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Sep 30, 2022
CoreCard Q3 2022 Earnings Report
Reported solid third quarter performance with revenue in line with expectations, driven by growth in processing and maintenance revenue and professional services.
Key Takeaways
CoreCard Corporation reported a strong third quarter with total revenue of $14.5 million. The company's performance was driven by a 52% growth in processing and maintenance revenue and a 13% growth in professional services revenue. As a result of the solid performance during the first nine months of 2022, the company is confident in topline growth expectations of at least 40% for fiscal 2022.
Total revenue was $14.5 million, compared to $12.9 million in the comparable period in 2021.
Income from operations was $1.7 million, compared to $3.3 million in the comparable prior year quarter.
Net income was $1.4 million, compared to $2.5 million in the comparable prior year quarter.
Earnings per diluted share was $0.16, compared to $0.29 in the comparable prior year quarter.
CoreCard
CoreCard
Forward Guidance
CoreCard expects continued growth in processing and will be steadily increasing investments in infrastructure and people in anticipation for 2023. The company is confident in topline growth expectations of at least 40% for fiscal 2022.
Positive Outlook
- Confident in topline growth expectations of at least 40% for fiscal 2022.
- Growth in processing is expected to continue.
- Will be steadily increasing investments in infrastructure and people in anticipation for 2023.
- CoreCard provides a proven best-in-class credit platform.
- Remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for shareholders.