Business
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
About this update from Red Violet, Inc.
[{"type":"text","content":"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...