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Name | Symbol | Market | Type |
---|---|---|---|
USA Technologies Inc | NASDAQ:USATP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.89 | 12.50 | 199,999.99 | 0 | 01:00:00 |
Pennsylvania
|
001-33365
|
23‑2679963
|
||
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit 99.1 | Press Release of the Company dated February 12, 2016 |
USA TECHNOLOGIES, INC.
|
||
Dated: February 12, 2016
|
By:
|
/s/ Stephen P. Herbert
|
Stephen P. Herbert,
|
||
Chairman and Chief Executive Officer
|
Exhibit No. | Description of Exhibit |
99.1 | Press Release of the Company dated February 12, 2016 |
● | Total quarterly revenue of $18.5 million, a year-over-year increase of 44% |
● | 20,000 net connections for the quarter compared to 12,000 in the same quarter last year, a year-over-year increase of 67% |
● | 369,000 connections to ePort service, a year-over-year increase of 28% |
● | Record 10,625 customers compared to 8,450 in the same quarter last year, a year-over-year increase of 26% |
● | Quarterly record license and transaction fee revenue of $13.7 million, a year-over-year increase of 30% |
● | Quarterly license and transaction fees gross margins increased to 33.7% from 31.7% in the prior year |
● | Quarterly adjusted EBITDA of $2.3 million, a year-over-year increase of 34% |
● | Quarterly GAAP net loss of $0.9 million, including the impact of $1.2 million non-cash expense for the fair value warrant liability adjustment |
|
● | Quarterly Non-GAAP net income of $0.7 million, or $0.02 per share |
● | Achieved positive free cash flow* for fourth straight quarter fueled by success in the company’s QuickStart third-party leasing program |
|
Three months ended, unless noted
|
|||||||||||||||
|
December 31,
|
|||||||||||||||
(Connections, transactions and $’s in thousands, except per share data)
|
2015
|
2014
|
# Change
|
% Change
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
License and transaction fees
|
$
|
13,674
|
$
|
10,480
|
$
|
3,194
|
30
|
%
|
||||||||
Equipment sales
|
4,829
|
2,342
|
2,487
|
106
|
%
|
|||||||||||
Total revenues
|
$
|
18,503
|
$
|
12,822
|
$
|
5,681
|
44
|
%
|
||||||||
License and transaction fees gross margin
|
33.7
|
%
|
31.7
|
%
|
2.0
|
%
|
6.3
|
%
|
||||||||
Equipment sales gross margin
|
18.1
|
%
|
17.6
|
%
|
0.6
|
%
|
3.2
|
%
|
||||||||
Operating income
|
$
|
594
|
$
|
51
|
$
|
543
|
1064.7
|
%
|
||||||||
Adjusted EBITDA
|
$
|
2,260
|
$
|
1,681
|
$
|
579
|
34.4
|
%
|
||||||||
Net loss
|
$
|
(874
|
)
|
$
|
(261
|
)
|
$
|
(613
|
)
|
234.9
|
%
|
|||||
Net loss per common share - basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
100.0
|
%
|
|||||
Net New Connections
|
20
|
12
|
8
|
67
|
%
|
|||||||||||
Total Connections (at period end)
|
369
|
288
|
81
|
28
|
%
|
|||||||||||
Total Number of Transactions
|
76,000
|
51,000
|
25,000
|
49
|
%
|
|||||||||||
Transaction Volume
|
$
|
138,000
|
$
|
89,300
|
$
|
48,700
|
55
|
%
|
A. | Comparative Income Statement For 6 Months Ended December 31, 2015 and December 31, 2014 |
B. | Comparative Income Statement For 3 Months Ended December 31, 2015 and December 31, 2014 |
C. | Five Quarter Select Key Performance Indicators |
D. | Comparative Condensed Balance Sheets December 31, 2015 to June 30, 2015 |
E. | Five Quarter Statement of Operations and Adjusted EBITDA |
F. | Five Quarter Selling, General, & Administrative Expenses |
G. | Five Quarter Condensed Balance Sheet and Other Data |
H. | Five Quarter Condensed Statement of Cash Flows |
I. | Consolidated Statement of Shareholders’ Equity |
J. | Reconciliation of Net Loss to Non-GAAP Net Income (Loss) and Net Earnings Loss Per Common Share – Basic and Diluted to Non-GAAP Net Earnings (Loss) Per Common Share – Basic and Diluted |
(A) | Comparative Income Statement For 6 Months Ended December 31, 2015 and December 31, 2014 |
($ in thousands, except share and per share data)
|
For the six months ended December 31,
|
|||||||||||||||||||||||
(unaudited)
|
2015
|
% of
Sales
|
2014
|
% of
Sales
|
Change
|
% Change
|
||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
License and transaction fees
|
$
|
26,599
|
75.8
|
%
|
$
|
20,636
|
82.3
|
%
|
$
|
5,963
|
28.9
|
%
|
||||||||||||
Equipment sales
|
8,504
|
24.2
|
%
|
4,438
|
17.7
|
%
|
4,066
|
91.6
|
%
|
|||||||||||||||
Total revenues
|
35,103
|
100.0
|
%
|
25,074
|
100.0
|
%
|
10,029
|
40.0
|
%
|
|||||||||||||||
Costs of sales/revenues:
|
||||||||||||||||||||||||
Cost of services
|
17,772
|
66.8
|
%
|
14,409
|
69.8
|
%
|
3,363
|
23.3
|
%
|
|||||||||||||||
Cost of equipment
|
6,801
|
80.0
|
%
|
3,796
|
85.5
|
%
|
3,005
|
79.2
|
%
|
|||||||||||||||
Total costs of sales/revenues
|
24,573
|
70.0
|
%
|
18,205
|
72.6
|
%
|
6,368
|
35.0
|
%
|
|||||||||||||||
Gross profit:
|
||||||||||||||||||||||||
License and transaction fees
|
8,827
|
33.2
|
%
|
6,227
|
30.2
|
%
|
2,600
|
41.8
|
%
|
|||||||||||||||
Equipment sales
|
1,703
|
20.0
|
%
|
642
|
14.5
|
%
|
1,061
|
165.3
|
%
|
|||||||||||||||
Total gross profit
|
10,530
|
30.0
|
%
|
6,869
|
27.4
|
%
|
3,661
|
53.3
|
%
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||
Selling, general and administrative
|
9,558
|
27.2
|
%
|
7,163
|
28.6
|
%
|
2,395
|
33.4
|
%
|
|||||||||||||||
Depreciation
|
266
|
0.8
|
%
|
321
|
1.3
|
%
|
(55
|
)
|
-17.1
|
%
|
||||||||||||||
Total operating expenses
|
9,824
|
28.0
|
%
|
7,484
|
29.8
|
%
|
2,340
|
31.3
|
%
|
|||||||||||||||
Operating income (loss)
|
706
|
2.0
|
%
|
(615
|
)
|
-2.5
|
%
|
1,321
|
-214.8
|
%
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||
Interest income
|
71
|
0.2
|
%
|
14
|
0.1
|
%
|
57
|
407.1
|
%
|
|||||||||||||||
Interest expense
|
(223
|
)
|
-0.6
|
%
|
(124
|
)
|
-0.5
|
%
|
(99
|
)
|
79.8
|
%
|
||||||||||||
Change in fair value of warrant liabilities
|
(887
|
)
|
-2.5
|
%
|
445
|
1.8
|
%
|
(1,332
|
)
|
-299.3
|
%
|
|||||||||||||
Total other income (expense), net
|
(1,039
|
)
|
-3.0
|
%
|
335
|
1.3
|
%
|
(1,374
|
)
|
-410.1
|
%
|
|||||||||||||
(Loss) before provision for income taxes
|
(333
|
)
|
-0.9
|
%
|
(280
|
)
|
-1.1
|
%
|
(53
|
)
|
18.9
|
%
|
||||||||||||
Provision for income taxes
|
(181
|
)
|
(42
|
)
|
(139
|
)
|
331.0
|
%
|
||||||||||||||||
Net loss
|
(514
|
)
|
-1.5
|
%
|
(322
|
)
|
-1.3
|
%
|
(192
|
)
|
59.6
|
%
|
||||||||||||
Cumulative preferred dividends
|
(332
|
)
|
-0.9
|
%
|
(332
|
)
|
-1.3
|
%
|
-
|
0.0
|
%
|
|||||||||||||
Net loss applicable to common shares
|
$
|
(846
|
)
|
-2.4
|
%
|
$
|
(654
|
)
|
-2.6
|
%
|
$
|
(192
|
)
|
29.4
|
%
|
|||||||||
Net loss per common share - basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
$
|
-
|
0.0
|
%
|
||||||||||||||
Basic and diluted weighted average number of common shares outstanding
|
35,808,488
|
35,625,199
|
183,289
|
0.5
|
%
|
|||||||||||||||||||
Adjusted EBITDA
|
$
|
4,011
|
11.4
|
%
|
$
|
2,627
|
20.5
|
%
|
$
|
1,384
|
52.7
|
%
|
||||||||||||
Non-GAAP net income (loss) applicable to common shares
|
$
|
415
|
1.2
|
%
|
$
|
(704
|
)
|
-5.5
|
%
|
$
|
1,119
|
158.9
|
%
|
(B) | Comparative Income Statement For 3 Months Ended December 31, 2015 and December 31, 2014 |
($ in thousands, except share and per share data)
|
For the three months ended December 31,
|
|||||||||||||||||||||||
(unaudited)
|
2015
|
% of
Sales
|
2014
|
% of
Sales
|
Change
|
% Change
|
||||||||||||||||||
|
||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
License and transaction fees
|
$
|
13,674
|
73.9
|
%
|
$
|
10,480
|
81.7
|
%
|
$
|
3,194
|
30.5
|
%
|
||||||||||||
Equipment sales
|
4,829
|
26.1
|
%
|
2,342
|
18.3
|
%
|
2,487
|
106.2
|
%
|
|||||||||||||||
Total revenues
|
18,503
|
100.0
|
%
|
12,822
|
100.0
|
%
|
5,681
|
44.3
|
%
|
|||||||||||||||
Costs of sales/revenues:
|
||||||||||||||||||||||||
Cost of services
|
9,067
|
66.3
|
%
|
7,158
|
68.3
|
%
|
1,909
|
26.7
|
%
|
|||||||||||||||
Cost of equipment
|
3,953
|
81.9
|
%
|
1,930
|
82.4
|
%
|
2,023
|
104.8
|
%
|
|||||||||||||||
Total costs of sales/revenues
|
13,020
|
70.4
|
%
|
9,088
|
70.9
|
%
|
3,932
|
43.3
|
%
|
|||||||||||||||
Gross profit:
|
||||||||||||||||||||||||
License and transaction fees
|
4,607
|
33.7
|
%
|
3,322
|
31.7
|
%
|
1,285
|
38.7
|
%
|
|||||||||||||||
Equipment sales
|
876
|
18.1
|
%
|
412
|
17.6
|
%
|
464
|
112.6
|
%
|
|||||||||||||||
Total gross profit
|
5,483
|
29.6
|
%
|
3,734
|
29.1
|
%
|
1,749
|
46.8
|
%
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||
Selling, general and administrative
|
4,762
|
25.7
|
%
|
3,531
|
27.5
|
%
|
1,231
|
34.9
|
%
|
|||||||||||||||
Depreciation
|
127
|
0.7
|
%
|
152
|
1.2
|
%
|
(25
|
)
|
-16.4
|
%
|
||||||||||||||
Total operating expenses
|
4,889
|
26.4
|
%
|
3,683
|
28.7
|
%
|
1,206
|
32.7
|
%
|
|||||||||||||||
Operating income
|
594
|
3.2
|
%
|
51
|
0.4
|
%
|
543
|
1064.7
|
%
|
|||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||
Interest income
|
20
|
0.1
|
%
|
4
|
0.0
|
%
|
16
|
400.0
|
%
|
|||||||||||||||
Interest expense
|
(104
|
)
|
-0.6
|
%
|
(49
|
)
|
-0.4
|
%
|
(55
|
)
|
112.2
|
%
|
||||||||||||
Change in fair value of warrant liabilities
|
(1,230
|
)
|
-6.6
|
%
|
135
|
1.1
|
%
|
(1,365
|
)
|
-1011.1
|
%
|
|||||||||||||
Total other income (expense), net
|
(1,314
|
)
|
-7.1
|
%
|
90
|
0.7
|
%
|
(1,404
|
)
|
-1560.0
|
%
|
|||||||||||||
Income (loss) before provision for income taxes
|
(720
|
)
|
-3.9
|
%
|
141
|
1.1
|
%
|
(861
|
)
|
-610.6
|
%
|
|||||||||||||
Provision for income taxes
|
(154
|
)
|
(402
|
)
|
248
|
-61.7
|
%
|
|||||||||||||||||
Net loss
|
(874
|
)
|
-4.7
|
%
|
(261
|
)
|
-2.0
|
%
|
(613
|
)
|
234.9
|
%
|
||||||||||||
Cumulative preferred dividends
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||
Net loss applicable to common shares
|
$
|
(874
|
)
|
-4.7
|
%
|
$
|
(261
|
)
|
-2.0
|
%
|
$
|
(613
|
)
|
234.9
|
%
|
|||||||||
Net loss per common share - basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
100.0
|
%
|
|||||||||||||
Basic and diluted weighted average number of common shares outstanding
|
35,828,776
|
35,657,519
|
171,257
|
0.5
|
%
|
|||||||||||||||||||
Adjusted EBITDA
|
$
|
2,260
|
12.2
|
%
|
$
|
1,681
|
13.1
|
%
|
$
|
579
|
34.4
|
%
|
||||||||||||
Non-GAAP net income (loss) applicable to common shares
|
$
|
686
|
3.7
|
%
|
$
|
6
|
0.0
|
%
|
$
|
680
|
11333.3
|
%
|
(C) | Five Quarter Select Key Performance Indicators: |
|
Three months ended
|
|||||||||||||||||||
(unaudited)
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
|
2015
|
2015
|
2015
|
2015
|
2014
|
|||||||||||||||
Connections:
|
||||||||||||||||||||
Gross New Connections
|
24,000
|
20,000
|
34,000
|
24,000
|
14,000
|
|||||||||||||||
% from Existing Customer Base
|
89
|
%
|
86
|
%
|
89
|
%
|
82
|
%
|
82
|
%
|
||||||||||
Net New Connections
|
20,000
|
16,000
|
31,000
|
14,000
|
12,000
|
|||||||||||||||
Total Connections
|
369,000
|
349,000
|
333,000
|
302,000
|
288,000
|
|||||||||||||||
|
||||||||||||||||||||
Customers:
|
||||||||||||||||||||
New Customers Added
|
350
|
675
|
675
|
475
|
550
|
|||||||||||||||
Total Customers
|
10,625
|
10,275
|
9,600
|
8,925
|
8,450
|
|||||||||||||||
|
||||||||||||||||||||
Volumes:
|
||||||||||||||||||||
Total Number of Transactions (millions)
|
76.0
|
68.8
|
62.2
|
54.8
|
51.0
|
|||||||||||||||
Transaction Volume ($millions)
|
$
|
138.0
|
$
|
126.4
|
$
|
112.8
|
$
|
97.7
|
$
|
89.3
|
||||||||||
|
||||||||||||||||||||
Financing Structure of Connections:
|
||||||||||||||||||||
JumpStart
|
10.1
|
%
|
10.2
|
%
|
6.0
|
%
|
11.3
|
%
|
14.4
|
%
|
||||||||||
QuickStart & All Others *
|
89.9
|
%
|
89.8
|
%
|
94.0
|
%
|
88.7
|
%
|
85.6
|
%
|
||||||||||
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
(D) | Comparative Condensed Balance Sheets December 31, 2015 to June 30, 2015 |
($ in thousands)
|
December 31,
|
June 30,
|
||||||||||||||
(unaudited)
|
2015
|
2015
|
$ Change
|
% Change
|
||||||||||||
Assets
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash
|
$
|
14,809
|
$
|
11,374
|
$
|
3,435
|
30
|
%
|
||||||||
Accounts receivable, less allowance
|
* |
6,976
|
5,971
|
1,005
|
17
|
%
|
||||||||||
Finance receivables
|
1,503
|
941
|
562
|
60
|
%
|
|||||||||||
Inventory
|
2,849
|
4,216
|
(1,367
|
)
|
-32
|
%
|
||||||||||
Deferred income taxes
|
1,258
|
1,258
|
-
|
0
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
902
|
574
|
328
|
57
|
%
|
|||||||||||
Total current assets
|
28,297
|
24,334
|
3,963
|
16
|
%
|
|||||||||||
Finance receivables, less current portion
|
2,435
|
3,698
|
(1,263
|
)
|
-34
|
%
|
||||||||||
Property and equipment, net
|
10,856
|
12,869
|
(2,013
|
)
|
-16
|
%
|
||||||||||
Goodwill and intangbiles
|
8,095
|
8,095
|
-
|
0
|
%
|
|||||||||||
Deferred income taxes
|
25,607
|
25,788
|
(181
|
)
|
-1
|
%
|
||||||||||
Other assets
|
326
|
350
|
(24
|
)
|
-7
|
%
|
||||||||||
Total assets
|
$
|
75,616
|
$
|
75,134
|
$
|
482
|
1
|
%
|
||||||||
Liabilities and shareholders’ equity
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Accounts payable
|
* |
$
|
7,876
|
$
|
10,542
|
$
|
(2,666
|
)
|
-25
|
%
|
||||||
Accrued expenses
|
2,116
|
2,108
|
8
|
0
|
%
|
|||||||||||
Line of credit
|
7,000
|
4,000
|
3,000
|
75
|
%
|
|||||||||||
Current obligations under long-term debt
|
524
|
478
|
46
|
10
|
%
|
|||||||||||
Income taxes payable
|
-
|
54
|
(54
|
)
|
-100
|
%
|
||||||||||
Deferred gain from sale-leaseback transactions
|
860
|
860
|
-
|
0
|
%
|
|||||||||||
Total current liabilities
|
18,376
|
18,042
|
334
|
2
|
%
|
|||||||||||
Long-term liabilities
|
||||||||||||||||
Long-term debt, less current portion
|
1,584
|
1,854
|
(270
|
)
|
-15
|
%
|
||||||||||
Accrued expenses, less current portion
|
26
|
49
|
(23
|
)
|
-47
|
%
|
||||||||||
Warrant liabilities
|
1,865
|
978
|
887
|
91
|
%
|
|||||||||||
Deferred gain from sale-leaseback transactions, less current portion
|
470
|
900
|
(430
|
)
|
-48
|
%
|
||||||||||
Total long-term liabilities
|
3,945
|
3,781
|
164
|
4
|
%
|
|||||||||||
Total liabilities
|
22,321
|
21,823
|
498
|
2
|
%
|
|||||||||||
Shareholders’ equity:
|
||||||||||||||||
Preferred stock, no par value
|
3,138
|
3,138
|
-
|
0
|
%
|
|||||||||||
Common stock, no par value
|
225,372
|
224,874
|
498
|
0
|
%
|
|||||||||||
Accumulated deficit
|
(175,215
|
)
|
(174,701
|
)
|
(514
|
)
|
0
|
%
|
||||||||
Total shareholders’ equity
|
53,295
|
53,311
|
(16
|
)
|
0
|
%
|
||||||||||
Total liabilities and shareholders’ equity
|
$
|
75,616
|
$
|
75,134
|
$
|
482
|
1
|
%
|
||||||||
Total current assets
|
$
|
28,297
|
$
|
24,334
|
$
|
3,963
|
16
|
%
|
||||||||
Total current liabilities
|
18,376
|
18,042
|
334
|
2
|
%
|
|||||||||||
Net working capital
|
$
|
9,921
|
$
|
6,292
|
$
|
3,629
|
58
|
%
|
||||||||
* Accounts receivable, net of allowance for doubtful accounts and accounts payable have increased by the following amounts due to reclassifications
|
$
|
-
|
$
|
1,299
|
(E) | Five Quarter Statement of Operations and Adjusted EBITDA |
|
For the three months ended
|
|||||||||||||||||||||||||||||||||||||||
(unaudited)
|
December 31,
2015
|
% of Sales
|
September 30,
2015
|
% of Sales
|
June 30,
2015
|
% of Sales
|
March 31,
2015
|
% of Sales
|
December 31,
2014
|
% of Sales
|
||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
License and transaction fees
|
$
|
13,674
|
73.9
|
%
|
$
|
12,925
|
77.9
|
%
|
$
|
11,938
|
67.7
|
%
|
$
|
11,060
|
72.0
|
%
|
$
|
10,480
|
81.7
|
%
|
||||||||||||||||||||
Equipment Sales
|
4,829
|
26.1
|
%
|
3,675
|
22.1
|
%
|
5,708
|
32.3
|
%
|
4,298
|
28.0
|
%
|
2,342
|
18.3
|
%
|
|||||||||||||||||||||||||
Total revenue
|
18,503
|
100.0
|
%
|
16,600
|
100.0
|
%
|
17,646
|
100.0
|
%
|
15,358
|
100.0
|
%
|
12,822
|
100.0
|
%
|
|||||||||||||||||||||||||
Costs of sales/revenues:
|
||||||||||||||||||||||||||||||||||||||||
License and transaction fees
|
9,067
|
66.3
|
%
|
8,705
|
67.4
|
%
|
7,863
|
65.9
|
%
|
7,157
|
64.7
|
%
|
7,158
|
68.3
|
%
|
|||||||||||||||||||||||||
Equipment sales
|
3,953
|
81.9
|
%
|
2,848
|
77.5
|
%
|
4,975
|
87.2
|
%
|
3,055
|
71.1
|
%
|
1,930
|
82.4
|
%
|
|||||||||||||||||||||||||
Total costs of sales/revenues
|
13,020
|
70.4
|
%
|
11,553
|
69.6
|
%
|
12,838
|
72.8
|
%
|
10,213
|
57.9
|
%
|
9,088
|
51.5
|
%
|
|||||||||||||||||||||||||
Gross Profit:
|
||||||||||||||||||||||||||||||||||||||||
License and transaction fees
|
4,607
|
33.7
|
%
|
4,220
|
32.6
|
%
|
4,075
|
34.1
|
%
|
3,903
|
35.3
|
%
|
3,323
|
31.7
|
%
|
|||||||||||||||||||||||||
Equipment sales
|
876
|
18.1
|
%
|
827
|
22.5
|
%
|
733
|
12.8
|
%
|
1,243
|
28.9
|
%
|
412
|
17.6
|
%
|
|||||||||||||||||||||||||
Total gross profit
|
5,483
|
29.6
|
%
|
5,047
|
30.4
|
%
|
4,808
|
27.2
|
%
|
5,145
|
33.5
|
%
|
3,734
|
29.1
|
%
|
|||||||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative
|
4,762
|
25.7
|
%
|
4,796
|
28.9
|
%
|
5,009
|
28.4
|
%
|
4,280
|
27.9
|
%
|
3,531
|
27.5
|
%
|
|||||||||||||||||||||||||
Depreciation
|
127
|
0.7
|
%
|
139
|
0.8
|
%
|
156
|
0.9
|
%
|
135
|
0.9
|
%
|
152
|
1.2
|
%
|
|||||||||||||||||||||||||
Total operating expenses
|
4,889
|
26.4
|
%
|
4,935
|
29.7
|
%
|
5,165
|
29.3
|
%
|
4,415
|
28.7
|
%
|
3,683
|
28.7
|
%
|
|||||||||||||||||||||||||
Operating income (loss)
|
594
|
3.2
|
%
|
112
|
0.7
|
%
|
(357
|
)
|
-2.0
|
%
|
730
|
4.8
|
%
|
51
|
0.4
|
%
|
||||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||||||
Interest income
|
20
|
0.1
|
%
|
51
|
0.3
|
%
|
42
|
0.3
|
%
|
26
|
0.2
|
%
|
4
|
0.0
|
%
|
|||||||||||||||||||||||||
Other income
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
52
|
0.3
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||||||||||||
Interest expense
|
(104
|
)
|
-0.6
|
%
|
(119
|
)
|
-0.7
|
%
|
(92
|
)
|
-0.6
|
%
|
(85
|
)
|
-0.5
|
%
|
(49
|
)
|
-0.3
|
%
|
||||||||||||||||||||
Change in fair value of warrant liabilities
|
(1,230
|
)
|
-7.4
|
%
|
343
|
2.1
|
%
|
263
|
1.6
|
%
|
(1,101
|
)
|
-6.6
|
%
|
135
|
0.8
|
%
|
|||||||||||||||||||||||
Total other income (expense), net
|
(1,314
|
)
|
-7.1
|
%
|
275
|
1.7
|
%
|
265
|
1.5
|
%
|
(1,160
|
)
|
-7.6
|
%
|
90
|
0.7
|
%
|
|||||||||||||||||||||||
Income (loss) before provision for income taxes
|
(720
|
)
|
-3.9
|
%
|
387
|
2.3
|
%
|
(92
|
)
|
-0.5
|
%
|
(429
|
)
|
-2.8
|
%
|
141
|
1.1
|
%
|
||||||||||||||||||||||
Provision for income taxes
|
(154
|
)
|
-0.8
|
%
|
(27
|
)
|
-0.2
|
%
|
(109
|
)
|
-0.6
|
%
|
(138
|
)
|
-0.9
|
%
|
(402
|
)
|
-3.1
|
%
|
||||||||||||||||||||
Net income (loss)
|
(874
|
)
|
-4.7
|
%
|
360
|
2.2
|
%
|
(201
|
)
|
-1.1
|
%
|
(567
|
)
|
-3.7
|
%
|
(261
|
)
|
-2.0
|
%
|
|||||||||||||||||||||
Less interest income
|
(20
|
)
|
-0.1
|
%
|
(51
|
)
|
-0.3
|
%
|
(42
|
)
|
-0.3
|
%
|
(26
|
)
|
-0.2
|
%
|
(4
|
)
|
0.0
|
%
|
||||||||||||||||||||
Plus interest expenses
|
104
|
0.6
|
%
|
119
|
0.7
|
%
|
92
|
0.6
|
%
|
85
|
0.5
|
%
|
49
|
0.3
|
%
|
|||||||||||||||||||||||||
Plus income tax expense
|
154
|
0.9
|
%
|
27
|
0.2
|
%
|
109
|
0.7
|
%
|
138
|
0.8
|
%
|
402
|
2.4
|
%
|
|||||||||||||||||||||||||
Plus depreciation expense
|
1,323
|
8.0
|
%
|
1,350
|
8.1
|
%
|
1,381
|
8.3
|
%
|
1,433
|
8.6
|
%
|
1,444
|
8.7
|
%
|
|||||||||||||||||||||||||
Plus (less) change in fair value of warrant liabilities
|
1,230
|
7.4
|
%
|
(343
|
)
|
-2.1
|
%
|
(263
|
)
|
-1.6
|
%
|
1,101
|
6.6
|
%
|
(135
|
)
|
-0.8
|
%
|
||||||||||||||||||||||
Plus stock-based compensation
|
237
|
1.4
|
%
|
272
|
1.6
|
%
|
175
|
1.1
|
%
|
216
|
1.3
|
%
|
186
|
1.1
|
%
|
|||||||||||||||||||||||||
Plus due diligence/ acquisition costs
|
106
|
0.6
|
%
|
17
|
0.1
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
2,260
|
12.2
|
%
|
$
|
1,751
|
10.6
|
%
|
$
|
1,251
|
7.1
|
%
|
$
|
2,380
|
15.5
|
%
|
$
|
1,681
|
13.1
|
%
|
(F) | Five Quarter Selling, General, & Administrative Expenses |
|
Three months ended
|
|||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
December 31,
|
% of
|
September 30,
|
% of
|
June 30,
|
% of
|
March 30,
|
% of
|
December 31,
|
% of
|
||||||||||||||||||||||||||||||
(unaudited)
|
2015
|
SG&A
|
2015
|
SG&A
|
2015
|
SG&A
|
2015
|
SG&A
|
2014
|
SG&A
|
||||||||||||||||||||||||||||||
Salaries and benefit costs
|
$
|
2,786
|
58.6
|
%
|
$
|
2,685
|
56.0
|
%
|
$
|
2,295
|
45.8
|
%
|
$
|
2,533
|
59.2
|
%
|
$
|
2,132
|
60.4
|
%
|
||||||||||||||||||||
Marketing related expenses
|
335
|
7.0
|
%
|
333
|
6.9
|
%
|
580
|
11.6
|
%
|
184
|
4.3
|
%
|
215
|
6.1
|
%
|
|||||||||||||||||||||||||
Professional services
|
839
|
17.6
|
%
|
782
|
16.3
|
%
|
844
|
16.8
|
%
|
708
|
16.5
|
%
|
460
|
13.0
|
%
|
|||||||||||||||||||||||||
Bad debt expense
|
239
|
5.0
|
%
|
236
|
4.9
|
%
|
497
|
9.9
|
%
|
303
|
7.1
|
%
|
141
|
4.0
|
%
|
|||||||||||||||||||||||||
Premises, equipment and insurance costs
|
347
|
7.3
|
%
|
399
|
8.3
|
%
|
475
|
9.5
|
%
|
372
|
8.7
|
%
|
370
|
10.5
|
%
|
|||||||||||||||||||||||||
Research and development expenses
|
37
|
0.8
|
%
|
191
|
4.0
|
%
|
154
|
3.1
|
%
|
96
|
2.2
|
%
|
115
|
3.3
|
%
|
|||||||||||||||||||||||||
Due Diligence/ Acquisition Costs
|
106
|
2.2
|
%
|
17
|
0.4
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||||||||||||
Other expenses
|
73
|
1.5
|
%
|
153
|
3.2
|
%
|
164
|
3.3
|
%
|
84
|
2.0
|
%
|
98
|
2.8
|
%
|
|||||||||||||||||||||||||
Total SG&A expenses
|
$
|
4,762
|
100
|
%
|
$
|
4,796
|
100
|
%
|
$
|
5,009
|
100
|
%
|
$
|
4,280
|
100
|
%
|
$
|
3,531
|
100
|
%
|
(G) | Five Quarter Condensed Balance Sheet and Other Data |
($ in thousands)
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
(unaudited)
|
2015
|
2015
|
2015
|
2015
|
2014
|
|||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash
|
$
|
14,809
|
$
|
11,592
|
$
|
11,374
|
$
|
8,475
|
$
|
6,734
|
||||||||||
Accounts receivable, less allowance
|
* |
6,976
|
6,448
|
5,971
|
5,245
|
4,591
|
||||||||||||||
Finance receivables
|
1,503
|
946
|
941
|
750
|
363
|
|||||||||||||||
Inventory
|
2,849
|
3,718
|
4,216
|
4,241
|
3,448
|
|||||||||||||||
Other current assets
|
2,160
|
1,883
|
1,832
|
1,322
|
1,495
|
|||||||||||||||
Total current assets
|
28,297
|
24,587
|
24,334
|
20,033
|
16,631
|
|||||||||||||||
|
||||||||||||||||||||
Finance receivables, less current portion
|
2,435
|
3,525
|
3,698
|
3,505
|
1,643
|
|||||||||||||||
Other assets
|
326
|
342
|
350
|
423
|
411
|
|||||||||||||||
Property and equipment, net
|
10,856
|
11,890
|
12,869
|
13,574
|
16,451
|
|||||||||||||||
Deferred income taxes
|
25,607
|
25,761
|
25,788
|
26,169
|
26,290
|
|||||||||||||||
Goodwill and intangibles
|
8,095
|
8,095
|
8,095
|
8,095
|
8,095
|
|||||||||||||||
Total assets
|
$
|
75,616
|
$
|
74,200
|
$
|
75,134
|
$
|
71,799
|
$
|
69,521
|
||||||||||
|
||||||||||||||||||||
Liabilities and shareholders’ equity
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable and accrued expenses
|
* |
$
|
9,992
|
$
|
11,615
|
$
|
12,650
|
$
|
9,044
|
$
|
8,945
|
|||||||||
Line of credit
|
7,000
|
4,000
|
4,000
|
4,000
|
4,000
|
|||||||||||||||
Other current liabilities
|
1,384
|
1,497
|
1,392
|
1,294
|
1,064
|
|||||||||||||||
Total current liabilities
|
18,376
|
17,112
|
18,042
|
14,338
|
14,009
|
|||||||||||||||
Long-term liabilities
|
||||||||||||||||||||
Total long-term liabilities
|
3,945
|
3,116
|
3,781
|
4,134
|
1,834
|
|||||||||||||||
Total liabilities
|
22,321
|
20,228
|
21,823
|
18,472
|
15,843
|
|||||||||||||||
|
||||||||||||||||||||
Shareholders’ equity:
|
||||||||||||||||||||
Total shareholders’ equity
|
53,295
|
53,972
|
53,311
|
53,327
|
53,678
|
|||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
75,616
|
$
|
74,200
|
$
|
75,134
|
$
|
71,799
|
$
|
69,521
|
||||||||||
|
||||||||||||||||||||
Total current assets
|
$
|
28,297
|
$
|
24,587
|
$
|
24,334
|
$
|
20,033
|
$
|
16,631
|
||||||||||
Total current liabilities
|
18,376
|
17,112
|
18,042
|
14,338
|
14,009
|
|||||||||||||||
Net working capital
|
$
|
9,921
|
$
|
7,475
|
$
|
6,292
|
$
|
5,695
|
$
|
2,622
|
||||||||||
|
||||||||||||||||||||
* Accounts receivable, net of allowance for doubtful accounts and accounts payable have increased by the following amounts due to reclassifications
|
$
|
-
|
$
|
-
|
$
|
1,299
|
$
|
1,842
|
$
|
1,832
|
||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Free cash flow (from operations less cash for purchase of rental equipment)
|
$
|
507
|
$
|
362
|
$
|
2,680
|
$
|
65
|
$
|
(3,039
|
)
|
(H) | Five Quarter Condensed Statement of Cash Flows |
|
Three months ended
|
|||||||||||||||||||
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
($ in thousands)
|
2015
|
2015
|
2015
|
2015
|
2014
|
|||||||||||||||
(unaudited)
|
||||||||||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
(874
|
)
|
$
|
360
|
$
|
(201
|
)
|
$
|
(567
|
)
|
$
|
(261
|
)
|
||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Charges incurred in connection with the vesting and issuance of common stock for employee and director compensation
|
237
|
272
|
175
|
216
|
186
|
|||||||||||||||
Gain on disposal of property and equipment
|
(41
|
)
|
(1
|
)
|
(4
|
)
|
(6
|
)
|
(4
|
)
|
||||||||||
Bad debt expense
|
238
|
236
|
497
|
303
|
141
|
|||||||||||||||
Depreciation
|
1,323
|
1,350
|
1,381
|
1,433
|
1,444
|
|||||||||||||||
Change in fair value of warrant liabilities
|
1,230
|
(343
|
)
|
(263
|
)
|
1,101
|
(135
|
)
|
||||||||||||
Deferred income taxes, net
|
154
|
27
|
31
|
121
|
424
|
|||||||||||||||
Gain on sale of finance receivables
|
-
|
-
|
(52
|
)
|
-
|
-
|
||||||||||||||
Recognition of deferred gain from sale-leaseback transactions
|
(215
|
)
|
(215
|
)
|
(215
|
)
|
(215
|
)
|
(215
|
)
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Accounts receivable
|
* |
(767
|
)
|
(713
|
)
|
(1,223
|
)
|
(984
|
)
|
(842
|
)
|
|||||||||
Finance receivables
|
533
|
168
|
(332
|
)
|
(2,249
|
)
|
(778
|
)
|
||||||||||||
Inventory
|
649
|
219
|
(639
|
)
|
651
|
(805
|
)
|
|||||||||||||
Prepaid expenses and other assets
|
(254
|
)
|
48
|
(97
|
)
|
151
|
(248
|
)
|
||||||||||||
Accounts payable
|
* |
(1,623
|
)
|
(1,044
|
)
|
3,491
|
(141
|
)
|
(1,859
|
)
|
||||||||||
Accrued expenses
|
(13
|
)
|
(2
|
)
|
93
|
234
|
(87
|
)
|
||||||||||||
Income taxes payable
|
(70
|
)
|
-
|
37
|
17
|
-
|
||||||||||||||
Net change in operating assets and liabilities
|
(1,545
|
)
|
(1,324
|
)
|
1,330
|
(2,321
|
)
|
(4,619
|
)
|
|||||||||||
Net cash provided by (used in) operating activities
|
507
|
362
|
2,680
|
65
|
(3,039
|
)
|
||||||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchase of property and equipment
|
(33
|
)
|
(49
|
)
|
(6
|
)
|
(4
|
)
|
(19
|
)
|
||||||||||
Additions of internally developed software
|
(85
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Proceeds from sale of property and equipment
|
101
|
4
|
8
|
19
|
11
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
(17
|
)
|
(45
|
)
|
2
|
16
|
(8
|
)
|
||||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||||||
Net proceeds from the issuance (retirement) of common stock and exercise of common stock warrants
|
(40
|
)
|
29
|
-
|
-
|
(62
|
)
|
|||||||||||||
Excess tax benefits from share-based compensation
|
-
|
-
|
10
|
-
|
-
|
|||||||||||||||
Proceeds (repayment) of line of credit, net
|
3,000
|
-
|
-
|
-
|
(1,000
|
)
|
||||||||||||||
Proceeds from long-term debt
|
-
|
-
|
304
|
1,753
|
-
|
|||||||||||||||
Repayment of long-term debt
|
(233
|
)
|
(128
|
)
|
(97
|
)
|
(93
|
)
|
(73
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
2,727
|
(99
|
)
|
217
|
1,660
|
(1,135
|
)
|
|||||||||||||
Net increase (decrease) in cash
|
3,217
|
218
|
2,899
|
1,741
|
(4,182
|
)
|
||||||||||||||
Cash at beginning of period
|
11,592
|
11,374
|
8,475
|
6,734
|
10,916
|
|||||||||||||||
Cash at end of period
|
$
|
14,809
|
$
|
11,592
|
$
|
11,374
|
$
|
8,475
|
$
|
6,734
|
||||||||||
Supplemental disclosures of cash flow information:
|
||||||||||||||||||||
Depreciation expense allocated to cost of services
|
$
|
1,186
|
$
|
1,199
|
$
|
1,252
|
$
|
1,289
|
$
|
1,283
|
||||||||||
Reclass of rental program property to (from) inventory, net
|
$
|
777
|
$
|
(279
|
)
|
$
|
(719
|
)
|
$
|
1,374
|
$
|
14
|
||||||||
* Accounts Receivable
|
||||||||||||||||||||
Reclassification of cash provided by and included in accounts payable to accounts receivable
|
$
|
-
|
$
|
-
|
$
|
543
|
$
|
(10
|
)
|
$
|
(479
|
)
|
||||||||
* Accounts Payable
|
||||||||||||||||||||
Reclassification of cash provided by and included in accounts payable to accounts receivable
|
$
|
-
|
$
|
-
|
$
|
(543
|
)
|
$
|
10
|
$
|
479
|
(I) | Consolidated Statement of Shareholders’ Equity |
|
Series A
Convertible
Preferred Stock
|
Common Stock
|
Accumulated
|
|||||||||||||||||||||
($ in thousands, except shares)
|
Shares
|
Amount
|
Shares
|
Amount
|
Deficit
|
Total
|
||||||||||||||||||
Balance, June 30, 2015
|
442,968
|
$
|
3,138
|
35,747,242
|
$
|
224,874
|
$
|
(174,701
|
)
|
$
|
53,311
|
|||||||||||||
|
||||||||||||||||||||||||
Exercise of warrants
|
-
|
-
|
11,000
|
29
|
-
|
29
|
||||||||||||||||||
Stock based compensation
|
||||||||||||||||||||||||
2013 Stock Incentive Plan
|
-
|
-
|
88,678
|
302
|
-
|
302
|
||||||||||||||||||
2014 Stock Option Incentive Plan
|
-
|
-
|
-
|
207
|
-
|
207
|
||||||||||||||||||
Retirement of common stock
|
-
|
-
|
(12,746
|
)
|
(40
|
)
|
-
|
(40
|
)
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(514
|
)
|
(514
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Balance, December 31, 2015
|
442,968
|
$
|
3,138
|
35,834,174
|
$
|
225,372
|
$
|
(175,215
|
)
|
$
|
53,295
|
(J) | Reconciliation of Net Loss to Non-GAAP Net Income (Loss) and Net Earnings Loss Per Common Share - Diluted to Non-GAAP Net Earnings (Loss) Per Common Share – Diluted |
|
Three months ended
|
|||||||||||||||||||
($ in thousands)
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
(unaudited)
|
2015
|
2015
|
2015
|
2015
|
2014
|
|||||||||||||||
|
||||||||||||||||||||
Net income (loss)
|
$
|
(874
|
)
|
$
|
360
|
$
|
(201
|
)
|
$
|
(567
|
)
|
$
|
(261
|
)
|
||||||
Non-GAAP adjustments:
|
||||||||||||||||||||
Non-cash portion of income tax provision
|
224
|
27
|
72
|
121
|
402
|
|||||||||||||||
Fair value of warrant adjustment
|
1,230
|
(343
|
)
|
(263
|
)
|
1,101
|
(135
|
)
|
||||||||||||
Due Diligence/ Acquisition Costs
|
106
|
-
|
-
|
-
|
-
|
|||||||||||||||
Non-GAAP net income (loss)
|
$
|
686
|
$
|
44
|
$
|
(392
|
)
|
$
|
655
|
$
|
6
|
|||||||||
|
||||||||||||||||||||
Net income (loss)
|
$
|
(874
|
)
|
$
|
360
|
$
|
(201
|
)
|
$
|
(567
|
)
|
$
|
(261
|
)
|
||||||
Cumulative preferred dividends
|
-
|
(332
|
)
|
-
|
(332
|
)
|
-
|
|||||||||||||
Net income (loss) applicable to common shares
|
$
|
(874
|
)
|
$
|
28
|
$
|
(201
|
)
|
$
|
(899
|
)
|
$
|
(261
|
)
|
||||||
|
||||||||||||||||||||
Non-GAAP net income (loss)
|
$
|
686
|
$
|
44
|
$
|
(392
|
)
|
$
|
655
|
$
|
6
|
|||||||||
Cumulative preferred dividends
|
-
|
(332
|
)
|
-
|
(332
|
)
|
-
|
|||||||||||||
Non-GAAP net income (loss) applicable to common shares
|
$
|
686
|
$
|
(288
|
)
|
$
|
(392
|
)
|
$
|
323
|
$
|
6
|
||||||||
|
||||||||||||||||||||
Net earnings (loss) per common share - basic
|
$
|
(0.02
|
)
|
$
|
-
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
||||||
Non-GAAP net earnings (loss) per common share - basic
|
$
|
0.02
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
0.01
|
$
|
-
|
||||||||
Basic weighted average number of common shares outstanding
|
35,828,776
|
35,788,199
|
35,716,603
|
35,687,650
|
35,657,519
|
|||||||||||||||
|
||||||||||||||||||||
Net earnings (loss) per common share - diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
|||||
Non-GAAP net earnings (loss) per common share - diluted
|
$
|
0.02
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
0.01
|
$
|
-
|
||||||||
Diluted weighted average number of common shares outstanding
|
35,828,776
|
36,427,683
|
35,716,603
|
35,687,650
|
35,657,519
|
1 Year USA Technologies Chart |
1 Month USA Technologies Chart |
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