||||||
Significant Account and Transaction Review and Other: |
|
|
|
|
|
|
|
|
| ||||||||||||
Revenue | $ | 53 |
|
| $ | (47 | ) |
| $ | 6 |
|
| $ | 75 |
|
| $ | 81 |
| ||
Costs of sales | $ | 497 |
|
| $ | 313 |
|
| $ | 810 |
|
| $ | 231 |
|
| $ | 1,041 |
| ||
Gross profit | $ | (444 | ) |
| $ | (360 | ) |
| $ | (804 | ) |
| $ | (156 | ) |
| $ | (960 | ) | ||
Operating income (loss) | $ | (622 | ) |
| $ | (775 | ) |
| $ | (1,397 | ) |
| $ | (461 | ) |
| $ | (1,858 | ) | ||
Income (loss) before income taxes | $ | (886 | ) |
| $ | (1,041 | ) |
| $ | (1,927 | ) |
| $ | (696 | ) |
| $ | (2,623 | ) | ||
(B) Restatement Related Balance Sheet Adjustments for Fiscal 2018 Periods
$ in thousands) | Increase / (Decrease) Restatement Impact | |||||||||||||
| As of
| As of
| As of
| |||||||||||
Audit Committee Investigation-related Adjustments: |
|
|
| |||||||||||
Accounts receivables | $ | (315 | ) | $ | (1,774 | ) | $ | (1,954 | ) | |||||
Finance receivables, net | $ | (1,640 | ) | $ | (1,269 | ) | $ | (1,666 | ) | |||||
Inventory, net | $ | 941 |
| $ | 2,166 |
| $ | 2,459 |
| |||||
Prepaid expenses and other current assets | $ | 25 |
| $ | 25 |
| $ | 25 |
| |||||
Other assets | $ | 82 |
| $ | 76 |
| $ | 69 |
| |||||
Property and equipment, net | $ | — |
| $ | (162 | ) | $ | (146 | ) | |||||
Accounts payable | $ | 270 |
| $ | 106 |
| $ | 99 |
| |||||
Accrued expenses | $ | 803 |
| $ | 580 |
| $ | 341 |
| |||||
|
|
|
| |||||||||||
Acquisition and Financial Integration-related Adjustments: |
|
|
| |||||||||||
Cash and cash equivalents | $ | — |
| $ | (26 | ) | $ | (52 | ) | |||||
Accounts receivables | $ | — |
| $ | 1,133 |
| $ | (1,974 | ) | |||||
Finance receivables, net | $ | — |
| $ | (1,515 | ) | $ | 158 |
| |||||
Inventory, net | $ | — |
| $ | (500 | ) | $ | (500 | ) | |||||
Prepaid expenses and other current assets | $ | — |
| $ | (35 | ) | $ | (44 | ) | |||||
Property and equipment, net | $ | — |
| $ | 721 |
| $ | 826 |
| |||||
Other assets | $ | — |
| $ | (139 | ) | $ | (175 | ) | |||||
Goodwill | $ | — |
| $ | 4,121 |
| $ | 4,121 |
| |||||
Accrued expenses | $ | — |
| $ | 785 |
| $ | 883 |
| |||||
Deferred revenue | $ | — |
| $ | (153 | ) | $ | (153 | ) | |||||
Common stock | $ | — |
| $ | 3,469 |
| $ | 3,469 |
| |||||
|
|
|
| |||||||||||
Significant Account and Transaction Review and Other: |
|
|
| |||||||||||
Accounts receivables | $ | 77 |
| $ | (8 | ) | $ | 127 |
| |||||
Finance receivables, net | $ | — |
| $ | 1,074 |
| $ | 28 |
| |||||
Inventory, net | $ | (305 | ) | $ | (861 | ) | $ | (1,067 | ) | |||||
Prepaid expenses and other current assets | $ | (136 | ) | $ | (150 | ) | $ | (173 | ) | |||||
Other assets | $ | (543 | ) | $ | (600 | ) | $ | (693 | ) | |||||
Property and equipment, net | $ | (1,149 | ) | $ | (737 | ) | $ | (635 | ) | |||||
Accounts payable | $ | 25 |
| $ | 27 |
| $ | 29 |
| |||||
Accrued expenses | $ | 8,319 |
| $ | 9,087 |
| $ | 9,877 |
| |||||
Capital lease obligation and current obligations under long-term debt | $ | (21 | ) | $ | 367 |
| $ | (5 | ) | |||||
Deferred revenue | $ | (27 | ) | $ | (27 | ) | $ | (27 | ) | |||||
Deferred gain from sale-leaseback transactions | $ | (198 | ) | $ | (198 | ) | $ | (198 | ) | |||||
Deferred gain from sale-leaseback transactions, less current portion | $ | (99 | ) | $ | (49 | ) | $ | — |
| |||||
Capital lease obligation and long-term debt, less current portion | $ | — |
| $ | 697 |
| $ | — |
| |||||
Common stock | $ | (166 | ) | $ | (372 | ) | $ | (867 | ) | |||||
(C) Restatement Related Income Statement Adjustments for Fiscal 2017 Periods
($ in thousands) | Increase / (Decrease) Restatement Impact |
|
| ||||||||||||||||||||||
| Three months
|
| Three months
|
| Six months
|
| Three months
|
| Nine months
|
| Three months
| ||||||||||||||
Audit Committee Investigation-related Adjustments: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Revenue | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (111 | ) |
| $ | (111 | ) |
| $ | (2,457 | ) | ||
Costs of sales | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (24 | ) |
| $ | (24 | ) |
| $ | (1,139 | ) | ||
Gross profit | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (87 | ) |
| $ | (87 | ) |
| $ | (1,318 | ) | ||
Operating income (loss) | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (87 | ) |
| $ | (87 | ) |
| $ | (1,318 | ) | ||
Income (loss) before income taxes | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (87 | ) |
| $ | (87 | ) |
| $ | (1,318 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Significant Account and Transaction Review and Other: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Revenue | $ | (18 | ) |
| $ | 31 |
|
| $ | 13 |
|
| $ | (49 | ) |
| $ | (36 | ) |
| $ | (53 | ) | ||
Costs of sales | $ | (148 | ) |
| $ | (81 | ) |
| $ | (229 | ) |
| $ | 147 |
|
| $ | (82 | ) |
| $ | 173 |
| ||
Gross profit | $ | 130 |
|
| $ | 112 |
|
| $ | 242 |
|
| $ | (196 | ) |
| $ | 46 |
|
| $ | (226 | ) | ||
Operating income (loss) | $ | (434 | ) |
| $ | (124 | ) |
| $ | (558 | ) |
| $ | (790 | ) |
| $ | (1,348 | ) |
| $ | (1,516 | ) | ||
Income (loss) before income taxes | $ | (769 | ) |
| $ | (441 | ) |
| $ | (1,210 | ) |
| $ | (1,159 | ) |
| $ | (2,369 | ) |
| $ | (1,831 | ) | ||
|
|
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|
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|
|
|
|
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|
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|
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|
|
(D) Restatement Related Balance Sheet Adjustments for Fiscal 2017 Periods
($ in thousands) | Increase / (Decrease) Restatement Impact | |||||||||||||
| As of
| As of
| As of
| |||||||||||
Audit Committee Investigation-related Adjustments: |
|
|
| |||||||||||
Finance receivables, net | $ | — |
| $ | — |
| $ | 92 |
| |||||
Prepaid expenses and other current assets | $ | — |
| $ | — |
| $ | 30 |
| |||||
Other assets | $ | — |
| $ | — |
| $ | 95 |
| |||||
Accounts payable | $ | — |
| $ | — |
| $ | 270 |
| |||||
Accrued expenses | $ | — |
| $ | — |
| $ | 34 |
| |||||
|
|
|
| |||||||||||
|
|
|
| |||||||||||
Significant Account and Transaction Review and Other: |
|
|
| |||||||||||
Accounts receivables | $ | (143 | ) | $ | 110 |
| $ | 61 |
| |||||
Inventory, net | $ | (338 | ) | $ | (348 | ) | $ | (470 | ) | |||||
Prepaid expenses and other current assets | $ | 13 |
| $ | 13 |
| $ | 13 |
| |||||
Property and equipment, net | $ | 2,865 |
| $ | 2,561 |
| $ | 2,168 |
| |||||
Accounts payable | $ | 17 |
| $ | 19 |
| $ | 21 |
| |||||
Accrued expenses | $ | 4,506 |
| $ | 5,222 |
| $ | 6,166 |
| |||||
Line of credit, net | $ | 13 |
| $ | 13 |
| $ | 13 |
| |||||
Capital lease obligation and current obligations under long-term debt | $ | 4,117 |
| $ | 3,566 |
| $ | 2,998 |
| |||||
Deferred gain from sale-leaseback transactions | $ | (685 | ) | $ | (470 | ) | $ | (255 | ) | |||||
(E) Restatement Related Income Statement Adjustments for Fiscal 2017
($ in thousands) | Increase / (Decrease)
| |||||
| Year ended June 30, 2017 | |||||
Audit Committee Investigation-related Adjustments: |
| |||||
Revenue | $ | (2,568 | ) | |||
Costs of sales | $ | (1,163 | ) | |||
Gross profit | $ | (1,405 | ) | |||
Operating income (loss) | $ | (1,405 | ) | |||
Loss before income taxes | $ | (1,405 | ) | |||
|
| |||||
Significant Account and Transaction Review and Other: |
| |||||
Revenue | $ | (89 | ) | |||
Costs of sales | $ | 91 |
| |||
Gross profit | $ | (180 | ) | |||
Operating income (loss) | $ | (2,864 | ) | |||
Loss before income taxes | $ | (4,200 | ) | |||
(F) Restatement Related Balance Sheet Adjustments for Fiscal 2017
($ in thousands) | Increase / (Decrease)
| |||||
| As of June 30, 2017 | |||||
|
| |||||
Audit Committee Investigation-related Adjustments: |
| |||||
Accounts receivable | $ | (284 | ) | |||
Finance receivables, net | $ | (1,267 | ) | |||
Inventory, net | $ | 1,106 |
| |||
Prepaid expenses and other current assets | $ | 25 |
| |||
Other assets | $ | 88 |
| |||
Accounts payable | $ | 270 |
| |||
Accrued expenses | $ | 803 |
| |||
|
| |||||
Significant Account and Transaction Review and Other: |
| |||||
Accounts receivable | $ | (75 | ) | |||
Inventory, net | $ | (500 | ) | |||
Prepaid expenses and other current assets | $ | (114 | ) | |||
Other assets | $ | (456 | ) | |||
Property and equipment, net | $ | (1,000 | ) | |||
Accounts payable | $ | 21 |
| |||
Accrued expenses | $ | 7,235 |
| |||
Capital lease obligation and current obligations under long-term debt | $ | (32 | ) | |||
Deferred revenue | $ | (27 | ) | |||
Deferred gain from sale-leaseback transactions | $ | (239 | ) | |||
Deferred gain from sale-leaseback transactions, less current portion | $ | (100 | ) | |||
(G) Five Year Select Key Performance Indicators
|
| As of and for the year ended June 30, | ||||||||||||||||||
($ in thousands, except per share data) |
| 2019 |
| 2018 (3) |
| 2017
|
| 2016
|
| 2015
| ||||||||||
Consolidated Statement of Operations Data: |
|
|
|
|
|
|
| (unaudited) |
| (unaudited) | ||||||||||
Revenue (1) |
| $ | 143,799 |
|
| $ | 132,508 |
|
| $ | 101,436 |
|
| $ | 77,572 |
|
| $ | 58,134 |
|
Operating loss |
| $ | (30,156 | ) |
| $ | (9,223 | ) |
| $ | (4,134 | ) |
| $ | (3,121 | ) |
| $ | (589 | ) |
Net loss (2) |
| $ | (32,028 | ) |
| $ | (11,284 | ) |
| $ | (7,465 | ) |
| $ | (38,337 | ) |
| $ | (2,114 | ) |
Cumulative preferred dividends |
| $ | (668 | ) |
| $ | (668 | ) |
| $ | (668 | ) |
| $ | (668 | ) |
| $ | (668 | ) |
Net loss applicable to common shares |
| $ | (32,696 | ) |
| $ | (11,952 | ) |
| $ | (8,133 | ) |
| $ | (39,005 | ) |
| $ | (2,782 | ) |
Net loss per common share - basic |
| $ | (0.54 | ) |
| $ | (0.23 | ) |
| $ | (0.20 | ) |
| $ | (1.07 | ) |
| $ | (0.08 | ) |
Net loss per common share - diluted |
| $ | (0.54 | ) |
| $ | (0.23 | ) |
| $ | (0.20 | ) |
| $ | (1.07 | ) |
| $ | (0.08 | ) |
Cash dividends per common share |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||
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Consolidated Balance Sheet Data: |
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| ||||||||||
Total assets |
| $ | 181,097 |
|
| $ | 231,995 |
|
| $ | 67,544 |
|
| $ | 59,852 |
|
| $ | 80,310 |
|
Line of credit, net |
| $ | — |
|
| $ | — |
|
| $ | 7,036 |
|
| $ | 7,184 |
|
| $ | 4,000 |
|
Capital lease obligations and long-term debt, including current portion |
| $ | 12,773 |
|
| $ | 35,766 |
|
| $ | 4,259 |
|
| $ | 6,859 |
|
| $ | 10,664 |
|
Shareholders’ equity |
| $ | 112,453 |
|
| $ | 142,688 |
|
| $ | 24,468 |
|
| $ | 19,328 |
|
| $ | 49,145 |
|
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|
|
|
|
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| ||||||||||
Consolidated Statement of Cash Flows Data: |
|
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|
|
|
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| ||||||||||
Net cash (used in) provided by operating activities |
| $ | (28,701 | ) |
| $ | 12,431 |
|
| $ | (6,072 | ) |
| $ | 11,976 |
|
| $ | (2,845 | ) |
Net cash (used in) provided by investing activities |
| $ | (4,230 | ) |
| $ | (68,861 | ) |
| $ | (3,439 | ) |
| $ | (7,434 | ) |
| $ | 4,535 |
|
Net cash (used in) provided by financing activities |
| $ | (23,569 | ) |
| $ | 127,649 |
|
| $ | 2,984 |
|
| $ | 3,465 |
|
| $ | 612 |
|
Net (decrease) increase in cash and cash equivalents |
| $ | (56,500 | ) |
| $ | 71,219 |
|
| $ | (6,527 | ) |
| $ | 8,007 |
|
| $ | 2,302 |
|
Cash and cash equivalents at beginning of year |
| $ | 83,964 |
|
| $ | 12,745 |
|
| $ | 19,272 |
|
| $ | 11,374 |
|
| $ | 9,072 |
|
Cash and cash equivalents at end of year |
| $ | 27,464 |
|
| $ | 83,964 |
|
| $ | 12,745 |
|
| $ | 19,381 |
|
| $ | 11,374 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Connections & Transaction Data (unaudited): |
|
|
|
|
|
|
|
|
|
| ||||||||||
Net New Connections |
| 141,000 |
|
| 460,000 |
|
| 140,000 |
|
| 95,000 |
|
| 67,000 |
| |||||
Total Connections |
| 1,169,000 |
|
| 1,028,000 |
|
| 568,000 |
|
| 428,000 |
|
| 333,000 |
| |||||
New Customers Added |
| 3,200 |
|
| 3,500 |
|
| 1,650 |
|
| 1,450 |
|
| 2,300 |
| |||||
Total Customers |
| 19,400 |
|
| 16,200 |
|
| 12,700 |
|
| 11,050 |
|
| 9,600 |
| |||||
Total Number of Transactions (millions) |
| 847.2 |
|
| 627.2 |
|
| 414.9 |
|
| 316.5 |
|
| 216.6 |
| |||||
Transaction Volume ($ millions) |
| $ | 1,647.0 |
|
| $ | 1,197.5 |
|
| $ | 803.0 |
|
| $ | 584.8 |
|
| $ | 388.9 | ( |
_____________________________________ | ||
(1) | As discussed in Note 3—Accounting Policies, revenue for the years ended June 30, 2015, 2016, 2017 and 2018 is not comparable to revenue for the year ended June 30, 2019 due to our adoption of Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606" or "Topic 606"). | |
(2) |
| Net loss for the year ended June 30, 2016 includes income tax expense of $30 million for the increase of tax valuation allowance. |
(3) | Financial statement results beginning in the year ended June 30, 2018 include the results of Cantaloupe since the acquisition by the Company. |
F-USAT
View source version on businesswire.com: https://www.businesswire.com/news/home/20191009005797/en/
Source:
Investors:
Monica Gould
The Blueshirt Group
Tel: +1 212-871-3927
monica@blueshirtgroup.com
Lindsay Savarese
The Blueshirt Group
Tel: +1 212-331-8417
lindsay@blueshirtgroup.com
Media:
Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Meaghan Repko
212-355-4449