Core Points - CoreCard Corporation reported total revenues of $13.8 million for Q2 2024, a decrease from $15.7 million in Q2 2023, primarily due to lower license and processing revenues from Kabbage [2][3] - The company’s net income for the second quarter was $0.9 million, down from $1.9 million in the same quarter last year, with diluted earnings per share decreasing from $0.22 to $0.11 [4][9] - Adjusted EBITDA for Q2 2024 was $2.5 million, compared to $4.8 million in Q2 2023, indicating a decline in operational performance [4][18] Financial Performance - Total revenues for the three months ended June 30, 2024, were $13.8 million, down from $15.7 million in the same period in 2023 [3] - Income from operations decreased to $1.1 million in Q2 2024 from $2.7 million in Q2 2023 [3][9] - Adjusted earnings per diluted share were $0.15 for Q2 2024, compared to $0.23 in Q2 2023 [4][17] Revenue Breakdown - Revenue sources for Q2 2024 included: - Professional services: $6.973 million (down from $7.354 million in Q2 2023) - Processing and maintenance: $5.694 million (slightly up from $5.689 million in Q2 2023) - Third-party revenue: $1.130 million (up from $0.855 million in Q2 2023) [6][9] Balance Sheet Highlights - As of June 30, 2024, total assets were $61.557 million, a decrease from $63.826 million at the end of 2023 [12][13] - Current liabilities decreased to $8.007 million from $9.540 million at the end of 2023 [11] - Stockholders' equity was $50.849 million, down from $52.704 million at the end of 2023 [11] Future Outlook - The company continues to invest in its platform and processing capabilities, aiming to onboard new customers who appreciate the features of the CoreCard platform [2][7] - An investor conference call was scheduled for August 1, 2024, to discuss the financial results and future strategies [5]

Financial Performance - Total net revenue for the three months ended June 30, 2024, was $13,797,000, a decrease of 8.4% compared to $15,692,000 for the same period in 2023[7]. - Net income for the three months ended June 30, 2024, was $896,000, down 52.2% from $1,875,000 in the same period last year[8]. - Total revenue for the six months ended June 30, 2024, was $26,873,000, down 11.5% from $30,448,000 in the same period of 2023[21]. - Professional services revenue for the six months ended June 30, 2024, was $12,799,000, a decrease of 18.3% from $15,695,000 in 2023[21]. - Total revenue for the three and six month periods ended June 30, 2024 was $13,797,000 and $26,873,000, representing decreases of 12% compared to the respective periods in 2023[61]. - Revenue from services decreased by 1% and 6% for the three and six month periods ended June 30, 2024, primarily due to lower professional services revenue from Goldman Sachs Group, Inc.[62]. - Revenue from products, primarily software license fees, was $0 for the three and six month periods ended June 30, 2024, compared to $1,794,000 in the respective periods of 2023[64]. Assets and Liabilities - Total current assets decreased to $40,681,000 as of June 30, 2024, from $44,489,000 as of December 31, 2023, representing a decline of 8.5%[4]. - Total assets decreased to $61,557,000 as of June 30, 2024, from $63,826,000 as of December 31, 2023, a reduction of 3.5%[5]. - Total current liabilities decreased to $8,007,000 as of June 30, 2024, from $9,540,000 as of December 31, 2023, a decrease of 16.1%[4]. - Total stockholders' equity decreased to $50,849,000 as of June 30, 2024, from $52,704,000 as of December 31, 2023, a decline of 3.5%[5]. - Cash and cash equivalents decreased to $22,589,000 as of June 30, 2024, from $26,918,000 as of December 31, 2023, a decrease of 16.5%[4]. Cash Flow and Operating Activities - Cash provided by operating activities for the six months ended June 30, 2024, was $2,341,000, compared to $15,121,000 in 2023, reflecting a significant decline[13]. - The company reported a net cash decrease of $4,329,000 for the six months ended June 30, 2024, compared to an increase of $10,606,000 in the same period of 2023[15]. - The company’s cash paid for operating leases for the six months ended June 30, 2024, was $659,000, slightly down from $674,000 for the same period in 2023[45]. Shareholder Activities - The company had approximately $11.0 million authorized for future repurchases of common stock as of June 30, 2024[10]. - Share repurchases amounted to $3.7 million for the six months ended June 30, 2024, with approximately $11.0 million of authorized share repurchases remaining[72]. - A total of 147,040 shares were repurchased during the three months ended June 30, 2024, at an average price of $14.08 per share[80]. Risks and Challenges - Goldman Sachs Group, Inc. accounted for 61% of the company's consolidated revenues for the six months ended June 30, 2024, posing a risk of revenue loss if contract obligations are not met[75]. - The company faces risks from potential delays in software development projects, which could increase costs and reduce revenue[76]. - Increased federal and state regulations may lead to higher costs and affect customer relationships, impacting revenue growth[76]. - The company is exposed to risks from global financial market instability, which could delay customer purchasing decisions[75]. - The company has identified potential security breaches as a risk that could lead to material losses exceeding insurance coverage[75]. - Competitive pressures may result in prospective customers opting for alternative solutions, negatively affecting revenue and profits[76]. - Future capital needs remain uncertain, with potential challenges in securing additional capital on acceptable terms[76]. Income and Expenses - Basic earnings per share for the three months ended June 30, 2024, was $0.11, down from $0.22 in the same period of 2023[7]. - The company reported a total comprehensive income of $865,000 for the three months ended June 30, 2024, compared to $1,869,000 for the same period in 2023[8]. - Stock-based compensation expense for the six months ended June 30, 2024, was $585,000, up from $150,000 in the same period of 2023[27]. - Total operating expenses decreased by 4% and 3% for the three and six month periods ended June 30, 2024, respectively, compared to the same periods in 2023[66]. Other Financial Metrics - The effective tax rates for the three and six months ended June 30, 2024 were 24.4% and 24.8%, compared to 24.8% for the respective periods in 2023[68]. - The company holds a 26.5% ownership interest in a privately held company, with a carrying value of $3,624,000 as of June 30, 2024[26]. - The company recorded losses of $199,000 and $438,000 for the three and six months ended June 30, 2024, respectively, related to its equity investment[26]. - The total fair value of cash equivalents and marketable securities as of June 30, 2024, was $22,955,000, with $17,698,000 in money market accounts and $5,257,000 in corporate, municipal debt, and treasury securities[39]. - The company reported a total lease liability of $3,849,000 as of June 30, 2024, with operating lease payments due in 2024 amounting to $724,000[46]. - The weighted average remaining lease term increased to 3.5 years as of June 30, 2024, from 2.8 years as of December 31, 2023[44]. - The company had six marketable securities in an unrealized loss position as of June 30, 2024, but did not identify any that were other-than-temporarily impaired[41]. - The estimated fair value of options granted was calculated using the Black-Scholes option pricing model, with an aggregate intrinsic value of $390,250 for in-the-money options as of June 30, 2024[29]. - The company experienced a decrease in general and administrative costs, reporting $238,000 for the six months ended June 30, 2024, compared to $223,000 for the same period in 2023[47]. - For the six months ended June 30, 2024, the cost of revenue was $659,000, an increase from $674,000 for the same period in 2023[47].

KeyBanc Technology Leadership Forum on August 6, 2024 in Vail, CO. Oppenheimer 27th Annual Technology, Internet & Communications Conference on August 14, 2024 (virtual). Seaport Financials and FinTech Conference on August 15, 2024 (virtual). If you would like to schedule time to meet with the Company at the conferences, please reach out to the hosting bank. NORCROSS, Ga., July 25, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation [NYSE: CCRD], the leading provider of innovative credit technology solutions and p ...

NORCROSS, Ga., July 25, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation [NYSE: CCRD], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced that Leland Strange, President & CEO, and Matt White, CFO, will be participating in the following investor conferences: KeyBanc Technology Leadership Forum on August 6, 2024 in Vail, CO. Oppenheimer 27th Annual Technology, Internet & Communications Conference on August 14, 20 ...

Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcasteqs.com/register/corecard080124/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company's website at investors.corecard.com as soon as available after the call. CoreCard Corporatio ...

NORCROSS, Ga., July 18, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on August 1, 2024, at 11:00 A.M. Eastern Time in conjunction with the company's earnings release for the quarter ended June 30, 2024. The company plans to issue a press release with the financial results for the period before the market opens on Au ...

CoreCard Corporation (NYSE:CCRD) Q1 2024 Earnings Conference Call May 2, 2024 11:00 AM ET Company Participants Matt White - Chief Financial Officer Leland Strange - Chairman & Chief Executive Officer Conference Call Participants Hal Goetsch - B. Riley Securities Avi Fisher - Long Cast Advisers Operator Greetings, and welcome to the CoreCard First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. ...

CoreCard Corporation (CCRD) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 250%. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced earnings of $0.06, delivering a surprise of 500%.Over the last four quarters, the company ...

EXHIBIT 99.1 NORCROSS, Ga., May 02, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation (NYSE: CCRD) ("CoreCard" or the "Company"), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended March 31, 2024. "Overall revenue of $13.1 million in the first quarter was in-line with our expectations, reflecting continued year-over-year growth in processing and maintenance of 13%, whi ...

† Certain portions of this exhibit have been omitted pursuant to Item 601 of Regulation S-K(b)(10)(iv). Date: May 2, 2024 By:/S/ J. Leland Strange J. Leland Strange Chief Executive Officer, President EXHIBIT INDEX 19 Lease expense for the three months ended March 31, 2024 and 2023 consisted of the following: • Level 3 FORM 10-Q ☑ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission fi ...