Cantaloupe, Inc. Reports Third Quarter Fiscal Year 2024 Financial Results
Cantaloupe, Inc. (Nasdaq: CTLP) reported strong third quarter fiscal year 2024 results with revenue of $67.9 million, driven by 15.5% growth in subscription and transaction fees. Net income was $4.4 million, and adjusted EBITDA reached $10.2 million. The company showed significant growth in cashless and touchless payments, expanding domestically and internationally. Despite slower subscription revenue growth, transaction revenue exceeded expectations. Cantaloupe acquired CHEQ, partnered with Turbo Air and Imbera, and held its annual user conference.
Cantaloupe reported revenue growth of $67.9 million, reflecting a 15.5% increase in subscription and transaction fees.
The company's net income applicable to common shares was $4.4 million with an adjusted EBITDA of $10.2 million.
Cantaloupe expanded its footprint domestically and internationally, selling thousands of devices across Latin America and Europe.
The cashless and touchless payments growth along with micro market expansion are strong secular tailwinds for the company.
The acquisition of CHEQ and partnerships with Turbo Air and Imbera showcase Cantaloupe's commitment to enhancing its offerings and market presence.
Subscription revenue growth was slower than anticipated, although transaction revenue growth exceeded expectations.
The equipment sales saw a decrease of 4.6% year over year.
Despite overall revenue growth, equipment sales margins declined to 7.2% compared to the prior year quarter.
While ARPU increased to $186.00 for the third quarter, the equipment sales margins saw a decline to 7.2%.
The total US GAAP net income is expected to be between $12 million and $15 million for fiscal year 2024, which may indicate a decrease from previous years.
Insights
Cantaloupe, Inc.'s reported third-quarter revenue shows a robust year-over-year growth of 12.5%, primarily driven by a significant increase in transaction fees, which surged by 19.9%. This suggests that the company is effectively capitalizing on the upward trend in cashless transactions. Growth in subscription fees, although positive, has been more modest at 7.4% year over year. Investors should note that the company's strategy to focus on recurring revenue streams like subscription and transaction fees is yielding higher margins, seemingly a positive move for long-term stability.
The reported net income of $4.4 million indicates a decrease from the previous year's $6.7 million, which may raise questions about the company's short-term profitability, especially considering the increase in revenue. Nonetheless, a consistent Adjusted EBITDA indicates operational efficiency has been maintained. The company's expansion into Latin America and Europe, combined with an increase in active devices and customers, is indicative of a broadening market presence, which could lead to future growth opportunities.
From an investment standpoint, the company's outlook for the fiscal year 2024 with projected revenue between
The self-service commerce industry is experiencing tailwinds from increased demand for cashless and touchless payment options, as well as the growth of micro markets. Cantaloupe's positive performance in these areas could be seen as a direct beneficiary from these market trends. The company's ascending transaction volume, with an increase of 17.4% year over year, suggests a rising consumer adoption rate of such technologies.
Investors should appreciate the expansion of Cantaloupe's active customer base by 11.1% and devices by 5.9%, as these metrics are important indicators of market penetration and future revenue potential. With the strategic partnership announcements, Cantaloupe is not only broadening its geographic reach but also enhancing its product portfolio, possibly improving its competitive edge within the sector. However, an investor's enthusiasm may be tempered by equipment sales margin compression, which could indicate pricing pressure or increased costs in that segment.
The mentioned non-GAAP financial measures, such as Adjusted EBITDA, need to be understood in context as they exclude certain non-operational expenses that can provide a more favorable view of a company's financial health but may not give a complete picture. Investors should seek to understand these metrics in conjunction with GAAP measures to fully assess the company's performance.
Third Quarter 2024 Revenue of
Third Quarter 2024 Net Income Applicable to Common Shares of
Third Quarter 2024 Gross Margin of
“In the third quarter, we reported strong results, reflecting our continued expansion of operating leverage by driving revenue growth while also optimizing COGS and controlling operational expenses. While subscription revenue has grown slower than anticipated, transaction revenue growth is exceeding expectations and achieving higher profitability rates sooner,” said Ravi Venkatesan, chief executive officer, Cantaloupe. “We continue to expand our footprint domestically and internationally, and are pleased to now have sold thousands of devices across
Third Quarter 2024 Key Financial Results:
-
Revenue of
$67.9 million 12.5% year over year-
Transaction fees of
$40.0 million 19.9% year over year -
Subscription fees of
$19.2 million 7.4% year over year -
Equipment sales of
$8.7 million 4.6% year over year
-
Transaction fees of
-
Total Dollar Volumes of Transactions were
$767.4 million 17.4% year over year - Transactions totaled 283.3 million at the end of the third quarter of 2024
-
Gross margin of
39.6% compared with37.9% in the prior year quarter-
Subscription and transaction fees margins grew to
44.4% compared to42.3% in the prior year quarter -
Equipment sales margins declined to
7.2% compared to13.4% in the prior year quarter
-
Subscription and transaction fees margins grew to
-
Average revenue per unit[1] totaled
$186.00 $167.52 -
Net income applicable to common shares of
$4.4 million $0.06 $6.7 million $0.09 -
Adjusted EBITDA[2] of
$10.2 million $10.1 million
______________
1 We define average revenue per unit ("ARPU") as our total subscription and transaction fees for the trailing 12 months divided by average total active devices for the trailing 12 months.
2 Adjusted earnings before income taxes, depreciation, and amortization, stock-based compensation expense, and certain other significant infrequent or unusual losses and gains that are not indicative of our core operations (“Adjusted EBITDA”) is a non-GAAP financial measure which is not required by or defined under GAAP. See Discussion of Non-GAAP Financial Measure and Reconciliations of
Third Quarter 2024 Business Highlights:
-
Active Customers totaled 30,670 at the end of the third quarter of 2024 compared to 27,598 at the end of the third quarter of 2023, an increase of
11.1% . -
Active Devices totaled 1.22 million at the end of the third quarter of 2024 compared to 1.15 million at the end of the third quarter of 2023, an increase of
5.9% . - Acquired CHEQ, a company focused on the sports & entertainment fan experience, by providing a comprehensive suite of self-service solutions and payment technology.
-
Held Cantaloupe’s annual user conference, Cantaloupe University, in
Las Vegas, NV , with 240+ attendees viewing some of the Company’s latest technologies as well as getting access to 2 days of training and education around Cantaloupe’s entire platform and suite of products. -
Partnered with Turbo Air and Imbera at Expo Antad, in
Guadalajara , MX, to showcase solutions for theMexico market which include Cantaloupe’s cashless device, the P30, the Seed platform, micro market technology and smart coolers with age verification.
Fiscal Year 2024 Outlook:
For the full fiscal year 2024, the Company updates the following:
-
Total Revenue to be between
$270 million $275 million -
The combination of Subscription and Transaction revenue to be between
$232 million $236 million -
Total US GAAP net income to be between
$12 million $15 million -
Adjusted EBITDA[2] to be between
$33 million $36 million -
Total Operating Cash Flow to be between
$24 million $28 million
Webcast and Conference Call:
Cantaloupe will host a live webcast at 5:00 p.m. Eastern Time today which may be accessed in the Investor Relations section of the Company’s website at https://cantaloupeinc.gcs-web.com/events-and-presentations.
To join the live call in order to ask questions, please register here. A dial in and unique PIN will be provided to join the conference call.
A replay of the conference call will also be available in the Investor Relations section of the Company’s website.
About Cantaloupe, Inc.
Cantaloupe, Inc. is a global technology leader powering self-service commerce. With over a million active locations across the globe processing more than a billion transactions every year, Cantaloupe is enabling businesses of all sizes to provide self-service experiences for consumers. The company’s vertically integrated solutions fuel growth by offering micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. Cantaloupe’s end-to-end platform increases consumer engagement and sales revenue through digital payments, consumer promotions and loyalty programs, while providing business owners increased profitability by leveraging software to drive efficiencies across an entire operation. Cantaloupe’s solutions are used by a wide variety of consumer services in
Discussion of Non-GAAP Financial Measure:
This press release contains discussion of Adjusted EBITDA, a non-GAAP financial measure which is not required or defined under
We use Adjusted EBITDA for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides useful information about our operating results, enhances the overall understanding of past financial performance and future prospects and allows for greater transparency with respect to metrics used by our management in its financial and operational decision making. 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 our net income or net loss 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 our net income or net loss as determined in accordance with GAAP, and are not a substitute for or a measure of our profitability or net earnings. Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance. Additionally, we utilize Adjusted EBITDA as a metric in our executive officer and management incentive compensation plans.
We define Adjusted EBITDA as
Forward-looking Statements:
All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe'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 general economic, market or business conditions unrelated to our operating performance, including inflation, rising interest rates, financial institution disruptions, public health emergencies and declines in consumer confidence and discretionary spending; our ability to compete with our competitors and increase market share; failure to comply with the financial covenants in the Amended JPMorgan Credit Facility; our ability to raise funds in the future through sales of securities or debt financing in order to sustain operations in the normal course of business or if an unexpected or unusual event were to occur; our ability to maintain compliance with rules and regulations applicable to our business operations and industry; disruptions in or inefficiencies to our supply chain and/or operations; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, packaging and transportation; weather, climate conditions, natural disasters or other unexpected events; whether our current or future customers purchase, lease, rent or utilize our devices, software solutions or our other products in the future at levels currently anticipated; whether our customers continue to utilize the Company’s transaction processing and related services, as our customer agreements are generally cancellable by the customer on thirty to sixty days’ notice; our ability to acquire and develop relevant technology offerings for current, new and potential customers and partners; risks and uncertainties associated with our expansion into and our operations in
Unaudited Results:
The Company’s results presented herein are unaudited and represent the most current information available to the Company’s management. The unaudited results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public accounting firm has not yet expressed an opinion or any other form of assurance with respect to these financial results.
-F--CTLP
Cantaloupe, Inc.
|
||||||||
($ in thousands, except share data) |
|
March 31, 2024
|
|
June 30,
|
||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
50,197 |
|
|
$ |
50,927 |
|
Accounts receivable, net |
|
|
43,324 |
|
|
|
30,162 |
|
Finance receivables, net |
|
|
5,781 |
|
|
|
6,668 |
|
Inventory, net |
|
|
37,364 |
|
|
|
31,872 |
|
Prepaid expenses and other current assets |
|
|
8,327 |
|
|
|
3,754 |
|
Total current assets |
|
|
144,993 |
|
|
|
123,383 |
|
|
|
|
|
|
||||
Non-current assets: |
|
|
|
|
||||
Finance receivables due after one year, net |
|
|
11,041 |
|
|
|
13,307 |
|
Property and equipment, net |
|
|
30,320 |
|
|
|
25,281 |
|
Operating lease right-of-use assets |
|
|
8,164 |
|
|
|
2,575 |
|
Intangibles, net |
|
|
26,687 |
|
|
|
27,812 |
|
Goodwill |
|
|
94,008 |
|
|
|
92,005 |
|
Other assets |
|
|
4,688 |
|
|
|
5,249 |
|
Total non-current assets |
|
|
174,908 |
|
|
|
166,229 |
|
|
|
|
|
|
||||
Total assets |
|
$ |
319,901 |
|
|
$ |
289,612 |
|
|
|
|
|
|
||||
Liabilities, convertible preferred stock, and shareholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
64,128 |
|
|
$ |
52,869 |
|
Accrued expenses |
|
|
24,824 |
|
|
|
26,276 |
|
Current obligations under long-term debt |
|
|
1,450 |
|
|
|
882 |
|
Deferred revenue |
|
|
1,893 |
|
|
|
1,666 |
|
Total current liabilities |
|
|
92,295 |
|
|
|
81,693 |
|
|
|
|
|
|
||||
Long-term liabilities: |
|
|
|
|
||||
Deferred income taxes |
|
|
409 |
|
|
|
275 |
|
Long-term debt, less current portion |
|
|
36,647 |
|
|
|
37,548 |
|
Operating lease liabilities, non-current |
|
|
9,035 |
|
|
|
2,504 |
|
Total long-term liabilities |
|
|
46,091 |
|
|
|
40,327 |
|
|
|
|
|
|
||||
Total liabilities |
|
|
138,386 |
|
|
|
122,020 |
|
Commitments and contingencies |
|
|
|
|
||||
Convertible preferred stock: |
|
|
|
|
||||
Series A convertible preferred stock, 900,000 shares authorized, 385,782 issued and outstanding, with liquidation preferences of |
|
|
2,720 |
|
|
|
2,720 |
|
Shareholders’ equity: |
|
|
|
|
||||
Common stock, no par value, 640,000,000 shares authorized, 72,799,266 and 72,664,464 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively |
|
|
481,467 |
|
|
|
477,324 |
|
Accumulated deficit |
|
|
(302,665 |
) |
|
|
(312,452 |
) |
Accumulated other comprehensive loss |
|
|
(7 |
) |
|
|
— |
|
Total shareholders’ equity |
|
|
178,795 |
|
|
|
164,872 |
|
|
|
|
|
|
||||
Total liabilities, convertible preferred stock, and shareholders’ equity |
|
$ |
319,901 |
|
|
$ |
289,612 |
|
Cantaloupe, Inc.
|
||||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
($ in thousands, except share and per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Subscription and transaction fees |
|
$ |
59,207 |
|
|
$ |
51,245 |
|
|
$ |
170,371 |
|
|
$ |
147,252 |
|
Equipment sales |
|
|
8,690 |
|
|
|
9,111 |
|
|
|
25,568 |
|
|
|
32,216 |
|
Total revenues |
|
|
67,897 |
|
|
|
60,356 |
|
|
|
195,939 |
|
|
|
179,468 |
|
|
|
|
|
|
|
|
|
|
||||||||
Costs of sales: |
|
|
|
|
|
|
|
|
||||||||
Cost of subscription and transaction fees |
|
|
32,926 |
|
|
|
29,577 |
|
|
|
96,539 |
|
|
|
90,149 |
|
Cost of equipment sales |
|
|
8,064 |
|
|
|
7,886 |
|
|
|
23,849 |
|
|
|
33,823 |
|
Total costs of sales |
|
|
40,990 |
|
|
|
37,463 |
|
|
|
120,388 |
|
|
|
123,972 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
|
26,907 |
|
|
|
22,893 |
|
|
|
75,551 |
|
|
|
55,496 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
|
5,747 |
|
|
|
3,154 |
|
|
|
14,256 |
|
|
|
8,888 |
|
Technology and product development |
|
|
4,916 |
|
|
|
4,594 |
|
|
|
12,115 |
|
|
|
16,757 |
|
General and administrative |
|
|
8,552 |
|
|
|
7,041 |
|
|
|
29,493 |
|
|
|
25,179 |
|
Investigation, proxy solicitation and restatement expenses, net of insurance recoveries |
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
(453 |
) |
Integration and acquisition expenses |
|
|
907 |
|
|
|
— |
|
|
|
1,078 |
|
|
|
2,787 |
|
Depreciation and amortization |
|
|
2,493 |
|
|
|
2,364 |
|
|
|
7,976 |
|
|
|
5,029 |
|
Total operating expenses |
|
|
22,615 |
|
|
|
16,153 |
|
|
|
64,918 |
|
|
|
58,187 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
4,292 |
|
|
|
6,740 |
|
|
|
10,633 |
|
|
|
(2,691 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Interest income from cash and leases |
|
|
495 |
|
|
|
540 |
|
|
|
1,505 |
|
|
|
1,985 |
|
Interest income (expense) from debt and tax liabilities |
|
|
162 |
|
|
|
(263 |
) |
|
|
(1,947 |
) |
|
|
(1,258 |
) |
Other expense, net |
|
|
(209 |
) |
|
|
(13 |
) |
|
|
(158 |
) |
|
|
(112 |
) |
Total other income (expense), net |
|
|
448 |
|
|
|
264 |
|
|
|
(600 |
) |
|
|
615 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
4,740 |
|
|
|
7,004 |
|
|
|
10,033 |
|
|
|
(2,076 |
) |
Provision for income taxes |
|
|
(84 |
) |
|
|
(56 |
) |
|
|
(246 |
) |
|
|
(123 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
|
4,656 |
|
|
|
6,948 |
|
|
|
9,787 |
|
|
|
(2,199 |
) |
Preferred dividends |
|
|
(289 |
) |
|
|
(289 |
) |
|
|
(578 |
) |
|
|
(623 |
) |
Net income (loss) applicable to common shares |
|
$ |
4,367 |
|
|
$ |
6,659 |
|
|
$ |
9,209 |
|
|
$ |
(2,822 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) per common share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.06 |
|
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
(0.04 |
) |
Diluted |
|
|
0.06 |
|
|
|
0.09 |
|
|
|
0.12 |
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding used to compute net earnings (loss) per share applicable to common shares |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
72,851,498 |
|
|
|
72,491,373 |
|
|
|
72,770,582 |
|
|
|
71,771,135 |
|
Diluted |
|
|
74,068,437 |
|
|
|
72,866,221 |
|
|
|
74,054,820 |
|
|
|
71,771,135 |
|
Cantaloupe, Inc.
|
||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||
|
|
March 31, |
|
March 31, |
||||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
||
Net income (loss) |
|
$ |
4,656 |
|
$ |
6,948 |
|
$ |
9,787 |
|
|
$ |
(2,199 |
) |
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments |
|
|
17 |
|
|
— |
|
|
(7 |
) |
|
|
— |
|
Other comprehensive income (loss) |
|
|
17 |
|
|
— |
|
|
(7 |
) |
|
|
— |
|
Total comprehensive income (loss) |
|
$ |
4,673 |
|
$ |
6,948 |
|
$ |
9,780 |
|
|
$ |
(2,199 |
) |
Cantaloupe, Inc.
|
||||||||||||||||||||||
|
|
Convertible
|
|
Common Stock |
|
Accumulated
|
|
Accumulated
|
|
Total
|
||||||||||||
($ in thousands, except share data) |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|||||||||||
Balance, June 30, 2023 |
|
385,782 |
|
$ |
2,720 |
|
72,664,464 |
|
$ |
477,324 |
|
$ |
(312,452 |
) |
|
$ |
— |
|
|
$ |
164,872 |
|
Stock-based compensation |
|
— |
|
|
— |
|
20,801 |
|
|
1,934 |
|
|
— |
|
|
|
— |
|
|
|
1,934 |
|
Exercise of stock options |
|
— |
|
|
— |
|
10,000 |
|
|
74 |
|
|
— |
|
|
|
— |
|
|
|
74 |
|
Net income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,007 |
|
|
|
— |
|
|
|
2,007 |
|
Balance, September 30, 2023 |
|
385,782 |
|
|
2,720 |
|
72,695,265 |
|
|
479,332 |
|
|
(310,445 |
) |
|
|
— |
|
|
|
168,887 |
|
Stock-based compensation |
|
— |
|
|
— |
|
43,793 |
|
|
1,109 |
|
|
— |
|
|
|
— |
|
|
|
1,109 |
|
Other comprehensive loss |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
(24 |
) |
|
|
(24 |
) |
Net income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
3,124 |
|
|
|
— |
|
|
|
3,124 |
|
Balance, December 31, 2023 |
|
385,782 |
|
|
2,720 |
|
72,739,058 |
|
|
480,441 |
|
|
(307,321 |
) |
|
|
(24 |
) |
|
|
173,096 |
|
Stock-based compensation |
|
— |
|
|
— |
|
55,208 |
|
|
1,004 |
|
|
— |
|
|
|
— |
|
|
|
1,004 |
|
Exercise of stock options |
|
— |
|
|
— |
|
5,000 |
|
|
22 |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Other comprehensive income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
17 |
|
|
|
17 |
|
Net income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
4,656 |
|
|
|
— |
|
|
|
4,656 |
|
Balance, March 31, 2024 |
|
385,782 |
|
$ |
2,720 |
|
72,799,266 |
|
$ |
481,467 |
|
$ |
(302,665 |
) |
|
$ |
(7 |
) |
|
$ |
178,795 |
|
Cantaloupe, Inc.
|
||||||||||||||||||||||||
|
|
Convertible
|
|
Common Stock |
|
Accumulated
|
|
Accumulated
|
|
Total
|
||||||||||||||
($ in thousands, except share data) |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|||||||||||||
Balance, June 30, 2022 |
|
445,063 |
|
|
$ |
3,138 |
|
|
71,188,053 |
|
$ |
469,918 |
|
|
$ |
(313,085 |
) |
|
$ |
— |
|
$ |
156,833 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
30,077 |
|
|
1,318 |
|
|
|
— |
|
|
|
— |
|
|
1,318 |
|
Repurchase of Series A convertible preferred stock |
|
(59,281 |
) |
|
|
(418 |
) |
|
— |
|
|
(1,733 |
) |
|
|
— |
|
|
|
— |
|
|
(1,733 |
) |
Net loss |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(8,574 |
) |
|
|
— |
|
|
(8,574 |
) |
Balance, September 30, 2022 |
|
385,782 |
|
|
|
2,720 |
|
|
71,218,130 |
|
|
469,503 |
|
|
|
(321,659 |
) |
|
|
— |
|
|
147,844 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
3,919 |
|
|
160 |
|
|
|
— |
|
|
|
— |
|
|
160 |
|
Common stock issued for acquisition |
|
— |
|
|
|
— |
|
|
1,240,920 |
|
|
3,942 |
|
|
|
— |
|
|
|
— |
|
|
3,942 |
|
Net loss |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(573 |
) |
|
|
— |
|
|
(573 |
) |
Balance, December 31, 2022 |
|
385,782 |
|
|
|
2,720 |
|
|
72,462,969 |
|
|
473,605 |
|
|
|
(322,232 |
) |
|
|
— |
|
|
151,373 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
46,292 |
|
|
1,410 |
|
|
|
— |
|
|
|
— |
|
|
1,410 |
|
Net income |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
6,948 |
|
|
|
— |
|
|
6,948 |
|
Balance, March 31, 2023 |
|
385,782 |
|
|
$ |
2,720 |
|
|
72,509,261 |
|
$ |
475,015 |
|
|
$ |
(315,284 |
) |
|
$ |
— |
|
$ |
159,731 |
|
Cantaloupe, Inc.
|
||||||||
|
|
Nine months ended |
||||||
|
|
March 31, |
||||||
($ in thousands) |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
9,787 |
|
|
$ |
(2,199 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
||||
Stock based compensation |
|
|
4,047 |
|
|
|
2,889 |
|
Amortization of debt issuance costs and discounts |
|
|
93 |
|
|
|
87 |
|
Provision for expected losses |
|
|
3,423 |
|
|
|
1,823 |
|
Provision for inventory reserve |
|
|
92 |
|
|
|
25 |
|
Depreciation and amortization included in operating expenses |
|
|
7,976 |
|
|
|
5,029 |
|
Depreciation included in cost of subscription and transaction fees for rental equipment |
|
|
1,137 |
|
|
|
852 |
|
Non-cash lease expense |
|
|
1,070 |
|
|
|
(429 |
) |
Deferred income taxes |
|
|
134 |
|
|
|
72 |
|
Other |
|
|
527 |
|
|
|
363 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(16,471 |
) |
|
|
9,589 |
|
Finance receivables |
|
|
3,038 |
|
|
|
(653 |
) |
Inventory |
|
|
(5,584 |
) |
|
|
(8,245 |
) |
Prepaid expenses and other assets |
|
|
(3,762 |
) |
|
|
(746 |
) |
Accounts payable and accrued expenses |
|
|
8,455 |
|
|
|
(2,868 |
) |
Operating lease liabilities |
|
|
(655 |
) |
|
|
183 |
|
Deferred revenue |
|
|
174 |
|
|
|
1 |
|
Net cash provided by operating activities |
|
|
13,481 |
|
|
|
5,773 |
|
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Acquisition of business, net of cash acquired |
|
|
(4,750 |
) |
|
|
(35,855 |
) |
Capital expenditures |
|
|
(9,175 |
) |
|
|
(12,634 |
) |
Net cash used in investing activities |
|
|
(13,925 |
) |
|
|
(48,489 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from long-term debt |
|
|
— |
|
|
|
25,000 |
|
Repayment of long-term debt |
|
|
(389 |
) |
|
|
(580 |
) |
Contingent consideration paid for acquisition |
|
|
— |
|
|
|
(1,000 |
) |
Proceeds from exercise of common stock options |
|
|
96 |
|
|
|
— |
|
Repurchase of Series A Convertible Preferred Stock |
|
|
— |
|
|
|
(2,153 |
) |
Net cash (used in) provided by financing activities |
|
|
(293 |
) |
|
|
21,267 |
|
|
|
|
|
|
||||
Effect of currency exchange rate changes on cash and cash equivalents |
|
|
7 |
|
|
|
— |
|
|
|
|
|
|
||||
Net decrease in cash and cash equivalents |
|
|
(730 |
) |
|
|
(21,449 |
) |
Cash and cash equivalents at beginning of year |
|
|
50,927 |
|
|
|
68,125 |
|
Cash and cash equivalents at end of period |
|
$ |
50,197 |
|
|
$ |
46,676 |
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information: |
|
|
|
|
||||
Interest paid in cash |
|
$ |
2,628 |
|
|
$ |
1,869 |
|
Income taxes paid in cash |
|
$ |
142 |
|
|
$ |
44 |
|
Common stock issued in business combination |
|
$ |
— |
|
|
$ |
3,942 |
|
|
|
|
|
|
||||
Cantaloupe, Inc.
|
||||||||||||||||
|
|
Three months ended March 31, |
|
Nine months ended March 31, |
||||||||||||
($ in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
$ |
4,656 |
|
|
$ |
6,948 |
|
|
$ |
9,787 |
|
|
$ |
(2,199 |
) |
Less: interest income from cash and leases |
|
|
(495 |
) |
|
|
(540 |
) |
|
|
(1,505 |
) |
|
|
(1,985 |
) |
Plus: interest (income) expense from debt and tax liabilities |
|
|
(162 |
) |
|
|
263 |
|
|
|
1,947 |
|
|
|
1,258 |
|
Plus: income tax provision |
|
|
84 |
|
|
|
56 |
|
|
|
246 |
|
|
|
123 |
|
Plus: depreciation included in cost of subscription and transaction fees for rental equipment |
|
|
415 |
|
|
|
297 |
|
|
|
1,137 |
|
|
|
852 |
|
Plus: depreciation and amortization in operating expenses |
|
|
2,493 |
|
|
|
2,364 |
|
|
|
7,976 |
|
|
|
5,029 |
|
EBITDA |
|
|
6,991 |
|
|
|
9,388 |
|
|
|
19,588 |
|
|
|
3,078 |
|
Plus: stock-based compensation (1) |
|
|
1,004 |
|
|
|
1,410 |
|
|
|
4,047 |
|
|
|
2,889 |
|
Plus: integration and acquisition expenses (2) |
|
|
907 |
|
|
|
— |
|
|
|
1,078 |
|
|
|
2,787 |
|
Plus: remediation expenses (3) |
|
|
1,258 |
|
|
|
— |
|
|
|
1,755 |
|
|
|
— |
|
Plus: investigation, proxy solicitation and restatement expenses, net of insurance recoveries (4) |
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
(453 |
) |
Plus: severance expenses (5) |
|
|
26 |
|
|
|
273 |
|
|
|
26 |
|
|
|
273 |
|
Adjustments to EBITDA |
|
|
3,195 |
|
|
|
683 |
|
|
|
6,906 |
|
|
|
5,496 |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
10,186 |
|
|
$ |
10,071 |
|
|
$ |
26,494 |
|
|
$ |
8,574 |
|
|
|
|
|
|
|
|
|
|
||||||||
| (1) | As an adjustment to EBITDA, we have excluded stock-based compensation, as it does not reflect our cash-based operations. |
|
| (2) | As an adjustment to EBITDA, we have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations. |
|
| (3) | As an adjustment to EBITDA, we have excluded expense incurred in connection with non-recurring work related to remediating previously identified material weaknesses in our internal control over financial reporting. |
|
| (4) | As an adjustment to EBITDA, we have excluded the costs and corresponding reimbursements related to the 2019 Investigation, because we believe that they represent charges that are not related to our core operations. |
|
| (5) | As an adjustment to EBITDA, we have excluded expenses incurred in connection with severance related charges. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509955001/en/
Investor Relations:
ICR, Inc.
CantaloupeIR@icrinc.com
Media:
Jenifer Howard | 202-273-4246
jhoward@jhowardpr.com
media@cantaloupe.com
Source: Cantaloupe, Inc.
FAQ
What were Cantaloupe, Inc.'s third quarter fiscal year 2024 revenue?
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