Q2 2024 CoreCard Corp Earnings Call Transcript
Key Points
- CoreCard Corp (CCRD) reported revenue growth of 34% year-over-year, excluding its largest customer, Goldman Sachs.
- The company is successfully onboarding new customers through direct channels and partnerships, indicating a positive growth trajectory.
- CoreCard Corp (CCRD) has over $22 million in cash, providing a strong financial position to support ongoing investments and share buybacks.
- The company repurchased 147,040 shares in the second quarter, demonstrating a commitment to returning value to shareholders.
- The new CoreFI or CoreFinity platform is progressing well, expected to be completed by the end of 2025, which is anticipated to benefit long-term growth.
- Total revenue for the second quarter of 2024 decreased by 12% year-over-year, primarily due to lower license and professional services revenue.
- Income from operations dropped significantly to $1.1 million from $2.7 million in the same quarter last year.
- Operating margin decreased to 8% from 17% year-over-year, impacted by lower revenues and continued investments.
- Earnings per diluted share fell to $0.11 from $0.22 in Q2 2023, reflecting a decline in profitability.
- The company experienced a decline in fintech activity, which could impact future growth opportunities in that sector.
Good morning, everyone. With me on the call today is Leland Strange, Chairman and CEO of CoreCard Corporation. He will add some additional comments and answer questions at the conclusion of my prepared remarks.
Before I start, I'd like to remind everyone that during the call, we will be making certain forward-looking statements to help you understand CoreCard Corporation and its business environment. These statements involve a number of risk factors, uncertainties and other factors that could cause actual results to differ materially from our expectations.
Factors that may affect future operations are included in our filings with the SEC, including our 2023 Form 10-K and subsequent filings. We'll also discuss certain non-GAAP financial measures, including adjusted diluted EPS and adjusted EBITDA, which is adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables included with our earnings release.
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