CoreCard Corporation (NYSE:CCRD) Q2 2024 Results Conference Call August 1, 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
Operator
Ladies and gentlemen, good morning, and welcome to CoreCard Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief 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, Matt White, Chief Financial Officer. Please go ahead.
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 will be making certain forward-looking statements to help you understand CoreCard Corporation 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 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 second quarter results were in line with our expectations. Total revenue for the second quarter of 2024 was $13.8 million, a 12% decrease year-over-year, driven by lower license revenue and lower professional services revenue, primarily from our largest customer, Goldman Sachs. The components of our revenue for the second quarter consisted of professional services revenue of $7 million, a metric we guide to and which came in ahead of our previously guided range. Processing and maintenance revenue of $5.7 million, and third-party revenue of $1.1 million.
As expected, we did not have any license revenue for the quarter. As we continue to grow revenues outside of our largest customer, Goldman represented 63% of our revenues for the second quarter of 2024 compared to 70% for the second quarter of 2023.
Revenue growth, excluding our largest customer of 7% in the second quarter on a year-over-year basis. Revenue growth, excluding our largest customer, in addition to the impact from Park Mobile and the legacy CABG business, as we've detailed in prior quarters, was 34% in the second quarter on a year-over-year basis and is expected to be 15% to 20% for the full year, which is above our previously guided range of 10% to 15%.