Park City Group, Inc. (NASDAQ:PCYG) Q1 2023 Earnings Conference Call November 14, 2022 4:15 PM ET

Company Participants

Jeff Stanlis - Vice President, FNK Investor Relations

John Merrill - Chief Financial Officer

Randy Fields - Chairman & Chief Executive Officer

Conference Call Participants

Thomas Forte - D.A. Davidson

Operator

Greetings, and welcome to Park City Group Fiscal First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded today, the 14th of November 2022.

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 first quarter earnings 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 not -- 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 overviewing the company's 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 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 successful transition 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 our ongoing strategy. Let's get right to it. Recurring revenue increased 6% year-over-year for the September quarter. Total revenue was up 4%. Even with significant investments in our ReposiTrak Traceability Network or RTN, in advance of the Office Federal Register publication of FISMA 204 ruling, our SG&A costs were up just 3%. GAAP net income increased 36% to $1.3 million.