Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $16.7 million, a 28% increase year over year, driven by higher professional services revenue [5][10] - Income from operations was $2.8 million, compared to $0 for the same period last year, with an operating margin of 16.8% compared to 4% last year [9] - Adjusted diluted EPS for the quarter was $0.28 compared to $0.07 for Q1 2024, and adjusted EBITDA was $4 million compared to $1.7 million for the same period last year [10] Business Line Data and Key Metrics Changes - Professional services revenue was $8.7 million, processing and maintenance revenue was $6.3 million, and third-party revenue was $1.6 million [5] - Processing and maintenance revenue grew 3% year over year, but excluding a one-time item, growth was 16% [6] - Revenue growth excluding the largest customer was 8% year over year, and expected to be 30% to 35% for the full year [6][11] Market Data and Key Metrics Changes - The sale of customer Deserve to Intuit is expected to impact revenues, with Deserve representing less than 3% of total revenues in 2024 and just over 2% for 2025 [7] - The company continues to onboard new customers and has multiple implementations in progress [7] Company Strategy and Development Direction - The company is focused on maintaining independence while evaluating acquisition opportunities [14] - Management is optimistic about continuing growth and expects the rest of the year to be equally as good or better [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the quarter was good and expects continued strong performance throughout the year [13] - There is cautious optimism regarding the impact of the Intuit acquisition of Deserve, with a potential headwind acknowledged [32] Other Important Information - The company has implemented a retention plan to keep employees amid competition from larger firms [39] Q&A Session Summary Question: Thoughts on the card issuing industry and potential disruptions - Management believes the consolidation in the card issuing industry will not cause major disruptions and sees it as a good move for both parties [21] Question: Expected growth excluding Goldman Sachs - Expected growth excluding Goldman Sachs is projected to be 30% to 35% for the full year [24][26] Question: Details on Intuit's purchase of Deserve - Management has no further information on the acquisition and does not expect to maintain a relationship with Intuit [31] Question: Strength of Goldman revenues and contract repricing - The increase in Goldman revenues is attributed to a combination of higher managed services rates and year-over-year comparisons [33] Question: Employee retention pay and acquisition concerns - The retention plan was implemented to keep employees due to competition from larger companies, with no specific acquisition concerns mentioned [39]

Company Acquisition - Intuit is preparing to acquire mobile-first credit card platform Deserve to enhance its money management offerings [1] - The acquisition will include key technology and team members from Deserve, aligning with Intuit's strategy to address cash flow management challenges faced by businesses [2] Cash Flow Challenges - Over 80% of business failures are linked to cash flow issues, highlighting the critical need for effective cash management solutions [2] - Approximately half of small and medium-sized businesses (SMBs) rely on immediate sales or existing cash for survival, indicating a vulnerability in their financial strategies [3] Financing and SMB Stability - Many SMBs not utilizing financing claim it is unnecessary, yet they also lack access to such resources, which is crucial for stability and growth [4] - Nearly 70% of SMBs hold less than four months' worth of cash, making them susceptible to financial disruptions [5] CEO Concerns - 45% of global CEOs recognize the need to assess their business models to optimize cash flow, with heightened concern among smaller firms [6] - 56% of CEOs from businesses earning less than $100 million express worries about their long-term viability if cash management practices do not improve [6]