Park City Group Inc. (NASDAQ:PCYG) Q4 2020 Earnings Conference Call - Final Transcript
Sep 28, 2020 • 04:15 pm ET
Randall K. Fields
The COVID disruption has also markedly increased the importance of a strong balance sheet on our part. In fact, it's no longer an option to be financially strong when you're approaching the customers. We're aware of a few competitive companies that periodically we see in the marketplace finding themselves in financial difficulty. Large retailers cannot afford to do business with vendors or service providers who could be out of business leaving them high and dry.
Visibility in our revenue in the short-term certainly remains challenging. Obviously for us and everyone else, but quarter-to-quarter changes need to be viewed as a whole. We're still a yearly company. Our quarters are not how we should be measured. Last year, we had some great and frankly some not so great quarters, but the recurring revenue for the year, overall nevertheless was up 13%.
Our recurring revenue in the software business, we believe will grow on an annualized rate in the low double-digit again this year. Given the COVID uncertainty, our strategy frankly remains unchanged. We will continue to grow recurring revenue, continue to carefully watch our expenses, continue to grow profitability in cash not only for our customers, but obviously for our shareholders.
So, with that, I'd like to open the call for questions, operator?