JetPay® Corporation (“JetPay” or the “Company”) (NASDAQ:JTPY)
announced financial results for the third quarter and nine months
ended September 30, 2017.
Financial Highlights
- Revenues increased 21.2%, or $3.2 million, to $18.4 million for
the three months ended September 30, 2017 as compared to $15.2
million for the same period in 2016, and 43.7%, or $17.1 million,
to $56.2 million for the nine months ended September 30, 2017, as
compared to $39.1 million for the same period in 2016.
- Revenues within our Payment Services Segment increased 23.3%,
or $2.8 million, to $14.6 million for the three months ended
September 30, 2017 as compared to $11.8 million for the same period
in 2016, and up 56.8%, or $15.9 million, to $43.9 million for the
nine months ended September 30, 2017, as compared to $28.0 million
for the same period in 2016
- Revenues within our HR & Payroll Segment increased
$485,000, or 14.4%, to $3.9 million in the three months ended
September 30, 2017, as compared to $3.4 million for the same period
in 2016, and 11.3%, or $1.3 million, to $12.3 million for the nine
months ended September 30, 2017, compared to $11.0 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 11.4% to $5.6 million, or
30.3% of revenues, for the three months ended September 30, 2017,
up from $5.0 million for the same period in 2016, and up 34.2%, or
$4.5 million, to $17.7 million, or 31.5% of revenues, from $13.2
million for the nine months ended September 30, 2016.
- Earnings before interest, taxes, depreciation, and amortization
(“EBITDA”) for the third quarter 2017 were up 49.0% versus the
third quarter 2016, with EBITDA of $775,000 and $520,000 for the
third quarter of 2017 and 2016, respectively, and $2.1 million and
$(5.1) million for the nine month periods ended September 30, 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 loss to EBITDA
and adjusted EBITDA below), was $979,000, or 5.3% of revenues for
the third quarter of 2017, as compared to $909,000, or 6.0% of
revenues, for the same period in 2016. Adjusted EBITDA was up 46.6%
year-to-date, with $3.8 million, or 6.7% of revenues, for the nine
months ended September 30, 2017, as compared to $2.6 million, or
6.6% of revenues, for the same period in 2016.
- The ratio of our total debt to total capitalization, which
consists of total debt of $15.7 million and common stock subject to
possible redemptions, convertible preferred stock and stockholders’
equity totaling $62.6 million, was 20.1% at September 30, 2017, a
substantial decrease from 24.6% at December 31, 2016. As of
September 30, 2017, we had positive working capital of
$667,000.
Recent News Highlight
- On October 30, 2017, Robert Frankfurt joined the Company’s
Board of Directors. Mr. Frankfurt was also appointed to serve as
chairman of the Company’s Audit Committee. Mr. Frankfurt founded
Myca Partners, Inc., an investment advisory services firm (“Myca”)
to invest in small cap U.S. public and private companies. Prior to
forming Myca, Mr. Frankfurt spent more than a decade as a partner
and senior portfolio manager at various investment partnerships and
has recently served on a number of public company boards. He began
his career as a financial analyst in the mergers and acquisition
department of Bear, Stearns & Co. and later joined Hambro Bank
America as an associate focused on mergers and acquisitions and
venture capital transactions. Mr. Frankfurt graduated from the
Wharton School of Business with a B.S. in Economics and received an
MBA from the Anderson Graduate School of Management at UCLA.
“With another quarter of 20% plus organic growth and a
significant increase in EBITDA, JetPay has started to show the
consistency in revenue and earnings growth that our technology and
people can deliver,” stated Diane (Vogt) Faro, CEO of JetPay
Corporation. “Our strategy has remained consistent, and we are
confident we can deliver continued growth. In our Payments
business, the Illinois e-Pay business is being launched and we have
seen continued growth from our existing partners and have signed
several new relationships. Additionally, our new products,
including our Discount for Cash product, continue to contribute to
our growth.” Ms. Faro continued, “In our HR & Payroll
business, we are now seeing consistent double-digit growth as our
human capital management market strategies continue to unfold.
We are pleased with the strong progress we have made during
the past nine months and are excited to bring this year to a strong
close.”
Financial Results, Third Quarter 2017 Compared to Third
Quarter 2016
Revenues were $18.4 million for the three months ended September
30, 2017, compared to $15.2 million for the same period in 2016.
Revenues for our Payment Services Segment increased $2.8 million,
or 23.3%, for the three months ended September 30, 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 Discount
for Cash product. Revenues for our HR & Payroll Segment
increased $485,000, or 14.4%, for the three months ended September
30, 2017, as compared to the same period in 2016. This increase was
largely attributable increasing demand for our full-suite, human
capital management services.
Operating loss for the three months ended September 30, 2017 was
$(206,000), compared to an operating loss of $(922,000) for the
same period in 2016. Operating loss includes depreciation and
amortization expense of $1.1 million and $1.0 million for the three
months ended September 30, 2017 and 2016, respectively. The
decrease in operating loss was partially related to the increase in
revenues noted above and a decrease in the fair value of contingent
consideration liability by $564,000.
Net loss for the three months ended September 30, 2017 was
$(575,000) or a net loss applicable to common stockholders of
$(3.3) million after accretion of convertible preferred stock of
$2.8 million, compared to a net loss of approximately $(1.3)
million, or a net loss applicable to common stockholders of $(2.9)
million after accretion of convertible preferred stock of $1.6
million for the same period in 2016. The decrease in net loss was
primarily related to the decrease in operating loss described
above.
Financial Results, First Nine Months of 2017 Compared to
First Nine Months of 2016
Revenues were $56.2 million for the nine months ended September
30, 2017, compared to $39.1 million for the same period in 2016.
Revenues for our Payment Services Segment increased $15.9 million,
or 56.8%, for the nine months ended September 30, 2017, compared to
the same period in 2016. The increase was related to the
acquisition of our Government and Utility payments operation,
which contributed an incremental $9.4 million of revenue in the
first nine months of 2017 and continued growth in our e-Commerce
and ISO/ISV sectors, including growth in our Discount for Cash
product. Revenue from our HR & Payroll Segment increased $1.3
million, or 11.3%, for the nine months ended September 30, 2017, as
compared to the same period in 2016. This increase was attributable
to increasing demand for our full-suite, human capital management
services.
Operating loss for the nine months ended September 30, 2017 was
$(925,000), compared to a loss of $(8.2) million for the same
period in 2016. Operating loss includes depreciation and
amortization expense of $3.4 million and $2.9 million for the nine
months ended September 30, 2017 and 2016, respectively. The
decrease in operating loss was partially related to the acquisition
of JetPay Payment Services, FL, which contributed an incremental
$1.1 million of operating income in the first nine months of 2017,
as well as a $5.4 million reduction in professional fees for
non-repetitive matters and legal settlement costs, a decrease in
the fair value of contingent consideration liability by $577,000,
all partially offset by an increase in non-cash loss on disposal of
fixed assets of $110,000.
Net loss for the nine months ended September 30, 2017 was $(2.1)
million or a net loss applicable to common stockholders of $(9.6)
million after accretion of convertible preferred stock of $7.5
million, compared to a net loss of approximately $(7.9) million, or
a net loss applicable to common stockholders of $(12.3) million
after accretion of convertible preferred stock of $4.4 million for
the same period in 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, November 15, 2017 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:
7888199. There will also be access to a digital recording of
the teleconference by calling (855) 859-2056 and entering the
conference ID: 7888199. This will be available from two hours
following the teleconference until Wednesday, November 22,
2017.
About JetPay Corporation
JetPay Corporation, based in Center Valley, 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) |
|
For the Three Months
EndedSeptember 30, |
|
For the Nine Months
EndedSeptember 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Operating loss |
|
$ |
(206 |
) |
|
$ |
(922 |
) |
|
$ |
(925 |
) |
|
$ |
(8,203 |
) |
Change in fair value of
contingent consideration liability |
|
|
(160 |
) |
|
|
404 |
|
|
|
(343 |
) |
|
|
234 |
|
Amortization of
intangibles |
|
|
874 |
|
|
|
865 |
|
|
|
2,623 |
|
|
|
2,377 |
|
Depreciation |
|
|
267 |
|
|
|
173 |
|
|
|
746 |
|
|
|
540 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
775 |
|
|
$ |
520 |
|
|
$ |
2,101 |
|
|
$ |
(5,052 |
) |
|
|
|
|
|
|
|
|
|
Professional fees for
non-repetitive matters |
|
|
23 |
|
|
|
269 |
|
|
|
239 |
|
|
|
1,153 |
|
Legal settlement
costs |
|
|
- |
|
|
|
(20 |
) |
|
|
747 |
|
|
|
6,120 |
|
Non-cash stock based
compensation |
|
|
181 |
|
|
|
138 |
|
|
|
565 |
|
|
|
314 |
|
Non-cash loss on
disposal of fixed asset |
|
|
- |
|
|
|
2 |
|
|
|
110 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
979 |
|
|
$ |
909 |
|
|
$ |
3,762 |
|
|
$ |
2,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 filed with the Securities and Exchange Commission (“SEC”) on
Form 10-K for the fiscal year ended December 31, 2016, 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) 797-9500Peter.Davidson@jetpaycorp.com |
JetPay
CorporationGregory M. KrzemienChief Financial Officer(610)
797-9500gkrzemien@jetpaycorp.com |
|
|
|
|
|
|
|
JetPay CorporationCondensed
Consolidated Statements of Operations(In thousands, except
share and per share information) |
|
|
For the Three Months
EndedSeptember 30, |
|
For the Nine Months
EndedSeptember 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Processing
revenues |
|
$ |
18,440 |
|
|
$ |
15,214 |
|
|
$ |
56,159 |
|
|
$ |
39,069 |
|
|
Cost of processing
revenues |
|
|
12,855 |
|
|
|
10,199 |
|
|
|
38,489 |
|
|
|
25,905 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
5,585 |
|
|
|
5,015 |
|
|
|
17,670 |
|
|
|
13,164 |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
4,810 |
|
|
|
4,515 |
|
|
|
14,822 |
|
|
|
12,096 |
|
|
Settlement of legal
matter |
|
|
- |
|
|
|
(20 |
) |
|
|
747 |
|
|
|
6,120 |
|
|
Change in fair value of
contingent consideration liability |
|
|
(160 |
) |
|
|
404 |
|
|
|
(343 |
) |
|
|
234 |
|
|
Amortization of
intangibles |
|
|
874 |
|
|
|
865 |
|
|
|
2,623 |
|
|
|
2,377 |
|
|
Depreciation |
|
|
267 |
|
|
|
173 |
|
|
|
746 |
|
|
|
540 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(206 |
) |
|
|
(922 |
) |
|
|
(925 |
) |
|
|
(8,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other expenses
(income) |
|
|
|
|
|
|
|
|
|
Interest
expenses |
|
|
281 |
|
|
|
301 |
|
|
|
852 |
|
|
|
812 |
|
|
Non-cash
interest costs and amortization of debt discounts |
|
|
39 |
|
|
|
24 |
|
|
|
106 |
|
|
|
280 |
|
|
Other
income |
|
|
(7 |
) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(519 |
) |
|
|
(1,244 |
) |
|
|
(1,869 |
) |
|
|
(9,289 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
56 |
|
|
|
96 |
|
|
|
199 |
|
|
|
(1,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(575 |
) |
|
|
(1,340 |
) |
|
|
(2,068 |
) |
|
|
(7,911 |
) |
|
Accretion of
convertible preferred stock |
|
|
(2,758 |
) |
|
|
(1,557 |
) |
|
|
(7,533 |
) |
|
|
(4,424 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to
common stockholders |
|
$ |
(3,333 |
) |
|
$ |
(2,897 |
) |
|
$ |
(9,601 |
) |
|
$ |
(12,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share applicable to common stockholders |
|
$ |
(0.21 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
15,660,540 |
|
|
|
17,682,903 |
|
|
|
15,974,981 |
|
|
|
15,850,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JetPay CorporationCondensed
Consolidated Balance Sheets(In thousands) |
|
|
|
|
|
|
|
|
|
|
September
30,2017 |
|
December 31,2016 |
|
ASSETS |
|
|
(Unaudited) |
|
(Audited) |
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
7,207 |
|
|
$ |
12,584 |
|
|
Restricted cash |
|
|
|
1,904 |
|
|
|
2,129 |
|
|
Accounts
receivable, less allowance for doubtful accounts |
|
|
|
4,037 |
|
|
|
4,677 |
|
|
Settlement
processing assets and funds |
|
|
|
38,257 |
|
|
|
35,240 |
|
|
Prepaid expenses
and other current assets |
|
|
|
1,475 |
|
|
|
5,849 |
|
|
Current assets
before funds held for clients |
|
|
|
52,880 |
|
|
|
60,479 |
|
|
Funds held for
clients |
|
|
|
44,968 |
|
|
|
49,154 |
|
|
Total current
assets |
|
|
|
97,848 |
|
|
|
109,633 |
|
|
Property and equipment,
net |
|
|
|
3,468 |
|
|
|
2,125 |
|
|
Goodwill |
|
|
|
48,978 |
|
|
|
48,978 |
|
|
Identifiable intangible
assets, net |
|
|
|
23,467 |
|
|
|
26,090 |
|
|
Other assets |
|
|
|
393 |
|
|
|
384 |
|
|
Total
assets |
|
|
$ |
174,154 |
|
|
$ |
187,210 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligation |
|
|
$ |
2,862 |
|
|
$ |
8,074 |
|
|
Accounts payable
and accrued expenses |
|
|
|
10,583 |
|
|
|
10,821 |
|
|
Settlement
processing liabilities |
|
|
|
38,422 |
|
|
|
35,079 |
|
|
Deferred revenue
and other current liabilities |
|
|
|
346 |
|
|
|
1,487 |
|
|
Current
liabilities before client fund obligations |
|
|
|
52,213 |
|
|
|
55,461 |
|
|
Client fund
obligations |
|
|
|
44,968 |
|
|
|
49,154 |
|
|
Total current
liabilities |
|
|
|
97,181 |
|
|
|
104,615 |
|
|
Long-term debt and
capital lease obligation, net of current portion |
|
|
|
12,872 |
|
|
|
13,794 |
|
|
Deferred income
taxes |
|
|
|
520 |
|
|
|
520 |
|
|
Other liabilities |
|
|
|
980 |
|
|
|
1,228 |
|
|
Total
liabilities |
|
|
|
111,553 |
|
|
|
120,157 |
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
Convertible Preferred Stock |
|
|
|
56,817 |
|
|
|
53,324 |
|
|
|
|
|
|
|
|
|
Common Stock,
subject to possible redemption |
|
|
|
3,520 |
|
|
|
3,520 |
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
2,264 |
|
|
|
10,209 |
|
|
Total
Liabilities and Stockholders’ Equity |
|
|
$ |
174,154 |
|
|
$ |
187,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JetPay
CorporationConsolidated Statements of Cash
Flows(Unaudited) (In thousands) |
|
|
|
|
|
|
|
|
|
For the Nine Months
EndedSeptember 30, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
Operating
Activities |
|
|
|
|
|
|
Net
loss |
|
|
|
$ |
(2,068 |
) |
|
$ |
(7,911 |
) |
Adjustments to reconcile net loss to net cash provided
by operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
|
|
746 |
|
|
|
540 |
|
Stock-based compensation |
|
|
|
|
531 |
|
|
|
285 |
|
Common
stock issued as compensation |
|
|
|
|
97 |
|
|
|
- |
|
Employee
stock purchase plan expense |
|
|
|
|
34 |
|
|
|
29 |
|
Amortization of intangibles |
|
|
|
|
2,623 |
|
|
|
2,377 |
|
Non-cash
interest costs and amortization of debt discounts |
|
|
|
|
106 |
|
|
|
280 |
|
Change in
fair value of contingent consideration liability |
|
|
|
|
(343 |
) |
|
|
234 |
|
Loss on
disposal of fixed assets |
|
|
|
|
110 |
|
|
|
32 |
|
Deferred
income taxes |
|
|
|
|
- |
|
|
|
(1,602 |
) |
Recognition of note payable in connection with settlement of legal
matter |
|
|
|
|
- |
|
|
|
1,851 |
|
Change in
operating assets and liabilities |
|
|
|
|
532 |
|
|
|
5,350 |
|
Net cash
provided by operating activities |
|
|
|
|
2,368 |
|
|
|
1,465 |
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
Net
decrease in restricted cash and cash equivalents held to satisfy
client fund obligations |
|
|
|
|
4,186 |
|
|
|
4,397 |
|
Cash
acquired in acquisition |
|
|
|
|
- |
|
|
|
519 |
|
Purchase
of property and equipment |
|
|
|
|
(1,591 |
) |
|
|
(615 |
) |
Investment in acquired technology |
|
|
|
|
- |
|
|
|
(351 |
) |
Proceeds
on disposal of property and equipment |
|
|
|
|
- |
|
|
|
15 |
|
Net cash
provided by investing activities |
|
|
|
|
2,595 |
|
|
|
3,965 |
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
Payments on
long-term debt and capital lease obligations |
|
|
|
|
(7,447 |
) |
|
|
(2,392 |
) |
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 |
|
Proceeds from
notes payable |
|
|
|
|
677 |
|
|
|
1,970 |
|
Proceeds from
sale of preferred stock, net of issuance costs |
|
|
|
|
825 |
|
|
|
2,500 |
|
Restricted cash
reserve |
|
|
|
|
- |
|
|
|
(1,900 |
) |
Payment of
deferred financing fees associated with new borrowings |
|
|
|
|
(76 |
) |
|
|
(112 |
) |
Payment of
deferred and contingent acquisition consideration |
|
|
|
|
(314 |
) |
|
|
(1,386 |
) |
Net decrease in
client funds obligations |
|
|
|
|
(4,186 |
) |
|
|
(4,397 |
) |
Net cash used in financing activities |
|
|
|
|
(10,340 |
) |
|
|
(5,606 |
) |
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
|
|
|
|
(5,377 |
) |
|
|
(176 |
) |
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning |
|
|
|
|
12,584 |
|
|
|
5,594 |
|
Cash and
cash equivalents, ending |
|
|
|
$ |
7,207 |
|
|
$ |
5,418 |
|
|
|
|
|
|
|
|
JetPay Corporation (NASDAQ:JTPY)
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