CoreCard Corporation (NYSE:CCRD) Q3 2024 Earnings Call Transcript October 31, 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, greetings, and welcome to CoreCard Third 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, sir.
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, probably more than you are typically used to, 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.
Before I get to the financial highlights for the quarter, I'll comment on the filing this morning regarding the decision by our auditor not to stand for reappointment following the completion of our fiscal 2024 audit. This is a business decision that our auditor made, given the expense involved in auditing public companies and the fact that we are currently their only public company client. They may take on public companies in the future but, for now, it didn't make sense for them to have only one public company client, so we will be looking for a new auditor as a result.
And now on to the results for Q3, as we noted in our press release, our third quarter results were better than expected with earlier than expected license revenue. Total revenue for the third quarter of 2024 was $15.7 million, a 17% increase year-over-year, driven by higher license revenue, higher professional services revenue, and higher processing and maintenance revenue. The components of our revenue for the third quarter consisted of license revenue of $1.4 million, professional services revenue of $7 million, which came in ahead of our previously guided range, processing and maintenance revenue of $6.1 million and third-party revenue of $1.2 million.