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Cantaloupe, Inc. Reports Third Quarter Fiscal Year 2024 Financial Results

Third Quarter 2024 Revenue of $67.9 Million, Driven by 15.5% Year Over Year Growth in Subscription and Transaction Fees

Third Quarter 2024 Net Income Applicable to Common Shares of $4.4 Million and Adjusted EBITDA of $10.2 Million

Third Quarter 2024 Gross Margin of 39.6%

Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a leading provider of end-to-end technology solutions for self-service commerce, today reported results for the third quarter ended March 31, 2024.

“In the third quarter, we reported strong results, reflecting our continued expansion of operating leverage by driving revenue growth while also optimizing COGS and controlling operational expenses. While subscription revenue has grown slower than anticipated, transaction revenue growth is exceeding expectations and achieving higher profitability rates sooner,” said Ravi Venkatesan, chief executive officer, Cantaloupe. “We continue to expand our footprint domestically and internationally, and are pleased to now have sold thousands of devices across Latin America and Europe. The significant rise in cashless and touchless payments, along with the growth of micro markets, in the convenience industry are strong secular tailwinds that validate the long-term opportunity of Cantaloupe and will continue to drive our business for years to come.”

Third Quarter 2024 Key Financial Results:

  • Revenue of $67.9 million, an increase of 12.5% year over year
    • Transaction fees of $40.0 million, an increase of 19.9% year over year
    • Subscription fees of $19.2 million, an increase of 7.4% year over year
    • Equipment sales of $8.7 million, a decrease of 4.6% year over year
  • Total Dollar Volumes of Transactions were $767.4 million, an increase of 17.4% year over year
  • Transactions totaled 283.3 million at the end of the third quarter of 2024
  • Gross margin of 39.6% compared with 37.9% in the prior year quarter
    • Subscription and transaction fees margins grew to 44.4% compared to 42.3% in the prior year quarter
    • Equipment sales margins declined to 7.2% compared to 13.4% in the prior year quarter
  • Average revenue per unit[1] totaled $186.00 for the third quarter of 2024, compared to $167.52 in the prior year quarter
  • Net income applicable to common shares of $4.4 million, or $0.06 per share, compared to Net income applicable to common shares of $6.7 million, or $0.09 per share, in the prior year quarter
  • Adjusted EBITDA[2] of $10.2 million compared to $10.1 million in the prior year quarter

______________

1 We define average revenue per unit ("ARPU") as our total subscription and transaction fees for the trailing 12 months divided by average total active devices for the trailing 12 months.

2 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. See Discussion of Non-GAAP Financial Measure and Reconciliations of U.S. GAAP net income to Adjusted EBITDA.

Third Quarter 2024 Business Highlights:

  • Active Customers totaled 30,670 at the end of the third quarter of 2024 compared to 27,598 at the end of the third quarter of 2023, an increase of 11.1%.
  • Active Devices totaled 1.22 million at the end of the third quarter of 2024 compared to 1.15 million at the end of the third quarter of 2023, an increase of 5.9%.
  • Acquired CHEQ, a company focused on the sports & entertainment fan experience, by providing a comprehensive suite of self-service solutions and payment technology.
  • Held Cantaloupe’s annual user conference, Cantaloupe University, in Las Vegas, NV, with 240+ attendees viewing some of the Company’s latest technologies as well as getting access to 2 days of training and education around Cantaloupe’s entire platform and suite of products.
  • Partnered with Turbo Air and Imbera at Expo Antad, in Guadalajara, MX, to showcase solutions for the Mexico market which include Cantaloupe’s cashless device, the P30, the Seed platform, micro market technology and smart coolers with age verification.

Fiscal Year 2024 Outlook:

For the full fiscal year 2024, the Company updates the following:

  • Total Revenue to be between $270 million and $275 million
  • The combination of Subscription and Transaction revenue to be between $232 million and $236 million
  • Total US GAAP net income to be between $12 million and $15 million
  • Adjusted EBITDA[2] to be between $33 million and $36 million
  • Total Operating Cash Flow to be between $24 million and $28 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.

To join the live call in order to ask questions, 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 global technology leader powering self-service commerce. With over a million active locations across the globe processing more than a billion transactions every year, Cantaloupe is enabling businesses of all sizes to provide self-service experiences for consumers. The company’s vertically integrated solutions fuel growth by offering micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. Cantaloupe’s end-to-end platform increases consumer engagement and sales revenue through digital payments, consumer promotions and loyalty programs, while providing business owners increased profitability by leveraging software to drive efficiencies across an entire operation. Cantaloupe’s solutions are used by a wide variety of consumer services in North America, Europe, Latin America, and Australia including vending machines, micro markets and smart retail, laundromats, metered parking terminals, amusement and entertainment venues, IoT services and more. To learn more about Cantaloupe, Inc., visit cantaloupe.com or follow the company on LinkedIn, Twitter (X), Facebook, Instagram or YouTube.

Discussion of Non-GAAP Financial Measure:

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. These items may include acquisition and integration related costs, severance expenses, litigation charges or settlements, and certain other unusual adjustments.

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 income (loss) before (i) interest income from cash and leases, (ii) interest (income) expense on debt and tax liabilities, (iii) income tax provision, (iv) depreciation, (v) amortization, (vi) stock-based compensation expense, (vii) fees and charges, net of reimbursement from insurance proceeds, 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, (viii) certain other significant infrequent or unusual losses and gains that are not indicative of our core operations such as integration and acquisition expenses, and (ix) severance expenses that are non-recurring and 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 inflation, rising interest rates, financial institution disruptions, public health emergencies and declines in consumer confidence and discretionary spending; our ability to compete with our competitors and increase market share; 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 maintain compliance with rules and regulations applicable to our business operations and industry; disruptions in or inefficiencies to our supply chain and/or operations; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, packaging and transportation; weather, climate conditions, natural disasters or other unexpected events; whether our current or future customers purchase, lease, rent or utilize our devices, 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 acquire and develop relevant technology offerings for current, new and potential customers and partners; risks and uncertainties associated with our expansion into and our operations in Europe, Latin America and other foreign markets, including general economic conditions, policy changes affecting international trade, political instability, inflation rates, recessions, sanctions, foreign currency exchange rates and controls, foreign investment and repatriation restrictions, legal and regulatory constraints, civil unrest, armed conflict, war and other economic and political factors; our ability to satisfy our trade obligations included in accounts payable and accrued expenses; our ability to attract, develop and retain key personnel, or our loss of the services of our key executives; 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 add new customers and retain key existing 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 and the conflict between Israel and Hamas; 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 ("Nasdaq") 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 cyber attacks and data breaches; 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, 2023. 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.

Unaudited Results:

The Company’s results presented herein are unaudited and represent the most current information available to the Company’s management. The unaudited results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public accounting firm has not yet expressed an opinion or any other form of assurance with respect to these financial results.

-F--CTLP

 

Cantaloupe, Inc.

Condensed Consolidated Balance Sheets

 
 

($ in thousands, except share data)

 

March 31, 2024

(Unaudited)

 

June 30,

2023

 

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

50,197

 

 

$

50,927

 

Accounts receivable, net

 

 

43,324

 

 

 

30,162

 

Finance receivables, net

 

 

5,781

 

 

 

6,668

 

Inventory, net

 

 

37,364

 

 

 

31,872

 

Prepaid expenses and other current assets

 

 

8,327

 

 

 

3,754

 

Total current assets

 

 

144,993

 

 

 

123,383

 

 

 

 

 

 

Non-current assets:

 

 

 

 

Finance receivables due after one year, net

 

 

11,041

 

 

 

13,307

 

Property and equipment, net

 

 

30,320

 

 

 

25,281

 

Operating lease right-of-use assets

 

 

8,164

 

 

 

2,575

 

Intangibles, net

 

 

26,687

 

 

 

27,812

 

Goodwill

 

 

94,008

 

 

 

92,005

 

Other assets

 

 

4,688

 

 

 

5,249

 

Total non-current assets

 

 

174,908

 

 

 

166,229

 

 

 

 

 

 

Total assets

 

$

319,901

 

 

$

289,612

 

 

 

 

 

 

Liabilities, convertible preferred stock, and shareholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

64,128

 

 

$

52,869

 

Accrued expenses

 

 

24,824

 

 

 

26,276

 

Current obligations under long-term debt

 

 

1,450

 

 

 

882

 

Deferred revenue

 

 

1,893

 

 

 

1,666

 

Total current liabilities

 

 

92,295

 

 

 

81,693

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

Deferred income taxes

 

 

409

 

 

 

275

 

Long-term debt, less current portion

 

 

36,647

 

 

 

37,548

 

Operating lease liabilities, non-current

 

 

9,035

 

 

 

2,504

 

Total long-term liabilities

 

 

46,091

 

 

 

40,327

 

 

 

 

 

 

Total liabilities

 

 

138,386

 

 

 

122,020

 

Commitments and contingencies

 

 

 

 

Convertible preferred stock:

 

 

 

 

Series A convertible preferred stock, 900,000 shares authorized, 385,782 issued and outstanding, with liquidation preferences of $22,722 and $22,144 at March 31, 2024 and June 30, 2023, respectively

 

 

2,720

 

 

 

2,720

 

Shareholders’ equity:

 

 

 

 

Common stock, no par value, 640,000,000 shares authorized, 72,799,266 and 72,664,464 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively

 

 

481,467

 

 

 

477,324

 

Accumulated deficit

 

 

(302,665

)

 

 

(312,452

)

Accumulated other comprehensive loss

 

 

(7

)

 

 

 

Total shareholders’ equity

 

 

178,795

 

 

 

164,872

 

 

 

 

 

 

Total liabilities, convertible preferred stock, and shareholders’ equity

 

$

319,901

 

 

$

289,612

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 
 

 

 

Three months ended

 

Nine months ended

 

 

March 31,

 

March 31,

($ in thousands, except share and per share data)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

Subscription and transaction fees

 

$

59,207

 

 

$

51,245

 

 

$

170,371

 

 

$

147,252

 

Equipment sales

 

 

8,690

 

 

 

9,111

 

 

 

25,568

 

 

 

32,216

 

Total revenues

 

 

67,897

 

 

 

60,356

 

 

 

195,939

 

 

 

179,468

 

 

 

 

 

 

 

 

 

 

Costs of sales:

 

 

 

 

 

 

 

 

Cost of subscription and transaction fees

 

 

32,926

 

 

 

29,577

 

 

 

96,539

 

 

 

90,149

 

Cost of equipment sales

 

 

8,064

 

 

 

7,886

 

 

 

23,849

 

 

 

33,823

 

Total costs of sales

 

 

40,990

 

 

 

37,463

 

 

 

120,388

 

 

 

123,972

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

26,907

 

 

 

22,893

 

 

 

75,551

 

 

 

55,496

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

5,747

 

 

 

3,154

 

 

 

14,256

 

 

 

8,888

 

Technology and product development

 

 

4,916

 

 

 

4,594

 

 

 

12,115

 

 

 

16,757

 

General and administrative

 

 

8,552

 

 

 

7,041

 

 

 

29,493

 

 

 

25,179

 

Investigation, proxy solicitation and restatement expenses, net of insurance recoveries

 

 

 

 

 

(1,000

)

 

 

 

 

 

(453

)

Integration and acquisition expenses

 

 

907

 

 

 

 

 

 

1,078

 

 

 

2,787

 

Depreciation and amortization

 

 

2,493

 

 

 

2,364

 

 

 

7,976

 

 

 

5,029

 

Total operating expenses

 

 

22,615

 

 

 

16,153

 

 

 

64,918

 

 

 

58,187

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

4,292

 

 

 

6,740

 

 

 

10,633

 

 

 

(2,691

)

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest income from cash and leases

 

 

495

 

 

 

540

 

 

 

1,505

 

 

 

1,985

 

Interest income (expense) from debt and tax liabilities

 

 

162

 

 

 

(263

)

 

 

(1,947

)

 

 

(1,258

)

Other expense, net

 

 

(209

)

 

 

(13

)

 

 

(158

)

 

 

(112

)

Total other income (expense), net

 

 

448

 

 

 

264

 

 

 

(600

)

 

 

615

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

4,740

 

 

 

7,004

 

 

 

10,033

 

 

 

(2,076

)

Provision for income taxes

 

 

(84

)

 

 

(56

)

 

 

(246

)

 

 

(123

)

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

4,656

 

 

 

6,948

 

 

 

9,787

 

 

 

(2,199

)

Preferred dividends

 

 

(289

)

 

 

(289

)

 

 

(578

)

 

 

(623

)

Net income (loss) applicable to common shares

 

$

4,367

 

 

$

6,659

 

 

$

9,209

 

 

$

(2,822

)

 

 

 

 

 

 

 

 

 

Net earnings (loss) per common share

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

0.09

 

 

$

0.13

 

 

$

(0.04

)

Diluted

 

 

0.06

 

 

 

0.09

 

 

 

0.12

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Basic

 

 

72,851,498

 

 

 

72,491,373

 

 

 

72,770,582

 

 

 

71,771,135

 

Diluted

 

 

74,068,437

 

 

 

72,866,221

 

 

 

74,054,820

 

 

 

71,771,135

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 
 

 

 

Three months ended

 

Nine months ended

 

 

March 31,

 

March 31,

($ in thousands)

 

2024

 

2023

 

 

2024

 

 

 

2023

 

Net income (loss)

 

$

4,656

 

$

6,948

 

$

9,787

 

 

$

(2,199

)

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

17

 

 

 

 

(7

)

 

 

 

Other comprehensive income (loss)

 

 

17

 

 

 

 

(7

)

 

 

 

Total comprehensive income (loss)

 

$

4,673

 

$

6,948

 

$

9,780

 

 

$

(2,199

)

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders’ Equity

(Unaudited)



Three and Nine Months Ended March 31, 2024

 
 

 

 

Convertible

Preferred Stock

 

Common Stock

 

Accumulated

Deficit

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Total

Shareholders'

Equity

($ in thousands, except share data)

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

Balance, June 30, 2023

 

385,782

 

$

2,720

 

72,664,464

 

$

477,324

 

$

(312,452

)

 

$

 

 

$

164,872

 

Stock-based compensation

 

 

 

 

20,801

 

 

1,934

 

 

 

 

 

 

 

 

1,934

 

Exercise of stock options

 

 

 

 

10,000

 

 

74

 

 

 

 

 

 

 

 

74

 

Net income

 

 

 

 

 

 

 

 

2,007

 

 

 

 

 

 

2,007

 

Balance, September 30, 2023

 

385,782

 

 

2,720

 

72,695,265

 

 

479,332

 

 

(310,445

)

 

 

 

 

 

168,887

 

Stock-based compensation

 

 

 

 

43,793

 

 

1,109

 

 

 

 

 

 

 

 

1,109

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

(24

)

Net income

 

 

 

 

 

 

 

 

3,124

 

 

 

 

 

 

3,124

 

Balance, December 31, 2023

 

385,782

 

 

2,720

 

72,739,058

 

 

480,441

 

 

(307,321

)

 

 

(24

)

 

 

173,096

 

Stock-based compensation

 

 

 

 

55,208

 

 

1,004

 

 

 

 

 

 

 

 

1,004

 

Exercise of stock options

 

 

 

 

5,000

 

 

22

 

 

 

 

 

 

 

 

22

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

17

 

Net income

 

 

 

 

 

 

 

 

4,656

 

 

 

 

 

 

4,656

 

Balance, March 31, 2024

 

385,782

 

$

2,720

 

72,799,266

 

$

481,467

 

$

(302,665

)

 

$

(7

)

 

$

178,795

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders’ Equity

(Unaudited)



Three and Nine Months Ended March 31, 2023

 
 

 

 

Convertible

Preferred Stock

 

Common Stock

 

Accumulated

Deficit

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Total

Shareholders'

Equity

($ in thousands, except share data)

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

Balance, June 30, 2022

 

445,063

 

 

$

3,138

 

 

71,188,053

 

$

469,918

 

 

$

(313,085

)

 

$

 

$

156,833

 

Stock-based compensation

 

 

 

 

 

 

30,077

 

 

1,318

 

 

 

 

 

 

 

 

1,318

 

Repurchase of Series A convertible preferred stock

 

(59,281

)

 

 

(418

)

 

 

 

(1,733

)

 

 

 

 

 

 

 

(1,733

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(8,574

)

 

 

 

 

(8,574

)

Balance, September 30, 2022

 

385,782

 

 

 

2,720

 

 

71,218,130

 

 

469,503

 

 

 

(321,659

)

 

 

 

 

147,844

 

Stock-based compensation

 

 

 

 

 

 

3,919

 

 

160

 

 

 

 

 

 

 

 

160

 

Common stock issued for acquisition

 

 

 

 

 

 

1,240,920

 

 

3,942

 

 

 

 

 

 

 

 

3,942

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(573

)

 

 

 

 

(573

)

Balance, December 31, 2022

 

385,782

 

 

 

2,720

 

 

72,462,969

 

 

473,605

 

 

 

(322,232

)

 

 

 

 

151,373

 

Stock-based compensation

 

 

 

 

 

 

46,292

 

 

1,410

 

 

 

 

 

 

 

 

1,410

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,948

 

 

 

 

 

6,948

 

Balance, March 31, 2023

 

385,782

 

 

$

2,720

 

 

72,509,261

 

$

475,015

 

 

$

(315,284

)

 

$

 

$

159,731

 

 

Cantaloupe, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 
 

 

 

Nine months ended

 

 

March 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

Net income (loss)

 

$

9,787

 

 

$

(2,199

)

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

 

 

 

 

Stock based compensation

 

 

4,047

 

 

 

2,889

 

Amortization of debt issuance costs and discounts

 

 

93

 

 

 

87

 

Provision for expected losses

 

 

3,423

 

 

 

1,823

 

Provision for inventory reserve

 

 

92

 

 

 

25

 

Depreciation and amortization included in operating expenses

 

 

7,976

 

 

 

5,029

 

Depreciation included in cost of subscription and transaction fees for rental equipment

 

 

1,137

 

 

 

852

 

Non-cash lease expense

 

 

1,070

 

 

 

(429

)

Deferred income taxes

 

 

134

 

 

 

72

 

Other

 

 

527

 

 

 

363

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(16,471

)

 

 

9,589

 

Finance receivables

 

 

3,038

 

 

 

(653

)

Inventory

 

 

(5,584

)

 

 

(8,245

)

Prepaid expenses and other assets

 

 

(3,762

)

 

 

(746

)

Accounts payable and accrued expenses

 

 

8,455

 

 

 

(2,868

)

Operating lease liabilities

 

 

(655

)

 

 

183

 

Deferred revenue

 

 

174

 

 

 

1

 

Net cash provided by operating activities

 

 

13,481

 

 

 

5,773

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Acquisition of business, net of cash acquired

 

 

(4,750

)

 

 

(35,855

)

Capital expenditures

 

 

(9,175

)

 

 

(12,634

)

Net cash used in investing activities

 

 

(13,925

)

 

 

(48,489

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from long-term debt

 

 

 

 

 

25,000

 

Repayment of long-term debt

 

 

(389

)

 

 

(580

)

Contingent consideration paid for acquisition

 

 

 

 

 

(1,000

)

Proceeds from exercise of common stock options

 

 

96

 

 

 

 

Repurchase of Series A Convertible Preferred Stock

 

 

 

 

 

(2,153

)

Net cash (used in) provided by financing activities

 

 

(293

)

 

 

21,267

 

 

 

 

 

 

Effect of currency exchange rate changes on cash and cash equivalents

 

 

7

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(730

)

 

 

(21,449

)

Cash and cash equivalents at beginning of year

 

 

50,927

 

 

 

68,125

 

Cash and cash equivalents at end of period

 

$

50,197

 

 

$

46,676

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

Interest paid in cash

 

$

2,628

 

 

$

1,869

 

Income taxes paid in cash

 

$

142

 

 

$

44

 

Common stock issued in business combination

 

$

 

 

$

3,942

 

 

 

 

 

 

Cantaloupe, Inc.

Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted EBITDA

(Unaudited)

 
 

 

 

Three months ended March 31,

 

Nine months ended March 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

U.S. GAAP net income (loss)

 

$

4,656

 

 

$

6,948

 

 

$

9,787

 

 

$

(2,199

)

Less: interest income from cash and leases

 

 

(495

)

 

 

(540

)

 

 

(1,505

)

 

 

(1,985

)

Plus: interest (income) expense from debt and tax liabilities

 

 

(162

)

 

 

263

 

 

 

1,947

 

 

 

1,258

 

Plus: income tax provision

 

 

84

 

 

 

56

 

 

 

246

 

 

 

123

 

Plus: depreciation included in cost of subscription and transaction fees for rental equipment

 

 

415

 

 

 

297

 

 

 

1,137

 

 

 

852

 

Plus: depreciation and amortization in operating expenses

 

 

2,493

 

 

 

2,364

 

 

 

7,976

 

 

 

5,029

 

EBITDA

 

 

6,991

 

 

 

9,388

 

 

 

19,588

 

 

 

3,078

 

Plus: stock-based compensation (1)

 

 

1,004

 

 

 

1,410

 

 

 

4,047

 

 

 

2,889

 

Plus: integration and acquisition expenses (2)

 

 

907

 

 

 

 

 

 

1,078

 

 

 

2,787

 

Plus: remediation expenses (3)

 

 

1,258

 

 

 

 

 

 

1,755

 

 

 

 

Plus: investigation, proxy solicitation and restatement expenses, net of insurance recoveries (4)

 

 

 

 

 

(1,000

)

 

 

 

 

 

(453

)

Plus: severance expenses (5)

 

 

26

 

 

 

273

 

 

 

26

 

 

 

273

 

Adjustments to EBITDA

 

 

3,195

 

 

 

683

 

 

 

6,906

 

 

 

5,496

 

Adjusted EBITDA (non-GAAP)

 

$

10,186

 

 

$

10,071

 

 

$

26,494

 

 

$

8,574

 

 

 

 

 

 

 

 

 

 

(1)

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

(2)

As an adjustment to EBITDA, we have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations.

(3)

As an adjustment to EBITDA, we have excluded expense incurred in connection with non-recurring work related to remediating previously identified material weaknesses in our internal control over financial reporting.

(4)

As an adjustment to EBITDA, we have excluded the costs and corresponding reimbursements related to the 2019 Investigation, because we believe that they represent charges that are not related to our core operations.

(5)

As an adjustment to EBITDA, we have excluded expenses incurred in connection with severance related charges.

 

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