ReposiTrak, formerly Park City Group, reported Q4 2023 revenue of $5.18 million, with gross margin of 83.7% and operating margin of 25.5%. The quarter delivered GAAP net income of $1.58 million and basic earnings per share of $0.07, supported by a strong mix of recurring revenue (93%+ of total revenue in the year’s Q4 and 99.5% in the quarter). For the full year, total revenue rose 6% to $19.1 million, recurring revenue grew 7% to $19.0 million, and operating income expanded to $5.1 million (up 15%). Net income rose 40% to $5.6 million, supported by robust cash flow from operations of $8.9 million (a 45% year-over-year increase). The balance sheet remains exceptionally healthy: approximately $24 million in cash, zero bank debt, a current ratio of about 6.5, and ongoing capital allocation that includes quarterly dividends, share buybacks, and a plan to redeem preferred stock over three years. Management emphasizes operating leverage, automation, and a scalable RTN (traceability) initiative that could drive $3–$4 million of additional annual recurring revenue (ARR) once deployed, with ARR exiting around $20.3 million as of mid-2023. They acknowledge the revenue ramp from RTN will be laddered over 12 months and remain focused on high-margin, recurring revenue while rationalizing non-core revenue.$0.80–$0.85 of every incremental recurring dollar over the fixed cost base (~$12 million/year) will drop to the bottom line, highlighting an improving profitability trajectory as RTN scales. The company also signals favorable near-term regulatory timing risks (FSMA 204 enforcement) could modestly ease implementation pressure, though execution risk remains in onboarding large, multi-location customers. Overall, TRAK presents a liquidity-rich, debt-free platform with a clear capital-allocation framework and a sizable growth runway from RTN given regulatory tailwinds and a history of durable profitability.