TransAct Technologies Reports Preliminary Fourth Quarter and Full Year 2022 Financial Results

2022 Fourth Quarter Net Sales of $18.0 Million, up 61% on a Year-Over-Year Basis

Quarterly Casino and Gaming Sales of $11.0 Million, up 123% on a Year-Over-Year Basis

FST Paid Terminals Up 24% from December 31, 2021

TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today reported preliminary results for the quarter and year ended December 31, 2022.

“2022 was a record-breaking year in many respects for TransAct, and I could not be more proud of the team and the progress we have made from the depths of the pandemic to the worldwide parts shortage to where we are today. Most notably, Casino and Gaming market sales reached an all-time quarterly high in the fourth quarter of 2022, increasing market share across the globe and carrying significant momentum into the new year,” said Bart C. Shuldman, Chief Executive Officer of TransAct. Mr. Shuldman continued, “Casino and Gaming sales were up 123% this quarter and up over 96% for the year, and we continue to increase production to meet the casino printer demand around the world. We are also seeing our enhanced FST sales team make meaningful progress with new potential FST customers in the verticals we serve and also with a major, international QSR restaurant brand, which we believe bodes well for TransAct going forward. We are seeking to deliver shareholder value and consistent profitability going forward. Overall, I am so proud of the results our team delivered, and believe we are extremely well positioned for future growth.”

Fourth Quarter 2022 Financial Highlights

  • Net Sales: Net sales for the fourth quarter of 2022 were $18.0 million, up 61% compared to $11.1 million for the fourth quarter of 2021.
  • FST Recurring Revenue: FST recurring revenue for the fourth quarter of 2022 was $2.4 million, up 14% compared to $2.1 million for the fourth quarter of 2021.
  • Gross Profit: Gross profit for the fourth quarter of 2022 was $8.2 million, resulting in gross margin of 45.8%, compared to gross profit of $4.3 million for the fourth quarter of 2021, which resulted in a 38.7% gross margin.
  • Operating income (loss): Operating income for the fourth quarter of 2022 was $0.5 million, compared to operating loss of $(2.6) million for the fourth quarter of 2021.
  • Net income (loss): Net income for the fourth quarter of 2022 was $0.3 million, or $0.03 net income per diluted share, based on 9.9 million weighted average common shares outstanding. Net loss for the comparable 2021 period was $(0.8) million, or $(0.08) net loss per diluted share, based on 9.8 million weighted average common shares outstanding.
  • Adjusted net income (loss): Adjusted net income for the fourth quarter of 2022 was $0.3 million, or $0.03 adjusted net income per diluted share compared to adjusted net loss for the fourth quarter of 2021 of $(2.0) million, or $(0.20) adjusted net loss per diluted share.
  • EBITDA: EBITDA was $1.0 million for the fourth quarter of 2022, compared to EBITDA loss of $(1.0) million for the fourth quarter of 2021.
  • Adjusted EBITDA: Adjusted EBITDA was $1.3 million for the fourth quarter of 2022, compared to adjusted EBITDA loss of $(2.2) million for the fourth quarter of 2021.

Full Year 2022 Financial Highlights

  • Net Sales: Net sales for the full year 2022 were $58.1 million, up 48% compared to $39.4 million for the full year 2021.
  • FST Recurring Revenue: FST recurring revenue for the full year 2022 was $8.7 million, up 18% compared to $7.4 million for the full year 2021.
  • Gross Profit: Gross profit for the full year 2022 was $24.4 million, resulting in gross margin of 42.0%, compared to gross profit of $15.4 million for the full year 2021, which resulted in a 39.1% gross margin.
  • Operating loss: Operating loss for the full year 2022 was $(7.7) million, compared to operating loss of $(9.4) million for the full year 2021.
  • Net loss: Net loss for the full year 2022 was $(5.9) million, or $(0.60) net loss per diluted share, based on 9.9 million weighted average common shares outstanding. Net loss for the comparable 2021 period was $(4.0) million, or $(0.43) net loss per diluted share, based on 9.3 million weighted average common shares outstanding.
  • Adjusted net loss: Adjusted net loss for the full year 2022 was $(5.9) million, or $(0.60) adjusted net loss per diluted share compared to adjusted net loss for the full year 2021 of $(7.4) million, or $(0.79) adjusted net loss per diluted share.
  • EBITDA loss: EBITDA loss was $(6.4) million for the full year 2022, compared to EBITDA loss of $(5.0) million for the full year 2021.
  • Adjusted EBITDA loss: Adjusted EBITDA loss was $(5.2) million for the full year 2022, compared to adjusted EBITDA loss of $(7.5) million for the full year 2021.
  • Paid Terminals: Paid terminals in the market were 12,180 on December 31, 2022, compared to 9,818 on December 31, 2021, an increase of 24%.

2023 Financial Outlook

  • Total Revenue: The Company currently expects total revenue of between $70-72 million.
  • Total Adjusted EBITDA: The Company currently expects total adjusted EBITDA of between $5.2 -$5.4 million.

Our outlook for non-GAAP adjusted EBITDA is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. If one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.

2022 Fourth Quarter and Full Year Conference Call and Webcast

TransAct is hosting a conference call and webcast today, March 8, 2023, beginning at 4:30 p.m. ET to discuss the Company’s preliminary fourth quarter and full year 2022 results and other matters. Both the call and the webcast are open to the general public. The conference call number is 877-704-4453 and the conference ID number is 13736100 (domestic or international). Please call ten minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at www.transact-tech.com (select “Investor Relations” followed by “Events & Presentations”). Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Change in Accounting Principle

Effective April 1, 2022, TransAct changed its method of inventory valuation from standard costing which approximates first-in first-out “FIFO” to the average costing methodology. The Company believes this method is preferable because it reflects a better measurement estimate of inventory cost as the Company does not perform intensive manufacturing of its finished products which are therefore better measured under average cost. In addition, the Company’s business is projected to include an increasing sales volume of software going forward, which better aligns with average costing. Comparative financial statements of prior periods have been adjusted to apply the new method retrospectively and are labeled “As Adjusted” in the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets attached to this release.

Non-GAAP Financial Measures

TransAct is providing certain non-GAAP financial measures because the Company believes that these measures are helpful to investors and others in assessing the ongoing nature of what the Company’s management views as TransAct’s core operations. EBITDA and adjusted EBITDA provide the Company with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. The Company believes that these non-GAAP financial measures provide relevant and useful information to an investor evaluating the Company’s operating performance because these measures are: (i) widely used by investors to measure a company’s operating performance without regard to items that do not reflect the Company’s ongoing operations and are excluded from the calculation of such measure; (ii) used as financial measurements by lenders and other parties to evaluate creditworthiness; and (iii) used by the Company’s management for various purposes including strategic planning and forecasting and assessing financial performance. Adjusted net income (loss) and adjusted net income (loss) per diluted share provide the Company with an understanding of the results of the primary operations of the business by excluding the effects of special items (for example, the forgiveness of the Company’s $2.2 million loan under the Paycheck Protection Program (the “PPP Loan”) administered by the Small Business Administration ( the “SBA”) pursuant to the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) and the $1.5 million gain from the Employee Retention Credit pursuant to the CARES Act) that do not reflect the ordinary earnings of the Company’s operations. The Company uses these measures to evaluate period-over-period operating performance because the Company believes this provides a more comparable measure of the Company’s continuing business, as these measures adjust for the special items that are not reflective of the normal results of the business. These measures may be useful to an investor in evaluating the underlying operating performance of the Company’s business. The presentation of this non-GAAP information is not considered superior to or a substitute for, and should be read in conjunction with, the financial information prepared in accordance with GAAP.

EBITDA is defined as net income (loss) before net interest expense, income taxes, depreciation, and amortization. A reconciliation of EBITDA to net income (loss), the most comparable GAAP financial measure, can be found attached to this release.

Adjusted EBITDA is defined as net income (loss) before net interest expense, income taxes, depreciation and amortization and is adjusted for (1) share-based compensation, (2) the impact of the forgiveness of the PPP Loan by the SBA pursuant to the CARES Act and (3) the gain from the Employee Retention Credit pursuant to the CARES Act. The Company adjusts EBITDA for share-based compensation because the Company considers share-based compensation to be a non-cash expense similar to depreciation and amortization. A reconciliation of adjusted EBITDA to net income (loss), the most comparable GAAP financial measure, can be found attached to this release.

Adjusted net income (loss) is defined as net income (loss) adjusted for the impact of the forgiveness of the PPP Loan by the SBA pursuant to the CARES Act and the gain from the Employee Retention Credit pursuant to the CARES Act. A reconciliation of adjusted net income (loss) to net income (loss), the most comparable GAAP financial measure, can be found attached to this release.

Adjusted net income (loss) per diluted share is defined as adjusted net income (loss) divided by diluted shares outstanding. A reconciliation of adjusted net income (loss) per diluted share to net income (loss) per diluted share, the most comparable GAAP financial measure, can be found attached to this release.

About TransAct Technologies Incorporated

TransAct Technologies Incorporated is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, and POS automation. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!™, AccuDate™, EPICENTRAL®, Epic and Ithaca® brands. TransAct has sold over 3.7 million printers, terminals and other hardware devices around the world and is committed to providing world-class service, spare parts, and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.

TransAct®, BOHA!™, AccuDate™, Epic, EPICENTRAL® and Ithaca® are trademarks of TransAct Technologies Incorporated. ©2023 TRANSACT Technologies Incorporated. All rights reserved.

Cautionary Statement Regarding Preliminary Financial Information

The Company has prepared the preliminary financial information set forth below on a materially consistent basis with its historical financial information and in good faith based upon its internal reporting as of and for the three months and full year ended December 31, 2022. This financial information is preliminary and is thus inherently uncertain and subject to change as the Company finalizes its financial results and related review for the three months and audit for the full year ended December 31, 2022. During the course of the preparation of the Company’s consolidated financial statements and related notes as of and for the three months and full year ended December 31, 2022, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth above. As a result, there can be no assurance that the Company’s final results for this period will not differ from the preliminary financial information.

This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, this preliminary financial information is not necessarily indicative of the results to be achieved for any future period.

Forward-Looking Statements

Certain statements included in this press release may include forward-looking statements. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statement represent current views about possible future events and are often identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "project”, "plan”, "design" or "continue", or the negative thereof, or other similar words. Forward-looking statements are subject to certain risks, uncertainties and assumptions. In the event that one or more of such risks or uncertainties materialize, or one or more underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: the adverse effects of current economic conditions, whether due to the COVID-19 pandemic or otherwise on our business, operations, financial condition, results of operations and capital resources, difficulties or delays in manufacturing or delivery of inventory or other supply chain disruptions, inflation and the Russia/Ukraine conflict, an inability of our customers to make payments on time or at all, diversion of management attention, a possible future reduction in the value of goodwill or other intangible assets, inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions, price increases or decreased availability of component parts or raw materials, exchange rate fluctuations, volatility of and decreases in trading prices of our common stock and the availability of needed financing on acceptable terms or at all; our ability to successfully develop new products that garner customer acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis or at all and could require substantial expenditures to find or develop alternative software products; our ability to successfully transition our business into the food service technology market; risks associated with potential future acquisitions; general economic conditions; our dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States; our dependence on technology licenses from third parties; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars, supply chain disruptions or other significant pricing pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in U.S. policy that may result in trade wars or tariffs; our ability to protect intellectual property;; and other risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. We caution readers not to place undue reliance on forward-looking statements, which speak only as of the date of this release. We undertake no obligation to publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by applicable law.

- Financial tables follow –

TRANSACT TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Preliminary and Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

December 31,

 

December 31,

 

 

2022

 

 

2021

 

 

2022

 

2021

 

 

 

 

 

As Adjusted

 

 

As Adjusted

 

As Adjusted

 

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$17,958

 

 

$11,123

 

 

$58,139

 

$39,386

Cost of sales

 

9,739

 

 

6,817

 

 

33,727

 

24,004

Gross profit

 

8,219

 

 

4,306

 

 

24,412

 

15,382

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Engineering, design and product development

 

2,130

 

 

1,992

 

 

8,570

 

7,475

Selling and marketing

 

2,602

 

 

2,549

 

 

11,326

 

7,658

General and administrative

 

2,993

 

 

2,362

 

 

12,193

 

9,626

 

 

7,725

 

 

6,903

 

 

32,089

 

24,759

Operating income (loss)

 

494

 

 

(2,597)

 

 

(7,677)

 

(9,377)

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest, net

 

(63)

 

 

(25)

 

 

(208)

 

(96)

Other, net

 

151

 

 

(114)

 

 

(16)

 

(283)

Gain from employee retention credit

 

-

 

 

1,500

 

 

-

 

1,500

Gain on forgiveness of long-term debt

 

-

 

 

-

 

 

-

 

2,173

 

 

88

 

 

1,361

 

 

(224)

 

3,294

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

582

 

 

(1,236)

 

 

(7,901)

 

(6,083)

Income tax (provision) benefit

 

(322)

 

 

413

 

 

1,965

 

2,042

Net income (loss)

 

$260

 

 

$(823)

 

 

$(5,936)

 

$(4,041)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$0.03

 

 

$(0.08)

 

 

$(0.60)

 

$(0.43)

Diluted

 

$0.03

 

 

$(0.08)

 

 

$(0.60)

 

$(0.43)

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

Basic

 

9,912

 

 

9,848

 

 

9,905

 

9,298

Diluted

 

9,921

 

 

9,848

 

 

9,905

 

9,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION – SALES BY MARKET:

(Preliminary and Unaudited)

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

2022

2021

 

2022

2021

 

(In thousands)

 

 

 

 

 

 

Food service technology

$3,054

$3,522

 

$12,364

$12,625

POS automation

2,959

1,217

 

10,659

4,825

Casino and gaming

10,999

4,934

 

30,029

15,302

Printrex

-

200

 

-

631

TransAct Services Group

946

1,250

 

5,087

6,003

Total net sales

$17,958

$11,123

 

$58,139

$39,386

TRANSACT TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Preliminary and Unaudited)

 

 

 

 

As Adjusted

 

 

December 31,

 

December 31,

 

 

2022

 

2021

 

 

(In thousands)

Assets:

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$7,946

 

$19,457

Accounts receivable, net

 

13,927

 

7,593

Employee retention credit receivable

 

1,500

 

1,500

Inventories

 

12,028

 

7,711

Prepaid income taxes

 

-

 

137

Other current assets

 

724

 

738

Total current assets

 

36,125

 

37,136

 

 

 

 

 

Fixed assets, net

 

2,781

 

2,684

Right-of-use asset

 

2,488

 

2,553

Goodwill

 

2,621

 

2,621

Deferred tax assets

 

7,327

 

5,143

Intangible assets, net

 

242

 

397

Other assets

 

248

 

400

 

 

15,707

 

13,798

Total assets

 

$51,832

 

$50,934

 

 

 

 

 

Liabilities and Shareholders’ Equity:

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of revolving loan payable

 

$2,250

 

$-

Accounts payable

 

7,395

 

4,308

Accrued liabilities

 

4,077

 

3,894

Lease liability

 

875

 

789

Deferred revenue

 

1,329

 

805

Total current liabilities

 

15,926

 

9,796

 

 

 

 

 

Deferred revenue, net of current portion

 

143

 

186

Lease liability, net of current portion

 

1,683

 

1,781

Other liabilities

 

218

 

187

 

 

2,044

 

2,154

Total liabilities

 

17,970

 

11,950

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Common stock

 

139

 

139

Additional paid-in capital

 

56,282

 

55,246

Retained earnings

 

9,630

 

15,566

Accumulated other comprehensive (loss) income, net of tax

 

(79)

 

143

Treasury stock, at cost

 

(32,110)

 

(32,110)

Total shareholders’ equity

 

33,862

 

38,984

Total liabilities and shareholders’ equity

 

$51,832

 

$50,934

 

 

 

 

 

TRANSACT TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING

NON-GAAP FINANCIAL MEASURES

(Preliminary and Unaudited, thousands of dollars, except percentages and per share amounts)

 

 

Three months ended

December 31, 2022

 

 

 

 

Reported

 

 

Adjustments(1)

 

Adjusted

Non-GAAP

Operating expenses

 

$7,725

 

$-

 

$7,725

% of net sales

 

43.0%

 

 

 

43.0%

 

 

 

 

 

 

 

Operating income

 

494

 

-

 

494

% of net sales

 

2.8%

 

 

 

2.8%

 

 

 

 

 

 

 

Interest and other income

 

88

 

-

 

88

Income before income taxes

 

582

 

-

 

582

Income tax (provision)

 

(322)

 

-

 

(322)

Net income

 

260

 

-

 

260

Net income per common share:

 

 

 

 

 

 

Basic

 

$0.03

 

$-

 

$0.03

Diluted

 

$0.03

 

$-

$0.03 

(1) No adjustments.

 

 

 

Three months ended

December 31, 2021

 

 

 

 

Reported

 

 

Adjustments(2)

 

Adjusted

Non-GAAP

Operating expenses

 

$6,903

 

$-

 

$6,903

% of net sales

 

62.1%

 

 

 

62.1%

 

 

 

 

 

 

 

Operating loss

 

(2,597)

 

-

 

(2,597)

% of net sales

 

(23.3)%

 

 

 

(23.3)%

 

 

 

 

 

 

 

Interest and other income (expense)

 

1,361

 

(1,500)

 

(139)

Loss before income taxes

 

(1,236)

 

(1,500)

 

(2,736)

Income tax benefit

 

413

 

330

 

743

Net loss

 

(823)

 

(1,170)

 

(1,993)

Net loss per common share:

 

 

 

 

 

 

Basic

 

$(0.08)

 

$(0.12)

 

$(0.20)

Diluted

 

$(0.08)

 

$(0.12)

 

$(0.20)

(2) Adjustment includes $1,500 gain on recognition of the Employee Retention Credit that occurred in December 2021.

TRANSACT TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING

NON-GAAP FINANCIAL MEASURES

(Preliminary and Unaudited, thousands of dollars, except percentages and per share amounts)

 

 

Year ended

December 31, 2022

 

 

 

 

Reported

 

 

Adjustments(3)

 

Adjusted

Non-GAAP

Operating expenses

 

$32,089

 

$-

 

$32,089

% of net sales

 

55.2%

 

 

 

55.2%

 

 

 

 

 

 

 

Operating loss

 

(7,677)

 

-

 

(7,677)

% of net sales

 

(13.2)%

 

 

 

(13.2)%

 

 

 

 

 

 

 

Interest and other expense

 

(224)

 

-

 

(224)

Loss before income taxes

 

(7,901)

 

-

 

(7,901)

Income tax benefit

 

1,965

 

-

 

1,965

Net loss

 

(5,936)

 

-

 

(5,936)

Net loss per common share:

 

 

 

 

 

 

Basic

 

$(0.60)

 

$-

 

$(0.60)

Diluted

 

$(0.60)

 

$-

 

$(0.60)

(3) No adjustments.

 

 

 

Year ended

December 31, 2021

 

 

 

 

 

Reported

 

 

Adjustments(4)

 

Adjusted

Non-GAAP

Operating expenses

 

$24,759

 

$-

 

$24,759

% of net sales

 

62.9%

 

 

 

62.9%

 

 

 

 

 

 

 

Operating loss

 

(9,377)

 

-

 

(9,377)

% of net sales

 

(23.8)%

 

 

 

(23.8)%

 

 

 

 

 

 

 

Interest and other income (expense)

 

3,294

 

(3,673)

 

(379)

Loss before income taxes

 

(6,083)

 

(3,673)

 

(9,756)

Income tax benefit

 

2,042

 

330

 

2,372

Net loss

 

(4,041)

 

(3,343)

 

(7,384)

Net loss per common share:

 

 

 

 

 

 

Basic

 

$(0.43)

 

$(0.36)

 

$(0.79)

Diluted

 

$(0.43)

 

$(0.36)

 

$(0.79)

(4) Adjustment includes (1) $2,173 gain on forgiveness of the PPP Loan that occurred in July 2021 and (2) $1,500 gain on recognition of the Employee Retention Credit that occurred in December 2021.

TRANSACT TECHNOLOGIES INCORPORATED

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

NON-GAAP FINANCIAL MEASURES

(Preliminary and Unaudited)

 

 

Three months ended

 

Year ended

 

 

December 31,

 

December 31,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

As Adjusted

 

As Adjusted

 

As Adjusted

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$260

 

$(823)

 

$(5,936)

 

$(4,041)

 

 

 

 

 

 

 

 

 

Interest expense, net

 

63

 

25

 

208

 

96

Income tax provision (benefit)

 

322

 

(413)

 

(1,965)

 

(2,042)

Depreciation and amortization

 

348

 

236

 

1,332

 

957

 

 

 

 

 

 

 

 

 

EBITDA

 

993

 

(975)

 

(6,361)

 

(5,030)

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

287

 

254

 

1,155

 

1,206

Forgiveness of PPP Loan

 

-

 

-

 

-

 

(2,173)

Gain on recognition of the Employee Retention Credit

 

-

 

(1,500)

 

-

 

(1,500)

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$1,280

 

$(2,221)

 

$(5,206)

 

$(7,497)

 

 

 

 

 

 

 

 

 

 

Contacts

Investor Contact:

Bart Shuldman

Chief Executive Officer

TransAct Technologies Incorporated

Ryan Gardella

ICR, Inc.

Ryan.Gardella@icrinc.com

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