Financial Performance - Total revenue for Q2 2024 was $13.8 million, a decrease of 12% from $15.7 million in Q2 2023[1][2] - License revenue was $0 for Q2 2024, down from $1.794 million in Q2 2023[2] - Professional services revenue decreased to $6.973 million in Q2 2024 from $7.354 million in Q2 2023, a decline of 5.2%[2] - Net income for Q2 2024 was $0.9 million, down 52% from $1.9 million in Q2 2023[2][3] - Earnings per diluted share decreased to $0.11 in Q2 2024 from $0.22 in Q2 2023[3][8] - Adjusted EBITDA for Q2 2024 was $2.5 million, a decline of 48% from $4.8 million in Q2 2023[3][14] Assets and Cash Position - Total assets as of June 30, 2024, were $61.557 million, down from $63.826 million at the end of 2023[11][13] - Cash and cash equivalents decreased to $22.589 million as of June 30, 2024, from $26.918 million at the end of 2023[11] Strategic Focus - The company continues to invest in its platform and processing capabilities, onboarding new customers[1] - CoreCard is focused on sustainable growth and technological innovation in the financial technology sector[5] Non-GAAP Measures - Adjusted EPS is defined as diluted earnings per share adjusted to exclude share-based compensation expense, highlighting its importance for evaluating core operating results[16] - Adjusted EPS and Adjusted EBITDA should not be viewed in isolation or as alternatives to net income or GAAP-derived performance measures, indicating potential differences in calculation methods among companies[16] - The reconciliation of CoreCard's GAAP results to non-GAAP results is provided, emphasizing the need for careful comparison with other companies[16]
CoreCard(CCRD) - 2024 Q2 - Quarterly Results