Connect with us

Business Wire

USA Technologies Reports Fiscal Year 2019 and 2018 Results

Business Wire

Published

on

Reading Time: 16 minutes

Total Revenue of $144 Million and License and Transaction Fee Revenue of $123.6 Million, up 8.5% and 27.5% Year-Over-Year, Respectively

Total Connections Rose 13.7% Year-Over-Year to 1,169,000 in Fiscal 2019

MALVERN, Pa.–(BUSINESS WIRE)–USA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today reported results for the fiscal years ended June 30, 2019 and June 30, 2018. Additionally, based upon the adjustments identified by an internal investigation that the Company announced in September 2018, as well as further adjustments subsequently identified by management during the audit process, the Company has restated results for the fiscal year ended June 30, 2017, restated selected financial data for the fiscal years ended June 30, 2015 and 2016, and restated results for the quarterly periods ended September 30, 2016 and 2017, December 31, 2016 and 2017, and March 31, 2017 and 2018. The Company has also reported results for the fiscal quarters ended September 30, 2018, December 31, 2018, and March 31, 2019. As previously disclosed, on a net basis, the proposed aggregate reduction to previously reported revenues relating to the internal investigation did not exceed $5.5 million.

“We are pleased to have completed our audit and restatements in order to regain compliance with our periodic reporting requirements,” said Stephen P. Herbert, USA Technologies’ Chief Executive Officer. “Over the past year, we have improved procedures and controls while continuing to grow our customer base and connection count. We believe that our market leading solutions and the value-added benefits they bring to our customers position us well to capitalize on positive industry trends, including the ongoing shift and increasing demand for electronic payment transactions. ”

Fiscal 2019 Financial Highlights:

  • Revenue of $143.8 million, increased 8.5% year-over-year

    • License and transaction fee revenue of $123.6 million, an increase of 27.5% year-over-year
    • Equipment revenue of $20.2 million, a decrease of 43.2% year-over-year
  • Net new connections of 141,000 bring total connections to 1,169,000
  • Added 3,169 new customers and ended the year with approximately 19,400 total customers
  • Gross margins of 26.5% decreased from 26.9% in fiscal year 2018

    • License and transaction gross margin of 34.9% decreased from 36.8% in fiscal year 2018
    • Equipment gross margin of (24.5)% decreased from (0.01)% in fiscal year 2018
  • Operating loss of $(30.2) million compared to $(9.2) million in fiscal year 2018
  • Net loss of $(32.0) million, or $(0.53) per share compared to $(11.3) million, or $(0.21) per share in fiscal year 2018
  • Non-GAAP net loss of $(9.7) million, or $(0.16) per share, compared to a net loss of $(0.5) million, or $(0.01) per share in fiscal year 2018
  • Adjusted EBITDA of $(3.1) million, compared to $7.4 million in fiscal year 2018
  • Investigation and restatement expenses were $15.4 million as a result of expenses incurred by the Company in connection with the Audit Committee’s investigation, the review of our accounting, the restatements of previously filed financial statements, bank consents, and the ongoing remediation of deficiencies in our internal control over financial reporting
  • Integration and acquisition costs were $1.3 million, down from $7.0 million in fiscal 2018
  • Ended the year with $27.5 million in cash and cash equivalents

“We will continue to improve our control environment over the coming months,” said Glen Goold, USA Technologies’ Interim Chief Financial Officer. “Our fiscal year 2018 and 2019 results demonstrate increased penetration of our existing customers, while expanding our footprint with new customers. In addition, our financial results demonstrate a recurring revenue stream, which increased to 86% of total revenue in fiscal 2019 from 73% in fiscal 2018.”

 

June 30, 2019

March 31, 2019

December 31,

2018

September 30,

2018

June 30, 2018

Revenue

$38,225

$37,646

$34,406

$33,522

$42,125

Net New Connections

43,000

46,000

33,000

19,000

59,000

Total Connections

1,169,000

1,126,000

1,080,000

1,047,000

1,028,000

License & Transaction Fee Revenue

$33,116

$31,630

$29,837

$28,971

$28,580

Gross Margin

23.5%

26.0%

26.9%

30.2%

24.9%

License & Transaction Margin

33.7%

35.4%

34.4%

36.0%

38.6%

Operating Income / (Loss)

($10,143)

($3,892)

($10,200)

($5,921)

($1,002)

Net Income / (Loss)

($10,541)

($4,510)

($10,657)

($6,320)

($1,696)

Non-GAAP Net Income / (Loss)

($6,501)

($1,682)

($1,836)

$345

$735

Adjusted EBITDA

($5,338)

$190

($67)

$2,095

$2,885

Cash & Equivalents

$27,464

$32,788

$63,193

$68,262

$83,964

Fiscal Year 2020 Outlook:

For full fiscal year 2020, the Company expects revenue to be between $165 million to $175 million and Adjusted EBITDA to be between $10 million and $11 million. USAT expects to add 170,000 to 190,000 net new connections to its service.

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, one-time restatement related cost, 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. Information regarding the reconciliation of historical non-GAAP financial measures to the nearest comparable GAAP measures can be found in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and the Quarterly Reports on Form 10-Q for the quarters ended September 30, 2018, December 31, 2018, and March 31,2019 (collectively, “the Company’s SEC filings”).

About USA Technologies

USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. With approximately 1.2 million connections, USAT is transforming the unattended retail community by offering one solution for payments processing, logistics, and back-office management solutions. The company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and their inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.

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 in the Company’s SEC filings.

The following non-GAAP financial measures are discussed herein: adjusted EBITDA, 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 or as a substitute for the financial measures prepared and presented in accordance with GAAP, including the net income or net loss of USAT or net cash used in operating activities. 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 and are not a substitute for or a measure of the Company’s profitability or net earnings. 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. The reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Company’s SEC filings.

As used herein, non-GAAP net income (loss) represents GAAP net income (loss) excluding costs or benefits relating to any non-cash portions of the Company’s income tax benefit (provision), amortization expense related to our acquisition-related intangibles, non-recurring fees and charges that were incurred in connection with the acquisition and integration of businesses , non-recurring fees and charges that were incurred in connection with the Audit Committee investigation and financial statement restatement activities, and class-action litigation expenses. Management believes that non-GAAP net income (loss) is an important measure of USAT’s business. Non-GAAP net income (loss) is a non-GAAP financial measure which is not required by or defined under GAAP. 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 taxes, depreciation, amortization, non-recurring fees and charges that were incurred in connection with the acquisition and integration of businesses, non-recurring fees and charges that were incurred in connection with the Audit Committee investigation and financial statement restatement activities, class action litigation expenses, change in fair value of warrant liabilities, and stock-based compensation expense. 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 business acquisitions in order to allow more accurate comparison of the financial results to historical operations. We have excluded the professional fees incurred in connection with the class action litigation as well as the non-recurring costs and expenses related to the Audit Committee investigation and financial statement restatement activities because we believe that they represent charges that are not related to our 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.

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; 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 risk that the closing conditions or the definitive loan documentation under the Antara Capital Master Fund LP (“Antara”) debt facility commitment would not be completed or satisfied by October 31, 2019; the risk that the closing conditions to the second draw under the Antara debt facility would not be satisfied; the risk associated with the currently pending litigation or possible regulatory action arising from the internal investigation and its findings, from the failure to timely file the Company’s periodic reports with the SEC, from the restatement of the affected financial statements, from allegations related to the registration statement for the follow-on public offering, or from potential litigation or other claims arising from the shareholder demands for derivative actions; whether any appeal to the Nasdaq Listing and Hearing Council of the delisting of the Company’s securities on Nasdaq will be successful or result in the reinstatement of trading of the Company’s securities; or 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.

(A) Restatement Related Income Statement Adjustments for Fiscal 2018 Periods

 

($ in thousands)

Increase / (Decrease) Restatement Impact

 

Three months ended

September 30, 2017

 

Three months ended

December 31, 2017

 

Six months ended

December 31, 2017

 

Three months ended

March 31, 2018

 

Nine months ended

March 31, 2018

Audit Committee Investigation-related Adjustments:

 

 

 

 

 

 

 

 

 

Revenue

$

(411

)

 

$

(866

)

 

$

(1,277

)

 

$

(768

)

 

$

(2,045

)

Costs of sales

$

165

 

 

$

(1,225

)

 

$

(1,060

)

 

$

(293

)

 

$

(1,353

)

Gross profit

$

(576

)

 

$

359

 

 

$

(217

)

 

$

(475

)

 

$

(692

)

Operating income (loss)

$

(576

)

 

$

359

 

 

$

(217

)

 

$

(9

)

 

$

(226

)

Income (loss) before income taxes

$

(576

)

 

$

357

 

 

$

(219

)

 

$

(29

)

 

$

(248

)

 

 

 

 

 

 

 

 

 

 

Acquisition and Financial Integration-related Adjustments:

 

 

 

 

 

 

 

 

 

Revenue

$

 

 

$

(60

)

 

$

(60

)

 

$

(1,546

)

 

$

(1,606

)

Costs of sales

$

 

 

$

(33

)

 

$

(33

)

 

$

(79

)

 

$

(112

)

Gross profit

$

 

 

$

(27

)

 

$

(27

)

 

$

(1,467

)

 

$

(1,494

)

Operating income (loss)

$

 

 

$

(288

)

 

$

(288

)

 

$

(1,594

)

 

$

(1,882

)

Income (loss) before income taxes

$

 

 

$

(223

)

 

$

(223

)

 

$

(1,499

)

 

$

(1,722

)

 

 

 

 

 

 

 

 

 

 

Significant Account and Transaction Review and Other:

 

 

 

 

 

 

 

 

 

Revenue

$

53

 

 

$

(47

)

 

$

6

 

 

$

75

 

 

$

81

 

Costs of sales

$

497

 

 

$

313

 

 

$

810

 

 

$

231

 

 

$

1,041

 

Gross profit

$

(444

)

 

$

(360

)

 

$

(804

)

 

$

(156

)

 

$

(960

)

Operating income (loss)

$

(622

)

 

$

(775

)

 

$

(1,397

)

 

$

(461

)

 

$

(1,858

)

Income (loss) before income taxes

$

(886

)

 

$

(1,041

)

 

$

(1,927

)

 

$

(696

)

 

$

(2,623

)

 

(B) Restatement Related Balance Sheet Adjustments for Fiscal 2018 Periods

 

$ in thousands)

Increase / (Decrease) Restatement Impact

 

As of

September 30,

2017

As of

December 31,

2017

As of

March 31,

2018

Audit Committee Investigation-related Adjustments:

 

 

 

Accounts receivables

$

(315

)

$

(1,774

)

$

(1,954

)

Finance receivables, net

$

(1,640

)

$

(1,269

)

$

(1,666

)

Inventory, net

$

941

 

$

2,166

 

$

2,459

 

Prepaid expenses and other current assets

$

25

 

$

25

 

$

25

 

Other assets

$

82

 

$

76

 

$

69

 

Property and equipment, net

$

 

$

(162

)

$

(146

)

Accounts payable

$

270

 

$

106

 

$

99

 

Accrued expenses

$

803

 

$

580

 

$

341

 

 

 

 

 

Acquisition and Financial Integration-related Adjustments:

 

 

 

Cash and cash equivalents

$

 

$

(26

)

$

(52

)

Accounts receivables

$

 

$

1,133

 

$

(1,974

)

Finance receivables, net

$

 

$

(1,515

)

$

158

 

Inventory, net

$

 

$

(500

)

$

(500

)

Prepaid expenses and other current assets

$

 

$

(35

)

$

(44

)

Property and equipment, net

$

 

$

721

 

$

826

 

Other assets

$

 

$

(139

)

$

(175

)

Goodwill

$

 

$

4,121

 

$

4,121

 

Accrued expenses

$

 

$

785

 

$

883

 

Deferred revenue

$

 

$

(153

)

$

(153

)

Common stock

$

 

$

3,469

 

$

3,469

 

 

 

 

 

Significant Account and Transaction Review and Other:

 

 

 

Accounts receivables

$

77

 

$

(8

)

$

127

 

Finance receivables, net

$

 

$

1,074

 

$

28

 

Inventory, net

$

(305

)

$

(861

)

$

(1,067

)

Prepaid expenses and other current assets

$

(136

)

$

(150

)

$

(173

)

Other assets

$

(543

)

$

(600

)

$

(693

)

Property and equipment, net

$

(1,149

)

$

(737

)

$

(635

)

Accounts payable

$

25

 

$

27

 

$

29

 

Accrued expenses

$

8,319

 

$

9,087

 

$

9,877

 

Capital lease obligation and current obligations under long-term debt

$

(21

)

$

367

 

$

(5

)

Deferred revenue

$

(27

)

$

(27

)

$

(27

)

Deferred gain from sale-leaseback transactions

$

(198

)

$

(198

)

$

(198

)

Deferred gain from sale-leaseback transactions, less current portion

$

(99

)

$

(49

)

$

 

Capital lease obligation and long-term debt, less current portion

$

 

$

697

 

$

 

Common stock

$

(166

)

$

(372

)

$

(867

)

 

(C) Restatement Related Income Statement Adjustments for Fiscal 2017 Periods

 

($ in thousands)

Increase / (Decrease) Restatement Impact

 

 

 

Three months

ended September

30, 2016

 

Three months

ended December

31, 2016

 

Six months

ended December

31, 2016

 

Three months

ended March 31,

2017

 

Nine months

ended March 31,

2017

 

Three months

ended June 30,

2017

Audit Committee Investigation-related Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

 

 

$

 

 

$

 

 

$

(111

)

 

$

(111

)

 

$

(2,457

)

Costs of sales

$

 

 

$

 

 

$

 

 

$

(24

)

 

$

(24

)

 

$

(1,139

)

Gross profit

$

 

 

$

 

 

$

 

 

$

(87

)

 

$

(87

)

 

$

(1,318

)

Operating income (loss)

$

 

 

$

 

 

$

 

 

$

(87

)

 

$

(87

)

 

$

(1,318

)

Income (loss) before income taxes

$

 

 

$

 

 

$

 

 

$

(87

)

 

$

(87

)

 

$

(1,318

)

 

 

 

 

 

 

 

 

 

 

 

 

Significant Account and Transaction Review and Other:

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

(18

)

 

$

31

 

 

$

13

 

 

$

(49

)

 

$

(36

)

 

$

(53

)

Costs of sales

$

(148

)

 

$

(81

)

 

$

(229

)

 

$

147

 

 

$

(82

)

 

$

173

 

Gross profit

$

130

 

 

$

112

 

 

$

242

 

 

$

(196

)

 

$

46

 

 

$

(226

)

Operating income (loss)

$

(434

)

 

$

(124

)

 

$

(558

)

 

$

(790

)

 

$

(1,348

)

 

$

(1,516

)

Income (loss) before income taxes

$

(769

)

 

$

(441

)

 

$

(1,210

)

 

$

(1,159

)

 

$

(2,369

)

 

$

(1,831

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(D) Restatement Related Balance Sheet Adjustments for Fiscal 2017 Periods

 

($ in thousands)

Increase / (Decrease) Restatement Impact

 

As of

September 30,

2016

As of

December 31,

2016

As of

March 31,

2017

Audit Committee Investigation-related Adjustments:

 

 

 

Finance receivables, net

$

 

$

 

$

92

 

Prepaid expenses and other current assets

$

 

$

 

$

30

 

Other assets

$

 

$

 

$

95

 

Accounts payable

$

 

$

 

$

270

 

Accrued expenses

$

 

$

 

$

34

 

 

 

 

 

 

 

 

 

Significant Account and Transaction Review and Other:

 

 

 

Accounts receivables

$

(143

)

$

110

 

$

61

 

Inventory, net

$

(338

)

$

(348

)

$

(470

)

Prepaid expenses and other current assets

$

13

 

$

13

 

$

13

 

Property and equipment, net

$

2,865

 

$

2,561

 

$

2,168

 

Accounts payable

$

17

 

$

19

 

$

21

 

Accrued expenses

$

4,506

 

$

5,222

 

$

6,166

 

Line of credit, net

$

13

 

$

13

 

$

13

 

Capital lease obligation and current obligations under long-term debt

$

4,117

 

$

3,566

 

$

2,998

 

Deferred gain from sale-leaseback transactions

$

(685

)

$

(470

)

$

(255

)

 

(E) Restatement Related Income Statement Adjustments for Fiscal 2017

 

($ in thousands)

Increase / (Decrease)

Restatement Impact

 

Year ended June 30, 2017

Audit Committee Investigation-related Adjustments:

 

Revenue

$

(2,568

)

Costs of sales

$

(1,163

)

Gross profit

$

(1,405

)

Operating income (loss)

$

(1,405

)

Loss before income taxes

$

(1,405

)

 

 

Significant Account and Transaction Review and Other:

 

Revenue

$

(89

)

Costs of sales

$

91

 

Gross profit

$

(180

)

Operating income (loss)

$

(2,864

)

Loss before income taxes

$

(4,200

)

 

(F) Restatement Related Balance Sheet Adjustments for Fiscal 2017

($ in thousands)

Increase / (Decrease)

Restatement Impact

 

As of June 30, 2017

 

 

Audit Committee Investigation-related Adjustments:

 

Accounts receivable

$

(284

)

Finance receivables, net

$

(1,267

)

Inventory, net

$

1,106

 

Prepaid expenses and other current assets

$

25

 

Other assets

$

88

 

Accounts payable

$

270

 

Accrued expenses

$

803

 

 

 

Significant Account and Transaction Review and Other:

 

Accounts receivable

$

(75

)

Inventory, net

$

(500

)

Prepaid expenses and other current assets

$

(114

)

Other assets

$

(456

)

Property and equipment, net

$

(1,000

)

Accounts payable

$

21

 

Accrued expenses

$

7,235

 

Capital lease obligation and current obligations under long-term debt

$

(32

)

Deferred revenue

$

(27

)

Deferred gain from sale-leaseback transactions

$

(239

)

Deferred gain from sale-leaseback transactions, less current portion

$

(100

)

 

(G) Five Year Select Key Performance Indicators

 

 

 

As of and for the year ended June 30,

($ in thousands, except per share data)

 

2019

 

2018 (3)

 

2017

(As Restated)

 

2016

(As Restated)

 

2015

(As Restated)

Consolidated Statement of Operations Data:

 

 

 

 

 

 

 

(unaudited)

 

(unaudited)

Revenue (1)

 

$

143,799

 

 

$

132,508

 

 

$

101,436

 

 

$

77,572

 

 

$

58,134

 

Operating loss

 

$

(30,156

)

 

$

(9,223

)

 

$

(4,134

)

 

$

(3,121

)

 

$

(589

)

Net loss (2)

 

$

(32,028

)

 

$

(11,284

)

 

$

(7,465

)

 

$

(38,337

)

 

$

(2,114

)

Cumulative preferred dividends

 

$

(668

)

 

$

(668

)

 

$

(668

)

 

$

(668

)

 

$

(668

)

Net loss applicable to common shares

 

$

(32,696

)

 

$

(11,952

)

 

$

(8,133

)

 

$

(39,005

)

 

$

(2,782

)

Net loss per common share – basic

 

$

(0.54

)

 

$

(0.23

)

 

$

(0.20

)

 

$

(1.07

)

 

$

(0.08

)

Net loss per common share – diluted

 

$

(0.54

)

 

$

(0.23

)

 

$

(0.20

)

 

$

(1.07

)

 

$

(0.08

)

Cash dividends per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

181,097

 

 

$

231,995

 

 

$

67,544

 

 

$

59,852

 

 

$

80,310

 

Line of credit, net

 

$

 

 

$

 

 

$

7,036

 

 

$

7,184

 

 

$

4,000

 

Capital lease obligations and long-term debt, including current portion

 

$

12,773

 

 

$

35,766

 

 

$

4,259

 

 

$

6,859

 

 

$

10,664

 

Shareholders’ equity

 

$

112,453

 

 

$

142,688

 

 

$

24,468

 

 

$

19,328

 

 

$

49,145

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows Data:

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

 

$

(28,701

)

 

$

12,431

 

 

$

(6,072

)

 

$

11,976

 

 

$

(2,845

)

Net cash (used in) provided by investing activities

 

$

(4,230

)

 

$

(68,861

)

 

$

(3,439

)

 

$

(7,434

)

 

$

4,535

 

Net cash (used in) provided by financing activities

 

$

(23,569

)

 

$

127,649

 

 

$

2,984

 

 

$

3,465

 

 

$

612

 

Net (decrease) increase in cash and cash equivalents

 

$

(56,500

)

 

$

71,219

 

 

$

(6,527

)

 

$

8,007

 

 

$

2,302

 

Cash and cash equivalents at beginning of year

 

$

83,964

 

 

$

12,745

 

 

$

19,272

 

 

$

11,374

 

 

$

9,072

 

Cash and cash equivalents at end of year

 

$

27,464

 

 

$

83,964

 

 

$

12,745

 

 

$

19,381

 

 

$

11,374

 

 

 

 

 

 

 

 

 

 

 

 

Connections & Transaction Data (unaudited):

 

 

 

 

 

 

 

 

 

 

Net New Connections

 

141,000

 

 

460,000

 

 

140,000

 

 

95,000

 

 

67,000

 

Total Connections

 

1,169,000

 

 

1,028,000

 

 

568,000

 

 

428,000

 

 

333,000

 

New Customers Added

 

3,200

 

 

3,500

 

 

1,650

 

 

1,450

 

 

2,300

 

Total Customers

 

19,400

 

 

16,200

 

 

12,700

 

 

11,050

 

 

9,600

 

Total Number of Transactions (millions)

 

847.2

 

 

627.2

 

 

414.9

 

 

316.5

 

 

216.6

 

Transaction Volume ($ millions)

 

$

1,647.0

 

 

$

1,197.5

 

 

$

803.0

 

 

$

584.8

 

 

$

388.9

(

Contacts

Investors:

Monica Gould

The Blueshirt Group

Tel: +1 212-871-3927

monica@blueshirtgroup.com

Lindsay Savarese

The Blueshirt Group

Tel: +1 212-331-8417

lindsay@blueshirtgroup.com

Media:

Joele Frank, Wilkinson Brimmer Katcher

Tim Lynch / Meaghan Repko

212-355-4449

Read full story here

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Business Wire

Denodo Announces DataFest 2019 in London: Third Annual Conference in Europe for Data Professionals Provides Valuable Insights on Machine Learning, Cloud and Advanced Analytics

Business Wire

Published

on

Reading Time: 3 minutes

Conference welcomes hundreds of data enthusiasts, customers, partners and subject matter experts to discuss the future of data management in the digital age. The event can be attended in person or online by connecting to the live stream.

LONDON–(BUSINESS WIRE)–#AIDenodo, the leader in data virtualization, announced its 3rd annual user conference in Europe, Denodo DataFest, on 23rd October in London. In this conference, attendees will learn strategies on how to leverage data virtualization to enable highly flexible, agile, and powerful BI architectures that are paving the way to multi-cloud adoption. The event can be attended in person or online by connecting to the live stream.

“I am looking forward to speaking at the Denodo DataFest 2019 user conference and am excited to share how we are using data virtualization to enable self-service BI for business users at Festo,” said Diethard Frank, IT Product Manager, Big Data & AI Services at Festo. “I’m excited to share our experience and lessons learned that will hopefully help other organizations think about how to leverage modern technology approaches to truly innovate and uncover hidden value from their data.”

Through this immersive conference, Denodo is bringing together visionary leaders and technical experts to help redefine how data is reshaping the modern enterprise and driving digital business.

“Today, businesses need a holistic view of data across the enterprise from all data sources—on premises, in the cloud, and streaming—to gain deeper insights into customers, new market opportunities, and competition,” said Ravi Shankar, Sr. Vice President and Chief Marketing Officer at Denodo. “Business success demands agile, real-time data integration—to accelerate the time-to-results, and hence the time-to-revenue. DataFest brings together some of our most trusted customers, partners, and industry thought leaders to help address these critical challenges, while setting the course for the future of data driven intelligence.”

Sessions will feature actionable insight from analyst Rick van der Lans and partners including Wipro, Square IT Services, UST Global, HCL and others who will participate in panel discussions. Attendees will also hear real world insights from Festo, NHS Scotland, St. James’s Place and Landsbankinn, to name a few, who will share how they leveraged data virtualization to enable enhanced analytics and agility.

“Organizations moving towards cloud and migrating Personnel Identification Information (PII) and other sensitive and critical enterprise information will face challenges. Data services best practices will help resolve most of these pain points,” said Rajat Sinha, Senior Director Alliances, Wipro Limited. “I am excited to talk about our partnership with Denodo for modern data virtualization solutions that will enable companies to gain maximum benefits from cloud initiatives in form of agility and cost savings.”

“At UST Global, we help our Fortune 500 customers get insightful, actionable and explainable insights which drive business outcomes at speed, by integrating data engineering and engineering analytics,” said Niranjan Ram, CTO of UST Global. “As a trusted Denodo partner, we look forward to presenting a practitioner’s perspective, focusing on the challenges of managing a data science pipeline and improving productivity of our data scientists.”

“Denodo DataFest is the ideal event for everybody interested in data virtualization, data management and data architecture. It’s always a pleasure to be there and exchange knowledge with the people from Denodo and all their customers and partners,” said Bas van der Peet, Business Unit Manager at Axians.

Please Tweet: Attend #DenodoDataFest on 23rd Oct to learn how #datavirtualization can support the journey to #cloudcomputing #multicloudadoption #machinelearning #AI #analytics. Register: https://www.denododatafest.com/EMEA

About Denodo

Denodo is the leader in data virtualization providing agile, high performance data integration, data abstraction, and real-time data services across the broadest range of enterprise, cloud, big data, and unstructured data sources at half the cost of traditional approaches. Denodo’s customers across every major industry have gained significant business agility and ROI by enabling faster and easier access to unified business information for agile BI, big data analytics, Web, and cloud integration, single-view applications, and enterprise data services. Denodo is well-funded, profitable, and privately held. For more information, visit www.denodo.com or call +1 877 556 2531 / +44 (0) 20 7869 8053.

Contacts

Gemma Rowlan

+44 (0) 20 7608 8359

gemma.rowlan@hotwireglobal.com

Continue Reading

Business Wire

Dale Robinson Appointed Chief Operating Officer of HealthTrust Europe

Business Wire

Published

on

Reading Time: 2 minutes

BIRMINGHAM, England–(BUSINESS WIRE)–HealthTrust Europe, a trusted group purchasing organisation and supply chain partner for healthcare providers, announced the appointment of Dale Robinson as chief operating officer. Robinson will lead the strategic direction of the group purchasing organisation and oversee programmes to further integrate providers and suppliers in advancing clinical excellence.

“With years of success working with the National Health Service (NHS), Dale brings a unique perspective to broaden our engagement with providers across the UK,” stated Ed Jones, president and CEO of HealthTrust. “He will lead a team of supply chain professionals focused on improving service offerings across public and private sector Trusts, hospitals, and outpatient treatment and diagnostic centres thereby strengthening their ability to serve patients and communities.”

HealthTrust Europe manages over £1 billion of healthcare spend in the UK, negotiating superior value and terms on behalf of member organisations which include more than 280 public and private acute care hospitals and non-acute sites of care.

A qualified solicitor, Robinson joined HealthTrust Europe as a legal adviser in 2012 specialising in public procurement law. He has played an instrumental role in the expansion of the company’s UK operation including serving as vice president of operations, and chief legal and ethics officer.

About HealthTrust Europe

HealthTrust Europe is committed to strengthening provider performance and clinical excellence through an aligned membership model and the delivery of total spend management advisory solutions that leverage our operator experience, scale and innovation. HealthTrust Europe operates as the UK arm of HealthTrust, one of the leading healthcare improvement organisations in the United States representing over 1,600 hospitals and managing $42 billion of contracted spend annually. An affiliate of HCA Healthcare, HealthTrust Europe is committed to supporting the delivery of compassionate, efficient, quality and patient-focused healthcare in the communities we serve. For more information, visit http://www.healthtrusteurope.com.

About HCA Healthcare

Nashville, Tennessee-based HCA Healthcare is one of the leading providers of healthcare services in the U.S., comprised of 184 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics, in 21 states and the United Kingdom. With its founding in 1968, HCA Healthcare created a new model for hospital care in the United States, using combined resources to strengthen hospitals, deliver patient-focused care and improve the practice of medicine. HCA Healthcare is a learning healthcare system that uses its more than 31 million annual patient encounters to advance science, improve patient care and save lives.

Contacts

Vivek Jain

+44 (0) 7887 961 549

vivek.jain@htepg.com

Continue Reading

Business Wire

HID Global Completes Acquisition of De La Rue’s Citizen Identity Business

Business Wire

Published

on

Reading Time: 3 minutes

AUSTIN, Texas–(BUSINESS WIRE)–#HID–HID Global®, a worldwide leader in trusted identity solutions, today announced that it has completed the acquisition of the international identity solutions business of De La Rue (LSE:DLAR), the world’s largest commercial issuer of banknotes and passports. The De La Rue business will be merged with HID’s citizen identity solutions portfolio, broadening HID Global’s leadership position, extending its capabilities to scale and assemble government-issued citizen IDs, and expanding the value delivered to customers.

HID Global and the De La Rue international identity solutions business share the common goal of helping governments fulfill their e-government initiatives today and in the future by converging physical and digital identities to increase efficiency, security and flexibility,” said Stefan Widing, President and CEO, HID Global. “The acquisition sets the stage for HID to leverage the decades-long relationships De La Rue has had as a prime citizen ID supplier providing HID’s innovative solutions to governments seeking to modernize. From making it possible for citizens to use mobile IDs with their smartphones in everyday life to providing travelers with a more secure and convenient passport for border crossing, HID is transforming the citizen experience.”

Today, HID Global’s citizen identification solutions can be found in sixty percent of all government-issued electronic identity projects around the world. HID delivers complete, end-to-end system solutions that meet governmental requirements for national IDs, passports, foreign resident IDs, driver licenses, vehicle registration and other programs.

De La Rue’s direct relationships with ministries of the interior, immigration departments, police departments, and numerous other government entities/agencies will enhance HID’s ability to provide customers with a broader suite of offerings that include mobile IDs, automated verification capabilities, and e-passports with advanced physical and electronic security features.

The addition of the De La Rue citizen ID business also extends HID’s capabilities to assemble secure ID documents from end to end in world-class facilities. It will create new opportunities to apply its design excellence, data analysis services/consultancy, and proven software and systems–including civil registry and vital statistics (CRVS)–to HID’s citizen ID portfolio.

To learn more about the HID Global’s citizen identification offerings, please click here.

About De La Rue

De La Rue’s purpose is to enable every citizen to participate securely in the global economy. As a trusted partner of governments, central banks and commercial organisations, De La Rue provides products and services that underpin the integrity of trade, personal identity and the movement of goods. As the world’s largest designer and commercial printer of banknotes, De La Rue designs, manufactures and delivers banknotes, banknote substrates and security features to customers in a world where currency will continue to be a key part of the developing payments eco-system. De La Rue is the only integrated supplier of both paper and polymer banknotes, and creates security features that ensure banknotes are protected against counterfeiting. De La Rue is the world’s largest commercial designer and printer of passports, delivering national and international identity tokens and software solutions for governments in a world that is increasingly focused on the importance of a legal and secure identity for every individual. De La Rue also creates and delivers secure product identifiers and ‘track and trace’ software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties. De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com

About HID Global

HID Global powers the trusted identities of the world’s people, places and things. We make it possible for people to transact safely, work productively and travel freely. Our trusted identity solutions give people convenient access to physical and digital places and connect things that can be identified, verified and tracked digitally. Millions of people around the world use HID products and services to navigate their everyday lives, and over 2 billion things are connected through HID technology. We work with governments, educational institutions, hospitals, financial institutions, industrial businesses and some of the most innovative companies on the planet. Headquartered in Austin, Texas, HID Global has over 3,000 employees worldwide and operates international offices that support more than 100 countries. HID Global® is an ASSA ABLOY Group brand. For more information, visit www.hidglobal.com.

© 2019 HID Global Corporation/ASSA ABLOY AB. All rights reserved. HID, HID Global, the HID Blue Brick, the logo, and the Chain Design are trademarks or registered trademarks of HID Global, ASSA ABLOY AB, or its affiliates(s) in the US and other countries and may not be used without permission. All other trademarks, service marks, and product or service names are trademarks or registered trademarks of their respective owners.

Contacts

Leah Washington

lwashington@hidglobal.com

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Follow our Tweets

Trending

Please turn AdBlock off