Q1 2024 Red Violet Inc Earnings Call Transcript
Key Points
- Record quarterly revenue of $17.5 million, a 20% increase over the previous year, showcasing strong business growth.
- Record adjusted EBITDA of $5.7 million, up 54% from the previous year, indicating improved profitability.
- Significant customer base growth with IDI adding 366 new customers and FOREWARN adding over 51,000 users, the largest quarterly increase in history.
- Strong cash generation with $4.3 million from operating activities, a 181% increase from the same period in 2023.
- Strategic investments in technology and market expansion are paying off, leading to enhanced product offerings and go-to-market capabilities.
- Increased cost of revenue by $0.6 million or 18% due to higher data acquisition costs, impacting overall cost efficiency.
- A slight decrease in FOREWARN's real estate vertical revenue, down a few percentage points.
- General and administrative expenses increased by $0.6 million or 10%, primarily due to higher professional fees.
- Depreciation and amortization costs rose by $0.4 million or 18%, reflecting higher expenses related to internally developed software.
- Despite overall growth, the gross revenue retention percentage slightly decreased to 93% from 94% the previous year.
Good day, ladies and gentlemen, and welcome to Red Violet's first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference, Camilo Ramirez, Senior Vice President, Finance and Investor Relations. Please go ahead.
Good afternoon, and welcome. Thank you for joining us today to discuss our first-quarter 2024 financial results. With me today is Derek Dubner, our Chairman and Chief Executive Officer; and Dan MacLachlan, our Chief Financial Officer. Our call today will begin with comments from Derek and Dan followed by a question-and-answer session. I would like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on our website. To access the webcast, please visit our investor page on our website, www.redviolet.com.
Before we begin, I would like to
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