CoreCard Corporation (NYSE:CCRD) Q1 2022 Results Conference Call May 5, 2022 11:00 AM ET
Company Participants
Matt White - CFO
Leland Strange - Chairman and CEO
Conference Call Participants
Mark Palmer - BTIG
Anja Soderstrom - Sidoti
Matt White
Good morning, everyone. With me on the call today is Leland Strange, Chairman and CEO of CoreCard Corporation. I'll provide an overview for the First Quarter of 2022, and Leland will add some additional comments, and we'll answer questions at the conclusion of our 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 first quarter results were at the high end of our expectations. Our professional services revenue remained strong, and we saw both sequential and year-over-year growth in processing and maintenance. As we expected and noted in our Q4 remarks, we had significant license revenue for the quarter. This amounted to $12.5 million, making Q1 an impressive quarter for CoreCard.
We would also like to point out that we expect more license revenue in the quarters to come. The drivers of the license revenue during the first quarter were onetime fees for moving from a single institution to multiple institutions, additional license tiers achieved due to completion of a large conversion and continued growth from existing customers.
Total revenue for the first quarter of 2022 was $24.3 million, an increase of 172% compared to the first quarter of 2021. Revenue from our largest customer, Goldman Sachs, was 84% of total revenues for the first quarter of 2022. We do expect that percentage to decline in future quarters as other customers continue to grow.
Revenue growth excluding our largest customer was 49% for the first quarter of 2022 compared to the same quarter in 2021. In addition to the license revenue of $12.5 million, revenue for the first quarter consisted of professional services revenue of $6.6 million, an increase of 14% versus prior year; processing and maintenance revenue of $4.1 million, an increase of 56% versus prior year; and third-party revenue of $1.2 million.