Hello, everybody. Thank you for joining us here in person and everybody that's logged in globally. My name is Charlie Rushing. I work for Catalyst Corporate Advisory. We're a capital markets advisory firm. But today is not about me, it is about you guys here. So yeah, thank you for joining the MicroCap Rodeo. I would like to thank our sponsors, Lucosky Brookman, and The Money Channel. I will ask that for the question and answer portion, that if the presenter could repeat the question into the microphone for everybody listening online. And without further ado, I would like to introduce from Usio, Louis Hoch, Michael White, and Paul Manley.
Hello, everyone. I'm Louis Hoch, I'm the CEO of Usio. Usio is a fintech payment processor. We process payments for all different types of companies. What makes us different in industry is, besides our very rich tech stack, that we believe in diversity, diversity in the industries that we serve and diversity in the payment channels that we offer. We believe it's very important for consumers to be able to choose how they wanna get paid or how they wanna pay you. So we have all payment channels, and we serve a lot of different industries. That diversity served us very well during COVID. We're one of the few payment processors that actually grew revenue during COVID.
And that occurred because even we had some industries that were affected by COVID, like dental and veterinarian offices that shut down. We had a huge increase in government payments during that time. On the payment channel side, we saw consumers' behaviors change. People realized that there was a lot of bacteria on terminals, so nobody wanted to touch one. So touchless payments became very important during that time frame. We delivered more virtual cards during that time frame than we did plastic cards. Luckily, that trend has continued since 2020. The company's been around for a long time; it's 25 years. What really matters is, like, the last eight years, where we changed our strategy to be a high-growth company. Within our industry, our competitors knew that our tech was very unique.
And the question with the industry is, could it scale? And we wanted to prove to the industry that it could scale by growing fast, and we've done a great job at that. So, last year's revenue growth was 19% year-over-year. This year, we're projecting 3%- 7% growth, but that's with us replacing over $12 million of one-time revenue that occurred last year. That was specific to a program we did for the city of New York, where New York handed out $100 cards to people for anybody who received a vaccination shot. That was about $100 million in distributions that we did for the city of New York.
So last year, we experienced almost 20% growth, but a portion of that was the $12 million in spoilage revenue that we received from New York City. So this year, we're going to continue our growth, but we actually replaced that one-time revenue with a lot more recurring transactions. In fact, the majority of our revenue today is recurring. Our shareholder base, we just have everybody's common shareholders. A large portion of the shares are owned by insiders and management. You can see our revenue has done a great job, especially in the last eight years. Our revenue growth has grown seven times in that same time frame, and we're on a trajectory to continue that growth and actually accelerate it next year. We have four operating divisions.
All of them are payments-oriented, and we're going to talk about all of them today in detail. But first one is payment facilitation, and that's card processing, specifically for software companies that write software for industry vertical. We do ACH processing, which we have a lot of volume in, and that's direct debits and credits off your checking savings account. Card issuing, we have. We're a processor for prepaid Mastercards for various use cases that we'll go through today. And then Output Solutions, we perform print and mail and electronic delivery of statements for financial institutions, utilities, mortgage companies, insurance companies, cities and counties. So our offerings are unique in the space. A lot of it revolves around our technology.
We operate our own tech stack that's very easy for developers to integrate, but we also have a focus on customer service, and this wins us quite a bit of accounts, so when we go up against competitors like Stripe that don't answer the phone, we're able to beat them because our technology is as good or better, and we focus on customer service, so you can email us, you can call us, you know, 24/7 , and somebody's going to work with you, which is very important because we're talking about customers' money here. The majority of our sales are made on a leveraged go-to-market strategy, where we sell to integrated software vendors. Those are companies that write software for industry vertical. A great example of that would be one of our company's customers called PracticeSuite.
They write software for doctors' offices. They have 20,000 doctors' offices running their software. So we choose to sell to them. They integrate into us, and every time that they sign a new software customer, we get a new account. So that go-to-market strategy is the gift that keeps on giving. Every day, we wake up to 30- 40 new accounts that we've sold, that nobody within our organization has had contact with. So payment facilitation is credit card, debit card processing, but specifically for software companies. And like we talked about with Practice Suite, these companies like to integrate with us because it makes their software look like they're a payment processor. It enhances their brand. So their customers think that the software company is processing the payment.
So it makes their software customers more stickier, and the relationship lasts longer time. We also share revenue with the payment facilitators. So now they're earning revenue from their software, and when they partner with us, they're also earning revenue from their payments as well. In this division, we announced last quarter that we signed our largest deal we've ever signed in the history of the company, which is a software company that is today processing $1.4 billion annually with Stripe, and we won that business. That is potentially worth about $35 million in annual revenue for us, which about doubles this division's revenue from last year.
It'll take a little while for us to implement all those downstream clients, but we've implemented a couple, just recently in this quarter, and those implementations will continue to occur from all next year. ACH is direct debits and credits off your checking and savings account. In this part of our business, we're industry leader. We have so much volume here that if we were a bank, we'd be the fiftieth largest bank in the United States, based upon the volume that we transmit through the Federal Reserve, in any given year. Because we have so much volume and we're also certified by the regulator, Nacha, which governs ACH payments and wire payments, because we have, again, so much volume, we actually have our own Fed terminal, so we're treated just like a bank.
Us and PayPal have their own Fed terminals, but that'll just give you an idea of how much volume that we actually have and credibility that we have in the industry. Because we have so much volume, we pretty much have everybody's checking and savings account. We can take that data and give it to our merchants and say, "Hey, we've seen Louis's checking account 10x in the last month, and every transaction's been good." Or, "We've seen Louis's checking account 10x in the last month, but the last two transactions were bad. They're NSF." So then that merchant can say, "Oh, I probably don't want to do business with Louis," or, "I do want to do business with Louis." It's very unique for us because we have that much data. Card issuing, very rich tech stack here.
We issue prepaid Mastercards for many different use cases. Our customers include over 200 cities and counties in the United States. We recently signed our first state deal, which is State of California. We distributed $90 million for flood victims on cards and some other customers that you would know, we have OpenTable. So if you book your reservations through OpenTable, you can turn those points into rewards, and one of the rewards that they offer is a OpenTable Mastercard, and that's us. We have the top 30-something universities in the United States that we provide cards, gift cards and prepaid cards for. All the football bowl games last year, we did all the per diem cards for all the athletes. Top four drug companies, we provide clinical card trial incentive cards for them.
So if you go to a Pfizer or a Merck or an Eli Lilly clinical trial, you're gonna receive one of their cards, but that's us in the back end. We have numerous fintechs that use this division to facilitate their products, including MoviePass. So MoviePass, you pay $20-$30 a month, and you get so many credits to watch movies in a given month. But you, as a consumer, the way you access your subscription is you go to any movie theater you want, and you swipe your MoviePass Mastercard. And when that happens, a message comes in to us and says, oh, you know, Louis is at AMC Theatres, and he wants to watch a movie, and the cost is $14.
A transaction comes into us, and through unique technology that just us and Marqeta has, it's called real-time external authorization. We send that transaction to MoviePass, and MoviePass says, Oh, Lewis has got enough credits. Go ahead and pay the $14. And then we pay the AMC Theatres, and then you're able to watch that movie on your subscription with MoviePass. We have a unique technology here. We're the only company that's figured out how to push a card directly into your phone without you requesting it. So everybody's got it figured out how you've got your card in front of you. You got your American Express. You can put it in your Apple Wallet, Samsung Wallet, Google Wallet. But we're the only company that's figured out how to push it directly into your phone without you even knowing about it.
And that allows us to do certain promotions that our competitors can't do. For example, you could be like at a UT football game, University of Texas football game, and see on the scoreboard, text Go Bevo to, which is our mascot, to this short code to receive a free Coke. And if you do that, the message comes to us, and we're gonna push to your phone, Samsung, Google, Apple, a branded UT Mastercard into your wallet that can only be used in that stadium for the next four hours, you know, with $5. If you leave the stadium or the time's expired, we take the $5 off that card, hand it back to Coca-Cola, less our fee, $0.25, and they've got an effective promotion.
But they also now know who you are, and Coke can market to you and teach you how to use that card. The university could as well, say, you know, you've got a university Mastercard in your wallet. Here's how you reload it. So it's very unique. I'll give you another example of the power of that technology. We do, we have a customer that does geolocation offers, where you walk by Taco Bell and your phone rings, beeps and says, "Do you want a free taco?" And if you, if you click yes, then you can go in, you got a coupon, and Taco Bell will give you a free taco, right?
So that technology, they came to us and said, "Hey, we need to initiate payments." The first promotion we did with them was Coca-Cola Bottling Company out of Georgia. They rolled out all these new Coke machines that were tap-and-pay-enabled, and they wanted to give free product. They did their homework and said, "Hey, if you use the machine once, you're more likely to use it multiple times." And of course, they didn't want to collect money out of these machines.
They initiated this offer through us, and the first person that received this offer was a high school student in Atlanta that walked past the Coke machine, and it, his phone beeps and said, "Do you want a free Coke?" In the timeframe that he picks up his phone and accepts the offer and taps it up against the Coke machine, we've loaded his phone with a card that can only be used at that Coke machine for the next hour. When he does that, out comes free Coke. And of course, he's amazed. Well, he goes back to his class, and he tells all his friends. He's like: Here, here's how you get a free Coke. And it was at a high school. Well, they drained that whole Coke machine.
There were 600 Cokes in there, and they drained it within three hours. Our fraud department thought, you know, the Russians or, you know, somebody were trying to hack us through the Coke machine, and they were about ready to turn off the program, but somebody walked by that knew what was going on and said, "Don't do that." Anyway, that program went social or went viral, right, on social media, and because these kids told all their friends, and in 48 hours, we issued 87,000 cards or 87,000 Cokes for Coca-Cola Bottling Company. Coca-Cola was so impressed, they called our partner, the geolocating company, and said, "Yeah, your software is amazing, but you got to turn it off," because they already hit their budget, $250,000, you know, in 48 hours.
But that's kind of the power of that technology, and again, we're the only company that's figured out how to do that. Our last division is Output Solutions. And Output Solutions is a print house, and we print statements for a variety of customers, financial institutions, utilities. We do fees and fines processing for, like, Los Angeles County and Miami-Dade County. We do print and mail for toll roads, and so if you've gone on a New Jersey Turnpike and you don't have a sticker, we're the company that's mailing you a letter saying, "Here's a picture of your license plate.
Here's all the tolls that you owe." And then we embed a QR code in that, that letter, that if you scan it, it prepopulates all your information, your account number, who you are, and then you're able to make a payment. So Output Solutions only prints first-class mail, which is invoices and statements and tax notices. But Output Solutions also generates a lot of electronic documents. So all of our customers not only ask us to do print, but we're also generating the PDF that goes with it. We have a lot of customers that are PDF only or electronic only, but when we send out these electronic documents, we're also doing a pay button that goes with them.
Output Solutions is very complementary to our payments business, and we get business like the toll road business because we're able to print the QR codes, mail something, and then drive them back to a payment. Also in this division, we print a lot of checks, and we print checks for Verizon, T-Mobile, AIG, a lot of utilities, Time Warner, which is Charter Communications. And those are typically refunds. Those are where you've paid too much to that company and they have to send you back money. We print millions and millions of checks every year. This last year, our check volume has grown substantially because we entered in bankruptcy distributions. Last year, we did bankruptcy distributions for companies like Voyager Digital that went bankrupt. You'll see more of those types of transactions this year, this coming year.
So, Output Solutions growing nicely, and again, drives a lot of different payments for us. So I'd like to introduce Michael White, our Chief Accounting Officer, and he'll walk you through the financial.
Thanks, everyone. As I said, my name is Michael White. I'm the Chief Accounting Officer at Usio. Here's our report on our non-GAAP reconciliation. Adjusted EBITDA is an important metric for us, which is essentially, you know, GAAP EBITDA less our stock compensation. As Louis mentioned, we had revenues grow 19% from 2022 to 2023. 2024, we expect 37% growth. Kind of a catalyst change that we expect this year is to produce earnings per share. We're expecting adjusted EBITDA of over $4 million. Traditional EBITDA around half of that.
We've reached profitability and are expecting, you know, this year to produce earnings per share and continue that trend, in the next coming years. So, we also have a very strong balance sheet. We're cash flow positive. So Usio, at any given time, can hold between $80 million-$100 million in cash. But a large portion of that is the funds that we're processing on behalf of our merchants. And so on our balance sheet, you'll see a quite large cash balance. But with that comes a liability that corresponds with the cash that we're holding on behalf of others.
Usio's operating cash sits at around $7.5 million, and we're continuing to see that number grow through the remainder of the year. Then you know, again, projecting that profitability into the future.
And to add what Michael was saying, our cash balance continues to grow. Not only does it continue to grow from operations, but it's growing from operations while we're buying stock back. So we have active stock, a repurchase plan, and we've been able to buy back a lot of stock. And obviously, we wouldn't do that if we didn't think our stock was undervalued. I mean, so we're actively buying stock back and still generating excess cash for us through the operation. So that's all we have for today. Does anybody have any questions? So our competition for each division is different. But you know, so like Stripe that we talked about earlier is our main competitor on payment facilitation.
And we do really well against them, and it's because they don't have a focus on customer service. They have some great technology, and we have great technology as well. But when you're, you know, processing payments for a company, the people want to be able to talk to somebody on the phone, and it's as simple as that, and that's why we beat them. They also don't share revenue, so they don't work with software companies and give them back money for payments, and we do. So that's a good example. And, you know, card issuing, we have competitors like Marqeta that kind of do different things than us, different verticals, but very similar to us. Oh, yeah. Definitely. Yeah, so we're going to continue to grow next year.
We haven't set guidance for next year, but we have let everybody know that we have enough deals already sold that our revenue top line number should exceed $100 million next year. It's likely us. In fact, I think we have a huge account here that a software company called TenantMagic that works with a lot of buildings here in New York. Yeah, that might be us, and I might have your bank account. So yeah. Anybody else? All right. Thank you so much. Our stock symbol is just like our name, Usio, and we're traded on Nasdaq. Thank you.