CoreCard Corporation Reports First Quarter 2022 Results

NORCROSS, Ga., May 05, 2022 (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 March 31, 2022.

"CoreCard’s strong performance continued in the first quarter and resulted in total net revenue of $24.3 million which actually exceeded the high end of our expectations,” said Leland Strange, CEO of CoreCard Corporation. "Our significant top-line growth was driven by $12.5 million in license revenue, combined with 14% growth in professional services revenue and processing and maintenance revenue growth of 56%. We continue to invest in our platform and processing capabilities, which are showing encouraging results. We also continue to onboard new customers through our partnership with Deserve, primarily their new credit customers. A new customer went live with Deserve on our platform in the first quarter and we have several other implementations with them in progress. We have several other partners that value the features and functionality the CoreCard platform offers that are bringing their credit customers to CoreCard. CoreCard provides a best-in-class platform that is extremely well positioned to capture the growing demand for next-generation card management platforms by large and complex modern card issuers."

Mr. Strange continued, "Due to solid performance during the first quarter, we are raising our topline growth expectations to a range of 25% to 30% for fiscal 2022, an increase of five percentage points at the midpoint of our previously provided guidance. Additionally, we repurchased another $2.3 million of shares in the quarter and we extended the buyback authorization for an additional $20 million. The opportunity ahead of us is significant, and CoreCard remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for our shareholders."

Financial Highlights for the three months ended March 31, 2022

Total revenues in the three-month period ended March 31, 2022, was $24,284,000 compared to $8,912,000 in the comparable period in 2021.

In the following table, revenue is disaggregated by type of revenue for the three months ended March 31, 2022 and 2021:

  Three Months Ended
  March 31,
(in thousands) 2022
License $12,489  $-- 
Professional services  6,562   5,747 
Processing and maintenance  4,060   2,607 
Third party  1,173   558 
Total $24,284  $8,912 

Income from operations
was $11,753,000 for the first quarter compared to income from operations of $1,465,000 in the comparable prior year quarter.

Net income was $8,670,000 for the first quarter compared to net income of $1,040,000 in the comparable prior year quarter.

Earnings per diluted share was $1.00 for the first quarter compared to $0.12 in the comparable prior year quarter.

Investor Conference Call Today

The company is holding an investor conference call today, May 5th, 2022, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at 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 prior to the call. A transcript of the call will be posted on the company’s website at as soon as available after the call.

The company will file its Form 10-Q for the period ended March 31, 2022, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at or on the SEC website,

About CoreCard Corporation

CoreCard Corporation (NYSE: CCRD) provides a pioneering card management platform built for the future of global transactions in a 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.

For further information, call
Matt White, 770-564-5504 or
email to

CoreCard Corporation
(unaudited, in thousands, except share and per share amounts)
  Three Months Ended March 31,
   2022   2021 
Services $ 11,795  $ 8,912 
Products  12,489    
Total net revenue  24,284   8,912 
Cost of revenue   
Services  7,456   4,429 
Total cost of revenue  7,456   4,429 
Marketing  66   37 
General and administrative  1,685   880 
Research and development  3,324   2,101 
Income from operations  11,753   1,465 
Investment loss  (103)   (133) 
Other income, net  37   75 
Income before income taxes  11,687   1,407 
Income taxes  3,017   367 
Net income $ 8,670  $ 1,040 
Earnings per share:   
Basic $ 1.00  $ 0.12 
Diluted $ 1.00  $ 0.12 
Basic weighted average common shares outstanding  8,655,529   8,899,011 
Diluted weighted average common shares outstanding  8,685,698   8,933,090 

CoreCard Corporation
(in thousands, except share and per share amounts)
As of March 31, 2022
 December 31, 2021
ASSETS (unaudited) (audited)
Current assets:   
Cash $ 24,544  $ 29,244 
Accounts receivable, net  18,264   5,547 
Other current assets  3,270   2,046 
Total current assets  46,078   36,837 
Investments  6,252   6,355 
Property and equipment, at cost less accumulated depreciation  12,456   10,371 
Other long-term assets  4,901   4,585 
Total assets $ 69,687  $ 58,148 
Current liabilities:   
Accounts payable $ 4,173  $ 2,763 
Deferred revenue, current portion  1,031   2,263 
Accrued payroll  3,370   2,145 
Accrued expenses  638   404 
Income tax payable  4,004   1,004 
Other current liabilities  2,367   2,274 
Total current liabilities  15,583   10,853 
Noncurrent liabilities:   
Deferred revenue, net of current portion  316   164 
Deferred tax liability  556   549 
Long-term lease obligation  3,009   2,708 
Total noncurrent liabilities  3,881   3,421 
Stockholders’ equity:   
Common stock, $0.01 par value: Authorized shares - 20,000,000;   
Issued shares – 9,001,311 at March 31, 2022 and December 31, 2021;   
Outstanding shares – 8,618,951 and 8,689,815 at March 31, 2022 and December 31, 2021, respectively  90   90 
Additional paid-in capital  16,271   16,261 
Treasury stock, 382,360 and 311,496 shares at March 31, 2022 and December 31, 2021, respectively, at cost  (13,659)   (11,327) 
Accumulated other comprehensive loss  (193)   (194) 
Accumulated income  47,714   39,044 
Total stockholders’ equity  50,223   43,874 
Total liabilities and stockholders’ equity $ 69,687  $ 58,148 


Primary Logo

Source: CoreCard Corporation