Cantaloupe, Inc. (NASDAQ:CTLP) Q1 2023 Earnings Conference Call November 7, 2022 5:00 PM ET

Company Participants

Ravi Venkatesan - Chief Executive Officer

Scott Stewart - Chief Financial Officer

Conference Call Participants

Chris Kennedy - William Blair

Gary Prestopino - Barrington Research

George Sutton - Craig-Hallum

Operator

Good day and thank you for standing by. And welcome to the Cantaloupe First Quarter 2023 Earnings Conference Call. Please be advised that today’s conference is being recorded.

With us on the call this afternoon is Ravi Venkatesan, Chief Executive Officer; and Scott Stewart, Chief Financial Officer.

Before we begin today’s call, I would like to remind you that all statements included in this call, other than the statements of historical facts are forward-looking in nature. Actual results could differ materially from those contemplated by the forward-looking statements because 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 in our filings with the SEC and in the press release issued earlier today.

Listeners are cautioned to not place undue reliance on any such forward-looking statements, which reflect management’s views only as of the date they are made. Cantaloupe undertakes no obligation to update any forward-looking statements whether because 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 Cantaloupe operating results. These non-GAAP financial measures are supplemental to, and not 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 can be found in our press release issued this afternoon, which has been posted on the Investor Relations section of our website at www.cantaloupe.com.

And with that, I would like to turn the call over to Ravi.

Ravi Venkatesan

Thank you, Operator. Good afternoon and thank you for joining us today. We are pleased with the start of our fiscal year and are reporting a first quarter record in revenue of $57.8 million, up 26% over last year’s first quarter.

Transaction revenue grew by 18% year-over-year and subscription revenue growth came at 11% year-over-year, in line with our expectations. Subscription revenue benefited from a strong uptake of our bundled platform-as-a-service offering, Cantaloupe ONE, as well as continued demand for additional software modules like Remote Price Change.