Post by icemandios on Mar 10, 2023 13:53:35 GMT
red violet Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter Revenue Increased 16% to $13.1 Million Producing $4.4 Million of Cash Flow from Operations
Full Year 2022 Revenue Increased 21% to $53.3 Million Generating Net Income of $0.6 Million
BOCA RATON, Fla., March 08, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter and full year ended December 31, 2022.
“2022 was another record year for red violet. The target markets for our solutions continue to exhibit solid fundamentals and increasing opportunity, notwithstanding the uncertain economic environment,” stated Derek Dubner, red violet’s CEO. “We remain intently focused on utilizing our healthy cash flow generation to strategically invest in our deep product roadmap and to further expand the capabilities and use cases of our industry-leading, cloud-native technology platform and customer-centric identity intelligence solutions.”
Fourth Quarter Financial Results
For the three months ended December 31, 2022 as compared to the three months ended December 31, 2021:
Total revenue increased 16% to $13.1 million. Platform revenue increased 19% to $12.9 million. Services revenue decreased 54% to $0.2 million.
Gross profit increased 19% to $8.3 million. Gross margin increased to 63% from 62%.
Adjusted gross profit increased 20% to $10.0 million. Adjusted gross margin increased to 77% from 74%.
Net loss narrowed 13% to $1.5 million, which resulted in a loss of $0.11 per basic and diluted share.
Adjusted EBITDA increased 16% to $1.5 million.
Cash from operating activities increased 123% to $4.4 million.
Cash and cash equivalents were $31.8 million as of December 31, 2022.
Full Year Financial Results
For the year ended December 31, 2022 as compared to the year ended December 31, 2021:
Total revenue increased 21% to $53.3 million. Platform revenue increased 22% to $52.0 million. Services revenue decreased 16% to $1.3 million.
Gross profit increased 25% to $34.7 million. Gross margin increased to 65% from 63%.
Adjusted gross profit increased 25% to $41.1 million. Adjusted gross margin increased to 77% from 75%.
Net income was $0.6 million, which resulted in $0.04 per basic and diluted share, compared to net income of $0.7 million (inclusive of a one-time gain of $2.2 million on the extinguishment of debt from the forgiveness of the CARES Act Loan).
Adjusted EBITDA increased 18% to $12.9 million.
Cash from operating activities increased 39% to $12.5 million.
Fourth Quarter and Recent Business Highlights
Added 148 customers to IDI™ during the fourth quarter, ending the year with 7,021 customers.
Added 6,909 users to FOREWARN ® during the fourth quarter, ending the year with 116,960 users. Over 235 REALTOR ® Associations are now contracted to use FOREWARN.
Strong growth in the onboarding of higher-tier customers, with 67 customers contributing over $100,000 of revenue in 2022 compared to 47 customers in 2021.
Conference Call
In conjunction with this release, red violet will host a conference call and webcast today at 4:30pm ET to discuss its quarterly and full year results and provide a business update. Please click here to pre-register for the conference call and obtain your dial in number and passcode. To access the live audio webcast, visit the Investors section of the red violet website at www.redviolet.com . Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the completion of the conference call, an archived webcast of the conference call will be available on the Investors section of the red violet website at www.redviolet.com .
About red violet ®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com .
10-K
Fourth Quarter Revenue Increased 16% to $13.1 Million Producing $4.4 Million of Cash Flow from Operations
Full Year 2022 Revenue Increased 21% to $53.3 Million Generating Net Income of $0.6 Million
BOCA RATON, Fla., March 08, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter and full year ended December 31, 2022.
“2022 was another record year for red violet. The target markets for our solutions continue to exhibit solid fundamentals and increasing opportunity, notwithstanding the uncertain economic environment,” stated Derek Dubner, red violet’s CEO. “We remain intently focused on utilizing our healthy cash flow generation to strategically invest in our deep product roadmap and to further expand the capabilities and use cases of our industry-leading, cloud-native technology platform and customer-centric identity intelligence solutions.”
Fourth Quarter Financial Results
For the three months ended December 31, 2022 as compared to the three months ended December 31, 2021:
Total revenue increased 16% to $13.1 million. Platform revenue increased 19% to $12.9 million. Services revenue decreased 54% to $0.2 million.
Gross profit increased 19% to $8.3 million. Gross margin increased to 63% from 62%.
Adjusted gross profit increased 20% to $10.0 million. Adjusted gross margin increased to 77% from 74%.
Net loss narrowed 13% to $1.5 million, which resulted in a loss of $0.11 per basic and diluted share.
Adjusted EBITDA increased 16% to $1.5 million.
Cash from operating activities increased 123% to $4.4 million.
Cash and cash equivalents were $31.8 million as of December 31, 2022.
Full Year Financial Results
For the year ended December 31, 2022 as compared to the year ended December 31, 2021:
Total revenue increased 21% to $53.3 million. Platform revenue increased 22% to $52.0 million. Services revenue decreased 16% to $1.3 million.
Gross profit increased 25% to $34.7 million. Gross margin increased to 65% from 63%.
Adjusted gross profit increased 25% to $41.1 million. Adjusted gross margin increased to 77% from 75%.
Net income was $0.6 million, which resulted in $0.04 per basic and diluted share, compared to net income of $0.7 million (inclusive of a one-time gain of $2.2 million on the extinguishment of debt from the forgiveness of the CARES Act Loan).
Adjusted EBITDA increased 18% to $12.9 million.
Cash from operating activities increased 39% to $12.5 million.
Fourth Quarter and Recent Business Highlights
Added 148 customers to IDI™ during the fourth quarter, ending the year with 7,021 customers.
Added 6,909 users to FOREWARN ® during the fourth quarter, ending the year with 116,960 users. Over 235 REALTOR ® Associations are now contracted to use FOREWARN.
Strong growth in the onboarding of higher-tier customers, with 67 customers contributing over $100,000 of revenue in 2022 compared to 47 customers in 2021.
Conference Call
In conjunction with this release, red violet will host a conference call and webcast today at 4:30pm ET to discuss its quarterly and full year results and provide a business update. Please click here to pre-register for the conference call and obtain your dial in number and passcode. To access the live audio webcast, visit the Investors section of the red violet website at www.redviolet.com . Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the completion of the conference call, an archived webcast of the conference call will be available on the Investors section of the red violet website at www.redviolet.com .
About red violet ®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com .
10-K