Revenue Performance - Total revenue for Q3 2024 was $6.95 million, an 8% decrease from $7.57 million in Q3 2023[3] - Total revenue for the first nine months of 2024 was $21.6 million, a 16% decrease from $25.8 million in the same period of 2023[8] - Revenues for the three months ended September 30, 2024, were $6,953,000, a decrease of 8.1% compared to $7,569,000 for the same period in 2023[28] Customer Metrics - Subscriptions increased to 1,121, up 9% from 1,050 in Q2 2024 and 7% from the prior year[2] - As of September 30, 2024, the company had 12,505 active customers, up from 12,171 a year earlier[14] Profitability and Income - Operating income decreased to $156,000 in Q3 2024, compared to $593,000 in Q3 2023[5] - Net loss for Q3 2024 was $(466,000), or $(0.12) per diluted share, compared to net income of $273,000, or $0.07 per diluted share in Q3 2023[5] - Non-GAAP adjusted EBITDA for Q3 2024 was $1.37 million, or 20% of revenue, compared to $1.76 million, or 23% of revenue in Q3 2023[7] - The company reported a net loss of $598,000 for Q3 2024, compared to a net income of $1,492,000 in Q3 2023, resulting in a diluted loss per share of $(0.16) versus earnings of $0.39[18] - Non-GAAP net income for Q3 2024 was $1,809,000, with a diluted earnings per share of $0.47, down from $4,314,000 and $1.13 per share in Q3 2023[18] Cash Flow and Operations - Cash flows from operations increased to $1.5 million in Q3 2024 from $0.3 million in Q3 2023[6] - Free cash flow for Q3 2024 was $1,358,000, significantly higher than $110,000 in Q3 2023, while adjusted free cash flow was $1,369,000 compared to $127,000 in the prior year[19] - For the nine months ended September 30, 2024, the company generated $2,294,000 in net cash from operating activities, slightly up from $2,290,000 in the same period of 2023[19] Balance Sheet - Total assets decreased to $61,723,000 as of September 30, 2024, down from $65,152,000 at the end of 2023[26] - The company’s total liabilities decreased to $26,459,000 as of September 30, 2024, compared to $29,732,000 at the end of 2023[27] - The company’s cash and cash equivalents were reported at $4,086,000 as of September 30, 2024, down from $5,714,000 at the end of 2023[26] - Cash and cash equivalents at the end of the period were $4,086,000, down from $5,050,000 at the end of the prior year[30] Expenses - The company incurred $468,000 in stock-based compensation expense in Q3 2024, down from $1,050,000 in Q3 2023[18] - Interest expense for the nine months ended September 30, 2024, was $(835,000), compared to $(817,000) in the same period last year[28] Strategic Focus - The company plans to continue focusing on strategic acquisitions and integration-related projects in the upcoming quarters[20] Other Financial Metrics - Gross margin for Q3 2024 was $5.17 million, or 74% of revenue, down from 76% in Q3 2023[4] - Gross profit for the nine months ended September 30, 2024, was $16,136,000, down 18.9% from $19,877,000 in the prior year[28] - Operating income for the three months ended September 30, 2024, was $156,000, a decline of 73.7% compared to $593,000 in the same period last year[28] - Net loss for the nine months ended September 30, 2024, was $(598,000), compared to a net income of $1,492,000 for the same period in 2023[29] - Capitalized software costs for the nine months ended September 30, 2024, were $(537,000), an increase from $(319,000) in the same period last year[30] - The company reported a decrease in accounts receivable of $(951,000) for the nine months ended September 30, 2024, compared to a decrease of $(1,669,000) in the prior year[29] - The weighted average number of common shares outstanding for the three months ended September 30, 2024, was 3,833,000, an increase from 3,810,000 in the same period last year[28] - The company’s goodwill remained stable at $21,927,000 as of September 30, 2024, unchanged from the end of 2023[26]
Issuer Direct (ISDR) - 2024 Q3 - Quarterly Results