Q2 2024 Usio Inc Earnings Call Transcript
Key Points
- Total payment dollar processing volume growth accelerated to 24%, with all electronic transaction processing businesses generating double-digit growth.
- Reported positive GAAP net income and earnings per share for the quarter.
- Cash reserves increased despite repurchasing $105,000 worth of stock.
- Raised full-year adjusted EBITDA guidance to a range of $4.25 million to $5.0 million.
- Card issuing segment set an all-time quarterly record for transactions processed and achieved significant growth in transaction volumes.
- Slight year-over-year revenue decrease due to the planned wind-down of the New York City COVID program.
- SG&A expenses increased slightly due to higher employee compensation and incremental marketing investments.
- Revenue growth for 2024 is expected to be somewhat below initial guidance, projected between 3% and 7%.
- Implementation of new ISV partnerships is progressing slower than anticipated, affecting short-term revenue forecasts.
- Output solutions segment experienced a decrease in per unit revenue for electronic delivery compared to mail.
Hello and welcome to the Usio second-quarter fiscal 2024 earnings conference call. (Operator Instructions) Please note today's 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 second-quarter fiscal 2024 conference call. The earnings release, which we issued today after the market close, is available on our website at usio.com under the Investor Relations tab.
On this call today are Louis Hoch, our Chairman and CEO; Greg Carter, Executive Vice President of Payment and Acceptance. Michael White, Senior Vice President and Chief Accounting Officer, Jerry Uffner, Head of Card Issuing, and newly named Chief Product Officer, Houston Frost, will be available during the Q&A. Let me remind our listeners that certain statements made during the call today constitute forward-looking statements made pursuant to the Safe Harbor provisions
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