Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and
information solutions provider, today announced financial results
for the quarter ended March 31, 2021.
“We started the year off strong, delivering
record revenue of $10.2 million and highly profitable growth,”
stated Derek Dubner, red violet’s CEO. “I am extremely pleased with
our first quarter results and the increased momentum we are seeing
in the business. Led by strong growth in our high-margin Platform
revenue, we saw healthy profitability flow to the bottom line with
our net loss narrowing to a record $0.6 million and adjusted EBITDA
increasing 66% to a record $2.9 million in the quarter. Our strong
balance sheet and cash generation are driving expansion of our
competitive advantages, including our cloud-native architecture,
extensible platform, differentiated data assets, and
customer-centric solutions.”
First Quarter Financial Results
For the three months ended March 31, 2021 as compared to the
three months ended March 31, 2020:
- Total revenue
increased 10% to $10.2 million. Platform revenue increased 21% to
$9.8 million. Services revenue decreased 66% to $0.4 million.
- Net loss narrowed
61% to $0.6 million.
- Adjusted EBITDA
increased 66% to $2.9 million.
- Gross profit
increased 21% to $6.3 million. Gross margin increased to 61% from
55%.
- Adjusted gross
profit increased 24% to $7.5 million. Adjusted gross margin
increased to 73% from 65%.
- Generated $1.2
million in cash from operating activities in the first
quarter.
- Cash and cash
equivalents were $12.9 million as of March 31, 2021.
First Quarter and Recent Business
Highlights
- Revenue
attributable to customer contracts reached a record 80%. Customer
contracts are generally annual contracts or longer with auto
renewal.
- Added over 170 new
customers to idiCORE™ during the first quarter, ending the quarter
with 5,902 customers.
- Added over 10,400
users to FOREWARN® during the first quarter, ending the quarter
with 58,831 users. Over 140 REALTOR® Associations throughout the
U.S. are now contracted to use FOREWARN.
- Added two seasoned
business development leaders with deep industry knowledge across
multiple verticals we serve today.
Use of Non-GAAP Financial Measures
Management evaluates the financial performance
of our business on a variety of key indicators, including non-GAAP
metrics of adjusted EBITDA, adjusted gross profit and adjusted
gross margin. Adjusted EBITDA is a financial measure equal to net
loss, the most directly comparable financial measure based on US
GAAP, excluding interest expense (income), net, depreciation and
amortization, share-based compensation expense, litigation costs
and write-off of long-lived assets and others. We define adjusted
gross profit as revenue less cost of revenue (exclusive of
depreciation and amortization), and adjusted gross margin as
adjusted gross profit as a percentage of revenue.
Conference Call
In conjunction with this release, red violet
will host a conference call and webcast today at 4:30pm ET to
discuss its quarterly results and provide a business update. To
listen to the call, please dial (877) 665-6635 for domestic callers
or (602) 563-8608 for international callers, using the passcode
6683149. To access the live audio webcast, visit the Investors
section of the red violet website at www.redviolet.com. Please
login at least 15 minutes prior to the start of the call to ensure
adequate time for any downloads that may be required. Following the
completion of the conference call, a replay will be available for
approximately one week by dialing (855) 859-2056 or (404) 537-3406
with the replay passcode 6683149. An archived webcast of the
conference call will be available on the Investors section of the
red violet website at www.redviolet.com.
About red violet®
At red violet, we build proprietary technologies
and apply analytical capabilities to deliver identity intelligence.
Our technology powers critical solutions, which empower
organizations to operate with confidence. Our solutions enable the
real-time identification and location of people, businesses, assets
and their interrelationships. These solutions are used for purposes
including risk mitigation, due diligence, fraud detection and
prevention, regulatory compliance, and customer acquisition. Our
intelligent platform, CORE™, is purpose-built for the enterprise,
yet flexible enough for organizations of all sizes, bringing
clarity to massive datasets by transforming data into intelligence.
Our solutions are used today to enable frictionless commerce, to
ensure safety, and to reduce fraud and the concomitant expense
borne by society. For more information, please
visit www.redviolet.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking
statements," as that term is defined under the Private Securities
Litigation Reform Act of 1995 (PSLRA), which statements may be
identified by words such as "expects," "plans," "projects," "will,"
"may," "anticipate," "believes," "should," "intends," "estimates,"
and other words of similar meaning. Such forward looking statements
are subject to risks and uncertainties that are often difficult to
predict, are beyond our control and which may cause results to
differ materially from expectations, including whether we will
continue to see increased momentum in our business and whether our
strong balance sheet and cash generation will continue to drive
expansion of our competitive advantages, including our cloud-native
architecture, extensible platform, differentiated data assets, and
customer-centric solutions. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are based
on our expectations as of the date of this press release and speak
only as of the date of this press release and are advised to
consider the factors listed above together with the additional
factors under the heading "Forward-Looking Statements" and "Risk
Factors" in red violet's Form 10-K for the year ended December 31,
2020 filed on March 10, 2021, as may be supplemented or amended by
the Company's other SEC filings. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, except as
required by law.
RED VIOLET,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except share
data)(unaudited)
|
March 31, 2021 |
|
|
December 31, 2020 |
|
ASSETS: |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
12,896 |
|
|
$ |
12,957 |
|
Accounts receivable, net of
allowance for doubtful accounts of $5 and $38 as of March 31, 2021
and December 31, 2020, respectively |
|
3,582 |
|
|
|
3,201 |
|
Prepaid expenses and other
current assets |
|
973 |
|
|
|
581 |
|
Total current assets |
|
17,451 |
|
|
|
16,739 |
|
Property and equipment, net |
|
530 |
|
|
|
558 |
|
Intangible assets, net |
|
27,565 |
|
|
|
27,170 |
|
Goodwill |
|
5,227 |
|
|
|
5,227 |
|
Right-of-use assets |
|
2,040 |
|
|
|
2,161 |
|
Other noncurrent assets |
|
137 |
|
|
|
139 |
|
Total
assets |
$ |
52,950 |
|
|
$ |
51,994 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
1,974 |
|
|
$ |
2,075 |
|
Accrued expenses and other
current liabilities |
|
880 |
|
|
|
1,458 |
|
Current portion of operating
lease liabilities |
|
567 |
|
|
|
552 |
|
Current portion of long-term
loan |
|
806 |
|
|
|
449 |
|
Deferred revenue |
|
453 |
|
|
|
504 |
|
Total current liabilities |
|
4,680 |
|
|
|
5,038 |
|
Noncurrent operating lease
liabilities |
|
1,760 |
|
|
|
1,908 |
|
Long-term loan |
|
1,346 |
|
|
|
1,703 |
|
Total
liabilities |
|
7,786 |
|
|
|
8,649 |
|
Shareholders' equity: |
|
|
|
|
|
|
|
Preferred stock—$0.001 par value,
10,000,000 shares authorized, and 0 share issued and outstanding,
as of March 31, 2021 and December 31, 2020 |
|
- |
|
|
|
- |
|
Common stock—$0.001 par value,
200,000,000 shares authorized, 12,208,077 and 12,167,327 shares
issued and outstanding, as of March 31, 2021 and December 31,
2020 |
|
13 |
|
|
|
13 |
|
Additional paid-in capital |
|
68,402 |
|
|
|
66,005 |
|
Accumulated deficit |
|
(23,251 |
) |
|
|
(22,673 |
) |
Total shareholders'
equity |
|
45,164 |
|
|
|
43,345 |
|
Total liabilities and
shareholders' equity |
$ |
52,950 |
|
|
$ |
51,994 |
|
RED VIOLET,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Amounts in thousands, except share
data)(unaudited)
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
Revenue |
$ |
10,217 |
|
|
$ |
9,300 |
|
Costs and
expenses(1): |
|
|
|
|
|
|
|
Cost of revenue (exclusive of
depreciation and amortization) |
|
2,761 |
|
|
|
3,292 |
|
Sales and marketing expenses |
|
2,221 |
|
|
|
2,176 |
|
General and administrative
expenses |
|
4,550 |
|
|
|
4,434 |
|
Depreciation and
amortization |
|
1,258 |
|
|
|
910 |
|
Total costs and
expenses |
|
10,790 |
|
|
|
10,812 |
|
Loss from
operations |
|
(573 |
) |
|
|
(1,512 |
) |
Interest (expense) income,
net |
|
(5 |
) |
|
|
31 |
|
Loss before income
taxes |
|
(578 |
) |
|
|
(1,481 |
) |
Income taxes |
|
- |
|
|
|
- |
|
Net loss |
$ |
(578 |
) |
|
$ |
(1,481 |
) |
Loss per
share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.13 |
) |
Weighted average number
of shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
12,207,193 |
|
|
|
11,583,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation
expense in each category: |
|
|
|
|
|
|
|
Sales and marketing
expenses |
$ |
156 |
|
|
$ |
154 |
|
General and administrative
expenses |
|
1,890 |
|
|
|
2,067 |
|
Total |
$ |
2,046 |
|
|
$ |
2,221 |
|
RED VIOLET,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Amounts in
thousands)(unaudited)
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ |
(578 |
) |
|
$ |
(1,481 |
) |
Adjustments to reconcile net loss
to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
1,258 |
|
|
|
910 |
|
Share-based compensation
expense |
|
2,046 |
|
|
|
2,221 |
|
Write-off of long-lived
assets |
|
19 |
|
|
|
17 |
|
Provision for bad debts |
|
59 |
|
|
|
190 |
|
Noncash lease expenses |
|
121 |
|
|
|
111 |
|
Interest expense |
|
5 |
|
|
|
- |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(440 |
) |
|
|
314 |
|
Prepaid expenses and other
current assets |
|
(392 |
) |
|
|
(394 |
) |
Other noncurrent assets |
|
2 |
|
|
|
63 |
|
Accounts payable |
|
(101 |
) |
|
|
91 |
|
Accrued expenses and other
current liabilities |
|
(583 |
) |
|
|
(755 |
) |
Deferred revenue |
|
(51 |
) |
|
|
79 |
|
Operating lease liabilities |
|
(133 |
) |
|
|
(117 |
) |
Net cash provided by operating
activities |
|
1,232 |
|
|
|
1,249 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
(46 |
) |
|
|
(33 |
) |
Capitalized costs included in
intangible assets |
|
(1,247 |
) |
|
|
(1,538 |
) |
Net cash used in investing
activities |
|
(1,293 |
) |
|
|
(1,571 |
) |
Net decrease in cash and
cash equivalents |
$ |
(61 |
) |
|
$ |
(322 |
) |
Cash and cash equivalents at
beginning of period |
|
12,957 |
|
|
|
11,776 |
|
Cash and cash equivalents
at end of period |
$ |
12,896 |
|
|
$ |
11,454 |
|
SUPPLEMENTAL DISCLOSURE
INFORMATION |
|
|
|
|
|
|
|
Cash paid for interest |
$ |
- |
|
|
$ |
- |
|
Cash paid for income taxes |
$ |
- |
|
|
$ |
- |
|
Share-based compensation
capitalized in intangible assets |
$ |
351 |
|
|
$ |
588 |
|
Use and Reconciliation of Non-GAAP Financial
Measures
Management evaluates the financial performance
of our business on a variety of key indicators, including non-GAAP
metrics of adjusted EBITDA, adjusted gross profit and adjusted
gross margin. Adjusted EBITDA is a financial measure equal to net
loss, the most directly comparable financial measure based on GAAP,
excluding interest expense (income), net, depreciation and
amortization, share-based compensation expense, litigation costs
and write-off of long-lived assets and others, as noted in the
tables below. We define adjusted gross profit as revenue less cost
of revenue (exclusive of depreciation and amortization), and
adjusted gross margin as adjusted gross profit as a percentage of
revenue.
|
Three Months Ended March 31, |
|
(In
thousands) |
2021 |
|
|
2020 |
|
Net loss |
$ |
(578 |
) |
|
$ |
(1,481 |
) |
Interest expense (income),
net |
|
5 |
|
|
|
(31 |
) |
Depreciation and
amortization |
|
1,258 |
|
|
|
910 |
|
Share-based compensation
expense |
|
2,046 |
|
|
|
2,221 |
|
Litigation costs |
|
120 |
|
|
|
- |
|
Write-off of long-lived assets
and others |
|
20 |
|
|
|
111 |
|
Adjusted
EBITDA |
$ |
2,871 |
|
|
$ |
1,730 |
|
The following is a reconciliation of gross profit, the most
directly comparable GAAP financial measure, to adjusted gross
profit:
|
Three Months Ended March 31, |
|
(In
thousands) |
2021 |
|
|
2020 |
|
Revenue |
$ |
10,217 |
|
|
$ |
9,300 |
|
Cost of revenue (exclusive of
depreciation and amortization) |
|
(2,761 |
) |
|
|
(3,292 |
) |
Depreciation and amortization
of intangible assets |
|
(1,203 |
) |
|
|
(850 |
) |
Gross
profit |
|
6,253 |
|
|
|
5,158 |
|
Depreciation and amortization
of intangible assets |
|
1,203 |
|
|
|
850 |
|
Adjusted gross
profit |
$ |
7,456 |
|
|
$ |
6,008 |
|
|
|
|
|
|
|
|
|
Gross
margin |
|
61 |
% |
|
|
55 |
% |
Adjusted gross
margin |
|
73 |
% |
|
|
65 |
% |
In order to assist readers of our condensed
consolidated financial statements in understanding the operating
results that management uses to evaluate the business and for
financial planning purposes, we present non-GAAP measures of
adjusted EBITDA, adjusted gross profit and adjusted gross margin as
supplemental measures of our operating performance. We believe they
provide useful information to our investors as they eliminate the
impact of certain items that we do not consider indicative of our
cash operations and ongoing operating performance. In addition, we
use them as an integral part of our internal reporting to measure
the performance and operating strength of our business.
We believe adjusted EBITDA, adjusted gross
profit and adjusted gross margin are relevant and provide useful
information frequently used by securities analysts, investors and
other interested parties in their evaluation of the operating
performance of companies similar to ours and are indicators of the
operational strength of our business. We believe adjusted EBITDA
eliminates the uneven effect of considerable amounts of non-cash
depreciation and amortization, share-based compensation expense and
the impact of other non-recurring items, providing useful
comparisons versus prior periods or forecasts. Our adjusted gross
profit is a measure used by management in evaluating the business’s
current operating performance by excluding the impact of prior
historical costs of assets that are expensed systematically and
allocated over the estimated useful lives of the assets, which may
not be indicative of the current operating activity. Our adjusted
gross profit is calculated by using revenue, less cost of revenue
(exclusive of depreciation and amortization). We believe adjusted
gross profit provides useful information to our investors by
eliminating the impact of non-cash depreciation and amortization,
and specifically the amortization of software developed for
internal use, providing a baseline of our core operating results
that allow for analyzing trends in our underlying business
consistently over multiple periods. Adjusted gross margin is
calculated as adjusted gross profit as a percentage of revenue.
Adjusted EBITDA, adjusted gross profit and
adjusted gross margin are not intended to be performance measures
that should be regarded as an alternative to, or more meaningful
than, financial measures presented in accordance with GAAP. The way
we measure adjusted EBITDA, adjusted gross profit and adjusted
gross margin may not be comparable to similarly titled measures
presented by other companies, and may not be identical to
corresponding measures used in our various agreements.
SUPPLEMENTAL METRICS
The following metrics are intended as a
supplement to the financial statements found in this release and
other information furnished or filed with the SEC. These
supplemental metrics are not necessarily derived from any
underlying financial statement amounts. We believe these
supplemental metrics help investors understand trends within our
business and evaluate the performance of such trends quickly and
effectively. In the event of discrepancies between amounts in these
tables and the Company's historical disclosures or financial
statements, readers should rely on the Company's filings with the
SEC and financial statements in the Company's most recent earnings
release.
We intend to periodically review and refine the
definition, methodology and appropriateness of each of these
supplemental metrics. As a result, metrics are subject to removal
and/or changes, and such changes could be material.
|
(Unaudited) |
|
(Dollars in
thousands) |
Q2'19 |
|
|
Q3'19 |
|
|
Q4'19 |
|
|
Q1'20 |
|
|
Q2'20 |
|
|
Q3'20 |
|
|
Q4'20 |
|
|
Q1'21 |
|
Customer metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
idiCORE - billable customers(1) |
|
4,370 |
|
|
|
4,781 |
|
|
|
5,064 |
|
|
|
5,326 |
|
|
|
5,375 |
|
|
|
5,758 |
|
|
|
5,726 |
|
|
|
5,902 |
|
FOREWARN - users(2) |
|
19,721 |
|
|
|
23,853 |
|
|
|
30,577 |
|
|
|
36,506 |
|
|
|
40,857 |
|
|
|
44,927 |
|
|
|
48,377 |
|
|
|
58,831 |
|
Revenue
metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual revenue %(3) |
|
62 |
% |
|
|
66 |
% |
|
|
66 |
% |
|
|
69 |
% |
|
|
79 |
% |
|
|
68 |
% |
|
|
77 |
% |
|
|
80 |
% |
Revenue attrition %(4) |
|
5 |
% |
|
|
6 |
% |
|
|
6 |
% |
|
|
8 |
% |
|
|
11 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
|
7 |
% |
Revenue from new customers(5) |
$ |
1,596 |
|
|
$ |
1,406 |
|
|
$ |
1,018 |
|
|
$ |
1,417 |
|
|
$ |
916 |
|
|
$ |
726 |
|
|
$ |
877 |
|
|
$ |
967 |
|
Base revenue from existing customers(6) |
$ |
4,480 |
|
|
$ |
5,578 |
|
|
$ |
6,690 |
|
|
$ |
6,629 |
|
|
$ |
5,047 |
|
|
$ |
5,797 |
|
|
$ |
6,678 |
|
|
$ |
7,351 |
|
Growth revenue from existing customers(7) |
$ |
1,169 |
|
|
$ |
1,273 |
|
|
$ |
1,342 |
|
|
$ |
1,254 |
|
|
$ |
1,093 |
|
|
$ |
2,744 |
|
|
$ |
1,408 |
|
|
$ |
1,899 |
|
Platform financial
metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Platform revenue(8) |
$ |
6,153 |
|
|
$ |
7,085 |
|
|
$ |
7,652 |
|
|
$ |
8,108 |
|
|
$ |
6,857 |
|
|
$ |
8,968 |
|
|
$ |
8,604 |
|
|
$ |
9,813 |
|
Cost of revenue (exclusive of depreciation and amortization) |
$ |
2,287 |
|
|
$ |
2,286 |
|
|
$ |
2,431 |
|
|
$ |
2,498 |
|
|
$ |
2,427 |
|
|
$ |
2,489 |
|
|
$ |
2,447 |
|
|
$ |
2,488 |
|
Adjusted gross margin |
|
63 |
% |
|
|
68 |
% |
|
|
68 |
% |
|
|
69 |
% |
|
|
65 |
% |
|
|
72 |
% |
|
|
72 |
% |
|
|
75 |
% |
Services financial
metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services revenue(9) |
$ |
1,093 |
|
|
$ |
1,171 |
|
|
$ |
1,399 |
|
|
$ |
1,191 |
|
|
$ |
200 |
|
|
$ |
299 |
|
|
$ |
360 |
|
|
$ |
404 |
|
Cost of revenue (exclusive of depreciation and amortization) |
$ |
765 |
|
|
$ |
836 |
|
|
$ |
983 |
|
|
$ |
794 |
|
|
$ |
159 |
|
|
$ |
214 |
|
|
$ |
246 |
|
|
$ |
273 |
|
Adjusted gross margin |
|
30 |
% |
|
|
29 |
% |
|
|
30 |
% |
|
|
33 |
% |
|
|
20 |
% |
|
|
28 |
% |
|
|
31 |
% |
|
|
32 |
% |
Other
metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees - sales and marketing |
48 |
|
|
48 |
|
|
51 |
|
|
51 |
|
|
53 |
|
|
52 |
|
|
53 |
|
|
56 |
|
Employees - support |
7 |
|
|
8 |
|
|
7 |
|
|
8 |
|
|
8 |
|
|
9 |
|
|
9 |
|
|
9 |
|
Employees - infrastructure |
12 |
|
|
13 |
|
|
11 |
|
|
13 |
|
|
12 |
|
|
12 |
|
|
14 |
|
|
15 |
|
Employees - engineering |
20 |
|
|
25 |
|
|
23 |
|
|
26 |
|
|
27 |
|
|
27 |
|
|
32 |
|
|
31 |
|
Employees - administration |
14 |
|
|
13 |
|
|
16 |
|
|
15 |
|
|
14 |
|
|
15 |
|
|
18 |
|
|
16 |
|
(1) |
|
We define a billable customer
of idiCORE as a single entity that generated revenue in the last
three months of the period. Billable customers are typically
corporate organizations. In most cases, corporate organizations
will have multiple users and/or departments purchasing our
solutions, however, we count the entire organization as a discrete
customer. |
|
|
|
(2) |
|
We define a user of FOREWARN
as a unique person that has a subscription to use the FOREWARN
service as of the last day of the period. A unique person can only
have one user account. |
|
|
|
(3) |
|
Contractual revenue %
represents revenue generated from customers pursuant to pricing
contracts containing a monthly fee and any additional overage
divided by total revenue. Pricing contracts are generally annual
contracts or longer, with auto renewal. |
|
|
|
(4) |
|
Revenue attrition is defined
as the revenue lost as a result of customer attrition, net of
reinstated customer revenue. It excludes expansion revenue and
revenue from FOREWARN. Revenue is measured once a customer has
generated revenue for six consecutive months. Revenue is considered
lost when all revenue from a customer ceases for three consecutive
months; revenue generated by a customer after the three-month loss
period is defined as reinstated revenue. Revenue attrition
percentage is calculated on a trailing twelve-month basis, the
numerator of which is the revenue lost during the period due to
attrition, net of reinstated revenue, and the denominator of which
is total revenue based on an average of total revenue at the
beginning of each month during the period. |
|
|
|
(5) |
|
Revenue from new customers
represents the total monthly revenue generated from new customers
in a given period. A customer is defined as a new customer during
the first six months of revenue generation. |
|
|
|
(6) |
|
Base revenue from existing
customers represents the total monthly revenue generated from
existing customers in a given period that does not exceed the
customers' trailing six-month average revenue. A customer is
defined as an existing customer six months after their initial
month of revenue. |
|
|
|
(7) |
|
Growth revenue from existing
customers represents the total monthly revenue generated from
existing customers in a given period in excess of the customers'
trailing six-month average revenue. |
|
|
|
(8) |
|
Platform revenue consists of
both contractual and transactional revenue generated from our
technology platform, CORE. It includes all revenue generated
through our idiCORE and FOREWARN solutions. The cost of revenue,
which consists primarily of data acquisition costs, remains
relatively fixed irrespective of revenue generation. |
|
|
|
(9) |
|
Services revenue consists of
transactional revenue generated from our idiVERIFIED service. The
cost of revenue, which consists primarily of third-party servicer
costs, is variable. |
Investor Relations Contact:Camilo RamirezRed
Violet, Inc.561-757-4500ir@redviolet.com
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