CoreCard(US:CCRD)2023-08-01 16:00Revenue Contributions - For the three months ended June 30, 2023, Customer A contributed 70% of total revenue, consistent with the same period in 2022[44] - Total revenue for the six months ended June 30, 2023, was $30,448,000, a decrease of 22.9% from $39,490,000 in the same period of 2022[68] - Professional services revenue for the six months ended June 30, 2023, was $15,695,000, an increase of 10.8% compared to $14,167,000 in the same period of 2022[68] - Processing and maintenance revenue increased to $11,119,000 for the six months ended June 30, 2023, up 29.0% from $8,570,000 in the same period of 2022[68] Financial Performance - The company reported a loss of $391,000 for the three months ended June 30, 2023, from its equity method investment, compared to income of $260,000 in the same period of 2022[44] - Net income for the six months ended June 30, 2023, was $3,131,000, a decrease of 72.8% compared to $11,526,000 in the same period of 2022[61] - The net income for the six months ended June 30, 2023, was $1,875,000, compared to $2,856,000 for the same period in 2022[59] Cash and Investments - Cash at the end of the period increased to $31,005,000 as of June 30, 2023, compared to $21,516,000 at the end of the same period in 2022[61] - The company reported a net cash used for investing activities of $(4,029,000) for the six months ended June 30, 2023, compared to $(5,650,000) in the same period of 2022[61] - The company’s cash and cash equivalents, along with marketable securities, approximate their fair value due to their short-term maturity[50] Stockholder Equity and Repurchases - The total stockholders' equity as of June 30, 2023, was $55,579,000, an increase from $52,125,000 as of June 30, 2022[59] - The company authorized approximately $17.9 million for future repurchases of its common stock as of June 30, 2023[59] Other Financial Adjustments - The company adopted ASU 2022-02 on January 1, 2023, which did not have a material impact on its consolidated financial statements[43] - The company’s stock compensation expense for the three months ended June 30, 2023, was $150,000[59] - The company recorded $150,000 in stock-based compensation expense for both the three months ended June 30, 2023, and 2022[72] - The company’s foreign currency translation adjustment for the three months ended June 30, 2023, was a gain of $6,000[59] Deferred Revenue - Deferred revenue, current portion, showed a significant change with a net increase of $630,000 for the six months ended June 30, 2023, compared to a decrease of $(1,001,000) in the same period of 2022[61] Investment Value - As of June 30, 2023, the carrying value of the company's investment in a privately held identity and professional services company was $3,494,000[44] - The company had no unrecognized tax benefits as of June 30, 2023[88]