Park City Group, Inc (NASDAQ:PCYG) Q4 2022 Earnings Conference Call September 28, 2022 4:15 PM ET

Company Participants

Rob Fink - FNK IR

Randy Fields - Chairman and CEO

John Merrill - Chief Financial Officer

Conference Call Participants

Tom Forte - D.A. Davidson

Operator

Greetings, and welcome to the Park City Group Fiscal Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] And please note that this conference is being recorded. It is now my pleasure to introduce your host, Rob Fink, with FNK IR. Thank you, Mr. Fink. You may begin.

Rob Fink

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Park City Group's fiscal fourth 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 the 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 upon current beliefs and expectations. Park City Group management are subject to risks and uncertainties, actual results to differ from those forward-looking statements. 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, Park City Group issued a press release overviewing the financial result that will be discussed 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 now like to turn the call over to John Merrill. John, the call is yours.

John Merrill

Thanks, Rob. And good afternoon everyone. We are a SaaS company. The success of our transition to a SaaS company is clearly evident in our profitability. We increased our income from operations by 52%, even as our consolidated revenue decreased due to the planned elimination of essentially all non-recurring revenue. This resulted in a significant increase in net income excluding the forgiveness of our PPP loan last year. We are systemically profitable with now 20 plus consecutive quarters of GAAP profitability despite a market cycle, a global pandemic and a looming recession.