Usio Reiterates Fiscal 2023 Revenue Growth Guidance of 18-20%
Electronic Payments Processing Volume Jumps 21% in Fourth Quarter Excluding Crypto Volumes
Expects to Report Record Fiscal 2023 Revenues and Positive Full Year Adjusted EBITDA
Total Dollars processed in the fourth quarter of 2023 were up 21% compared to the same period last year, led by a 65% increase in purchase volume in Usio’s Prepaid business, where total dollars loaded on prepaid cards exceeded
The Company also noted that, excluding volume from the crypto industry, which the Company exited late in 2022, total full year 2023 processing volume would have been up 21% compared to full year 2022.
Fourth Quarter 2023 Processing Results
Card Processing, Including PayFac |
||||
vQ4 22 |
vQ3 23 |
|||
Credit Card Dollars Processed |
+8% |
-2% |
||
Credit Card Transactions Processed |
+0% |
+4% |
Year-over-year Credit Card Dollars Processed growth accelerated from 5% in the third quarter of 2023.
Prepaid |
||||
vQ4 22 |
vQ3 23 |
|||
Prepaid Card Load Volume |
+129% |
-2% |
||
Prepaid Card Transaction Volume |
+17% |
-13% |
||
Prepaid Card Purchase Volume |
+65% |
-2% |
Total dollars loaded on prepaid cards exceeded
ACH |
||||
vQ4 22 |
vQ3 23 |
|||
Electronic Check Transaction Volume |
+2% |
+7% |
||
Returned Check Transactions Processed |
+0% |
+8% |
||
Electronic Check Dollars Processed |
+25% |
+5% |
Electronic check transaction volume and dollars processed in the fourth quarter were both up year-over-year after recording declines earlier in the year.
Output Solutions |
||||
vQ4 22 |
vQ3 23 |
|||
Transactions/pieces processed |
-18% |
+7% |
Total pieces processed and mailed by Output Solutions in Q4 exceeded 6 million, and electronic documents delivered exceeded 11 million. After running at over 100% of capacity for much of 2023, Output Solutions recently invested in new technology to expand its production capacity by approximately 50%, which is expected to reignite year-over-year growth beginning early in 2024.
Full Year 2023 Processing Results
Card Processing, Including PayFac |
v2022 |
|
Credit Card Dollars Processed |
+6% |
|
Credit Card Transactions Processed |
+9% |
Total dollars processed for Card was
Prepaid |
||
v2022 |
||
Prepaid Card Load Volume |
+76% |
|
Prepaid Card Transaction Volume |
-10% |
|
Prepaid Card Purchase Volume |
+52% |
Total dollars loaded on prepaid cards exceeded
ACH |
||
v2022 |
||
Electronic Check Transaction Volume |
-20% |
|
Returned Check Transactions Processed |
-15% |
|
Electronic Check Dollars Processed |
-35% |
Output Solutions |
||
v2022 |
||
Transactions/pieces processed |
+28% |
Total pieces processed and mailed by Output Solutions in 2023 exceeded 25.6 million. Total electronic only documents, including statements, bills and other documents, processed and delivered exceeded 37.3 million. It is the first time that Output Solutions produced more electronic documents than paper ones. This led to increased gross margins for 2023 for Output Solutions.
For full year 2023, total dollars processed were
About
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312470953/en/
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804
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