Revenue of $20.5 million, up 25%; 13th
Consecutive Quarter of Revenue Growth
Reiterates Expectations of 18% - 20% Full Year
2023 Revenue Growth
Usio, Inc: (Nasdaq: USIO), a leading FinTech company that
operates a full stack of integrated, cloud-based electronic payment
and embedded financial solutions, today announced financial results
for the third quarter, which ended September 30, 2023.
Louis Hoch, President and Chief Executive Officer of Usio, said,
“Revenues were up for the 13th consecutive quarter, with growth
both in the quarter and for the first nine months. Results on the
bottom line continue to reflect investments in strengthening our
infrastructure and establishing a level of marketing and sales
investment that will sustain our growth over the long term. Nearing
this important inflection point, we believe we will be able to
better leverage the top line into faster bottom line growth over
the long term.”
For the quarter, revenue growth was led by a 197% increase in
prepaid revenues, where, for the first time ever, we loaded more
than $100 million onto prepaid cards in a single quarter. Prepaid
revenues remain on track to increase by over 125% in 2023. This
success in part reflects expansion into new markets, including the
state market, where we recently announced our first prepaid card
program with a large state, as well as strong growth at long-term
customers in the corporate expense and general disbursements card
markets, where usage and penetration continues to increase.
Revenues generated by Usio Output Solutions were up 9%. With Output
generally running at near 100% of capacity, we have made a
significant investment in its infrastructure that is expected to
increase capacity 50%, speed production and reduce costs, which we
foresee as the key to sustaining its strong growth and improving
margins. Credit Card revenues were also up, led by a 27% increase
in our flagship PayFac business, where transactions in the quarter
were up 21% as compared to the third quarter of 2022. As PayFac
increases as a proportion of our total Card volume, we expect this
segment’s revenues to grow commensurately. ACH revenues were also
up in the quarter primarily on the strength of our Pinless Debit,
Account Inquiry and related services. ACH volumes remain below the
year ago levels that were bolstered by the now terminated Voyager
contract. These volumes are expected to show growth in the fourth
quarter.
Gross profits for the quarter ended September 30, 2023, were
$4.2 million, and gross margins expanded 1.3% compared to the third
quarter of 2022. Margins reflect a favorable sales mix, including
higher margin prepaid card residual revenues from breakage and
spoilage, primarily attributable to the since completed NYC
Incentive Program. Other selling, general and administrative
expenses were up in large measure due to non-recurring expenses;
they are consequently expected to trend lower in the fourth
quarter. The Company reported a net loss of $0.7 million, which
represents a $1.0 million improvement from the loss of $1.8 million
a year ago. Adjusted EBITDA1 was a loss of $0.1 million, a $0.4
million improvement from the $0.5 million Adjusted EBITDA1 loss a
year ago. Over the first nine months of the year, the Company has
generated $3.5 million more in Adjusted EBITDA1 than in the
comparable year ago period. The Company’s financial position also
continued to improve, with $1.7 million in cash added to the
balance sheet over the first nine months of the year, as the
Company generated $2.4 million in Adjusted Operating Cash Flows1
over the first nine months of this fiscal year.
Quarterly Processing and Transaction
Volumes
Total payment transactions processed in the third quarter of
2023 were 9.7 million, a decrease of 6% over the same quarter of
last year. Total payment dollars processed through all payment
channels in the third quarter of 2023 were $1.4 billion, marginally
lower than last year's third quarter $1.4 billion volume.
In our Card segment, dollars processed were up 5% and
transactions processed were up 2% from a year ago. Prepaid card
load volume was up 239%, transactions processed were up 23% and
purchase dollars processed were up 152%, in each case, from the
same quarter a year ago. ACH electronic check transaction volume
was down 21%, electronic check dollars processed were down 11% and
return check transactions processed were down by 31%, all compared
to the same quarter a year ago.
Third Quarter 2023 Revenue Detail
Revenues for the quarter ended September 30, 2023 increased 25%
compared to the prior year quarter to $20.5 million, and revenues
for the nine months ended September 30, 2023 increased 25% compared
to the prior year nine-month period to $63.2 million, reflecting
growth in the Prepaid, Usio Output Solutions, and Credit Card lines
of business.
Three Months Ended September
30,
2023
2022
$ Change
% Change
ACH and complementary service revenue
$
3,528,133
$
3,242,794
$
285,339
9
%
Credit card revenue
7,169,066
6,842,065
327,001
5
%
Prepaid card services revenue
4,685,212
1,576,871
3,108,341
197
%
Output solutions revenue
5,138,030
4,734,030
404,000
9
%
Total Revenue
$
20,520,441
$
16,395,760
$
4,124,681
25
%
Nine Months Ended September
30,
2023
2022
$ Change
% Change
ACH and complementary service revenue
$
10,948,012
$
10,985,722
$
(37,710
)
(0
)%
Credit card revenue
21,624,848
$
20,495,984
1,128,864
6
%
Prepaid card services revenue
14,710,084
$
5,733,428
8,976,656
157
%
Output solutions revenue
15,945,447
13,507,655
2,437,792
18
%
Total Revenue
$
63,228,391
$
50,722,789
$
12,505,602
25
%
Gross profits for the quarter were $4.2 million while gross
margins were 20.4%, up 1.3% from the same period a year ago, and
gross profits for the nine months ended September 30, 2023 were
$14.1, million up 42%, while gross margins of 22.3%, were up 2.8%
from the same period a year ago. This increase in gross margins
reflects the favorable impact of residual revenues generated from
prepaid card breakage and spoilage, as well as an improvement at
Output Solutions, where the revenue growth is improving operating
leverage.
Other selling, general and administrative expenses were $4.3
million for the quarter ended September 30, 2023, up compared to
the prior year period, primarily reflecting increases in
professional fees and marketing, including increased sales-related
travel. We expect expenses to trend down beginning in the fourth
quarter. Similarly, other selling, general, and administrative
expenses for the nine months ended September 30, 2023 were $12.0
million compared to $11.3 in the prior year period.
For the quarter, we reported an operating loss of $1.2 million
and an Adjusted EBITDA1 loss of $0.1 million, an improvement of
$0.4 million compared to the year ago Adjusted EBITDA1 loss of $0.5
million. Net loss for the quarter ended September 30, 2023 was $0.7
million, or ($0.04) per share, compared to a net loss of $1.8
million, or ($0.09) per share, for the same period in the prior
year.
For the nine months ended September 30, 2023, operating loss was
$1.2 million. Over the first three quarters of the year we reported
an Adjusted EBITDA1 of $2.1 million, which was up $3.5 million
compared to an Adjusted EBITDA1 loss of $1.4 million for the prior
year nine-month period. Net loss in the first nine months of 2023
was $0.5 million, or ($0.02) per share, versus a net loss of $5.3
million, or ($0.26) per share, in the first nine months of
2022.
Adjusted Operating Cash Flows1 (excluding merchant reserve
funds, prepaid card load assets, customer deposits and net
operating lease assets and obligations) was $2.4 million for the
nine months ended September 30, 2023. Cash flows provided by
operating activities was $41.5 million for the nine months ended
September 30, 2023, compared to cash flows used by operating
activities of $22.8 million in the same period a year ago.
We continue to be in solid financial condition with $7.4 million
in cash and cash equivalents as of September 30, 2023, reflecting
another quarter of sequential improvement in our cash balances,
aggregating to a $1.7 million improvement in cash balances over the
first three quarters of the year. It should be noted that the
company generated over $0.5 million in interest income in the
fiscal 2023 third quarter.
1 Please see reconciliation of GAAP to Non-GAAP Financial
Measures
Conference Call and
Webcast
Usio, Inc.'s management will host a conference call on
Wednesday, November 8, 2023, at 4:30 pm Eastern time to review
financial results and provide a business update. To listen to the
conference call, interested parties within the U.S. should call
+1-844-883-3890. International callers should call +
1-412-317-9246. All callers should ask for the Usio conference
call. The conference call will also be available through a live
webcast, which can be accessed via the Company’s website at
www.usio.com/investors.
A replay of the call will be available approximately one hour
after the end of the call through November 28, 2023. The replay can
be accessed via the Company’s website or by dialing +1-877-344-7529
(U.S.) or 1-412-317-0088 (international). The replay conference
playback code is 2888409.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a
full stack of proprietary, cloud-based integrated payment and
embedded financial solutions in a single ecosystem to a wide range
of merchants, billers, banks, service bureaus and card issuers. The
Company operates credit/debit and ACH payment processing platforms,
as well as a turn-key card issuing platform to deliver convenient,
world-class payment solutions and services to its clients. The
Company, through its Usio Output Solutions division, offers
services relating to electronic bill presentment, document
composition, document decomposition and printing and mailing
services. The strength of the Company lies in its ability to
provide tailored solutions for card issuance, payment acceptance,
and bill payments as well as its unique technology in the prepaid
sector. Usio is headquartered in San Antonio, Texas, and has a
development office in Austin, Texas.
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, as
defined in Regulation G of the Securities and Exchange Act of 1934,
as amended, of EBITDA, adjusted EBITDA, adjusted EBITDA margins and
adjusted operating cash flows. 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 EBITDA margins as the
adjusted EBITDA, as defined above, divided by total revenues. 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 our consolidated balance sheet. These
measures may not be comparable to similarly titled measures
reported by other companies. Management uses EBITDA, adjusted
EBITDA, adjusted EBITDA margins 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 press 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," "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 Clearing House
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 Securities and Exchange Commission including its annual
report on Form 10-K for the fiscal year ended December 31, 2022.
One or more of these factors have affected, and in the future could
affect, the Company’s businesses and financial results and could
cause actual results to differ materially from plans and
projections. Although the Company believes that the assumptions
underlying the forward-looking statements included in this press
release are reasonable, the Company can give no assurance such
assumptions will prove to be correct. In light of the significant
uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as
a representation by us or any other person that the objectives and
plans will be achieved. All forward-looking statements made in this
press release are based on information presently available to
management. The Company assumes no obligation to update any
forward-looking statements, except as required by law.
USIO, INC.
CONSOLIDATED BALANCE
SHEETS
September 30, 2023
December 31, 2022
(Unaudited)
ASSETS
Cash and cash equivalents
$
7,396,285
$
5,709,117
Accounts receivable, net
5,203,618
4,371,640
Settlement processing assets
41,765,059
49,737,068
Prepaid card load assets
58,839,602
20,170,761
Customer deposits
1,578,498
1,554,122
Inventory
400,839
507,355
Prepaid expenses and other
740,208
450,389
Current assets before merchant
reserves
115,924,109
82,500,452
Merchant reserves
5,336,545
4,909,501
Total current assets
121,260,654
87,409,953
Property and equipment, net
2,904,564
3,222,816
Other assets:
Intangibles, net
1,971,460
2,625,360
Deferred tax asset, net
1,504,000
1,504,000
Operating lease right-of-use assets
2,551,443
2,795,483
Other assets
355,357
355,357
Total other assets
6,382,260
7,280,200
Total Assets
$
130,547,478
$
97,912,969
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
1,274,681
$
858,622
Accrued expenses
4,150,298
3,721,108
Operating lease liabilities, current
portion
795,928
617,319
Equipment loan, current portion
28,896
56,429
Settlement processing obligations
41,765,059
49,737,068
Prepaid card load obligations
58,839,602
20,170,761
Customer deposits
1,578,498
1,554,122
Current liabilities before merchant
reserve obligations
108,432,962
76,715,429
Merchant reserve obligations
5,336,545
4,909,501
Total current liabilities
113,769,507
81,624,930
Non-current liabilities:
Equipment loan, non-current portion
-
14,994
Operating lease liabilities, non-current
portion
1,892,785
2,338,947
Total liabilities
115,662,292
83,978,871
Stockholders' equity:
Preferred stock, $0.01 par value,
10,000,000 shares authorized; -0- shares outstanding at September
30, 2023 (unaudited) and December 31, 2022, respectively
—
—
Common stock, $0.001 par value,
200,000,000 shares authorized; 28,506,406 and 27,044,900 issued,
and 26,377,589 and 25,097,963 outstanding at September 30, 2023
(unaudited) and December 31, 2022, respectively
196,932
195,471
Additional paid-in capital
97,105,455
94,048,603
Treasury stock, at cost; 2,128,537 and
1,946,937 shares at September 30, 2023 (unaudited) and December 31,
2022, respectively
(3,974,156
)
(3,749,027
)
Deferred compensation
(7,078,957
)
(5,697,900
)
Accumulated deficit
(71,364,088
)
(70,863,049
)
Total stockholders' equity
14,885,186
13,934,098
Total Liabilities and Stockholders'
Equity
$
130,547,478
$
97,912,969
USIO, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
$
20,520,441
$
16,395,760
$
63,228,391
$
50,722,789
Cost of services
16,325,793
13,261,240
49,121,210
40,819,236
Gross profit
4,194,648
3,134,520
14,107,181
9,903,553
Selling, general and administrative:
Stock-based compensation
594,815
515,992
1,677,258
1,540,375
Other SG&A expenses
4,293,869
3,679,484
12,021,110
11,323,326
Depreciation and amortization
518,573
640,599
1,559,601
2,163,468
Total selling, general and administrative
expenses
5,407,257
4,836,075
15,257,969
15,027,169
Operating (loss)
(1,212,609
)
(1,701,555
)
(1,150,788
)
(5,123,616
)
Other income and (expense):
Interest income
512,089
2,728
823,861
4,475
Other income
50,000
—
50,000
—
Interest expense
(393
)
(943
)
(1,588
)
(3,244
)
Other income and (expense), net
561,696
1,785
872,273
1,231
(Loss) before income taxes
(650,913
)
(1,699,770
)
(278,515
)
(5,122,385
)
Income tax expense
70,000
70,000
222,524
210,000
Net (Loss)
$
(720,913
)
$
(1,769,770
)
$
(501,039
)
$
(5,332,385
)
(Loss) Per Share
Basic (loss) per common share:
$
(0.04
)
$
(0.09
)
$
(0.02
)
$
(0.26
)
Diluted (loss) per common share:
$
(0.04
)
$
(0.09
)
$
(0.02
)
$
(0.26
)
Weighted average common shares
outstanding
Basic
20,098,244
20,371,654
20,101,686
20,322,934
Diluted
20,098,244
20,371,654
20,101,686
20,322,934
USIO, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Nine Months Ended September
30,
2023
2022
Operating Activities
Net (loss)
$
(501,039
)
$
(5,332,385
)
Adjustments to reconcile net (loss) to net
cash provided (used) by operating activities:
Depreciation
905,701
842,901
Amortization
653,900
1,320,567
Employee stock-based compensation
1,644,658
1,540,375
Vendor stock-based compensation
32,600
—
Amortization of warrant costs
—
20,965
Non-cash revenue from return of treasury
stock
(156,162
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(831,978
)
1,410,411
Prepaid expenses and other
(289,819
)
(118,472
)
Operating lease right-of-use assets
244,040
(130,699
)
Inventory
106,516
14,100
Accounts payable and accrued expenses
845,249
(742,398
)
Operating lease liabilities
(267,553
)
138,361
Prepaid card load obligations
38,668,841
(21,272,482
)
Merchant reserves
427,044
(726,424
)
Customer deposits
24,376
221,393
Deferred revenue
—
(17,647
)
Net cash provided (used) by operating
activities
41,506,374
(22,831,434
)
Investing Activities
Purchases of property and equipment
(587,451
)
(642,764
)
Net cash (used) by investing
activities
(587,451
)
(642,764
)
Financing Activities
Payments on equipment loan
(42,527
)
(40,872
)
Purchases of treasury stock
(68,967
)
(894,641
)
Net cash (used) by financing
activities
(111,494
)
(935,513
)
Change in cash, cash equivalents, prepaid
card loads, customer deposits and merchant reserves
40,807,429
(24,409,711
)
Cash, cash equivalents, prepaid card
loads, customer deposits and merchant reserves, beginning of
year
32,343,501
51,591,560
Cash, Cash Equivalents, Prepaid Card
Loads, Customer Deposits and Merchant Reserves, End of Period
$
73,150,930
$
27,181,849
Supplemental disclosures of cash flow
information
Cash paid during the period for:
Interest
$
1,588
$
3,244
Income taxes
312,158
—
Non-cash financing activity:
Issuance of deferred stock
compensation
2,478,506
166,330
USIO, INC.
STATEMENT OF CHANGES IN
STOCKHOLDERS' EQUITY
(UNAUDITED)
Common Stock
Additional Paid- In
Treasury
Deferred
Accumulated
Total Stockholders'
Shares
Amount
Capital
Stock
Compensation
Deficit
Equity
Balance at December 31, 2022
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
1,421,250
1,421
2,638,529
—
(2,444,054
)
—
195,896
Deferred compensation amortization
—
—
—
—
308,676
—
308,676
Purchase of treasury stock costs
—
—
—
(8,529
)
—
—
(8,529
)
Net income for the period
—
—
—
—
—
14,833
14,833
Balance at March 31, 2023
28,466,150
$
196,892
$
96,687,132
$
(3,757,556
)
$
(7,833,278
)
$
(70,848,216
)
$
14,444,974
Issuance of common stock under equity
incentive plan
111,456
111
354,199
—
(34,452
)
—
319,858
Reversal of deferred compensation
amortization that did not vest
(115,000
)
(115
)
(188,088
)
—
103,091
—
(85,112
)
Deferred compensation amortization
—
—
—
—
343,123
—
343,123
Purchase of treasury stock costs
—
—
—
(10,507
)
—
—
(10,507
)
Non-cash return of treasury stock
—
—
—
(156,162
)
—
—
(156,162
)
Net income for the period
—
—
—
—
—
205,041
205,041
Balance at June 30, 2023
28,462,606
$
196,888
$
96,853,243
$
(3,924,225
)
$
(7,421,516
)
$
(70,643,175
)
$
15,061,215
Issuance of common stock under equity
incentive plan
43,800
44
252,212
—
—
—
252,256
Deferred compensation amortization
—
—
—
—
342,559
—
342,559
Purchase of treasury stock costs
—
—
—
(49,931
)
—
—
(49,931
)
Net (loss) for the period
—
—
—
—
—
(720,913
)
(720,913
)
Balance at September 30, 2023
28,506,406
$
196,932
$
97,105,455
$
(3,974,156
)
$
(7,078,957
)
$
(71,364,088
)
$
14,885,186
Balance at December 31, 2021
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
61,600
62
267,856
—
(12,330
)
—
255,588
Warrant compensation costs
—
—
8,985
—
—
—
8,985
Deferred compensation amortization
—
—
—
—
295,092
—
295,092
Purchase of treasury stock costs
—
—
—
(66,494
)
—
—
(66,494
)
Net (loss) for the period
—
—
—
—
—
(1,622,270
)
(1,622,270
)
Balance at March 31, 2022
26,868,745
$
195,297
$
93,376,970
$
(2,470,952
)
$
(6,559,433
)
$
(67,002,075
)
$
17,539,807
Issuance of common stock under equity
incentive plan
54,233
52
258,636
—
—
—
258,688
Warrant compensation costs
—
—
8,985
—
—
—
8,985
Reversal of deferred compensation
amortization that did not vest
(85,000
)
(85
)
(176,465
)
—
97,621
—
(78,929
)
Deferred compensation amortization
—
—
—
—
293,942
—
293,942
Purchase of treasury stock costs
—
—
—
(480,095
)
—
—
(480,095
)
Net (loss) for the period
—
—
—
—
—
(1,940,345
)
(1,940,345
)
Balance at June 30, 2022
26,837,978
$
195,264
$
93,468,126
$
(2,951,047
)
$
(6,167,870
)
$
(68,942,420
)
$
15,602,053
Issuance of common stock under equity
incentive plan
163,322
162
406,083
—
(154,000
)
—
252,245
Warrant compensation costs
—
—
2,995
—
—
—
2,995
Reversal of deferred compensation
amortization that did not vest
(35,000
)
(35
)
(66,015
)
—
37,837
—
(28,213
)
Deferred compensation amortization
—
—
—
—
291,963
—
291,963
Purchase of treasury stock costs
—
—
—
(348,052
)
—
—
(348,052
)
Net (loss) for the period
—
—
—
—
—
(1,769,770
)
(1,769,770
)
Balance at September 30, 2022
26,966,300
$
195,391
$
93,811,189
$
(3,299,099
)
$
(5,992,070
)
$
(70,712,190
)
$
14,003,221
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Reconciliation from Operating (Loss) to
Adjusted EBITDA:
Operating (Loss)
$
(1,212,609
)
$
(1,701,555
)
$
(1,150,788
)
$
(5,123,616
)
Depreciation and amortization
518,573
640,599
1,559,601
2,163,468
EBITDA
(694,036
)
(1,060,956
)
408,813
(2,960,148
)
Non-cash stock-based compensation expense,
net
594,815
515,992
1,677,258
1,540,375
Adjusted EBITDA
$
(99,221
)
$
(544,964
)
$
2,086,071
$
(1,419,773
)
Calculation of Adjusted EBITDA
margins:
Revenues
$
20,520,441
$
16,395,760
$
63,228,391
$
50,722,789
Adjusted EBITDA
(99,221
)
(544,964
)
2,086,071
(1,419,773
)
Adjusted EBITDA margins
(0.5
)%
(3.3
)%
3.3
%
(2.8
)%
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
September 30, 2023
September 30, 2022
Reconciliation from net cash provided
(used) by operating activities to Non-GAAP Adjusted Operating Cash
Flow (used):
Net cash provided (used) by operating
activities
$
41,506,374
$
(22,841,434
)
Operating cash flow (used)
adjustments:
Prepaid card load obligations
(38,668,841
)
21,272,482
Customer deposits
(24,376
)
(221,393
)
Merchant reserves
(427,044
)
726,424
Operating lease right-of-use assets
(244,040
)
130,699
Operating lease liabilities
267,553
(138,361
)
Total adjustments to net cash provided
(used) by operating activities
$
(39,096,748
)
$
21,769,851
Adjusted operating cash flows provided
(used)
$
2,409,626
$
(1,071,583
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108023342/en/
Paul Manley Senior Vice President, Investor Relations
paul.manley@usio.com 612-834-1804
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