UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (date of earliest event reported): September 10, 2020
USA TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Pennsylvania
 
001-33365
 
232679963
(State or other jurisdiction of incorporation
or organization)
 
(Commission
File Number)
 
(IRS employer
identification number)

     
100 Deerfield Lane, Suite 300
   
Malvern, Pennsylvania
 
19355
(Address of principal executive offices)
 
(Zip code)

Registrant’s telephone number, including area code: 610-989-0340
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 Results of Operations and Financial Condition.

On September 10, 2020, USA Technologies, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and fiscal year ended June 30, 2020. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report on Form 8-K pursuant to this “Item 2.02 Results of Operations and Financial Condition” is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
Description





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  USA TECHNOLOGIES, INC.
 
       

By:
/s/ Davina Furnish
 
    Davina Furnish
 
    General Counsel and Secretary
 
Dated: September 10, 2020      





Exhibit 99.1

USA Technologies Reports Fourth Quarter and Fiscal Year 2020 Results


MALVERN, Pa -- September 10, 2020 -- USA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today reported results for the fourth quarter and fiscal year 2020 ended June 30, 2020.

“We have worked very hard this quarter to put all the pieces in place that are necessary to move the company forward towards delivering the right financial results and growing the core business,” said Sean Feeney, Chief Executive Officer, USA Technologies. “Despite the fact that COVID-19 is still having an impact, we have been able to control costs, and make organizational and operational changes needed to position USAT for long-term growth and profitability. With a completely new executive team now in place, a reorganized business structure, a realigned salesforce and redesigned customer service team, as well as a stronger capital structure, we have an unbelievable opportunity to build something great on this strong foundation during fiscal year 2021, and beyond.”

Fourth Quarter Financial Highlights:

Revenue of $32.6 million, decreased 15.2% year-over-year
o
License and transaction fee revenue of $27.8 million, decreased 15.6% year-over-year
o
Equipment revenue of $4.8 million, decreased 13.0% year-over-year
Net new connections of 35,000 bring total connections to 1,320,000
Gross margin of 34.0% compared with 25.3% in the prior year period
o
License and transaction gross margin of 42.3% increased from 33.8% in the prior year period
o
Equipment gross margin of (14.1)% compared with (25.6)% in the prior year period
Operating loss of $(10.4) million compared to operating loss of $(9.5) million in the prior year period
Net loss applicable to common shares of $(11.4) million, or $(0.18) per basic share compared to net loss of $(9.9) million, or $(0.16) per basic share in the prior year period
EBITDA* of $(8.6) million compared to $(7.9) million in the prior year period
Adjusted EBITDA* of $(0.1) million compared to $(4.6) million in the prior year period

Fiscal Year 2020 Financial Highlights:

Revenue of $163.2 million, increased 12.9% year-over-year
o
License and transaction fee revenue of $133.2 million, increased 8.3% year-over-year
o
Equipment revenue of $30.0 million, increased 39.1% year-over-year
Added approximately 3,600 new customers and ended the year with approximately 23,000 total customers
Gross margins of 28.4% increased from 27.8% in fiscal year 2019
o
License and transaction gross margin of 37.7% increased from 34.9% in fiscal year 2019
o
Equipment gross margin of (13.1)% decreased from (12.7)% in fiscal year 2019
Operating loss of $(39.6) million compared to $(28.2) million in fiscal year 2019
Net loss applicable to common shares of $(41.3) million, or $(0.66) per share compared to $(30.6) million, or $(0.51) per share in fiscal year 2019
EBITDA* of $(32.6) million compared to $(20.7) million in fiscal year 2019
Adjusted EBITDA* of $(8.3) million, compared to $(1.5) million in fiscal year 2019
Ended the year with $31.7 million in cash and cash equivalents

Subsequent Events:

On August 14, 2020, the Company repaid all amounts outstanding to Antara Capital Master Fund LP under a senior secured term loan facility and entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement provides for a $5 million secured revolving credit facility and a $15 million secured term facility, which includes an uncommitted expansion feature that allows the Company to increase the total revolving commitments and/or add new tranches of term loans in an aggregate amount not to exceed $5 million.

Fiscal Year 2021 Outlook:
For full fiscal year 2021, the Company expects revenue to be between $170 million to $180 million and Adjusted EBITDA to be between $2 million and $5 million.
* Note: EBITDA and Adjusted EBITDA are non-GAAP measures. See discussion of non-GAAP measures below.



“Our outlook for fiscal year 2021 anticipates that the first half of the year will continue to be impacted by the COVID-19 pandemic and we will also be continuing to turnaround the business. The fiscal year 2021 plan anticipates that, for the second half of the fiscal year, the environment will be more amenable in terms of office/school/hotel traffic and that we will have made significant progress on the business turnaround,” said  Wayne Jackson, Chief Financial Officer, USA Technologies

Webcast and Conference Call
USA Technologies will host a conference call and webcast at 4:30 p.m. Eastern Time today. To participate in the conference call, please dial (866) 433-2471 approximately 10 minutes prior to the call. International callers should dial (224) 357-2186. Please reference conference ID # 6485605.  A live webcast of the conference call will be available at https://usatechnologiesinc.gcs-web.com/events-and-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

A telephone replay of the conference call will be available from 7:30 p.m. Eastern Time on September 10, 2020 until 7:30 p.m. Eastern Time on September 13, 2020 and may be accessed by calling +1 (855) 859-2056 (domestic dial-in) or +1 (404) 537-3406 (international dial-in) and reference conference ID #6485605.

An archived replay of the conference call will also be available in the investor relations section of the company's website.

About USA Technologies
USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.

Discussion of Non-GAAP Financial Measures:
This press release contains discussion of adjusted EBITDA, a non-GAAP financial measure which is not required or defined under GAAP (Generally Accepted Accounting Principles). 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. Reconciliations between non-GAAP financial measures and the most comparable GAAP financial measures are set forth below in Financial Schedule D.

The presentation of this financial measure 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 provided by (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. USAT has provided below in Financial Schedule D the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.


As used herein, Adjusted EBITDA represents net income (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 conducted in fiscal year 2019 and financial statement restatement activities as well as proxy solicitation costs, and stock-based compensation expense.

We have excluded the non-cash expense, stock-based compensation, as it does not reflect our cash-based operations. 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 non-recurring costs and expenses related to the Audit Committee investigation conducted in fiscal year 2019, financial statement restatement activities, and proxy solicitation costs 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 and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the risk associated with the currently pending litigation or possible regulatory action arising from the internal investigation and its findings, from the failure to timely file its periodic reports with the Securities and Exchange Commission, from the restatement of the affected financial statements, from allegations related to the registration statement for the follow-on public offering, or from potential litigation or other claims arising from the shareholder demands for derivative actions; whether the application by USAT to relist its securities on The Nasdaq Stock Market LLC (“Nasdaq”) will be granted by Nasdaq or granted in a timely manner; the uncertainties associated with COVID-19, including its effects on the Company’s operations, financial condition, and the demand for the Company’s products and services; failure to comply with the financial covenants of our credit agreement with JPMorgan Chase Bank, N.A. entered into on August 14, 2020; failure to otherwise raise additional capital from other lenders or investors as needed; or whether USAT's current or future customers purchase, lease, rent or utilize ePort devices or our other products in the future at levels currently anticipated by USAT. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.



-F--USAT




USA Technologies, Inc.
Consolidated Balance Sheets
 
As of June 30,
($ in thousands, except per share data)
2020
 
2019
       
Assets
     
Current assets:
     
Cash and cash equivalents
$
31,713
   
$
27,464
 
Accounts receivable, less allowance of $7,676 and $4,866, respectively
17,273
   
21,906
 
Finance receivables, net
7,468
   
6,727
 
Inventory, net
9,128
   
11,273
 
Prepaid expenses and other current assets
1,782
   
1,558
 
Total current assets
67,364
   
68,928
 
       
Non-current assets:
     
Finance receivables due after one year, net
11,213
   
12,642
 
Other assets
1,993
   
2,099
 
Property and equipment, net
7,872
   
9,590
 
Operating lease right-of-use assets
5,603
   
 
Intangibles, net
23,033
   
26,171
 
Goodwill
63,945
   
63,945
 
Total non-current assets
113,659
   
114,447
 
       
Total assets
$
181,023
   
$
183,375
 
       
Liabilities, convertible preferred stock and shareholders’ equity
     
Current liabilities:
     
Accounts payable
$
27,058
   
$
27,584
 
Accrued expenses
30,265
   
23,705
 
Finance lease obligations and current obligations under long-term debt
3,328
   
12,497
 
Deferred revenue
1,698
   
1,681
 
Total current liabilities
62,349
   
65,467
 
       
Long-term liabilities:
     
Deferred income taxes
137
   
71
 
Finance lease obligations and long-term debt, less current portion
12,435
   
276
 
Operating lease liabilities, non-current
4,749
   
 
Total long-term liabilities
17,321
   
347
 
       
Total liabilities
$
79,670
   
$
65,814
 
               
Commitments and contingencies (Note 19)
     
       
Convertible preferred stock:
     
Series A convertible preferred stock, 900,000 shares authorized, 445,063 issued and outstanding, with liquidation preferences of $20,779 and $20,111 at June 30, 2020 and 2019, respectively
3,138
   
3,138
 
Shareholders’ equity:
     
Preferred stock, no par value, 1,800,000 shares authorized, no shares issued
   
 
Common stock, no par value, 640,000,000 shares authorized, 65,196,882 and 60,008,481 shares issued and outstanding at June 30, 2020 and 2019, respectively
401,240
   
376,853
 
Accumulated deficit
(303,025
)
 
(262,430
)
Total shareholders’ equity
98,215
   
114,423
 
Total liabilities, convertible preferred stock and shareholders’ equity
$
181,023
   
$
183,375
 



USA Technologies, Inc.
Consolidated Statements of Operations
 
Year ended June 30,
($ in thousands, except per share data)
2020
 
2019
 
2018
           
Revenue:
         
License and transaction fees
$
133,167
   
$
122,908
   
$
96,872
 
Equipment sales
29,986
   
21,558
   
35,636
 
Total revenue
163,153
   
144,466
   
132,508
 
           
Costs of sales:
         
Cost of services
82,980
   
79,980
   
61,175
 
Cost of equipment
33,900
   
24,301
   
35,657
 
Total costs of sales
116,880
   
104,281
   
96,832
 
Gross profit
46,273
   
40,185
   
35,676
 
           
Operating expenses:
         
Selling, general and administrative
60,266
   
46,527
   
34,647
 
Investigation, proxy solicitation and restatement expenses
21,292
   
16,073
   
 
Integration and acquisition costs
   
1,338
   
7,048
 
Depreciation and amortization
4,307
   
4,430
   
3,204
 
Total operating expenses
85,865
   
68,368
   
44,899
 
Operating loss
(39,592
)
 
(28,183
)
 
(9,223
)
           
Other income (expense):
         
Interest income
1,595
   
1,555
   
943
 
Interest expense
(2,597
)
 
(2,992
)
 
(3,105
)
Total other expense, net
(1,002
)
 
(1,437
)
 
(2,162
)
           
Loss before income taxes
(40,594
)
 
(29,620
)
 
(11,385
)
Benefit (provision) for income taxes
(1
)
 
(262
)
 
101
 
           
Net loss
(40,595
)
 
(29,882
)
 
(11,284
)
Preferred dividends
(668
)
 
(668
)
 
(668
)
Net loss applicable to common shares
$
(41,263
)
 
$
(30,550
)
 
$
(11,952
)
Net loss per common share
         
Basic
$
(0.66
)
 
$
(0.51
)
 
$
(0.23
)
Diluted
$
(0.66
)
 
$
(0.51
)
 
$
(0.23
)
Weighted average number of common shares outstanding
         
Basic
62,980,193
   
60,061,243
   
51,840,518
 
Diluted
62,980,193
   
60,061,243
   
51,840,518
 





USA Technologies, Inc.
Consolidated Statements of Cash Flows
 
Year ended June 30,
($ in thousands)
2020
 
2019
 
2018
           
OPERATING ACTIVITIES:
         
Net loss
$
(40,595
)
 
$
(29,882
)
 
$
(11,284
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
         
Non-cash stock-based compensation
3,029
   
1,750
   
1,794
 
(Gain) loss on disposal of property and equipment
335
   
672
   
(131
)
Non-cash interest and amortization of debt discount
1,283
   
301
   
140
 
Reimbursement of shareholder proxy solicitation costs
4,500
   
   
 
Bad debt expense
2,958
   
2,534
   
471
 
Provision for inventory reserve
681
   
3,172
   
1,467
 
Depreciation and amortization included in operating expenses
4,307
   
4,430
   
3,204
 
Depreciation included in cost of sales for rentals
2,710
   
3,074
   
4,625
 
Non-cash lease expense
1,698
   
   
 
Excess tax benefits
   
   
67
 
Deferred income taxes, net
70
   
(7
)
 
(183
)
Changes in operating assets and liabilities:
         
Accounts receivable
1,818
   
(8,706
)
 
(6,234
)
Finance receivables
547
   
(669
)
 
2,228
 
Sale of finance receivables
   
   
2,280
 
Inventory
1,463
   
(5,607
)
 
(3,661
)
Prepaid expenses and other current assets
(563
)
 
(395
)
 
377
 
Accounts payable and accrued expenses
2,988
   
1,293
   
16,920
 
Operating lease liabilities
(1,384
)
 
   
 
Deferred revenue
16
   
(132
)
 
351
 
Net cash (used in) provided by operating activities
(14,139
)
 
(28,172
)
 
12,431
 
           
INVESTING ACTIVITIES:
         
Purchase of property and equipment
(2,538
)
 
(4,875
)
 
(3,978
)
Proceeds from sale of property and equipment
44
   
116
   
298
 
Cash paid for acquisitions, net of cash acquired
   
   
(65,181
)
Net cash used in investing activities
(2,494
)
 
(4,759
)
 
(68,861
)
           
FINANCING ACTIVITIES:
         
Proceeds from collateralized borrowing from the transfer of finance receivables
   
   
1,075
 
Cash used in retirement of common stock
   
(81
)
 
(552
)
Proceeds from exercise of common stock options
192
   
42
   
141
 
Proceeds from long-term debt issuance by Antara
14,248
   
   
 
Proceeds from equity issuance by Antara
17,879
   
   
 
Proceeds from PPP Loan
3,065
   
   
 
Cash used for repurchase of common stock awards
   
(120
)
 
 
Payment of debt issuance costs
(1,980
)
 
(156
)
 
(445
)
Proceeds from issuance of long-term debt
   
   
25,100
 
Proceeds from revolving credit facility
   
   
12,500
 
Repayment of revolving credit facility
(10,000
)
 
   
(2,500
)
Issuance of common stock in public offering, net
   
   
104,796
 
Repayment of line of credit
   
   
(7,111
)
Repayment of finance lease obligations and long-term debt
(2,522
)
 
(23,254
)
 
(5,355
)
Net cash (used in) provided by financing activities
20,882
   
(23,569
)
 
127,649
 
           
Net increase (decrease) in cash and cash equivalents
4,249
   
(56,500
)
 
71,219
 
Cash and cash equivalents at beginning of year
27,464
   
83,964
   
12,745
 
Cash and cash equivalents at end of year
$
31,713
   
$
27,464
   
$
83,964
 
           
Supplemental disclosures of cash flow information:
         
Interest paid in cash
$
1,314
   
$
2,793
   
$
2,878
 
Supplemental disclosures of noncash financing and investing activities:
         
Equity issued in connection with Cantaloupe acquisition, net of post-working capital adjustment for retired shares
$
   
$
   
$
23,279
 
Settlement of collateralized borrowing from the sale of finance receivables
$
   
$
   
$
987
 
Equipment and software acquired under finance lease
$
12
   
$
5
   
$
217
 





Reconciliation of Net Loss to Adjusted EBITDA
 
Year ended June 30,
($ in thousands)
2020
 
2019
 
2018
           
Net loss
$
(40,595
)
 
$
(29,882
)
 
$
(11,284
)
Less: interest income
(1,595
)
 
(1,555
)
 
(943
)
Plus: interest expense
2,597
   
2,992
   
3,105
 
Plus (less): income tax provision (benefit)
1
   
262
   
(101
)
Plus: depreciation expense included in cost of sales for rentals
2,711
 
3,074
 
4,625
Plus: depreciation and amortization expense in operating expenses
4,307
   
4,430
   
3,204
 
EBITDA
(32,574
)
 
(20,679
)
 
(1,394
)
Plus: stock-based compensation
3,029
   
1,750
   
1,794
 
Plus: investigation, proxy solicitation and restatement expenses
21,292
   
16,073
   
 
Plus: integration and acquisition costs
   
1,338
   
7,048
 
Adjustments to EBITDA
24,321
   
19,161
   
8,842
 
Adjusted EBITDA
$
(8,253
)
 
$
(1,518
)
 
$
7,448
 

Reconciliation of Net Loss to Adjusted EBITDA
   
Three months ended June 30,
($ in thousands)
 
2020
 
2019
Net loss
 
$
(11,414
)
 
$
(9,850
)
Less: interest income
 
(607
)
 
(310
)
Plus: interest expense
 
1,686
   
474
 
Plus (less): income tax provision (benefit)
 
(45
)
 
202
 
Plus: depreciation expense included in cost of sales for rentals
 
727
   
534
 
Plus: depreciation and amortization expense in operating expenses
 
1,098
   
1,071
 
EBITDA
 
(8,555
)
 
(7,879
)
Plus: stock-based compensation
 
576
   
357
 
Plus: investigation, proxy solicitation and restatement expenses
 
7,894
   
2,662
 
Plus: integration and acquisition costs
 
   
211
 
Adjustments to EBITDA
 
8,470
   
3,230
 
Adjusted EBITDA
 
$
(85
)
 
$
(4,649
)


During the fourth quarter of fiscal year 2020, the Company reclassified certain operating expenses previously reported in the first three quarters of fiscal year 2020 as Selling, general and administrative expenses to Investigation, proxy solicitation and restatement expenses. The reclassifications resulted from management’s conclusion that those operating expenses related to non-recurring professional services fees to assist the Company with accounting and compliance activities following the filing of the 2019 Form 10-K, as well as the proxy solicitation costs incurred in fiscal year 2020. These reclassifications did not affect total operating expenses or net income.
 
Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, before the reclassifications:




 
 
Three months ended
($ in thousands)
 
September 30, 2019
 
December 31, 2019
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
$
18,107
 
 
$
18,700
 
 
$
20,069
 
Investigation and restatement expenses
 
3,565
 
 
738
 
 
 
Depreciation and amortization
 
1,022
 
 
1,080
 
 
1,107
 
Total operating expenses
 
$
22,694
 
 
$
20,518
 
 
$
21,176
 
 
Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, after the reclassifications:
 
 
Three months ended
($ in thousands)
 
September 30, 2019
 
December 31, 2019
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
$
17,196
 
 
$
12,520
 
 
$
18,065
 
Investigation, proxy solicitation and restatement expenses
 
4,476
 
 
6,918
 
 
2,004
 
Depreciation and amortization
 
1,022
 
 
1,080
 
 
1,107
 
Total operating expenses
 
$
22,694
 
 
$
20,518
 
 
$
21,176
 





Contacts:

Investor Relations:
ICR, Inc.
USATechIR@icrinc.com

Media and Investor Relations Contact:
Alicia V. Nieva-Woodgate
USA Technologies
+1 720.808.0086
anievawoodgate@usatech.com