CoreCard Corporation Reports Fourth Quarter and Full Year 2024 Results
CoreCard (NYSE: CCRD) reported its Q4 and full-year 2024 results, with Q4 revenue reaching $14.8 million, a 22% increase from Q4 2023. The company's full-year 2024 revenue was $57.4 million, up 2% from 2023.
Processing and maintenance revenue grew 11% year-over-year in Q4, with full-year growth of 7%. Q4 income from operations was $2.1 million, compared to $0.4 million in Q4 2023. Full-year income from operations reached $6.5 million, up from $5.3 million in 2023.
For Q1 2025, CoreCard expects revenue between $14.4-15.0 million and EPS of $0.15-0.19. The company reaffirmed its FY2025 guidance with expected revenue of $60-64 million, EPS of $0.88-0.94, and projected revenue growth of 30-40% excluding their largest customer.
CoreCard (NYSE: CCRD) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con ricavi del quarto trimestre che hanno raggiunto $14,8 milioni, un aumento del 22% rispetto al quarto trimestre del 2023. I ricavi totali dell'anno 2024 sono stati $57,4 milioni, in aumento del 2% rispetto al 2023.
I ricavi da elaborazione e manutenzione sono cresciuti dell'11% su base annua nel quarto trimestre, con una crescita annuale del 7%. Il reddito operativo del quarto trimestre è stato di $2,1 milioni, rispetto ai $0,4 milioni del quarto trimestre 2023. Il reddito operativo totale per l'anno è stato di $6,5 milioni, in aumento rispetto ai $5,3 milioni del 2023.
Per il primo trimestre 2025, CoreCard prevede ricavi tra $14,4 e $15,0 milioni e un utile per azione (EPS) tra $0,15 e $0,19. L'azienda ha confermato le sue previsioni per l'anno fiscale 2025, con ricavi attesi tra $60 e $64 milioni, EPS tra $0,88 e $0,94, e una crescita dei ricavi prevista del 30-40% escludendo il loro cliente più grande.
CoreCard (NYSE: CCRD) informó sobre sus resultados del cuarto trimestre y del año completo 2024, con ingresos del cuarto trimestre alcanzando $14.8 millones, un aumento del 22% en comparación con el cuarto trimestre de 2023. Los ingresos totales del año 2024 fueron $57.4 millones, un aumento del 2% respecto a 2023.
Los ingresos por procesamiento y mantenimiento crecieron un 11% interanual en el cuarto trimestre, con un crecimiento anual del 7%. Los ingresos operativos del cuarto trimestre fueron de $2.1 millones, en comparación con $0.4 millones en el cuarto trimestre de 2023. Los ingresos operativos del año completo alcanzaron los $6.5 millones, en comparación con los $5.3 millones de 2023.
Para el primer trimestre de 2025, CoreCard espera ingresos entre $14.4 y $15.0 millones y un EPS de $0.15 a $0.19. La empresa reafirmó su guía para el año fiscal 2025, con ingresos esperados de $60 a $64 millones, un EPS de $0.88 a $0.94, y un crecimiento de ingresos proyectado del 30-40% excluyendo a su mayor cliente.
CoreCard (NYSE: CCRD)는 2024년 4분기 및 전체 연도 실적을 발표했으며, 4분기 매출은 $14.8 백만으로 2023년 4분기 대비 22% 증가했습니다. 회사의 2024년 전체 연도 매출은 $57.4 백만으로 2023년 대비 2% 증가했습니다.
처리 및 유지보수 매출은 4분기 기준으로 전년 대비 11% 증가했으며, 연간 성장률은 7%였습니다. 4분기 운영 수익은 $2.1 백만으로, 2023년 4분기의 $0.4 백만과 비교됩니다. 전체 연도 운영 수익은 $6.5 백만으로, 2023년의 $5.3 백만에서 증가했습니다.
2025년 1분기 동안 CoreCard는 매출이 $14.4-15.0 백만 사이가 될 것으로 예상하며, 주당 순이익(EPS)은 $0.15-0.19로 예상하고 있습니다. 회사는 2025 회계연도 가이던스를 재확인했으며, 예상 매출은 $60-64 백만, EPS는 $0.88-0.94, 그리고 최대 고객을 제외한 매출 성장률은 30-40%로 예상하고 있습니다.
CoreCard (NYSE: CCRD) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, avec des revenus du quatrième trimestre atteignant 14,8 millions de dollars, soit une augmentation de 22 % par rapport au quatrième trimestre 2023. Les revenus totaux de l'année 2024 s'élevaient à 57,4 millions de dollars, en hausse de 2 % par rapport à 2023.
Les revenus de traitement et de maintenance ont augmenté de 11 % d'une année sur l'autre au quatrième trimestre, avec une croissance annuelle de 7 %. Le revenu d'exploitation du quatrième trimestre était de 2,1 millions de dollars, contre 0,4 million de dollars au quatrième trimestre 2023. Le revenu d'exploitation total pour l'année a atteint 6,5 millions de dollars, contre 5,3 millions de dollars en 2023.
Pour le premier trimestre 2025, CoreCard s'attend à des revenus compris entre 14,4 et 15,0 millions de dollars et un BPA de 0,15 à 0,19 dollar. L'entreprise a réaffirmé ses prévisions pour l'exercice 2025, avec des revenus attendus de 60 à 64 millions de dollars, un BPA de 0,88 à 0,94 dollar, et une croissance des revenus projetée de 30 à 40 % en excluant son plus grand client.
CoreCard (NYSE: CCRD) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, wobei die Einnahmen im vierten Quartal 14,8 Millionen Dollar erreichten, was einem Anstieg von 22% im Vergleich zum vierten Quartal 2023 entspricht. Die Gesamteinnahmen für das Jahr 2024 betrugen 57,4 Millionen Dollar, ein Anstieg von 2% im Vergleich zu 2023.
Die Einnahmen aus Verarbeitung und Wartung wuchsen im vierten Quartal im Jahresvergleich um 11%, mit einem jährlichen Wachstum von 7%. Das Betriebsergebnis im vierten Quartal betrug 2,1 Millionen Dollar, verglichen mit 0,4 Millionen Dollar im vierten Quartal 2023. Das Betriebsergebnis für das gesamte Jahr erreichte 6,5 Millionen Dollar, ein Anstieg von 5,3 Millionen Dollar im Jahr 2023.
Für das erste Quartal 2025 erwartet CoreCard Einnahmen zwischen 14,4 und 15,0 Millionen Dollar sowie einen Gewinn pro Aktie (EPS) von 0,15 bis 0,19 Dollar. Das Unternehmen bestätigte seine Prognose für das Geschäftsjahr 2025 mit erwarteten Einnahmen von 60 bis 64 Millionen Dollar, einem EPS von 0,88 bis 0,94 Dollar und einem prognostizierten Umsatzwachstum von 30-40% ohne den größten Kunden.
- Q4 revenue increased 22% year-over-year to $14.8 million
- Processing and maintenance revenue grew 11% in Q4 2024
- Q4 income from operations increased to $2.1 million from $0.4 million YoY
- Full-year income from operations improved to $6.5 million from $5.3 million
- Strong FY2025 guidance with 30-40% revenue growth expected (excluding largest customer)
- Full-year 2024 revenue growth was modest at 2%
- Full-year adjusted EBITDA declined to $11.4 million from $11.7 million YoY
Insights
CoreCard's Q4 2024 results reveal a company successfully executing its growth strategy while maintaining operational efficiency. The unexpected license revenue that boosted Q4 performance to
The margin expansion is particularly impressive, with operating income increasing to
Two strategic elements deserve investor attention:
- The projected
30-40% revenue growth excluding the largest customer indicates successful client diversification, reducing concentration risk while maintaining growth momentum - Continued platform investments position CoreCard to capitalize on the increasing demand for sophisticated card management solutions, particularly among complex modern card issuers
The company's guidance for 2025 suggests management's confidence in sustained growth, with revenue projected between
NORCROSS, Ga., Feb. 20, 2025 (GLOBE NEWSWIRE) -- CoreCard Corporation (NYSE: CCRD) (“CoreCard” or “the Company”), 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 and full year ended December 31, 2024.
“Overall revenue of
“For the first quarter of 2025, we expect total revenue between
Financial Highlights for the three and twelve months ended December 31, 2024
Total revenue in the three-month period ended December 31, 2024, was
In the following table, revenue is disaggregated by type of revenue for the three and twelve months ended December 31, 2024 and 2023:
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| License | $ | 1,420 | $ | -- | $ | 2,840 | $ | 1,794 | |||||||
| Professional services | 6,210 | 6,111 | 26,015 | 28,237 | |||||||||||
| Processing and maintenance | 6,122 | 5,506 | 24,034 | 22,439 | |||||||||||
| Third party | 1,071 | 540 | 4,510 | 3,534 | |||||||||||
| Total | $ | 14,823 | $ | 12,157 | $ | 57,399 | $ | 56,004 | |||||||
Income from operations was
Net income was
Earnings per diluted share was
Adjusted earnings per diluted share was
Adjusted EBITDA was
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".
Investor Conference Call
The company is holding an investor conference call today, February 20, 2025, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecard022025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.
The company will file its Form 10-K for the period ended December 31, 2024, with the Securities and Exchange Commission in early March. For additional information about reported results, investors will be able to access the Form 10-K on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section below titled "Information Regarding Non-GAAP Financial Measures".
About CoreCard Corporation
CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.
Forward-Looking Statements
The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
| CoreCard Corporation CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share amounts) | ||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | ||||||||||||||
| Services | $ | 13,403 | $ | 12,157 | $ | 54,559 | $ | 54,210 | ||||||
| Products | 1,420 | -- | 2,840 | 1,794 | ||||||||||
| Total net revenue | 14,823 | 12,157 | 57,399 | 56,004 | ||||||||||
| Cost of revenue | ||||||||||||||
| Services | 8,182 | 8,191 | 35,770 | 36,571 | ||||||||||
| Products | -- | -- | -- | -- | ||||||||||
| Total cost of revenue | 8,182 | 8,191 | 35,770 | 36,571 | ||||||||||
| Expenses | ||||||||||||||
| Marketing | 98 | 73 | 407 | 310 | ||||||||||
| General and administrative | 1,513 | 1,114 | 5,769 | 5,334 | ||||||||||
| Development | 2,953 | 2,384 | 8,914 | 8,478 | ||||||||||
| Income from operations | 2,077 | 395 | 6,539 | 5,311 | ||||||||||
| Investment loss | (12 | ) | (38 | ) | (427 | ) | (1,579 | ) | ||||||
| Other income | 147 | 272 | 792 | 765 | ||||||||||
| Income before income taxes | 2,212 | 629 | 6,904 | 4,497 | ||||||||||
| Income taxes | 286 | 143 | 1,456 | 1,102 | ||||||||||
| Net income | $ | 1,926 | $ | 486 | $ | 5,448 | $ | 3,395 | ||||||
| Earnings per share: | ||||||||||||||
| Basic | $ | 0.25 | $ | 0.06 | $ | 0.68 | $ | 0.40 | ||||||
| Diluted | $ | 0.24 | $ | 0.06 | $ | 0.67 | $ | 0.40 | ||||||
| Basic weighted average common shares outstanding | 7,830,266 | 8,374,606 | 8,027,077 | 8,457,714 | ||||||||||
| Diluted weighted average common shares outstanding | 8,035,936 | 8,388,927 | 8,146,394 | 8,474,123 | ||||||||||
| CoreCard Corporation CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||
| As of December 31, | 2024 | 2023 | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 19,481 | $ | 26,918 | ||
| Marketable securities | 5,410 | 5,230 | ||||
| Accounts receivable, net | 10,235 | 7,536 | ||||
| Other current assets | 5,048 | 4,805 | ||||
| Total current assets | 40,174 | 44,489 | ||||
| Investments | 3,776 | 4,062 | ||||
| Property and equipment, at cost less accumulated depreciation | 12,282 | 11,319 | ||||
| Other long-term assets | 6,106 | 3,956 | ||||
| Total assets | $ | 62,338 | $ | 63,826 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 823 | $ | 1,557 | ||
| Deferred revenue, current portion | 2,033 | 2,310 | ||||
| Accrued payroll | 2,856 | 2,172 | ||||
| Accrued expenses | 723 | 971 | ||||
| Other current liabilities | 2,017 | 2,530 | ||||
| Total current liabilities | 8,452 | 9,540 | ||||
| Deferred revenue, net of current portion | 118 | 265 | ||||
| Other long-term liabilities | 255 | 196 | ||||
| Long-term lease obligation | 1,816 | 1,121 | ||||
| Total noncurrent liabilities | 2,189 | 1,582 | ||||
| Stockholders’ equity: | ||||||
| Common stock, | ||||||
| Issued shares – 9,026,940 and 9,016,140 at December 31, 2024 and 2023, respectively; | ||||||
| Outstanding shares – 7,786,679 and 8,295,408 at December 31, 2024 and 2023, respectively | 91 | 90 | ||||
| Additional paid-in capital | 17,928 | 16,621 | ||||
| Treasury stock, 1,240,261 and 720,732 shares as of December 31, 2024 and 2023, respectively, at cost | (27,997 | ) | (20,359 | ) | ||
| Accumulated other comprehensive income (loss) | (93 | ) | 32 | |||
| Accumulated income | 61,768 | 56,320 | ||||
| Total stockholders’ equity | 51,697 | 52,704 | ||||
| Total liabilities and stockholders’ equity | $ | 62,338 | $ | 63,826 | ||
For further information, call
Matt White, 770-564-5504 or
email to matt@corecard.com
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. CoreCard considers Adjusted EBITDA and Adjusted earnings per diluted share (“Adjusted EPS”) as supplemental measures of the company’s performance that is not required by, nor presented in accordance with GAAP.
We define Adjusted EBITDA as net income adjusted to exclude depreciation and amortization; share-based compensation expense; income tax expense (benefit); investment income (loss); and other income (expense), net. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.
We define Adjusted EPS as diluted earnings per share adjusted to exclude the impact of share-based compensation expense and non-operating investment gains or losses. We believe that Adjusted EPS is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.
Adjusted EPS and Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EPS and Adjusted EBITDA differently than CoreCard, which limits its usefulness in comparing CoreCard’s financial results with those of other companies.
The following table shows CoreCard’s GAAP results reconciled to non-GAAP results included in this release:
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income | $ | 1,926 | $ | 486 | $ | 5,448 | $ | 3,395 | ||||||||
| Investment loss | -- | -- | -- | 1,000 | ||||||||||||
| Share-based compensation | 449 | -- | 1,308 | 150 | ||||||||||||
| Income tax benefit | (112 | ) | -- | (327 | ) | (38 | ) | |||||||||
| Adjusted net income | $ | 2,263 | $ | 486 | $ | 6,429 | $ | 4,507 | ||||||||
| Adjusted Diluted EPS | $ | 0.28 | $ | 0.06 | $ | 0.79 | 0.53 | |||||||||
| Weighted-average shares | 8,036 | 8,389 | 8,146 | 8,474 | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income | $ | 1,926 | $ | 486 | $ | 5,448 | $ | 3,395 | ||||||||
| Depreciation and amortization | 790 | 1,245 | 3,566 | 6,256 | ||||||||||||
| Share-based compensation | 449 | -- | 1,308 | 150 | ||||||||||||
| Investment loss | 12 | 38 | 427 | 1,579 | ||||||||||||
| Other income, net | (147 | ) | (272 | ) | (792 | ) | (765 | ) | ||||||||
| Income tax expense | 286 | 143 | 1,456 | 1,102 | ||||||||||||
| Adjusted EBITDA | $ | 3,316 | $ | 1,640 | $ | 11,413 | $ | 11,717 | ||||||||
| Total Revenue | $ | 14,823 | $ | 12,157 | $ | 57,399 | $ | 56,004 | ||||||||
| Adjusted EBITDA Margin | 22.4 | % | 13.5 | % | 19.9 | % | 20.9 | % | ||||||||
FAQ
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