USA Technologies Releases Q3, FY2017 Results, Achieves $100 Million Revenue Run-Rate And 500,000 Connections Goals

by USAT Press Release
Posted On: 5/10/2017

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TAGS: USA Technologies Inc., payment technology, USAT third quarter 2017, ePort, cashless vending, Stephen P. Herbert


Source: USA Technologies Inc. | Released May 9, 2017

MALVERN, PA--May 9, 2017-- USA Technologies Inc., a payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today reported results for its third quarter, ended March 31.

Third Quarter Financial Highlights:
» Total quarterly record revenue of $26.5 million, a year-over-year increase of 30% marking the 30th consecutive quarter of growth
» 504,000 connections to ePort service, representing a year-over-year increase of 26%
» Added 500 customers to achieve record 12,400 total customers compared to 10,750 as of a year ago, a year-over-year increase of 15%
» Quarterly record license and transaction fee revenue of $17.5 million, a year-over-year increase of 19%
» Operating income of $419,000
» Ended the quarter with $17.8 million in cash
» Quarterly GAAP net income of $136,000
» Quarterly Non-GAAP net income of $345,000
» Quarterly Adjusted EBITDA of $1.9 million

"USA Technologies has marked another record revenue quarter, while also achieving our three-year revenue and connection goals. We continue to drive our payment and consumer engagement solutions into the rapidly evolving unattended retail market as we help our operator customers improve each location's performance," said Stephen P. Herbert, USA Technologies' chairman and chief executive officer. "We are leveraging our flexible platform with third party offerings and our own ePort Interactive service to deepen the relationship with customers and provide even more value from each connection, while simultaneously expanding our distribution network."

Fiscal 2017 Outlook

For full-fiscal-year 2017, USAT management expects to add between 115,000 and 125,000 net new connections for the year, bringing total connections to our service to a range of 544,000 to 554,000 and expects total revenue to be between $95 million and $100 million. We also expect to have year-over-year increases of adjusted EBITDA and non-GAAP net income.

Click here to see full press release, third quarter and year-to-date financial highlights, connections and transaction data.

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