USA Technologies, Inc. (NASDAQ:USAT) (“USAT” or the “Company”),
a cashless payments and software services company that provides
end-to-end technology solutions for the self-service retail market,
today reported results for the fiscal year 2021 second quarter.
“We continue to make great progress on the operating initiatives
we laid out for this fiscal year, which include – driving
sustainable organic growth, right sizing the Company's cost
structure, and investing in people and culture, in order to achieve
excellence,” said Sean Feeney, chief executive officer, USA
Technologies. “Many existing and potential new customers are seeing
the value of being on our platform as a service, from our cashless
devices to logistics software. We are also making strides in right
sizing the Company's cost structure, reporting a 28% decrease in
operating expenses for the quarter when compared to FY Q2 20 and a
24% decrease in the first six months of this fiscal year. We have
begun to allocate a portion of the savings to the products, systems
and services that the Company needs to scale.”
“While the rebound in our industry from the impact of the
pandemic, and in turn our business, has been slower than we
expected when we laid out our FY 21 financial goals, we are
incredibly proud of all the Company has accomplished in this short
amount of time. We believe we have the right team in place, with
tailwinds that we expect will help drive our business. The
increasing shift to contactless payments and unattended retail have
created demand for cashless products, and we are making the right
investments to position us well for success,” concluded Feeney.
Financial Highlights:
- Revenue of $38.3 million increased 3.8% compared to the first
quarter 2021, and decreased 13.1% compared to the second quarter
2020
- License and transaction fee revenue of $33.2 million increased
0.3% compared to the first quarter 2021, and decreased 7.1%
compared to the second quarter 2020
- Equipment revenue of $5.1 million, an increase of 34.5%
compared to the first quarter 2021 and decrease of 38.9% compared
to the second quarter 2020
- Active devices, defined as devices that have communicated or
transacted with the Company in the last 12 months, totaled
1,154,932 connections at the end of the second quarter of 2021
compared to 1,133,754 at the end of the first quarter of 2021 and
1,089,406 at the end of the second quarter of 2020
- Active customers, defined as customers that have at least one
device that has communicated with the Company in the last 12
months, totaled 18,304 at the end of the second quarter of 2021
compared to 16,489 at the end of the second quarter of 2020
- Total connections, the performance metric for devices the
Company has previously reported, totaled 1,358,000 at the end of
the second quarter of 2021, compared to 1,335,000 at the end of the
first quarter of 2021 and 1,255,000 at the end of the second
quarter of 2020
- Gross margin of 32.1% compared to 29.0% in the second quarter
of 2020
- Operating loss of $(2.6) million, a significant improvement
compared to operating loss of $(7.8) million in the second quarter
of 2020
- Net loss applicable to common shares of $(2.9) million, or
$(0.04) per basic share compared to net loss applicable to common
shares of $(8.4) million, or $(0.13) per basic share in the second
quarter of 2020
- Adjusted EBITDA(a) of $1.0 million compared to $(0.9) million
in the second quarter of 2020
- Ended the quarter with $28.2 million in cash and cash
equivalents
(a) Adjusted earnings before income taxes, depreciation, and
amortization (“Adjusted EBITDA”) is a non-GAAP measurement. See
Reconciliations of Non-GAAP Measures for a reconciliation of
Adjusted EBITDA to net loss
Operational Highlights:
- Relisted on the Nasdaq Global Select Market on Nov. 19, 2020,
under the ticker symbol “USAT”
- Announced that the Company will transition its corporate
identity to exclusively operate under the name Cantaloupe,
Inc.
- Appointed Ravi Venkatesan in the newly created position of
Chief Technology Officer
Fiscal Year 2021 Outlook:
- “The impact of the pandemic continues to be a challenge in many
ways, and for us, that includes headwinds on transaction and
equipment revenue,” said Wayne Jackson, chief financial officer,
USA Technologies. “As a result of COVID-19’s persistence and our
updated assumptions around timing of a successful vaccine rollout,
we have pushed out our expectations on when the virus will have
less of an impact on our market and business. Therefore, we have
revised our FY2021 revenue guidance to be between $163 million and
$171 million, down from a range of $170 million to $180 million,
net loss applicable to common shares to be between $(21) million
and $(17) million, down from $(14.1) million and $(11.1) million,
and now expect our Adjusted EBITDA to be between $1 million and $4
million.”
Webcast and Conference Call
USA Technologies will host a conference call and webcast at 4:30
p.m. Eastern Time today. To participate in the conference call,
please dial (866) 393-1608 approximately 10 minutes prior to the
call. International callers should dial (224) 357-2194. Please
reference conference ID # 7541066. A live webcast of the conference
call will be available at
https://usatechnologiesinc.gcs-web.com/events-and-presentations.
Please access the website 15 minutes prior to the start of the call
to download and install any necessary audio software.
A telephone replay of the conference call will be available from
7:30 p.m. Eastern Time on February 4, 2021 until 7:30 p.m. Eastern
Time on February 7, 2021 and may be accessed by calling +1 (855)
859-2056 (domestic dial-in) or +1 (404) 537-3406 (international
dial-in) and reference conference ID # 7541066.
An archived replay of the conference call will also be available
in the investor relations section of the company's website.
About USA Technologies
USA Technologies, Inc. is a cashless payments and software
services company that provides end-to-end technology solutions for
the self-service retail market. USAT is transforming the unattended
retail community by offering one integrated solution for payments
processing, logistics, and back-office management. The Company’s
enterprise-wide platform is designed to increase consumer
engagement and sales revenue through digital payments, digital
advertising and customer loyalty programs, while providing
retailers with control and visibility over their operations and
inventory. As a result, customers ranging from vending machine
companies, to operators of micro-markets, gas and car charging
stations, laundromats, metered parking terminals, kiosks,
amusements and more, can run their businesses more proactively,
predictably, and competitively.
Discussion of Non-GAAP Financial Measures:
This press release contains discussion of adjusted EBITDA, a
non-GAAP financial measure which is not required or defined under
U.S. GAAP (Generally Accepted Accounting Principles). Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance, financial position or cash flows that either excludes
or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with U.S. GAAP. Reconciliations between non-GAAP
financial measures and the most comparable U.S. GAAP financial
measures are set forth below in Financial Schedule D.
We use these non-GAAP financial measures for financial and
operational decision-making purposes and as a means to evaluate
period-to-period comparisons. We believe that these non-GAAP
financial measures provide useful information about our operating
results, enhance the overall understanding of past financial
performance and future prospects and allow 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 U.S. 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 U.S. 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 net loss before (i) interest
income, (ii) interest expense, (iii) income taxes, (iv)
depreciation, (v) amortization, (vi) stock-based compensation
expense, and (vii) non-recurring fees and charges that were
incurred in connection with the 2019 Investigation and financial
statement restatement activities as well as proxy solicitation
costs.
Forward-looking Statements:
All statements other than statements of historical fact included
in this release, including without limitation USAT’s future
prospects and performance, the business strategy and the plans and
objectives of USAT'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 USAT or its
management, may identify forward-looking statements. Such
forward-looking statements are based on the reasonable beliefs of
USAT's management, as well as assumptions made by and information
currently available to USAT'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 the incurrence by USAT of any unanticipated or unusual
non-operational expenses which would require us to divert our cash
resources from achieving our business plan; the uncertainties
associated with COVID-19, including its possible effects on USAT’s
operations, financial condition and the demand for USAT’s products
and services; the ability of USAT to predict or estimate its future
quarterly or annual revenue and expenses given the developing and
unpredictable market for its products; the ability of USAT to
retain key customers from whom a significant portion of its
revenues is derived; the ability of USAT to compete with its
competitors to obtain market share; the ability of USAT to make
available and successfully upgrade current customers to new
standards and protocols; whether USAT's existing or anticipated
customers purchase, rent or utilize ePort or Seed devices or our
other products or services in the future at levels currently
anticipated by USAT; disruptions to our systems, breaches in the
security of transactions involving our products or services, or
failure of our processing systems; or other risks discussed in
USAT’s filings with the U.S. Securities and Exchange Commission,
including but not limited to its Annual Report on Form 10-K for the
year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for
the quarters ended September 30, 2020 and December 31, 2020.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Any forward-looking statement made by
us in this release speaks only as of the date of this release.
Unless required by law, USAT does not undertake to release publicly
any revisions to these forward-looking statements to reflect future
events or circumstances or to reflect the occurrence of
unanticipated events. If USAT updates one or more forward-looking
statements, no inference should be drawn that USAT will make
additional updates with respect to those or other forward-looking
statements.
--F—USAT
USA Technologies, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
($ in thousands, except share
data)
December 31,
2020
June 30, 2020
Assets
Current assets:
Cash and cash equivalents
$
28,162
$
31,713
Accounts receivable, net
20,080
17,273
Finance receivables, net
7,196
7,468
Inventory, net
8,794
9,128
Prepaid expenses and other current
assets
1,419
1,782
Total current assets
65,651
67,364
Non-current assets:
Finance receivables due after one year
10,296
11,213
Property and equipment, net
7,185
7,872
Operating lease right-of-use assets
4,799
5,603
Intangibles, net
21,501
23,033
Goodwill
63,945
63,945
Other assets
2,130
1,993
Total non-current assets
109,856
113,659
Total assets
$
175,507
$
181,023
Liabilities, convertible preferred stock
and shareholders’ equity
Current liabilities:
Accounts payable
$
26,907
$
27,058
Accrued expenses
29,479
30,265
Current obligations under long-term
debt
3,804
3,328
Deferred revenue
1,648
1,698
Total current liabilities
61,838
62,349
Long-term liabilities:
Deferred income taxes
148
137
Long-term debt, less current portion
13,901
12,435
Operating lease liabilities,
non-current
4,241
4,749
Total long-term liabilities
18,290
17,321
Total liabilities
80,128
79,670
Commitments and contingencies
Convertible preferred stock:
Series A convertible preferred stock,
900,000 shares authorized, 445,063 issued and outstanding, with
liquidation preferences of $21,113 and $20,779 at December 31, 2020
and June 30, 2020, respectively
3,138
3,138
Shareholders’ equity:
Preferred stock, no par value, 1,800,000
shares authorized
—
—
Common stock, no par value, 640,000,000
shares authorized, 65,285,674 and 65,196,882 shares issued and
outstanding at December 31, 2020 and June 30, 2020,
respectively
404,433
401,240
Accumulated deficit
(312,192
)
(303,025
)
Total shareholders’ equity
92,241
98,215
Total liabilities, convertible preferred
stock and shareholders’ equity
$
175,507
$
181,023
USA Technologies, Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
Three months ended
Six months ended
December 31,
December 31,
($ in thousands, except per share
data)
2020
2019
2020
2019
Revenue:
License and transaction fees
$
33,214
$
35,754
$
66,322
$
70,363
Equipment sales
5,071
8,297
8,840
17,047
Total revenue
38,285
44,051
75,162
87,410
Cost of sales:
Cost of license and transaction fees
20,617
22,579
39,953
44,668
Cost of equipment sales
5,367
8,710
8,668
18,564
Total cost of sales
25,984
31,289
48,621
63,232
Gross profit
12,301
12,762
26,541
24,178
Operating expenses:
Selling, general and administrative
13,831
16,161
30,641
31,342
Investigation, proxy solicitation and
restatement expenses
—
3,277
—
9,768
Depreciation and amortization
1,052
1,080
2,120
2,102
Total operating expenses
14,883
20,518
32,761
43,212
Operating loss
(2,582
)
(7,756
)
(6,220
)
(19,034
)
Other income (expense):
Interest income
325
283
675
577
Interest expense
(596
)
(833
)
(3,881
)
(1,298
)
Total other income (expense), net
(271
)
(550
)
(3,206
)
(721
)
Loss before income taxes
(2,853
)
(8,306
)
(9,426
)
(19,755
)
Provision for income taxes
(49
)
(72
)
(89
)
(131
)
Net loss
(2,902
)
(8,378
)
(9,515
)
(19,886
)
Preferred dividends
—
—
(334
)
(334
)
Net loss applicable to common shares
$
(2,902
)
$
(8,378
)
$
(9,849
)
$
(20,220
)
Net loss per common share
Basic
$
(0.04
)
$
(0.13
)
$
(0.15
)
$
(0.33
)
Diluted
$
(0.04
)
$
(0.13
)
$
(0.15
)
$
(0.33
)
Weighted average number of common shares
outstanding
Basic
64,913,364
63,664,256
64,886,183
61,891,197
Diluted
64,913,364
63,664,256
64,886,183
61,891,197
USA Technologies, Inc.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Six months ended
December 31,
($ in thousands)
2020
2019
OPERATING ACTIVITIES:
Net loss
$
(9,515
)
$
(19,886
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock based compensation
3,149
2,032
Amortization of debt discount and issuance
costs
2,657
311
Provision for expected losses
1,286
862
Provision for inventory reserve
1,262
1,006
Depreciation and amortization included in
operating expenses
2,120
2,102
Depreciation included in cost of sales for
rental equipment
1,054
1,391
Other
957
1,072
Changes in operating assets and
liabilities:
Accounts receivable
(2,987
)
2,133
Finance receivables
429
(990
)
Inventory
(928
)
(1,055
)
Prepaid expenses and other assets
243
(411
)
Accounts payable and accrued expenses
195
2,424
Operating lease liabilities
(526
)
(776
)
Deferred revenue
(50
)
(52
)
Net cash provided by operating
activities
(654
)
(9,837
)
INVESTING ACTIVITIES:
Purchase of property and equipment
(970
)
(1,361
)
Proceeds from sale of property and
equipment
11
31
Net cash used in investing activities
(959
)
(1,330
)
FINANCING ACTIVITIES:
Proceeds from long-term debt issuance by
Antara, net of issuance costs paid to Antara
—
14,790
Proceeds from equity issuance by Antara,
net of issuance costs paid to Antara
—
18,560
Payment of third-party debt issuance
costs
—
(33
)
Repayment of 2018 JPMorgan Revolving
Credit Facility
—
(10,000
)
Proceeds from 2021 JPMorgan Revolving
Credit Facility
1,750
—
Repayment of 2021 JPMorgan Revolving
Credit Facility
(1,750
)
—
Proceeds from long-term debt issuance by
JPMorgan Chase Bank, N.A., net of debt issuance costs
14,550
—
Repayment of long-term debt
(15,364
)
(2,109
)
Proceeds from exercise of common stock
options
76
—
Payment of Antara prepayment penalty and
commitment termination fee
(1,200
)
—
Net cash used in (provided by) financing
activities
(1,938
)
21,208
Net (decrease) increase in cash and cash
equivalents
(3,551
)
10,041
Cash and cash equivalents at beginning of
year
31,713
27,464
Cash and cash equivalents at end of
period
$
28,162
$
37,505
Supplemental disclosures of cash flow
information:
Interest paid in cash
$
615
$
565
Supplemental disclosures of noncash
financing activities:
Third-party debt issuance costs related to
Antara financing, incurred during the six months ended December 31,
2019 and paid the nine months ended March 31, 2020
$
—
$
1,947
Registration termination fee related to
Antara financing, incurred during the six months ended December 31,
2019 and paid during the nine months ended March 31, 2020
$
—
$
1,223
Basis of Presentation and Preparation of Our Condensed
Consolidated Financial Statements
As previously disclosed in the Company’s June 30, 2020 Annual
Report on Form 10-K and the September 30, 2020 Quarterly Report on
Form 10-Q, during the fourth quarter of fiscal year 2020, the
Company reclassified certain operating expenses previously reported
in the first three quarters of fiscal year 2020 as Selling, general
and administrative expenses to Investigation, proxy solicitation
and restatement expenses. The reclassifications resulted from
management’s conclusion that those operating expenses related to
non-recurring professional services fees to assist the Company with
accounting and compliance activities following the filing of the
2019 Form 10-K, as well as the proxy solicitation costs incurred in
fiscal year 2020. These reclassifications did not affect Total
operating expenses or Net loss.
As part of the Company’s financial statement close process for
the quarter ended December 31, 2020, management identified that the
previously reported reclassification amounts from Selling, general
and administrative expenses to Investigation, proxy solicitation
and restatement expenses as disclosed in the June 30, 2020 Annual
Report on Form 10-K and the September 30, 2020 Quarterly Report on
Form 10-Q needed to be revised to properly reflect expense accrual
amounts for certain vendors that were incorrectly excluded from the
previously calculated amounts. These revisions to the
reclassification amounts do not affect the previously reported
Depreciation and amortization, Total operating expenses or Net loss
for the quarters ended September 30, 2019, December 31, 2019, March
31, 2020, June 30, 2020 or the full year ended June 30, 2020 and
other interim reporting periods. The Company analyzed the potential
impact of the reclassification error in accordance with the
appropriate guidance, from both a qualitative and quantitative
perspective, and concluded that the error was not material to any
individual interim or annual period.
Operating expenses for each quarter of fiscal year 2020 and
other reporting periods before and after the revision
discussed above are as follows:
Three months ended
Other reporting
periods
($ in thousands)
September 30, 2019
December 31, 2019
March 31, 2020
June 30, 2020
Year ended June 30,
2020
Six months ended December 31,
2019
Nine months ended March 31,
2020
Selling, general and administrative,
before revision (a) (b)
$
17,196
$
12,520
$
18,065
$
12,485
$
60,266
$
29,716
$
47,781
Investigation, proxy solicitation and
restatement expenses, before revision (a) (b)
4,476
6,918
2,004
7,894
21,292
11,394
13,398
Additional amounts reclassified from (to)
Selling, general and administrative to (from) Investigation, proxy
solicitation and restatement expenses
2,015
(3,641
)
2,177
(2,033
)
(1,482
)
(1,626
)
551
Selling, general and administrative,
after revision (c)
15,181
16,161
15,888
14,518
61,748
31,342
47,230
Investigation, proxy solicitation and
restatement expenses, after revision (c)
6,491
3,277
4,181
5,861
19,810
9,768
13,949
Depreciation and amortization, no
change (a) (b) (d)
1,022
1,080
1,107
1,098
4,307
2,102
3,209
Total operating expenses, no change
(a) (b) (d)
$
22,694
$
20,518
$
21,176
$
21,477
$
85,865
$
43,212
$
64,388
(a) The amounts for the three months ended
September 30, 2019, December 31, 2019, March 31, 2020 and full year
ended June 30, 2020 were presented in the Company’s June 30, 2020
Annual Report on Form 10-K.
(b) The amounts for the three months ended
September 30, 2019 were presented in the Company’s September 30,
2020 Quarterly Report on Form 10-Q.
(c) The revised amounts for the three and
six months ended December 2019 are presented in the Condensed
Consolidated Statements of Operations.
(d) No changes noted for these amounts.
The amounts for the three and six months ended December 2019 are
presented in the Condensed Consolidated Statements of
Operations.
Reconciliation of Net Loss to Adjusted
EBITDA
Three months ended December
31,
($ in thousands, including endnotes to
table)
2020
2019
U.S. GAAP net loss
$
(2,902
)
$
(8,378
)
Less: interest income
(325
)
(283
)
Plus: interest expense
596
833
Plus: income tax provision
49
72
Plus: depreciation expense included in
cost of sales for rentals
515
757
Plus: depreciation and amortization
expense in operating expenses
1,052
1,080
EBITDA
(1,015
)
(5,919
)
Plus: stock-based compensation (a)
1,640
1,742
Plus: investigation, proxy solicitation
and restatement expenses (b) (c)
—
3,277
Plus: asset impairment charge (b)
333
—
Adjustments to EBITDA
1,973
5,019
Adjusted EBITDA (d) (e)
$
958
$
(900
)
(a)
As an adjustment to EBITDA, we
have excluded stock-based compensation, as it does not reflect our
cash-based operations.
(b)
As an adjustment to EBITDA, we
have excluded the professional fees incurred in connection with the
non-recurring costs and expenses related to the 2019 Investigation,
financial statement restatement activities, and proxy solicitation
costs, and non-cash impairment charges related to long-lived assets
because we believe that they represent charges that are not related
to our operations.
(c)
The previously reported amounts
for the three months ended December 31, 2019 were reclassified to
include additional operating expenses that related to non-recurring
professional services fees. The adjustment amount for the three
months ended December 31, 2019 has been revised as disclosed in the
basis of presentation and preparation section of Note 1 to the
interim Condensed Consolidated Financial Statements.
(d)
As a result of the adjustment
noted in (c), the Adjusted EBITDA for the year ended June 30, 2020
and three months ended June 30, 2020 as previously reported in the
Company’s June 30, 2020 Annual Report on Form 10-K should be
revised from $(8,253) to $(9,735) and $(85) to $(2,118)
respectively. Similarly, the Adjusted EBITDA for the three months
ended September 30, 2019 as previously reported in the Company’s
September 30, 2020 Quarterly Report on Form 10-Q should be revised
from $(4,856) to $(2,841).
(e)
As a result of the adjustment
noted in (c) and the subsequent revision to the reclassification
amounts as noted in Note 1 to the interim Condensed Consolidated
Financial Statements., the Adjusted EBITDA for the three months
ended December 31, 2019 as previously reported in the Company’s
December 31, 2019 Quarterly Report on Form 10-Q should have been
revised from $(2,324) million to $(900) as presented in table
above.
QUARTERLY FINANCIAL AND NON-FINANCIAL DATA
The following table shows certain financial and non-financial
data that management believes give readers insight into certain
trends and relationships about the Company’s financial performance.
We believe the metrics (Active Devices and Net New Active Devices,
Active Customers and Net Change in Active Customers and Total
Number of Transactions and Total Dollar Volume of Transactions) are
useful in allowing management and readers to evaluate our strategy
of driving growth in devices and transactions and the Financing
Structure of Devices metric is useful in allowing management and
readers to evaluate the growth of our QuickStart program and direct
sales compared to the JumpStart program.
Active Devices and Net New Active Devices (new
presentation)
Active Devices is defined as a device that has communicated with
us or has had a transaction in the last 12 months. Included in the
number of Active Devices are devices that communicate through other
devices that communicate or transact with us. A self-service retail
location that utilizes an ePort cashless payment device as well as
Seed management services constitutes only one device.
Net New Active Devices during the quarter are defined as the net
change in Active Devices from prior quarter.
Active Customers and Net Change in Active Customers
The Company defines Active Customers as all customers with at
least one active device. Net Change in Active customers is defined
by the net change in Active Customers from the prior period.
Total Number of Transactions and Total Dollar Volume of
Transactions
Transactions are defined as electronic payment transactions that
are processed by our technology-enabled solutions. Management uses
Total Number and Dollar Volume of transactions to evaluate the
effectiveness of our new customer strategy and ability to leverage
existing customers and partners.
Financing Structure of Devices
The Financing Structure of Devices is determined by identifying
the gross new devices during the quarter and determining which
devices were due to devices financed by the JumpStart program
compared to devices financed by the QuickStart program or purchased
outright. We monitor this metric as we are able to increase cash
collections from direct sales to customers or under QuickStart
sales by utilizing lease companies which improves cash provided by
operating activities.
As of and for the three months
ended
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
December 31, 2019
Devices, new presentation:
Active Devices
1,154,932
1,133,754
1,117,805
1,103,242
1,089,406
Net New Active Devices
21,178
15,949
14,563
13,836
25,744
Customers:
Active Customers
18,304
17,760
17,249
16,808
16,489
Net Change in Active Customers
544
511
441
319
479
Volumes:
Total Number of Transactions
(millions)
211.8
201.9
167.7
237.3
243.4
Total Dollar Volume of Transactions
(millions)
422.6
406.3
329.1
462.7
476.4
Financing structure of Devices:
JumpStart
4.3
%
3.0
%
6.2
%
1.4
%
4.3
%
QuickStart & all others (a)
95.7
%
97.0
%
93.8
%
98.6
%
95.7
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
a) Includes credit sales with standard
trade receivable terms.
Highlights of USAT’s devices and customers for the quarter ended
December 31, 2020 include:
- An increase of 544 Active Customers and 21,178 Active Devices
during the quarter;
- 1,154,932 Active Devices compared to the same quarter last year
of 1,089,406, an increase of 65,526 Net New Active Devices, or
6.01%;
- 18,304 Active Customers to our service compared to the same
quarter last year of 16,489, an increase of 1,815 Net Change in
Active Customers, or 11.01%.
Total Connections (historical presentation)
Historically, connections is a performance metric that has been
used by the Company. Connections to the Company’s service include
those resulting from the sale or lease of our POS electronic
payment devices, telemetry devices or certified payment software or
the servicing of similar third-party installed POS terminals or
telemetry devices. The Company records a connection upon shipment
of an activated device or the activation of a non-device location
on our platform to a customer under contract. If a customer
provides sufficient notice to deactivate a device or non-device
location, in accordance with the terms of the contract, we stop
counting the existing connection as a connection after the
applicable notice period. A previously installed telemeter or
cashless payment system that is no longer being utilized by our
customer is still considered and reported as an existing connection
until the customer requests deactivation and the contractual notice
period has expired.
As noted in the previous section, management is now focused on
Active Devices and Active Customers as set forth in the new
presentation above.
As of and for the three months
ended
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
December 31, 2019
Total connections, historical
presentation
1,358,000
1,335,000
1,320,000
1,289,000
1,255,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210204006053/en/
Media and Investor Relations Contact: Alicia V.
Nieva-Woodgate USA Technologies +1 720.808.0086
anievawoodgate@usatech.com
Investor Relations: ICR, Inc. USATechIR@icrinc.com
USA Technologies (NASDAQ:USAT)
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