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USAT

USA Technologies

$5.07

-0.25 (-4.70%)

07:58
01/14/19
01/14
07:58
01/14/19
07:58

USA Technologies reorganizes management team after audit committee probe

USA Technologies issued an open letter to shareholders in connection with the internal investigation conducted by the Audit Committee of the Company's Board of Directors and actions being taken to strengthen the Company's management team and enhance internal controls and governance. The company has also filed a Form 8-K with the Securities and Exchange Commission which reports further details on the principal findings of the internal investigation and the actions the Board of Directors and management are implementing as a result of the investigation. The letter read, in part: "The Audit Committee, with the assistance of independent legal and forensic accounting advisors, conducted a thorough internal investigation relating to certain of the Company's contractual arrangements. The investigation is substantially complete and I want to provide you certain of the Audit Committee's findings and recommendations, as well as actions the Company is taking to strengthen the management team, improve controls and coordination within our Company, and enhance USA Technologies' governance...The Audit Committee made a number of findings, including that, for certain transactions which had been principally entered into during fiscal years 2017 and 2018, the Company had prematurely or inappropriately recognized revenue, and in some cases, the reported number of connections associated with these transactions. The Audit Committee and its advisors proposed adjustments to previously reported revenues associated with certain of the transactions it reviewed. On a net basis, the proposed aggregate reduction to previously reported revenues relating to these transactions is not expected to exceed $5.5M In most cases, revenues that had been recognized prematurely were, or are expected to be, recognized in subsequent quarters, including quarters subsequent to the quarters impacted by the investigative findings. The investigation further found that certain items that had been recorded as expenses, such as the payment of marketing or servicing fees, were more appropriately treated as contra-revenue items in earlier fiscal quarters. As set forth in the Form 8-K, neither the Company nor its independent auditor has completed its analysis of the specific adjustments to previously reported revenues identified by the investigation, and such analysis could result in further adjustments that could be materially different from those set forth above...As a result of the Audit Committee's recommendations, the Board has determined to implement a range of measures, including but not limited to the following: A reorganization of the Company's senior management team. The addition of a COO who will directly manage a number of operating functions. Enhancing internal compliance through the creation of a Compliance Committee of the Board of Directors, and the hiring of a Chief Compliance Officer who will report directly to the Committee. A splitting of the roles of Chairman and CEO, with Stephen P. Herbert continuing to serve as Chief Executive Officer and as a member of the Board of Directors, and Albin Moschner appointed Non-Executive Chairman. Authorization for the Nominating and Corporate Governance Committee to commence a search to identify two additional independent directors to join the Board."

USAT USA Technologies
$5.07

-0.25 (-4.70%)

04/03/18
LSCM
04/03/18
INITIATION
Target $11
LSCM
Buy
USA Technologies initiated with a Buy at Lake Street
Lake Street analyst Josh Elving started USA Technologies with a Buy rating and $11 price target. The analyst believes believe most, if not all, vending machines will offer cashless acceptance in the near-term. He views USA Technologies as the leader in providing cashless and contactless payment solutions to the vending industry.
04/03/18
04/03/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. LogMeln (LOGM) initiated with a Buy at Mizuho. 2. Jones Lang LaSalle (JLL) initiated with a Neutral at Goldman Sachs. 3. Spotify (SPOT) initiated with a Buy at Guggenheim. 4. USA Technologies (USAT) initiated with a Buy at Lake Street. 5. Stryker (SYK) initiated with an In Line at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
LSCM
06/13/18
NO CHANGE
Target $17
LSCM
Buy
USA Technologies price target raised to $17 from $11 at Lake Street
Lake Street analyst Jaeson Schmidt raised his price target for USA Technologies to $17 after taking over coverage of the name. USA Technologies is the "dominant player in a rapidly growing market," Schmidt tells investors in a research note. He believes the company can post "meaningful top and bottom line growth" as it benefits from continued adoption in the connected vending space, further penetration in adjacent markets such as kiosks and self-check-outs, and the ability to drive improving leverage. The analyst reiterate s a Buy rating on the shares.
10/01/18
BRRR
10/01/18
NO CHANGE
BRRR
Barrington suspends USA Technologies rating on annual filing delay
Barrington analyst Gary Prestopino temporarily suspended his investment rating on USA Technologies citing the continuing delay in issuing its fiscal 2018 annual report "coupled with a lack of ability to provide any transparency into the issues revolving around its inability to issue" the report. The analyst says he will re-evaluate his investment rating once the company reports its Q4 and fiscal 2018 financial results.

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