USA Technologies Inc. (NASDAQ:USAT) Q4 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 04:30 pm ET


USA Technologies Inc. (NASDAQ:USAT) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the USA Technologies Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. I would now like to hand your conference over to your first speaker for today, Alicia Nieva-Woodgate, Vice President of Corporate Communications and Investor Relations for USA Technologies. Please go ahead.

Alicia V. Nieva-Woodgate

Thank you, and good afternoon everyone. Welcome to the USA Technologies fourth quarter fiscal 2020 earnings conference call. With me on the call this afternoon are Sean Feeney, Chief Executive Officer; Wayne Jackson, Chief Financial Officer; and Anant Agrawal, Chief Revenue 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 earlier today. 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 a reconciliation between these non-GAAP financial measures as well as the most comparable GAAP financial measures could be found in our press release issued this afternoon, which has been posted on the Investor Relations section of our website at

And with that, I'd now like to turn the call over to Sean Feeney. Sean?

Sean Feeney

Thank you, Alicia, and thank you everyone for joining us today. It's hard to believe that I'm already in my fourth month with the company. The new team has done a lot of work in a short time and I'm very excited to update you on our progress.

I will start by reviewing our fourth quarter results, giving you some perspective behind the numbers and then I will review our strategic initiatives for the year. And then Wayne will follow to fully detail our fourth quarter results. Lastly, I will discuss our financial guidance for this fiscal year.

As you saw in our earnings release and as we touched on during the last earnings call, the COVID-19 pandemic had a material impact on the Company in the fourth quarter. Revenue of $32.6 million