Revenue Performance - Q4 2023 revenue was $7.5 million, a 6% increase from $7.1 million in Q4 2022[5] - Full year 2023 total revenue reached $33.38 million, a 42% increase from $23.51 million in 2022[4] - Communications revenue accounted for 73% of total revenue in 2023, up from 69% in 2022, driven by the acquisition of Newswire[4] - Total revenues for the year ended December 31, 2023, increased to $33,378,000, up 42.0% from $23,514,000 in 2022[28] Profitability Metrics - Adjusted EBITDA for Q4 2023 was $1.065 million, or 14% of revenue, compared to $1.015 million, or 14% of revenue in Q4 2022[12] - Full year 2023 EBITDA was $5.38 million, or 16% of revenue, compared to $3.70 million, also 16% of revenue in 2022[11] - Non-GAAP net income for 2023 was $4.89 million, or $1.28 per diluted share, compared to $3.55 million, or $0.95 per diluted share in 2022[16] - Gross profit for the three months ended December 31, 2023, was $5,572,000, representing a 5.9% increase from $5,263,000 in the same period of 2022[28] Net Loss and Cash Flow - Net loss for Q4 2023 was $726,000, or $(0.19) per diluted share, compared to a net loss of $109,000, or $(0.03) per diluted share in Q4 2022[5] - Operating cash flows for Q4 2023 were $770,000, down from $994,000 in Q4 2022[5] - For the three months ended December 31, 2023, net cash provided by operating activities was $770,000, a decrease of 22.6% from $994,000 in the same period of 2022[18] - Free cash flow for the year ended December 31, 2023, was $2,557,000, down 35.3% from $3,953,000 in 2022[18] - Adjusted free cash flow for the three months ended December 31, 2023, was $687,000, a decline of 65.6% compared to $1,999,000 in the same period of 2022[18] Customer Metrics - The number of subscriptions increased to 1,053 in Q4 2023 from 1,002 in Q4 2022[11] - The company had 11,924 active customers as of December 31, 2023, compared to 8,218 at the end of 2022[11] Balance Sheet and Liabilities - Cash and cash equivalents as of December 31, 2023, were $5,714,000, an increase of 18.2% from $4,832,000 in 2022[26] - Total current liabilities decreased significantly to $12,650,000 from $31,191,000 in 2022, a reduction of 59.5%[26] Acquisition and Integration Costs - The company incurred $373,000 in cash payments for acquisition and/or integration items for the year ended December 31, 2023[18] - The company expects to continue to award stock in exchange for services, with stock-based compensation being subject to change due to one-time or non-recurring projects[19] - The company issued a secured promissory note in the acquisition of Newswire valued at $22,000 million in 2022[32] - Shares issued in the acquisition of Newswire amounted to $3,892 million[32] Other Financial Metrics - Net income for 2023 decreased to $766 million from $1,934 million in 2022, representing a decline of approximately 60.4%[31] - Bad debt expense increased to $743 million in 2023, up from $406 million in 2022, indicating a rise of 83.0%[31] - Net cash provided by operating activities decreased to $3,060 million in 2023 from $4,019 million in 2022, a decline of about 23.9%[31] - Net cash used in investing activities significantly decreased to $153 million in 2023 from $18,029 million in 2022, reflecting a reduction of approximately 99.2%[31] - Net cash used in financing activities was $2,081 million in 2023, compared to $4,909 million in 2022, a decrease of about 57.6%[31] - Cash paid for income taxes increased to $1,314 million in 2023 from $954 million in 2022, an increase of approximately 37.8%[31] - Cash paid for interest in 2023 was $1,394 million, with no corresponding figure reported for 2022[31] - The company ended 2023 with cash of $5,714 million, up from $4,832 million at the end of 2022, an increase of about 18.3%[31]
Issuer Direct (ISDR) - 2023 Q4 - Annual Results