Issuer Direct Corporation (NYSE MKT:ISDR) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 04:30 pm ET
will now discuss in more detail.
Total revenue for the second quarter of 2020 was $4,884,000, an increase of $746,000 or 18% compared to $4,138,000 for the same period of 2019. For the first six months of 2020, revenue totaled $8.9 million, an increase of 7% or $583,000 from the first six months of 2019. Driving the growth was revenue from our platform and technology revenue stream, which increased $640,000 or 24% and $660,000 or 12% for the three and six months ended June 30, 2020 compared to the same periods of the prior year.
The increase for both periods was threefold: first, we generated increased revenue from our virtual products, including virtual annual meetings, virtual conferences and an overall increase in demand for our webcasting products, resulting primarily from the COVID-19 pandemic; second, we generated additional revenue from ACCESSWIRE, which increased 19% and 10% for the three and six months ended June 30, 2020, compared to the same period of the prior year. This increase was due to both an increase in customers and an increase in revenue per release as we started to benefit from our digital marketing and e-commerce platforms that kicked off during the first quarter -- during the end of the first quarter. Absent the investment commentary revenue from the first six months of 2019, ACCESSWIRE revenue for the first six months of 2020 would have increased 30% compared to the prior year.
And third, we generated increased revenue from licenses and Platform id. The COVID-19 pandemic has created a headwind in terms of entering into new subscriptions as customers are more reluctant to sign annual contracts. As a result, we signed 35 new contracts with an annual contract value or ACV of $225,000, down compared to the second quarter of 2019, which totaled 44 new contracts with an ACV of $322,000. However, we continue to net new contracts each quarter, which has increased recurring revenue and led to our overall total of 295 contracts with an ACV of just over $2.2 million, up from 255 contracts with an ACV of approximately $2 million at the beginning of 2020.
As a percentage of overall revenue, platform and technology revenue increased to 68% and 67% for the three and six months ended June 30, 2020, compared to 64% for the same periods of 2019. Services revenue increased $106,000 or 7% during the second quarter of 2020 as compared to the same period of 2019. The increase is partially due to an increase in revenue from our print and proxy fulfillment services due to an increase in projects related to annual meetings as well as an increase in revenue from transfer agent services, primarily due to a onetime project that was pushed from Q1 to Q2 as a result of the COVID-19 pandemic.
Additionally, revenue from webcasting services increased as a result of the increase in demand for our virtual webcasting products. These increases were offset by continued decline of revenue from our ARS services. For the