MIND C.T.I.(MNDO) - 2022 Q3 - Quarterly Report

Financial Performance - Q3 2022 revenues were $5.3 million, a decrease of 24% from $7.0 million in Q3 2021 and a slight increase from $5.2 million in Q2 2022[7] - Operating income for Q3 2022 was $1.4 million, down from $1.7 million in Q3 2021, and slightly up from $1.3 million in Q2 2022[7] - Net income for Q3 2022 was $1.3 million, or $0.06 per share, compared to $1.4 million, or $0.07 per share in Q3 2021[7] - For the first nine months of 2022, revenues totaled $16.2 million, down from $20.4 million in the same period of 2021, primarily due to the messaging segment[7] - Net income for the three months ended September 30, 2022, was $1,290,000, a decrease of 9.6% compared to $1,427,000 in the same period of 2021[18] Cash Flow and Position - Cash flow from operating activities in Q3 2022 was $1.0 million, an increase from $0.6 million in Q3 2021 but down from $1.6 million in Q2 2022[7] - As of September 30, 2022, the cash position was $16.0 million[7] - Net cash provided by operating activities for the three months ended September 30, 2022, was $1,024,000, an increase of 69.6% from $603,000 in the same period of 2021[18] - Total cash and cash equivalents at the end of the period was $3,658,000, down from $6,520,000 at the end of the same period in 2021[18] - The balance of cash and cash equivalents at the beginning of the period was $4,918,000, down from $6,966,000 in the same period of 2021[18] Investments and Expenses - The company continues to invest in new technologies, particularly cloud-related solutions, to support customer 5G deployments and digital transformations[6] - The ongoing investment in technology and infrastructure aims to enhance security for customers using the company's platforms[6] - Net cash used in investing activities for the three months ended September 30, 2022, was $(2,221,000), compared to $(1,060,000) in the same period of 2021[18] - The company incurred $74,000 in share-based compensation expenses for the three months ended September 30, 2022, an increase from $49,000 in the same period of 2021[18] Revenue Breakdown - Customer care and billing software accounted for $2.9 million, or 56% of total Q3 2022 revenues, while enterprise messaging and payment solutions contributed $1.8 million, or 33%[8] - Europe represented 55% of total revenues in Q3 2022, with the Americas contributing 38% and the rest of the world 7%[8] Other Financial Metrics - The company reported a decrease in accounts receivable for trade by $241,000 in the three months ended September 30, 2022[18] - The company experienced a decrease in deferred revenues of $938,000 for the three months ended September 30, 2022[18] - The company paid dividends totaling $5,227,000 during the nine months ended September 30, 2022[18] - The unrealized gain from marketable securities was $1,000 for the three months ended September 30, 2022, compared to a loss of $(4,000) in the same period of 2021[18]