JetPay® Corporation (“JetPay” or the “Company”) (NASDAQ:JTPY)
announced financial results for the fourth quarter and year ended
December 31, 2017.
Financial Highlights
- Revenues increased 35.0%, or $19.7 million, to $76.0 million
for the year ended December 31, 2017, as compared to $56.3 million
in 2016, and up 15.1%, or $2.6 million, to $19.9 million for the
quarter ended December 31, 2017 from $17.3 million for the same
period in 2016.
- Revenues within Payment Services increased 44.5%, or $18.1
million, to $58.8 million for the year ended December 31, 2017, as
compared to $40.7 million in 2016, and 17.4%, or $2.2 million, to
$14.9 million for the quarter ended December 31, 2017 from $12.7
million for the same period in 2016.
- Revenues within HR & Payroll Services increased 10.7%, or
$1.7 million, to $17.3 million for the year ended December 31,
2017, as compared to $15.6 million in 2016, and 9.4%, or $426,000,
to $5.0 million for the quarter ended December 31, 2016 from $4.6
million for the same period in 2016. This organic growth included
accelerated growth in sales of our Workforce Today® human capital
management solution.
- Consolidated gross profit increased 25.5% to $23.7 million, or
31.2% of revenues, for the year ended December 31, 2017, up from
$18.9 million from the same period in 2016.
- Earnings before interest, taxes, depreciation, and amortization
(“EBITDA”) were $3.3 million and $(4.2) million for the years ended
December 31, 2017 and 2016, respectively. EBITDA, adjusted
for non-recurring and non-cash items (“adjusted EBITDA” - see
Non-GAAP Financial Measures definition and reconciliation of
operating income (loss) to EBITDA and adjusted EBITDA below), was
$5.2 million, or 6.8% of revenues for the year ended December 31,
2017, as compared to $3.8 million, or 6.7% of revenues, for the
same period in 2016. The increase in adjusted EBITDA of 37.7% in
2017 as compared to 2016 was directly related to the positive
results from previous investments made in selling, general and
administrative personnel driving significant revenue
growth.
- EBITDA for the fourth quarter 2017 was up 47.1% versus the
fourth quarter 2016, with EBITDA of $1.2 million and $826,000 for
the fourth quarter of 2017 and 2016, respectively. Adjusted EBITDA
for the quarter ended December 31, 2017 was $1.4 million, or 7.3%
of revenues, as compared to $1.2 million, or 7.0% of revenues, for
the same period in 2016.
- The ratio of total debt to total capitalization, which consists
of total debt of $16.1 million and common stock subject to possible
redemptions, convertible preferred stock and stockholders’ equity
totaling $61.8 million, was 20.6% at December 31, 2017, an
improvement from 24.6% at December 31, 2016.
News Highlights
- Signed partnership agreements with 16 additional partners over
the last several months, including Bolts Technologies, a software
provider that specializes in deposit account onboarding solutions
for financial institutions.
- Launched the first clients for the State of Illinois e-Pay
System, with additional launches planned for the second quarter of
2018.
- According to The Nilson Report published on March 19, 2018,
JetPay was the 12th largest processor of card not present payment
transactions in the US in 2017, and was the sixth fastest-growing
company by volume processed among the 40 largest merchant acquirers
in the US.
- Appointed Robert Frankfurt to the Company’s Board, effective
October 30, 2017. Mr. Frankfurt, the founder of Myca partners,
Inc., has over 30 years of experience in assisting senior
management and providing board leadership for numerous companies,
including NASDAQ companies in the technology and payment processing
industry. He brings valuable expertise to JetPay in the areas of
strategic direction, financing strategies, acquisitions, and
overall industry knowledge.
- Appointed Robert Metzger to the Company’s Board, effective
November 20, 2017. Mr. Metzger, with his extensive and valuable
experience of over 25 years in investment banking and academics,
including the experiences he gained from his leadership roles on
various boards, including companies in the human resources and
payment technology space, will be of value in assisting management
and the board with strategic direction and increasing stockholder
value.
“I am proud of JetPay’s company-wide revenue growth in excess of
30% for the third consecutive year, along with revenue growth in
excess of 40% in our Payments Services Segment during this period,”
stated Diane (Vogt) Faro, CEO of JetPay Corporation. “Our Payments
and HR & Payroll businesses both had record years. We expect to
carry this momentum into 2018, as we continue to integrate with the
State of Illinois with significant impact starting in the second
quarter of 2018, increase revenues with our new cash discount
product, JetX, and increase the number and quality of key strategic
relationships in both our Payment Services and HR & Payroll
Services Segments. Our growth reflects an increasing ability
to leverage our fixed cost base, and we anticipate continued
improvement in margins in future quarters,” Ms. Faro added.
Fourth Quarter 2017 Compared to Fourth Quarter
2016
Revenues were $19.9 million for the three months ended December
31, 2017, compared to $17.3 million for the same period in 2016.
Revenues for the Payment Services Segment increased $2.2 million,
or 17.4%, for the three months ended December 31, 2017, compared to
the same period in 2016. The increase was attributable to net
revenue growth in our Government and Utilities, e-Commerce, and
ISO/ISV sectors, including an increase in revenues in our cash
discount product, JetX. Revenues for HR and Payroll Services
Segment increased by $426,000, or 9.4%, for the three months ended
December 31, 2017, compared to the same period in 2016. This
increase was largely attributable to the increasing demand for our
full-suite human capital management services.
Operating (loss) income for the three months ended December 31,
2017, was $(404,000), compared to $115,000 for the same period in
2016. Operating (loss) income includes depreciation and
amortization expense of $1.2 million and $1.0 million for the three
months ended December 31, 2017 and 2016, respectively. The
decrease in operating income was primarily attributable to an
unfavorable change in the fair value of contingent consideration
liability of $464,000 for the three months ended December 31, 2017,
compared with a favorable change of $337,000 for the same period in
2016. This $801,000 year-over-year change in fair value of
contingent consideration liability was partially offset by an
increase in gross profit of $302,000, while selling, general, and
administrative (“SG&A”) expenses were $4.8 million in both the
three months ended December 31, 2017 and 2016.
Net loss for the three months ended December 31, 2017, was
$(709,000), or a net loss applicable to common stockholders of
$(3.9) million after accretion of convertible preferred stock of
$2.9 million, compared to a net loss of approximately $(355,000),
or a net loss applicable to common stockholders of $(2.3) million
after accretion of convertible preferred stock of $2.0 million for
the same period in 2016.
Fiscal Year 2017 Compared to Fiscal Year
2016
Revenues increased 35.0% to $76.0 million for the year ended
December 31, 2017, compared to $56.3 million for the same period in
2016, representing an increase of $19.7 million. Revenues for
the Payment Services Segment increased 44.5%, or $18.1 million, for
the year ended December 31, 2017, compared to the same period in
2016. This increase included revenue growth from the acquisition of
our Government and Utility payments operation, which contributed an
incremental $11.3 million of revenues in 2017, and continued growth
in our e-Commerce, and ISO/ISV sectors, including growth in our
cash discount product, JetX. Revenues for the HR &
Payroll Services Segment increased $1.7 million, or 10.7%, for the
year ended December 31, 2017, compared to the same period in 2016.
This increase was largely attributable to the increasing demand for
our full-suite, human capital management product,
WorkForceToday®.
Operating loss for the year ended December 31, 2017, was $(1.3)
million, compared to $(8.1) million for the same period in 2016.
Operating loss includes depreciation and amortization expense of
$4.5 million and $4.0 million for the years ended December 31, 2017
and 2016, respectively. The decrease in operating loss was
partially related to the acquisition of JetPay Payment Services,
FL, which contributed an incremental $1.4 million of operating
income in 2017, as well as a $6.5 million reduction in professional
fees for non-repetitive matters and legal settlement costs, all
partially offset by an increase in the fair value of contingent
consideration liability by $224,000 and an increase in non-cash
loss on disposal of fixed assets of $110,000.
Net loss for the year ended December 31, 2017, was $(3.1)
million, or a net loss applicable to common stockholders of $(13.5)
million after accretion of convertible preferred stock of $10.4
million, resulting in a loss per share applicable to common
stockholders of $(0.85), compared to a net loss of $(8.2) million,
or a net loss applicable to common stockholders of $(14.6) million
after accretion of convertible preferred stock of $6.4 million,
resulting in a loss per share applicable to common stockholders of
$(0.89) for the year ended December 31, 2016. The decrease in net
loss was primarily related to the decrease in operating loss
described above.
Conference Call
JetPay will conduct a conference call on
Wednesday, April 4, 2018 at 9:00 AM EST (6:00 AM PST) to discuss
these results and conduct a question and answer session. The
participant conference call number is (855) 446-8217 (International
Dial-In (509) 960-9039, conference ID: 9192938. There will
also be access to a digital recording of the teleconference by
calling (855) 859-2056 and entering the conference ID:
9192938. This will be available from two hours following the
teleconference until Wednesday, April 11, 2018.
About JetPay Corporation
JetPay Corporation, based in Allentown, PA, is a leading
provider of vertically integrated solutions for businesses
including card acceptance, processing, payroll, payroll tax filing,
human capital management services, and other financial
transactions. JetPay provides a single vendor solution for payment
services, debit and credit card processing, ACH services, and
payroll and human capital management needs for businesses
throughout the United States. The Company also offers low-cost
payment choices for the employees of these businesses to replace
costly alternatives. The Company's vertically aligned services
provide customers with convenience and increased revenues by
lowering payments-related costs and by designing innovative,
customized solutions for internet, mobile, and cloud-based
payments. Please visit www.jetpay.com for more
information on what JetPay has to offer or call 866-4JetPay
(866-453-8729).
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, EBITDA
and adjusted EBITDA, as defined in Regulation G of the Securities
Exchange Act of 1934, as amended. The Company reports its financial
results in compliance with GAAP, but believes that also discussing
non-GAAP measures provides investors with financial measures it
uses in the management of its business. The Company defines EBITDA
as operating income (loss), before interest, taxes, depreciation,
amortization of intangibles, and non-cash changes in the fair value
of contingent consideration liability. The Company defines adjusted
EBITDA as EBITDA, as defined above, plus certain non-recurring
items, including certain legal and professional costs for
non-repetitive matters, legal settlement costs, non-cash stock
option costs, and non-cash losses on the disposal of fixed assets.
These measures may not be comparable to similarly titled measures
reported by other companies. Management uses EBITDA and
adjusted EBITDA as indicators of the Company’s operating
performance and ability to fund acquisitions, capital expenditures
and other investments and, in the absence of refinancing options,
to repay debt obligations. Management believes EBITDA and
adjusted EBITDA are helpful to investors in evaluating the
Company’s operating performance because non-cash costs and other
items that management believes are not indicative of its results of
operations are excluded. EBITDA and adjusted EBITDA are
supplemental non-GAAP measures, which have limitations as an
analytical tool. Non-GAAP financial measures should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. Non-GAAP
financial measures do not reflect a comprehensive system of
accounting, may differ from GAAP measures with the same names, and
may differ from non-GAAP financial measures with the same or
similar names that are used by other companies. For a description
of our use of EBITDA and adjusted EBITDA and a reconciliation of
EBITDA and adjusted EBITDA to operating income (loss), see the
section of this press release titled “EBITDA and adjusted EBITDA
Reconciliation.”
EBITDA and Adjusted EBITDA Reconciliation
(000’s
omitted) |
|
Three Months EndedDecember
31, |
|
Years EndedDecember
31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Operating (loss)
income |
|
$ |
(404 |
) |
|
$ |
115 |
|
|
$ |
(1,329 |
) |
|
$ |
(8,088 |
) |
Change in fair value of
contingent consideration liability |
|
|
464 |
|
|
|
(337 |
) |
|
|
121 |
|
|
|
(103 |
) |
Amortization of
intangibles |
|
|
869 |
|
|
|
867 |
|
|
|
3,492 |
|
|
|
3,244 |
|
Depreciation |
|
|
286 |
|
|
|
181 |
|
|
|
1,032 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
1,215 |
|
|
$ |
826 |
|
|
$ |
3,316 |
|
|
$ |
(4,226 |
) |
|
|
|
|
|
|
|
|
|
Professional fees for
non-repetitive matters |
|
|
29 |
|
|
|
186 |
|
|
|
268 |
|
|
|
1,339 |
|
Legal settlement
costs |
|
|
- |
|
|
|
72 |
|
|
|
747 |
|
|
|
6,192 |
|
Non-cash stock based
compensation |
|
|
202 |
|
|
|
132 |
|
|
|
767 |
|
|
|
446 |
|
Non-cash loss on
disposal of fixed asset |
|
|
- |
|
|
|
- |
|
|
|
110 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
1,446 |
|
|
$ |
1,216 |
|
|
$ |
5,208 |
|
|
$ |
3,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. JetPay’s actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Many of these factors are
outside JetPay’s control and are difficult to predict. Factors that
may cause such differences include, but are not limited to, those
described under the heading “Risk Factors” in the Company’s Annual
Report for the fiscal year ended December 31, filed with the
Securities and Exchange Commission (“SEC”) on Form 10-K for the
fiscal year ended December 31, 2017, the Company’s Quarterly
Reports on Forms 10-Q and the Company’s Current Reports on Form
8-K.
JetPay cautions that the foregoing list of factors is not
exclusive. Additional information concerning these and other risk
factors is contained in JetPay’s most recent filings with the SEC.
All subsequent written and oral forward-looking statements
concerning JetPay or other matters and attributable to JetPay or
any person acting on its behalf, are expressly qualified in their
entirety by the cautionary statements above. JetPay cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. JetPay does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
Contacts
JetPay CorporationPeter B. DavidsonVice Chairman
and Corporate Secretary(610)
797-9500 Peter.Davidson@jetpaycorp.com
JetPay Corporation Gregory M.
Krzemien Chief Financial Officer (610)
797-9500 gkrzemien@jetpaycorp.com
|
|
JetPay Corporation |
|
Condensed Consolidated Statements of
Operations |
|
(In thousands, except share and per share
information) |
|
|
|
|
|
For the Three Months
EndedDecember 31, |
|
For the Years EndedDecember
31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
19,876 |
|
|
$ |
17,261 |
|
|
$ |
76,035 |
|
|
$ |
56,330 |
|
|
Cost of revenues |
|
|
13,861 |
|
|
|
11,548 |
|
|
|
52,350 |
|
|
|
37,453 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
6,015 |
|
|
|
5,713 |
|
|
|
23,685 |
|
|
|
18,877 |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
4,800 |
|
|
|
4,815 |
|
|
|
19,622 |
|
|
|
16,911 |
|
|
Settlement of legal
matter |
|
|
- |
|
|
|
72 |
|
|
|
747 |
|
|
|
6,192 |
|
|
Change in fair value of
contingent consideration liability |
|
|
464 |
|
|
|
(337 |
) |
|
|
121 |
|
|
|
(103 |
) |
|
Amortization of
intangibles |
|
|
869 |
|
|
|
867 |
|
|
|
3,492 |
|
|
|
3,244 |
|
|
Depreciation |
|
|
286 |
|
|
|
181 |
|
|
|
1,032 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income |
|
|
(404 |
) |
|
|
115 |
|
|
|
(1,329 |
) |
|
|
(8,088 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other expenses
(income) |
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
275 |
|
|
|
431 |
|
|
|
1,127 |
|
|
|
1,243 |
|
|
Amortization of debt
discounts, deferred consideration and non-cash interest costs |
|
|
35 |
|
|
|
41 |
|
|
|
141 |
|
|
|
321 |
|
|
Other income |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(19 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(709 |
) |
|
|
(355 |
) |
|
|
(2,578 |
) |
|
|
(9,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
328 |
|
|
|
(51 |
) |
|
|
527 |
|
|
|
(1,429 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(1,037 |
) |
|
|
(304 |
) |
|
|
(3,105 |
) |
|
|
(8,215 |
) |
|
Accretion of
convertible preferred stock |
|
|
(2,867 |
) |
|
|
(1,954 |
) |
|
|
(10,400 |
) |
|
|
(6,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to
common stockholders |
|
$ |
(3,904 |
) |
|
$ |
(2,258 |
) |
|
$ |
(13,505 |
) |
|
$ |
(14,593 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share applicable to common stockholders |
|
$ |
(0.25 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.85 |
) |
|
$ |
(0.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
15,673,534 |
|
|
|
17,684,683 |
|
|
|
15,899,000 |
|
|
|
16,311,243 |
|
|
|
|
|
|
|
|
|
|
|
|
JetPay CorporationCondensed
Consolidated Balance Sheets(In thousands)(Audited) |
|
|
|
|
|
|
December 31,2017 |
|
December 31,2016 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash |
|
|
$ |
6,824 |
|
|
$ |
12,584 |
|
Restricted cash |
|
|
|
1,905 |
|
|
|
2,129 |
|
Accounts
receivable, less allowance for doubtful accounts |
|
|
|
5,269 |
|
|
|
4,677 |
|
Settlement processing assets and funds |
|
|
|
52,116 |
|
|
|
35,240 |
|
Prepaid
expenses and other current assets |
|
|
|
1,725 |
|
|
|
5,849 |
|
Current assets
before funds held for clients |
|
|
|
67,839 |
|
|
|
60,479 |
|
Funds held for
clients |
|
|
|
49,288 |
|
|
|
49,154 |
|
Total current
assets |
|
|
|
117,127 |
|
|
|
109,633 |
|
Property and equipment,
net |
|
|
|
3,970 |
|
|
|
2,125 |
|
Goodwill |
|
|
|
48,978 |
|
|
|
48,978 |
|
Identifiable intangible
assets, net |
|
|
|
22,598 |
|
|
|
26,090 |
|
Other assets |
|
|
|
260 |
|
|
|
384 |
|
Total
assets |
|
|
$ |
192,933 |
|
|
$ |
187,210 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt and capital lease obligation |
|
|
$ |
3,364 |
|
|
$ |
8,074 |
|
Accounts
payable and accrued expenses |
|
|
|
11,569 |
|
|
|
10,821 |
|
Settlement processing liabilities |
|
|
|
51,407 |
|
|
|
35,079 |
|
Deferred
revenue and other current liabilities |
|
|
|
542 |
|
|
|
1,487 |
|
Current
liabilities before client fund obligations |
|
|
|
66,882 |
|
|
|
55,461 |
|
Client fund
obligations |
|
|
|
49,288 |
|
|
|
49,154 |
|
Total current
liabilities |
|
|
|
116,170 |
|
|
|
104,615 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and
capital lease obligation, net of current portion |
|
|
|
12,700 |
|
|
|
13,794 |
|
Deferred income
taxes |
|
|
|
845 |
|
|
|
520 |
|
Other liabilities |
|
|
|
1,452 |
|
|
|
1,228 |
|
Total
liabilities |
|
|
|
131,167 |
|
|
|
120,157 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
convertible preferred stock |
|
|
|
59,684 |
|
|
|
53,324 |
|
|
|
|
|
|
|
|
|
|
|
Common stock,
subject to possible redemption |
|
|
|
3,520 |
|
|
|
3,520 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
(deficit) equity |
|
|
|
(1,438 |
) |
|
|
10,209 |
|
Total
liabilities and stockholders’ (deficit) equity |
|
|
$ |
192,933 |
|
|
$ |
187,210 |
|
|
|
|
|
|
|
|
|
|
|
JetPay CorporationConsolidated
Statements of Cash Flows(Audited) (In thousands) |
|
|
|
|
|
For the Years EndedDecember
31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
Operating
Activities |
|
|
|
|
|
|
Net
loss |
|
|
|
$ |
(3,105 |
) |
|
$ |
(8,215 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
1,032 |
|
|
|
721 |
|
Stock-based compensation |
|
|
|
|
721 |
|
|
|
399 |
|
Employee
stock purchase plan expense |
|
|
|
|
46 |
|
|
|
47 |
|
Common
stock issued as compensation |
|
|
|
|
97 |
|
|
|
- |
|
Amortization of intangibles |
|
|
|
|
3,492 |
|
|
|
3,244 |
|
Non-cash
interest costs |
|
|
|
|
141 |
|
|
|
170 |
|
Amortization of debt discounts |
|
|
|
|
- |
|
|
|
151 |
|
Change in
fair value of contingent consideration liability |
|
|
|
|
121 |
|
|
|
(103 |
) |
Loss on
disposal of fixed assets |
|
|
|
|
110 |
|
|
|
30 |
|
Provision
for loss on receivables |
|
|
|
|
45 |
|
|
|
- |
|
Recognition of note payable in connection with settlement of legal
matter |
|
|
|
|
- |
|
|
|
1,853 |
|
Deferred
income taxes |
|
|
|
|
325 |
|
|
|
(1,594 |
) |
Change in
operating assets and liabilities |
|
|
|
|
(545 |
) |
|
|
4,827 |
|
Net cash provided by
operating activities |
|
|
|
|
2,480 |
|
|
|
1,530 |
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
Net
increase in restricted cash held to satisfy client fund
obligations |
|
|
|
|
(134 |
) |
|
|
(819 |
) |
Cash
acquired in acquisition |
|
|
|
|
- |
|
|
|
520 |
|
Purchase
of property and equipment |
|
|
|
|
(2,207 |
) |
|
|
(716 |
) |
Investment in acquired technology |
|
|
|
|
- |
|
|
|
(623 |
) |
Proceeds
on disposal of property and equipment |
|
|
|
|
- |
|
|
|
15 |
|
Net cash used in
investing activities |
|
|
|
|
(2,341 |
) |
|
|
(1,623 |
) |
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
Payments
on long-term debt and capital lease obligations |
|
|
|
|
(8,114 |
) |
|
|
(14,036 |
) |
Proceeds
from sale of preferred stock, net of issuance costs |
|
|
|
|
825 |
|
|
|
12,406 |
|
Proceeds
from notes payable |
|
|
|
|
1,465 |
|
|
|
11,490 |
|
Restricted cash reserve |
|
|
|
|
- |
|
|
|
(1,900 |
) |
Payment
of deferred and contingent acquisition consideration |
|
|
|
|
(314 |
) |
|
|
(1,386 |
) |
Net
increase in client funds obligations |
|
|
|
|
134 |
|
|
|
819 |
|
Payment
of deferred financing fees associated with new borrowings |
|
|
|
|
(76 |
) |
|
|
(421 |
) |
Proceeds
from issuance of common stock, net of issuance costs |
|
|
|
|
- |
|
|
|
64 |
|
Proceeds
from issuance of common stock pursuant to employee stock purchase
plan |
|
|
|
|
181 |
|
|
|
47 |
|
Net cash (used in)
provided by financing activities |
|
|
|
|
(5,899 |
) |
|
|
7,083 |
|
|
|
|
|
|
|
|
Net (decrease) increase
in cash |
|
|
|
|
(5,760 |
) |
|
|
6,990 |
|
Cash, beginning |
|
|
|
|
12,584 |
|
|
|
5,594 |
|
Cash, ending |
|
|
|
$ |
6,824 |
|
|
$ |
12,584 |
|
|
|
|
|
|
|
|
|
|
|
|
JetPay Corporation (NASDAQ:JTPY)
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