Usio Announces First Quarter 2024 Financial Results
Usio (NASDAQ: USIO) reported its Q1 2024 financial results. Total payment dollars processed increased by 19% year-over-year, reaching $1.5 billion. ACH & Complementary Services revenues grew by 16%, and credit card revenues rose by 3%. However, total revenue decreased by 5% to $20.3 million, primarily due to a 30% drop in Prepaid card services revenue following the planned wind down of the NYC COVID Incentive Program. Gross profit for the quarter was $4.2 million, with a 2.2% decrease in gross margins. Usio posted a net loss of $0.3 million, or ($0.01) per share, compared to a net income of $0.015 million last year. Despite these losses, the company remains financially stable with $7.1 million in cash reserves and maintains its full-year 2024 revenue growth expectation of 10-12%.
- Total payment dollars processed up 19% to $1.5 billion.
- ACH & Complementary Services revenues up 16%.
- Credit card revenues grew by 3%.
- Record prepaid card load volume of $116 million.
- Net income of $0.015 million.
- Total revenue down by 5% to $20.3 million.
- Prepaid card services revenues decreased by 30%.
- Gross profit decreased to $4.2 million.
- Gross margins contracted by 2.2%.
- Net loss of $0.3 million, or ($0.01) per share.
- Adjusted EBITDA decreased by $0.9 million.
Insights
The performance of Usio in Q1 2024 presents a mixed bag. On one hand, payment volumes have increased across various segments, with total payment dollars processed up
Investors should note: While the operational metrics are promising, the decrease in gross margins and the net loss could pose concerns. Given Usio's reiterated full-year revenue growth expectations of
Usio’s entry into a new contract with the potential to add
However, investors should be cautious about over-relying on this yet-to-materialize contract. While the market's response could drive short-term stock price movements, the long-term impact will depend on the sustained integration and margin improvements from existing operations. Usio's capacity to capitalize on this contract and convert it into consistent revenue streams will be pivotal for its future performance.
Usio's continued growth in electronic payment processing, particularly the record volumes in Credit and Prepaid card transactions, showcases the strength of its technology platform. The ongoing investment in higher volume equipment for Output Solutions has already led to sequential revenue improvements from Q4 2023. This technological edge is essential for scaling operations and meeting growing market demands efficiently.
However, maintaining this trajectory will require careful balancing of technological upgrades with operational costs to ensure profitability. The ability to support high transaction volumes while managing risks such as cybersecurity and system reliability will be critical areas for Usio moving forward.
Total payment dollars processed through all payment channels up
Reiterates Full Year 2024 Expectation of 10 –
Separately, Usio Today Announced Entry into Contract with Potential to Ultimately Add
Louis Hoch, President and Chief Executive Officer of Usio, said, “It’s been a good start to the new year, with volumes up across almost all business segments and first quarter financial performance is on track to meet our 2024 top and bottom line guidance. More importantly, we expect our sales growth to continue this year, and recently announced what could potentially be the largest single program in the Company’s history. This particular opportunity has the potential to nearly double our annual Credit Card revenues. While this opportunity wasn't explicitly included in our full year 2024 guidance, we did anticipate additional volume from new independent software vendors. Revenues were within
For the first quarter, ACH & Complementary Services revenues were up
Gross profit for the quarter ended March 31, 2024 was
Quarterly Processing and Transaction Volumes
Total payment transactions processed in the first quarter of 2024 were 9.8 million, an increase of
We set all-time records in operating metrics for both our Credit card and Prepaid business units. In our Credit card segment, dollars processed were up
First Quarter 2024 Revenue Detail
Revenues for the quarter ended March 31, 2024 were
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary services |
|
$ |
3,881,734 |
|
|
$ |
3,340,722 |
|
|
$ |
541,012 |
|
|
|
16 |
% |
Credit card |
|
|
7,560,734 |
|
|
|
7,339,898 |
|
|
|
220,836 |
|
|
|
3 |
% |
Prepaid card services |
|
|
3,341,224 |
|
|
|
4,807,404 |
|
|
|
(1,466,180 |
) |
|
|
(30 |
)% |
Output Solutions |
|
|
5,537,923 |
|
|
|
5,958,220 |
|
|
|
(420,297 |
) |
|
|
(7 |
)% |
Total Revenue |
|
$ |
20,321,615 |
|
|
$ |
21,446,244 |
|
|
$ |
(1,124,629 |
) |
|
|
(5 |
)% |
Gross profit for the first quarter of 2024 was
Other selling, general and administrative expenses were
For the quarter, we reported an operating loss of
Adjusted Operating Cash Flows1 (excluding merchant reserve funds, prepaid card load assets, customer deposits and net operating lease assets and obligations) was
We continue to be in solid financial condition with
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, May 15, 2024, 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
A replay of the call will be available approximately one hour after the end of the call through May 29, 2024. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. 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 card issuing sector. Usio is headquartered in
Comparisons
Unless otherwise indicated, all comparisons and growth rates represent year-over-year comparisons, with the quarterly period of this year compared to the corresponding quarter of the prior year.
About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, as defined in Regulation G adopted by the Securities and Exchange Commission, 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 by (used in) 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 by (used in) 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 by (used in) 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 financial 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, 2023. 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 |
||||||||
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
||
|
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,053,812 |
|
|
$ |
7,155,687 |
|
Accounts receivable, net |
|
|
4,862,227 |
|
|
|
5,564,138 |
|
Settlement processing assets |
|
|
41,030,860 |
|
|
|
44,899,603 |
|
Prepaid card load assets |
|
|
28,698,878 |
|
|
|
31,578,973 |
|
Customer deposits |
|
|
1,808,263 |
|
|
|
1,865,731 |
|
Inventory |
|
|
429,577 |
|
|
|
422,808 |
|
Prepaid expenses and other |
|
|
687,415 |
|
|
|
444,071 |
|
Current assets before merchant reserves |
|
|
84,571,032 |
|
|
|
91,931,011 |
|
Merchant reserves |
|
|
5,322,095 |
|
|
|
5,310,095 |
|
Total current assets |
|
|
89,893,127 |
|
|
|
97,241,106 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
3,478,654 |
|
|
|
3,660,092 |
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
1,535,366 |
|
|
|
1,753,333 |
|
Deferred tax asset, net |
|
|
1,504,000 |
|
|
|
1,504,000 |
|
Operating lease right-of-use assets |
|
|
2,318,388 |
|
|
|
2,420,782 |
|
Other assets |
|
|
335,357 |
|
|
|
355,357 |
|
Total other assets |
|
|
5,693,111 |
|
|
|
6,033,472 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
99,064,892 |
|
|
$ |
106,934,670 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
896,293 |
|
|
$ |
1,031,141 |
|
Accrued expenses |
|
|
2,778,067 |
|
|
|
3,801,278 |
|
Operating lease liabilities, current portion |
|
|
490,184 |
|
|
|
633,616 |
|
Equipment loan, current portion |
|
|
180,906 |
|
|
|
107,270 |
|
Settlement processing obligations |
|
|
41,030,860 |
|
|
|
44,899,603 |
|
Prepaid card load obligations |
|
|
28,698,878 |
|
|
|
31,578,973 |
|
Customer deposits |
|
|
1,808,263 |
|
|
|
1,865,731 |
|
Current liabilities before merchant reserve obligations |
|
|
75,883,451 |
|
|
|
83,917,612 |
|
Merchant reserve obligations |
|
|
5,322,095 |
|
|
|
5,310,095 |
|
Total current liabilities |
|
|
81,205,546 |
|
|
|
89,227,707 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Equipment loan, net of current portion |
|
|
630,913 |
|
|
|
718,980 |
|
Operating lease liabilities, net of current portion |
|
|
1,955,333 |
|
|
|
1,919,144 |
|
Total liabilities |
|
|
83,791,792 |
|
|
|
91,865,831 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
197,194 |
|
|
|
197,087 |
|
Additional paid-in capital |
|
|
97,632,948 |
|
|
|
97,479,830 |
|
Treasury stock, at cost; 2,366,947 and 2,339,083 shares at March 31, 2024 (unaudited) and December 31, 2023, respectively |
|
|
(4,406,973 |
) |
|
|
(4,362,150 |
) |
Deferred compensation |
|
|
(6,561,728 |
) |
|
|
(6,907,775 |
) |
Accumulated deficit |
|
|
(71,588,341 |
) |
|
|
(71,338,153 |
) |
Total stockholders' equity |
|
|
15,273,100 |
|
|
|
15,068,839 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
99,064,892 |
|
|
$ |
106,934,670 |
|
USIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
20,321,615 |
|
|
$ |
21,446,244 |
|
Cost of services |
|
|
16,116,691 |
|
|
|
16,544,429 |
|
Gross profit |
|
|
4,204,924 |
|
|
|
4,901,815 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
499,273 |
|
|
|
504,574 |
|
Other SG&A |
|
|
4,060,225 |
|
|
|
3,873,219 |
|
Depreciation and amortization |
|
|
576,154 |
|
|
|
518,029 |
|
Total selling, general and administrative |
|
|
5,135,652 |
|
|
|
4,895,822 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(930,728 |
) |
|
|
5,993 |
|
|
|
|
|
|
|
|
|
|
Other income and (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
764,125 |
|
|
|
92,928 |
|
Interest expense |
|
|
(13,585 |
) |
|
|
(662 |
) |
Other income, net |
|
|
750,540 |
|
|
|
92,266 |
|
|
|
|
|
|
|
|
|
|
Income (Loss) before income tax expense |
|
|
(180,188 |
) |
|
|
98,259 |
|
Income tax expense |
|
|
70,000 |
|
|
|
83,426 |
|
|
|
|
|
|
|
|
|
|
Net income (Loss) |
|
$ |
(250,188 |
) |
|
$ |
14,833 |
|
|
|
|
|
|
|
|
|
|
Income (Loss) Per Share |
|
|
|
|
|
|
|
|
Basic income (loss) per common share: |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
Diluted income (loss) per common share: |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic - common stock |
|
|
19,990,862 |
|
|
|
20,122,972 |
|
Basic - restricted stock awards |
|
|
6,384,900 |
|
|
|
6,385,900 |
|
Weighted average shares used to compute basic earnings per share |
|
|
26,375,762 |
|
|
|
26,508,872 |
|
Diluted |
|
|
26,375,762 |
|
|
|
27,454,471 |
|
USIO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Operating Activities |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(250,188 |
) |
|
$ |
14,833 |
|
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
358,187 |
|
|
|
300,061 |
|
Amortization |
|
|
217,967 |
|
|
|
217,968 |
|
Employee stock-based compensation |
|
|
499,273 |
|
|
|
504,574 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
701,911 |
|
|
|
(846,609 |
) |
Prepaid expenses and other |
|
|
(243,344 |
) |
|
|
(10,616 |
) |
Operating lease right-of-use assets |
|
|
102,394 |
|
|
|
(31,459 |
) |
Inventory |
|
|
(6,769 |
) |
|
|
12,898 |
|
Accounts payable and accrued expenses |
|
|
(1,158,059 |
) |
|
|
1,128,251 |
|
Operating lease liabilities |
|
|
(107,243 |
) |
|
|
4,548 |
|
Prepaid card load obligations |
|
|
(2,880,095 |
) |
|
|
(1,357,807 |
) |
Merchant reserves |
|
|
12,000 |
|
|
|
(164,886 |
) |
Customer deposits |
|
|
(57,468 |
) |
|
|
20,953 |
|
Net cash (used in) operating activities |
|
|
(2,811,434 |
) |
|
|
(207,291 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(176,750 |
) |
|
|
(217,735 |
) |
Net cash (used in) investing activities |
|
|
(176,750 |
) |
|
|
(217,735 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Payments on equipment loan |
|
|
(14,431 |
) |
|
|
(13,488 |
) |
Purchases of treasury stock |
|
|
(44,823 |
) |
|
|
(8,529 |
) |
Net cash (used in) financing activities |
|
|
(59,254 |
) |
|
|
(22,017 |
) |
|
|
|
|
|
|
|
|
|
Change in cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves |
|
|
(3,047,438 |
) |
|
|
(447,043 |
) |
Cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves, beginning of year |
|
|
45,910,486 |
|
|
|
32,343,501 |
|
|
|
|
|
|
|
|
|
|
Cash, Cash Equivalents, Prepaid Card Loads, Customer Deposits and Merchant Reserves, End of Period |
|
$ |
42,863,048 |
|
|
$ |
31,896,458 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
13,585 |
|
|
$ |
662 |
|
Income taxes |
|
|
— |
|
|
|
13,426 |
|
Non-cash financing activity: |
|
|
|
|
|
|
|
|
Issuance of deferred stock compensation |
|
|
— |
|
|
|
2,444,054 |
|
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, 2023 |
|
|
28,671,606 |
|
|
$ |
197,087 |
|
|
$ |
97,479,830 |
|
|
$ |
(4,362,150 |
) |
|
$ |
(6,907,775 |
) |
|
$ |
(71,338,153 |
) |
|
$ |
15,068,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under equity incentive plan |
|
|
107,600 |
|
|
|
107 |
|
|
|
153,118 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
153,226 |
|
Deferred compensation amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
346,047 |
|
|
|
— |
|
|
|
346,047 |
|
Purchase of treasury stock costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(44,823 |
) |
|
|
— |
|
|
|
— |
|
|
|
(44,823 |
) |
Net (loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(250,188 |
) |
|
|
(250,188 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
|
28,779,206 |
|
|
$ |
197,194 |
|
|
$ |
97,632,948 |
|
|
$ |
(4,406,973 |
) |
|
$ |
(6,561,728 |
) |
|
$ |
(71,588,341 |
) |
|
$ |
15,273,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
|
|
Reconciliation from Operating income (Loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating income (Loss) |
|
$ |
(930,728 |
) |
|
$ |
5,993 |
|
Depreciation and amortization |
|
|
576,154 |
|
|
|
518,029 |
|
EBITDA |
|
|
(354,574 |
) |
|
|
524,022 |
|
Non-cash stock-based compensation expense, net |
|
|
499,273 |
|
|
|
504,574 |
|
Adjusted EBITDA |
|
$ |
144,699 |
|
|
$ |
1,028,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA margins: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
20,321,615 |
|
|
$ |
21,446,244 |
|
Adjusted EBITDA |
|
$ |
144,699 |
|
|
$ |
1,028,596 |
|
Adjusted EBITDA margins |
|
|
0.7 |
% |
|
|
4.8 |
% |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
||||||||
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
||
|
|
|
|
|
|
|
|
|
Reconciliation from net cash (used in) operating activities to Non-GAAP Adjusted Operating Cash Flows: |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(2,791,434 |
) |
|
$ |
(207,292 |
) |
Operating cash flow adjustments: |
|
|
|
|
|
|
|
|
Prepaid card load obligations |
|
|
2,880,095 |
|
|
|
1,357,807 |
|
Customer deposits |
|
|
57,468 |
|
|
|
(20,953 |
) |
Merchant reserves |
|
|
(12,000 |
) |
|
|
164,886 |
|
Operating lease right-of-use assets |
|
|
(102,394 |
) |
|
|
31,459 |
|
Operating lease liabilities |
|
|
107,243 |
|
|
|
(4,548 |
) |
Total adjustments to net cash provided by operating activities |
|
$ |
2,930,412 |
|
|
$ |
1,528,651 |
|
Adjusted operating cash flows provided |
|
$ |
138,978 |
|
|
$ |
1,321,359 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515351868/en/
Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804
Source: Usio, Inc.
FAQ
How did Usio's total payment dollars processed change in Q1 2024?
What was Usio's total revenue for Q1 2024?
How much did Usio's ACH & Complementary Services revenues grow in Q1 2024?
What was the growth in Usio's credit card revenues in Q1 2024?
What caused the decrease in Usio's prepaid card services revenues in Q1 2024?
What was Usio's net income or loss for Q1 2024?
What are Usio's cash reserves as of Q1 2024?
What is Usio's full-year 2024 revenue growth expectation?
