Red Violet, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Red Violet, Inc. (RDVT) has filed its 2023 10-K, providing a comprehensive overview of its financial health, operational risks, and strategic initiatives.</b>

AI Summary

Red Violet, Inc. (RDVT) filed a Annual Report (10-K) with the SEC on March 7, 2024. Red Violet, Inc. filed its 2023 Form 10-K on March 7, 2024, reporting on its fiscal year ending December 31, 2023. The filing details various aspects of the company's operations, including financial performance, risk factors, and executive compensation. Key financial data such as revenue, net income, and EPS for the fiscal year 2023 are presented. The report includes information on stock-based compensation awards, including performance-based restricted stock units for employees and directors. Risk factors discussed encompass supplier concentration and customer concentration, with specific mention of 'CustomerOne' and 'LargestDataSupplier'.

Why It Matters

For investors and stakeholders tracking Red Violet, Inc., this filing contains several important signals. The 10-K filing provides investors with crucial details on Red Violet's financial performance and operational risks, enabling informed investment decisions. Understanding the company's stock-based compensation structure and risk factors like supplier and customer concentration is vital for assessing future growth and potential vulnerabilities.

Risk Assessment

Risk Level: — Red Violet, Inc. shows moderate risk based on this filing. The company faces medium risk due to supplier and customer concentration, as highlighted in the 10-K filing, which could impact its operations if key suppliers or customers are lost.

Analyst Insight

Investors should analyze Red Violet's revenue streams and supplier relationships to assess the impact of concentration risks on future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-07 — Filing Date (The date the 10-K was filed.)

Key Players & Entities

• Red Violet, Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year end date.
• March 7, 2024 (date) — Filing date of the 10-K.
• Nantahala Capital Management Llc (company) — Mentioned in relation to stock repurchase programs.
• CustomerOne (company) — Identified as a customer with concentration risk.
• LargestDataSupplier (company) — Identified as a supplier with concentration risk.

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to reliance on a limited number of customers, specifically mentioning 'CustomerOne'.
• Supplier Concentration Risk [medium — market]: Reliance on a limited number of suppliers, specifically 'LargestDataSupplier', poses a risk to operations.

Industry Context

Red Violet, Inc. operates in the prepackaged software industry (SIC 7372), providing data and identity verification solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Review Red Violet's detailed financial statements for the fiscal year 2023.
2. Analyze the identified risk factors, particularly customer and supplier concentration, for potential impacts.
3. Examine executive compensation details to understand incentives and potential alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: 10-K Filing Date — The date Red Violet, Inc. submitted its annual report.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing for Red Violet, Inc.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share RDVT The NASDAQ
• $60.2 million — er 31, 2023 and 2022, we had revenue of $60.2 million and $53.3 million, net income of $13.5
• $53.3 m — 22, we had revenue of $60.2 million and $53.3 million, net income of $13.5 million and
• $13.5 million — illion and $53.3 million, net income of $13.5 million and $0.6 million, adjusted EBITDA of $1
• $0.6 m — illion, net income of $13.5 million and $0.6 million, adjusted EBITDA of $16.4 million
• $16.4 million — on and $0.6 million, adjusted EBITDA of $16.4 million and $12.9 million, and adjusted net inc
• $12.9 m — n, adjusted EBITDA of $16.4 million and $12.9 million, and adjusted net income of $8.1
• $8.1 million — 2.9 million, and adjusted net income of $8.1 million and $6.9 million, respectively. Adjuste
• $6.9 m — adjusted net income of $8.1 million and $6.9 million, respectively. Adjusted EBITDA is
• $745.2 billion — al big data analytics market to rise to $745.2 billion by 2030, exhibiting a CAGR of 13.5% dur
• $70.5 billion — nalytics market is projected to grow to $70.5 billion by 2027, representing CAGR of 12.4% fro

Filing Documents

• rdvt-20231231.htm (10-K) — 2488KB
• rdvt-ex21_1.htm (EX-21.1) — 11KB
• rdvt-ex23_1.htm (EX-23.1) — 3KB
• rdvt-ex31_1.htm (EX-31.1) — 12KB
• rdvt-ex31_2.htm (EX-31.2) — 12KB
• rdvt-ex32_1.htm (EX-32.1) — 8KB
• rdvt-ex32_2.htm (EX-32.2) — 8KB
• rdvt-ex97_1.htm (EX-97.1) — 46KB
• 0000950170-24-028115.txt (&nbsp;) — 8942KB
• rdvt-20231231.xsd (EX-101.SCH) — 1270KB
• rdvt-20231231_htm.xml (XML) — 1364KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 38 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 38 PART III Item 10. Directors, Executive Officers and Corporate Governance 39 Item 11.

Executive Compensation

Executive Compensation 39 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 39 Item 14. Principal Accountant Fees and Services 39 PART IV Item 15. Exhibits and Financial Statement Schedules 40 Item 16. Form 10-K Summary 41

SIGNATURES

SIGNATURES 42 PART I

B usiness

Item 1. B usiness. This business description should be read in conjunction with our audited consolidated financial statements and accompanying notes thereto appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"), which are incorporated herein by this reference. Company Overview Red Violet, Inc. ("we," "us," "our," "red violet," or the "Company"), a Delaware corporation, is dedicated to making the world a safer place and reducing the cost of doing business. 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 AI/ML-driven identity intelligence platform, CORE TM , is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. We drive workflow efficiency and enable organizations to make better data-driven decisions. Organizations are challenged by the structure, volume, and disparity of data. Our platform and applications transform the way our customers interact with information, presenting connections and relevance of information otherwise unattainable, which drives actionable insights and better outcomes. Leveraging cloud-native proprietary technology and applying machine learning and advanced analytical capabilities, CORE provides essential solutions to public and private sector organizations through intuitive, easy-to-use analytical interfaces. With massive data assets consisting of public record, proprietary, and publicly-available data, our differentiated information

View Full Filing

View this 10-K filing on SEC EDGAR