CoreCard Corporation (NYSE:CCRD) Q2 2022 Earnings Conference Call August 3, 2022 11:00 AM ET
Company Participants
Matt White - CFO
Leland Strange - Chairman and CEO
Conference Call Participants
Mark Palmer - BTIG
Anja Soderstrom - Sidoti
Khadir Richie - Richie Investment Advisors
Avram Fisher - Long Cast Advisers
Operator
Greetings. Welcome to CoreCard Second 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] Please note, this conference is being recorded.
I will now turn the conference over to Matt White, Chief Financial Officer. Thank you. You may begin.
Matt White
Thank you. Good morning, everyone. With me on the call today is Leland Strange, Chairman and CEO of CoreCard Corporation. He will add some additional comments and answer questions at the conclusion of my prepared remarks.
Before I start, I'd like to remind everyone that during the call, we will be making certain forward-looking statements to help you understand CoreCard and its business environment. These statements involve a number of risk factors, uncertainties and other factors that could cause actual results to differ materially from our expectations. Factors that may affect future operations are included in filings with the SEC, including our 2021 Form 10-K and subsequent filings.
As we noted in our press release, our second quarter results were in line with our expectations. Our professional services revenue remained strong. We saw sequential and year-over-year growth in processing and maintenance. And as expected, we had license revenue for the quarter of $1.8 million. Total revenue for the second quarter of 2022 was $15.2 million, a 14% increase compared to the second quarter of 2021.
As a reminder, we recognized approximately $600,000 of maintenance revenue from our former customer Wirecard in the second quarter of 2021. Excluding the onetime impact of this revenue in the second quarter of 2021, revenues grew 19% in the second quarter of 2022 compared to 2021.
The components of our revenue for the second quarter consisted of license revenue of $1.8 million; professional services revenue of $7.6 million, an increase of 25%; processing and maintenance revenue of $4.5 million, an increase of 8%; and third-party revenue of $1.3 million.
We continue to onboard new customers, both directly and through various partnerships we have with program managers, such as Deserve and Vervent. We currently have multiple implementations in progress with new customers that we expect to go live in the coming months. We are working on launching a new program with an existing customer, Cardless on a co-branded card with American Express. Once live, we will have a direct connection with American Express, similar to what we have with Visa and Mastercard today, and we will be able to process other customers who want to use the American Express network.