Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from the line of Terry Tillman - Raymond James.
Terry Tillman - Raymond James
First question and I do not know who would want to take it, I will just store up there and maybe you can decide who answers it. In terms of the recurring revenue strength and that being a theme going forward. Could you all maybe provide us a little bit more detail, what are the actual product skews that are really maybe doing even better than the others? What are the real standouts to that recurring revenue? And then where do you see maybe recurring revenue as a percent of total business, beyond of this year? Where do you actually envision it over the next three through fiver years?
John Heyman
Terry, this is John. I will start off with that and then we can go from there. The revenues grew; if we look at ’08 versus ’07, really across the board probably the biggest area in terms of growth was what we call our hosted solution’s business, which is our Eservices, our payments business. So, that has been the strongest growth, but all the businesses are growing nicely. The maintenance businesses have seen very high renewal rates. We are more than pleasantly surprised that it made up 40% of the revenues versus 30% a year ago. Next year, we are forecasting 45%. A lot of these products still have very low penetration rates into our install base, number one and number two, in such high demand by prospects, I believe it can climb to over 50% of our revenue mix overtime and we will endeavor to do just that and it is fortunately also something that comes with strong profit margins and we have been increasing those from quarter-to-quarter.
Andy, do you want to add anything?
Andy Heyman
Just to give a couple more products, Terry. Obviously, we have web based reporting product, which is probably our most popular subscription base product. We have a loyalty system for restaurants that in this environment we are seeing much higher demand for companies that want to grab a higher percentage of customers in a higher spend per customer. We have gift cards and gift processing. We have a CP online store.
The restaurant contracts just so you know, we had 40% more contracts signed in the fourth quarter and any other quarter in the year, and none of those revenues are actually booked in the quarter because reoccurring in nature and they come unusually two or three months later. The CP online store, which is for counterpoint and specialty retail, we grew the customer base by 25% in 2008, again, many of those revenues are in front of us versus in the year that we just finished. So, those are some of the other products and some examples of metrics that are really important for us.
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