MIND C.T.I.(MNDO) - 2024 Q3 - Quarterly Report

Financial Performance - Q3 2024 revenues were $5.2 million, a slight decrease of 1.0$5.3 million in Q3 2023[8] - Operating income for Q3 2024 was $0.7 million, down from$1.2 million in Q3 2023, attributed to increased costs of third-party hardware and licenses[8] - Net income for Q3 2024 was $0.9 million, or$0.05 per share, compared to $1.3 million, or$0.06 per share in Q3 2023[8] - For the first nine months of 2024, revenues were $16.2 million, a 1.3$16.0 million in the same period of 2023[8] - Net income for Q3 2024 was $929,000, a decrease of 25.6$1,250,000 in Q3 2023[22] Cash Flow and Position - The cash position as of September 30, 2024, was $15.5 million[8] - Cash flow from operating activities for the first nine months of 2024 was$3.8 million, compared to $3.4 million in the same period of 2023[8] - Net cash provided by operating activities for the nine months ended September 30, 2024, was$3,806,000, an increase of 12.3% from $3,389,000 in the same period of 2023[22] - Cash and cash equivalents at the end of Q3 2024 were$2,734,000, up from $2,576,000 at the end of Q3 2023, reflecting a 6.1$3,170,000, down from $6,125,000 at the beginning of Q3 2023[22] Revenue Sources - Customer care and billing software accounted for$2.9 million, or 56% of total revenues in Q3 2024[9] - Europe represented 53% of total revenues in Q3 2024, with the Americas contributing 40%[7] Investments and Dividends - The company reported a net cash used in investing activities of $1,426,000 for Q3 2024, compared to$4,504,000 in Q3 2023, indicating a significant reduction in cash outflow[22] - The company did not pay any dividends in Q3 2024, while the total dividends paid for the nine months ended September 30, 2024, were $4,868,000, slightly up from$4,839,000 in the same period of 2023[22] Operational Changes - The company is actively pursuing acquisitions that meet defined criteria for growth and earnings accretion[13] - A new win involved enhancing the MINDBill platform for an existing customer, transforming them into a full MVNE[12] Other Financial Metrics - Depreciation and amortization expenses for Q3 2024 were $47,000, consistent with Q3 2023[22] - The company experienced a decrease in accounts receivable of$40,000 in Q3 2024, compared to an increase of $2,000 in Q3 2023[22] - Unrealized gains from marketable securities were a net loss of$6,000 in Q3 2024, compared to a net loss of $1,000 in Q3 2023[22] - The company reported a decrease in deferred revenues of$492,000 in Q3 2024, compared to a decrease of $269,000 in Q3 2023[22]