Red Violet(US:RDVT)2020-03-13 00:05Financial Data and Key Metrics Changes - The company reported record revenue of $9.1 million for Q4 2019, a 92% increase compared to Q4 2018, driven by strong growth from existing customers [5][12] - Adjusted gross profit increased by 134% to $5.6 million, with adjusted gross margin rising to 62% from 51% in the same period of 2018 [5][12] - Adjusted EBITDA for Q4 was $0.8 million, which would have been $1.5 million excluding a one-time discretionary cash bonus of $0.7 million [12][13] - For the full year 2019, total revenue increased by 86% to $30.3 million, and adjusted EBITDA grew to $1.9 million from a loss in the previous year [5][11] Business Line Data and Key Metrics Changes - The idiCORE product saw significant customer growth, adding over 280 new customers in the quarter [13] - The FOREWARN application, a subscription-based solution, added over 6,700 users, indicating strong penetration in the real estate industry [7][13] - API services experienced the largest growth at 210%, showcasing the platform's adaptability and integration capabilities [8] Market Data and Key Metrics Changes - The company reported broad-based strength across various brands and delivery channels, with online and B2B channels growing by 47% and 77% respectively compared to Q4 2018 [7] - The company is expanding its market reach, particularly in the real estate sector, with new statewide agreements in Maine and Connecticut [6] Company Strategy and Development Direction - The company aims to continue penetrating various verticals and moving upmarket within those verticals, focusing on innovation and customer experience [5][9] - There is a commitment to expanding the sales team and enhancing product offerings to drive revenue growth in 2020 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $2 million in adjusted EBITDA for Q1 2020, which would exceed the entire adjusted EBITDA for 2019 [10] - The company is well-positioned for continued growth, with a focus on leveraging its technology platform and operational efficiencies [11][12] Other Important Information - The company reported a net loss of $4.9 million for Q4 2019, primarily due to non-cash share-based compensation expenses [16] - Cash and cash equivalents increased to $11.8 million at the end of 2019, compared to $10 million at the end of 2018 [17] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing appreciation for participants' attendance [20][21]