For further information, email CoreCardIR@icrinc.com CoreCard CorporationCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited, in thousands, except share and per share amounts) Three Months Ended September 30,Nine Months Ended September 30, 2024202320242023Revenue Services$14,283 $13,399 $41,156 $42,053 Products1,420 - 1,420 1,794 Total net revenue15,703 13,399 42,576 43,847 Cost of revenue Services8,999 9,279 27,588 28,380 Products− - − - Total cost of revenue8,999 9,279 27,588 28,380 Expenses Marketing79 63 309 237 General and administrative1,339 1,155 4,256 4,220 Development2,501 2,489 5,961 6,094 Income from operations2,785 413 4,462 4,916 Investment income (loss)(90)(1,015)(528)(1,701)Other income (loss), net233 308 758 653 Income (loss) before income taxes2,928 (294)4,692 3,868 Income tax expense (benefit)732 (72)1,170 959 Net income (loss)$2,196 $(222)$3,522 $2,909 Earnings (loss) per share: Basic$0.28 $(0.03)$0.44 $0.34 Diluted$0.27 $(0.03)$0.43 $0.34 Basic weighted average common shares outstanding7,957,571 8,460,473 8,092,681 8,485,416 Diluted weighted average common shares outstanding8,017,870 8,460,473 8,142,972 8,509,825 CoreCard CorporationCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) As of September 30, 2024December 31, 2023ASSETS(unaudited)(audited)Current assets: Cash and cash equivalents$22,498 $26,918 Marketable securities 5,511 5,230 Accounts receivable, net 7,320 7,536 Other current assets 6,522 4,805 Total current assets 41,851 44,489 Investments 3,632 4,062 Property and equipment, at cost less accumulated depreciation 11,954 11,319 Other long-term assets 5,371 3,956 Total assets$62,808 $63,826 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$1,628 $1,557 Deferred revenue, current portion 1,264 2,310 Accrued payroll 2,459 2,172 Accrued expenses 1,050 971 Other current liabilities 2,143 2,530 Total current liabilities 8,544 9,540 Noncurrent liabilities: Deferred revenue, net of current portion 161 265 Other long-term liabilities 372 196 Long-term lease obligation 2,044 1,121 Total noncurrent liabilities 2,577 1,582 Stockholders’ equity: Common stock, $0.01 par value: Authorized shares - 20,000,000; Issued shares – 9,026,940 and 9,016,140 at September 30, 2024 and December 31, 2023, respectively; Outstanding shares – 7,901,148 and 8,295,408 at September 30, 2024 and December 31, 2023, respectively 91 90 Additional paid-in capital 17,479 16,621 Treasury stock, 1,125,792 and 720,732 shares at September 30, 2024 and December 31, 2023, respectively, at cost (25,825) (20,359)Accumulated other comprehensive income (loss) 100 32 Accumulated income 59,842 56,320 Total stockholders’ equity 51,687 52,704 Total liabilities and stockholders’ equity$62,808 $63,826 Reconciliation of GAAP to NON-GAAP Measures Information Regarding Non-GAAP Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP”), this press release contains certain non-GAAP financial measures.
17% increase in Total Revenue Year-over-YearNORCROSS, Ga., Oct.31, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation [NYSE: CCRD], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended September 30, 2024."Overall revenue of $15.7 million in the third quarter, an increase of 17% compared to last year, exceeded our expectations, reflecting license revenue earlier than expected, continued growth in processing and maintenance revenue and higher professional services revenue.
The following table shows CoreCard’s GAAP results reconciled to non-GAAP results included in this release: Three Months EndedNine Months Ended September 30,September 30,(in thousands)20242023 2024 2023GAAP net income (loss)$2,196 $(222)$3,522 $2,909 Investment loss - 1,000 - 1,000 Share-based compensation 274 - 859 - Income tax benefit (68) - (215) - Adjusted net income$2,402 $778 $4,166 $3,909 Adjusted EPS$0.30 $0.09 $0.51 0.46 Weighted-average shares 8,018 8,480 8,143 8,510 Three Months EndedNine Months Ended September 30,September 30,(in thousands)2024202320242023GAAP net income (loss)$2,196 $(222)$3,522 $2,909 Depreciation and amortization 849 1,356 2,776 5,011 Share-based compensation 274 150 859 150 Investment loss 90 1,015 528 1,701 Other income, net (233) (308) (758) (653)Income tax expense (benefit) 732 (72) 1,170 959 Adjusted EBITDA$3,908 $1,919 $8,097 $10,077 Total Revenue$15,703 $13,399 $42,576 $43,847 Adjusted EBITDA Margin 24.9% 14.3% 19.0% 23.
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