$CTLP
CANTALOUPE, INC.

2020 Q3 Form 10-Q Financial Statement

#000162828020015861 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $36.88M $43.36M
YoY Change -14.95% 28.4%
Cost Of Revenue $22.64M $31.94M
YoY Change -29.13% 36.44%
Gross Profit $14.24M $11.42M
YoY Change 24.74% 3.24%
Gross Profit Margin 38.61% 26.33%
Selling, General & Admin $16.78M $15.18M
YoY Change 10.53% 60.65%
% of Gross Profit 117.84% 132.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.068M $1.213M
YoY Change -11.95% -43.5%
% of Gross Profit 7.5% 10.63%
Operating Expenses $17.88M $22.69M
YoY Change -21.22% 41.56%
Operating Profit -$3.638M -$11.28M
YoY Change -67.74% 126.78%
Interest Expense $3.285M $465.0K
YoY Change 606.45% -40.84%
% of Operating Profit
Other Income/Expense, Net -$2.935M -$171.0K
YoY Change 1616.37% -55.12%
Pretax Income -$6.573M -$11.45M
YoY Change -42.59% 81.67%
Income Tax $40.00K $59.00K
% Of Pretax Income
Net Earnings -$6.613M -$11.51M
YoY Change -42.54% 117.62%
Net Earnings / Revenue -17.93% -26.54%
Basic Earnings Per Share -$0.11 -$0.20
Diluted Earnings Per Share -$0.11 -$0.20
COMMON SHARES
Basic Shares Outstanding 64.86M shares 60.10M shares
Diluted Shares Outstanding 64.86M shares 60.10M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.70M $25.50M
YoY Change 36.08% -62.66%
Cash & Equivalents $34.69M $25.50M
Short-Term Investments
Other Short-Term Assets $1.500M $1.800M
YoY Change -16.67% 20.0%
Inventory $7.005M $9.344M
Prepaid Expenses
Receivables $19.18M $17.12M
Other Receivables $7.300M $7.500M
Total Short-Term Assets $69.77M $61.03M
YoY Change 14.33% -39.4%
LONG-TERM ASSETS
Property, Plant & Equipment $7.526M $7.697M
YoY Change -2.22% -21.28%
Goodwill $63.95M $64.15M
YoY Change -0.32% 0.0%
Intangibles $22.25M $25.39M
YoY Change -12.36% -11.03%
Long-Term Investments
YoY Change
Other Assets $2.156M $1.811M
YoY Change 19.05% -8.26%
Total Long-Term Assets $111.7M $118.3M
YoY Change -5.57% 0.97%
TOTAL ASSETS
Total Short-Term Assets $69.77M $61.03M
Total Long-Term Assets $111.7M $118.3M
Total Assets $181.4M $179.3M
YoY Change 1.2% -17.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.79M $27.45M
YoY Change 15.8% 41.99%
Accrued Expenses $28.88M $29.25M
YoY Change -1.25% 33.86%
Deferred Revenue $1.639M $1.649M
YoY Change -0.61% -9.1%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $10.00M
YoY Change -61.0% -70.5%
Total Short-Term Liabilities $66.18M $70.73M
YoY Change -6.42% -7.56%
LONG-TERM LIABILITIES
Long-Term Debt $14.10M $200.0K
YoY Change 6950.0% -77.78%
Other Long-Term Liabilities $4.500M $5.300M
YoY Change -15.09% 5200.0%
Total Long-Term Liabilities $18.68M $5.587M
YoY Change 234.31% 422.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.18M $70.73M
Total Long-Term Liabilities $18.68M $5.587M
Total Liabilities $84.86M $76.31M
YoY Change 11.2% -1.63%
SHAREHOLDERS EQUITY
Retained Earnings -$309.3M -$277.3M
YoY Change 11.54% 19.33%
Common Stock $402.7M $377.1M
YoY Change 6.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.45M $103.2M
YoY Change
Total Liabilities & Shareholders Equity $181.4M $179.3M
YoY Change 1.2% -17.69%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$6.613M -$11.51M
YoY Change -42.54% 117.62%
Depreciation, Depletion And Amortization $1.068M $1.213M
YoY Change -11.95% -43.5%
Cash From Operating Activities $5.178M $229.0K
YoY Change 2161.14% -101.62%
INVESTING ACTIVITIES
Capital Expenditures $483.0K $420.0K
YoY Change 15.0% -39.39%
Acquisitions
YoY Change
Other Investing Activities $10.00K $30.00K
YoY Change -66.67% 0.0%
Cash From Investing Activities -$475.0K -$390.0K
YoY Change 21.79% -41.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.726M -$1.763M
YoY Change -2.1% 92.26%
NET CHANGE
Cash From Operating Activities $5.178M $229.0K
Cash From Investing Activities -$475.0K -$390.0K
Cash From Financing Activities -$1.726M -$1.763M
Net Change In Cash $2.977M -$1.924M
YoY Change -254.73% -87.75%
FREE CASH FLOW
Cash From Operating Activities $5.178M $229.0K
Capital Expenditures $483.0K $420.0K
Free Cash Flow $4.695M -$191.0K
YoY Change -2558.12% -98.71%

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BUSINESS<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">USA Technologies, Inc. (“USAT” or the “Company”) was incorporated in the Commonwealth of Pennsylvania in January 1992. We are a provider of technology-enabled solutions and value-added services that facilitate electronic payment transactions and consumer engagement services primarily within the unattended Point of Sale (“POS”) market. We are a leading provider in the small ticket, beverage and food vending industry in the United States and are expanding our solutions and services to other unattended market segments, such as amusement, commercial laundry, kiosk and others. Since our founding, we have designed and marketed systems and solutions that facilitate electronic payment options, as well as telemetry and Internet of Things services, which include the ability to remotely monitor, control, and report on the results of distributed assets containing our electronic payment solutions. Historically, these distributed assets have relied on cash for payment in the form of coins or bills, whereas, our systems allow them to accept cashless payments such as through the use of credit or debit cards or other emerging contactless forms, such as mobile payment. The connection to the ePort Connect platform also enables consumer loyalty programs, national rewards programs and digital content, including advertisements and product information to be delivered at the point of sale.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 9, 2017, the Company acquired all of the outstanding equity interests of Cantaloupe Systems, Inc. (“Cantaloupe”), pursuant to the Agreement and Plan of Merger. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee service. The acquisition expanded the Company’s existing platform to become an end-to-end enterprise platform integrating Cantaloupe’s Seed Cloud which provides cloud and mobile solutions for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management, as well as cashless vending. The combined companies offer a complete value proposition for customers by providing both top-line revenue generating services as well as bottom line business efficiency services to help operators of unattended retail machines run their businesses better. The combined product offering provides the data-rich Seed system with USAT’s consumer benefits, providing operators with valuable consumer data that results in customized experiences. In addition to new technology and services, due to Cantaloupe’s customer base, the acquisition expanded the Company’s footprint into new markets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">INTERIM FINANCIAL INFORMATION</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q.  Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and therefore should be read in conjunction with the Company’s June 30, 2020 Annual Report on Form 10-K.  In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included.  Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2021.  The balance sheet at June 30, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As previously disclosed in the Company’s June 30, 2020 Annual Report on Form 10-K, during the fourth quarter of fiscal year 2020, the Company reclassified certain operating expenses previously reported in the first three quarters of fiscal year 2020 as Selling, general and administrative expenses to Investigation, proxy solicitation and restatement expenses. The reclassifications resulted from management’s conclusion that those operating expenses related to non-recurring professional services fees to assist the Company with accounting and compliance activities following the filing of the 2019 Form 10-K, as well as the proxy solicitation costs incurred in fiscal year 2020. These reclassifications did not affect total operating expenses or net income.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">COVID-19</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A novel strain of coronavirus (COVID-19) was first identified in China in December 2019 and subsequently declared a global pandemic in March 2020 by the World Health Organization. COVID-19 containment measures began in parts of the United States in March 2020 resulting in forced closure of non-essential businesses and social distancing protocols. As a result, COVID-19 has impacted our business, significantly reducing foot traffic to distributed assets containing our electronic payment solutions and reducing discretionary spending by consumers. The Company did not observe meaningful reductions in processing volume until mid-March, when average daily processing volume decreased approximately 40%. By mid-April, processing volumes began to recover and have steadily improved through September 2020. As of September 30, 2020, our </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">average daily processing volume has increased 53% from the lows in April. At this time we are unable to reasonably estimate the length of time that containment measures will be needed in the United States. Furthermore, even after containment measures are lifted there can be no assurance as to the time required to regain operations and sales at levels prior to the pandemic.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In response to the outbreak and business disruption, first and foremost, we have prioritized the health and safety of our employees by implementing work-from-home measures while continuing to diligently serve our customers. Additionally, we have created an internal task force to lead measures to protect the business in light of the volatility and uncertainty caused by the COVID-19 pandemic, including ensuring the safety of our employees and our community by implementing work from home policies, conserving liquidity, evaluating cost saving actions, partnering with customers to position USAT for renewed growth post crisis, and pausing on international expansion. The liquidity conservation and cost savings initiatives include but are not limited to: a 20% salary reduction for the senior leadership team until December 2020; deferral of all cash-based director fees until calendar year 2021; a temporary furlough of about 10% of our employee base; negotiations with and concessions from vendors in regard to cost reductions and/or payment deferrals; an increased collection effort to reduce outstanding accounts receivables; and various supply chain/inventory improvements. Our supply chain network has not been significantly disrupted and we are continuously monitoring for the impact of COVID-19.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We continue to monitor the rapidly evolving situation and guidance from federal, state and local public health authorities. As such, given the dynamic nature of this situation, the Company cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, based on current trends and if the pandemic is not substantially contained in the near future, COVID-19 may have a material adverse impact on our revenue growth as well as our overall profitability in fiscal year 2021, and may lead to higher sales-related, inventory-related, and operating reserves. Further, a sustained downturn may also result in a decrease in the fair value of our goodwill or other intangible assets, causing them to exceed their carrying value. This may require us to recognize an impairment to those assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">OUT OF PERIOD ADJUSTMENT</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the course of preparing its financial statements for the three months ended September 30, 2020, the Company identified an adjustment totaling $0.8 million related to prior year activity. The adjustment relates to the fact that the Company failed to bill an equipment supplier for USAT-provided parts that the supplier incorporated into the assembly of hardware that was sold to the Company, which resulted in an understatement of accounts receivable and an overstatement of cost of equipment sales in fiscal year 2020.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company analyzed the potential impact of the error in accordance with the appropriate guidance, from both a qualitative and quantitative perspective, and concluded that the error was not material to any individual interim or annual period in fiscal year 2020 nor the first quarter or estimated annual period results in fiscal year 2021. Accordingly, during the three months ended September 30, 2020, the Company recorded the $0.8 million as a decrease to cost of equipment sales and an increase to accounts receivable as a result of this adjustment.</span></div>
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FiniteLivedIntangibleAssetsAccumulatedAmortization
8652000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
23033000 USD
CY2020Q2 us-gaap Goodwill Gross
GoodwillGross
63945000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
63945000 USD
CY2020Q2 usat Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
95630000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8652000 USD
CY2020Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
86978000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
321000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2595000 USD
CY2020Q3 usat Longterm Debtand Lease Obligation Gross
LongtermDebtandLeaseObligationGross
17937000 USD
CY2020Q2 usat Longterm Debtand Lease Obligation Gross
LongtermDebtandLeaseObligationGross
15763000 USD
CY2020Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3871000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3328000 USD
CY2020Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
14066000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
12435000 USD
CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
3315000 USD
CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
465000 USD
CY2020Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
21114000 USD
CY2020Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
20036000 USD
CY2020Q3 usat Accrued Compensation And Sales Commissions Current And Noncurrent
AccruedCompensationAndSalesCommissionsCurrentAndNoncurrent
3350000 USD
CY2020Q2 usat Accrued Compensation And Sales Commissions Current And Noncurrent
AccruedCompensationAndSalesCommissionsCurrentAndNoncurrent
2757000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1097000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1075000 USD
CY2020Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1427000 USD
CY2020Q2 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
924000 USD
CY2020Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
93000 USD
CY2020Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
123000 USD
CY2020Q3 usat Accrued Taxes And Filing Fees Current And Noncurrent
AccruedTaxesAndFilingFeesCurrentAndNoncurrent
218000 USD
CY2020Q2 usat Accrued Taxes And Filing Fees Current And Noncurrent
AccruedTaxesAndFilingFeesCurrentAndNoncurrent
220000 USD
CY2020Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
1581000 USD
CY2020Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5130000 USD
CY2020Q3 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
28880000 USD
CY2020Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
30265000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59000 USD
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 USD
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
23978 shares
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
23978 shares
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.00
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.00
CY2020Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
15300000 USD
CY2020Q1 usat Litigation Settlement Amount To Be Paid By Insurance Company
LitigationSettlementAmountToBePaidByInsuranceCompany
12700000 USD
CY2020Q3 usat Litigation Settlement Amount To Be Paid
LitigationSettlementAmountToBePaid
2600000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36877000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
43359000 USD
CY2020Q3 us-gaap Cost Of Revenue
CostOfRevenue
22637000 USD
CY2019Q3 us-gaap Cost Of Revenue
CostOfRevenue
31943000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3608000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11278000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-6613000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-11508000 USD
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20

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