CoreCard (CCRD) 5 May 192019 Q1 Earnings call transcript

Company Profile

Participants

Matthew White	VP, CFO & Corporate Secretary
James Strange	Chairman, CEO & President
Mickey Lipska	Analyst
Sam Rebotsky	Analyst

Call transcript

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Operator

Good morning. My name is Deidra, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2019 earnings results conference call. [Operator Instructions]. Thank you. the to turn host, now will call your over Mr. I Strange. Leland may Sir, your conference. you begin

James Strange

things. be do Good Chief our you. come today earnings going Matt comments different first us Thank about to going to some for quarter a on ask to back make today. We're opening I'm call. Intelligent Thank I'll conference everyone. Officer, our earnings, morning, Systems' other and you White, things and little Financial doing for joining the

Matt, go So, you don't why ahead?

Matthew White

Sure. Thanks, Leland.

talk third-party our results. for first of is revenue XXXX little $X,XXX,XXX revenue I QX of was the of of of $X,XXX,XXX, We in differ like $XXX,XXX. quarter Before our I'd the to forward-looking everyone processing recognized about included call of an and understand business are first remind other maintenance today, help on to XX%. would number for XXXX And factors, materially to future press certain that a to for in revenue of its expectations. included Form Intelligent filings. This something services risk for and to bit XXXX. I factors SEC, operations affect Factors of making increase release. $XXX,XXX, XX-K of first a that compared we've environment. new uncertainties like start, our could involve that this $X,XXX,XXX, including to These Systems disaggregated and we quarter the and $X,XXX,XXX during now with the will results from the filings revenue professional subsequent our statements quarter statements license revenue Revenue XXXX you and be a cause quarter actual revenue

maintenance is our annual processing reflected previous account new which tiers increase license when revenue will in increases our license mentioned to customers, license and tiers. revenue significant in we in but maintenance from achieve vary maintenance line, do we when license revenue our our revenue XXXX. primarily in We and anticipate customers achieved. new receive a revenue We quarter-to-quarter, license As statements, then charge are

that revenue XXXX. As from comprises overall first you can mentioned, quarter for our a revenue professional revenue the portion significant I of of the services see detail

However, and decrease of our system, their is time features customers as we ultimately to license to expect revenue accounts maintenance we've then that lines. over percentage the to total our revenue a and reflected utilize processing add as revenue in developed new which

is functionality annual professional services, customer, our fees for which reflected in maintenance our and processing to result those Additionally, then we in for charge also line. new services that maintenance

$X,XXX,XXX of while a services significant to XXXX. or QX an operations rest for and maintenance expect of and revenue revenue, and a third-party is So that professional margin in our revenue license represents future. revenue, growth portion And provide we our on translate charge into behalf future in to has our services very XXXX the generally that slightly low finally, processing QX grows in QX of in for And customers We this highlights $XXX,XXX We on for the operating XX% compared XXXX This purposes. above QX compared for for for now XXXX XX% to statement. income for reported revenue accounting of XXXX. resulted margin QX income at recognize of cost. the from we

of back turn to to compared And Earnings $X.XX was Our it for the in per to now, net XXXX. was loss share X% XXXX compared $X.XX for diluted XX% QX in due tax over utilization I'll Leland. carryforwards XXXX QX operating rate to the XXXX. quarter

James Strange

Okay. Thanks, Matt.

company information new need an as I've better X company. me new your read earnings back to remind or if understanding, that the in the help each and would been a opportunity Let one taking the if calls X earnings to fairly you probably calls. understanding add last increase you you try or and the of just that you're go already or to haven't listen to want

I and the this invested, companies of some from me my you you to link and going to one next if who a and done earnings for say so calls for calls have my companies, boring listen XX software has to calls years often Now be minutes, also having brother surprised. I've to one, we're you'll repetitive. listened would and of them past different Well, than who listened a in to before to have he with something asleep. that in few [indiscernible] listen some which calls often comment I'm can't to Denver tonight, find past invested in My not our sends do of the we've sleep

So my me not back that brother of is ever send calls my these to have my with comment. challenge calls one on same to

because or questions we're actual and answer do So some not e-mail month. not because the this would In the not selectively what in either call going so I shareholders answered question in asked us the selective, was could in answer is to a communication we cases, that some we But calls we disclose. prospective actually cases, previous shareholders today could answer are correspondence we phone said answer our already on here. last have in - answers

are. question, where on I have ask will answers, to asked hopefully, questions on are you these Matt to the both asked. credits the So I'm better questions who some know those that I helping actual of My guess, going been of give or, ask the I the and quarter phone understand apologies you you phone. we to and are the

take the So, Matt, you first why question? don't

Matthew White

asking sent getting to it?" to shares, landing any and Sure. thinking for and what a curious about they're "I sale? we're old your Do of looking we're time. I A said, is question, Leland, long chunk say e-mail a on and an going you're that? this succession but large you clients think you've then someone days on hate are Or a I processing have ago, take what there know some just trying you do been me big of plans? couple of

James Strange

it Well, in not they're about executive plan. right. be I'm but a Board the of shareholders. to height to that you, do can have should brag, be regards malpractice big of been would not seriously, has the for diligent a but and Intelligence to for or years of not worry I Directors succession going anything incompetency Systems assure it, plan that

to a with We have the around and nuance CoreCard. a think together the very or that used I question guess, Systems for place opportunistic, how employees. we always X part decision-making? it I say I in is last fact regularly to we in of best a shares and the We company time shareholders shareholder and and held or the that or, not have sale, though have but meaning actually both, is guess, good of am any a that unapologetically core team affect also calls interest large management are I I Intelligent long in will centered X the the

hand, in any but other invest always will company to the the we'll and operate every opportunities light manage, moment if time. is the going to We'll risks owned we evaluate and as also and of offer the be build in company, privately always always forever. On at try around

if we have around merge, So we we're the forever, at head as something, and we're may and to we not point silly sand acquire, going may may to but the it here use what's just going we we whole be may to I'll continue cash as happening be buy look our our run us. in

Matthew White

the you you me think mean opportunistic We you expand a when follow-up, Let say and ask Leland. more risks what what on are?

James Strange

we Yes, done things I word lot. before. that say, in never at and on about technology point opportunities. you do do as what There risks must I it's use time see based a are risks you've always any opportunistic,

do accounts, and to be we X difficult. when XXX,XXX that we there example, risks When risks X we would were million million process and on whether as accounts, were on. For processed there XXX,XXX can

believe we can don't you unlimited that really accounts, of know we you it. process an until While do it number

risk they things, best customer are if So your to not also, strategic just risks, think, force strategic you do are there. I their is a interest size. of obviously, could in customer, particularly There because they a there

be And are that are customers risk. business, always has execution arrogant sticky foolish this make While risks. business it there would fast-growing assumptions and certainly a no in to

size arrogant, often see all FD asked I'm I think are concerned, not we're size sizes not because huge. markets of again, market say And guess, acquiring or SMB back the we then, right? the the the itself because and that terminals new for by Fiserv, would simply locations. is loan TSYS market I And to competitive SMB size but I market risks, defies acquiring medium as about that then, retail is could put businesses. portion are and, to we quantification, reduce guess, that's add go of analysts or what other are worldwide it of be portion and products our honestly, You small do to it that you'd don't and the by markets. the because huge.

try determine the revenue get right value potential think, point process when and I about transactions, So huge. per to of transactions, do you size, you talk number you dollar or, is

at things. always we'll years look So a these few about thinking

always and You've the you've economy, opportunity play. along and got with be risk got we'll enterprise price, in

Matthew White

right. All

to use earnings? Next investors we project that to? us point able use might might how we that revenue figure question. be can Do models your more out presentation your and about or able deck have be you that an investor to can to Anything

James Strange

license it is at in over or on percent grow goal. we are next. focused directly together understand revenues. I business model annualized an worse. most I really we to, there just Investor and we'll but are expenses recurring FIS, rate different sales and company, a really few much file or this at or say, said to July be existence revenue a means Today, slowly as tracked, I've We of same add for have the the business accomplish we big to putting because means next software have are to the not cannot almost moving and the or our years with just as understand needed No, continue processing and target but someday, nothing guess more our Day, not that for Whereas overall lot don't. accounts license on would XX-plus guys. are to objective, nonexistent. small of back into analyze recurring TSYS We'll currently we're model of don't better as software sales They business, be to similar quarter but want or a FDR processing XXXX,

Matthew White

large outside processing the in through any going launching? multimillion of have even UAT assuming are you really X the Do pipeline large or customers portfolios new waiting

James Strange

me I call, And I'm this processing did more on sorry. willing I I that think can't would really question. the was specific, I not question time, no UAT. I it selective any asked a with meaningful comment. at to to pipeline other disclosure. when answered But are because when customers multimillion that there given I answer was provide in in the this No, or give

testing. UAT user Now means acceptance

runs ones And to clients are likely large of us anyone is conversations not that business few have a toward in forward had point. that answers of getting still new very we've customer doing mentioned capacity we grow they to some programs. some great, large absorbed personal-wise should negative, what year. enterprises with we of this because probably continue that away new traditionally I move clients without don't that XX big loud That's discussions, thought call existing I as happen continue pipeline. months. the request. want other that, We'll as to the move even due commentary licensing test it's a much processing the Before this future firms from at the we're we next but are of there's CoreCard. pipeline, to they've months, to with contacted other probably delay year a the to have and a accounts and had process business for licensing will or totally large But they test don't thought just to more additional honest and with though to after initial the perhaps I add rest revenue some with of several than question that that very previously is going lot years and no in likely other large provide that very which next onboarding indicated

Matthew White

the portfolio Can of these it about you or size card with less? the roughly discuss Is you're customers? the in talking millions

James Strange

on their spend reality. they're they They're Any don't mentioned, in or I've accounts. won't. as guessing to internal I talked to intend about but their when plans ones to we expect fast. accounts fast we've is have program, I grow how they what to we when could, million-plus to marketing. when If plans their I large million-plus hear and going plans. the the a it's then documents don't how customer new guess just they see we obviously know say get I produce their

that transition they actually which but us, accounts, several million transition others have For smartly, to they want may means to slowly.

about cost program some a of their and even card manager is chances an a loan it's to big a sure customer just bang But and quickly. and that would very that will. we're customers' end-user large not for to acquiring not program does conversion, any encourage or too disrupted, with very expensive experience Our end-user although making to take sensitive basically all their anybody get transition customer

Matthew White

both? you are or credit When you processing loans referring about to say processing, or card or talk

James Strange

all that could fashion. it say private be us all it retail it on processing, per account mean gift, in card, accounts pay of could It could of a prepaid, be could loans. I be a label, credit or I similar When be types kinds

anything or equivalent processing. talk pays systems, on not is So per about runs our account us what basis It that a on theirs. we

Matthew White

the have aside? newer it up, lined and over fees licensing customers previously the other next the as able fill for the be Is customers, big customers With so? to professional year you or mentioned, void

James Strange

And the It professional think model, and the here of I've I it doubts that about question margin professional is from of generates lot services. and sustainability true heard a business. whispering revenue is the underlying first revenues, the we're new either a to norm, their year customer. budget and forecast. they for third or move to usually fees year second single the down then from become any and do repeating able

with right I people are have total, Just looking other that guess these plans statement, the cannot be board. on I positive, meaning only and from filled this easily is any we with of I do I the we plan. professional But if in which license a that to say, off do way can't license year surprise see next year, we're to blow to what stars now, the revenue before believe, XXXX, same the doors likely you at come the and I additional caveat by is the would pop following word certain we get because going should again license to it that do that I've not pops. do revenue aligned, lot revenue budget are we also revenue, path but have used year. because a not if to guess

with that primarily continue there I transitional fill the we I all but be revenues, our maintenance and to our also. licensing for revenues think can would help momentary revenue as support add, in are revenues service grow simply to no know that continue modeled up any India will company located a staff revenues licensing lines professional larger and could trend licensing for Professional in services well, end grow. gaps

it. technical are and We XXX-plus we're there growing constantly people now,

Matthew White

do a view salespeople. How a doing context or I customers? not of you noticed world in no sales become a outreach to to I you order processor. When that you world-class class know right that you priority have is just now? need being the about staff talked in

James Strange

at not say Well, not at grow, this just justified other But think We're to it. stream add yes. sales steady the people going revenue when add the none and the to economics. we sense need to have do $XX generating expense to to And it it some point $XX many but sales things going that business to expense million until do we yes, don't force. time million. now to say a We're have it's without point, need makes with a in because on grow We're we just we're between to expense of we other force. people going we're as going have

Matthew White

you Have threshold now you what becoming is world-class ever in the could processor? a past or the define for

James Strange

we stake ambiguous. processor It be that to obvious put now, good the goodness a I have client response. our future. thoughtful the include we process A cannot Data a is X would take FIS, for a a would pop-free, time. definition To thank new of ability acknowledge set world-class the That's appear - I say way does such if number a processor accounts, you to for a that ground as and say, that. account is or million a somewhat processors to First that If The use That the would them. it the point question. world-class goal give to fact admit to at deserve have like TSYS, also the may be. and infrastructure should large do with larger were in date be own the it Fiserv which confidence and in you this is a environment in on

diligence say for better you're we it's rather ready than not come customer with, ready. ourselves to So back due not

say, BS, They smart. for for would and ready year us may reasons would process scalable record of don't minimum the world-class requires sometimes are customers more this a build always highly and our of We're be or out other licensee another X main additional an that large engage I helping one up. this accounts. anyway the Staging say, working who allows availability year and to processing So or plan contributors so to at and million, They a X. communicating It's out. million, want environment. way important infrastructure. serve current or and it reason. we is XX key even a with that We're high will won't or years XX prospective and X I a X million system X contract not customers buy

by we to But we claim upgrades it end that It are with own I our a we of appropriate I that software not up and own about with the licensing environment year. learned can't then, elements customers as the resources do world-class resources, because is this their and add smart so brought customer it I as architecture, lessons have good, we're involved system lack work own them valid our have tackle as design could awaiting hardware should the on very drag from means well are then we if are we whole to environment. to longer. a processor. of configuration add reason then add, all we software. will them people a to aforementioned to We we'll of this the guess until tied and our lot much hope to make the large our completion is

there, I think it So we we'll be know when it. and we'll see

Matthew White

Last question. Everyone why from apart you sets one pick that the everyone CoreCard? asks, What's else? the customers thing

James Strange

Before our last answer. this question of going the let that, answer I is me part emphasize be to and

So go they ahead if ask on ready. to that question, and phone the get anyone a should question wants

customers So different said a always even picking with That's different. always one me thing. not you and now reason CoreCard? CoreCard. one pick makes back one the the the a each for ask, for to been customer, Tell reason, having you just different answer, why a to the And thing everyone has because answer people that hard it's still

drinkers, is one So available. Coke choice both businesses simply really simple best. and is answer I And their using better To for analogy. Pepsi? started know advocates. a they both is. strong it that think Is than Coke/Pepsi drinkers, have Pepsi think We have Coke don't a thing I've great

is best, great Coke. these have because best that be will But guys obvious. large there no for big teaching more may a that each. differentiators, than each be if don't is can create will drinks need big are or always be maybe CoreCard may better. my and Buffett they Dr. is of one are you and some markets a when best I've for choice guys programs each but Warren the give they their be you preferences the attention, not small, there Dietary and want Pepper not there thing real day get So markets, for them. But may then there drinking Personally, been but is that

and not offers example. that offer their big the that CoreCard long do another CoreCard to a as could one kind to something like program, Our of but set the have do guys a confidence. legacy history with Coke/Pepsi may but of that appeal software, features big cannot guys

also kind So an that I of it And students. and what grad people, not confidence elevator the would is with way, it's explanation. - way, analysts say the want marketing drove defined By want we can for by to and goes time a a home If because it college had that a on just on. for high I professor of pitch? marketing was period they certainly

to succeed the to differentiator one markets marketing find You progress. with a have understand that good

simple. a both understand MasterCard versa. wish it's I just Maybe it was but So or market example to say, MasterCard what so another makes Visa than I successful. be vice huge the Visa and will To question, better just and

quarter. U.S. grew think that U.S. the read first net. revenue, quarter $X.X I I Data in growth the the We're X% on our segment, revenues just billion a in for would First side. be this in million that's really But $XX first and that's

So if not just do all year, even $XX quarter million to first achieved we've of growth number. their XX% million $XX we

to way. over great that offer, comfortable end I rates has similar I software next kind just I'm a and CoreCard in talking a think my flexible growth or on years. greater very about There's space still this the with So parameter-driven market of the huge answer should XX%

do hopefully, answers some day. our we folks help of the some understand some of It's folks new something either each So time these for what shareholders or out will been business. who've

see open are going to with questions. operator, answered of group there that, after these any So we've to questions other if I'm it up

Operator

question first your from And Instructions] Kelvin comes [ph]. Seto [Operator

Unidentified Analyst

I've over a question here.

look you X years, me or margin so. to operating do think particularly that, in AIG since and but just I It being to mentioned rather for the quarter seems I it that's I the right that next other on be for margins are temporary at the about First And question are because side where and expanding. So XX.X% expansion Or your stagnant, have expanded probably this XX% the enjoying the margins to I is you've the sustainable? we itself, that that you is is if for now. margin the CoreCard, think think X operating think about Data the look

it or is sustainable is it So temporary?

James Strange

that. Matt to going let I'm Yes. answer

Matthew White

Some revenue that to of the due is it we recognized license the quarter. in first

the on be license get dependent in revenue given we will how margin So much a quarter. of some

if So be calculations, margin your what you going do or can own on revenue but is, think remaining will the forward. I we that similar guess, better

James Strange

be a I very think they're be on happen going there there. because not have of of you going - to just business that careful, again, all going of to large, very on metrics are kind this size, to which focusing is to get those distortions kind

midpoint you give a that to somewhere just margins these really $XX between it's streams. and obviously. we're pick Remember, And million $XX and being when business, small million income I'll we're caveat. too million talk say, annual about $XX your So I'll got you've disparate

Operator

comes Your [indiscernible]. question next from

Unidentified Analyst

attraction years we CoreENGINE past or are with around the the or these what but you growing years, thing around sudden that this been way. is Can technology this for that CoreCard been this has something understand share in CoreCard getting - is for these years? that a makes in us that in key few drove interest a big that what this XX think few has only I is there

James Strange

like. and process this, any continuous there and a a it's little Well, inflection say points, I there's continuous want both process like is to with

now. all year, more and as right be next but not software it these complete will it good it's had now, complete as than it's is years, it we've So is

it's part part of process a that helps with of have getting certain point an you So kind and customers. inflection of to that continuous and with be you lucky

time large the of of growth, it. customers. several number up point good the in So other a we cause is at we They're good and have with ended customers really a that doing large

can't company. difficult at revenue there you simple and multibillion the the companies, very very, only is write companies one business, large again, So It's the to if you are I - the software answer. very really because this give look

to company get of small to So when into you're you're take quickly. trying very this anybody business, that a going revenue else not from kind

that pieces Now smaller what we have nobody spectrum there's there we has that as of people but as company. have what as companies, full have smaller far a are the of

just process, were some it's lucky in points of there some terms steady So a inflection in getting cases. and

Unidentified Analyst

Okay.

platform, Just want CoreCard is CoreENGINE. this using modern on which is or Is existing which that competitor this because Was another to Core check also the it's I for question with C+. - that is COBOL the programming built the banking the language? understood exiting

James Strange

more sold certainly it's rewritten to COBOL and And predecessor a of started It had from rewriting code that not that before called compatibly had company code COBOL we all lines Data, PaySys. COBOL. their of of of process Well, lines a was was millions PaySys into language. First we modern we those already of

tighter So with now it's not better much and modern It's compatible COBOL code. at all. and much different. It's much more

Unidentified Analyst

this much the First Data - that than more means this is offering? is is superior is VisionPLUS technology that So that

James Strange

this was rewrite that that, that. at is a PaySys product and previous Sounds the like think spin-off. First I with familiar had product you're superior. call developed we at saw over it's many our VisionPLUS years can and we it a that we is Data

the we it's what did is of COBOL, terms with in that rewrite much very issues One VisionPLUS and parameter-driven. it hardcoded was this of and in very very to flexible the make

very these very new flexible it's in to can able make technology particularly in fast and because where parameter-driven. happening fintech. with it's stuff times move the there to So We're very lot are changes strong markets, be a of

Unidentified Analyst

banking using a or adopt the and industries any move feel you to software from existing resistance this such basis such to Do a software? flexible

James Strange

this banking software. we resistance? platform can with do Any a I No, mean

primarily. only so size We're going flexible, it's but we're issuing do So not that. to

what we're flexibly. we just and doing size we're more they're a we're we're this terms in So at First do what can said, doing it But But net - as is doing, point Data in doing. time. of I

a lot need that to want or drive of people we're hard changes fast, So fast and good choice. a

Unidentified Analyst

Yes.

processor? question mentioned on quantitative give Can do world-class you you you you see how to are a be the is, going world-class definitions yourself Another that processor. as

James Strange

I be what processor. that think be PaySys confidence. that what to Data accounts said on to millions FIS million to and, earlier. of to not Right account able to do. mean, was a did I had we effectively What be with I Well, able do and have take We First going now, XX we're I've

a are processor. We million X account

where a we'll to be of next we that it's sometime matter or and end can of So early toward year. that year doing getting the the scale size

Unidentified Analyst

When revenue? hitting the see do million $XXX question. Last Okay. you yourself

James Strange

I can't sorry. answer that one,

Operator

comes next from Fisher [ph]. Avi question And your

Unidentified Analyst

here. questions two have I

talked You might talked to the professional and sense think about it, what of but not a at into maintenance? answer about you - distortions, and the I services translates you be ratio too you because small able processing do you're have

James Strange

I professional XX% can't total there that use are specifically XX% can't translated professional you amount I for that a like if charge you're the up professional that for are to additional amount for into customizing because of product. is that services that services support. software really there lot But customizing are answer a customization tell not that will for because we No, of people, kinds all you services.

I So no, can't.

Unidentified Analyst

a you big that's what knows sort try like I to to what And what that that's I question, are lot, sustainable a that revenues? question it yet. give lot of thought, you Yes, sure wanted the try estimate - guess, asked the just nobody big but are I'm asked I'm sure I recurring really to a a or are just

James Strange

answer model our revenues to I further same tried because, the I the we and again, is word other think not used the Well, that. as folks repeating and sustainable

momentary dip. revenue should should dip other not be Our They go than continued to professional up. a

revenues cases. repeating and same customers from many that's So in the

Unidentified Analyst

legacy sort of little the environments you And other also. I The us share at your do question sort with that They're had thinking legacy customers on mean evolving - you providers CoreCard can't. mentioned call, wonder the and I the not things are of bit on still. if can your standing the about legacy I competitive a

offer us to If environment you if you can't could the about start they happens competitive and things what thinking share with your can?

James Strange

a do say of can't I to say, anybody never I'm Well, going it's it. do they But anything. can matter would speed.

we're that do, with be it platform legacy think to anything do but we much able do Our we faster. can to parameters programmed our that

and that of they people do take to if can it to the They rewrite changes, able to can to over a So I or other do anything. not do care it. have can that don't we mean it as can is. do how I to done. be do of time, they way want cannot anything, they There's it's They're we can time. it. they be their anybody a many that, it parameters than better be hard software matter to of of do matter make just have it. lot we It's move whether can can quick imply able can a anything, to But fast do factors. do

Operator

Lipska. next comes And from your Mickey question

James Strange

Yes.

Mickey Lipska

Leland? Hi,

James Strange

Yes.

Mickey Lipska

to that about license for drop a that Will the the line? bottom largely uptick tiers additional on. have question I you're guiding an

James Strange

be license. able pretty much XXX% no But it generally bottom to the the line, sometime line. There use will hugely on we'll something yes. word we License revenue is I because surely when bottom to a drops to there do embed drop the license. cost

Mickey Lipska

So have you you plans cash? built-up, the lot any you year out, look cash case, dividends, for now of any have if that's do say, that and a plans on if from doing a

James Strange

That's about that year. of plans no, to end on I'll But a probably a focus we we're so the point, just conclusion question. this point. we honestly, to the have be we're good busy no doing. at what We'll that. just some have this At particular And come on

Mickey Lipska

you truly if that? determine isn't testing pipeline. to that you with then the to Is on When question business line What's they're the you? Okay. - going large do point certain a do at guess? have I just - And the said are then the I timing about that going in and what's time on additional another customer that,

James Strange

that That's of we in to They put just that. on what don't terms happens. some of the safety what - control And time. may run and that all have we and and want to give they then kind decide they're to is yes, that test their to don't we try push respect This to we try doing. business, they to - have programs and what

my but anything best some for ask them it big you X on X.X programs we'll won't within months, If years. guess, have probably be with

Mickey Lipska

to across with? will start be fees that And professional

James Strange

call sell that - to a hand-in-hand them to It's There we potential don't clients. with be it. will said. professional and I've be what it what work will hard be not processing to for got be sensitive customers Well, on fees don't currently like there but fees couple and there it is licensing both. I want We've processing. get will We pipeline, for those were way. and that being need particularly may their for customers how

be. where be covered the they don't numbers can to not year was and a had for a are don't before push it, certain clear we really as year push point, we where and we them the discussions very would based far but like the with just lens. numbers because to a just We little it of ago going it We're end bit what on So are. their we and are see confident a we of target. see a It's that we've

Mickey Lipska

with you I then seems guys that lower to question. to a able and buyouts seems approach customers. last Have you the have be move - are way - of you of cost large like that? a set any And anything just have Have about been you the Okay. structure, one lot you up have large faster. guys It players winning had or any you

James Strange

the organically where in Data I answering me guess, by back first and, quarter. earlier, we're flip If U.S. million example other grew Well, in used organically rather let than directly, First I segment the way. kind the is it in just their - of in they business $XX

you management business. their a their It's It numbers. looking not won't the million imagine be $XX in interested million you can't time. the I a all spend business, $X in grew business $XX business can just on $XX a a year I are they for first move them, worth - just of think if million $XX billion really million doesn't it help business? needle quarter, That's your a Now doesn't

Mickey Lipska

would to follow-up you able threat to I a as to just salespeople. that, have these them win don't and a any customers, that's - I and Well, ask if obviously you're truly nimbler

to customer we come expanded, force have, just you that So that put take and think a a a sales on significantly can would you or say and I would know. company it's it I larger larger don't what -

James Strange

mean, no, saying say, I'm not when you expand we it would to billion. I I talked sense a I'm is to we XXX XX expand think million. would you're point haven't well, just and the make more Whether you're going think. doing XXX your million you more way to this about. when valid. Yes, is million, say, can I logical X to

We would be to business typically are look at here. running how

Operator

And your next question Rebotsky. comes Sam from

Sam Rebotsky

urgent CoreCard And deserve Yes. kudos. Congratulations, I last I'm other Leland. the I you wasn't along, call, had on the all Having sorry, business. nurtured some

XX% continue Now proportionately as say, customer, me you grow to grow the sales or to they tell another, Will expect do larger or a, increase? they smaller?

James Strange

we would be license we the them. Well, I what won't that but hope license We to get revenue get from revenue expect grow we definitely professional will more from is more them services. should saying,

Sam Rebotsky

Good the shareholders. created in the keep glad I'm has a interest Leland. all hopefully is luck, lot the Well, and you that okay. new call, and interest the stock of rewarding seems on This good which

James Strange

old, the will new myself. including reward the and We

Operator

Covell question your [ph]. from comes And next Lyon

Unidentified Analyst

Leland, just question. a quick

customers, Do see for make of or don't a to for of kind price earlier Does and that about customers cost of of same of a mentioned potential your we've be pressure, them just risk it? mentioning kind - an that mentioning see moved stickiness of and You large mentioned them large and pressure of they X it the X will issue influence from risk kind of as to that mention the or that or or have. sense? that you sake customers because having the the much as

James Strange

not risk, say, I Yes, would little a it be small. would pretty actually there's but

no Just to risk. risk, there's low obviously, but say, it's yes,

Operator

Kelvin And [ph]. your from last Seto question comes

Unidentified Analyst

this is here again. Kelvin Leland,

So just payment because web and CoreCard that check one payment and Google checked [indiscernible] thing I page says but barely XXXX. thing the one wanted on has is with you that it, that a Google, on on to is expiry a I on did found

of concern a that yours? is So

James Strange

used based it's on it business do patent, have concern se. actively We Yes. We at has what it really. the do with that to but not we No, have do, but a per all. - not anything something that we're use a we

Unidentified Analyst

right. All

protect have? Just Then that you two last. do the how the intellectual the properties on assets more questions, you actually

James Strange

Data to anything much it. copy try to don't and copy to really people someone are do a it's else. matter I of other People or so you build we so want to big, just trying Well, is available still mean, - it with. obviously First They to make

outside obviously, secret trade of internally. with internally, there particularly protected So to special is nothing We've information. of kinds all

Unidentified Analyst

would that XX question world-class last talked The about heard be, you million. processor, Understood. I when you mentioned so

So per is it million XX or it transactions day per is month?

James Strange

accounts about We're talking of about accounts. talking not the transactions. We're Yes, system. numbers on

Unidentified Analyst

All right.

transact a transactions. you're have world-class So on what even figure actually about you daily processor Do be basis? talking a on ballpark would

James Strange

hope learned new that everyone kept least at informative. the I attention on being you've some We right. All I may have we sorry. don't people's don't. and it's things. been hope I have call. the I appreciate some number, it way did today

how happy but careful we want it, some usual, can't. some be questions, confidence always some, your with we're But As if and other you answer, much. we to we we have we you the company. to shareholders, deal very as you take appreciate can in appreciate Thank we

Operator

does today's This Thank call. for you conference participation. your conclude

You may now disconnect.

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