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Washington, D.C. 20549





Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 2, 2023


CoreCard Corporation

(Exact name of registrant as specified in its charter)


(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

One Meca Way

Norcross, Georgia 30093

(Address of Principal Executive Offices) (Zip Code)

(770) 381-2900

(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value for the classCCRDNYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 2, 2023, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated August 2, 2023
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 CoreCard Corporation
Date: August 2, 2023By: /s/ Matthew A. White        
  Matthew A. White
  Chief Financial Officer



CoreCard Corporation Reports Second Quarter 2023 Results

25%+ increase in Processing and Maintenance Revenue Year-over-Year and achieves New License Tier

NORCROSS, Ga., Aug. 02, 2023 (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 ended June 30, 2023.

"CoreCard’s strong performance continued in the second quarter and resulted in total revenue of $15.7 million in-line with our expectations,” said Leland Strange, CEO of CoreCard Corporation. "Our top-line growth in services revenue was driven by 26% growth in processing and maintenance revenue, partially offset by declines in professional services and third party revenues. As a reminder, third party revenues are very low margin. Additionally, we achieved a new license tier which resulted in $1.8 million of license revenue in the second quarter. We continue to invest in our platform and processing capabilities, which are showing encouraging results. CoreCard provides a best-in-class credit 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, "We recently converted a portion of our professional services revenue from variable to recurring, which is beneficial from a visibility perspective but will result in lower services revenue for the remainder of the year. We now expect services revenue growth of approximately 5% and continue to expect total license revenue in the range of $3 million to $7 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 June 30, 2023

Total revenues in the three-month period ended June 30, 2023, was $15.7 million compared to $15.2 million in the comparable period in 2022.

In the following table, revenue is disaggregated by type of revenue for the three months ended June 30, 2023 and 2022:

 Three Months Ended
 June 30,
(in thousands)20232022
Professional services 7,354 7,605
Processing and maintenance 5,689 4,510
Third party 855 1,297

Income from operations was $2.7 million for the second quarter compared to income from operations of $3.5 million in the comparable prior year quarter.

Net income was $1.9 million for the second quarter compared to net income of $2.9 million in the comparable prior year quarter.

Earnings per diluted share was $0.22 for the second quarter compared to $0.33 in the comparable prior year quarter.

Investor Conference Call
The company is holding an investor conference call today, August 2, 2023, 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/corecard080223/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-Q for the period ended June 30, 2023, 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 investors.corecard.com or on the SEC website, www.sec.gov.
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.

For further information,
email CoreCardIR@icrinc.com

CoreCard Corporation
(unaudited, in thousands, except share and per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
  2023  2022 2023  2022
Services$13,898 $13,412$28,654 $25,207
Products 1,794  1,794 1,794  14,283
Total net revenue 15,692  15,206 30,448  39,490
Cost of revenue    
Services 9,296  7,937 19,101  15,393
Total cost of revenue 9,296  7,937 19,101  15,393
Marketing 105  85 174  151
General and administrative 1,516  1,255 3,065  2,940
Research and development 2,092  2,463 3,605  5,787
Income from operations 2,683  3,466 4,503  15,219
Investment income (loss) (391) 260 (686) 157
Other income 201  29 345  66
Income before income taxes 2,493  3,755 4,162  15,442
Income taxes 618  899 1,031  3,916
Net income$1,875 $2,856$3,131 $11,526
Earnings per share:   
Basic$0.22 $0.33$0.37 $1.34
Diluted$0.22 $0.33$0.37 $1.33
Basic weighted average common shares outstanding 8,493,040  8,595,478 8,497,888  8,625,504
Diluted weighted average common shares outstanding 8,516,573  8,616,354 8,524,337  8,651,874

CoreCard Corporation
(in thousands, except share and per share amounts)
As of June 30, 2023December 31, 2022
Current assets:  
Cash and cash equivalents$31,005 $20,399 
Marketable securities 5,099  4,973 
Accounts receivable, net 6,110  13,220 
Other current assets 3,884  3,729 
Total current assets 46,098  42,321 
Investments 4,494  5,180 
Property and equipment, at cost less accumulated depreciation 12,315  12,006 
Other long-term assets 3,055  3,725 
Total assets$65,962 $63,232 
Current liabilities:  
Accounts payable$1,407 $2,011 
Deferred revenue, current portion 1,724  1,094 
Accrued payroll 2,003  1,888 
Accrued expenses 877  525 
Other current liabilities 1,959  2,025 
Total current liabilities 7,970  7,543 
Noncurrent liabilities:  
Deferred revenue, net of current portion 363  473 
Deferred tax liability 494  472 
Long-term lease obligation 1,556  1,981 
Total noncurrent liabilities 2,413  2,926 
Stockholders’ equity:  
Common stock, $0.01 par value: Authorized shares - 20,000,000;  
Issued shares – 9,016,140 and 9,010,119 at June 30, 2023 and December 31, 2022, respectively;  
Outstanding shares – 8,490,681 and 8,502,735 at June 30, 2023 and December 31, 2022, respectively 90  90 
Additional paid-in capital 16,621  16,471 
Treasury stock, 525,459 and 507,384 shares at June 30, 2023 and December 31, 2022, respectively, at cost (17,105) (16,662)
Accumulated other comprehensive income (loss) (83) (61)
Accumulated earnings 56,056  52,925 
Total stockholders’ equity 55,579  52,763 
Total liabilities and stockholders’ equity$65,962 $63,232