Red Violet(RDVT) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue increased 20% to $17.5 million for Q1 2024 compared to Q1 2023[6] - Net income rose 149% to $1.8 million, resulting in earnings of $0.13 per share, with a net income margin increase to 10% from 5%[6] - Adjusted EBITDA increased 54% to $5.7 million, with an adjusted EBITDA margin rising to 32% from 25%[6] - Adjusted net income increased 36% to $3.2 million, resulting in adjusted earnings of $0.23 per share[6] - For the three months ended March 31, 2024, adjusted EBITDA was $5,689,000, compared to $3,706,000 for the same period in 2023, reflecting a 53.5% increase[18] - Revenue for the same period was $17,511,000, up from $14,626,000 in 2023, representing a 19.9% growth[18] - Adjusted net income increased to $3,153,000 in Q1 2024 from $2,322,000 in Q1 2023, marking a 35.7% rise[18] - Adjusted earnings per share (diluted) improved to $0.22 in Q1 2024, compared to $0.16 in Q1 2023, a 37.5% increase[18] - Free cash flow (FCF) for Q1 2024 was $1,913,000, a significant recovery from a negative FCF of $(786,000) in Q1 2023[20] Customer Growth - Added 366 customers to IDI™, ending the quarter with 8,241 customers[6] - FOREWARN® user base grew by a record 51,259 users, totaling 236,639 users, with over 425 REALTOR® Associations contracted[6] - The number of billable customers for IDI increased to 8,241 in Q1 2024, up from 7,875 in Q4 2023, indicating a growth of 4.6%[25] - The number of FOREWARN users reached 131,348 in Q1 2024, showing an increase from 116,960 in Q4 2023[25] Cash and Share Repurchase - Cash and cash equivalents were $32.1 million as of March 31, 2024, reflecting a net increase in cash of $115[6] - Net cash provided by operating activities increased 181% to $4.3 million[6] - The company repurchased 291,879 shares at an average price of $19.81 per share, with $4.6 million remaining under the Stock Repurchase Program[6] Operational Metrics - Gross profit increased 20% to $11.5 million, maintaining a gross margin of 66%[6] - The adjusted EBITDA margin for Q1 2024 was 32%, up from 25% in Q1 2023[18] - The gross revenue retention rate for Q1 2024 was 93%, slightly down from 94% in Q4 2023[25] - The company plans to continue refining its supplemental metrics to enhance the understanding of its operating performance[24]