Cantaloupe(US:CTLP)2021-05-07 13:02Customer and Device Metrics - As of March 31, 2021, Cantaloupe, Inc. had 18,763 active customers and 1.1 million active devices on its service[141]. - Active Devices increased to 1.085 million as of March 31, 2021, representing a 3% increase from 1.054 million in the same quarter last year[166]. - Active Customers rose to 18,763, an increase of 12% from 16,808 in the same quarter last year[166]. Revenue and Profitability - For the three months ended March 31, 2021, approximately 81% of revenue was derived from recurring license and transaction fees related to the ePort Connect service[139]. - Total revenue for the three months ended March 31, 2021, decreased by $0.3 million to $42.76 million, a decline of 0.8% compared to the same period in 2020[169]. - Gross profit increased by 15.5% to $12.704 million for the three months ended March 31, 2021, compared to $10.998 million in the same period last year[169]. - Total gross profit increased by 11.6% to $39.2 million for the nine months ended March 31, 2021, compared to $35.2 million in the same period in 2020[179]. - License and transaction fees revenue was $101.0 million, down 4.1% from $105.3 million in the prior year[179]. Operating Expenses - Operating expenses decreased by 30.5% to $14.722 million for the three months ended March 31, 2021, down from $21.176 million in the prior year[169]. - Total operating expenses decreased by $16.9 million to $47.5 million for the nine months ended March 31, 2021, a reduction of 26.3% compared to $64.4 million in the same period in 2020[182]. - Selling, general and administrative expenses decreased by approximately $2.9 million to $44.4 million, primarily due to a $4.3 million decrease in legal contingency reserves[185]. Net Loss and Adjusted EBITDA - Net loss for the three months ended March 31, 2021, was $1.848 million, an improvement of 80.1% compared to a net loss of $9.295 million in the same period in 2020[169]. - Adjusted EBITDA for the three months ended March 31, 2021, was $2.191 million, a significant improvement from an adjusted EBITDA of $(3.876) million in the same period last year, reflecting a 156.5% increase[169]. - U.S. GAAP net loss for the nine months ended March 31, 2021, was $11,363,000, a decrease from a loss of $29,181,000 in the same period the previous year[193]. - Adjusted EBITDA for the nine months ended March 31, 2021, was $2,627,000, compared to an adjusted EBITDA loss of $7,617,000 for the same period in the prior year[193]. Cash Flow and Financing - Cash provided by operating activities was $7.8 million for the nine months ended March 31, 2021, compared to cash used of $17.6 million in the same period the previous year[195]. - Cash provided by financing activities was $50.3 million for the nine months ended March 31, 2021, significantly up from $17.7 million in the same period the prior year[197]. - The Company raised $52.4 million through a private placement of 5,730,000 shares of common stock at $9.60 per share, closing on March 4, 2021[199]. - As of March 31, 2021, the Company had cash and cash equivalents of $88.6 million and up to $5 million available to be drawn on the 2021 JPMorgan Revolving Facility[198]. - The Company received approximately $3.1 million in loan proceeds under the Paycheck Protection Program, with an application for loan forgiveness filed as of March 31, 2021[202]. Operational Changes and Measures - Cantaloupe upgraded and expanded its ePort product family to accept EMV contact and contactless payments[141]. - Cantaloupe's liquidity conservation measures included a 20% salary reduction for the senior leadership team and a temporary furlough of approximately 10% of its employee base[144]. - The average daily processing volume decreased approximately 40% in mid-March 2020 due to COVID-19, but began to recover by mid-April 2020[143]. - The Company implemented efficiencies in working capital aimed at increasing cash balances[198]. - The Company recorded potential sales tax and related interest and penalty liabilities of $20.6 million as of March 31, 2021[201]. - The Company entered into the 2021 JPMorgan Credit Agreement, which includes a $5 million secured revolving credit facility and a $15 million secured term facility[207].