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red violet Announces First Quarter 2023 Financial Results
First Quarter Revenue Increased 15% to $14.6 Million, Generated EPS of $0.05 BOCA RATON, Fla., May 09, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ:
About this update from Red Violet, Inc.
[{"type":"text","content":"First Quarter Revenue Increased 15% to $14.6 Million, Generated EPS of $0.05\nBOCA RATON, Fla., May 09, 2023 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended March 31, 2023. “Demand for our solutions continues to be strong, and we are pleased to report another quarter of solid performance,” stated Derek Dubner, red violet’s CEO. “Our focus on innovation, customer centricity, and operational efficiency enables us to deliver a distinct value proposition for our customers. We have full confidence in our ability to expand our position in the market while maintaining healthy cash generation and profitability in 2023 and beyond.” First Quarter Financial Results For the three months ended March 31, 2023, as compared to the three months ended March 31, 2022: Total revenue increased 15% to $14.6 million.Gross profit increased 19% to $9.6 million. Gross margin increased to 66% from 64%.Adjusted gross profit increased 20% to $11.4 million. Adjusted gross margin increased to 78% from 75%.Net income increased 569% to $0.7 million, which resulted in earnings of $0.05 per basic and diluted share.Adjusted EBITDA increased 15% to $3.7 million.Net cash from operating activities decreased 37% to $1.5 million.Cash and cash equivalents were $30.8 million as of March 31, 2023. First Quarter and Recent Business Highlights Added 235 customers to IDI™ during the first quarter, ending the quarter with 7,256 customers.Added 14,388 users to FOREWARN® during the first quarter, ending the quarter with 131,348 users. Over 255 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.Launched redesigned corporate websites, www.redviolet.com, www.ididata.com, and www.forewarn.com, providing a more valuable user experience with modern design, improved functionality, easier navigation, and greater detail on the breadth and applicability of our identity solutions.Purchased 44,766 shares of the Company’s common stock year to date through May 5, 2023, at an average price of $16.88 per share pursuant to the Company’s $5.0 million Stock Repurchase Program that was authorized on May 2, 2022. The Company has $3.4 million remaining under the Stock Repurchase Program. Conference Call In conjunction with this release, red violet will host a...