Q2 2024 Red Violet Inc Earnings Call Transcript
Key Points
- Red Violet Inc (RDVT) reported record quarterly revenue of $19.1 million, a 30% increase year-over-year.
- Adjusted EBITDA reached a record $6.8 million, reflecting a 47% increase and a margin of 36%.
- The company achieved a record adjusted gross profit of $15.6 million, with an 82% margin.
- Strong performance across multiple verticals, including law enforcement, financial and corporate risk, and collections.
- Significant progress in new markets such as government background screening support and marketing services.
- Real estate vertical revenue, excluding FOREWARN, decreased by approximately 10% due to market dynamics like limited housing inventory and high mortgage rates.
- Sales and marketing expenses increased by 43% to $4.4 million, primarily due to higher salaries and benefits from additional headcount.
- General and administrative expenses rose by 13% to $5.8 million.
- Depreciation and amortization expenses increased by 16% to $2.4 million.
- Cash and cash equivalents slightly decreased from $32 million at the end of 2023 to $30.9 million as of June 30, 2024.
Good day, ladies and gentlemen, and welcome to Red Violet second-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 call, 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 second-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 Investors page on our website, www.redviolet.com.
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