Cantaloupe, Inc. (NASDAQ:CTLP) Q3 2024 Earnings Conference Call May 9, 2024 5:00 PM ET

Company Participants

Dara Dierks - Investor Relations
Ravi Venkatesan - Chief Executive Officer
Scott Stewart - Chief Financial Officer

Conference Call Participants

Chris Kennedy - William Blair
Josh Nichols - B. Riley
Gary Prestopino - Barrington Research
Vijay Devar - Northland Capital Markets

Operator

Good day and thank you for standing by. Welcome to the Cantaloupe Third Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Dara Dirks. Please go ahead.

Dara Dierks

Thank you, operator. Good afternoon, everyone. Welcome to the Cantaloupe third quarter earnings conference call. With me on the call today is 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 markets and economic conditions. A detailed discussion of the risks and uncertainties that could cause 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 a substitute for GAAP financial measures such as net income or loss.

Details of these non-GAAP financial measures and the 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.

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

Ravi Venkatesan

Thanks, Dara. Good afternoon, everyone and thank you for joining us today for our third quarter fiscal year 2024 call. During this quarter, our total revenue increased 13% year-over-year to $67.9 million driven by a 20% year-over-year transaction revenue growth and 7% year-over-year subscription revenue growth. More notably, subscription revenue grew 6% sequentially from Q2 to Q3 signaling the reacceleration of that revenue stream. Transaction growth remains strong driven by improvements to our take rate as well as continued growth in active devices and average transaction size.