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Cantaloupe, Inc. Reports First Quarter Fiscal Year 2023 Results

Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today reported results for the first quarter ended September 30, 2022.

“Our revenue grew 26% year-over-year, including double digit growth in both transaction and subscription fees,” said Ravi Venkatesan, chief executive officer, Cantaloupe. “Gross margin and adjusted EBITDA were negatively impacted primarily due to one-time migration costs related to our transition to the AWS cloud environment, and procurement of higher priced components to fulfill customer demand. However, this positions us well for growth and profitability for the remainder of the fiscal year.”

First Quarter 2023 Key Financial Results:

  • Revenue of $57.8 million, an increase of 26% year over year. The increase was led by a sixth consecutive quarter of record transaction revenue.
    • Transaction fees of $31.3 million, an increase of 18% year over year
    • Subscription fees of $15.8 million, an increase of 11% year over year
    • Equipment sales of $10.7 million, an increase of 108% year over year
  • Total Dollar Volumes of Transactions in the first quarter were $639.5 million, an increase of 16% year over year
  • Gross margin of 24.5% compared with 32.5% in the prior year quarter
    • Subscription and transaction fees margins of 35.5% compared to 35.9% in the prior year quarter
    • Equipment sales margins of (23.8)% compared to 5.3% in the prior year quarter
  • U.S. GAAP Net loss applicable to common shares of $8.9 million, or $(0.13) per share, compared to Net loss applicable to common shares of $1.6 million, or $(0.02) per share, in the prior year period
  • Adjusted EBITDA1 of $(5.4) million compared to $1.9 million in the prior year period

First Quarter 2023 Business Highlights:

  • Active Customers totaled 25,019 at the end of the first quarter of 2023 compared to 20,738 at the end of the first quarter of 2022, an increase of 21%.
  • Active Devices totaled 1.15 million at the end of the first quarter of 2023 compared to 1.11 million at the end of the first quarter of 2022, an increase of 3%.
  • The Company finalized its migration of payment processors to Fiserv which is expected to deliver future cost savings.
  • In July 2022, the Company migrated its cloud hosting services to Amazon Web Services (AWS) platform. The completion of the migration is a major milestone as the Company continues to focus on ensuring it has a reliable, resilient and scalable infrastructure to support its growing network of devices and customers.
  • Completed the upgrade of the vast majority of non 4G/EMV devices, including most large enterprise clients, as the 12/31/22 upgrade deadline approaches.

Fiscal Year 2023 Outlook:

For full fiscal year 2023, the Company reiterates the following:

  • Revenue to be between $225 million and $235 million, representing year-over-year growth of 10% to 15%.
    • Transaction fees revenue growth is expected to be in the high teens
    • Subscription fees revenue growth is expected to be in the low teens
    • Equipment sales revenue growth is expected to be relatively flat
  • U.S. GAAP Net income to be between $1 million and $5 million
  • Adjusted EBITDA1 to be between $12 million and $17 million
  • Total Operating Cash Flow to be between $10 million and $15 million

Webcast and Conference Call:

Cantaloupe will host a live webcast at 5:00 p.m. Eastern Time today which may be accessed in the Investor Relations section of the Company’s website at https://cantaloupeinc.gcs-web.com/events-and-presentations.

Please note that there is a new system to access the live call in order to ask questions. To join the live call, please register here. A dial in and unique PIN will be provided to join the conference call.

A replay of the conference call will also be available in the Investor Relations section of the Company’s website.

About Cantaloupe, Inc.

Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. 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 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. For more information, please visit our website at www.cantaloupe.com.

Discussion of Non-GAAP Financial Measures:

This press release contains discussion of Adjusted EBITDA, a non-GAAP financial measure which is not required or defined under U.S. GAAP (Generally Accepted Accounting Principles). 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. Reconciliations between non-GAAP financial measures and the most comparable GAAP financial measures are set forth below. However, we do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the U.S. measures without unreasonable efforts.

We use Adjusted EBITDA for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides useful information about our operating results, enhances the overall understanding of past financial performance and future prospects and allows for greater transparency with respect to metrics used by our management in its financial and operational decision making. The presentation of this financial measure is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including our net income or net loss 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 our net income or net loss as determined in accordance with GAAP, and are not a substitute for or a measure of our profitability or net earnings. Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance. Additionally, we utilize Adjusted EBITDA as a metric in our executive officer and management incentive compensation plans.

We define Adjusted EBITDA as U.S. GAAP net loss before (i) interest income (ii) interest expense on debt and reserves (iii) income tax provision (iv) depreciation (v) amortization (vi) stock-based compensation expense and (vii) fees and charges that were incurred in connection with the 2019 Investigation and financial statement restatement activities as well as proxy solicitation costs that are not indicative of our core operations.

Forward-looking Statements:

All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe'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: general economic, market or business conditions unrelated to our operating performance, including the impact of the ongoing COVID-19 pandemic; potential mutations of COVID-19 and the efficacy of vaccines and treatment developments and their deployment; failure to comply with the financial covenants in the Amended JPMorgan Credit Facility; our ability to raise funds in the future through sales of securities or debt financing in order to sustain operations in the normal course of business or if an unexpected or unusual event were to occur; our ability to compete with our competitors and increase market share; disruptions in or inefficiencies to our supply chain and/or operations including the impacts of the COVID-19 pandemic; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, packaging and transportation; whether our current or future customers purchase, lease, rent or utilize ePort devices, Seed’s software solutions or our other products in the future at levels currently anticipated; whether our customers continue to utilize the Company’s transaction processing and related services, as our customer agreements are generally cancellable by the customer on thirty to sixty days’ notice; our ability to satisfy our trade obligations included in accounts payable and accrued expenses; the incurrence by us of any unanticipated or unusual non-operating expenses, which may require us to divert our cash resources from achieving our business plan; our ability to predict or estimate our future quarterly or annual revenue and expenses given the developing and unpredictable market for our products; our ability to integrate acquired companies into our current products and services structure; our ability to retain key customers from whom a significant portion of our revenue is derived; the ability of a key customer to reduce or delay purchasing products from us; our ability to obtain widespread commercial acceptance of our products and service offerings; whether any patents issued to us will provide any competitive advantages or adequate protection for our products, or would be challenged, invalidated or circumvented by others; our ability to operate without infringing the intellectual property rights of others; the ability of our products and services to avoid disruptions to our systems or unauthorized hacking or credit card fraud; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; whether we are able to fully remediate our material weaknesses in our internal controls over financial reporting or continue to experience material weaknesses in our internal controls over financial reporting in the future, and are not able to accurately or timely report our financial condition or results of operations; the ability to remain in compliance with the continued listing standards of the Nasdaq Global Select Market and continue to remain as a member of the US Small-Cap Russell 2000; whether our suppliers would increase their prices, reduce their output or change their terms of sale; and the risks associated with the currently pending investigation, potential litigation or possible regulatory action arising from the 2019 Investigation and its findings, from the failure to timely file our periodic reports with the Securities and Exchange Commission, 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 these events or other risks discussed in Cantaloupe’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2022. 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, Cantaloupe 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. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.

____________________________
1 Adjusted earnings before income taxes, depreciation, and amortization, stock-based compensation expense, and certain other significant infrequent or unusual losses and gains that are not indicative of our core operations (“Adjusted EBITDA”) is a non-GAAP financial measure which is not required by or defined under GAAP. We use this non-GAAP financial measure for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. See Reconciliations of Non-GAAP Measures for a reconciliation U.S. GAAP net income to Adjusted EBITDA.1

-F--CTLP

Cantaloupe, Inc.

Condensed Consolidated Balance Sheets

 

($ in thousands, except share data)

 

September 30,
2022
(Unaudited)

 

June 30,
2022

 

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

50,793

 

 

$

68,125

 

Accounts receivable, net

 

 

41,353

 

 

 

37,695

 

Finance receivables, net

 

 

6,594

 

 

 

6,721

 

Inventory, net

 

 

23,503

 

 

 

19,754

 

Prepaid expenses and other current assets

 

 

4,306

 

 

 

4,285

 

Total current assets

 

 

126,549

 

 

 

136,580

 

 

 

 

 

 

Non-current assets:

 

 

 

 

Finance receivables due after one year, net

 

 

14,809

 

 

 

14,727

 

Property and equipment, net

 

 

16,640

 

 

 

12,784

 

Operating lease right-of-use assets

 

 

2,076

 

 

 

2,370

 

Intangibles, net

 

 

17,126

 

 

 

17,947

 

Goodwill

 

 

66,656

 

 

 

66,656

 

Other assets

 

 

4,608

 

 

 

4,568

 

Total non-current assets

 

 

121,915

 

 

 

119,052

 

 

 

 

 

 

Total assets

 

$

248,464

 

 

$

255,632

 

 

 

 

 

 

Liabilities, convertible preferred stock and shareholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

51,780

 

 

$

48,440

 

Accrued expenses

 

 

27,376

 

 

 

28,154

 

Current obligations under long-term debt

 

 

693

 

 

 

692

 

Deferred revenue

 

 

2,069

 

 

 

1,893

 

Total current liabilities

 

 

81,918

 

 

 

79,179

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

Deferred income taxes

 

 

195

 

 

 

186

 

Long-term debt, less current portion

 

 

13,757

 

 

 

13,930

 

Operating lease liabilities, non-current

 

 

2,030

 

 

 

2,366

 

Total long-term liabilities

 

 

15,982

 

 

 

16,482

 

 

 

 

 

 

Total liabilities

 

 

97,900

 

 

 

95,661

 

Commitments and contingencies

 

 

 

 

Convertible preferred stock:

 

 

 

 

Series A convertible preferred stock, 900,000 shares authorized, 385,782 and 445,063 issued and outstanding, with liquidation preferences of $19,457 and $22,115 at September 30, 2022 and June 30, 2022, respectively

 

 

2,720

 

 

 

3,138

 

Shareholders’ equity:

 

 

 

 

Preferred stock, no par value, 1,800,000 shares authorized

 

 

 

 

 

 

Common stock, no par value, 640,000,000 shares authorized, 71,218,130 and 71,188,053 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively

 

 

469,503

 

 

 

469,918

 

Accumulated deficit

 

 

(321,659

)

 

 

(313,085

)

Total shareholders’ equity

 

 

147,844

 

 

 

156,833

 

Total liabilities, convertible preferred stock and shareholders’ equity

 

$

248,464

 

 

$

255,632

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

Three months ended

 

 

September 30,

($ in thousands, except per share data)

 

2022

 

2021

Revenues:

 

 

 

 

Subscription and transaction fees

 

$

47,075

 

 

$

40,625

 

Equipment sales

 

 

10,707

 

 

 

5,155

 

Total revenues

 

 

57,782

 

 

 

45,780

 

 

 

 

 

 

Costs of sales:

 

 

 

 

Cost of subscription and transaction fees

 

 

30,370

 

 

 

26,024

 

Cost of equipment sales

 

 

13,250

 

 

 

4,880

 

Total costs of sales

 

 

43,620

 

 

 

30,904

 

 

 

 

 

 

Gross profit

 

 

14,162

 

 

 

14,876

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Sales and marketing

 

 

2,525

 

 

 

2,339

 

Technology and product development

 

 

6,865

 

 

 

5,389

 

General and administrative

 

 

11,578

 

 

 

7,264

 

Investigation, proxy solicitation and restatement expenses

 

 

397

 

 

 

 

Depreciation and amortization

 

 

1,315

 

 

 

1,022

 

Total operating expenses

 

 

22,680

 

 

 

16,014

 

 

 

 

 

 

Operating loss

 

 

(8,518

)

 

 

(1,138

)

 

 

 

 

 

Other income (expense):

 

 

 

 

Interest income

 

 

567

 

 

 

473

 

Interest expense

 

 

(477

)

 

 

(478

)

Other income (expense)

 

 

(120

)

 

 

(59

)

Total other expense, net

 

 

(30

)

 

 

(64

)

 

 

 

 

 

Loss before income taxes

 

 

(8,548

)

 

 

(1,202

)

Provision for income taxes

 

 

(26

)

 

 

(89

)

 

 

 

 

 

Net loss

 

 

(8,574

)

 

 

(1,291

)

Preferred dividends

 

 

(334

)

 

 

(334

)

Net loss applicable to common shares

 

$

(8,908

)

 

$

(1,625

)

 

 

 

 

 

Net loss per common share

 

 

 

 

Basic and diluted

 

$

(0.13

)

 

$

(0.02

)

 

 

 

 

 

Weighted average number of common shares outstanding used to compute net loss per share applicable to common shares

 

 

 

 

Basic and diluted

 

 

71,207,750

 

 

 

71,175,927

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three months ended

 

 

September 30,

($ in thousands)

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(8,574

)

 

$

(1,291

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

Stock based compensation

 

 

1,318

 

 

 

1,762

 

Amortization of debt issuance costs and discounts

 

 

29

 

 

 

39

 

Provision for expected losses

 

 

1,436

 

 

 

412

 

Provision for inventory reserve

 

 

200

 

 

 

(370

)

Depreciation and amortization included in operating expenses

 

 

1,315

 

 

 

1,022

 

Depreciation included in costs of sales for rental equipment

 

 

242

 

 

 

264

 

Other

 

 

657

 

 

 

(186

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(4,693

)

 

 

2,991

 

Finance receivables

 

 

(346

)

 

 

635

 

Inventory

 

 

(3,948

)

 

 

(3,875

)

Prepaid expenses and other assets

 

 

(70

)

 

 

(148

)

Accounts payable and accrued expenses

 

 

3,596

 

 

 

(2,239

)

Operating lease liabilities

 

 

(369

)

 

 

153

 

Deferred revenue

 

 

175

 

 

 

(43

)

Net cash used in operating activities

 

 

(9,032

)

 

 

(874

)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Cash paid for acquisition

 

 

 

 

 

(2,900

)

Purchase of property and equipment

 

 

(4,956

)

 

 

(1,641

)

Net cash used in investing activities

 

 

(4,956

)

 

 

(4,541

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Repayment of long-term debt

 

 

(193

)

 

 

(210

)

Contingent consideration paid for acquisition

 

 

(1,000

)

 

 

 

Repurchase of Series A Convertible Preferred Stock

 

 

(2,151

)

 

 

 

Net cash used in financing activities

 

 

(3,344

)

 

 

(210

)

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(17,332

)

 

 

(5,625

)

Cash and cash equivalents at beginning of year

 

 

68,125

 

 

 

88,136

 

Cash and cash equivalents at end of period

 

$

50,793

 

 

$

82,511

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

Interest paid in cash

 

$

248

 

 

$

187

 

 

Cantaloupe, Inc.

Reconciliation of U.S. GAAP Net Loss to Adjusted EBITDA

(Unaudited)

 

 

 

Three months ended September 30,

($ in thousands)

 

 

2022

 

 

 

2021

 

U.S. GAAP net loss

 

$

(8,574

)

 

$

(1,291

)

Less: interest income

 

 

(567

)

 

 

(473

)

Plus: interest expense

 

 

477

 

 

 

478

 

Plus: income tax provision

 

 

26

 

 

 

89

 

Plus: depreciation expense included in costs of sales for rentals

 

 

242

 

 

 

264

 

Plus: depreciation and amortization expense in operating expenses

 

 

1,315

 

 

 

1,022

 

EBITDA

 

 

(7,081

)

 

 

89

 

Plus: stock-based compensation (a)

 

 

1,318

 

 

 

1,762

 

Plus: investigation, proxy solicitation and restatement expenses (b)

 

 

397

 

 

 

 

Adjustments to EBITDA

 

 

1,715

 

 

 

1,762

 

Adjusted EBITDA

 

$

(5,366

)

 

$

1,851

 

 

 

 

 

 

(a) As an adjustment to EBITDA, we have excluded stock-based compensation, as it does not reflect our cash-based operations.

(b) As an adjustment to EBITDA, we have excluded the fees incurred in connection with the costs and expenses related to the 2019 Investigation, financial statement restatement activities, and proxy solicitation costs because we believe that they represent charges that are not related to our core operations.

 


The Cantaloupe Stock currently trades with a raise of +1,83 % to 3,34USD on the Nasdaq stock exchange.

Wertpapier



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Disclaimer

Cantaloupe, Inc. Reports First Quarter Fiscal Year 2023 Results Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today reported results for the first quarter ended …

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