USA Technologies Inc. (NASDAQ:USAT) Q2 2020 Earnings Conference Call - Final Transcript
Feb 19, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the USA Technologies Second Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions]
I would now like to hand your conference over to your speaker today, Monica Gould, Investor Relations for USA Technologies. Please go ahead.
Thank you, and good morning, everyone. Welcome to the USA Technologies Second Quarter Fiscal 2020 Earnings Conference Call. With me on the call this morning are Don Layden, Chairman and Interim Chief Executive Officer; and Glen Goold, Interim Chief Financial Officer. Before we begin today's call, I 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 as a result of certain factors, including, but not limited to, business, financial, market and economic conditions. A detailed discussion of the risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included with our filings with the SEC and in the press release issued last night. Listeners are cautioned not to place undue reliance on any such forward-looking statements, which reflect management's view only as of the date they are made.
USA Technologies undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. This call will also include a discussion of certain non-GAAP financial measures that we believe are useful for, among other things, evaluating USA Technologies' operating results. These non-GAAP financial measures are supplemental to and not a substitute for GAAP financial measures, such as net income or loss. Details of these non-GAAP financial measures, a presentation of the most directly comparable GAAP financial measures and the reconciliation between these non-GAAP financial measures as well as the most comparable GAAP financial measures can be found in our press release issued last night, which has been posted on the Investor Relations section of our website at www.usatech.com.
And with that, I'd now like to turn the call over to Don Layden. Don?
Donald W. Layden, Jr.
Thank you, Monica. I'd like to begin with a review of our progress on the strategic objectives that I outlined on our fiscal Q1 call. I will then review our updated guidance for fiscal 2020, provide an overview of our growth strategy, and then discuss our progress in regaining our NASDAQ listing. I'll then turn the call over to Glen for a more detailed review of our financials before turning the call back to the operator for the question-and-answer session. We're making consistent and good progress against the strategic objectives we set out last quarter. On our fiscal Q1 earnings call, you may remember that I noted that we launched a series of initiatives to reduce our SG&A expense by an annualized $8 million. I'm pleased to report that we have achieved this goal through the following actions. First, we are in the final stages of negotiating a new transaction processing agreement, which