Record-Breaking Revenue and Growth
Revenue for the quarter came in at a record $23.1 million, up 21% from the previous year. Adjusted gross profit was a record $19.4 million, resulting in a record adjusted gross margin of 84%. Adjusted EBITDA for the quarter was a record $9 million, resulting in a record margin of 39%. Adjusted net income for the quarter was a record $5.8 million, producing record adjusted earnings of $0.39 per diluted share.
Strong Customer Growth
Over 300 customers were added to IDI during the quarter, ending the third quarter with over 9,800 customers. Within FOREWARN, over 25,000 users were added, ending the quarter with over 590 realtor associations contracted.
Public Sector and Enterprise Wins
Significant new customer wins included a large state toll authority and one of the largest payroll processors in the country, indicating strong traction in larger public and enterprise sector customers.
Share Repurchase Program
A $15 million increase to the share repurchase program was announced. In the third quarter, 15,437 shares of common stock were purchased at an average price of $42.26.