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3PEA Reports Full Year 2018 Financial Results

3PEA International, Inc. (NASDAQ: TPNL),
a vertically integrated provider of innovative prepaid card programs and
processing services for corporate, consumer and government applications,
reported financial results for the fourth quarter and full year ended
December 31, 2018.


Financial Highlights





Revenue for the year ending December 31, 2018 was $23.4 million, an
increase of 54% compared to $15.2 million the prior year.






Gross profit increased 70% to $11.4 million or 49% of revenues,
compared to $6.7 million or 44% of revenues in 2017.






Total operating expenses were $8.9 million compared to $4.9 million
the prior year.






Net Income attributable to 3PEA was $2.6 million, an increase of 44%
compared to $1.8 million the prior year. Earnings per basic share was
$.06 versus $.04 the prior year.






Non-GAAP Adjusted EBITDA was $54.9 million, an increase of 65%
compared to $3.0 million in 2017. Non-GAAP Fully Diluted EPS was $.09
as compared to $.06 the prior year.






Our revenue conversion rate of gross dollar volume loaded on cards was
3.77%, or 377 bps in 2018 compared to 3.75% or 375 bps in the prior
year.





Financial Guidance





The company reiterates its previously released revenue guidance for
2019 of $38.0 to $40.0 million, representing a 62% to 71% increase
compared to $23.4 million for full year 2018.






Today, the company sets Adjusted EBITDA guidance at $10.0 to $12.0
million, representing a 104% to 145% increase compared to $4.9 million
for full year 2018.





2018 Financial Results


Revenues for the year ended December 31, 2018 were $23,423,675, an
increase of $8,189,584 compared to the year ended December 31, 2017,
when revenues were $15,234,091. The increase in revenue of 54% was
primarily due to an increase in the number of new corporate incentive
prepaid card programs and growth within our existing programs.
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