{"id":994332,"date":"2026-08-12T16:16:50","date_gmt":"2026-08-12T20:16:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/usio-announces-second-quarter-2026-financial-results\/"},"modified":"2026-08-12T16:16:50","modified_gmt":"2026-08-12T20:16:50","slug":"usio-announces-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/usio-announces-second-quarter-2026-financial-results\/","title":{"rendered":"Usio Announces Second\u00a0Quarter\u00a02026\u00a0Financial Results"},"content":{"rendered":"
\n

Revenue, Earnings per Share, and Adjusted EBITDA1<\/sup>\u00a0beat Consensus Estimates<\/p>\n

Revenue up\u00a019%, Adjusted EBITDA1<\/sup> up\u00a0128%<\/p>\n

Raises Fiscal 2026 Revenue Guidance, Revenues Now Expected to be up 14-16%<\/p>\n

\n Total payment dollars processed through all payment channels up 27%<\/em>\n <\/p>\n

SAN ANTONIO, Aug. 12, 2026 (GLOBE NEWSWIRE) — Usio, Inc., “Usio” or the “Company” (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions<\/a>, today announced financial results for the second\u00a0quarter\u00a0ended June 30, 2026.<\/p>\n

Louis Hoch, President and Chief Executive Officer of Usio, said,\u00a0\u201cThe second quarter built upon a record start to the new year, with all of our key performance indicators showing sustained growth.\u00a0I am particularly pleased with our bottom line, which we have been intently focused on improving, where Adjusted EBITDA1<\/sup> was up\u00a0128% from a year ago and GAAP net income was approximately $0.3\u00a0million, or $0.01 per share.\u00a0Revenue growth accelerated sequentially from the first quarter, up\u00a019%\u00a0versus the prior year period with all of Card, ACH and Output Solutions generating over 20% growth in the quarter.\u00a0Total processing\u00a0transactions set new records, led by\u00a034%\u00a0transaction growth in ACH during the quarter. Our financial condition and liquidity remain strong.\u00a0Consequently, based on our extremely strong first half of the fiscal year and confidence in our new business opportunities, we have raised our expectations for our top line growth,\u00a0with full year revenues now expected to be up 14 to 16%\u00a0compared to the prior year, an increase from the previously expected 10 to 12%.\u201d<\/p>\n

Results in the second quarter were led by a\u00a028% increase in credit card revenues where volumes were up strongly, with dollars processed up\u00a013% and transactions processed\u00a0up 19% from a year ago. PayFac revenues were up 43% in the quarter and continue to comprise over three quarters of credit card revenues, which has precipitated the inflection in credit card’s\u00a0growth trajectory.\u00a0ACH, our highest margin business, had another record quarter. Revenues were up 21% on record transaction volume, which was up\u00a034%, and as the result of our growing RTP business and strong PINless debit growth. Further penetration of the mortgage servicing and fintech industries as well as the addition of new accounts continues to fuel ACH growth.<\/p>\n

Output Solutions had an outstanding quarter, with\u00a022% revenue growth in the second quarter of\u00a02026\u00a0over the same period last year, sequentially improving from 19% in the previous quarter. Volumes were at record levels with electronic documents processed and delivered up 49% and total pieces printed and mailed\u00a0up 43%.<\/p>\n

For the quarter, gross profits were up over 11%, with gross margins at 24% in the quarter, a sequential improvement from 20% in the first quarter of 2026. Gross margins were down nominally versus the prior year period, primarily attributable to a decrease in interest revenue (which has a 100% margin) and revenue mix. Total selling, general and administrative expenses,\u00a0inclusive of depreciation and amortization and stock-based compensation (“Total SG&A Expenses”),\u00a0were down approximately $190,000 from the year ago period, while\u00a0“SG&A,” consisting of selling, general and administrative expenses only,\u00a0was down nominally at 1% from the year ago quarter.<\/p>\n

For the quarter ended June 30, 2026, the Company reported net income of approximately\u00a0$0.3 million, or\u00a0$0.01\u00a0per share, compared to a net loss of ($0.4) million, or ($0.01) per share, for the second quarter of 2025. Note that there were no extraordinary items that contributed to the second quarter 2026\u00a0net income as calculated in accordance with United States generally accepted accounting principles (“GAAP”).\u00a0Adjusted EBITDA1<\/sup>\u00a0was\u00a0$1.1 million for the second quarter of 2026, more than double the\u00a0$0.5 million in the same quarter a year ago.\u00a0The Company used approximately $371,000 to repurchase 281,000 shares of its common stock in the\u00a0six months ended June 30, 2026.\u00a0Cash was in excess of\u00a0$6.4\u00a0million at\u00a0June 30, 2026, down over the six months,\u00a0with\u00a0the decrease being related to some annual cash outlays\u00a0occurring in the period. In addition, cash was used for leasehold improvements and integration of our new Output Solutions printer in the second quarter, which helped accelerate Output Solutions revenues.<\/p>\n

\n 1\u00a0<\/sup>Please see reconciliation of GAAP to Non-GAAP Financial Measures below<\/p>\n

\n
\n Quarterly Processing and Transaction Volumes<\/u>
\n <\/strong>\n <\/p>\n

Total payment dollars processed through all payment channels in the second quarter of 2026 were\u00a0$2.47 billion, an increase of\u00a027% over the\u00a0$1.94 billion processed in last year’s second quarter.\u00a0Total payment transactions processed in the\u00a0second quarter of 2026\u00a0were 17.9 million, an increase\u00a0of 27% over the same quarter of last year.\u00a0<\/p>\n

Our credit card segment continues to grow, where dollars processed in the second quarter of 2026 were up\u00a013% and transactions processed were up\u00a019% from the year ago quarter. In the second quarter of 2026, ACH electronic check transaction volume was\u00a0up\u00a034%, setting a new quarterly transaction record for the fifth consecutive quarter, while\u00a0electronic check dollars processed were up\u00a028% and return check transactions processed were up\u00a035%, in each case, compared to the same quarter of 2025. In our\u00a0prepaid card services business unit,\u00a0card load volume was flat, and transactions processed were down\u00a04%;\u00a0however, purchase volume\u00a0was up\u00a011%\u00a0for the second quarter of 2026, in each case, compared to the same quarter of 2025.\u00a0Output Solutions pieces processed and mailed were up 43% while electronic documents processed and delivered were up 49% for the second quarter of 2026, in each case, compared to the same quarter of 2025.<\/p>\n

\n
\n Second\u00a0Quarter\u00a02026\u00a0Revenue Detail<\/u>
\n <\/strong>\n <\/p>\n

Revenues for the quarter ended\u00a0June 30, 2026\u00a0were\u00a0$23.7\u00a0million, up\u00a019% from\u00a0$20.0\u00a0million in the prior year quarter, due to increases in all of our business lines, excluding prepaid card services. Interest revenues were also lower.\u00a0Revenues for the six months ended\u00a0June 30, 2026\u00a0were\u00a0$49.1\u00a0million, up\u00a017%\u00a0from\u00a0$42.0\u00a0million in the prior year period, once again due\u00a0to increases in all of our business lines, excluding prepaid card services, and lower interest revenues.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $ Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
ACH and complementary services<\/td>\n$<\/td>\n6,308,281<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,192,224<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,116,057<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n%<\/td>\n<\/tr>\n
Credit card<\/td>\n\u00a0<\/td>\n8,997,174<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,045,030<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,952,144<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28<\/td>\n%<\/td>\n<\/tr>\n
Prepaid card services<\/td>\n\u00a0<\/td>\n2,453,774<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,726,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(272,636<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)%<\/td>\n<\/tr>\n
Output Solutions<\/td>\n\u00a0<\/td>\n5,669,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,642,901<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,026,448<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n%<\/td>\n<\/tr>\n
Interest – ACH and complementary services<\/td>\n\u00a0<\/td>\n90,876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n176,518<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(85,642<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(49<\/td>\n)%<\/td>\n<\/tr>\n
Interest – Prepaid card services<\/td>\n\u00a0<\/td>\n112,502<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,823<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(22,321<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17<\/td>\n)%<\/td>\n<\/tr>\n
Interest – Output Solutions<\/td>\n\u00a0<\/td>\n46,680<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,084<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n%<\/td>\n<\/tr>\n
Total Revenue<\/td>\n$<\/td>\n23,678,636<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,960,990<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,717,646<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Six Months Ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $ Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
ACH and complementary services<\/td>\n$<\/td>\n12,601,347<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n10,236,741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,364,606<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n%<\/td>\n<\/tr>\n
Credit card<\/td>\n\u00a0<\/td>\n18,707,498<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,923,724<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,783,774<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25<\/td>\n%<\/td>\n<\/tr>\n
Prepaid card services<\/td>\n\u00a0<\/td>\n4,826,975<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,633,861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(806,886<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14<\/td>\n)%<\/td>\n<\/tr>\n
Output Solutions<\/td>\n\u00a0<\/td>\n12,474,663<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,375,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,098,895<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n%<\/td>\n<\/tr>\n
Interest – ACH and complementary services<\/td>\n\u00a0<\/td>\n213,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400,647<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(187,570<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(47<\/td>\n)%<\/td>\n<\/tr>\n
Interest – Prepaid card services<\/td>\n\u00a0<\/td>\n230,531<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n317,484<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(86,953<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(27<\/td>\n)%<\/td>\n<\/tr>\n
Interest – Output Solutions<\/td>\n\u00a0<\/td>\n90,319<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,504<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10<\/td>\n%<\/td>\n<\/tr>\n
Total Revenue<\/td>\n$<\/td>\n49,144,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n41,970,040<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,174,370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Gross profit\u00a0for the second quarter of 2026 was\u00a0$5.7\u00a0million, up\u00a011% versus\u00a0$5.1 million in the\u00a0second quarter of 2025. Gross margins (defined as gross profit as a percentage of total revenues)\u00a0were\u00a024.2%\u00a0in\u00a0the\u00a0second quarter of\u00a02026, down versus\u00a025.8%\u00a0in the second quarter of\u00a02025. This was\u00a0primarily due to lower interest revenues, a high margin revenue source, and revenue mix.<\/p>\n

Gross profit\u00a0for the six months ended June 30, 2026\u00a0was\u00a0$10.9\u00a0million, up\u00a09% versus\u00a0$9.9\u00a0million in the first half\u00a0of 2025. Gross margins were\u00a022.1%\u00a0in\u00a0the first half\u00a0of\u00a02026, down versus\u00a023.7%\u00a0in the first half of\u00a02025. This was\u00a0primarily due to lower interest revenues, a high margin revenue source, and revenue mix.<\/p>\n

Total SG&A Expenses for the second quarter of 2026\u00a0were\u00a0$5.3 million, down from\u00a0$5.5 million in the year ago quarter primarily due to lower depreciation\u00a0and amortization expense.<\/p>\n

Total SG&A Expenses for the six months ended June 30, 2026\u00a0were\u00a0$10.3\u00a0million, down from $10.6\u00a0million in the comparable year ago period primarily due to lower depreciation\u00a0and amortization.\u00a0SG&A was\u00a0$8.9\u00a0million for the first half of\u00a02026 compared to\u00a0$8.8\u00a0million in the comparable prior year period. This nominal\u00a0increase in SG&A was primarily related to increases in salary\u00a0alongside\u00a0increases in network infrastructure\u00a0and\u00a0professional fees that occurred in the first quarter of 2026.<\/p>\n

For the\u00a0second quarter of 2026, we reported\u00a0operating income of\u00a0$0.4\u00a0million\u00a0compared to an operating loss of ($0.4) million for the same quarter a year ago, primarily due to increased revenues and gross profits, alongside a decrease in Total SG&A Expenses. Adjusted EBITDA1<\/sup>\u00a0was\u00a0$1.1\u00a0million for the second quarter of 2026, compared to\u00a0Adjusted EBITDA1<\/sup>\u00a0of\u00a0$0.5\u00a0million for the same quarter a year ago. Net income in\u00a0the quarter ended\u00a0June 30, 2026\u00a0was approximately $0.3\u00a0million, or $0.01\u00a0per share, compared to a net loss of ($0.4) million, or ($0.01) per share,\u00a0for the same period in the prior year.<\/p>\n

For the\u00a0six months ended June 30, 2026, we reported\u00a0operating income of\u00a0$0.6\u00a0million\u00a0compared to an operating loss of ($0.6) million for the same period\u00a0a year ago, primarily due to increased revenues and gross profits, alongside a decrease in Total SG&A Expenses. Adjusted EBITDA1<\/sup>\u00a0was\u00a0$1.9\u00a0million for the six months ended June 30, 2026, compared to\u00a0Adjusted EBITDA1<\/sup>\u00a0of\u00a0$1.2\u00a0million for the same period a year ago. Net income in\u00a0the six months ended June 30, 2026\u00a0was approximately $0.4\u00a0million, or $0.01\u00a0per share, compared to a net loss of ($0.6) million, or ($0.02) per share,\u00a0for the same period in the prior year.<\/p>\n

Operating Cash Flows\u00a0declined to\u00a0$0.3\u00a0million for the\u00a0six months ended June 30, 2026, as compared to $1.1\u00a0million in the same period a year ago. The year ago period benefited from an approximately $1.5 million tax refund. Additionally,\u00a0accounts receivable at\u00a0June 30, 2026 was up as compared to December 31, 2025, reflecting our strong revenue growth.<\/p>\n

We believe we continue\u00a0to be in solid financial condition.\u00a0Cash and cash equivalents as of\u00a0June 30, 2026\u00a0were $6.4 million, a\u00a0$1.0 million decrease over cash and cash equivalents as of\u00a0December 31, 2025, due to items occurring once annually such as payment of state taxes\u00a0and insurance, alongside some one-time cash outlays related to leasehold improvements and integration of our new Output Solutions printer in the second quarter. This was in addition to the use of over $371,000\u00a0to repurchase 281,000 shares of our common stock during the six months ended June 30, 2026.<\/p>\n

\n 1\u00a0<\/sup>Please see reconciliation of GAAP to Non-GAAP Financial Measures below <\/p>\n

\n
\n Conference Call and Webcast<\/u>
\n <\/strong>\n <\/p>\n

Usio’s management will host a conference call on Wednesday, August 12, 2026, at 4:30 pm Eastern time\u00a0to review financial results and provide a business update.\u00a0To listen to the conference call, interested parties within the\u00a0U.S.\u00a0should call +1-844-833-3890. International callers should call\u00a0+\u00a01-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the Company\u2019s website at\u00a0www.usio.com\/investors.<\/p>\n

A replay of the call will be available approximately one hour after the end of the call through September\u00a012, 2026. The replay can be accessed via the Company\u2019s website or by dialing 1-855-669-9658 (U.S.) or\u00a01-412-317-0088\u00a0(international). The replay conference playback code is 8298156.<\/p>\n

\n
\n About Usio, Inc.<\/u>
\n <\/strong>\n <\/p>\n

Usio, Inc.\u00a0(Nasdaq:\u00a0USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit\/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector.<\/p>\n

Usio\u00a0is headquartered in\u00a0San Antonio, Texas, and has offices in\u00a0Austin, Texas. Websites:\u00a0www.usio.com\u00a0and\u00a0www.akimbocard.com.\u00a0<\/p>\n

Find us on LinkedIn, Facebook\u00ae and Twitter.<\/p>\n

\n
\n Comparisons<\/u>
\n <\/strong>\n <\/p>\n

Unless otherwise indicated, all comparisons and growth rates represent year-over-year comparisons, with the quarterly period of this year compared to the corresponding quarter of the prior year.<\/p>\n

\n
\n About Non-GAAP Financial Measures<\/u>
\n <\/strong>\n <\/p>\n

This press release\u00a0includes the non-GAAP financial measures, as defined in Regulation G adopted by the Securities and Exchange Commission, of EBITDA, Adjusted EBITDA, and Adjusted EBITDA margins. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures is useful to investors because it provides them with financial measures the Company uses in the management of its business.<\/p>\n