Usio Inc (NASDAQ:USIO) Q3 2019 Earnings Conference Call - Final Transcript

Nov 14, 2019 • 05:00 pm ET

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Usio Inc (NASDAQ:USIO) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the Usio Earnings Conference Call for Third Quarter ended September 30, 2019. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A replay will be available shortly after the end of call through November 28, 2019.

I would now like to turn the conference over to Joe Hassett, Investor Relations. Please go ahead, sir.

Executive
Joe Hassett

Thanks, Ben, and thank you, everyone, for participating today. Welcome to Usio's third quarter 2019 financial results conference call. The earnings release, which Usio issued earlier this afternoon, is available on the company's Investor Relations website at usio.com/investor under News.

On the call today are Louis Hoch, President and CEO; Vaden Landers, EVP and Chief Revenue Officer; Tom Jewell, Senior Vice President and Chief Financial Officer; and Houston Frost, Senior Vice President of Prepaid Services. Management will provide prepared remarks, and then we will open the call to your questions.

Before we begin, please remember that comments on today's call include forward-looking statements. Forward-looking statements can be identified by the use of such words as estimate, anticipate, expect, believe, intend, may, will, should, seek, approximate, or plan, or the negative of these words and other similar words and phrases.

Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements, including risks related to the realization and the opportunities from the singular acquisition; management of the company's growth; the loss of key resellers; the relationships with the automated clearinghouse network, bank sponsors, third-party card processing providers and merchants; the volatility of stock price; the loss of key personnel; growing competition in the electronic commerce market; the security of the company's software, hardware and information; compliance with complex federal, state and local laws and regulations; and other risks detailed in the company's filings with the SEC.

These forward-looking statements speak only as of the date of this conference call and should not be relied upon as predictions of future events. Usio expressly disclaims any obligations or undertaking to update or revise any forward-looking statement made today to reflect any change in Usio's expectations with regard thereto or any other changes in the events, conditions or circumstances on which any such statement is based, except as required by law. Please refer to the company's SEC filings on its Investor Relations website for additional information.

With that, I would now like to turn the call over to Louis. Louis?

Executive
Louis Hoch

Thank you, Joe, and welcome, everyone. Usio achieved record transaction processing volume in the third quarter, processing over $900 million in electronic payments through our various platforms. Once again, we believe our continued growth best reflects the appeal that our comprehensive industry-leading value proposition offers our merchants, financial institutions and independent software vendors.

Overall, revenues in the third quarter were