Q4 2024 Cantaloupe Inc Earnings Call Transcript
Key Points
- Cantaloupe Inc (CTLP) reported a 13% increase in total revenue for Q4 FY24, reaching $72.7 million, driven by a 16% increase in transaction revenue and a 14% increase in subscription revenue.
- The company achieved a 91% increase in adjusted EBITDA for FY24, reaching $34 million, demonstrating strong financial performance.
- Cantaloupe Inc (CTLP) successfully expanded its gross margins, with total non-GAAP adjusted gross margin increasing from 33% in FY23 to 38% in FY24.
- The company has made significant progress in international expansion, particularly in Europe and Latin America, with new partnerships and acquisitions enhancing its market reach.
- Cantaloupe Inc (CTLP) has remediated all previously reported material weaknesses in internal controls, indicating improved operational efficiency and governance.
- Adjusted EBITDA for Q4 FY24 decreased by 19% compared to Q4 FY23, partly due to a $1.5 million benefit from one-time items in the previous year.
- FY24 revenue came in slightly below guidance at $268.6 million, indicating a shortfall in expected performance.
- The company's equipment revenue growth was modest, with only a 3% increase compared to Q4 FY23.
- Adjusted gross margin on equipment revenue for Q4 FY24 declined to 7% from 21% in the prior year, reflecting challenges in maintaining equipment profitability.
- Cantaloupe Inc (CTLP) experienced a temporary weakness in transaction revenue in June, attributed to weaker consumer spending, although this did not persist into FY25.
Hello and thank you for standing by. Welcome to Cantaloupe fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Meghna Mehra. You may begin.
Thank you, operator. Good afternoon, everyone. Welcome to the Cantaloupe fourth quarter earnings conference call. With me on the call today is Ravi Venkatesan, Chief Executive Officer; and Scott Stewart, Chief Financial Officer.
Before we begin today's call, we would like to remind you that all statements included in this call, other than statements of historical facts are forward-looking in nature. Actual results could differ materially from those contemplated by the forward-looking statements because of certain factors, including, but not limited to, business, financial markets, and economic conditions. A detailed discussion of the risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements is included in our filings with the SEC and in the press release
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