CoreCard Corporation (NYSE:CCRD) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET
Company Participants
Matt White - CFO & Company Secretary
Leland Strange - Chairman, CEO & President
Conference Call Participants
Hal Goetsch - B. Riley Securities
Avi Fisher - Long Cast Advisers
Operator
Greetings. Welcome to CoreCard's third-quarter 2023 earnings conference call. [Operator Instructions]. Please note that this conference is being recorded at this time, I'll turn the conference over to Matt White, CFO. Mr. White, you may now begin.
Matt White
Thank you, and good morning, everyone. With me on the call today is Leland Strange, Chairman and CEO of CoreCard Corporation. You 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'll be making certain forward-looking statements to help you understand CoreCard 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 at the SEC, including our 2022 Form 10-K and subsequent filings. As we noted in our press release, our third-quarter results were in line with our expectations with continued sequential and year-over-year growth in processing and maintenance revenue.
Total revenue for the third quarter of 2023 was $13.4 million, a 7% decrease compared to the third quarter of 2022. The components of our revenue for the third quarter consisted of professional services revenue of $6.4 million, processing and maintenance revenue of $5.8 million, a year-over-year increase of 10% and third-party revenue of $1.2 million.
The 10% year-over-year growth in processing and maintenance revenue was driven primarily from recently added customers who are now live and continued growth from existing customers. That growth was offset by a decline in professional services revenue due to lower demand for development personnel from Goldman.
We did not recognize any license revenue in the third quarter of 2023. Our best estimate on the timing of the next license tier is sometime in the first half of 2024. We continue to see nice growth from all customers, excluding Goldman, which was 18% in the third quarter on a year-over-year basis.
This growth has come through continued onboarding of new customers, both directly and through various partnerships we have with program managers. As in previous quarters, we currently have multiple implementations in progress with new customers that we expect to go live in the coming months.