CoreCard Corporation (NYSE:CCRD) Q1 2024 Earnings Conference Call May 2, 2024 11:00 AM ET
Company Participants
Matt White - Chief Financial Officer
Leland Strange - Chairman & Chief Executive Officer
Conference Call Participants
Hal Goetsch - B. Riley Securities
Avi Fisher - Long Cast Advisers
Operator
Greetings, and welcome to the CoreCard First Quarter 2024 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’ll now the turn the conference over to Matt White, CFO. Thank you. You may begin.
Matt White
Thank you, and 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'll be making certain forward-looking statements to help you understand CoreCard Corporation and its business environment. These statements involve a number of risk factors, uncertainty and other factors that could cause actual results to differ materially from our expectations. Factor that may affect future operations are included in our filings with the SEC, including our 2023 Form 10-K and subsequent filings.
We'll also discuss certain non-GAAP financial measures, including adjusted diluted EPS and adjusted EBITDA, which is adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables included with our earnings release.
As we noted in our press release, our first quarter results were in line with our expectations, with continued year-over-year growth in processing and maintenance revenue. Total revenue for the first quarter was 13.1 million, an increase -- a decrease of 11% year-over-year driven by lower professional services revenue, primarily from our largest customer Goldman Sachs.
The components of our revenue for the first quarter consisted of professional services revenue of 5.8 million, processing and maintenance revenue of $6.2 million and third party revenue of 1.1 million. As expected, we did not have any license revenue for the quarter. Goldman represented 59% of our revenues for the first quarter of 2024 compared to 73% for the first quarter of 2023.
Processing and maintenance revenues grew 13% in the first quarter on a year-over-year basis, primarily driven by the acceleration of 0.5 million of revenue from a customer that was acquired in 2023, formally terminated their contract in the first quarter of 2024. Revenue growth excluding our largest customer was 41% for the first quarter on a year-over-year basis.