Revenue Growth - Total revenue for 2023 was $16,886,381, representing a 20.5% increase compared to $14,016,928 in 2022[10] - SaaS revenue grew by 28% year-over-year, reaching $5,133,215 in 2023, up from $4,017,409 in 2022[4] - The acquisition of Yellow Folder contributed $3,613,764 in revenue for 2023, up from $2,460,474 in 2022[10] - Total revenues for the twelve months ended December 31, 2023, reached $16,886,381, up from $14,016,928 in 2022, indicating a growth of approximately 20.5%[27] - Software as a service revenue increased to $5,133,215 in 2023 from $4,017,409 in 2022, reflecting a growth of about 27.8%[27] - Recurring revenues for the three months ended December 31, 2023, totaled $2,646,580, compared to $2,413,747 in 2022, marking an increase of approximately 9.7%[22] Net Income and Profitability - Net income for 2023 was $519,266, or $0.13 per basic share, compared to $24,027, or $0.01 per basic share in 2022[10] - Net income for the twelve months ended December 31, 2023, was $519,266, compared to $24,027 in 2022, representing a significant increase[27] - Basic net income per share for 2023 was $0.13, up from $0.01 in 2022, indicating a substantial improvement[27] - The company reported a gross profit of $10,563,955 for the twelve months ended December 31, 2023, compared to $8,909,158 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, compared to $8,081,837 in 2022[10] - Adjusted EBITDA increased by 13.7% to $2,744,649 in 2023, compared to $2,413,901 in 2022[10] - Depreciation and amortization expenses rose to $974,527 in 2023 from $722,197 in 2022, indicating a 35% increase[29] - Bad debt expense increased to $77,211 in 2023 from $42,129 in 2022, reflecting a rise of approximately 83%[29] Cash Flow and Liquidity - The company’s cash balance decreased to $1,215,248 as of December 31, 2023, from $2,696,481 in 2022, indicating a decline in liquidity[25] - Net cash provided by operating activities decreased to $784,659 in 2023 from $1,988,778 in 2022, a decline of approximately 60%[29] - Net cash used in investing activities was $548,077 in 2023, down from $6,960,594 in 2022, showing a reduction of about 92%[29] - Net cash used in financing activities was $1,717,815 in 2023, compared to a net cash provided of $5,915,667 in 2022, indicating a shift of approximately $7.6 billion[29] - Cash at the end of the period decreased to $1,215,248 in 2023 from $2,696,481 in 2022, a decline of about 55%[29] Debt and Future Outlook - The company ended 2023 with less than $1.8 million in debt, net of cash[5] - The company plans to prepay $500,000 of long-term debt and expects to have no net debt by the end of 2024[12] - Management expects revenue and EBITDA growth on a year-over-year basis for fiscal year 2024[11] Assets and Liabilities - Total current assets decreased to $5,004,375 as of December 31, 2023, from $4,893,039 in 2022[25] - Total liabilities decreased to $9,275,539 as of December 31, 2023, compared to $11,374,340 in 2022, showing a reduction of approximately 18.4%[25] - Accounts receivable showed a significant change, with a decrease of $806,503 in 2023 compared to an increase of $81,227 in 2022[29] - Deferred revenues decreased to $173,744 in 2023 from $486,885 in 2022, a decline of about 64%[29] - Cash paid during the period for interest was $418,790 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]
Intellinetics(INLX) - 2023 Q4 - Annual Results