Achieved Year-Over-Year Revenue Growth of
35%
USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier
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,
2018.
Third Quarter Financial Highlights:
- Revenue of $35.8 million,
increased 35% year-over-year, marking the 34th consecutive quarter
of growth
- On a pro-forma basis, as if the
acquisition of Cantaloupe had occurred on July 1, 2016, overall
revenue increased 12% year-over-year and License and transaction
fee revenue increased 25% year-over-year
- New net connections of 64,000 bring
total connections to 969,000
- License and transaction fee revenue
of $27.0 million, an increase of 55% year-over-year
- Gross margins of 33.3% increased from
25.0% in third quarter of fiscal year 2017
- License and transaction margin of 40.7%
increased from 32.0% in third quarter of fiscal year 2017
- Operating loss of $(0.5) million
- Adjusted operating income (non-GAAP) of
$2.0 million
- Net income of $1.2 million, or $0.02
per share
- Non-GAAP net income of $2.2 million, or
$0.04 per share
- Adjusted EBITDA of $4.3 million, an
increase of 130% year-over-year
- Ended the quarter with $17.1 million in
cash
“Our third fiscal quarter results demonstrate the successful
integration of Cantaloupe, including additional cross-selling wins,
improved operational efficiencies, as well as revenue and margin
expansion across our business,” said Stephen P. Herbert, USA
Technologies’ Chairman and Chief Executive Officer. “Our commercial
success in cross-selling our combined offering is allowing us to
reach new customers, displace competitive solutions, as well as
expand our footprint within our existing customer base.
Additionally, subsequent to quarter end, we announced a new
three-year strategic agreement with Ingenico. We are thrilled to
strengthen our relationship with Ingenico via this strategic
alliance, which we believe will help expand our reach in North
America, as well our global presence into agreed upon markets,
ultimately positioning us to gain additional penetration and market
share in the global unattended retail market.”
“We are pleased to have exceeded the long-term margin targets
relating to our gross margins, license and transaction fees, and
equipment revenues that we set less than six months ago,” said
Priyanka Singh, USA Technologies’ Chief Financial Officer. “Our
third quarter L&T margin was the highest we have seen in the
past 5 years, reflecting our commitment to driving L&T margin
expansion. Additionally, certain actions made in connection with
our integration of Cantaloupe have resulted in approximately $3
million in annualized cost savings.”
Fiscal Year 2018 Outlook
For full fiscal year 2018, the company expects revenue to be
between $138 million to $142 million and adjusted EBITDA to be
between $14.5 million and $15.0 million. USAT expects total
connections to its service as of the end of the fiscal year to be
in the 1.03 million to 1.07 million range. USAT continues to expect
the Cantaloupe transaction to be accretive in fiscal 2018, net of
one-time transaction and integration expenses and any purchase
accounting adjustments.
USA Technologies has not reconciled the company’s adjusted
EBITDA outlook to GAAP net income (loss) due to the uncertainty and
potential variability of the provision for (benefit from) income
taxes, and integration and acquisition costs, each of which is a
reconciling item between adjusted EBITDA and GAAP net income
(loss). Because these items are uncertain, depend on various
factors, cannot be reasonably predicted, and could have a
significant impact on the calculation of GAAP net income (loss),
USA Technologies has not provided guidance for GAAP net income
(loss) or a reconciliation of the company’s adjusted EBITDA outlook
to GAAP net income (loss). Accordingly, a GAAP net income (loss)
outlook and a reconciliation of adjusted EBITDA outlook to GAAP net
income (loss) is not available without unreasonable effort. For
information regarding the reconciliation of historical non-GAAP
financial measures to the nearest comparable GAAP measures, see
"Discussion of Non-GAAP Financial Measures" below and the
reconciliation tables included in this press release under
“Financial Schedules”.
Webcast and Conference Call
USA Technologies will host a conference call and webcast the
event beginning at 8:30 a.m. Eastern Time today, May 8, 2018.
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 # 5974998.
A live webcast of the conference call will be available at
http://usat.client.shareholder.com/events.cfm. 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 11:30 a.m. Eastern Time
on May 8, 2018 until 11:30 a.m. Eastern
Time on May 11, 2018 and may be accessed by calling (855)
859-2056 (domestic dial-in) or (404) 537-3406 (international
dial-in) and reference conference ID # 5974998. 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 premier payment technology
service provider of integrated cashless and mobile transactions in
the self-service retail market. The company also provides a broad
line of cashless acceptance technologies including its NFC-ready
ePort® G-series, ePort Mobile™ for customers on the go, ePort®
Interactive, and QuickConnect, an API Web service for developers.
Through its recent acquisition of Cantaloupe, the company also
offers logistics, dynamic route scheduling, automated pre-kitting,
responsive merchandising, inventory management, warehouse and
accounting management solutions. Cantaloupe is a premier provider
of cloud and mobile solutions for vending, micro markets, and
office coffee services. USA Technologies and Cantaloupe have
86 United States and foreign patents in force; and have agreements
with Verizon, Visa, Chase Paymentech, Ingenico, and customers
such as Compass, AMI Entertainment and others. For more
information, please visit the website at www.usatech.com.
Discussion of Non-GAAP Financial Measures:
This press release contains certain non-GAAP financial measures.
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 GAAP (Generally Accepted Accounting
Principles). Reconciliations between non-GAAP financial measures
and the most comparable GAAP financial measures are set forth below
in Financial Schedule E.
The following non-GAAP financial measures are discussed herein:
adjusted EBITDA, adjusted operating income, non-GAAP net income
(loss), and non-GAAP net income (loss) per share. The presentation
of these additional financial measures is not intended to be
considered in isolation from, superior to, as a substitute for, or
as a measure of, the financial measures prepared and presented in
accordance with GAAP, including the net income or net loss of USAT,
net cash provided/used by operating activities, profitability or
net earnings. Management recognizes that non-GAAP financial
measures have limitations in that they do not reflect all of the
items associated with USAT's net income or net loss as determined
in accordance with GAAP. These non-GAAP financial measures are not
required by or defined under GAAP and may be materially different
from the non-GAAP financial measures used by other companies. USAT
has provided below in Financial Schedule E the reconciliations of
the non-GAAP financial measures to the most directly comparable
GAAP financial measures.
As used herein, non-GAAP net income (loss) represents GAAP net
income (loss) excluding costs or benefits relating to any
adjustment for fair value of warrant liabilities, non-cash portions
of the Company’s income tax benefit (provision), non-recurring fees
and charges that were incurred in connection with the acquisition
and integration of Cantaloupe during the current fiscal year and
VendScreen, Inc. (“VendScreen”) during the prior fiscal year, and
non-cash expenses for equity awards under our equity incentive
plans. Non-GAAP income (loss) per common share is calculated by
dividing non-GAAP net income (loss) by the weighted average number
of common shares outstanding. Management believes that non-GAAP net
income (loss) and non-GAAP net income (loss) per share are
important measures of the Company's business. Management uses the
aforementioned non-GAAP measures to monitor and evaluate ongoing
operating results and trends and to gain an understanding of our
comparative operating performance. We believe that these non-GAAP
financial measures serve as a useful metric for our management and
investors because they enable a better understanding of the
long-term performance of our core business and facilitate
comparisons of our operating results over multiple periods, and
when taken together with the corresponding GAAP financial measures
and our reconciliations, enhance investors’ overall understanding
of our current and future financial performance. Additionally, the
Company utilizes non-GAAP net income (loss) as a metric in its
executive officer and management incentive compensation plans.
As used herein, Adjusted EBITDA represents net loss before
interest income, interest expense, income tax provision (benefit),
depreciation, amortization, non-recurring fees and charges that
were incurred in connection with the acquisition and integration of
Cantaloupe during the current fiscal year and VendScreen during the
prior fiscal year, change in fair value of warrant liabilities, and
stock-based compensation expense. We have excluded the
non-operating item, change in fair value of warrant liabilities,
because it represents a non-cash gain or charge that is not related
to the Company’s operations. We have excluded the non-cash expense,
stock-based compensation, as it does not reflect the cash-based
operations of the Company. We have excluded the non-recurring costs
and expenses incurred in connection with the acquisition of
Cantaloupe during the current fiscal year and VendScreen during the
prior fiscal year in order to allow more accurate comparison of the
financial results to historical operations. Adjusted EBITDA is
presented because we believe it is useful to investors as a measure
of comparative operating performance. Additionally, the Company
utilizes Adjusted EBITDA as a metric in its executive officer and
management incentive compensation plans.
As used herein, adjusted operating income represents operating
income before the non-recurring costs and expenses incurred in
connection with the acquisition of Cantaloupe during the current
fiscal year and VendScreen during the prior fiscal year, and the
amortization expenses related to our acquisition-related
intangibles. We have excluded these non-recurring costs and
expenses in order to allow more accurate comparison of the
financial results to historical operations and we believe such a
comparison is useful to investors as a measure of comparative
operating performance.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: All statements other than statements of
historical fact included in this release, including without
limitation the business strategy and the plans and objectives of
USAT's management for future operations, are forward-looking
statements. When used in this release, words such as "anticipate",
"believe", "estimate", "expect", "intend", and similar expressions,
as they relate to USAT or its management, identify forward looking
statements. Such forward-looking statements are based on the
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 ability of management to
accurately predict or forecast future financial results, including
earnings or taxable income of USAT; 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; whether our alliance agreement with Ingenico Inc. would
result in expansion of our global presence as each of USAT and
Ingenico would have to agree upon any such expansion; 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; whether USAT's customers
continue to utilize USAT's transaction processing, route
scheduling, inventory management, and related services, as our
customer agreements are generally cancelable by the customer on
thirty to sixty days' notice; the ability of USAT to raise funds in
the future through the sales of securities or debt financings in
order to sustain its operations if an unexpected or unusual
non-operational event would occur; the ability to prevent a
security breach of our systems or services or third party services
or systems utilized by us; whether any patents issued to USAT will
provide USAT with any competitive advantages or adequate protection
for its products, or would be challenged, invalidated or
circumvented by others; the ability of USAT to operate without
infringing or violating the intellectual property rights of others;
the effect that the integration of Cantaloupe into USAT’s business
will have on USAT’s forecasted revenues, connections, or adjusted
EBITDA for fiscal year 2018; the possibility that all or a portion
of the expected benefits and efficiencies from the combined
offering of the services of USAT and Cantaloupe, including
increases in revenue, business efficiencies and competitiveness,
and decrease in operational costs, will not continue to be realized
or would not be realized within the expected time period; and
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. 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.
Financial Schedules:
A. Statements of Operations for the 3 Months
and 9 Months Ended March 31, 2018 and March 31, 2017 B. Five
Quarter Select Key Performance Indicators C. Balance Sheets at
March 31, 2018 and at June 30, 2017 D. Statements of Cash Flows for
the 9 Months Ended March 31, 2018 and March 31, 2017 E.
Reconciliation of GAAP to Non-GAAP Financial Measures for the 3
Months and 9 Months Ended March 31, 2018 and March 31, 2017
(A) Statements of Operations for
the 3 Months and 9 Months Ended March 31, 2018 and March 31,
2017
Three months ended March 31, Nine months ended
March 31, ($ in thousands, except shares and per share
data) 2018 2017 % Change
2018 2017 % Change Revenues: License and
transaction fees $ 27,020 $ 17,459 54.8 % $ 69,817 $ 50,463 38.4 %
Equipment sales 8,812 9,001 (2.1 %)
24,138 19,341 24.8 % Total revenues
35,832 26,460 35.4 % 93,955 69,804 34.6 % Costs of
sales/revenues: Cost of services 16,012 11,876 34.8 % 43,700 34,508
26.6 % Cost of equipment 7,876 7,959
(1.0 %) 21,909 16,170 35.5 % Total
costs of sales/revenues 23,888 19,835 20.4 % 65,609 50,678 29.5 %
Gross profit: License and transaction gross profit 11,008
5,583 97.2 % 26,117 15,955 63.7 % Equipment gross profit 936
1,042 (10.2 %) 2,229
3,171 (29.7 %) Total gross profit 11,944
6,625 80.3 % 28,346 19,126
48.2 % Gross margin (as a percentage): License and
transaction fees 40.7 % 32.0 % 8.8 % 37.4 % 31.6 % 5.8 % Equipment
sales 10.6 % 11.6 % (1.0 %) 9.2 % 16.4
% (7.2 %) Total gross margin 33.3 % 25.0 % 8.3 %
30.2 % 27.4 % 2.8 % Operating expenses:
Selling, general and administrative 9,572 5,947 61.0 % 24,647
18,540 32.9 % Integration and acquisition costs 1,747 — 100.0 %
5,844 109 5,261.5 % Depreciation and amortization 1,125
259 334.4 % 2,107 774
172.2 % Total operating expenses 12,444
6,206 100.5 % 32,598 19,423 67.8
% Operating (loss) income (500 ) 419 (219.3 %) (4,252 ) (297
) 1,331.6 % Other income (expense): Interest income 134 114
17.5 % 465 387 20.2 % Interest expense (612 ) (188 ) 225.5 % (1,315
) (601 ) 118.8 % Change in fair value of warrant liabilities
— — — — (1,490 )
(100.0 %) Total other expense, net (478 ) (74 ) 545.9
% (850 ) (1,704 ) (50.1 %) (Loss) income
before income taxes (978 ) 345 (383.5 %) (5,102 ) (2,001 ) 155.0 %
Benefit (provision) for income taxes 2,138
(209 ) (1,123.0 %) (6,467 ) (94 ) 6,779.8 %
Net income (loss) 1,160 136 752.9 % (11,569 ) (2,095 ) 452.2 %
Cumulative preferred dividends (334 ) (334 ) —
(668 ) (668 ) — Net income (loss) applicable
to common shares $ 826 $ (198 ) (517.2 %) $ (12,237 ) $
(2,763 ) 342.9 % Net income (loss) per common share: Basic $ 0.02
$ (0.00 ) (413.7 %) $ (0.24 ) $ (0.07 ) 244.1 % Diluted $
0.02 $ (0.00 ) (409.6 %) $ (0.24 ) $ (0.07 ) 244.1 %
Weighted average number of common shares outstanding: Basic
53,637,085 40,327,697 33.0 % 51,101,813
39,703,690 28.7 % Diluted 54,338,126
40,327,697 34.7 % 51,101,813
39,703,690 28.7 %
(B) Five Quarter Select Key
Performance Indicators
As of and for the three months ended March 31,
December 31, September 30, June 30, March
31, ($ in thousand) 2018 2017 2017
2017 2017 Connections: Gross New connections 75,000
317,000 28,000 70,000 40,000 % from existing customer base 92 % 44
% 82 % 93 % 88 % Net New connections * 64,000 311,000 26,000 64,000
35,000 Total connections 969,000 905,000 594,000 568,000 504,000
Customers: New customers added * 550 1,800 550 300 500 Total
customers 15,600 15,050 13,250 12,700 12,400 Volumes: Total
number of transactions (millions) 170.6 144.8 121.1 114.8 104.9
Transaction volume (millions) $ 318.0 $ 272.7 $ 239.2 $ 225.6 $
202.5 Financing structure of new connections: JumpStart 1.2
% 0.4 % 4.1 % 3.3 % 8.6 % QuickStart & All Others **
98.8 % 99.6 % 95.9 % 96.7 % 91.4 %
Total 100.0 % 100.0 % 100.0 % 100.0 %
100.0 %
* Three months ending December 31, 2017 includes new net
connections and new customers related to the acquisition of
Cantaloupe of approximately 270,000 and 1,400, respectively. **
Includes credit sales with standard trade receivable terms.
(C) Balance Sheets at March
31, 2018 and at June 30, 2017
March 31, June 30, ($ in thousands, except
shares) 2018 2017 Assets Current assets:
Cash and cash equivalents $ 17,107 $ 12,745 Accounts receivable,
less allowance of $2,446 and $3,149, respectively 23,166 7,193
Finance receivables, less allowance of $42 and $19, respectively
3,904 11,010 Inventory 11,030 4,586 Prepaid expenses and other
current assets 1,869 968 Total current
assets 57,076 36,502 Non-current assets: Finance
receivables, less current portion 9,679 8,607 Other assets 1,214
687 Property and equipment, net 12,198 12,111 Deferred income taxes
16,911 27,670 Intangibles, net 30,119 622 Goodwill 64,196
11,492 Total non-current assets 134,317 61,189
Total assets $ 191,393 $ 97,691
Liabilities and shareholders’ equity Current
liabilities: Accounts payable $ 29,446 $ 16,054 Accrued expenses
7,961 4,140 Line of Credit, net — 7,036 Capital lease obligations
and current obligations under long-term debt 4,475 3,230 Deferred
revenue 441 — Deferred gain from sale-leaseback transactions
198 239 Total current liabilities 42,521
30,699 Long-term liabilities: Revolving Credit Facility
10,000 — Capital lease obligations and long-term debt, less current
portion 22,895 1,061 Accrued expenses, less current portion 66 53
Deferred gain from sale-leaseback transactions, less current
portion — 100 Total long-term liabilities
32,961 1,214 Total liabilities $ 75,482
$ 31,913 Shareholders’ equity: Preferred
stock, no par value, 1,800,000 shares authorized, no shares issued
— — Series A convertible preferred stock, 900,000 shares
authorized, 445,063 issued and outstanding, with liquidation
preferences of $19,443 and $18,775 at March 31, 2018 and June 30,
2017, respectively 3,138 3,138 Common stock, no par value,
640,000,000 shares authorized, 53,666,718 and 40,331,645 shares
issued and outstanding at March 31, 2018 and June 30, 2017,
respectively 307,634 245,999 Accumulated deficit (194,861 )
(183,359 ) Total shareholders’ equity 115,911
65,778 Total liabilities and shareholders’ equity $
191,393 $ 97,691
(D) Statements of Cash Flows for
the 9 Months Ended March 31, 2018 and March 31, 2017
Nine months ended March 31, ($ in thousands)
2018 2017 OPERATING ACTIVITIES: Net loss $ (11,569 )
$ (2,095 ) Adjustments to reconcile net loss to net cash provided
by (used in) operating activities:
Non-cash stock based compensation
2,005 678 Gain on disposal of property and equipment (112 ) (59 )
Non-cash interest and amortization of debt discount 100 98 Bad debt
expense 506 577 Depreciation and amortization 5,858 3,774 Change in
fair value of warrant liabilities — 1,490 Excess tax benefits 67 —
Deferred income taxes, net 6,400 94 Deferred revenue (185 ) —
Recognition of deferred gain from sale-leaseback transactions (143
) (646 ) Changes in operating assets and liabilities: Accounts
receivable (12,972 ) (2,388 ) Finance receivables 11,114 (2,113 )
Inventory (5,624 ) (2,042 ) Prepaid expenses and other current
assets (564 ) (406 ) Accounts payable and accrued expenses
13,808 (1,257 ) Net cash provided by (used in)
operating activities 8,689 (4,295 ) INVESTING ACTIVITIES:
Purchase of property and equipment, including rentals (3,005 )
(2,818 ) Proceeds from sale of property and equipment, including
rentals
252
105 Cash paid for assets acquired from Cantaloupe
(65,181
) — Net cash used in investing activities (67,934 )
(2,713 ) FINANCING ACTIVITIES: Payment of debt issuance
costs (445 ) (90 ) Issuance of common stock in public offering, net
39,888 — Proceeds from issuance of long-term debt 25,100 — Proceeds
from Revolving Credit Facility 12,500 — Repayment of Revolving
Credit Facility (2,500 ) — Repayment of Line of Credit, net (7,111
) — Repayment of capital lease obligations and long-term debt
(3,778 ) (556 ) Cash used in retirement of common stock (156 ) (31
) Proceeds from exercise of common stock options 109 — Proceeds
from exercise of common stock warrants — 6,193
Net cash provided by financing activities 63,607 5,516
Net increase (decrease) in cash and cash equivalents 4,362
(1,492 ) Cash and cash equivalents at beginning of year
12,745 19,272 Cash and cash equivalents at end
of period $ 17,107 $ 17,780 Supplemental
disclosures of cash flow information: Interest paid in cash $ 1,153
$ 528 Income taxes paid in cash (refund), net $ —
$ — Supplemental disclosures of noncash financing and
investing activities: Equity issued in connection with Cantaloupe
Acquisition $ 19,789 $ — Equipment and software
acquired under capital lease $ 227 $ 326
(E) Reconciliation of GAAP to
Non-GAAP Financial Measures for the 3 Months and 9 Months
Ended March 31, 2018 and March 31, 2017
Reconciliation of Net Income (Loss) to Adjusted
EBITDA:
Three months ended March 31, Nine months ended March
31, ($ in thousand) 2018 2017 %
Change 2018 2017 % Change Net income
(loss) $ 1,160 $ 136 752.9 % $ (11,569 ) $ (2,095 ) 452.2 % Less
interest income (134 ) (114 ) 17.5 % (465 ) (387 ) 20.2 % Plus
interest expense 612 188 225.5 % 1,315 601 118.8 % Plus income tax
(benefit) provision (2,138 ) 209 (1,123.0 %) 6,467 94 6,779.8 %
Plus depreciation expense 1,581 1,165 35.7 % 4,541 3,642 24.7 %
Plus amortization expense 801 45
1,680.0 % 1,317 132 897.7 % EBITDA $
1,882 $ 1,629 15.5 % $ 1,606 $ 1,987
(19.2 %) Plus loss on fair value of warrant liabilities — —
— — 1,490 (100.0 %) Plus stock-based compensation 649 233 178.5 %
2,005 678 195.7 % Plus litigation related professional fees — — — —
33 (100.0 %) Plus integration and acquisition costs 1,747
— 100.0 % 5,844 109
5,261.5 % Adjustments to EBITDA 2,396 233
928.3 % 7,849 2,310 239.8 %
Adjusted EBITDA $ 4,278 $ 1,862 129.8 % $ 9,455
$ 4,297 120.0 %
Reconciliation of
Operating (Loss) Income to Adjusted Operating Income (Loss):
Three months ended March 31, Nine months ended
March 31, ($ in thousand) 2018 2017 %
Change 2018 2017 % Change Operating (loss)
income $ (500 ) $ 419 (219.3 %) $ (4,252 ) $ (297 ) 1,331.6 % Plus
amortization expense 801 45 1,680.0 % 1,317 132 897.7 % Plus
integration and acquisition costs 1,747 —
100.0 % 5,844 109 5,261.5 %
Adjusted operating income (loss) $ 2,048 $ 464 341.4
% $ 2,909 $ (56 ) (5,294.6 %)
Reconciliation of Net Income (Loss) to Non-GAAP Net Income:
Three months ended March 31, Nine months ended
March 31, ($ in thousands, except shares and per share
data) 2018 2017 % Change 2018
2017 % Change Net income (loss) $ 1,160 $ 136 752.9 %
$ (11,569 ) $ (2,095 ) 452.2 % Non-GAAP adjustments: Loss on fair
value of warrant liabilities — — — — 1,490 (100.0 %) Non-cash
portion of income tax (benefit) provision (2,138 ) 209 (1,123.0 %)
6,467 94 6,779.8 % Amortization of intangible assets acquired 801
45 1,680.0 % 1,317 132 897.7 % Stock-based compensation 649 233
178.5 % 2,005 678 195.7 % Litigation related professional fees — —
— — 33 (100.0 %) Integration and acquisition costs 1,747
— 100.0 % 5,844 109
5,261.5 % Non-GAAP net income $ 2,219 $ 623
256.2 % $ 4,064 $ 441 821.5 % Non-GAAP net
income per common share: Basic $ 0.04 $ 0.02 167.8 %
$ 0.08 $ 0.01 616.0 % Diluted $ 0.04 $ 0.02
166.9 % $ 0.08 $ 0.01 619.8 % Weighted
average number of common shares outstanding: Basic
53,637,085 40,327,697 33.0 % 51,101,813
39,703,690 28.7 % Diluted 54,338,126
40,721,319 33.4 % 51,723,241
40,402,502 28.0 %
F-USAT
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version on businesswire.com: https://www.businesswire.com/news/home/20180508005633/en/
The Blueshirt GroupMonica Gould,
+1-212-871-3927monica@blueshirtgroup.comorLindsay Savarese,
+1-212-331-8417lindsay@blueshirtgroup.com
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