Park City Group, Inc. (NASDAQ:PCYG) Q2 2023 Earnings Conference Call February 14, 2023 4:15 PM ET

Company Participants

Jeff Stanlis - FNK Investor Relations

John Merrill - Chief Financial Officer

Randy Fields - Chairman & Chief Executive Officer

Conference Call Participants

Tom Forte - D.A. Davidson

Operator

Greetings, and welcome to Park City Group Fiscal Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jeff Stanlis with FNK IR. Mr. Stanlis, you may begin.

Jeff Stanlis

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Park City Group's fiscal second quarter earning conference call. Hosting the call today are Randy Fields, Park City Group's Chairman and CEO; and John Merrill, Park City Group's CFO.

Before we begin, I would like to remind everyone that this call could contain forward-looking statements about Park City Group within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not subject to historical facts. Such forward-looking statements are based on current beliefs and expectations.

Park City Group remarks are subject to risks and uncertainties which actual results could differ materially. Such risks are fully discussed in the company's filings with the Securities and Exchange Commission. The information set forth herein should be considered in light of such risks. Park City Group does not assume any obligation to update information contained in this conference call. Shortly after the market closed today, the company issued a press release over viewing the financial results that we will discuss on today's call. Investors can visit the Investor Relations section of the company's website at parkcitygroup.com to access this press release.

With all that said, I would now like to turn the call over to John Merrill. John, the call is yours.

John Merrill

Thanks, Jeff, and good afternoon, everyone. Our evolution to a SaaS company continues to be evident in the numbers. Our business is now easier than ever before to model, and the results reflect both our ongoing operational and capital allocation strategies.

Jumping right into the numbers. Total revenue was up 9%. Recurring revenue increased 10% year-over-year for the December quarter. Total expenses were up 5%. GAAP net income increased 45% to $1.3 million. GAAP net income to common shareholders increased 54% to $1.1 million. Earnings per share increased 62% from $0.04 per share to over $0.06 per share. Year-to-date cash from operations increased 8% to $3.3 million. And we bought back 89,000 common shares at an average share price of $5.05 per share, reduced our bank debt by 83% and have $21.4 million cash in the bank.