Usio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment
solutions provider, today announced financial results for the
second quarter of 2021, which ended June 30, 2021.
Louis Hoch, President and Chief Executive
Officer of Usio, said, "I am pleased to report another record
quarter with revenue growth accelerating to 119%, the fastest ever
rate of revenue growth. Profitability also continues to
significantly improve, with Adjusted EBITDA up $1.9 million
from a year ago as we achieved our third consecutive quarter of
positive Adjusted EBITDA. Processing volumes in the quarter were a
record $2.7 billion, up 389% from a year ago and up 46%
sequentially from our previous record quarter just achieved in the
first quarter of this year. Across the board, we are experiencing
outstanding performance as we leverage our multi-channel
distribution strategy and strong relationships to penetrate
attractive markets with our industry-leading technology. As a
result, we are raising our annual revenue guidance for the year to
an expected range between $56 million and $59 million,
which would represent increases of between 73% and 83% above fiscal
2020 revenues, while also anticipating positive operating cash
flows and Adjusted EBITDA. All of which are conditioned on the
continued enthusiasm in the fintech lending and cryptocurrency
industries.
Growth was strong in each of our businesses, led
by ACH, where revenues were up 125% due to a focus on penetrating
fast-growing industries like cryptocurrency and Fintech. ACH
remains our most profitable line of business. Card revenue growth
also accelerated, reflecting PayFac’s increasing market momentum.
Prepaid had another strong quarter, increasing its penetration of
the governmental, municipal, charitable and related markets where
they have become a leading provider of electronic payments
solutions. Usio Output Solutions continues to exceed expectations
and is now beginning to realize the anticipated cross selling
synergies.
It’s been an extremely strong first half of the
year. We are intent on building on this strong momentum through
continued flawless execution of our strategy and investing in our
innovative technology and unparalleled service to build value for
our shareholders. This quarter was a testament to the scalability
of our systems and associated products and services."
Second Quarter 2021 Financial
Summary
Revenues for the quarter ended June 30,
2021 increased 119% to $15.2 million, reflecting
growth in each of our ACH, Credit Card and Prepaid lines of
business as well as a full quarter of Usio Output Solutions
revenues, which was acquired in December 2020. Excluding the
results of Usio Output Solutions revenues, organic growth was
67% versus the same period last year. For the six months
ended June 30, 2021, revenues increased 95% with year over
year growth in all lines of business. Excluding the
results of Usio Output Solutions revenues for the six-month period,
organic growth was 45% versus the same period last year.
|
|
Three Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service
revenue |
|
$ |
4,001,897 |
|
|
$ |
1,779,245 |
|
|
$ |
2,222,652 |
|
|
|
125 |
% |
Credit card revenue |
|
|
6,558,076 |
|
|
|
4,588,199 |
|
|
|
1,969,877 |
|
|
|
43 |
% |
Prepaid card services
revenue |
|
|
1,077,531 |
|
|
|
593,109 |
|
|
|
484,422 |
|
|
|
82 |
% |
Output solutions revenue |
|
|
3,595,637 |
|
|
|
— |
|
|
|
3,595,637 |
|
|
|
100 |
% |
Total Revenue |
|
$ |
15,233,141 |
|
|
$ |
6,960,553 |
|
|
$ |
8,272,588 |
|
|
|
119 |
% |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service
revenue |
|
$ |
7,080,353 |
|
|
$ |
4,016,991 |
|
|
$ |
3,063,362 |
|
|
|
76 |
% |
Credit card revenue |
|
|
12,281,785 |
|
|
|
9,570,857 |
|
|
|
2,710,928 |
|
|
|
28 |
% |
Prepaid card services
revenue |
|
|
1,964,107 |
|
|
|
1,144,384 |
|
|
|
819,723 |
|
|
|
72 |
% |
Output solutions revenue |
|
|
7,368,446 |
|
|
|
— |
|
|
|
7,368,446 |
|
|
|
100 |
% |
Total Revenue |
|
$ |
28,694,691 |
|
|
$ |
14,732,232 |
|
|
$ |
13,962,459 |
|
|
|
95 |
% |
Gross profits
increased 221% to $4.1 million on gross margins of
27.1%, incrementally higher due to product mix and the scaling
of the ACH and PayFac business lines.
Other selling, general and administrative
expenses were $2.8 million for the quarter ended June 30,
2021, as compared to $1.9 million in the prior year
period up 53%. The increase reflects a full quarter of
Output Solutions operating costs and continued investments in our
ACH, PayFac and Prepaid business line. For the six-month period
ended June 30, 2021, other selling, general and administrative
expenses were $5.5 million compared
to $4.0 million for same prior year period, up 38%,
again reflecting incremental Output Solutions costs plus
investments in our ACH, PayFac and Prepaid
initiatives.
The Company reported operating income
of $0.3 million for the quarter, a $1.6 million
improvement from the $1.3 million loss in the prior year
period. For the six months ended June 30, 2021, operating income
was a loss of $0.5 million versus a prior period loss
of $2.1 million, an improvement
of $1.6 million.
Adjusted EBITDA was
positive $1.3 million in the quarter, an improvement
of $1.9 million compared to an Adjusted EBITDA loss
of $0.6 million in the same period a year ago. This
was the third consecutive quarter of positive Adjusted
EBITDA. For the six months ended June 30, 2021, Adjusted
EBITDA was a positive $1.5 million versus a loss
of $0.8 million in the prior year period, an improvement
of $2.3 million. Operating Cash Flows (excluding
merchant reserve funds, prepaid card load assets, customer deposits
and net operating lease assets and obligations) was
$1.1 million for the six-month period ended June 30,
2021.
The Company reported net income of
$0.2 million for the quarter ended June 30, 2021 for
income of $0.01 per share compared to a net loss of
$1.3 million for a loss of $0.10 per share for
the same period in the prior year. For the six-month period,
the net loss was $0.5 million for a loss
of $0.03 per share compared to a net loss
of $2.1 million for a loss of $0.16 per
share for the prior year period, a net loss
improvement of $1.6 million or $0.13 per
share.
Usio continues to be in solid financial
condition with $5.6 million in cash and cash equivalents
on June 30, 2021, a $0.6 million improvement from
December 31, 2020 and a $1.3 million improvement from
March 31, 2021.
Conference Call and Webcast
Usio, Inc.'s management will host a conference call Friday,
August 13, 2021 at 11:00 am 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 27, 2021. 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 10156027.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading FinTech
integrated payment solutions provider, offers a wide range of
payment solutions to merchants, billers, banks, service bureaus,
crypto exchanges and card issuers. The Company operates credit,
debit/prepaid, and ACH payment processing platforms to deliver
convenient, world-class payment solutions and services to their
clients. With the acquisition of the assets of IMS in December
2020, the Company now offers additional 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 offices in Austin, Texas and
Franklin, Tennessee, just outside of
Nashville. 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, EBITDA and adjusted EBITDA, as defined in Regulation G of
the Securities and Exchange Act of 1934, as amended. The Company
reports its financial results in compliance with GAAP, but believes
that also discussing non-GAAP 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
acquisitions. These measures may not be comparable to similarly
titled measures reported by other companies. Management uses EBITDA
and adjusted EBITDA 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 and adjusted EBITDA
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 and adjusted EBITDA are supplemental non-GAAP
measures, which have limitations as an analytical tool. Non-GAAP
financial measures should not be considered as a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP. Non-GAAP financial measures do not reflect a
comprehensive system of accounting, may differ from GAAP measures
with the same names, and may differ from non-GAAP financial
measures with the same or similar names that are used by other
companies. For a description of our use of EBITDA and adjusted
EBITDA, and a reconciliation of EBITDA and adjusted EBITDA to
operating income (loss), see the section of this press release
titled "Non-GAAP Reconciliation."
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained
herein, the matters discussed in this 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," "intend," "look forward,"
"anticipate," "continue,” 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 as a result of the COVID-19
pandemic, 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 Clearinghouse
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,
2020. One or more of these factors have affected, and in the
future, could affect the Company’s businesses and financial results
in the future and could cause actual results to differ materially
from plans and projections. The Company believes that the
assumptions underlying the forward-looking statements included in
this release will prove to be accurate. 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
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.
Contact:
Joe Hassett, Investor
Relationsjoeh@gregoryfca.com484-686-6600
USIO, INC.CONSOLIDATED
BALANCE SHEETS
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,614,702 |
|
|
$ |
5,011,132 |
|
Accounts receivable, net |
|
|
3,160,449 |
|
|
|
2,863,638 |
|
Settlement processing
assets |
|
|
35,515,375 |
|
|
|
43,558,442 |
|
Prepaid card load assets |
|
|
9,157,519 |
|
|
|
7,610,242 |
|
Customer deposits |
|
|
1,410,607 |
|
|
|
1,305,296 |
|
Inventory |
|
|
214,918 |
|
|
|
176,466 |
|
Prepaid expenses and
other |
|
|
432,417 |
|
|
|
301,755 |
|
Current assets before merchant reserves |
|
|
55,505,987 |
|
|
|
60,826,971 |
|
Merchant reserves |
|
|
8,101,153 |
|
|
|
8,265,555 |
|
Total current assets |
|
|
63,607,140 |
|
|
|
69,092,526 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
3,326,356 |
|
|
|
3,105,926 |
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
5,099,828 |
|
|
|
6,035,761 |
|
Deferred tax asset |
|
|
1,394,000 |
|
|
|
1,394,000 |
|
Operating lease right-of-use assets |
|
|
3,038,920 |
|
|
|
2,671,266 |
|
Other assets |
|
|
413,961 |
|
|
|
368,078 |
|
Total other assets |
|
|
9,946,709 |
|
|
|
10,469,105 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
76,880,205 |
|
|
$ |
82,667,557 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
645,224 |
|
|
$ |
851,349 |
|
Accrued expenses |
|
|
1,847,384 |
|
|
|
1,463,944 |
|
Operating lease liabilities, current portion |
|
|
487,410 |
|
|
|
346,913 |
|
Equipment loan, current portion |
|
|
53,673 |
|
|
|
- |
|
Settlement processing obligations |
|
|
35,515,375 |
|
|
|
43,558,442 |
|
Prepaid card load obligations |
|
|
9,157,519 |
|
|
|
7,610,242 |
|
Customer deposits |
|
|
1,410,607 |
|
|
|
1,305,296 |
|
Deferred revenues |
|
|
44,118 |
|
|
|
66,572 |
|
Current liabilities before
merchant reserve obligations |
|
|
49,161,310 |
|
|
|
55,202,758 |
|
Merchant reserve obligations |
|
|
8,101,153 |
|
|
|
8,265,555 |
|
Total current liabilities |
|
|
57,262,463 |
|
|
|
63,468,313 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Equipment loan, non-current portion |
|
|
99,102 |
|
|
|
— |
|
Operating lease liabilities, non-current portion |
|
|
2,733,343 |
|
|
|
2,495,883 |
|
Total liabilities |
|
|
60,094,908 |
|
|
|
65,964,196 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0-
shares outstanding at June 30, 2021 (unaudited) and December
31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 200,000,000 shares authorized;
26,261,016 and 26,260,776 issued, and 24,954,529 and
24,974,995 outstanding at June 30, 2021 (unaudited) and December
31, 2020, respectively |
|
|
194,691 |
|
|
|
194,692 |
|
Additional paid-in capital |
|
|
89,662,665 |
|
|
|
89,659,433 |
|
Treasury stock, at cost; 1,306,487 and 1,285,781 shares at June 30,
2021 (unaudited) and December 31, 2020, respectively |
|
|
(2,244,985 |
) |
|
|
(2,165,721 |
) |
Deferred compensation |
|
|
(5,267,134 |
) |
|
|
(5,926,872 |
) |
Accumulated deficit |
|
|
(65,559,940 |
) |
|
|
(65,058,171 |
) |
Total stockholders' equity |
|
|
16,785,297 |
|
|
|
16,703,361 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
76,880,205 |
|
|
$ |
82,667,557 |
|
USIO, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
15,233,141 |
|
|
$ |
6,960,553 |
|
|
$ |
28,694,691 |
|
|
$ |
14,732,232 |
|
Cost of services |
|
|
11,105,696 |
|
|
|
5,674,887 |
|
|
|
21,660,009 |
|
|
|
11,518,282 |
|
Gross profit |
|
|
4,127,445 |
|
|
|
1,285,666 |
|
|
|
7,034,682 |
|
|
|
3,213,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
317,285 |
|
|
|
348,393 |
|
|
|
645,000 |
|
|
|
636,103 |
|
Other expenses |
|
|
2,845,213 |
|
|
|
1,856,924 |
|
|
|
5,505,247 |
|
|
|
3,979,030 |
|
Depreciation and amortization |
|
|
627,149 |
|
|
|
382,244 |
|
|
|
1,249,356 |
|
|
|
770,039 |
|
Total operating expenses |
|
|
3,789,647 |
|
|
|
2,587,561 |
|
|
|
7,399,603 |
|
|
|
5,385,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
337,798 |
|
|
|
(1,301,895 |
) |
|
|
(364,921 |
) |
|
|
(2,171,222 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
2,169 |
|
|
|
1,487 |
|
|
|
4,636 |
|
|
|
12,643 |
|
Other income (expense) |
|
|
(1,484 |
) |
|
|
38 |
|
|
|
(1,484 |
) |
|
|
726 |
|
Other income and (expense), net |
|
|
685 |
|
|
|
1,525 |
|
|
|
3,152 |
|
|
|
13,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
|
338,483 |
|
|
|
(1,300,370 |
) |
|
|
(361,769 |
) |
|
|
(2,157,853 |
) |
Income tax expense
(benefit) |
|
|
120,000 |
|
|
|
(12,201 |
) |
|
|
140,000 |
|
|
|
(34,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
218,483 |
|
|
$ |
(1,288,169 |
) |
|
$ |
(501,769 |
) |
|
$ |
(2,123,178 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
common share: |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.16 |
) |
Diluted earnings (loss) per
common share: |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.16 |
) |
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,993,387 |
|
|
|
13,173,009 |
|
|
|
19,962,661 |
|
|
|
13,150,119 |
|
Diluted |
|
|
24,962,389 |
|
|
|
13,173,009 |
|
|
|
19,962,661 |
|
|
|
13,150,119 |
|
USIO, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(501,769 |
) |
|
$ |
(2,123,178 |
) |
Adjustments to reconcile net
(loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
313,423 |
|
|
|
270,038 |
|
Amortization |
|
|
935,933 |
|
|
|
500,001 |
|
Bad debt |
|
|
86,402 |
|
|
|
— |
|
Non-cash stock-based compensation |
|
|
645,000 |
|
|
|
636,103 |
|
Amortization of warrant costs |
|
|
17,970 |
|
|
|
17,973 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(383,213 |
) |
|
|
149,794 |
|
Prepaid expenses and other |
|
|
(130,662 |
) |
|
|
(4,039 |
) |
Operating lease right-of-use assets |
|
|
(367,654 |
) |
|
|
114,127 |
|
Other assets |
|
|
(38,452 |
) |
|
|
— |
|
Inventory |
|
|
(45,883 |
) |
|
|
(24,568 |
) |
Accounts payable and accrued expenses |
|
|
177,315 |
|
|
|
(139,748 |
) |
Operating lease liabilities |
|
|
377,957 |
|
|
|
(110,725 |
) |
Prepaid card load obligations |
|
|
1,547,277 |
|
|
|
18,752,859 |
|
Merchant reserves |
|
|
(164,402 |
) |
|
|
(1,586,565 |
) |
Customer deposits |
|
|
105,311 |
|
|
|
— |
|
Deferred revenue |
|
|
(22,454 |
) |
|
|
(26,470 |
) |
Net cash provided by operating
activities |
|
|
2,552,099 |
|
|
|
16,425,602 |
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(533,854 |
) |
|
|
(334,688 |
) |
Net cash (used) by investing
activities |
|
|
(533,854 |
) |
|
|
(334,688 |
) |
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Proceeds from PPP Loan Program |
|
|
— |
|
|
|
813,500 |
|
Proceeds from equipment loan |
|
|
165,996 |
|
|
|
— |
|
Payments on equipment loan |
|
|
(13,221 |
) |
|
|
— |
|
Purchases of treasury stock |
|
|
(79,264 |
) |
|
|
(82,448 |
) |
Net cash provided by financing
activities |
|
|
73,511 |
|
|
|
731,052 |
|
|
|
|
|
|
|
|
|
|
Change in cash, cash
equivalents, prepaid card loads, customer deposits and
merchantreserves |
|
|
2,091,756 |
|
|
|
16,821,966 |
|
Cash, cash equivalents,
prepaid card loads, customer deposits and merchant
reserves,beginning of year |
|
|
22,192,225 |
|
|
|
12,682,918 |
|
|
|
|
|
|
|
|
|
|
Cash, Cash Equivalents,
Prepaid Card Loads, Customer Deposits and Merchant Reserves,End of
Period |
|
$ |
24,283,981 |
|
|
$ |
29,504,884 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
1,484 |
|
|
$ |
— |
|
Income taxes |
|
|
92,850 |
|
|
|
— |
|
Non-cash transactions: |
|
|
|
|
|
|
|
|
Issuance of deferred stock compensation |
|
|
— |
|
|
|
1,559,520 |
|
USIO, INC.STATEMENT OF
CHANGES IN STOCKHOLDERS' EQUITY
|
|
Common Stock |
|
|
AdditionalPaid- In |
|
|
Treasury |
|
|
Deferred |
|
|
Accumulated |
|
|
TotalStockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Stock |
|
|
Compensation |
|
|
Deficit |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2020 |
|
|
26,260,776 |
|
|
$ |
194,692 |
|
|
$ |
89,659,433 |
|
|
$ |
(2,165,721 |
) |
|
$ |
(5,926,872 |
) |
|
$ |
(65,058,171 |
) |
|
$ |
16,703,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
equity incentive plan |
|
|
51,000 |
|
|
|
51 |
|
|
|
120,484 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120,535 |
|
Warrant compensation
costs |
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
Cashless warrant exercise |
|
|
19,795 |
|
|
|
19 |
|
|
|
(19 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Reversal of deferred
compensation amortization that did not vest |
|
|
(17,111 |
) |
|
|
(17 |
) |
|
|
(48,599 |
) |
|
|
— |
|
|
|
5,994 |
|
|
|
— |
|
|
|
(42,622 |
) |
Deferred compensation
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
249,801 |
|
|
|
— |
|
|
|
249,801 |
|
Purchase of treasury stock
costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,454 |
) |
|
|
— |
|
|
|
— |
|
|
|
(49,454 |
) |
Net (loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(720,252 |
) |
|
|
(720,252 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31,
2021 |
|
|
26,314,460 |
|
|
$ |
194,745 |
|
|
$ |
89,740,284 |
|
|
$ |
(2,215,175 |
) |
|
$ |
(5,671,077 |
) |
|
$ |
(65,778,423 |
) |
|
$ |
16,270,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
equity incentive plan |
|
|
61,556 |
|
|
|
61 |
|
|
|
150,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
150,542 |
|
Warrant compensation
costs |
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
Reversal of deferred
compensation amortization that did not vest |
|
|
(115,000 |
) |
|
|
(115 |
) |
|
|
(237,085 |
) |
|
|
— |
|
|
|
158,096 |
|
|
|
— |
|
|
|
(79,104 |
) |
Deferred compensation
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
245,847 |
|
|
|
— |
|
|
|
245,847 |
|
Purchase of treasury stock
costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,810 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29,810 |
) |
Net income for the
period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
218,483 |
|
|
|
218,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30,
2021 |
|
|
26,261,016 |
|
|
$ |
194,691 |
|
|
$ |
89,662,665 |
|
|
$ |
(2,244,985 |
) |
|
$ |
(5,267,134 |
) |
|
$ |
(65,559,940 |
) |
|
$ |
16,785,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2019 |
|
|
18,224,577 |
|
|
$ |
186,656 |
|
|
$ |
77,055,273 |
|
|
$ |
(1,885,452 |
) |
|
$ |
(5,636,154 |
) |
|
$ |
(62,151,988 |
) |
|
$ |
7,568,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
equity incentive plan |
|
|
51,000 |
|
|
|
51 |
|
|
|
59,440 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59,491 |
|
Warrant compensation
costs |
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,985 |
|
Deferred compensation
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
228,219 |
|
|
|
— |
|
|
|
228,219 |
|
Purchase of treasury stock
costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,629 |
) |
|
|
— |
|
|
|
— |
|
|
|
(26,629 |
) |
Net (loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(835,009 |
) |
|
|
(835,009 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31,
2020 |
|
|
18,275,577 |
|
|
$ |
186,707 |
|
|
$ |
77,123,698 |
|
|
$ |
(1,912,081 |
) |
|
$ |
(5,407,935 |
) |
|
$ |
(62,986,997 |
) |
|
$ |
7,003,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
equity incentive plan |
|
|
1,500,544 |
|
|
|
1,500 |
|
|
|
1,641,304 |
|
|
|
— |
|
|
|
(1,559,520 |
) |
|
|
— |
|
|
|
83,284 |
|
Warrant compensation cost |
|
|
— |
|
|
|
— |
|
|
|
8,988 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,988 |
|
Deferred compensation
amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
267,207 |
|
|
|
— |
|
|
|
267,207 |
|
Purchase of treasury
stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(55,819 |
) |
|
|
— |
|
|
|
— |
|
|
|
(55,819 |
) |
Net (loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,288,169 |
) |
|
|
(1,288,169 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30,
2020 |
|
|
19,776,121 |
|
|
$ |
188,207 |
|
|
$ |
78,773,990 |
|
|
$ |
(1,967,900 |
) |
|
$ |
(6,700,248 |
) |
|
$ |
(64,275,166 |
) |
|
$ |
6,018,883 |
|
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Operating
Income (Loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
$ |
337,798 |
|
|
$ |
(1,301,895 |
) |
|
$ |
(364,921 |
) |
|
$ |
(2,171,222 |
) |
Depreciation and amortization |
|
|
627,149 |
|
|
|
382,244 |
|
|
|
1,249,356 |
|
|
|
770,039 |
|
EBITDA |
|
|
964,947 |
|
|
|
(919,651 |
) |
|
|
884,435 |
|
|
|
(1,401,183 |
) |
Non-cash stock-based compensation expense, net |
|
|
317,285 |
|
|
|
348,393 |
|
|
|
645,000 |
|
|
|
636,103 |
|
Adjusted EBITDA |
|
$ |
1,282,232 |
|
|
$ |
(571,258 |
) |
|
$ |
1,529,435 |
|
|
$ |
(765,080 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA
margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
15,233,141 |
|
|
$ |
6,960,553 |
|
|
$ |
28,694,691 |
|
|
$ |
14,732,232 |
|
Adjusted EBITDA |
|
|
1,282,232 |
|
|
|
(571,258 |
) |
|
|
1,529,435 |
|
|
|
(765,080 |
) |
Adjusted EBITDA
margins |
|
|
8.4 |
% |
|
|
(8.2 |
)% |
|
|
5.3 |
% |
|
|
(5.2 |
)% |
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