Revenue Growth
Third quarter revenues were $269.2 million, up 6.3% year-over-year. Information and Transaction Processing Solutions increased by 11.5% year-over-year.
Sequential Improvements
Sequentially, Q3 was up 22.4% in ITPS, primarily driven by a large project from an existing customer. Adjusted EBITDA improved by 6.7% sequentially.
Operational Efficiency
SG&A was down about 1% year-over-year and 16% sequentially due to reductions in legal and professional fees and employee-related costs. The company is shifting from CapEx to OpEx by moving data center infrastructure to the cloud.
New Business Achievements
The company renewed over $113 million of TCV in the quarter, won approximately $40 million of new ACV, and added 81 new logos.
Improved Cash Flow
Cash flow from operations improved with $5 million of positive cash flow in Q3.