Q3 2024 Usio Inc Earnings Call Transcript
Key Points
- Usio Inc (USIO) reported positive GAAP net income and earnings per share for the second consecutive quarter, indicating improved financial performance.
- The company achieved a significant increase in total payment dollar processing volume, which accelerated to 46% growth from the previous quarter.
- Usio Inc (USIO) has the strongest pipeline of signed deals and the largest backlog of pending implementations in its history, suggesting future growth potential.
- Adjusted EBITDA for the quarter was nearly $800,000, more than double that of the previous year, highlighting operational profitability improvements.
- The company successfully replaced nearly $12 million in annualized revenue from the concluded New York City COVID incentive program with new stable recurring revenue.
- Revenue growth was modest, partly due to the need to replace the significant revenue from the New York City COVID incentive program.
- Implementations with a large web-based ERP ISV have been slower than anticipated, potentially delaying revenue realization.
- Sequential gross margin declined by about 1% from the previous quarter, attributed to product line mix and revenue sources.
- The M&A market has not been favorable, with Usio Inc (USIO) unable to find suitable acquisition opportunities that meet their criteria.
- The timing of various implementations could impact near-term success, with potential slippage affecting quarterly performance.
Hello, and welcome to the Usio third quarter fiscal 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
Now I would like to turn the conference over to your host, Paul Manley. Please go ahead, sir.
Thank you, operator, and thank you, everyone, for joining our call today. Welcome to Usio's third quarter fiscal 2024 conference call. The earnings release, which we issued today after the market closed, is available on our website at usio.com under the Investor Relations tab.
On this call today with me are Louis Hoch, our Chairman and CEO; and Greg Carter, Executive Vice President of Payment Acceptance. Michael White, Senior Vice President and Chief Accounting Officer; Jerry Uffner, Head of Card Issuing; and our Chief Product Officer, Houston Frost, will also be available during the question-and-answer.
Let me remind our listeners that certain statements made during the call today constitute forward-looking statements made pursuant to the safe
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