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     101  0 Kommentare Cantaloupe, Inc. Reports Third Quarter Fiscal Year 2024 Financial Results

    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.

     


    The Cantaloupe Stock at the time of publication of the news with a raise of 0,00 % to 5,425EUR on Lang & Schwarz stock exchange (09. Mai 2024, 22:09 Uhr).


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