CoreCard Corp Files Q3 2024 10-Q
Sentiment: neutral
Topics: 10-Q, financials, software
TL;DR
CoreCard Corp's Q3 2024 10-Q is out, detailing financials and operations.
AI Summary
CoreCard Corp reported its Q3 2024 results for the period ending September 30, 2024. The company's filing details financial performance and operational updates. Specific financial figures and strategic initiatives are outlined within the report.
Why It Matters
This 10-Q filing provides investors and stakeholders with a detailed look at CoreCard Corp's financial health and operational performance for the third quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information and risk factors that could impact the company's future performance.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-10-31 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- CoreCard Corp (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-10-31 (date) — Filing date
- INTELLIGENT SYSTEMS CORP (company) — Former company name
FAQ
What is the primary business of CoreCard Corp?
CoreCard Corp is primarily involved in the prepackaged software industry, as indicated by its SIC code [7372].
What was the fiscal year end for CoreCard Corp?
CoreCard Corp's fiscal year ends on December 31st.
When did CoreCard Corp change its name from INTELLIGENT SYSTEMS CORP?
The company changed its name from INTELLIGENT SYSTEMS CORP on November 27, 1995.
What is the filing date of this 10-Q report?
This 10-Q report was filed on October 31, 2024.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,537 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-10-31 06:33:02
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share CCRD NYSE Ind
- $9.3 million — *At September 30, 2024, approximately $9.3 million was authorized for future repurchases o
Filing Documents
- ins20240930_10q.htm (10-Q) — 846KB
- ex_738821.htm (EX-10.1) — 31KB
- ex_737546.htm (EX-31.1) — 16KB
- ex_737547.htm (EX-31.2) — 16KB
- ex_737548.htm (EX-32.1) — 8KB
- 0001437749-24-032692.txt ( ) — 4255KB
- ccrd-20240930.xsd (EX-101.SCH) — 36KB
- ccrd-20240930_def.xml (EX-101.DEF) — 249KB
- ccrd-20240930_lab.xml (EX-101.LAB) — 238KB
- ccrd-20240930_pre.xml (EX-101.PRE) — 278KB
- ccrd-20240930_cal.xml (EX-101.CAL) — 36KB
- ins20240930_10q_htm.xml (XML) — 584KB
Financial Statements (unaudited)
Financial Statements (unaudited) Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 7 Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 17 Item 4
Controls and Procedures
Controls and Procedures 17 Part II Other Information Item 1
Legal Proceedings
Legal Proceedings 18 Item 1A.
Risk Factors
Risk Factors 18 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3 Defaults Upon Senior Securities 19 Item 4 Mine Safety Disclosures 19 Item 5 Other Information 19 Item 6 Exhibits 19
FINANCIAL INFORMATION
Part I FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CoreCard Corporation CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) As of September 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS 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 Commitments and Contingencies (see Note 9) 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 The accompanying notes are an integral part of these Consolidated Financial Statements . 3 CoreCard Corpora
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Throughout this report, the terms "we", "us", "ours", "CoreCard" and "Company" refer to CoreCard Corporation, including its wholly-owned and majority-owned subsidiaries. The unaudited Consolidated Financial Statements presented in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") applicable to interim financial statements. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of CoreCard management, these Consolidated Financial Statements contain all adjustments (which comprise only normal and recurring accruals) necessary to present fairly the financial position and results of operations as of and for the three and nine month periods ended September 30, 2024 and 2023. The interim results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with our Consolidated Financial Statements and notes thereto for the fiscal year ended December 31, 2023, as filed in our Annual Report on Form 10-K. There have been no material changes in the Company's significant accounting policies during the first nine months of 2024 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Amendments to Topic 280). This standard was issued to improve the disclosures about reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses by requiring disclosure of increment