Good day ladies and gentleman and welcome to the Red Violet's First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Camilo Ramirez, Director of Finance and Investor Relations. Please go ahead.

Good afternoon and welcome, thank you for joining us today to discuss our first quarter 2020 financial results. With me today is Derek Dubner, our Chief Executive Officer and Dan MacLachlan our Chief Financial Officer. Our call today will begin with comments from Derek and Dan, followed by a question and answer session. I would like to remind you that this call is being webcast live and recorded. The replay of this event will be available following the call on our website. To access the webcast please visit our investors page on our website at www.redviolet.com. Before we begin, I would like to advise listeners that certain information discussed by management during this conference call are forward looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those stated or implied by our forward looking statements due to risks and uncertainties associated with the company's business. The company undertakes no obligation to update the information provided on this call. For a discussion of risks and uncertainties associated with Red Violet's business I encourage you to review the company's filing with the Security and Exchange Commission including the most recent annual report on form 10-K and subsequent 10-Q. During the call, we may present certain non-GAAP financial information related to adjusted gross profit, adjusted gross margin and adjusted EBITDA. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the first quarter earnings press release issued earlier today. In addition, certain supplemental metrics that are not necessarily derived from any underlying financial statement amounts may be discussed and these metrics and their definitions can also be found in the earnings press release earlier today. With that I am pleased to introduce Red Violet's Chief Executive Officer, Derek Dubner.

Thank you and good afternoon to those joining us today to discuss our first quarter 2020 results. We are pleased to report a ninth consecutive record quarter achieving record revenue of $9.3 million a 62% increase over first quarter 2019. Our base revenue from existing customers grew $3 million or 84%, and our growth revenue from existing customers grew $0.4 million or 46%. Adjusted gross profit increased 96% to $6 million, and our adjusted gross margin increased to 65% from 53%. Adjusted EBITDA was $1.7 million for the quarter, compared to a negative $0.4 million in the first quarter of 2019. During the quarter, we added over 260 new customers to idiCORE, and over 5,900 users to FOREWARN. We are very pleased with our performance this quarter, given the headwinds we experienced in the back half of March, due to the impacts of the coronavirus pandemic. The US like other countries around the world, is being challenged by an unprecedented crisis in this pandemic that affects the health and economic well-being of our people. It is imperative that we first express our sympathy to all of those affected and special appreciation to the frontline healthcare and other essential workers who tirelessly and selflessly work to ensure our safety, health and well-being. The incidence of COVID-19 in the United States has had a devastating impact on many businesses. Many industries ground to a halt amid a wave of stay at home orders by federal, state and local authorities in the second half of March. In advance of these mandates, and in order to ensure the health and well-being of our employees, customers, vendors and shareholders, we implemented teleworking from home across the organization, and halted all company travel. Due to our cloud native infrastructure and thorough contingency planning, our transition to…

Thank you, Derek. And good afternoon. To reiterate Derek's sentiments during these unprecedented times. I want to extend my best wishes to all our employees, customers, shareholders, vendors and partners. I hope you and your families are and remain safe and healthy. We had a great quarter despite COVID-19 headwinds we faced in the second half of March. Across the entire organization, our teams have been focused, disciplined and incredibly productive during this work from home period. We're extremely proud of how quickly our team adapted and how resilient the overall business has been during this challenging time. We have a strong balance sheet and are extremely confident in our ability to navigate this period, positioning the business for accelerated growth as the economy starts to open back up. Today, I'll start with a review of the quarter and then spend some time at the end discussing our business positioning relative to COVID-19. Starting with our consolidated results. For clarity, all the comparisons I will discuss today will be against the first quarter of 2019 unless noted otherwise. Revenue increased 62% to $9.3 million led by strong growth from existing customer expansion. Our base revenue from existing customers grew $3 million or 84% and our growth revenue from existing customers grew $0.4 million or 46%. Adjusted gross profit increased 96% to $6 million, and our adjusted gross margin increased to 65% from 53%. Adjusted EBITDA was $1.7 million, compared to a negative point million in the first quarter of 2019. Continuing to the details of our P&L, as mentioned, revenue was $9.3 million for the first quarter. During the quarter, we added over 260 new customers to idiCORE, and over 5,900 users to FOREWARN, which given the uncertainty playing out in the economy during this time was extremely encouraging. We…

[Operator Instructions] There are no questions at this time. Speakers you may continue. : :

Great. Thank you very much. Just a thank you to all for attending our call today. I hope you can feel the sentiment in the room. And yes, we are in the room and we are taking precautions Dan and myself and Camilo. We're very, very proud of the performance of our business. We've always had extraordinary confidence in this model. This model is proving itself out once again, as is the execution by this team. I am very thrilled. Again, I want to thank the Red Violet team members for a fantastic quarter for fighting the headwinds that all businesses face. And we look forward to updating you again at our next quarterly conference call. Thank you, be safe, and have a good day.

This concludes today's conference call. Thank you all for participating. Speakers, please stay on the line for a post conference.