BusinessWire

USA Technologies Reports Fourth Quarter and Fiscal Year 2020 Results

MALVERN, Pa.--(BUSINESS WIRE)--$USAT #USAT--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 fourth quarter and fiscal year 2020 ended June 30, 2020.


“We have worked very hard this quarter to put all the pieces in place that are necessary to move the company forward towards delivering the right financial results and growing the core business,” said Sean Feeney, Chief Executive Officer, USA Technologies. “Despite the fact that COVID-19 is still having an impact, we have been able to control costs, and make organizational and operational changes needed to position USAT for long-term growth and profitability. With a completely new executive team now in place, a reorganized business structure, a realigned salesforce and redesigned customer service team, as well as a stronger capital structure, we have an unbelievable opportunity to build something great on this strong foundation during fiscal year 2021, and beyond.”

Fourth Quarter Financial Highlights:

  • Revenue of $32.6 million, decreased 15.2% year-over-year
    • License and transaction fee revenue of $27.8 million, decreased 15.6% year-over-year
    • Equipment revenue of $4.8 million, decreased 13.0% year-over-year
  • Net new connections of 35,000 bring total connections to 1,320,000
  • Gross margin of 34.0% compared with 25.3% in the prior year period
    • License and transaction gross margin of 42.3% increased from 33.8% in the prior year period
    • Equipment gross margin of (14.1)% compared with (25.6)% in the prior year period
  • Operating loss of $(10.4) million compared to operating loss of $(9.5) million in the prior year period
  • Net loss applicable to common shares of $(11.4) million, or $(0.18) per basic share compared to net loss of $(9.9) million, or $(0.16) per basic share in the prior year period
  • EBITDA* of $(8.6) million compared to $(7.9) million in the prior year period
  • Adjusted EBITDA* of $(0.1) million compared to $(4.6) million in the prior year period

Fiscal Year 2020 Financial Highlights:

  • Revenue of $163.2 million, increased 12.9% year-over-year
    • License and transaction fee revenue of $133.2 million, increased 8.3% year-over-year
    • Equipment revenue of $30.0 million, increased 39.1% year-over-year
  • Added approximately 3,600 new customers and ended the year with approximately 23,000 total customers
  • Gross margins of 28.4% increased from 27.8% in fiscal year 2019
    • License and transaction gross margin of 37.7% increased from 34.9% in fiscal year 2019
    • Equipment gross margin of (13.1)% decreased from (12.7)% in fiscal year 2019
  • Operating loss of $(39.6) million compared to $(28.2) million in fiscal year 2019
  • Net loss applicable to common shares of $(41.3) million, or $(0.66) per share compared to $(30.6) million, or $(0.51) per share in fiscal year 2019
  • EBITDA* of $(32.6) million compared to $(20.7) million in fiscal year 2019
  • Adjusted EBITDA* of $(8.3) million, compared to $(1.5) million in fiscal year 2019
  • Ended the year with $31.7 million in cash and cash equivalents

Subsequent Events:

On August 14, 2020, the Company repaid all amounts outstanding to Antara Capital Master Fund LP under a senior secured term loan facility and entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement provides for a $5 million secured revolving credit facility and a $15 million secured term facility, which includes an uncommitted expansion feature that allows the Company to increase the total revolving commitments and/or add new tranches of term loans in an aggregate amount not to exceed $5 million.

Fiscal Year 2021 Outlook:

For full fiscal year 2021, the Company expects revenue to be between $170 million to $180 million and Adjusted EBITDA to be between $2 million and $5 million.
*Note: EBITDA and Adjusted EBITDA are non-GAAP measures. See discussion of non-GAAP measures below.

“Our outlook for fiscal year 2021 anticipates that the first half of the year will continue to be impacted by the COVID-19 pandemic and we will also be continuing to turnaround the business. The fiscal year 2021 plan anticipates that, for the second half of the fiscal year, the environment will be more amenable in terms of office/school/hotel traffic and that we will have made significant progress on the business turnaround,” said Wayne Jackson, Chief Financial Officer, USA Technologies.

Webcast and Conference Call

USA Technologies will host a conference call and webcast at 4:30 p.m. Eastern Time today. To participate in the conference call, please dial (866) 433-2471 approximately 10 minutes prior to the call. International callers should dial (224) 357-2186. Please reference conference ID # 6485605. A live webcast of the conference call will be available at https://usatechnologiesinc.gcs-web.com/events-and-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

A telephone replay of the conference call will be available from 7:30 p.m. Eastern Time on September 10, 2020 until 7:30 p.m. Eastern Time on September 13, 2020 and may be accessed by calling +1 (855) 859-2056 (domestic dial-in) or +1 (404) 537-3406 (international dial-in) and reference conference ID #6485605.

An archived replay of the conference call will also be available in the investor relations section of the company's website.

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. USAT 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.

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 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 in Financial Schedule D.

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 the net income or net loss of USAT or net cash provided by (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. USAT has provided below in Financial Schedule D the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

As used herein, Adjusted EBITDA represents net income (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 conducted in fiscal year 2019 and financial statement restatement activities as well as proxy solicitation costs, and stock-based compensation expense.

We have excluded the non-cash expense, stock-based compensation, as it does not reflect our cash-based operations. 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 non-recurring costs and expenses related to the Audit Committee investigation conducted in fiscal year 2019, financial statement restatement activities, and proxy solicitation costs 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 and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; 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 its 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 the shareholder demands for derivative actions; whether the application by USAT to relist its securities on The Nasdaq Stock Market LLC (“Nasdaq”) will be granted by Nasdaq or granted in a timely manner; the uncertainties associated with COVID-19, including its effects on the Company’s operations, financial condition, and the demand for the Company’s products and services; failure to comply with the financial covenants of our credit agreement with JPMorgan Chase Bank, N.A. entered into on August 14, 2020; failure to otherwise raise additional capital from other lenders or investors as needed; or whether USAT's current or future customers purchase, lease, rent or utilize ePort devices or our other products 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.

-F--USAT

USA Technologies, Inc.

Consolidated Balance Sheets

 

 

As of June 30,

($ in thousands, except per share data)

2020

 

2019

 

 

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

31,713

 

 

$

27,464

 

Accounts receivable, less allowance of $7,676 and $4,866, respectively

 

17,273

 

 

 

21,906

 

Finance receivables, net

 

7,468

 

 

 

6,727

 

Inventory, net

 

9,128

 

 

 

11,273

 

Prepaid expenses and other current assets

 

1,782

 

 

 

1,558

 

Total current assets

 

67,364

 

 

 

68,928

 

 

 

 

 

Non-current assets:

 

 

 

Finance receivables due after one year, net

 

11,213

 

 

 

12,642

 

Other assets

 

1,993

 

 

 

2,099

 

Property and equipment, net

 

7,872

 

 

 

9,590

 

Operating lease right-of-use assets

 

5,603

 

 

 

 

Intangibles, net

 

23,033

 

 

 

26,171

 

Goodwill

 

63,945

 

 

 

63,945

 

Total non-current assets

 

113,659

 

 

 

114,447

 

 

 

 

 

Total assets

$

181,023

 

 

$

183,375

 

 

 

 

 

Liabilities, convertible preferred stock and shareholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

27,058

 

 

$

27,584

 

Accrued expenses

 

30,265

 

 

 

23,705

 

Finance lease obligations and current obligations under long-term debt

 

3,328

 

 

 

12,497

 

Deferred revenue

 

1,698

 

 

 

1,681

 

Total current liabilities

 

62,349

 

 

 

65,467

 

 

 

 

 

Long-term liabilities:

 

 

 

Deferred income taxes

 

137

 

 

 

71

 

Finance lease obligations and long-term debt, less current portion

 

12,435

 

 

 

276

 

Operating lease liabilities, non-current

 

4,749

 

 

 

 

Total long-term liabilities

 

17,321

 

 

 

347

 

 

 

 

 

Total liabilities

$

79,670

 

 

$

65,814

 

Commitments and contingencies (Note 19)

 

 

 

Convertible preferred stock:

 

 

 

Series A convertible preferred stock, 900,000 shares authorized, 445,063 issued and outstanding, with liquidation preferences of $20,779 and $20,111 at June 30, 2020 and 2019, respectively

 

3,138

 

 

 

3,138

 

Shareholders’ equity:

 

 

 

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

 

 

 

 

 

Common stock, no par value, 640,000,000 shares authorized, 65,196,882 and 60,008,481 shares issued and outstanding at June 30, 2020 and 2019, respectively

 

401,240

 

 

 

376,853

 

Accumulated deficit

 

(303,025

)

 

 

(262,430

)

Total shareholders’ equity

 

98,215

 

 

 

114,423

 

Total liabilities, convertible preferred stock and shareholders’ equity

$

181,023

 

 

$

183,375

 

USA Technologies, Inc.

Consolidated Statements of Operations

 

 

Year ended June 30,

($ in thousands, except per share data)

2020

 

2019

 

2018

 

 

 

 

 

 

Revenue:

 

 

 

 

 

License and transaction fees

$

133,167

 

 

$

122,908

 

 

$

96,872

 

Equipment sales

 

29,986

 

 

 

21,558

 

 

 

35,636

 

Total revenue

 

163,153

 

 

 

144,466

 

 

 

132,508

 

 

 

 

 

 

 

Costs of sales:

 

 

 

 

 

Cost of services

 

82,980

 

 

 

79,980

 

 

 

61,175

 

Cost of equipment

 

33,900

 

 

 

24,301

 

 

 

35,657

 

Total costs of sales

 

116,880

 

 

 

104,281

 

 

 

96,832

 

Gross profit

 

46,273

 

 

 

40,185

 

 

 

35,676

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling, general and administrative

 

60,266

 

 

 

46,527

 

 

 

34,647

 

Investigation, proxy solicitation and restatement expenses

 

21,292

 

 

 

16,073

 

 

 

 

Integration and acquisition costs

 

 

 

 

1,338

 

 

 

7,048

 

Depreciation and amortization

 

4,307

 

 

 

4,430

 

 

 

3,204

 

Total operating expenses

 

85,865

 

 

 

68,368

 

 

 

44,899

 

Operating loss

 

(39,592

)

 

 

(28,183

)

 

 

(9,223

)

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

Interest income

 

1,595

 

 

 

1,555

 

 

 

943

 

Interest expense

 

(2,597

)

 

 

(2,992

)

 

 

(3,105

)

Total other expense, net

 

(1,002

)

 

 

(1,437

)

 

 

(2,162

)

 

 

 

 

 

 

Loss before income taxes

 

(40,594

)

 

 

(29,620

)

 

 

(11,385

)

Benefit (provision) for income taxes

 

(1

)

 

 

(262

)

 

 

101

 

 

 

 

 

 

 

Net loss

 

(40,595

)

 

 

(29,882

)

 

 

(11,284

)

Preferred dividends

 

(668

)

 

 

(668

)

 

 

(668

)

Net loss applicable to common shares

$

(41,263

)

 

$

(30,550

)

 

$

(11,952

)

Net loss per common share

 

 

 

 

 

Basic

$

(0.66

)

 

$

(0.51

)

 

$

(0.23

)

Diluted

$

(0.66

)

 

$

(0.51

)

 

$

(0.23

)

Weighted average number of common shares outstanding

 

 

 

 

 

Basic

 

62,980,193

 

 

 

60,061,243

 

 

 

51,840,518

 

Diluted

 

62,980,193

 

 

 

60,061,243

 

 

 

51,840,518

 

USA Technologies, Inc.

Consolidated Statements of Cash Flows

 

 

Year ended June 30,

($ in thousands)

2020

 

2019

 

2018

 

 

 

 

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

Net loss

$

(40,595

)

 

$

(29,882

)

 

$

(11,284

)

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

 

 

 

 

 

Non-cash stock-based compensation

 

3,029

 

 

 

1,750

 

 

 

1,794

 

(Gain) loss on disposal of property and equipment

 

335

 

 

 

672

 

 

 

(131

)

Non-cash interest and amortization of debt discount

 

1,283

 

 

 

301

 

 

 

140

 

Reimbursement of shareholder proxy solicitation costs

 

4,500

 

 

 

 

 

 

 

Bad debt expense

 

2,958

 

 

 

2,534

 

 

 

471

 

Provision for inventory reserve

 

681

 

 

 

3,172

 

 

 

1,467

 

Depreciation and amortization included in operating expenses

 

4,307

 

 

 

4,430

 

 

 

3,204

 

Depreciation included in cost of sales for rentals

 

2,710

 

 

 

3,074

 

 

 

4,625

 

Non-cash lease expense

 

1,698

 

 

 

 

 

 

 

Excess tax benefits

 

 

 

 

 

 

 

67

 

Deferred income taxes, net

 

70

 

 

 

(7

)

 

 

(183

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

1,818

 

 

 

(8,706

)

 

 

(6,234

)

Finance receivables

 

547

 

 

 

(669

)

 

 

2,228

 

Sale of finance receivables

 

 

 

 

 

 

 

2,280

 

Inventory

 

1,463

 

 

 

(5,607

)

 

 

(3,661

)

Prepaid expenses and other current assets

 

(563

)

 

 

(395

)

 

 

377

 

Accounts payable and accrued expenses

 

2,988

 

 

 

1,293

 

 

 

16,920

 

Operating lease liabilities

 

(1,384

)

 

 

 

 

 

 

Deferred revenue

 

16

 

 

 

(132

)

 

 

351

 

Net cash (used in) provided by operating activities

 

(14,139

)

 

 

(28,172

)

 

 

12,431

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

Purchase of property and equipment

 

(2,538

)

 

 

(4,875

)

 

 

(3,978

)

Proceeds from sale of property and equipment

 

44

 

 

 

116

 

 

 

298

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

 

 

 

(65,181

)

Net cash used in investing activities

 

(2,494

)

 

 

(4,759

)

 

 

(68,861

)

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

Proceeds from collateralized borrowing from the transfer of finance receivables

 

 

 

 

 

 

 

1,075

 

Cash used in retirement of common stock

 

 

 

 

(81

)

 

 

(552

)

Proceeds from exercise of common stock options

 

192

 

 

 

42

 

 

 

141

 

Proceeds from long-term debt issuance by Antara

 

14,248

 

 

 

 

 

 

 

Proceeds from equity issuance by Antara

 

17,879

 

 

 

 

 

 

 

Proceeds from PPP Loan

 

3,065

 

 

 

 

 

 

 

Cash used for repurchase of common stock awards

 

 

 

 

(120

)

 

 

 

Payment of debt issuance costs

 

(1,980

)

 

 

(156

)

 

 

(445

)

Proceeds from issuance of long-term debt

 

 

 

 

 

 

 

25,100

 

Proceeds from revolving credit facility

 

 

 

 

 

 

 

12,500

 

Repayment of revolving credit facility

 

(10,000

)

 

 

 

 

 

(2,500

)

Issuance of common stock in public offering, net

 

 

 

 

 

 

 

104,796

 

Repayment of line of credit

 

 

 

 

 

 

 

(7,111

)

Repayment of finance lease obligations and long-term debt

 

(2,522

)

 

 

(23,254

)

 

 

(5,355

)

Net cash (used in) provided by financing activities

 

20,882

 

 

 

(23,569

)

 

 

127,649

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

4,249

 

 

 

(56,500

)

 

 

71,219

 

Cash and cash equivalents at beginning of year

 

27,464

 

 

 

83,964

 

 

 

12,745

 

Cash and cash equivalents at end of year

$

31,713

 

 

$

27,464

 

 

$

83,964

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

Interest paid in cash

$

1,314

 

 

$

2,793

 

 

$

2,878

 

Supplemental disclosures of noncash financing and investing activities:

 

 

 

 

 

Equity issued in connection with Cantaloupe acquisition, net of post-working capital adjustment for retired shares

$

 

 

$

 

 

$

23,279

 

Settlement of collateralized borrowing from the sale of finance receivables

$

 

 

$

 

 

$

987

 

Equipment and software acquired under finance lease

$

12

 

 

$

5

 

 

$

217

 

Reconciliation of Net Loss to Adjusted EBITDA

 

 

Year ended June 30,

($ in thousands)

2020

 

2019

 

2018

 

 

 

 

 

 

Net loss

$

(40,595

)

 

$

(29,882

)

 

$

(11,284

)

Less: interest income

 

(1,595

)

 

 

(1,555

)

 

 

(943

)

Plus: interest expense

 

2,597

 

 

 

2,992

 

 

 

3,105

 

Plus (less): income tax provision (benefit)

 

1

 

 

 

262

 

 

 

(101

)

Plus: depreciation expense included in cost of sales for rentals

 

2,711

 

 

 

3,074

 

 

 

4,625

 

Plus: depreciation and amortization expense in operating expenses

 

4,307

 

 

 

4,430

 

 

 

3,204

 

EBITDA

 

(32,574

)

 

 

(20,679

)

 

 

(1,394

)

Plus: stock-based compensation

 

3,029

 

 

 

1,750

 

 

 

1,794

 

Plus: investigation, proxy solicitation and restatement expenses

 

21,292

 

 

 

16,073

 

 

 

 

Plus: integration and acquisition costs

 

 

 

 

1,338

 

 

 

7,048

 

Adjustments to EBITDA

 

24,321

 

 

 

19,161

 

 

 

8,842

 

Adjusted EBITDA

$

(8,253

)

 

$

(1,518

)

 

$

7,448

 

Reconciliation of Net Loss to Adjusted EBITDA

 

 

 

Three months ended June 30,

($ in thousands)

 

2020

 

2019

Net loss

 

$

(11,414

)

 

$

(9,850

)

Less: interest income

 

 

(607

)

 

 

(310

)

Plus: interest expense

 

 

1,686

 

 

 

474

 

Plus (less): income tax provision (benefit)

 

 

(45

)

 

 

202

 

Plus: depreciation expense included in cost of sales for rentals

 

 

727

 

 

 

534

 

Plus: depreciation and amortization expense in operating expenses

 

 

1,098

 

 

 

1,071

 

EBITDA

 

 

(8,555

)

 

 

(7,879

)

Plus: stock-based compensation

 

 

576

 

 

 

357

 

Plus: investigation, proxy solicitation and restatement expenses

 

 

7,894

 

 

 

2,662

 

Plus: integration and acquisition costs

 

 

 

 

 

211

 

Adjustments to EBITDA

 

 

8,470

 

 

 

3,230

 

Adjusted EBITDA

 

$

(85

)

 

$

(4,649

)

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.

Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, before the reclassifications:

 

 

Three months ended

($ in thousands)

 

September 30,

2019

 

December 31,

2019

 

March 31,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

$

18,107

 

$

18,700

 

$

20,069

Investigation and restatement expenses

 

 

3,565

 

 

738

 

 

Depreciation and amortization

 

 

1,022

 

 

1,080

 

 

1,107

Total operating expenses

 

$

22,694

 

$

20,518

 

$

21,176

Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, after the reclassifications:

 

 

Three months ended

($ in thousands)

 

September 30,

2019

 

December 31,

2019

 

March 31,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

$

17,196

 

$

12,520

 

$

18,065

Investigation, proxy solicitation and restatement expenses

 

 

4,476

 

 

6,918

 

 

2,004

Depreciation and amortization

 

 

1,022

 

 

1,080

 

 

1,107

Total operating expenses

 

$

22,694

 

$

20,518

 

$

21,176

 


Contacts

Investor Relations:
ICR, Inc.
USATechIR@icrinc.com

Media and Investor Relations Contact:
Alicia V. Nieva-Woodgate
USA Technologies
+1 720.808.0086
anievawoodgate@usatech.com