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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-38407

 

RED VIOLET, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

82-2408531

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

2650 North Military Trail, Suite 300, Boca Raton, Florida 33431

(Address of Principal Executive Offices) (Zip Code)

(561) 757-4000

(Registrant’s Telephone Number, Including Area Code)

None

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

RDVT

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No

As of August 3, 2023, the registrant had 13,913,491 shares of common stock outstanding.

 

 

 

 


 

RED VIOLET, INC.

TABLE OF CONTENTS FOR FORM 10-Q

 

 

 

Page

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

 

 

 

Condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022

 

1

 

 

Condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022

 

2

 

 

Condensed consolidated statements of changes in shareholders' equity for the three and six months ended June 30, 2023 and 2022

 

3

 

 

Condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022

 

4

 

 

Notes to condensed consolidated financial statements

 

5

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

11

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

17

Item 4.

 

Controls and Procedures

 

17

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

19

Item 1A.

 

Risk Factors

 

19

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

19

Item 3.

 

Defaults Upon Senior Securities

 

19

Item 4.

 

Mine Safety Disclosures

 

19

Item 5.

 

Other Information

 

20

Item 6.

 

Exhibits

 

20

 

 

 

 

 

SIGNATURES

 

21

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Unless otherwise indicated or required by the context, all references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “red violet,” or the “Company,” refer to Red Violet, Inc. and its consolidated subsidiaries.

Item 1. Financial Statements.

 

RED VIOLET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(unaudited)

 

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,368

 

 

$

31,810

 

Accounts receivable, net of allowance for doubtful accounts of $86 and $60 as of
  June 30, 2023 and December 31, 2022, respectively

 

 

6,556

 

 

 

5,535

 

Prepaid expenses and other current assets

 

 

1,325

 

 

 

771

 

Total current assets

 

 

39,249

 

 

 

38,116

 

Property and equipment, net

 

 

640

 

 

 

709

 

Intangible assets, net

 

 

33,175

 

 

 

31,647

 

Goodwill

 

 

5,227

 

 

 

5,227

 

Right-of-use assets

 

 

821

 

 

 

1,114

 

Other noncurrent assets

 

 

765

 

 

 

601

 

Total assets

 

$

79,877

 

 

$

77,414

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,694

 

 

$

2,229

 

Accrued expenses and other current liabilities

 

 

424

 

 

 

1,845

 

Current portion of operating lease liabilities

 

 

731

 

 

 

692

 

Deferred revenue

 

 

627

 

 

 

670

 

Total current liabilities

 

 

3,476

 

 

 

5,436

 

Noncurrent operating lease liabilities

 

 

222

 

 

 

598

 

Deferred tax liabilities

 

 

411

 

 

 

287

 

Total liabilities

 

 

4,109

 

 

 

6,321

 

Shareholders' equity:

 

 

 

 

 

 

Preferred stock—$0.001 par value, 10,000,000 shares authorized, and 0 shares
  issued and outstanding, as of June 30, 2023 and December 31, 2022

 

 

-

 

 

 

-

 

Common stock—$0.001 par value, 200,000,000 shares authorized, 13,911,691 and
  
13,956,404 shares issued, and 13,908,953 and 13,956,404 shares outstanding, as of
  June 30, 2023 and December 31, 2022

 

 

14

 

 

 

14

 

Treasury stock, at cost, 2,738 and 0 shares as of June 30, 2023 and December 31,
  2022

 

 

(52

)

 

 

-

 

Additional paid-in capital

 

 

95,104

 

 

 

92,481

 

Accumulated deficit

 

 

(19,298

)

 

 

(21,402

)

Total shareholders' equity

 

 

75,768

 

 

 

71,093

 

Total liabilities and shareholders' equity

 

$

79,877

 

 

$

77,414

 

 

See notes to condensed consolidated financial statements

1


 

RED VIOLET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share data)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

14,680

 

 

$

12,494

 

 

$

29,306

 

 

$

25,223

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (exclusive of depreciation and amortization)

 

 

3,240

 

 

 

2,920

 

 

 

6,419

 

 

 

6,090

 

Sales and marketing expenses

 

 

3,078

 

 

 

2,822

 

 

 

6,967

 

 

 

5,213

 

General and administrative expenses

 

 

5,075

 

 

 

5,300

 

 

 

10,316

 

 

 

10,653

 

Depreciation and amortization

 

 

2,054

 

 

 

1,613

 

 

 

3,970

 

 

 

3,147

 

Total costs and expenses

 

 

13,447

 

 

 

12,655

 

 

 

27,672

 

 

 

25,103

 

Income (loss) from operations

 

 

1,233

 

 

 

(161

)

 

 

1,634

 

 

 

120

 

Interest income, net

 

 

315

 

 

 

-

 

 

 

601

 

 

 

1

 

Income (loss) before income taxes

 

 

1,548

 

 

 

(161

)

 

 

2,235

 

 

 

121

 

Income tax expense

 

 

160

 

 

 

44

 

 

 

131

 

 

 

219

 

Net income (loss)

 

$

1,388

 

 

$

(205

)

 

$

2,104

 

 

$

(98

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

(0.01

)

 

$

0.15

 

 

$

(0.01

)

Diluted

 

$

0.10

 

 

$

(0.01

)

 

$

0.15

 

 

$

(0.01

)

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

13,961,862

 

 

 

13,776,479

 

 

 

13,979,411

 

 

 

13,660,686

 

Diluted

 

 

14,172,024

 

 

 

13,776,479

 

 

 

14,180,614

 

 

 

13,660,686

 

 

See notes to condensed consolidated financial statements

2


 

RED VIOLET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Amounts in thousands, except share data)

(unaudited)

 

 

 

Common stock

 

 

Treasury stock

 

 

Additional paid-in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

Total

 

Balance at March 31, 2022

 

 

13,523,067

 

 

$

14

 

 

 

-

 

 

$

-

 

 

$

93,115

 

 

$

(21,911

)

 

$

71,218

 

Vesting of restricted stock units

 

 

285,760

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Increase in treasury stock resulting
  from shares withheld to cover
  statutory taxes

 

 

-

 

 

 

-

 

 

 

(106,031

)

 

 

(2,765

)

 

 

-

 

 

 

-

 

 

 

(2,765

)

Common stock repurchased

 

 

-

 

 

 

-

 

 

 

(7,031

)

 

 

(134

)

 

 

-

 

 

 

-

 

 

 

(134

)

Retirement of treasury stock

 

 

(106,031

)

 

 

-

 

 

 

106,031

 

 

 

2,765

 

 

 

(2,765

)

 

 

 

 

 

-

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,828

 

 

 

-

 

 

 

1,828

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(205

)

 

 

(205

)

Balance at June 30, 2022

 

 

13,702,796

 

 

$

14

 

 

 

(7,031

)

 

$

(134

)

 

$

92,178

 

 

$

(22,116

)

 

$

69,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

 

13,961,643

 

 

$

14

 

 

 

(10,937

)

 

$

(201

)

 

$

94,293

 

 

$

(20,686

)

 

$

73,420

 

Vesting of restricted stock units

 

 

3,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Increase in treasury stock resulting
  from shares withheld to cover
  statutory taxes

 

 

-

 

 

 

-

 

 

 

(1,072

)

 

 

(19

)

 

 

-

 

 

 

-

 

 

 

(19

)

Common stock repurchased

 

 

-

 

 

 

-

 

 

 

(44,081

)

 

 

(739

)

 

 

-

 

 

 

-

 

 

 

(739

)

Retirement of treasury stock

 

 

(53,352

)

 

 

-

 

 

 

53,352

 

 

 

907

 

 

 

(907

)

 

 

-

 

 

 

-

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,718

 

 

 

-

 

 

 

1,718

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,388

 

 

 

1,388

 

Balance at June 30, 2023

 

 

13,911,691

 

 

$

14

 

 

 

(2,738

)

 

$

(52

)

 

$

95,104

 

 

$

(19,298

)

 

$

75,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

Treasury stock

 

 

Additional paid-in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

Total

 

Balance at December 31, 2021

 

 

13,488,540

 

 

$

13

 

 

 

-

 

 

$

-

 

 

$

91,434

 

 

$

(22,018

)

 

$

69,429

 

Vesting of restricted stock units

 

 

320,510

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

Increase in treasury stock resulting
  from shares withheld to cover
  statutory taxes

 

 

-

 

 

 

-

 

 

 

(106,254

)

 

 

(2,771

)

 

 

-

 

 

 

-

 

 

 

(2,771

)

Common stock repurchased

 

 

-

 

 

 

-

 

 

 

(7,031

)

 

 

(134

)

 

 

-

 

 

 

-

 

 

 

(134

)

Retirement of treasury stock

 

 

(106,254

)

 

 

-

 

 

 

106,254

 

 

 

2,771

 

 

 

(2,771

)

 

 

-

 

 

 

-

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,516

 

 

 

-

 

 

 

3,516

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(98

)

 

 

(98

)

Balance at June 30, 2022

 

 

13,702,796

 

 

$

14

 

 

 

(7,031

)

 

$

(134

)

 

$

92,178

 

 

$

(22,116

)

 

$

69,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

13,956,404

 

 

$

14

 

 

 

-

 

 

$

-

 

 

$

92,481

 

 

$

(21,402

)

 

$

71,093

 

Vesting of restricted stock units

 

 

10,200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Increase in treasury stock resulting
  from shares withheld to cover
  statutory taxes

 

 

-

 

 

 

-

 

 

 

(2,633

)

 

 

(50

)

 

 

-

 

 

 

-

 

 

 

(50

)

Common stock repurchased

 

 

-

 

 

 

-

 

 

 

(55,018

)

 

 

(940

)

 

 

-

 

 

 

-

 

 

 

(940

)

Retirement of treasury stock

 

 

(54,913

)

 

 

-

 

 

 

54,913

 

 

 

938

 

 

 

(938

)

 

 

-

 

 

 

-

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,561

 

 

 

-

 

 

 

3,561

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,104

 

 

 

2,104

 

Balance at June 30, 2023

 

 

13,911,691

 

 

$

14

 

 

 

(2,738

)

 

$

(52

)

 

$

95,104

 

 

$

(19,298

)

 

$

75,768

 

 

See notes to condensed consolidated financial statements

3


 

RED VIOLET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$

2,104

 

 

$

(98

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,970

 

 

 

3,147

 

Share-based compensation expense

 

 

2,689

 

 

 

2,793

 

Write-off of long-lived assets

 

 

3

 

 

 

3

 

Provision for bad debts

 

 

789

 

 

 

61

 

Noncash lease expenses

 

 

293

 

 

 

267

 

Deferred income tax expense

 

 

124

 

 

 

197

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(1,810

)

 

 

(482

)

Prepaid expenses and other current assets

 

 

(554

)

 

 

(354

)

Other noncurrent assets

 

 

(164

)

 

 

-

 

Accounts payable

 

 

(535

)

 

 

(157

)

Accrued expenses and other current liabilities

 

 

(1,451

)

 

 

97

 

Deferred revenue

 

 

(43

)

 

 

(219

)

Operating lease liabilities

 

 

(