Full Year Revenues up 19%; Seventh Consecutive Year of Record Revenue
Adjusted EBITDA up Nearly
Full year revenue growth was led by Prepaid, where revenues were up 105% as total dollars loaded on prepaid cards exceeded
For 2023, total gross profits climbed 27% as gross margins expanded 150 basis points to 22.5% from 21.0% in fiscal 2022. Selling, general and administrative expense were up just 8% in the year while total operating expenses were up just 4%, reflecting continued strong expense control. For the year, the Company generated nearly
Fiscal 2024 Guidance
The Company continues to expect strong 10-12% growth in revenue in 2024 while also anticipating 70% - 90% growth in Adjusted EBITDA1 to a range of
Fourth Quarter 2023 Financial Summary
Revenues were
|
|
Three Months Ended |
|
|||||||||||||
|
|
(in millions, except percentages) |
|
|||||||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service revenue |
|
$ |
3.9 |
|
|
$ |
3.8 |
|
|
$ |
0.1 |
|
|
|
4 |
% |
Credit card revenue |
|
|
6.9 |
|
|
|
6.6 |
|
|
|
0.2 |
|
|
|
3 |
% |
Prepaid card services revenue |
|
|
4.0 |
|
|
|
3.4 |
|
|
|
0.6 |
|
|
|
19 |
% |
Output solutions revenue |
|
|
4.6 |
|
|
|
4.9 |
|
|
|
(0.3 |
) |
|
|
(7 |
)% |
Total Revenue |
|
$ |
19.4 |
|
|
$ |
18.7 |
|
|
$ |
0.7 |
|
|
|
4 |
% |
Revenue growth was primarily attributable to a 19% increase in Prepaid revenues as well as growth in our ACH and Credit card businesses, compared to the same period last year.
Gross profits were
The Company had an operating loss of
Adjusted EBITDA1 was a positive
For the quarter, the Company generated
Net income for the fourth quarter of 2023 was
During the quarter, the Company repurchased 211,000 shares of its stock at an average price of
1 See reconciliation of non-GAAP financial measures below |
Financial Results for Full Year 2023
Revenues for 2023 were
|
|
Year Ended |
|
|||||||||||||
|
|
(in millions, except percentages) |
|
|||||||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service revenue |
|
$ |
14.9 |
|
|
$ |
14.8 |
|
|
$ |
0.1 |
|
|
|
1 |
% |
Credit card revenue |
|
28.5 |
|
|
|
27.1 |
|
|
|
1.4 |
|
|
|
5 |
% |
|
Prepaid card services revenue |
|
|
18.7 |
|
|
|
9.1 |
|
|
|
9.6 |
|
|
|
105 |
% |
Output solutions revenue |
|
|
20.5 |
|
|
|
18.4 |
|
|
|
2.1 |
|
|
|
11 |
% |
Total Revenue |
|
$ |
82.6 |
|
|
$ |
69.4 |
|
|
$ |
13.2 |
|
|
|
19 |
% |
The Company grew revenue in each of its business segments, with Prepaid registering the strongest growth of
Gross profit for the year ended
The Company significantly reduced its operating loss for the year by
Conference Call and Webcast
A replay of the call will be available approximately one hour after the end of the call through
About
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. The Company defines adjusted operating cash flow as net cash provided (used) by operating activities, less changes in prepaid card load obligations, customer deposits, merchant reserves and net operating lease assets and obligations. These adjustments to net cash provided (used) by operating activities are not inclusive of any regular expense items, and only include changes in our assets and liabilities accounts on the balance sheet. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, and adjusted operating cash flows as indicators of the Company's operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.
Management believes EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows are helpful to investors in evaluating the Company's operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.
EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, net income, or cash provided (used) by operating activities, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow have limitations as analytical tools and you should not consider these Non-GAAP measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.
1 See reconciliation of non-GAAP financial measures below |
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," "could," "should," "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, 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 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
CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,155,687 |
|
|
$ |
5,709,117 |
|
Accounts receivable, net |
|
|
5,564,138 |
|
|
|
4,371,640 |
|
Settlement processing assets |
|
|
44,899,603 |
|
|
|
49,737,068 |
|
Prepaid card load assets |
|
|
31,578,973 |
|
|
|
20,170,761 |
|
Customer deposits |
|
|
1,865,731 |
|
|
|
1,554,122 |
|
Inventory |
|
|
422,808 |
|
|
|
507,355 |
|
Prepaid expenses and other |
|
|
444,071 |
|
|
|
450,389 |
|
Current assets before merchant reserves |
|
|
91,931,011 |
|
|
|
82,500,452 |
|
Merchant reserves |
|
|
5,310,095 |
|
|
|
4,909,501 |
|
Total current assets |
|
|
97,241,106 |
|
|
|
87,409,953 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
3,660,092 |
|
|
|
3,222,816 |
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
1,753,333 |
|
|
|
2,625,360 |
|
Deferred tax asset |
|
|
1,504,000 |
|
|
|
1,504,000 |
|
Operating lease right-of-use assets |
|
|
2,420,782 |
|
|
|
2,795,483 |
|
Other assets |
|
|
355,357 |
|
|
|
355,357 |
|
Total other assets |
|
|
6,033,472 |
|
|
|
7,280,200 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
106,934,670 |
|
|
$ |
97,912,969 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,031,141 |
|
|
$ |
858,622 |
|
Accrued expenses |
|
|
3,801,278 |
|
|
|
3,721,108 |
|
Operating lease liabilities, current portion |
|
|
633,616 |
|
|
|
617,319 |
|
Equipment loan, current portion |
|
|
107,270 |
|
|
|
56,429 |
|
Settlement processing obligations |
|
|
44,899,603 |
|
|
|
49,737,068 |
|
Prepaid card load liabilities |
|
|
31,578,973 |
|
|
|
20,170,761 |
|
Customer deposits |
|
|
1,865,731 |
|
|
|
1,554,122 |
|
Current liabilities before merchant reserve obligations |
|
|
83,917,612 |
|
|
|
76,715,429 |
|
Merchant reserve obligations |
|
|
5,310,095 |
|
|
|
4,909,501 |
|
Total current liabilities |
|
|
89,227,707 |
|
|
|
81,624,930 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Equipment loan, non-current portion |
|
|
718,980 |
|
|
|
14,994 |
|
Operating lease liabilities, non-current portion |
|
|
1,919,144 |
|
|
|
2,338,947 |
|
Total liabilities |
|
|
91,865,831 |
|
|
|
83,978,871 |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
197,087 |
|
|
|
195,471 |
|
Additional paid-in capital |
|
|
97,479,830 |
|
|
|
94,048,603 |
|
|
|
|
(4,362,150 |
) |
|
|
(3,749,027 |
) |
Deferred compensation |
|
|
(6,907,775 |
) |
|
|
(5,697,900 |
) |
Accumulated deficit |
|
|
(71,338,153 |
) |
|
|
(70,863,049 |
) |
Total stockholders' equity |
|
|
15,068,839 |
|
|
|
13,934,098 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
106,934,670 |
|
|
$ |
97,912,969 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
$ |
19,362,718 |
|
|
$ |
18,705,496 |
|
|
$ |
82,591,109 |
|
|
$ |
69,428,285 |
|
Cost of services |
|
|
14,871,207 |
|
|
|
14,015,833 |
|
|
|
63,992,417 |
|
|
|
54,835,069 |
|
Gross profit |
|
|
4,491,511 |
|
|
|
4,689,663 |
|
|
|
18,598,692 |
|
|
|
14,593,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
545,711 |
|
|
|
531,666 |
|
|
|
2,222,969 |
|
|
|
2,072,041 |
|
Other expenses |
|
|
4,195,580 |
|
|
|
3,677,161 |
|
|
|
16,216,690 |
|
|
|
15,000,487 |
|
Depreciation and Amortization |
|
|
521,932 |
|
|
|
571,650 |
|
|
|
2,081,533 |
|
|
|
2,735,118 |
|
Total operating expenses |
|
|
5,263,223 |
|
|
|
4,780,477 |
|
|
|
20,521,192 |
|
|
|
19,807,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) |
|
|
(771,712 |
) |
|
|
(90,814 |
) |
|
|
(1,922,500 |
) |
|
|
(5,214,430 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
871,261 |
|
|
|
10,762 |
|
|
|
1,695,122 |
|
|
|
15,237 |
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
Interest expense |
|
|
(3,614 |
) |
|
|
(807 |
) |
|
|
(5,202 |
) |
|
|
(4,051 |
) |
Other income and (expense), net |
|
|
867,647 |
|
|
|
9,955 |
|
|
|
1,739,920 |
|
|
|
11,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
95,935 |
|
|
|
(80,859 |
) |
|
|
(182,580 |
) |
|
|
(5,203,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal income tax (benefit) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
State income tax expense |
|
|
70,000 |
|
|
|
70,000 |
|
|
|
292,524 |
|
|
|
280,000 |
|
Income taxes |
|
|
70,000 |
|
|
|
70,000 |
|
|
|
292,524 |
|
|
|
280,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
25,935 |
|
|
$ |
(150,859 |
) |
|
$ |
(475,104 |
) |
|
$ |
(5,483,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) per common share: |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.27 |
) |
Diluted (loss) per common share: |
|
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.27 |
) |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,118,351 |
|
|
|
20,548,742 |
|
|
|
20,105,968 |
|
|
|
20,379,386 |
|
Diluted |
|
|
26,503,251 |
|
|
|
20,548,742 |
|
|
|
20,105,968 |
|
|
|
20,379,386 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
|
|
|
|
|
|
||
Operating Activities |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(475,104 |
) |
|
$ |
(5,483,244 |
) |
Adjustments to reconcile net (loss) to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,209,506 |
|
|
|
1,196,584 |
|
Amortization |
|
|
872,027 |
|
|
|
1,538,534 |
|
Employee stock-based compensation |
|
|
2,190,369 |
|
|
|
2,072,041 |
|
Vendor stock-based compensation |
|
|
32,600 |
|
|
|
— |
|
Amortization of warrant costs |
|
|
— |
|
|
|
20,963 |
|
Non-cash revenue from return of treasury stock |
|
|
(156,162 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,192,498 |
) |
|
|
607,853 |
|
Prepaid expenses and other |
|
|
6,318 |
|
|
|
(23,426 |
) |
Operating lease right-to-use assets |
|
|
374,701 |
|
|
|
6,630 |
|
Other assets |
|
|
— |
|
|
|
(10,000 |
) |
Inventory |
|
|
84,547 |
|
|
|
(72,823 |
) |
Accounts payable and accrued expenses |
|
|
252,689 |
|
|
|
853,965 |
|
Operating lease liabilities |
|
|
(403,506 |
) |
|
|
(24,052 |
) |
Prepaid card load obligations |
|
|
11,408,212 |
|
|
|
(16,420,132 |
) |
Merchant reserves |
|
|
400,594 |
|
|
|
(1,471,652 |
) |
Customer deposits |
|
|
311,609 |
|
|
|
189,929 |
|
Deferred revenue |
|
|
— |
|
|
|
(17,647 |
) |
Net cash provided (used) by operating activities |
|
|
14,915,902 |
|
|
|
(17,036,477 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(834,964 |
) |
|
|
(812,242 |
) |
Net cash (used) by investing activities |
|
|
(834,964 |
) |
|
|
(812,242 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Payments on equipment loan |
|
|
(56,992 |
) |
|
|
(54,771 |
) |
Purchases of treasury stock |
|
|
(456,961 |
) |
|
|
(1,344,569 |
) |
Net cash (used) by financing activities |
|
|
(513,953 |
) |
|
|
(1,399,340 |
) |
|
|
|
|
|
|
|
|
|
Change in cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves |
|
|
13,566,985 |
|
|
|
(19,248,059 |
) |
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of year |
|
|
32,343,501 |
|
|
|
51,591,560 |
|
|
|
|
|
|
|
|
|
|
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year |
|
$ |
45,910,486 |
|
|
$ |
32,343,501 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
5,202 |
|
|
$ |
4,051 |
|
Income taxes |
|
|
116,204 |
|
|
|
269,500 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Issuance of deferred stock compensation |
|
|
2,650,505 |
|
|
|
166,229 |
|
Non-cash transaction for acquisition of equipment in exchange for note payable |
|
|
811,819 |
|
|
|
— |
|
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY |
||||||||||||||||||||||||||||
|
|
Common Stock |
|
|
Additional
|
|
|
|
|
|
Deferred |
|
|
Accumulated |
|
|
Total
|
|
||||||||||
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Stock |
|
|
Compensation |
|
|
Deficit |
|
|
Equity |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
|
26,807,145 |
|
|
$ |
195,235 |
|
|
$ |
93,100,129 |
|
|
$ |
(2,404,458 |
) |
|
$ |
(6,842,195 |
) |
|
$ |
(65,379,805 |
) |
|
$ |
18,668,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under equity incentive plan |
|
|
369,755 |
|
|
|
368 |
|
|
|
1,182,939 |
|
|
|
— |
|
|
|
(166,329 |
) |
|
|
— |
|
|
|
1,016,978 |
|
Warrant compensation cost |
|
|
— |
|
|
|
— |
|
|
|
20,963 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,963 |
|
Reversal of deferred compensation amortization that did not vest |
|
|
(132,000 |
) |
|
|
(132 |
) |
|
|
(255,428 |
) |
|
|
— |
|
|
|
145,498 |
|
|
|
— |
|
|
|
(110,062 |
) |
Deferred compensation amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,165,126 |
|
|
|
— |
|
|
|
1,165,126 |
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,344,569 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,344,569 |
) |
Net (loss) for the year |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,483,244 |
) |
|
|
(5,483,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
|
27,044,900 |
|
|
$ |
195,471 |
|
|
$ |
94,048,603 |
|
|
$ |
(3,749,027 |
) |
|
$ |
(5,697,900 |
) |
|
$ |
(70,863,049 |
) |
|
$ |
13,934,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under equity incentive plan |
|
|
1,731,506 |
|
|
|
1,731 |
|
|
|
3,619,315 |
|
|
|
— |
|
|
|
(2,650,505 |
) |
|
|
— |
|
|
|
970,541 |
|
Reversal of deferred compensation amortization that did not vest |
|
|
(115,000 |
) |
|
|
(115 |
) |
|
|
(188,088 |
) |
|
|
— |
|
|
|
103,091 |
|
|
|
— |
|
|
|
(85,112 |
) |
Deferred compensation amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,337,539 |
|
|
|
— |
|
|
|
1,337,539 |
|
Non-cash return of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(156,162 |
) |
|
|
— |
|
|
|
— |
|
|
|
(156,162 |
) |
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(456,961 |
) |
|
|
— |
|
|
|
— |
|
|
|
(456,961 |
) |
Net (loss) for the year |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(475,104 |
) |
|
|
(475,104 |
) |
Balance at |
|
|
28,661,406 |
|
|
$ |
197,087 |
|
|
$ |
97,479,830 |
|
|
$ |
(4,362,150 |
) |
|
$ |
(6,907,775 |
) |
|
$ |
(71,338,153 |
) |
|
$ |
15,068,839 |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Operating Income/(Loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss) |
|
$ |
(771,712 |
) |
|
$ |
(90,814 |
) |
|
$ |
(1,922,500 |
) |
|
$ |
(5,214,430 |
) |
Depreciation and amortization |
|
|
521,932 |
|
|
|
571,650 |
|
|
|
2,081,533 |
|
|
|
2,735,118 |
|
EBITDA |
|
|
(249,780 |
) |
|
|
480,836 |
|
|
|
159,033 |
|
|
|
(2,479,312 |
) |
Non-cash stock-based compensation expense, net |
|
|
545,711 |
|
|
|
531,666 |
|
|
|
2,222,969 |
|
|
|
2,072,041 |
|
Adjusted EBITDA |
|
$ |
295,931 |
|
|
$ |
1,012,502 |
|
|
$ |
2,382,002 |
|
|
$ |
(407,271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
19,362,718 |
|
|
$ |
18,705,496 |
|
|
$ |
82,591,109 |
|
|
$ |
69,428,285 |
|
Adjusted EBITDA |
|
|
295,931 |
|
|
|
1,012,502 |
|
|
|
2,382,002 |
|
|
|
(407,271 |
) |
Adjusted EBITDA margins |
|
|
1.5 |
% |
|
|
5.4 |
% |
|
|
2.9 |
% |
|
|
(0.6 |
)% |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Reconciliation from Operating Cash Flow (used) to Non-GAAP Adjusted Operating Cash Flow (used): |
|
|
|
|
|
|
|
|
Net cash provided (used) by operating activities |
|
$ |
14,915,902 |
|
|
$ |
(17,036,477 |
) |
Operating cash flow (used) adjustments: |
|
|
|
|
|
|
|
|
Prepaid card load obligations |
|
|
(11,408,212 |
) |
|
|
16,420,132 |
|
Customer deposits |
|
|
(311,609 |
) |
|
|
(189,929 |
) |
Merchant reserves |
|
|
(400,594 |
) |
|
|
1,471,652 |
|
Operating lease right-of-use assets |
|
|
(374,701 |
) |
|
|
(6,630 |
) |
Operating lease liabilities |
|
|
403,506 |
|
|
|
24,052 |
|
Total adjustment of cash provided (used) by operating activities |
|
$ |
(12,091,610 |
) |
|
$ |
17,719,277 |
|
Adjusted operating cash flows (used) |
|
$ |
2,824,292 |
|
|
$ |
682,800 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327653014/en/
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804
Source: