Revenue Growth - Total revenue for 2023 was 16,886,381,representinga20.514,016,928 in 2022[10] - SaaS revenue grew by 28% year-over-year, reaching 5,133,215in2023,upfrom4,017,409 in 2022[4] - The acquisition of Yellow Folder contributed 3,613,764inrevenuefor2023,upfrom2,460,474 in 2022[10] - Total revenues for the twelve months ended December 31, 2023, reached 16,886,381,upfrom14,016,928 in 2022, indicating a growth of approximately 20.5%[27] - Software as a service revenue increased to 5,133,215in2023from4,017,409 in 2022, reflecting a growth of about 27.8%[27] - Recurring revenues for the three months ended December 31, 2023, totaled 2,646,580,comparedto2,413,747 in 2022, marking an increase of approximately 9.7%[22] Net Income and Profitability - Net income for 2023 was 519,266,or0.13 per basic share, compared to 24,027,or0.01 per basic share in 2022[10] - Net income for the twelve months ended December 31, 2023, was 519,266,comparedto24,027 in 2022, representing a significant increase[27] - Basic net income per share for 2023 was 0.13,upfrom0.01 in 2022, indicating a substantial improvement[27] - The company reported a gross profit of 10,563,955forthetwelvemonthsendedDecember31,2023,comparedto8,909,158 in 2022, an increase of about 18.5%[27] Expenses and Financial Health - Total operating expenses for 2023 increased by 17.0% to 9,456,486,comparedto8,081,837 in 2022[10] - Adjusted EBITDA increased by 13.7% to 2,744,649in2023,comparedto2,413,901 in 2022[10] - Depreciation and amortization expenses rose to 974,527in2023from722,197 in 2022, indicating a 35% increase[29] - Bad debt expense increased to 77,211in2023from42,129 in 2022, reflecting a rise of approximately 83%[29] Cash Flow and Liquidity - The company’s cash balance decreased to 1,215,248asofDecember31,2023,from2,696,481 in 2022, indicating a decline in liquidity[25] - Net cash provided by operating activities decreased to 784,659in2023from1,988,778 in 2022, a decline of approximately 60%[29] - Net cash used in investing activities was 548,077in2023,downfrom6,960,594 in 2022, showing a reduction of about 92%[29] - Net cash used in financing activities was 1,717,815in2023,comparedtoanetcashprovidedof5,915,667 in 2022, indicating a shift of approximately 7.6billion[29]−Cashattheendoftheperioddecreasedto1,215,248 in 2023 from 2,696,481in2022,adeclineofabout551.8 million in debt, net of cash[5] - The company plans to prepay 500,000oflong−termdebtandexpectstohavenonetdebtbytheendof2024[12]−ManagementexpectsrevenueandEBITDAgrowthonayear−over−yearbasisforfiscalyear2024[11]AssetsandLiabilities−Totalcurrentassetsdecreasedto5,004,375 as of December 31, 2023, from 4,893,039in2022[25]−Totalliabilitiesdecreasedto9,275,539 as of December 31, 2023, compared to 11,374,340in2022,showingareductionofapproximately18.4806,503 in 2023 compared to an increase of 81,227in2022[29]−Deferredrevenuesdecreasedto173,744 in 2023 from 486,885in2022,adeclineofabout64418,790 in 2023, down from $496,805 in 2022, a decrease of approximately 16%[29] Product Development - The IntelliCloud™ Payables Automation System (IPAS) was commercially launched, with two customers live and seven more signed[5]
