USA Technologies Announces Q4 And FY2016 Results: Total Revenue Jumps 24%

by USAT Press Release
Posted On: 9/13/2016

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TAGS: vending industry, cashless vending, USA Technologies Inc., NASDAQ:USAT, payment technology service provider, USAT 2016 fourth quarter, USAT 2016 fiscal year


Source: USA Technologies Inc. | Released Sept. 13, 2016

MALVERN, Pa.--(BUSINESS WIRE) -- USA Technologies Inc. (NASDAQ:USAT), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today reported results for its fourth quarter and fiscal year, ended June 30, 2016.

Fourth Quarter Financial Highlights:

» Total quarterly revenue of $21.9 million, a year-over-year increase of 24%.

» 429,000 connections to ePort service, including 6,000 new connections attributable to the VendScreen acquisition which closed on Jan. 15, 2016, representing a year-over-year increase of 29%.

» Record 11,050 customers compared to 9,600 as of a year ago, a year-over-year increase of 15%.

» Quarterly record license and transaction fee revenue of $15.3 million, a year-over-year increase of 28%.

» $1.3 million of cash provided by operating activities representing the sixth straight quarter of positive operating cash flow.

» Ended the quarter with $19.3 million in cash and cash equivalents.

» Quarterly GAAP net loss of $872 thousand, including the impact of a $432 thousand non-cash expense for the write-down of trademarks to net realizable value of zero and $258 thousand of non-recurring expenses related to the acquisition and integration of the VendScreen business.

» Quarterly non-GAAP net loss of $1.4 million.

» Quarterly adjusted EBITDA of $0.6 million.

"We ended the fiscal year with strong momentum as we continue to drive growth by the adoption of our cashless payment solutions," said Stephen P. Herbert, USA Technologies' chairman and chief executive officer. "Our customers are increasingly realizing the positive benefits of upgrading 100% of their locations with our ePort Connect service to enable consumers the cashless payment option. The addition of our ePort Interactive Service provides additional value with the ability to provide a more robust consumer experience and yields improved performance at the location. We've grown our business substantially and are poised for the next phase of growth as we work to improve profitability and scale our business."

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