MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today reported results for its second quarter ended December 31, 2016.
Second Quarter Financial Highlights:
- Total quarterly revenue of $21.8 million, a year-over-year increase of 18%
- 469,000 connections to ePort service, representing a year-over-year increase of 27%
- Added 500 customers to achieve record 11,900 total customers compared to 10,625 as of a year ago, a year-over-year increase of 12%
- Quarterly record license and transaction fee revenue of $16.6 million, a year-over-year increase of 22%
- Ended the quarter with $18.0 million in cash
- Quarterly GAAP net income of $233,000 resulting in earnings of $0.01 per share
- Quarterly Non-GAAP net income of $241,000
- Quarterly Adjusted EBITDA of $1.7 million
"With a focus on driving growth through penetration into our existing customer base and by acquiring new customers, we are seeing more adoption of our ePort connect devices and subsequent traction in cashless payment options," said Stephen P. Herbert, USA Technologies' chairman and chief executive officer. "USA Technologies is at the forefront of the industry with our payment solutions, and with our customer loyalty programs and interactive point-of-sale devices we are adding increasing value to each connection sold. Our ePort Interactive platform creates new possibilities at the point of sale and we believe increases cashless payment acceptance."
Fiscal 2017 Outlook
For full fiscal year 2017, management expects to add between 115,000 and 125,000 net new connections for the year, bringing total connections to our service to a range of 544,000 to 554,000 and expects total revenue to be between $95 million and $100 million. We also expect to have year-over-year increases of adjusted EBITDA and non-GAAP net income.
