Usio Announces Third Quarter 2024 Financial Results
Usio reported strong Q3 2024 financial results with net income of $2.9 million ($0.10 per share), including a $3.2 million tax benefit. Total payment processing volume grew 46% year-over-year to $2.0 billion. Revenue increased 2% to $21.3 million, driven by ACH and complementary services growth. Prepaid card load volume reached a record $140 million, up 21%. Gross margins improved to 23.0% from 22.2% last year. The company generated $2.4 million in Adjusted Operating Cash Flows over nine months, with cash position strengthening by $1.2 million since December 2023. Management expects to exceed $100MM+ annual revenue run rate for 2025.
Usio ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di $2,9 milioni ($0,10 per azione), comprendente un beneficio fiscale di $3,2 milioni. Il volume totale di elaborazione dei pagamenti è cresciuto del 46% su base annua, raggiungendo i $2,0 miliardi. I ricavi sono aumentati del 2% a $21,3 milioni, sostenuti dalla crescita dei servizi ACH e complementari. Il volume di caricamento delle carte prepagate ha raggiunto un massimo storico di $140 milioni, con un incremento del 21%. I margini lordi sono migliorati al 23,0% rispetto al 22,2% dell'anno scorso. L'azienda ha generato $2,4 milioni di flussi di cassa operativi rettificati in nove mesi, con una posizione di liquidità migliorata di $1,2 milioni dal dicembre 2023. La direzione prevede di superare una velocità di ricavi annuali di oltre $100 milioni per il 2025.
Usio informó resultados financieros sólidos para el tercer trimestre de 2024, con una ganancia neta de $2.9 millones ($0.10 por acción), incluyendo un beneficio fiscal de $3.2 millones. El volumen total de procesamiento de pagos creció un 46% interanual, alcanzando los $2.0 mil millones. Los ingresos aumentaron un 2% hasta $21.3 millones, impulsados por el crecimiento de los servicios ACH y complementarios. El volumen de carga de tarjetas prepagadas alcanzó un récord de $140 millones, un aumento del 21%. Los márgenes brutos mejoraron al 23.0% desde el 22.2% del año pasado. La empresa generó $2.4 millones en Flujos de Efectivo Operativos Ajustados en nueve meses, con una posición de efectivo fortalecida en $1.2 millones desde diciembre de 2023. La dirección espera superar una tasa de ingresos anuales de más de $100 millones para 2025.
Usio는 2024년 3분기 강력한 재무 결과를 보고하며, 순이익이 $2.9백만 ($0.10 주당)이며, $3.2백만의 세금 혜택이 포함되어 있다고 발표했습니다. 총 결제 처리량은 전년 대비 46% 증가하여 $2.0억에 달했습니다. 수익은 ACH 및 보완 서비스의 성장에 힘입어 2% 증가하여 $21.3백만에 이르렀습니다. 선불 카드 로드 집계량은 $140백만으로 기록을 세우며, 21% 증가했습니다. 총 매출 총이익률은 작년 22.2%에서 23.0%로 개선되었습니다. 회사는 9개월 동안 $2.4백만의 조정된 운영 현금 흐름을 생성했으며, 2023년 12월 이후 현금 위치가 $1.2백만 강화되었습니다. 경영진은 2025년까지 연간 수익 1억 달러 이상을 초과할 것으로 기대하고 있습니다.
Usio a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un bénéfice net de $2,9 millions ($0,10 par action), incluant un avantage fiscal de $3,2 millions. Le volume total de traitement des paiements a augmenté de 46% d'une année sur l'autre pour atteindre 2,0 milliards de dollars. Les revenus ont augmenté de 2% à 21,3 millions de dollars, soutenus par la croissance des services ACH et complémentaires. Le volume de chargement des cartes prépayées a atteint un niveau record de 140 millions de dollars, en hausse de 21%. Les marges brutes se sont améliorées à 23,0% contre 22,2% l'année précédente. L'entreprise a généré $2,4 millions de flux de trésorerie d'exploitation ajustés sur neuf mois, avec une position de liquidité renforcée de 1,2 million de dollars depuis décembre 2023. La direction s'attend à dépasser un taux de revenus annuels de plus de 100 millions de dollars pour 2025.
Usio hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Nettogewinn von $2,9 Millionen ($0,10 pro Aktie), einschließlich eines Steuerbenefits von $3,2 Millionen. Das gesamte Zahlungsabwicklungsvolumen wuchs im Jahresvergleich um 46% auf $2,0 Milliarden. Der Umsatz stieg um 2% auf $21,3 Millionen, angetrieben durch das Wachstum im Bereich ACH und ergänzende Dienstleistungen. Das Ladevolumen von Prepaid-Karten erreichte mit $140 Millionen einen Rekord und stieg um 21%. Die Bruttomargen verbesserten sich auf 23,0%, gegenüber 22,2% im vergangenen Jahr. Das Unternehmen generierte in neun Monaten $2,4 Millionen an angepassten operativen Cashflows, wobei die Liquiditätslage seit Dezember 2023 um $1,2 Millionen gestärkt wurde. Das Management erwartet, die jährlichen Einnahmen von über $100 Millionen für 2025 zu übertreffen.
- Net income of $2.9 million ($0.10/share) vs loss of $0.7 million year ago
- Total payment processing volume up 46% to $2.0 billion
- Revenue increased 2% to $21.3 million
- Gross margins improved to 23.0% from 22.2%
- Record prepaid card load volume of $140 million, up 21%
- Generated $2.4 million in Adjusted Operating Cash Flows
- PayFac revenues grew 27%
- Operating loss of $0.4 million vs $0.8 million loss year ago
- Nine-month revenue down 2% compared to prior year
- Prepaid card services revenue declined 14% to $4.0 million
- Loss of $10 million one-time revenue from completed prepaid card contract
Insights
The Q3 results show significant operational improvements with
The financial position is strengthening with
While operating loss of
Third Quarter Net Income of
Total payment dollars processed through all payment channels up
SAN ANTONIO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- 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, 2024.
Louis Hoch, President and Chief Executive Officer of Usio, said, "Results in the third quarter continue to reflect strong fundamental processing growth, disciplined cost control, and strong positive cash flow and a continued commitment to cash management. We reported GAAP net income of approximately
Mr. Hoch continued, "Momentum remains strong, with a large implementation queue of contracted PayFac integrated software vendors, or ISVs, still to be implemented with more than
Revenues for the quarter were in line with our expectations, and were up from a year ago, primarily due to strong growth in our ACH and complementary services line of business, offsetting the impact in the quarter from the loss of nearly
For the quarter ended September 30, 2024, margins were up nearly
Mr. Hoch concluded, "The Company is in a strong position, with a growing portfolio of recurring revenues, a best-ever financial position, and signed contracts that we believe will be adding incremental revenue as they come online, although the timing of when these large incremental deals will ramp up remains uncertain. So far this year we have achieved our goals to strengthen the organization, strengthen our financial position, and expand our market presence. For that reason, we believe we find ourselves on a path of continued profitably with the potential to exceed an annual revenue run rate of
Quarterly Processing and Transaction Volumes
Total payment transactions processed in the third quarter of 2024 were 12.7 million, an increase of
We set all-time records in card load, processing, and transaction volumes in our Prepaid business unit, with card load volume up
Third Quarter 2024 Revenue Detail
Revenues for the quarter ended September 30, 2024 were
Three Months Ended September 30, | ||||||||||||||||
2024 | 2023 | $ Change | % Change | |||||||||||||
ACH and complementary services | $ | 4,302,510 | $ | 3,528,133 | $ | 774,377 | 22 | % | ||||||||
Credit card | 7,197,362 | 7,169,066 | 28,296 | 0 | % | |||||||||||
Prepaid card services | 4,017,153 | 4,685,212 | (668,059 | ) | (14 | )% | ||||||||||
Output Solutions | 5,253,388 | 5,138,030 | 115,358 | 2 | % | |||||||||||
Interest – ACH and complementary services | 201,545 | 212,691 | (11,146 | ) | (5 | )% | ||||||||||
Interest – Prepaid card services | 309,131 | 239,413 | 69,718 | 29 | % | |||||||||||
Interest – Output Solutions | 40,389 | 10,216 | 30,173 | 295 | % | |||||||||||
Total Revenue | $ | 21,321,478 | $ | 20,982,761 | $ | 338,717 | 2 | % |
Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | $ Change | % Change | |||||||||||||
ACH and complementary services | $ | 12,078,574 | $ | 10,948,012 | $ | 1,130,562 | 10 | % | ||||||||
Credit card | 22,019,364 | 21,624,848 | 394,516 | 2 | % | |||||||||||
Prepaid card services | 11,031,795 | 14,710,084 | (3,678,289 | ) | (25 | )% | ||||||||||
Output Solutions | 15,478,180 | 15,945,447 | (467,267 | ) | (3 | )% | ||||||||||
Interest – ACH and complementary services | 603,418 | 255,997 | 347,421 | 136 | % | |||||||||||
Interest – Prepaid card services | 1,046,496 | 425,431 | 621,065 | 146 | % | |||||||||||
Interest – Output Solutions | 113,925 | 25,784 | 88,141 | 342 | % | |||||||||||
Total Revenue | $ | 62,371,752 | $ | 63,935,603 | $ | (1,563,851 | ) | (2 | )% | |||||||
Gross profit for the third quarter of 2024 was
Other selling, general and administrative expenses were
For the quarter, we reported an operating loss of
Revenues for the nine months ended September 30, 2024 were down
For the nine months ended September 30, 2024, our operating loss was
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, November 6, 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 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 20, 2024. 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 7062327.
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 San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
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 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 and any guidance for future periods. 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 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.
Contact:
Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804
USIO, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
September 30, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 8,392,317 | $ | 7,155,687 | ||||
Accounts receivable, net | 4,257,022 | 5,564,138 | ||||||
Settlement processing assets | 59,549,564 | 44,899,603 | ||||||
Prepaid card load assets | 22,065,567 | 31,578,973 | ||||||
Customer deposits | 1,824,820 | 1,865,731 | ||||||
Inventory | 400,002 | 422,808 | ||||||
Prepaid expenses and other | 775,310 | 444,071 | ||||||
Current assets before merchant reserves | 97,264,602 | 91,931,011 | ||||||
Merchant reserves | 4,892,601 | 5,310,095 | ||||||
Total current assets | 102,157,203 | 97,241,106 | ||||||
Property and equipment, net | 3,304,601 | 3,660,092 | ||||||
Other assets: | ||||||||
Intangibles, net | 1,099,373 | 1,753,333 | ||||||
Deferred tax asset, net | 4,690,053 | 1,504,000 | ||||||
Operating lease right-of-use assets | 3,012,779 | 2,420,782 | ||||||
Other assets | 340,285 | 355,357 | ||||||
Total other assets | 9,142,490 | 6,033,472 | ||||||
Total Assets | $ | 114,604,294 | $ | 106,934,670 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 579,618 | $ | 1,031,141 | ||||
Accrued expenses | 2,879,369 | 3,801,278 | ||||||
Operating lease liabilities, current portion | 553,480 | 633,616 | ||||||
Equipment loan, current portion | 192,206 | 107,270 | ||||||
Settlement processing obligations | 59,549,564 | 44,899,603 | ||||||
Prepaid card load obligations | 22,065,567 | 31,578,973 | ||||||
Customer deposits | 1,824,820 | 1,865,731 | ||||||
Current liabilities before merchant reserve obligations | 87,644,624 | 83,917,612 | ||||||
Merchant reserve obligations | 4,892,601 | 5,310,095 | ||||||
Total current liabilities | 92,537,225 | 89,227,707 | ||||||
Non-current liabilities: | ||||||||
Equipment loan, net of current portion | 562,923 | 718,980 | ||||||
Operating lease liabilities, net of current portion | 2,573,100 | 1,919,144 | ||||||
Total liabilities | 95,673,248 | 91,865,831 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 198,226 | 197,087 | ||||||
Additional paid-in capital | 99,447,552 | 97,479,830 | ||||||
Treasury stock, at cost; 2,594,623 and 2,339,083 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively | (4,755,916 | ) | (4,362,150 | ) | ||||
Deferred compensation | (7,297,234 | ) | (6,907,775 | ) | ||||
Accumulated deficit | (68,661,582 | ) | (71,338,153 | ) | ||||
Total stockholders' equity | 18,931,046 | 15,068,839 | ||||||
Total Liabilities and Stockholders' Equity | $ | 114,604,294 | $ | 106,934,670 |
USIO, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 21,321,478 | $ | 20,982,761 | $ | 62,371,752 | $ | 63,935,603 | ||||||||
Cost of services | 16,425,321 | 16,325,793 | 47,822,086 | 49,121,210 | ||||||||||||
Gross profit | 4,896,157 | 4,656,968 | 14,549,666 | 14,814,393 | ||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||
Stock-based compensation | 569,772 | 594,815 | 1,529,106 | 1,677,258 | ||||||||||||
Other SG&A | 4,119,317 | 4,293,869 | 12,180,387 | 12,021,110 | ||||||||||||
Depreciation and amortization | 583,718 | 518,573 | 1,707,721 | 1,559,601 | ||||||||||||
Total selling, general and administrative | 5,272,807 | 5,407,257 | 15,417,214 | 15,257,969 | ||||||||||||
Operating (loss) | (376,650 | ) | (750,289 | ) | (867,548 | ) | (443,576 | ) | ||||||||
Other income and (expense): | ||||||||||||||||
Interest income | 125,564 | 49,769 | 348,188 | 116,649 | ||||||||||||
Other income | 0 | 50,000 | 261,413 | 50,000 | ||||||||||||
Interest expense | (13,700 | ) | (393 | ) | (41,535 | ) | (1,588 | ) | ||||||||
Other income, net | 111,864 | 49,376 | 568,066 | 115,061 | ||||||||||||
(Loss) before income taxes | (264,786 | ) | (700,913 | ) | (299,482 | ) | (328,515 | ) | ||||||||
Federal income tax (benefit) | (3,186,053 | ) | — | (3,186,053 | ) | — | ||||||||||
State income tax expense | 70,000 | 70,000 | 210,000 | 222,524 | ||||||||||||
Income tax expense (benefit) | (3,116,053 | ) | 70,000 | (2,976,053 | ) | 222,524 | ||||||||||
Net income (loss) | $ | 2,851,267 | $ | (770,913 | ) | $ | 2,676,571 | $ | (551,039 | ) | ||||||
Income (Loss) Per Share | ||||||||||||||||
Basic income (loss) per common share: | $ | 0.10 | $ | (0.03 | ) | $ | 0.10 | $ | (0.02 | ) | ||||||
Diluted income (loss) per common share: | $ | 0.10 | $ | (0.03 | ) | $ | 0.10 | $ | (0.02 | ) | ||||||
Weighted average common shares outstanding | ||||||||||||||||
Basic | 27,322,497 | 26,383,144 | 26,747,277 | 26,386,586 | ||||||||||||
Diluted | 27,322,497 | 26,383,144 | 26,747,277 | 26,386,586 |
USIO, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Operating Activities | ||||||||
Net income (loss) | $ | 2,676,571 | $ | (501,039 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Depreciation | 1,053,761 | 905,701 | ||||||
Amortization | 653,960 | 653,900 | ||||||
Deferred federal income tax | (3,186,053 | ) | 0 | |||||
Employee stock-based compensation | 1,529,106 | 1,644,658 | ||||||
Vendor stock-based compensation | — | 32,600 | ||||||
Non-cash revenue from returned common stock | — | (156,162 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 1,307,116 | (831,978 | ) | |||||
Prepaid expenses and other | (331,239 | ) | (289,819 | ) | ||||
Operating lease right-of-use assets | (591,997 | ) | 244,040 | |||||
Other assets | 15,072 | — | ||||||
Inventory | 22,806 | 106,516 | ||||||
Accounts payable and accrued expenses | (1,373,432 | ) | 845,249 | |||||
Operating lease liabilities | 573,820 | (267,553 | ) | |||||
Prepaid card load obligations | (9,513,406 | ) | 38,668,841 | |||||
Merchant reserves | (417,494 | ) | 427,044 | |||||
Customer deposits | (40,911 | ) | 24,376 | |||||
Net cash provided by (used in) operating activities | (7,622,320 | ) | 41,506,374 | |||||
Investing Activities | ||||||||
Purchases of property and equipment | (698,271 | ) | (587,451 | ) | ||||
Net cash (used in) investing activities | (698,271 | ) | (587,451 | ) | ||||
Financing Activities | ||||||||
Payments on equipment loan | (71,121 | ) | (42,527 | ) | ||||
Proceeds from issuance of common stock | 50,297 | - | ||||||
Purchases of treasury stock | (393,766 | ) | (68,967 | ) | ||||
Net cash (used in) financing activities | (414,590 | ) | (111,494 | ) | ||||
Change in cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves | (8,735,181 | ) | 40,807,429 | |||||
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 | $ | 37,175,305 | $ | 73,150,930 | ||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 41,535 | $ | 1,588 | ||||
Income taxes | — | 312,158 | ||||||
Non-cash operating activities: | ||||||||
Right of use assets obtained in exchange for operating lease liabilities | 963,487 | — | ||||||
Non-cash financing activity: | ||||||||
Issuance of deferred stock compensation | 1,497,300 | 2,478,506 |
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 | — | — | — | 153,225 | |||||||||||||||||||||
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 | ||||||||||||
Issuance of common stock under equity incentive plan | 994,049 | 994 | 1,610,320 | — | (1,497,300 | ) | — | 114,014 | ||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 6,180 | 6 | 10,504 | — | — | — | 10,510 | |||||||||||||||||||||
Reversal of deferred compensation amortization that did not vest | (15,000 | ) | (15 | ) | (31,305 | ) | — | 31,320 | — | — | ||||||||||||||||||
Deferred compensation amortization | — | — | — | — | 346,048 | — | 346,048 | |||||||||||||||||||||
Purchase of treasury stock costs | — | — | — | (104,946 | ) | — | — | (104,946 | ) | |||||||||||||||||||
Net income for the period | — | — | — | — | — | 75,492 | 75,492 | |||||||||||||||||||||
Balance at June 30, 2024 | 29,764,435 | $ | 198,179 | $ | 99,222,467 | $ | (4,511,919 | ) | $ | (7,681,660 | ) | $ | (71,512,849 | ) | $ | 15,714,218 | ||||||||||||
Issuance of common stock under equity incentive plan | 21,100 | 21 | 185,324 | — | — | — | 185,345 | |||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 25,952 | 26 | 39,761 | — | — | — | 39,787 | |||||||||||||||||||||
Deferred compensation amortization | — | — | — | — | 384,426 | — | 384,426 | |||||||||||||||||||||
Purchase of treasury stock costs | — | — | — | (243,997 | ) | — | — | (243,997 | ) | |||||||||||||||||||
Net income for the period | — | — | — | — | — | 2,851,267 | 2,851,267 | |||||||||||||||||||||
Balance at September 30, 2024 | 29,811,487 | $ | 198,226 | $ | 99,447,552 | $ | (4,755,916 | ) | $ | (7,297,234 | ) | $ | (68,661,582 | ) | $ | 18,931,046 | ||||||||||||
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 common 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 |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Reconciliation from Operating income (Loss) to Adjusted EBITDA: | ||||||||||||||||
Operating income (Loss) | $ | (376,650 | ) | $ | (750,289 | ) | $ | (867,548 | ) | $ | (443,576 | ) | ||||
Depreciation and amortization | 583,718 | 518,573 | 1,707,721 | 1,559,601 | ||||||||||||
EBITDA | 207,068 | (231,716 | ) | 840,173 | 1,116,025 | |||||||||||
Non-cash stock-based compensation expense, net | 569,772 | 594,815 | 1,529,106 | 1,677,258 | ||||||||||||
Adjusted EBITDA | $ | 776,840 | $ | 363,099 | $ | 2,369,279 | $ | 2,793,283 | ||||||||
Calculation of Adjusted EBITDA margins: | ||||||||||||||||
Revenues | $ | 21,321,478 | $ | 20,982,761 | $ | 62,371,752 | $ | 63,935,603 | ||||||||
Adjusted EBITDA | $ | 776,840 | $ | 363,099 | $ | 2,369,279 | $ | 2,793,283 | ||||||||
Adjusted EBITDA margins | 3.6 | % | 1.7 | % | 3.8 | % | 4.4 | % |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||
(UNAUDITED) | ||||||||
September 30, 2024 | September 30, 2023 | |||||||
Reconciliation from net cash (used in) operating activities to Non-GAAP Adjusted Operating Cash Flow: | ||||||||
Net cash provided by (used in) operating activities | $ | (7,622,320 | ) | $ | 41,506,374 | |||
Operating cash flow adjustments: | ||||||||
Prepaid card load obligations | 9,513,406 | (38,668,841 | ) | |||||
Customer deposits | 40,911 | (24,376 | ) | |||||
Merchant reserves | 417,494 | (427,044 | ) | |||||
Operating lease right-of-use assets | 591,997 | (244,040 | ) | |||||
Operating lease liabilities | (573,820 | ) | 267,553 | |||||
Total adjustments to net cash provided by operating activities | $ | 9,989,988 | $ | (39,096,748 | ) | |||
Adjusted operating cash flows provided | $ | 2,367,668 | $ | 2,409,626 |
FAQ
What was Usio's (USIO) net income in Q3 2024?
How much did Usio's (USIO) payment processing volume grow in Q3 2024?
What was Usio's (USIO) revenue in Q3 2024?