Good afternoon, everybody. My name is Paul Manley. I'm Senior Vice President of Investor Relations at Usio here. First of all, thank you to Kimberly for putting together that awesome short video. Thank you for attending and helping us celebrate Usio's 25th anniversary today. We're very excited to have you here today during Thanksgiving week, and we want to thank you for listening to our corporate update and management presentation. Today, you will hear from our CEO, Chairman of the Board, and Co-founder, Louis Hoch; our CFO, Mr. Tom Jewell; our Executive Vice President of Payment Acceptance, Greg Carter; our Senior Vice President, Card Issuing, Houston Frost; and our Senior Vice President of Output Solutions, Sy Green. At the conclusion of these presentations, we'll have a short question and answer session or as long as we need.
Again, I want to thank you for attending, and now I'll turn it over to Mr. Louis Hoch.
Thanks, Paul. Unlike Paul, I don't have prepared remarks, so we'll get right to it. So the complete executive team at Usio is here today. You're gonna be able to hear from all of them, and you'll get to meet them. But I'd like to recognize Michelle Miller, who is one of our board members, also here today. And other executives from Usio: Wayne Gonzales, Joseph Saahene, Michael White, Kyle Ruschman, and if I—Joe Huch. And if I missed anybody else, then you probably don't work here anymore. Okay. So, as Paul mentioned, we're here today at the beautiful Nasdaq site to celebrate our 25th anniversary. We actually have two anniversaries this year. July of this year was when we were founded, and, I mean, July 25 years ago was when we were founded.
November is when we first became public, and it actually happened during Thanksgiving week. So we're actually on the 25th week or 25th year in the same week. So Usio is a leading fintech payment processor. We have advanced technology that operates in the cloud and is very highly scalable. We handle all types of payments. One of the strengths of Usio is that we believe in diversity. Diversity in the industries that we serve, and diversity in the payment channels that we offer. All the payment channels has been a key to our success because consumers need to choose how they want to pay a company, or consumers can choose how they want to get paid. That flexibility has served us very well, especially during times of economic macro issues, like during COVID in 2020.
As I said today, this week marks our 25th year, and our company has evolved over time. Initially, the first five years of our company, we were known as Billserv. We're the industry leader in electronic bill presentment and payment. We were traded on Nasdaq at the same time. We had, the slide says more than $500 million market cap. I believe it actually touched $1 billion at one point. We had 16% of all consumer bills under contract. What that means is a company like AT&T, the largest biller in the United States, was our exclusive client. We had clients like Time Warner Cable, and Sallie Mae, and major utilities throughout United States.
The whole industry at the time, though, was before our time, but everybody in this room has probably paid a bill online this week. Back then, people were still putting checks in the mail and mailing it to their billers. So nobody in our industry was able to meet, reach profitability, but we were by far the leader and raised actually the least amount of capital, which means, during that time period, we developed a skill that we've kept to this day. We do a lot with a little. And, so in, 2003, we decided to exit that business, because we weren't able to raise any more capital, because of 9/11 event, when the markets closed, and we reorganized. We reorganized to become a leader in ACH processing. In 2003, we started that development work.
We concluded it about 2005, and today we're a leader in ACH processing space. So much so that if we were a bank, we'd be the 50th largest bank in the United States, based upon the volume that we pump through the Federal Reserve in any given year. Over time, we added more payment channels, and this has been a key to our success. We added credit card processing, and then we added prepaid card processing, and during the years, we initiated three acquisitions. The first was of Akimbo Financial, a leading prepaid program manager. And then subsequently, we bought Singular Payments, which is our entry into payment facilitation, which is a big part of our offerings today. We'll explain what payment facilitation is here in a second.
So when you look at our 25 years, really only the last 6 years-7 years really matter, because that's when we shifted our focus to become a high growth-oriented company. We always knew our products and services were industry leading, and so did the industry, but the question was, would it scale? And so we decided we wanted to grow the company rapidly to show our industry that our products do scale, and they scale well. And so you can see the little yellow dots. Those are the significant events that have occurred over the years, and today, we're focused on growing the company and continuing being a leader in our industry.
So when you look at our company, last year, we grew 12% year-over-year, our top line sales, and that was with us losing our largest customer last year. This year, we'll grow over 20%. And we'll talk a little bit more about that. Last year was record revenues. This year will be record revenues. Our public guidance has us around $84 million in sales this year, which is about a 20% gain over last year. We have one type of equity, common shares. Everybody's on the same playing field. The majority of the shares, not the majority, but a big part of those shares is owned in this room, by executives of Usio. As a fintech payment processor, we have two operating metrics that we watch very closely.
In fact, we watch these sometimes hourly. Dollars processed are important to us, and transactions processed are very important to us. Some of our products and services, we earn a click fee for every transaction or every piece of paper that we print. Some of our products, we actually earn a percentage of the dollars we process. So ideally, you want to see both of these go up, but they don't have to. So last year, we had 16% increase in transactions. That was enough to cause us to have 12% growth in sales last year. Our dollars actually went down last year 'cause we exited the cryptocurrency industry, which is a very high ticket transaction. In the cryptocurrency world, a transaction average is about $500. The rest of our customer base, it's $200.
So you'll see a, you see the decrease last year. Again, ideally, you want to see both of these metrics go up, but they don't have to. If one goes up, then we can still grow our company. And when we talk about growth, we've been doing a great job in growing and this year is gonna be no exception. In fact, our public guidance is 18%-20% growth, top line growth this year. Put us right around $84 million in sales, and we're continuing that trend into next year. We have four operating divisions, payment facilitation, and again, every one of these executives are gonna talk about today. Payment facilitation is card processing, but we primarily do it for integrated software vendors, companies that write software for industry vertical.
ACH processing, we're a leader in. We have significant scale. Again, if we were a bank, we'd be the 50th largest bank in the United States. ACH is direct debits and credits off your checking or your savings account. Card Issuing, amazing tech stack with a part of our business. We issue prepaid cards, for a variety of use cases, and then Output Solutions is our print and mail house that prints first class mail, statements, tax notices, a lot, a lot of checks lately. And also digitizes everything before they print it, so everything is a PDF, and so we do a lot of electronic statementing and even sometimes add payments on those. So our company, and our main uniqueness in the industry has a lot to do with technology, has a lot to do with how we handle customer service.
But these four items is what makes us very unique in the industry. Again, payment channels, we have all of them. And today we're focusing on leading ones that are not mainstream yet, like FedNow and The Clearing House, which both are real-time payments. And today they're only credits, so only money going out. But we'll be there, and we'll have that channel in our toolkit, and if consumers want that and merchants want it, it's gonna be available on our platform. Our organization is very highly responsive. We have somebody pick up the phone when our customers call, which is very unique. Our competition, Stripe and others, you're lucky to get an email response back. You're not gonna find anybody that picks up the phone.
Our technology is built on a hub-and-spoke model, and is in the cloud. It allows us to add new offerings and to keep our divisions separate, but to share data across our organizations and allows for easy cross-selling. It allows us, very importantly, to put on new customers without having to buy, you know, expensive machines or make big capital expenditures. Our go-to-market strategy is also very unique. We don't spend time selling to individual merchants. You won't see us at a restaurant, you won't see us at a rental car place. We sell primarily to software vendors, companies that write software for a doctor's office. One of our customers is Practice Suite, and they have 20,000 doctor's offices that runs their software, and every day they add new accounts for us.
So we sell to one software vendor, and then as they add new clients on their software, we get new clients. So I don't know what the total is, but it's just 10, 20 accounts a day come from them, and we don't have to do any touch we don't have any touch points. So it's very unique. When you try to compare us to a company, find a comparable, you've got to go really big. You've got to look at Fiserv or FIS, major offerings. But we have the same technology, and we're positioned to grow very rapidly. So now I'd like to introduce Greg Carter. He's our Executive Vice President of Payment Acceptance. So any type of payment that's coming into our merchant, Greg oversees. And very good, Greg.
Thank you, Louis, and thank everyone for joining us today. As Louis said, I have the privilege of managing our Payment Acceptance division at Usio. So think anything that is incoming, any kind of payments, whether it's credit card, ACH, PINless debit, RCC, that's what our team manages in San Antonio. But next week will be my 4th year at Usio, although I've known Louis professionally for 32 years. Seen the company grow dramatically in the last four years and looking forward to future growth. First, we'll talk about payment facilitation, and that's really a fancy word for credit card processing. As Louis said, we do target software vendors who write operating software for physicians, for attorneys, for field service workers. And what we actually offer is payment facilitation as a service. Usio is the registered PayFac.
Just to put this into context, if you were a software company and wanted to accept payments on your own, it would cost you, as a company, literally millions of dollars. You would have to hire risk and compliance staff, you would have to have a bank sponsor, you'd have to get card brand approval, and, you know, that endeavor could take you $2 million-$3 million in 18 months. Or you can come sign an agreement with Usio, and we can, depending on your integration into our software, you could be accepting payments in as little as two weeks. Most often is the case, these ISVs will take anywhere from six weeks to two years to integrate, because it's whatever their user experience or however they want that, software, that touch point to look and feel. So there's no set way of doing that.
But essentially, what give these software vendors the ability to accept payments, and the value proposition for them is, one, it doesn't cost them any money, and two, we share revenue with them. So the interchange that we receive from processing payments, we share with that ISV anywhere from 10%-60%, typically. So in most cases, we, well, we have one ISV right now that's receiving over $35,000 a month just in royalties from being our customer. So it's a, you know, that's a meaningful amount of money when you're, when you're talking about credit card processing. Card business at Usio, as you see on the, on the slide in front of you, is 35%. That includes PayFac.
PayFac did grow 27% year-over-year, and I'm happy to say in the last 12 years we've or last four years, we've essentially gone from zero to $12 million in revenue. So it's obviously a high-end growth engine for the company, and we continue to sign new ISVs each and every week. As Louis said, we onboard new merchants every morning. So we'll come to work, and we'll have anywhere from 10-25 new merchants that have onboarded from the previous day. And the nice thing about payment facilitation is we do this electronically. So gone are the days where you would submit paperwork, financial statements, ownership statements, go through a traditional underwriting that could take two weeks before you're even approved.
With Usio, assuming you put the information correctly, we can have you approved as a vendor in as little as 10 minutes and processing payments within 20 minutes. That can be for one vendor or 1,000. We do have the ability to do the batch boarding, but it's interesting to point out that information needs to be correct, otherwise, it goes through risk review and more of a traditional underwriting approach. Unfortunately, card business is somewhat of a commodity, and it's our lowest margin product at Usio, especially given that we have to share that interchange. So you can see that, you know, the net to Usio is, best case, 15% on this. So we need to sell a lot of volume to really contribute hard cash or real cash dollars to the company.
That's the reason for our expanded sales force and efforts. This is a really cool success story. We have one customer that came to us, literally startup. Never done anything with payments before. They had a great idea to start a booster fundraising-type software initiative that she would take to schools and other functions like that, so they could sell tickets, merchandise, et cetera. Well, she came to Usio, we were able to get her integrated, and you can see on the slide, she's already earned $35,000 in the last 12 months and went from zero to $7.5 million in processing volume. She can't do that with Stripe. You can't do that with Square. One, they don't share the revenue, and two, Tracy Rickman, who's our lead developer in the payment acceptance side, essentially walked her through the entire process.
This is gonna be a very big customer for us. Those that are familiar with the San Antonio area, there's a festival that's put on every fall called Wurstfest. It's a German-oriented celebration. Well, she did all the payments because of her software, they were so impressed, through a high school. So, obviously Usio benefits from that. But, you know, this is really the story of Usio, is if we have an opportunity, we're going to explore, exploit the opportunity with them working hand in hand. We don't, we don't turn down startups. We don't turn down smaller entities because those smaller entities become larger. As Louis said, we also have ACH. This is probably one of the fundamental building blocks of Usio as a company. You know, very large-scale player.
We are Nacha certified, which is the regulatory standard for this industry. Longest tenured, and this is one of our highest margin products, especially when we had Voyager last year. They were our largest ACH customer at the time. Everybody in this room has probably used ACH more than once a month. I mean, if you do your mortgage payments, your car payments, et cetera. So ACH is direct debits and credits from your checking or savings account. Obviously, really strong margins, 17% of our revenue. So if you look at the payment acquiring space, we're roughly 60% of the company's revenue. And now I'm gonna turn it over to Houston Frost to talk about Card Issuing.
Thank you, Greg, and, thanks, everyone, for, for being here this afternoon. I just push this green button, is that, is that how I go forward? Usio's Card Issuing division, we issue debit cards, and, we issue them for a variety of, of reasons, and we issue a variety of card types, for a variety of organizations. Some of these, some examples of the cards that we issue are incentive, disbursement, or promotional-type cards. In fact, one of our largest programs, that we've done to date was right here in New York City, for the local entity called the New York City Economic Development Corporation, and we issued a million cards, $100 cards each, for vaccine incentives.
So we did the entire New York City vaccine incentive program, along with a few other cities in the country. We also issue cards for fintech organizations, for corporations. We actually, I think, have a few clients here in the audience for Emirates Airlines. Thank you all for being here, and MoviePass, is that right? Do we have a... He's coming. Okay. So these cards may be incentive or promotional cards, but also corporate expense-type products as well. We operate the full stack platform behind all these cards, everything from transaction authorization to the mobile apps and the web apps that are used by the cardholders. Customer service is all performed in-house. So we act really as what you call the program manager as well as the issuer-processor.
So how do we generate revenue on these cards? Well, there's three primary sources of revenue. One is there are fees that are charged to clients. A second source is there are fees that are charged to cardholders, and then the third source is not charged to clients or cardholders, but is actually earned in the form of interchange when our cards are used at various merchants. We generate around 30%-40% gross margins in this business, and we've had exceptional growth over the past four years. In fact, three of the past four years, we have grown over 100% annually, this, the Card Issuing division.
So we are currently working to launch an expanded offering for our clients that will be more than just physical or virtual cards, but will actually give consumers a choice when they receive money from any organization, government entity, or corporation from us. They'll be able to log in to their app. They can view a virtual card number right away, or they'll be able to link a bank account or a debit card and push that money out to their bank, or they can send a check right from our very own Output Solutions Group. So we're excited to be launching this. We actually have a few clients using our Consumer Choice platform today. So I'm brief here, and I will turn it over now to Sy Green, who's our SVP of Output Solutions.
Thank you all very much.
Hi, everybody. I'm Sy Green. I manage the Output Solutions department at Usio, pretty much just what it says, it's the output. Instead of taking in the money, we're in charge of sending out bills, and statements, and invoices, and of course, checks. So we do a lot of printing and mailing. For our printers, we print on printers that print at about 420 ft per minute, about 57,000 images an hour, full color. On big rolls that are 17 mi long, we'll print those rolls in about an hour and a half. We're running that 24 hours, so we're actually hauling the mail. We're mailing a lot of bills, statements, and invoices. So we don't do any standard mail. It's mainly just transactional stuff.
Besides printing, we also do we make money off postage, too. So we're one of the few printers that have a pre-sort department in-house. Means we have the same equipment that the postal service does, that we're sorting the mail in-house and combining hundreds of mailings per day, and taking and making money off that, and then deliver to the post office already sorted. That enables for quicker turnarounds on mail time and reduced postage savings. And then, besides that, we do a lot of electronic presentment and payments. So there's a lot of payment paper, but nowadays, we're doing more and more electronic bill presentment, emailing, and e-billing. We're doing millions of these. And that's pretty good profit in that, too, 'cause there's not a lot of labor to do that.
So our margins are fairly good, at 18%-22%. In the third quarter, we actually had 25% of the revenue for the company, and we had 9% growth quarter-over-quarter from last year. So why do people use Output Solutions? We're very efficient, we're automated, we streamline, we speed up the billing process, which is really important of how quickly can you get your, your, your bills in your hands via email or mail. So last year, we mailed about 28.5 million invoices and checks. We print millions of checks and tons of invoices and statements. A lot of collection letters, medical. We're big in the energy sector. We also do a ton of bill presentment, e-billing, and hosting.
Document composition's all done in-house with our in-house technology, so everything we get, we turn into PDFs to print, or display, to host. I mentioned e-billing and hosting. Scan-to-Pay is a nice little feature we've implemented since Usio acquired us. So now we can actually print barcodes on statements, QR codes that link to payment portals. So if you get a statement, we can put a barcode, and you can scan with your mobile device right away and make a payment. It's very convenient. It's a big hit. So Usio wins both ways. So for the printing and mailing of... we're making money, and then, when they're making the payments, we're actually processing that through Usio also. We have a success story with the Scan-to-Pay.
So we're working with the tax office in South Texas, and they're increasing their tax bills every year. They put a Scan-to-Pay on their tax statements, and because of their increase in tax bills, they were actually able to lower the cost of processing all those payments with all the labor and the extra people they had in-house. So people are actually scanning the QR codes on their tax bills and paying them. Don't have to log in. It goes straight to their site. They just go enter their account number, and they... well, it goes straight to their account, and they just enter their credit card number, and they pay their tax bills. And it was amazing, 'cause I didn't think people would really pay their tax bills, right, over a QR code.
Even better than that is they actually paid earlier than later. Tax bills aren't due till, like, January. Most of their payments were actually paid in November and December using the QR code. With that, I'll turn this over to Tom Jewell.
Sy didn't even mention that he was going to be getting a new- or he actually has got the new piece of equipment now, so, we're really- [crosstalk]
We're really looking forward to the efficiencies related to that. So I'm just gonna give you a quick highlights of our financial performance. So, we'll talk a little bit more about the revenue growth, but, you know, really, if, if you look at the chart, pretty much relative to 2022, all of our financial metrics are substantially improved, and, we will continue to work to get those going in the right direction. As I say, I'll talk about sales. Our metric that we use is Adjusted EBITDA. So, in the third quarter, we dropped, so slightly negative, but through nine months, we're up $2.1 million, and hopefully, that will continue. In terms of the financial success factor, we've really focused on, with the higher interest rates, improving our interest income.
In the third quarter, we had $521,000 of interest income. For the nine months, it's over $800,000, and we actually think that in the fourth quarter, we'll get another $800,000 at least of interest income. Michael White is on the back row. He's our controller. What we've done is we went to the banks a couple times to get higher interest rates, and we still think there might be another higher interest rate that we can get. We're on our visit this week, we were meeting with Oppenheimer and talking about incremental interest income. Bottom line, net loss, $700,000. As you can tell, nine months, it's $500,000. The first two quarters of the year, for the first time, we had positive net income, which was awesome, and you can see our outstanding shares.
So each one of our line of business people talked about their lines of business. ACH is the core. It was up 9% in the quarter. Year to date, it's flat, and that's mostly because of losing Voyager. That's been a big challenge. So credit cards were up 5% for the quarter, and 6% year to date. Houston talked about Card Issuing. I still think it's prepaid, but they were up 197% in the quarter and 157% year to date. So we expect 300% next year. So, no. All right. And print and mail, which is Sy, up 9% for the quarter, and year to date, 18%.
They had a really strong first quarter, which was awesome, and we really look forward to the increased capabilities that we have with the new machine. And I can't wait for him to get up and running, and I'll be over there watching him every day to make sure it gets up there, up and running. Okay, so, and, you know, ironically, for the quarter, up 25%, and for the year to date, up 25%. Obviously, Louis talked about, you know, our expectation is only to be up 20%. Fourth quarter was really strong last year. In fact, the last quarter of 2022, first two quarters were the most successful quarters that we've had, all with positive adjusted EBITDA of $1 million. So, we're headed in the right direction.
As I said, you know, we focus in on the non-GAAP, and this is something that we have to do. We always reconcile from operating income to adjusted EBITDA, and so negative, so first two columns are the last two full years that we have, and as you can see, in 2021, we produced $4 million of adjusted EBITDA. In 2022, on the heels of the last quarter being very positive, we lost $400,000, and so for the three months, we lost just under $100,000.
But again, comparable to 2022, positive, and then there's the $2.1 million, and as you can look at the margins, you know, with the four lines of business, and being a public company, the margins are what they are. So, you know, again, with all of our focus on interest income and the positive results for the year, we've improved our cash by $1.7 million. So, you know, as you think about interest income, we have, you know, prepaid card loads, that's somebody else's money, reserves, there's a lot of cash and restricted funds, and we're taking all that to the bank and earning interest as much as we can.
And then the other non-GAAP reconciliation is adjusted cash flows, and unfortunately, the PCAOB and SEC, they want to throw all these non-cash items into an operating cash flow statement. So the good news is, when you take out all the non-cash activities or non-operating activities, for the first nine months, we're up $2.4 million, versus a loss of $1.1 million last year. That's from a highlights perspective, and with that, I'll turn it over to Paul for questions and answers. Thank you all so much for being here. We really appreciate it.
Thank you, Tom. Let's give one more round of applause. Thanks for all the department heads, and Louis, for a great presentation and overview today. So we're gonna take some questions. I know that hopefully some people have some questions here, and I'll take the microphone, and I'll pass, I'll pass it around to whoever has one.
You seem to have had a lot of success with government programs across all four of your business units. Could you... including most recent, I think, State of Florida. Could you just talk about the potential there?
Yeah, the most recent was State of California.
Right.
Yeah, we did land Florida Turnpike and City of Miami for fees and fines, but yeah, government is an important sector to us, and especially because government likes to hand out money. So it works really well with our Card Issuing division to issue virtual cards and plastic cards to the citizens of, you know, the city, county, or state. And we've built up amazing reputation with these cities. Our reputation with LA County won us the state of California, 'cause they talk, and they said we're great. And you'll see us land some more state deals. Is there any more questions?
Thanks. Darren Chervitz, Jacob Asset Management. Just curious, you mentioned some pretty big competitors, you know, Stripe, Square, a lot of technology expertise there. Talked a little bit about how you differentiate yourself and compete with those guys, but can you give me any more color exactly, you know, how you win deals going up against those type of players? And then secondly, if you can just discuss maybe macro trends and how that's potentially affecting your business here in the fourth quarter and the next 12 months.
Yeah. So we don't compete against Square. Square does primarily retail, and we like to stay out of retail. We do see Stripe all the time, and every time we see Stripe, we get excited because we win. And we win because we have very rich technology, but it's all about the customer service aspect, where Stripe doesn't do a good job at. And so you can pick up phones with us and reach us. When you're implementing, you can talk to our development team, you know, which you can't do at Stripe. So being smaller and nimble and having a focus on customer service, that's how we beat Stripe. You know, each one of our divisions has a different set of competitors, right? So on the card side, we see Stripe and Tilled.
Tilled is a PayFac, and Tilled doesn't own their own technology, so they're not able to move quick when it comes to customizations, or they can't even customize. So you kind of get what they've got. So that's how we win in our Card division. In Card Issuing, we have some industry-leading technology and just amazing references. Mastercard loves us so much that they give us deals every week. And they... You know, we wouldn't be in the government sector for prepaid if it wasn't for Mastercard. Mastercard gave us our first referral for the city of New York, and Los Angeles called New York and said, "Hey, how are you doing that?" And we got the second city, you know, number one and number two, just from referrals.
And today we're in seven out of the top 10 cities in the United States, all because Mastercard started that for us. So every one of our divisions, we focus on customer service. So it's not just enough to have industry-leading technology, we believe in white glove service. Oh, and then macro events. We're not in retail, so you won't see us in restaurants and places that get affected by economic downturns. Majority of our accounts are non-discretionary. It's government. By the way, when things go bad, the government hands out more money. We've experienced that, and so, if we have a bad downturn, you know, states are gonna hand out money, especially California. They love to do that. So, we see that.
You know, during COVID, we had experienced some trends. Consumers' purchasing habits changed. They didn't want to touch a physical terminal anymore, so they wanted to use their wallets and their phones and do tap and pay. People didn't want to touch plastic cards either. So during that time frame, we issued more virtual cards than plastic. That trend is kept, it's stayed, which we love because the margins on virtual cards are higher than plastic cards. In fact, in most cases, we give away our plastic cards. You know, we don't mark them up. The industries we serve are typically ones that continue to get paid, like utilities, mortgage industry, tax payments. We have a segment, non-bank lending, our fintech lenders.
When things go bad in the macro world, they excel. People borrow and borrow more money from the fintech lenders, so it actually increases our transactions. So during COVID, we saw two segments that we have kind of get hit. We have some dental offices for ISVs and some veterinarian offices. They shut down for, like, six weeks, and that cost us, you know, about $1 million or so in top-line revenue. We actually grew revenues in 2020 over 2019, which is rare for payment processing industry. In fact, companies that had retail were down as much as 60% or 80% top line, and we actually grew revenues in 2020. We did that because we'd had a lot of government disbursements during that time frame.
Our fintech lending continued to go up, and then our non-discretionary accounts continued to process as normal. Another segment that we're a leader in that's kind of ubiquitous won't be touched by macro events is guaranteed income programs, and we pretty much have every guaranteed income program today as a client. We have that because we've developed unique methods to share the data that these programs need to track the purchasing history, so when they're handing out money. You know, there's a great one here in New York where single first-time mothers is if they take their babies to their prenatal appointments, and then they continue to take the babies to follow-up care, they get $750 a month, and we're distributing those funds.
We have other guaranteed income programs where it's just if you live in a certain city or a county or township, you're just receiving a check every month, and of course, it's a prepaid card from us. So those type of programs, they tend to thrive during bad micro events.
Well, just for the people online. Oh, sorry.
How about, have you looked at parking tickets, traffic tickets, building permits, and those other kind of related government programs?
Yeah, so we do a lot of fees and fines processing. So if you don't pay your parking tickets, if you don't pay your speeding tickets, we're involved in that in a big way. Some major cities that we do that for, Los Angeles County, 11 million citizens, Miami-Dade County, a couple million. And an offshoot to that is tollways, where when you go through a tollway and, you know, you don't have a tag, and they're just scanning your license plate, we send out bills for that, and we put a QR code on it that directs them back to our payment site. So we do a lot of fees and fines. We love that business.
We actually have the ISV that brings us a lot of that business, and they're doing property tax, fees and fines, and they work with counties and cities and states. Any more questions? Darren? You're sitting next to the CEO of MoviePass, so if you wanna ask anything about MoviePass, you'll- are they-
[crosstalk]
All right, I'll keep this short, but from an M&A perspective, very fragmented industry. You do have a little bit of history with Output and, and before that. But I'm just curious, you know, what are the opportunities you see out there with somewhat limited resources you have? But just curious, if you were going to make a move, you know, which business is probably most likely to see activity? And then, you know, do you see potentially, because scale is so important, that at some point, you yourself would be an attractive acquisition candidate for a larger company?
We have completed three acquisitions in the history of the company, all in the last seven years. Maybe a little longer, but we have a very strict criteria. We don't buy companies just to buy them. We've got to have some type of synergy, people, technology, industry segment, and then we've got to be able to buy them right. The third one that's kind of hard to accomplish is they have to be able to take care of themselves. We're not gonna buy somebody else's problem and think that we're gonna wave a magic wand and fix their problem. We don't want that distraction because we know that we have visibility into continued growth ourselves.
So right now, we look at properties all the time, and there's a lot of properties in our space that we would have synergies with or we could buy right, you know? But the third criteria is that they have some problem, and it's gonna distract us. So we haven't found anything we wanted to buy. And so, you know, and obviously, we wouldn't wanna do an equity raise right now to buy. So we would do something with debt if we ran into something. But so we're always looking, but we're really, really picky, and it's because we have so much visibility into our own growth. The second question is, are we an acquisition candidate? The board is very open to being acquired, and the calls have already happened.
We continue to manage those calls, and, you know, it's a likely outcome for our company. All right. Well, thanks, everybody, for coming today. I'll tell you, what time did we say we're going to take pictures?
All right, so 3:30 P.M., Nasdaq is gonna take professional photos. Anybody that wishes to participate, and we'll do that in their studio, right? So you can, you can pretend like you're ringing the bell, make yourself a really cool Instagram photo, and then, and then you'll get your picture on the MarketS ite board, which is right here. Right there.
We'll go outside.
We'll go outside. So, then our event is at the Marriott Marquis in Broadway Lounge. If you go across the street over there, and you go to the 8th floor, that's where the Broadway Lounge is, and we'll be serving drinks and food and have some fun and get rid of this tie, and hope to see everybody there.