Cantaloupe, Inc. (NASDAQ:CTLP) Q1 2024 Results Conference Call November 9, 2023 5:00 PM ET

Company Participants

Dara Dierks - IR

Ravi Venkatesan - CEO

Scott Stewart - CFO

Conference Call Participants

Josh Nichols - B. Riley

Gary Prestopino - Barrington Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cantaloupe First Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only-mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advice that today's conference is being recorded.

I would like now to turn the conference over to Dara Dierks, Investor Relations. Please go ahead.

Dara Dierks

Thank you, Michele. Good afternoon, everyone. Welcome to the Cantaloupe first quarter earnings conference call. With me on today's call are Ravi Venkatesan, Chief Executive Officer; and Scott Stewart, Chief Financial Officer. Before we begin today's call, we 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 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 the actual results 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's 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 those 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'd like to turn the call over to Ravi.

Ravi Venkatesan

Thanks, Dara. Good afternoon, everyone, and thanks for joining us today for our first quarter fiscal year 2024 call. During this quarter our revenue increased 8% year-over-year to $62.7 million. Importantly, transaction revenue grew 18% and subscription revenue grew 15% year-over-year. Adjusted EBITDA for Q1 was $7.8 million, a 246% increase over last year's first quarter.