Business
red violet Announces Second Quarter 2021 Financial Results
Record Revenue of $10.9 Million Drives Record Gross Profit and Cash Flow from Operations BOCA RATON, Fla., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc.
About this update from Red Violet, Inc.
[{"type":"text","content":"Record Revenue of $10.9 Million Drives Record Gross Profit and Cash Flow from Operations\nBOCA RATON, Fla., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the quarter ended June 30, 2021. “In the second quarter, we continued to demonstrate that as economic conditions improve, so does demand for our innovative solutions,” stated Derek Dubner, red violet’s CEO. “I’m extremely proud of the team’s execution expanding customer relationships both up and across markets. As a result, second quarter proved to be another record quarter for us, with revenue increasing 54% to $10.9 million, net income of $1.8 million and adjusted EBITDA increasing 245% to $3.1 million. Our strong balance sheet and cash generation from record revenue continue to drive expansion of our capabilities.” Second Quarter Financial Results For the three months ended June 30, 2021 as compared to the three months ended June 30, 2020: Total revenue increased 54% to $10.9 million. Platform revenue increased 54% to $10.6 million. Services revenue increased 46% to $0.3 million.Net income was $1.8 million, inclusive of a one-time gain of $2.2 million on the extinguishment of debt from the forgiveness of our Cares Act Loan, compared to a loss of $2.5 million.Adjusted EBITDA increased 245% to $3.1 million.Gross profit increased 95% to $6.9 million. Gross margin increased to 63% from 50%.Adjusted gross profit increased 83% to $8.2 million. Adjusted gross margin increased to 75% from 63%.Generated $2.3 million in cash from operating activities in the second quarter.Cash and cash equivalents were $13.9 million as of June 30, 2021. Second Quarter and Recent Business Highlights Revenue attributable to customer contracts reached a record 81%. Customer contracts are generally annual contracts or longer with auto renewal.Added over 230 new customers to idiCORE™ during the second quarter, ending the quarter with 6,141 customers.Added over 8,700 users to FOREWARN® during the second quarter, ending the quarter with 67,578 users. Over 150 REALTOR® Associations throughout the U.S. are now contracted to use FOREWARN.Continued expansion of leadership talent and depth, with the addition of Jim Greenwell, GM – Identity, and James Frasche, EVP – Property Solutions.Appointed Lisa S...