The following is a summary of the Intellinetics, Inc. (INLX) Q4 2023 Earnings Call Transcript:
Financial Performance:
Intellinetics saw an over 20% growth in annual revenue for 2023, with SaaS revenue adding nearly a 28 % increase.
Earnings per share touched $0.13 per fully diluted share, marking a significant upswing from last year's penny per share.
The company recorded a net income of $519,000, showcasing an impressive rise from $24,000 in 2022.
The record adjusted EBITDA was at $2.7 million, indicating a near 14% growth.
Q4 revenue stood at $4.2 million with recurring revenue at $2.6 million, and a net income of $62,000.
Business Progress:
The company effectively integrated past acquisitions and grew its recurring SaaS revenue significantly.
Intellinetics expanded revenue streams with the introduction of the Intellinetics Payable Automation Solution (IPAS).
Four customers have already integrated IPAS with five more contracts signed for the first half of 2024.
These nine customers represent an estimated annual recurring revenue of $500,000, expected to double in the coming quarters.
In 2023, Intellinetics closed 353 contracts, totaling a value of $7.7 million, indicating robust business progress.
They plan investment in sales and marketing capabilities, majorly to accelerate IPAS.
Intellinetics' core business remains resilient, with ongoing demand set to drive further growth in 2024, in addition to IPAS revenue.
They had 591 K-12 districts generating significant SaaS revenue, illustrating a wide-spread and diverse client footprint.
More details: Intellinetics IR
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