Good day ladies and gentleman and welcome to Red Violet fourth quarter 2019 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 people joining us today to discuss our fourth quarter 2019 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 card 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, 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 risk and uncertainty 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. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the fourth 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 Chief Executive Officer, Derek Dubner.

Thank you and good afternoon to those joining us today to discuss our fourth quarter 2019 results. We are pleased to report a very strong fourth quarter which caps off a stellar 2019. For the fourth quarter we saw a record revenue of $9.1 million a 92% increase over fourth quarter 2018 led by strong growth from consumer expansion with a [indiscernible] [0:03:07.2] increase in growth revenue from existing customers. Adjusted gross profit increased 134% to $5.6 million and our adjusted gross margin increased to 62% from 51% in the same period of 2018. Adjusted EBITDA was 0.8 million. Adjusted EBITDA for the fourth quarter would have been $1.5 million factoring in one item which Dan will discuss later. For the full year 2019 total revenue increased 86% to $30.3 million and adjusted EBITDA grew $6.4 million to $1.9 million. As demonstrated by our performance we are pleased with the strength we saw in our business in the fourth quarter especially given that the fourth quarter has historically presented headwinds for our industry. As to idiCORE, our flagship product, we continue to execute and further into penetrating various verticals and moving up market within verticals. On the FOREWARN front, our subscription app based solution for face to face engagement, we continue to penetrate the real estate industry with this first of its kind real time identity verification and risk mitigation tool. Real estate association after association are securing the services up FOREWARN for their membership, highlighting the inevitable fact that this solution should be in every real estate professionals hands. We proudly recently announced our first two statewide by Maine and Connecticut and we expect more to follow. We are also developing new applications for FOREWARN in other industries that are reliant on face to face engagement. We are seeing…

Thank you, Derek and good afternoon. This has been an extraordinary year for Red Violet across the entire organization. Our team have been incredibly focused and disciplined and we're seeing this translate into our numbers quarter after quarter. In addition to the key accomplishments Derek addressed I wanted to highlight some 2019 financial metrics that I believe will give you a clear picture of the operational leverage of our business and what that means for us going forward in 2020. For the full year 2019 our $14 million increase in revenue translated into $10.4 million in increase in adjusted gross profits. That 10.4 increase by itself is a great measure of our leverage, but to give you an idea of how that ultimately translates to cash flow, we generated $9.7 million of incremental cash flow from operations off that $10.4 million increase in adjusted gross profit. That is greater than 90% contribution of adjusted gross profit to cash flow from operations in 2019. We're extremely proud of this number. It is a testament to our technology platform, our people, and the ability to leverage this business model and drive profitability into the future. I'm excited to report on a record setting fourth quarter. Starting with our consolidated results for clarity all the comparisons I will discuss today will be against the fourth quarter of 2018 unless noted otherwise, revenue increased 92% to 9.1 million led by strong growth from existing customer expansion with 177% increase in growth from revenue from existing customers. Adjusted gross profit increased 134% to 5.6 million and our adjusted gross margin increased to 62% from 51%. Our adjusted EBITDA was 0.8 million compared to a negative one point million in the fourth quarter of 2018. We expect to see continued strong margin and adjusted EBIDTA expansion…

Thank you. Seeing no questions today we appreciate everybody joining our conference call today and we look forward to reporting to you our progress at our next quarterly call. Good afternoon.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.