Total Dollars processed in the first quarter of 2022 were $2.2 billion, up 18% compared to the same period last year
SAN ANTONIO, April 26, 2022 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a cloud-based, integrated FinTech electronic payment solutions provider, today announced that it expects to report record revenues for the first quarter of 2022 on the strength of record transaction and processing volume for the first quarter of 2022 that it is reporting today.
Louis Hoch, President and Chief Executive Officer of Usio, said, “The new year’s revenue growth has picked up right where last year left off, with what should be another quarter of record revenues on record first quarter processing volume of $2.2 billion. Total dollars loaded on prepaid cards set a new, all-time quarterly record, and both total dollars processed and transaction volume in our Card business were all-time records. ACH and Output Solutions were also up strongly from a year ago. Usio’s ability to provide a diverse range of innovative electronic payments solutions that are responsive to rapidly changing market demands is clearly propelling our strong growth. I am pleased with this start to the year, which has us on pace to achieve our expected 18-20% revenue growth, positive operating cash flow and Adjusted EBITDA in 2022, conditioned on both continued enthusiasm in the fintech lending and cryptocurrency industries, as well as no appreciable deterioration in economic conditions.”
First Quarter 2022 Processing Results
|Card Processing, Including PayFac|
|vQ1 21||vQ4 21|
|Credit Card Dollars Processed||+ 21 %||+5 %|
|Credit Card Transactions Processed||+ 48 %||+3 %|
In the quarter, total Card dollars processed exceeded $325 million, with more than 2.6 million transactions processed, both all-time quarterly records.
|vQ1 2021||vQ4 21|
|Prepaid Card Load Volume||+ 134%||+ 6%|
|Prepaid Card Transactions Processed||+ 270%||+ 2%|
|Prepaid Card Purchase Dollars Processed||+ 139%||+ 7%|
Total dollars loaded on prepaid cards exceeded $69 million in the first quarter and set a new all-time quarterly record.
|vQ1 2022||vQ4 21|
|Electronic Check Transaction Volume||+ 21%||– 15%|
|Returned Check Transactions Processed||+ 32%||– 13%|
|Electronic Check Dollars Processed||+ 16%||-26%|
|Output Solutions, Including Electronic and Print|
|vQ1 22||vQ4 21|
|Transactions/Pieces Processed||+ 34%||+44 %|
Total transactions/pieces processed of over 2.9 million set an all-time quarterly record.
Total payment dollars processed in the first quarter of 2022 were $2.2 billion, up 18% compared to the same period last year. Total payment transactions processed in the first quarter of 2022 were 10.5 million.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville.
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the 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 security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Joe Hassett, Investor Relations