Revenue of $21.3 million, up 31%; 12th
Consecutive Quarter of Revenue Growth
Third Consecutive Quarter of More than $1
Million of Adjusted EBITDA1
Reiterates Expectations of 18% - 20% Full Year
2023 Revenue Growth
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 second quarter, which ended June 30, 2023.
Louis Hoch, President and Chief Executive Officer of Usio, said,
“I am extremely pleased to report another quarter of record
revenue, up 31% from the year ago quarter. More importantly, this
drove a significant year-over-year improvement in key profitability
measures, with our second consecutive quarter of record gross
profits, leading to another quarter of positive GAAP earnings and
our third consecutive quarter of more than $1 million in adjusted
EBITDA1. These results once again illustrate how our diversified
strategy of offering a comprehensive portfolio of complementary
electronic payment and related technologies has been successful,
and this year will lead to significant growth, positive cash flow
and an improved bottom line.
"Second quarter results were led by a 276% increase in prepaid
revenues, which the Company expects should more than double in 2023
compared to 2022, in part due to the more than $6 million of
revenue expected to be generated over the second half of 2023 from
spoilage fees on expired card programs. Our prepaid card business
has also been expanding its applications and rapidly growing its
customer base, particularly with non-profit organizations and in
the corporate expense and general disbursements card markets, while
also benefitting from the strong growth of many long-term
customers. Revenues generated by our subsidiary Usio Output
Solutions were up 20%. Output Solutions continues to add new
clients with recurring needs - especially in the governmental,
utility and energy markets - while strategically building its
electronic bill presentment and payments business. Credit Card
revenues were also up, led by a 26% increase in our flagship PayFac
business, where transactions in the quarter were up 31% as compared
to the second quarter of 2022. During the quarter, Credit Card
completed numerous new integrations, including new governmental
agencies that should drive total credit card volume and revenue
growth over the second half of the year. ACH revenues were also up
in the quarter, despite the significant decrease in revenues
attributable to our exit from the crypto currency market in the
second half of 2022. Excluding the Voyager crypto currency volume,
ACH volumes would have been up in the quarter, although ACH will be
facing difficult year-ago comparables over the second half of the
year, as crypto currency was winding down in late 2022 while still
contributing to year-ago results.
Gross profits for the quarter ended June 30, 2023 were a record
$5.0 million and gross margins expanded 3.5% compared to the second
quarter of 2022. Margins reflect a favorable sales mix and higher
margin prepaid card residual revenues from breakage and spoilage,
as well as the benefit of some one-time items. Selling, general and
administrative expenses in the quarter were essentially unchanged
from a year ago for the second consecutive quarter, despite a 31%
increase in quarterly revenues as compared to last year. As a
result, the Company reported a $2.1 million increase in GAAP net
income, which rose to $0.2 million in the quarter from a loss of
$1.9 million a year ago. Adjusted EBITDA1 was $1.2 million, a $1.7
million improvement from the $0.6 million Adjusted EBITDA1 loss a
year ago, and the third consecutive quarter in which the Company
has reported over $1 million in quarterly Adjusted EBITDA1. Over
the first six months of the year, the Company has generated $3.1
million more in Adjusted EBITDA1 than in the comparable year ago
period. The Company’s financial position also continued to improve,
with $0.9 million in cash added to the balance sheet over the first
six months of the year as the Company generated $1.3 million in
Adjusted Operating Cash Flows1 in the first half of this fiscal
year."
Mr. Hoch continued, "This was the most outstanding quarterly and
first half financial performance in the Company’s history, which
has us well positioned to meet our 18% - 20% revenue growth
objective for the year, despite some second half challenges. This
success has also enabled us to invest in our franchise, expand our
products and solutions, and enter new markets. Both Card and Output
Solutions are enjoying unprecedented success in the governmental
market with long-term programs that could lead to additional
opportunities. Though ACH could encounter headwinds over the second
half of the year, ACH is benefitting from new programs that bundle
all of our electronic and related payment technologies, such as
ACH, to both collect and disburse payments. And, the prepaid card
business continues to leverage its deep relationships and
innovative technologies to respond to the myriad of new and unique
applications for which its solutions are being adopted. As a
result, we have never had as strong a sales pipeline as we have
today, which supports our confidence in an even brighter future.
Our success is the culmination of both the hard work of our many
team members and the strategic decisions and market foresight that
foresaw how a diversified solutions set and customer mix represents
a formula for strong growth and improving profitability."
Quarterly Processing and Transaction
Volumes
Total payment transactions processed in the second quarter of
2023 were 9 million, a decrease of 14% over the same quarter of
last year. Total payment dollars processed through all payment
channels in the second quarter of 2023 were $1.3 billion, down
compared to last year’s second quarter. The decrease in both
dollars and transactions processed in the quarter is primarily
attributable to the Company's exit from the crypto currency market
over the second half of 2022.
In our Card segment, dollars processed were up 2% and
transactions processed were up 15% from a year ago. Prepaid card
load volume was up 48%, transactions processed were down 9% and
purchase dollars processed were up 51%, in each case, from the same
quarter a year ago. ACH electronic check transaction volume was
down 31%, electronic check dollars processed were down 55% and
return check transactions processed were down by 17%, in each case,
compared to a year ago.
Second Quarter 2023 Revenue Detail
Revenues for the quarter ended June 30, 2023 increased 31%
compared to the prior year quarter to $21.3 million, and revenues
for the six months ended June 30, 2023 increased 24% compared to
the prior year six-month period to $42.7 million, reflecting growth
in the Prepaid, Usio Output Solutions, and Credit Card lines of
business.
Three Months Ended June
30,
2023
2022
$ Change
% Change
ACH and complementary service revenue
$
4,079,157
$
3,899,612
$
179,545
5
%
Credit card revenue
7,115,884
6,885,697
230,187
3
%
Prepaid card services revenue
5,217,468
1,388,110
3,829,358
276
%
Output solutions revenue
4,849,197
4,042,267
806,930
20
%
Total Revenue
$
21,261,706
$
16,215,686
$
5,046,020
31
%
Six Months Ended June
30,
2023
2022
$ Change
% Change
ACH and complementary service revenue
$
7,419,879
$
7,742,928
$
(323,049
)
(4
)%
Credit card revenue
14,455,782
$
13,653,919
801,863
6
%
Prepaid card services revenue
10,024,872
$
4,156,557
5,868,315
141
%
Output solutions revenue
10,807,417
8,773,625
2,033,792
23
%
Total Revenue
$
42,707,950
$
34,327,029
$
8,380,921
24
%
Gross profits for the quarter were $5.0 million while gross
margins were 23.6%, up 3.5% from the same period a year ago, and
gross profits for the six months ended June 30, 2023 were $9.9,
with gross margins of 23.2%, up 3.5% from the same period a year
ago. This increase in gross margins reflects the favorable impact
of residual revenues generated from prepaid card breakage and
spoilage, as well as an improvement at Output Solutions, where the
significant increase in revenue better leveraged its fixed cost
base.
Other selling, general and administrative expenses were $3.9
million for the quarter ended June 30, 2023, flat compared to the
prior year period despite a 31% increase in revenues, reflecting a
focus on expense control. Similarly, other selling, general, and
administrative expenses for the six months ended June 30, 2023 were
$7.7 compared to $7.6 in the prior year period.
For the quarter, we reported an operating income of $0.1 million
and Adjusted EBITDA1 of $1.2 million, an improvement of $1.7
million from an Adjusted EBITDA1 loss of $0.6 million for the prior
year quarter. Net income for the quarter ended June 30, 2023 was
$0.2 million, or $0.01 per share, compared to a net loss of $1.9
million, or ($0.10) per share, for the same period in the prior
year. All of the Company's key second quarter 2023 profitability
metrics - including operating income, Adjusted EBITDA1, net income
and earnings per share - improved from the same quarter a year ago
due to increased revenues, record gross profits and disciplined
expense control.
For the six months ended June 30, 2023, operating income was
$0.1 million and Adjusted EBITDA1 was $2.2 million, an improvement
of $3.1 from an Adjusted EBITDA1 loss of $0.9 million for the prior
year six-month period. Net income in the first six months of 2023
was $0.2 million, or $0.01 per share, versus a net loss of $3.6
million, or ($0.18) per share, in the first six months of 2022.
Adjusted Operating Cash Flows1 (excluding merchant reserve
funds, prepaid card load assets, customer deposits and net
operating lease assets and obligations) was $1.3 million for the
six months ended June 30, 2023. Cash flows provided by operating
activities was $27.8 million for the six months ended June 30,
2023, compared to cash flows used by operating activities of $22.1
million in the same period a year ago.
We continue to be in solid financial condition with $6.6 million
in cash and cash equivalents as of June 30, 2023, reflecting a $0.9
million improvement in cash balances compared to December 31,
2022.
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 Monday,
August 14, 2023, 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 August 28, 2023. 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 4319180.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a
full stack of proprietary, cloud-based integrated payment and
embedded financial solutions in a single ecosystem to a wide range
of merchants, billers, banks, service bureaus and card issuers. The
Company operates credit/debit and ACH payment processing platforms,
as well as a turn-key card issuing platform to deliver convenient,
world-class payment solutions and services to its clients. 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 prepaid
sector. Usio is headquartered in San Antonio, Texas, and has a
development office in Austin, Texas.
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com
and www.usiooutput.com. Find us on Facebook® and Twitter.
About Non-GAAP Financial
Measures
This press release includes non-GAAP financial measures, as
defined in Regulation G of the Securities and Exchange Act of 1934,
as amended, 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 the
adjusted EBITDA, as defined above, divided by total revenues. The
Company defines adjusted operating cash flow as net cash provided
(used) by 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 (used) by 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 (used) by 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 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. 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 realization of opportunities from the IMS
acquisition, 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, 2022.
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.
USIO, INC.
CONSOLIDATED BALANCE
SHEETS
June 30, 2023
December 31, 2022
(Unaudited)
ASSETS
Cash and cash equivalents
$
6,575,124
$
5,709,117
Accounts receivable, net
5,221,772
4,371,640
Settlement processing assets
45,060,670
49,737,068
Prepaid card load assets
46,398,476
20,170,761
Customer deposits
1,563,192
1,554,122
Inventory
482,170
507,355
Prepaid expenses and other
627,117
450,389
Current assets before merchant
reserves
105,928,521
82,500,452
Merchant reserves
5,141,040
4,909,501
Total current assets
111,069,561
87,409,953
Property and equipment, net
3,006,347
3,222,816
Other assets:
Intangibles, net
2,189,427
2,625,360
Deferred tax asset, net
1,504,000
1,504,000
Operating lease right-of-use assets
2,680,527
2,795,483
Other assets
355,357
355,357
Total other assets
6,729,311
7,280,200
Total Assets
$
120,805,219
$
97,912,969
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
913,277
$
858,622
Accrued expenses
3,802,854
3,721,108
Operating lease liabilities, current
portion
663,354
617,319
Equipment loan, current portion
43,208
56,429
Settlement processing obligations
45,060,670
49,737,068
Prepaid card load obligations
46,398,476
20,170,761
Customer deposits
1,563,192
1,554,122
Current liabilities before merchant
reserve obligations
98,445,031
76,715,429
Merchant reserve obligations
5,141,040
4,909,501
Total current liabilities
103,586,071
81,624,930
Non-current liabilities:
Equipment loan, non-current portion
-
14,994
Operating lease liabilities, non-current
portion
2,157,933
2,338,947
Total liabilities
105,744,004
83,978,871
Stockholders' equity:
Preferred stock, $0.01 par value,
10,000,000 shares authorized; -0- shares outstanding at June 30,
2023 (unaudited) and December 31, 2022, respectively
—
—
Common stock, $0.001 par value,
200,000,000 shares authorized; 28,462,606 and 27,044,900 issued,
and 26,362,870 and 25,097,963 outstanding at June 30, 2023
(unaudited) and December 31, 2022, respectively
196,888
195,471
Additional paid-in capital
96,853,243
94,048,603
Treasury stock, at cost; 2,099,736 and
1,946,937 shares at June 30, 2023 (unaudited) and December 31,
2022, respectively
(3,924,225
)
(3,749,027
)
Deferred compensation
(7,421,516
)
(5,697,900
)
Accumulated deficit
(70,643,175
)
(70,863,049
)
Total stockholders' equity
15,061,215
13,934,098
Total Liabilities and Stockholders'
Equity
$
120,805,219
$
97,912,969
USIO, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenues
$
21,261,706
$
16,215,686
$
42,707,950
$
34,327,029
Cost of services
16,250,988
12,955,782
32,795,417
27,557,996
Gross profit
5,010,718
3,259,904
9,912,533
6,769,033
Selling, general and administrative:
Stock-based compensation
577,869
473,701
1,082,443
1,024,383
Other SG&A expenses
3,854,022
3,848,696
7,727,241
7,643,842
Depreciation and amortization
522,999
807,934
1,041,028
1,522,869
Total selling, general and administrative
expenses
4,954,890
5,130,331
9,850,712
10,191,094
Operating income (loss)
55,828
(1,870,427
)
61,821
(3,422,061
)
Other income and (expense):
Interest income
218,844
1,166
311,772
1,747
Interest expense
(533
)
(1,084
)
(1,195
)
(2,301
)
Other income and (expense), net
218,311
82
310,577
(554
)
Income (Loss) before income taxes
274,139
(1,870,345
)
372,398
(3,422,615
)
Income tax expense
69,098
70,000
152,524
140,000
Net Income (Loss)
$
205,041
$
(1,940,345
)
$
219,874
$
(3,562,615
)
Income (Loss) Per Share
Basic income (loss) per common share:
$
0.01
$
(0.10
)
$
0.01
$
(0.18
)
Diluted income (loss) per common
share:
$
0.01
$
(0.10
)
$
0.01
$
(0.18
)
Weighted average common shares
outstanding
Basic
20,128,429
20,316,572
20,125,440
20,298,573
Diluted
26,413,329
20,316,572
26,410,340
20,298,573
USIO, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Six Months Ended June 30,
2023
2022
Operating Activities
Net income (loss)
$
219,874
$
(3,562,615
)
Adjustments to reconcile net income (loss)
to net cash provided (used) by operating activities:
Depreciation
605,095
586,936
Amortization
435,933
935,933
Stock-based compensation
1,082,443
1,024,383
Amortization of warrant costs
—
17,970
Non-cash revenue from returned common
stock
(156,162
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(850,132
)
1,125,416
Prepaid expenses and other
(176,728
)
(402,939
)
Operating lease right-of-use assets
114,956
(281,442
)
Inventory
25,185
(53,850)
Accounts payable and accrued expenses
136,401
(829,390
)
Operating lease liabilities
(134,979
)
289,502
Prepaid card load obligations
26,227,715
(21,486,085
)
Merchant reserves
231,539
433,920
Customer deposits
9,070
107,021
Deferred revenue
—
(17,647
)
Net cash provided (used) by operating
activities
27,770,210
(22,112,887
)
Investing Activities
Purchases of property and equipment
(388,628
)
(411,818
)
Net cash (used) by investing
activities
(388,628
)
(411,818
)
Financing Activities
Payments on equipment loan
(28,215
)
(27,110
)
Purchases of treasury stock
(19,036
)
(546,589
)
Net cash (used) by financing
activities
(47,251
)
(573,699
)
Change in cash, cash equivalents, prepaid
card loads, customer deposits and merchant reserves
27,334,331
(23,098,404
)
Cash, cash equivalents, prepaid card
loads, customer deposits and merchant reserves, beginning of
year
32,343,501
51,591,560
Cash, Cash Equivalents, Prepaid Card
Loads, Customer Deposits and Merchant Reserves, End of Period
$
59,677,832
$
28,493,156
Supplemental disclosures of cash flow
information
Cash paid during the period for:
Interest
$
1,195
$
2,301
Income taxes
312,158
—
Non-cash financing activities:
Issuance of deferred stock
compensation
2,478,506
12,330
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, 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
Balance at December 31, 2021
26,807,145
$
195,235
$
93,100,129
$
(2,404,458
)
$
(6,842,195
)
$
(65,379,805
)
$
18,668,906
Issuance of common stock under equity
incentive plan
61,600
62
267,856
—
(12,330
)
—
255,588
Warrant compensation costs
—
—
8,985
—
—
—
8,985
Deferred compensation amortization
—
—
—
—
295,092
—
295,092
Purchase of treasury stock costs
—
—
—
(66,494
)
—
—
(66,494
)
Net (loss) for the period
—
—
—
—
—
(1,622,270
)
(1,622,270
)
Balance at March 31, 2022
26,868,745
$
195,297
$
93,376,970
$
(2,470,952
)
$
(6,559,433
)
$
(67,002,075
)
$
17,539,807
Issuance of common stock under equity
incentive plan
54,233
52
258,636
—
—
—
258,688
Warrant compensation costs
—
—
8,985
—
—
—
8,985
Reversal of deferred compensation
amortization that did not vest
(85,000
)
(85
)
(176,465
)
—
97,621
—
(78,929
)
Deferred compensation amortization
—
—
—
—
293,942
—
293,942
Purchase of treasury stock costs
—
—
—
(480,095
)
—
—
(480,095
)
Net (loss) for the period
—
—
—
—
—
(1,940,345
)
(1,940,345
)
Balance at June 30, 2022
26,837,978
$
195,264
$
93,468,126
$
(2,951,047
)
$
(6,167,870
)
$
(68,942,420
)
$
15,602,053
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Reconciliation from Operating income
(Loss) to Adjusted EBITDA:
Operating income (Loss)
$
55,828
$
(1,870,427
)
$
61,821
$
(3,422,061
)
Depreciation and amortization
522,999
807,934
1,041,028
1,522,869
EBITDA
578,827
(1,062,493
)
1,102,849
(1,899,192
)
Non-cash stock-based compensation expense,
net
577,869
473,701
1,082,443
1,024,383
Adjusted EBITDA
$
1,156,696
$
(588,792
)
$
2,185,292
$
(874,809
)
Calculation of Adjusted EBITDA
margins:
Revenues
$
21,261,706
$
16,215,686
$
42,707,950
$
34,327,029
Adjusted EBITDA
1,156,696
(588,792
)
2,185,292
(874,809
)
Adjusted EBITDA margins
5.4
%
(3.6
)%
5.1
%
(2.5
)%
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Six Months Ended June 30,
2023
2022
Reconciliation from net cash provided
(used) by operating activities to Non-GAAP Adjusted Operating Cash
Flow (used):
Net cash provided (used) by operating
activities
$
27,770,210
$
(22,112,887
)
Operating cash flow (used)
adjustments:
Prepaid card load obligations
(26,227,715
)
21,486,085
Customer deposits
(9,070
)
(107,021
)
Merchant reserves
(231,539
)
(433,920
)
Operating lease right-of-use assets
(114,956
)
281,442
Operating lease liabilities
134,979
(289,502
)
Total adjustments to net cash provided
(used) by operating activities
$
(26,448,301
)
$
20,937,084
Adjusted operating cash flows provided
(used)
$
1,321,909
$
(1,175,803
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814762390/en/
Paul Manley Senior Vice President, Investor Relations
paul.manley@usio.com 612-834-1804
Usio (NASDAQ:USIO)
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