Park City Group, Inc. (NASDAQ:PCYG) Q4 2023 Earnings Conference Call September 28, 2023 3:00 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 Fourth 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. [Operator Instructions] 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 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 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 fourth quarter was a strong end to a solid year in every area of the business, compliance, supply chain and traceability. As now a SaaS company, the results of fiscal 2023 should provide a line of sight to fiscal 2024 and beyond. As I’ve said before, our business is easy to model and highly predictable.

I will dive into the detailed results in a minute. However, in fiscal 2023, we delivered growth in both total and recurring revenue, essentially flat expenses, growth in profitability, growth in net income, and growth in EPS. We put up some very meaningful results. We generated just under $9 million in cash from operations, paid off over $2.5 million in bank debt, returned $1.4 million to shareholders in the form of a cash common dividend, and brought back $1.3 million in common stock simultaneously strengthening our balance sheet.