Financial Performance - Total net revenue for the three months ended September 30, 2024, was 13,399,000 for the same period in 2023[8] - Net income for the three months ended September 30, 2024, was 222,000 for the same period in 2023[9] - Basic earnings per share for the three months ended September 30, 2024, was 0.03 for the same period in 2023[8] - Total comprehensive income for the three months ended September 30, 2024, was 196,000 for the same period in 2023[9] - Net income for the nine months ended September 30, 2024, was 2,909,000 for the same period in 2023, representing an increase of approximately 21%[14] - Total revenue for the three and nine months ended September 30, 2024, was 42,576,000, representing an increase of 17% and a decrease of 3% compared to the respective periods in 2023[75] Assets and Liabilities - Total current assets decreased to 44,489,000 as of December 31, 2023, a decline of 6.0%[6] - Total liabilities decreased to 63,826,000 as of December 31, 2023, a reduction of 1.6%[6] - Total stockholders' equity decreased to 52,704,000 as of December 31, 2023, a decrease of 1.9%[6] - Cash and cash equivalents decreased to 26,918,000 as of December 31, 2023, a decline of 16.5%[6] - Total cash at the end of the period on September 30, 2024, was 31,614,000 at the end of September 2023, reflecting a decrease of approximately 29%[16] Expenses - Marketing expenses increased to 63,000 for the same period in 2023, an increase of 25.4%[8] - Development expenses remained relatively stable at 2,489,000 for the same period in 2023[8] - Total operating expenses increased by 6% for the three months ended September 30, 2024, primarily due to a 16% rise in general and administrative expenses[79] - Stock-based compensation expense increased to 150,000 in the same period of 2023[14] Revenue Breakdown - Professional services revenue increased to 6,432,000 in 2023, representing an 8.9% growth[23] - Processing and maintenance revenue rose to 5,814,000 in 2023, marking a 4.4% increase[23] - Revenue from the United States for the three months ended September 30, 2024, was 12,777,000 in 2023[24] - Revenue from services was 41,156,000 for the three and nine months ended September 30, 2024, reflecting a 7% increase and a 2% decrease compared to the same periods in 2023[76] - Revenue from products, primarily software license fees, was 0 and 5,039,000, a decrease from 3,982,000 for the nine months ended September 30, 2024, compared to 1,831,000 in publicly traded multi-sector corporate and municipal debt and treasury securities during the nine months ended September 30, 2024[84] Stock Repurchase and Equity - The company repurchased approximately 9.3 million authorized for future repurchases as of September 30, 2024[18] - The balance of common stock repurchased, including excise tax, was 20 million share repurchase program in May 2022, with approximately $9.3 million remaining as of September 30, 2024[73] Market and Strategic Developments - The company opened a new office in Dubai in October 2020 and in Bogotá, Colombia in October 2021 to support expansion in new markets[69] - The company continues to gain economies of scale in its Processing Services business, adding new processing customers at a faster pace than new license customers[63] - Goldman Sachs Group, Inc. represented 62% of consolidated revenues for the nine months ended September 30, 2024, posing a risk of revenue loss if contract obligations are not met[89] Certifications and Governance - The report includes various certifications required by the Sarbanes-Oxley Act of 2002 from the Chief Executive Officer and Chief Financial Officer[99] - The report is signed by Matthew A. White, Chief Financial Officer, and J. Leland Strange, Chief Executive Officer, on October 31, 2024[101]
CoreCard(CCRD) - 2024 Q3 - Quarterly Report