Red Violet (RDVT) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	RDVT
Entity Registrant Name	RED VIOLET, INC.
Entity Central Index Key	0001720116
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		13,717,098
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38407
Entity Tax Identification Number	82-2408531
Entity Address, Address Line One	2650 North Military Trail
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	561
Local Phone Number	757-4000
Entity Information, Former Legal or Registered Name	None
Document Transition Report	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 32,328	$ 34,258
Accounts receivable, net of allowance for doubtful accounts of $35 and $28 as of June 30, 2022 and December 31, 2021, respectively	4,157	3,736
Prepaid expenses and other current assets	953	599
Total current assets	37,438	38,593
Property and equipment, net	671	577
Intangible assets, net	29,774	28,181
Goodwill	5,227	5,227
Right-of-use assets	1,394	1,661
Other noncurrent assets	137	137
Total assets	74,641	74,376
Current liabilities:
Accounts payable	1,448	1,605
Accrued expenses and other current liabilities	626	395
Current portion of operating lease liabilities	655	617
Deferred revenue	622	841
Total current liabilities	3,351	3,458
Noncurrent operating lease liabilities	953	1,291
Deferred tax liabilities	395	198
Total liabilities	4,699	4,947
Shareholders' equity:
Preferred stock-$0.001 par value, 10,000,000 shares authorized, and 0 shares issued and outstanding, as of June 30, 2022 and December 31, 2021
Common stock - $0.001 par value, 200,000,000 shares authorized, 13,702,796 and 13,488,540 shares issued, 13,695,765 and 13,488,540 shares outstanding, as of June 30, 2022 and December 31, 2021	14	13
Treasury stock, at cost, 7,031 and 0 shares as of June 30, 2022 and December 31, 2021	(134)
Additional paid-in capital	92,178	91,434
Accumulated deficit	(22,116)	(22,018)
Total shareholders' equity	69,942	69,429
Total liabilities and shareholders' equity	$ 74,641	$ 74,376

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 35	$ 28
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	13,702,796	13,488,540
Common stock, shares outstanding	13,695,765	13,488,540
Treasury stock shares	7,031	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue		$ 12,494	$ 10,879	$ 25,223	$ 21,096
Costs and expenses:
Sales and marketing expenses		2,822	2,349	5,213	4,570
General and administrative expenses		5,300	4,890	10,653	9,440
Depreciation and amortization		1,613	1,330	3,147	2,588
Total costs and expenses		12,655	11,289	25,103	22,079
(Loss) income from operations		(161)	(410)	120	(983)
Interest (expense) income, net		0	(4)	1	(9)
Gain on extinguishment of debt		0	2,175	0	2,175
(Loss) income before income taxes		(161)	1,761	121	1,183
Income tax expense		44	0	219	0
Net (loss) income		$ (205)	$ 1,761	$ (98)	$ 1,183
(Loss) earnings per share:
Basic		$ (0.01)	$ 0.14	$ (0.01)	$ 0.10
Diluted		$ (0.01)	$ 0.13	$ (0.01)	$ 0.09
Weighted average number of shares outstanding:
Basic		13,776,479	12,269,412	13,660,686	12,238,475
Diluted	[1]	13,776,479	13,560,714	13,660,686	13,487,806
Service [Member]
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)		$ 2,920	$ 2,720	$ 6,090	$ 5,481
[1] For the three and six months ended June 30, 2022, a total of 1,070,368 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share, as the impact is anti-dilutive. For the three and six months ended June 30, 2021, diluted weighted average shares outstanding are calculated by the inclusion of unvested RSUs.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid- in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 43,345	$ 13		$ 66,005	$ (22,673)
Beginning balances, shares at Dec. 31, 2020		12,167,327
Vesting of restricted stock units, Shares		81,467
Retirement of treasury stock	0
Share-based compensation	4,906			4,906
Net income (loss)	1,183				1,183
Ending balance at Jun. 30, 2021	49,434	$ 13		70,911	(21,490)
Ending balances, shares at Jun. 30, 2021		12,248,794
Beginning balance at Mar. 31, 2021	45,164	$ 13	$ 0	68,402	(23,251)
Beginning balances, shares at Mar. 31, 2021		12,208,077	0
Vesting of restricted stock units, Shares		40,717
Share-based compensation	2,509			2,509
Net income (loss)	1,761				1,761
Ending balance at Jun. 30, 2021	49,434	$ 13		70,911	(21,490)
Ending balances, shares at Jun. 30, 2021		12,248,794
Beginning balance at Dec. 31, 2021	69,429	$ 13		91,434	(22,018)
Beginning balances, shares at Dec. 31, 2021		13,488,540
Vesting of restricted stock units		$ 1		(1)
Vesting of restricted stock units, Shares		320,510
Increase in treasury stock resulting from shares withheld to cover statutory taxes	(2,771)		$ (2,771)
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares			(106,254)
Retirement of treasury stock	2,771		$ 2,771	(2,771)
Retirement of treasury stock, Shares		(106,254)	106,254
Common stock repurchased	134		$ (134)
Common stock repurchased, shares			(7,031)
Share-based compensation	3,516			3,516
Net income (loss)	(98)				(98)
Ending balance at Jun. 30, 2022	69,942	$ 14	$ (134)	92,178	(22,116)
Ending balances, shares at Jun. 30, 2022		13,702,796	(7,031)
Beginning balance at Mar. 31, 2022	71,218	$ 14		93,115	(21,911)
Beginning balances, shares at Mar. 31, 2022		13,523,067
Vesting of restricted stock units, Shares		285,760
Increase in treasury stock resulting from shares withheld to cover statutory taxes	(2,765)		$ (2,765)
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares			(106,031)
Retirement of treasury stock			$ 2,765	(2,765)
Retirement of treasury stock, Shares		(106,031)	106,031
Common stock repurchased	134		$ (134)
Common stock repurchased, shares			(7,031)
Share-based compensation	1,828			1,828
Net income (loss)	(205)				(205)
Ending balance at Jun. 30, 2022	$ 69,942	$ 14	$ (134)	$ 92,178	$ (22,116)
Ending balances, shares at Jun. 30, 2022		13,702,796	(7,031)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (98)	$ 1,183
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,147	2,588
Share-based compensation expense	2,793	4,211
Write-off of long-lived assets	3	24
Provision for bad debts	61	62
Noncash lease expenses	267	245
Interest expense	0	11
Deferred income tax expense	197	0
Gain on extinguishment of debt	0	(2,175)
Changes in assets and liabilities:
Accounts receivable	(482)	(247)
Prepaid expenses and other current assets	(354)	(684)
Other noncurrent assets	0	2
Accounts payable	(157)	(657)
Accrued expenses and other current liabilities	97	(685)
Deferred revenue	(219)	(77)
Operating lease liabilities	(300)	(268)
Net cash provided by operating activities	4,955	3,533
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(221)	(155)
Capitalized costs included in intangible assets	(3,893)	(2,420)
Net cash used in investing activities	(4,114)	(2,575)
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes paid related to net share settlement of vesting of restricted stock units	(2,771)	0
Net cash (used in) provided by financing activities	(2,771)	0
Net (decrease) increase in cash and cash equivalents	(1,930)	958
Cash and cash equivalents at beginning of period	34,258	12,957
Cash and cash equivalents at end of period	32,328	13,915
SUPPLEMENTAL DISCLOSURE INFORMATION
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Share-based compensation capitalized in intangible assets	723	695
Retirement of treasury stock	$ 2,771	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of significant accounting policies (a) Basis of preparation The accompanying unaudited condensed consolidated financial statements of Red Violet, Inc., a Delaware corporation, and its consolidated subsidiaries (collectively, “red violet” or the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2022. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Form 10-K”). The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date included in the Form 10-K, but does not include all disclosures required by US GAAP. The Company has only one operating segment, as defined by Accounting Standards Codification (“ASC”) 280, “ Segment Reporting .” Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation. (b) Recently issued accounting standards As an emerging growth company, the Company has left open the opportunity to take advantage of the extended transition period provided to emerging growth companies in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), however, it is the Company’s present intention to adopt any applicable new accounting standards timely.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	2. (Loss) earnings per share Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the periods. Diluted (loss) earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and is calculated using the treasury stock method for unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share data) 2022 2021 2022 2021 Numerator: Net (loss) income $ ( 205 ) $ 1,761 $ ( 98 ) $ 1,183 Denominator: Weighted average shares outstanding: Basic 13,776,479 12,269,412 13,660,686 12,238,475 Diluted (1) 13,776,479 13,560,714 13,660,686 13,487,806 (Loss) earnings per share: Basic $ ( 0.01 ) $ 0.14 $ ( 0.01 ) $ 0.10 Diluted $ ( 0.01 ) $ 0.13 $ ( 0.01 ) $ 0.09 (1) For the three and six months ended June 30, 2022, a total of 1,070,368 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share, as the impact is anti-dilutive. For the three and six months ended June 30, 2021, diluted weighted average shares outstanding are calculated by the inclusion of unvested RSUs.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets, Net	3. Intangible assets, net Intangible assets other than goodwill consist of the following: June 30, 2022 December 31, 2021 (In thousands) Amortization Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Software developed for internal use 5 - 10 years $ 47,598 $ ( 17,824 ) $ 29,774 $ 42,982 $ ( 14,801 ) $ 28,181 The gross amount associated with software developed for internal use represents capitalized costs of internally-developed software, including eligible salaries and staff benefits, share-based compensation, travel expenses incurred by relevant employees, and other relevant costs. Amortization expenses of $ 1,551 and $ 1,272 for the three months ended June 30, 2022 and 2021, respectively, and $ 3,023 and $ 2,475 for the six months ended June 30, 2022 and 2021, respectively, were included in depreciation and amortization expense. As of June 30, 2022, intangible assets of $ 4,194 , included in the gross amounts of software developed for internal use, have not started amortization, as they are not ready for their intended use. The Company capitalized costs of software developed for internal use of $ 2,521 and $ 1,517 during the three months ended June 30, 2022 and 2021, respectively, and $ 4,616 and $ 3,115 during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, estimated amortization expense related to the Company’s intangible assets for the remainder of 2022 through 2027 and thereafter are as follows: (In thousands) Year June 30, 2022 Remainder of 2022 3,471 2023 7,130 2024 6,503 2025 5,295 2026 3,836 2027 and thereafter 3,539 Total $ 29,774

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill Disclosure [Abstract]
Goodwill	4. Goodwill Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As of June 30, 2022 and December 31, 2021, the balance of goodwill of $ 5,227 was as a result of the acquisition of Interactive Data, LLC, a wholly-owned subsidiary of red violet, effective on October 2, 2014. In accordance with ASC 350, “Intangibles - Goodwill and Other,” goodwill is tested at least annually for impairment, or when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that its fair value exceeds the carrying value. The measurement date of the Company’s annual goodwill impairment test is October 1 . For the periods ended June 30, 2022 and 2021, no goodwill impairment charges were recorded.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	5. Revenue recognition The Company recognized revenue in accordance with ASC 606, “Revenue from Contracts with Customers” (“Topic 606”). Under this standard, revenue is recognized when control of goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s performance obligation is to provide on demand information and identity intelligence solutions to its customers by leveraging its proprietary technology and applying machine learning and advanced analytics to its massive data repository. The pricing for the customer contracts is based on usage, a monthly fee, or a combination of both. Available within Topic 606, the Company has applied the portfolio approach practical expedient in accounting for customer revenue as one collective group, rather than individual contracts. Based on the Company’s historical knowledge of the contracts contained in this portfolio and the similar nature and characteristics of the customers, the Company has concluded the financial statement effects are not materially different than if accounting for revenue on a contract by contract basis. Revenue is recognized over a period of time. The Company’s customers simultaneously receive and consume the benefits provided by the Company’s performance as and when provided. Furthermore, the Company has elected the “right to invoice” practical expedient, available within Topic 606, as its measure of progress, since it has a right to payment from a customer in an amount that corresponds directly with the value of its performance completed-to-date. The Company's revenue arrangements do not contain significant financing components. For the three months ended June 30, 2022 and 2021, 80 % and 81 % of total revenue was attributable to customers with pricing contracts, respectively, versus 20 % and 19 % attributable to transactional customers, respectively. For the six months ended June 30, 2022 and 2021, 78 % and 80 % of total revenue was attributable to customers with pricing contracts, respectively, versus 22 % and 20 % attributable to transactional customers, respectively. Pricing contracts are generally annual contracts or longer, with auto renewal. If a customer pays consideration before the Company transfers services to the customer, those amounts are classified as deferred revenue. As of June 30, 2022 and December 31, 2021, the balance of deferred revenue was $ 622 and $ 841 , respectively, all of which is expected to be realized in the next 12 months. In relation to the deferred revenue balance as of December 31, 2021, $ 145 and $ 469 was recognized into revenue during the three and six months ended June 30, 2022, respectively. As of June 30, 2022, $ 9,369 of revenue is expected to be recognized in the future for performance obligations that are unsatisfied or partially unsatisfied , related to pricing contracts that have a term of more than 12 months, of which, $ 3,520 of revenue will be recognized in the remainder of 2022, $ 4,821 in 2023, $ 1,017 in 2024, and $ 11 in 2025. The actual timing of recognition may vary due to factors outside of the Company’s control. The Company excludes variable consideration related entirely to wholly unsatisfied performance obligations and contracts and recognizes such variable consideration based upon the right to invoice the customer. Sales commissions are incurred and recorded on an ongoing basis over the term of the customer relationship. These costs are recorded in sales and marketing expenses. In addition, the Company elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6. Income taxes The Company is subject to federal and state income taxes in the United States. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter, unless a reliable estimate of ordinary income or the related tax expense/benefit cannot be made or the Company is in cumulative losses for which the benefit cannot be realized. In each quarter, the Company updates its estimate of the annual effective tax rate, and if its estimated annual tax rate changes, the Company makes a cumulative adjustment in that quarter. For the three and six months ended June 30, 2022 and 2021, the Company concluded that, due to a recent history of operating losses, a valuation allowance should be applied to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company’s effective income tax rate was negative 27 % and 0 % for the three months ended June 30, 2022 and 2021, respectively, and 181 % and 0 % for the six months ended June 30, 2022 and 2021, respectively, differing from the U.S. corporate statutory federal income tax rate of 21 %. The Company’s income tax expense for the three and six months ended June 30, 2022 was primarily a result of the remeasurement of its valuation allowance, which differed from the income tax that would result from applying the U.S. corporate statutory federal income tax rate of 21% to its (loss) income before income taxes. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the Company’s financial statements. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. All of the Company’s income tax filings since 2018 remain open for tax examinations. The Company does no t have any material unrecognized tax benefits as of June 30, 2022 and December 31, 2021.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Common Stock	7. Common stock As of June 30, 2022 and December 31, 2021, the number of issued shares of common stock was 13,702,796 and 13,488,540 , respectively. The change in the number of issued shares of common stock was due to the following factors: • An aggregate of 320,510 shares of common stock issued as a result of the vesting of RSUs, of which, 106,254 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $ 2,771 . The treasury stock of 106,254 shares was retired during the six months ended June 30, 2022. • In May 2022, the board of directors of the Company authorized the repurchase of up to $ 5.0 million of the Company's common stock from time to time (the “Stock Repurchase Program”). The Stock Repurchase Program does not obligate the Company to repurchase any shares and may be modified, suspended or terminated at any time and for any reason at the discretion of the board of directors. During the six months ended June 30, 2022, the Company repurchased 7,031 shares of common stock under the Stock Repurchase Program at a net average price of $ 19.11 per share, which was reflected in treasury stock, with a cost of $ 134 .

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	8. Share-based compensation On March 22, 2018, the board of directors of the Company and Cogint, Inc. (“cogint”) (now known as Fluent, Inc.) , in its capacity as sole stockholder of the Company prior to the Company’s spin-off from cogint on March 26, 2018, approved the Red Violet, Inc. 2018 Stock Incentive Plan (the “2018 Plan”), which became effective immediately prior to the spin-off. A total of 3,000,000 shares of common stock were authorized to be issued under the 2018 Plan. On June 3, 2020, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance under the 2018 Plan from 3,000,000 shares to 4,500,000 shares, and on May 25, 2022, the Company's stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance under the 2018 Plan from 4,500,000 shares to 6,500,000 shares. The primary purpose of the 2018 Plan is to attract, retain, reward and motivate certain individuals by providing them with an opportunity to acquire or increase a proprietary interest in the Company and to incentivize them to expend maximum effort for the growth and success of the Company, so as to strengthen the mutuality of the interests between such individuals and the stockholders of the Company. As of June 30, 2022, there were 2,722,287 shares of common stock available for future issuance under the 2018 Plan, as amended. To date, all stock incentives issued under the 2018 Plan have been in the form of RSUs. RSUs granted under the 2018 Plan vest and settle upon the satisfaction of a time-based condition or with both time- and performance-based conditions. The time-based condition for these awards is generally satisfied over three or four years with annual vesting. Details of unvested RSU activity during the six months ended June 30, 2022 were as follows: Number of units Weighted average Unvested as of December 31, 2021 1,306,953 $ 18.85 Granted (1) 113,000 $ 25.32 Vested and delivered (2) ( 214,256 ) $ 13.69 Withheld as treasury stock (2) ( 106,254 ) $ 15.40 Vested not delivered 750 $ 7.53 Forfeited ( 29,825 ) $ 27.31 Unvested as of June 30, 2022 (3) 1,070,368 $ 21.01 (1) During the six months ended June 30, 2022, the Company granted an aggregate of 113,000 RSUs to certain employees at grant date fair values ranging from $ 20.50 to $ 28.75 per share, with a vesting period ranging from two to four years . (2) During the period from August 29, 2019 to November 20, 2020, the Company granted an aggregate of 455,000 RSUs. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $ 12.5 million for such fiscal quarter, and (ii) positive adjusted EBITDA of at least $ 2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, subject to the recipient continuing to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that such performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2022. As a result, 177,304 RSUs were included above in "Vested and delivered" and 106,031 RSUs were included above in "Withheld as treasury stock." (3) On July 30, 2021, the Company granted 120,000 RSUs, subject to performance-based requirements, to one non-executive employee, which was subsequently modified on February 18, 2022, with a fair value of $ 27.23 per share as of the modification date. Such RSU grants shall no t vest unless and until the Company has achieved certain revenue for a portion of its business prior to the achievement date deadline for each performance milestone. No amortization of share-based compensation expense has been recognized for these RSUs, because, as of June 30, 2022, the Company determined that it is not probable that such performance criteria will be met. The 120,000 RSUs were included in "Unvested as of June 30, 2022" with a fair value of $27.23 per share. As of June 30, 2022, unrecognized share-based compensation expense associated with the granted RSUs amounted to $ 15,894 , which is expected to be recognized over a remaining weighted average period of 2.6 years. Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Sales and marketing expenses $ 108 $ 158 $ 155 $ 314 General and administrative expenses 1,298 2,007 2,638 3,897 Share-based compensation expense 1,406 2,165 2,793 4,211 Capitalized in intangible assets 422 344 723 695 Total $ 1,828 $ 2,509 $ 3,516 $ 4,906

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	. Related party transactions Services Agreement On August 7, 2018, the Company entered into a services agreement (the “Services Agreement”) with Mr. Michael Brauser (the “Consultant”), a greater than 10 % stockholder, pursuant to which, the Consultant received cash compensation of $ 30 per month and was entitled to participate in the Company’s incentive compensation plan. The Services Agreement terminated on August 6, 2021, as further detailed below. On February 16, 2021, the Company entered into a Separation Agreement (the "Separation Agreement") with the Consultant. Pursuant to the Separation Agreement, the parties agreed that the Services Agreement which expired on August 6, 2021 (“Expiration Date”), would not be renewed, but would continue in force and effect until the Expiration Date. As part of the Separation Agreement, the Consultant agreed (i) to certain non-solicitation obligations contained therein, (ii) that he and his affiliates would not disparage or assist or cooperate with any person or entity seeking to publicly disparage or economically harm the Company, (iii) that the Consultant and his affiliates would not initiate any lawsuit, claim, or proceeding with respect to any claims against the Company, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement, and (iv) with respect to each annual or special meeting of the Company's stockholders until the Expiration Date of the Separation Agreement, the Consultant agreed to vote the shares of the Company's common stock or any other securities entitled to vote then held by him or his affiliates in accordance with the board of directors' recommendations on director proposals (subject to certain board of directors change thresholds), and the ratification of the appointment of the Company’s independent registered public accounting firm. The Company agreed (i) that the remaining unvested 166,666 RSUs previously granted to Consultant in accordance with the 2018 RSU agreement would continue to vest on July 1, 2021, in accordance with and subject to all other provisions and conditions of such grant, (ii) to amend the 2020 RSU agreement, previously granting Consultant 30,000 RSUs such that the 30,000 RSUs would continue to vest 33 -1/3% on November 1, 2021, 66 -2/3% on November 1, 2022, and 100 % on November 1, 2023, without certain Company performance criteria, subject to all other provisions and conditions of such grant, (iii) to include shares of the Company's common stock held by the Consultant or his affiliates in any registration statement the Company files for the benefit of selling stockholders at any time when the Consultant or his affiliates beneficially own 10 % or more of the Company's common stock, and (iv) to not initiate any lawsuit, claim, or proceeding with respect to any claims against the Consultant and his affiliates, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement. As a result of the modification to the 2020 RSU agreement, beginning February 16, 2021, the Company recognized an aggregate of $ 723 in share-based compensation expense over the remaining service period which ended on the Expiration Date. The Company recognized consulting service fees relating to the Services Agreement of a total of $ 90 and $ 180 during the three and six months ended June 30, 2021, respectively. In addition, amortization of share-based compensation expense of $ 724 and $ 1,272 (inclusive of the amortization of share-based compensation expense in relation with the modification of RSUs mentioned above) for the three and six months ended June 30, 2021, respectively, was recognized in relation to the RSUs previously granted to the Consultant. There were no such expenses recognized during the three and six months ended June 30, 2022.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	10. Leases The Company leases its corporate headquarters of 21,020 rentable square feet in accordance with a non-cancelable 89 -month operating lease agreement as amended and effective in January 2017, with an option to extend for an additional 60 months. The Company also leases an additional office space of 6,003 rentable square feet in accordance with a non-cancellable 90 -month operating lease agreement entered into in April 2017, with an option to extend for an additional 60 months. The extension option is not included in the determination of the lease term as it is not reasonably certain to be exercised. For the three and six months ended June 30, 2022 and 2021, a summary of the Company’s lease information is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Lease cost: Operating lease costs $ 168 $ 168 $ 336 $ 336 Other information: Cash paid for operating leases $ 185 $ 180 $ 369 $ 359 As of June 30, 2022, the weighted average remaining operating lease term was 2.3 years. As of June 30, 2022, scheduled future maturities and present value of the operating lease liabilities are as follows: (In thousands) Year June 30, 2022 Remainder of 2022 $ 374 2023 765 2024 542 2025 77 Total maturities $ 1,758 Present value included in consolidated balance sheet: Current portion of operating lease liabilities $ 655 Noncurrent operating lease liabilities 953 Total operating lease liabilities $ 1,608 Difference between the maturities and the present value of operating lease liabilities $ 150

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and contingencies (a) Capital commitment The Company incurred data costs of $ 2,252 and $ 2,108 for the three months ended June 30, 2022 and 2021, respectively, and $ 4,500 and $ 4,230 for the six months ended June 30, 2022 and 2021, respectively, under certain data licensing agreements. As of June 30, 2022, material capital commitments under certain data licensing agreements were $ 30,605 , shown as follows: (In thousands) Year June 30, 2022 Remainder of 2022 4,029 2023 7,705 2024 7,544 2025 7,507 2026 3,820 Total $ 30,605 (b) Contingencies The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and it discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated. The Company may be involved in litigation from time to time in the ordinary course of business. The Company does not believe that the ultimate resolution of any such matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. However, the results of such matters cannot be predicted with certainty and the Company cannot assure you that the ultimate resolution of any legal or administrative proceeding or dispute will not have a material adverse effect on its business, financial condition, results of operations and cash flows. (c) Covid-19 update During 2020, the Company experienced significantly reduced commercial activity in numerous aspects of its business as a result of the preventative and protective actions taken by federal, state and local governments to combat Covid-19, including the implementation of stay-at-home orders, social distancing policies and certain temporary government-imposed moratoria on collection customers’ activities. During 2021 and the six months ended June 30, 2022, the Company saw ongoing improvement in its results of operations, with the exception of the Company's idiVERIFIED service, which is an ancillary collections market offering that is purely transactional and of a lower margin profile. The Company expects its idiVERIFIED service volume to return to pre-Covid levels in the first half of 2023. Given the ongoing uncertainty and the unpredictable nature of the pandemic, including the emergence of new variants and the development, availability, distribution and effectiveness of vaccines, the full impact of the Covid-19 pandemic on the Company's ongoing business, results of operations and overall financial performance cannot be reasonably estimated at this time. To further support the Company’s liquidity, beginning April 1, 2020, the Company elected, under Section 2302 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), to defer payment of the employer portion of Social Security payroll tax. Under the CARES Act, employers could forgo timely payment of the employer portion of Social Security taxes that would otherwise be due from March 27, 2020 through December 31, 2020, without penalty or interest charges. Employers must pay 50 % of the deferred amount by December 31, 2021, and the remainder by December 31, 2022. The Company paid 50% of the deferred amount in December 2021. On May 5, 2020, the Company received funding under a promissory note dated May 5, 2020 evidencing an unsecured non-recourse loan under the CARES Act, which was fully forgiven by Legacy Bank of Florida and the U.S. Small Business Administration in June 2021, resulting in a gain on extinguishment of debt of $ 2,175 during the three and six months ended June 30, 2021 . The Company will continue to assess the CARES Act and other applicable government legislation aimed at assisting businesses during the Covid-19 pandemic.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Preparation	(a) Basis of preparation The accompanying unaudited condensed consolidated financial statements of Red Violet, Inc., a Delaware corporation, and its consolidated subsidiaries (collectively, “red violet” or the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to those rules and regulations. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2022. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Form 10-K”). The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date included in the Form 10-K, but does not include all disclosures required by US GAAP. The Company has only one operating segment, as defined by Accounting Standards Codification (“ASC”) 280, “ Segment Reporting .” Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation.
Recently Issued Accounting Standards	(b) Recently issued accounting standards As an emerging growth company, the Company has left open the opportunity to take advantage of the extended transition period provided to emerging growth companies in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), however, it is the Company’s present intention to adopt any applicable new accounting standards timely.

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the periods. Diluted (loss) earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and is calculated using the treasury stock method for unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share data) 2022 2021 2022 2021 Numerator: Net (loss) income $ ( 205 ) $ 1,761 $ ( 98 ) $ 1,183 Denominator: Weighted average shares outstanding: Basic 13,776,479 12,269,412 13,660,686 12,238,475 Diluted (1) 13,776,479 13,560,714 13,660,686 13,487,806 (Loss) earnings per share: Basic $ ( 0.01 ) $ 0.14 $ ( 0.01 ) $ 0.10 Diluted $ ( 0.01 ) $ 0.13 $ ( 0.01 ) $ 0.09 (1) For the three and six months ended June 30, 2022, a total of 1,070,368 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share, as the impact is anti-dilutive. For the three and six months ended June 30, 2021, diluted weighted average shares outstanding are calculated by the inclusion of unvested RSUs.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Other than Goodwill	Intangible assets other than goodwill consist of the following: June 30, 2022 December 31, 2021 (In thousands) Amortization Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Software developed for internal use 5 - 10 years $ 47,598 $ ( 17,824 ) $ 29,774 $ 42,982 $ ( 14,801 ) $ 28,181
Schedule of Estimated Amortization Expense	As of June 30, 2022, estimated amortization expense related to the Company’s intangible assets for the remainder of 2022 through 2027 and thereafter are as follows: (In thousands) Year June 30, 2022 Remainder of 2022 3,471 2023 7,130 2024 6,503 2025 5,295 2026 3,836 2027 and thereafter 3,539 Total $ 29,774

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Units	Details of unvested RSU activity during the six months ended June 30, 2022 were as follows: Number of units Weighted average Unvested as of December 31, 2021 1,306,953 $ 18.85 Granted (1) 113,000 $ 25.32 Vested and delivered (2) ( 214,256 ) $ 13.69 Withheld as treasury stock (2) ( 106,254 ) $ 15.40 Vested not delivered 750 $ 7.53 Forfeited ( 29,825 ) $ 27.31 Unvested as of June 30, 2022 (3) 1,070,368 $ 21.01
Summary of Allocated Share-based Compensation	Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Sales and marketing expenses $ 108 $ 158 $ 155 $ 314 General and administrative expenses 1,298 2,007 2,638 3,897 Share-based compensation expense 1,406 2,165 2,793 4,211 Capitalized in intangible assets 422 344 723 695 Total $ 1,828 $ 2,509 $ 3,516 $ 4,906

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Company's Lease Information	For the three and six months ended June 30, 2022 and 2021, a summary of the Company’s lease information is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Lease cost: Operating lease costs $ 168 $ 168 $ 336 $ 336 Other information: Cash paid for operating leases $ 185 $ 180 $ 369 $ 359
Scheduled Future Maturities and Present Value of Operating Lease Liabilities	As of June 30, 2022, scheduled future maturities and present value of the operating lease liabilities are as follows: (In thousands) Year June 30, 2022 Remainder of 2022 $ 374 2023 765 2024 542 2025 77 Total maturities $ 1,758 Present value included in consolidated balance sheet: Current portion of operating lease liabilities $ 655 Noncurrent operating lease liabilities 953 Total operating lease liabilities $ 1,608 Difference between the maturities and the present value of operating lease liabilities $ 150

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Capital Payments under Certain Data Licensing Agreements	The Company incurred data costs of $ 2,252 and $ 2,108 for the three months ended June 30, 2022 and 2021, respectively, and $ 4,500 and $ 4,230 for the six months ended June 30, 2022 and 2021, respectively, under certain data licensing agreements. As of June 30, 2022, material capital commitments under certain data licensing agreements were $ 30,605 , shown as follows: (In thousands) Year June 30, 2022 Remainder of 2022 4,029 2023 7,705 2024 7,544 2025 7,507 2026 3,820 Total $ 30,605

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Segment
Accounting Policies [Abstract]
Operating segments	1

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income		$ (205)	$ 1,761	$ (98)	$ 1,183
Weighted average shares outstanding:
Basic		13,776,479	12,269,412	13,660,686	12,238,475
Diluted	[1]	13,776,479	13,560,714	13,660,686	13,487,806
(Loss) earnings per share:
Basic		$ (0.01)	$ 0.14	$ (0.01)	$ 0.10
Diluted		$ (0.01)	$ 0.13	$ (0.01)	$ 0.09
[1] For the three and six months ended June 30, 2022, a total of 1,070,368 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share, as the impact is anti-dilutive. For the three and six months ended June 30, 2021, diluted weighted average shares outstanding are calculated by the inclusion of unvested RSUs.

(Loss) Earnings Per Share - Add

(Loss) Earnings Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 shares
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from the diluted loss per share calculation	1,070,368

Intangible Assets, Net - Intang

Intangible Assets, Net - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 29,774	$ 28,181
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross Amount	47,598	42,982
Intangible Assets, Accumulated Amortization	(17,824)	(14,801)
Intangible Assets, Net	$ 29,774	$ 28,181
Software Developed for Internal Use | Minimum
Finite Lived Intangible Assets [Line Items]
Amortization Period	5 years
Software Developed for Internal Use | Maximum
Finite Lived Intangible Assets [Line Items]
Amortization Period	10 years

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite Lived Intangible Assets [Line Items]
Amortization expenses	$ 1,551	$ 1,272	$ 3,023	$ 2,475
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible assets that have not started amortization	4,194		4,194
Capitalized costs of internally-developed software	$ 2,521	$ 1,517	$ 4,616	$ 3,115

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Intangible Liability Disclosure [Abstract]
Remainder of 2022	$ 3,471
2023	7,130
2024	6,503
2025	5,295
2026	3,836
2027 and thereafter	3,539
Intangible Assets, Net	$ 29,774	$ 28,181

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill Disclosure [Abstract]
Goodwill	$ 5,227		$ 5,227
Date of annual goodwill impairment test	October 1
Goodwill impairment charges	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue Recognition [Line Items]
Deferred revenue	$ 622		$ 622		$ 841
Deferred revenue realization period			12 months
Estimated revenue expected to be recognized in the future	$ 469		$ 469		$ 145
Period over which subscription contract terms exceed			12 months
Customers With Pricing Contracts
Revenue Recognition [Line Items]
Percentage of Revenue	80%	81%	78%	80%
Transactional Customers
Revenue Recognition [Line Items]
Percentage of Revenue	20%	19%	22%	20%

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 469	$ 145
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 3,520
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue For Future Outstanding Performance Obligations	$ 9,369
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 4,821
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 1,017
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 11
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate, percentage	27%	0%	181%	0%
Statutory federal income tax rate			21%	21%
Percentage of tax benefits likelihood of being realized upon settlement of tax authority			greater than 50%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2022	Dec. 31, 2021
Equity [Line Items]
Common Stock, Shares, Issued	13,702,796		13,702,796			13,488,540
Treasury Stock, Value	$ 134		$ 134
Stock Repurchase Program, Authorized Amount					$ 5,000
Stock Repurchase Program
Equity [Line Items]
Treasury Stock, Value					$ 134
Treasury Stock, Common, Shares					7,031
Stock repurchased, Net average price per share					$ 19.11
Common Stock
Equity [Line Items]
Vesting of restricted stock units, Shares	285,760	40,717	320,510	81,467
Treasury Stock
Equity [Line Items]
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares	106,031		106,254
Treasury Stock, Value	$ 2,771		$ 2,771
Retirement of treasury stock, Shares			106,254

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Thousands			6 Months Ended	15 Months Ended
		Jun. 03, 2020	Jun. 30, 2022	Nov. 20, 2020	May 25, 2022	Mar. 22, 2018
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation costs in respect of granted RSUs			$ 15,894
Unrecognized share-based compensation remaining weighted average period			2 years 7 months 6 days
Vested not delivered, Number of units			750	455,000
Withheld as treasury stock, Number of units	[1]		(106,254)
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized						3,000,000
Common stock available for future issuance			2,722,287
2018 Stock Incentive Plan | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized					4,500,000
Number of common stock authorized increased under amendment		3,000,000
2018 Stock Incentive Plan | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized					6,500,000
Number of common stock authorized increased under amendment		4,500,000
[1] During the period from August 29, 2019 to November 20, 2020, the Company granted an aggregate of 455,000 RSUs. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $ 12.5 million for such fiscal quarter, and (ii) positive adjusted EBITDA of at least $ 2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, subject to the recipient continuing to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that such performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2022. As a result, 177,304 RSUs were included above in "Vested and delivered" and 106,031 RSUs were included above in "Withheld as treasury stock."

Share-based Compensation - Sche

Share-based Compensation - Schedule of Unvested RSU Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares		6 Months Ended	15 Months Ended
		Jun. 30, 2022	Nov. 20, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Number of units Beginning balance		1,306,953
Granted, Number of units	[1]	113,000
Vested and delivered, Number of units	[2]	(214,256)
Withheld as treasury stock, Number of units	[2]	(106,254)
Vested not delivered, Number of units		(750)	(455,000)
Forfeited, Number of units		(29,825)
Unvested, Number of units Ending balance	[3]	1,070,368
Unvested, Weighted average grant-date fair value, Beginning balance		$ 18.85
Granted, Weighted average grant-date fair value	[1]	25.32
Vested and delivered, Weighted average grant-date fair value	[2]	13.69
Withheld as treasury stock, Weighted average grant-date fair value	[2]	15.40
Vested not delivered, Weighted average grant-date fair value		7.53
Forfeited, Weighted average grant-date fair value		27.31
Unvested, Weighted average grant-date fair value, Ending balance	[3]	$ 21.01
[1] During the six months ended June 30, 2022, the Company granted an aggregate of 113,000 RSUs to certain employees at grant date fair values ranging from $ 20.50 to $ 28.75 per share, with a vesting period ranging from two to four years . During the period from August 29, 2019 to November 20, 2020, the Company granted an aggregate of 455,000 RSUs. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $ 12.5 million for such fiscal quarter, and (ii) positive adjusted EBITDA of at least $ 2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, subject to the recipient continuing to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that such performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2022. As a result, 177,304 RSUs were included above in "Vested and delivered" and 106,031 RSUs were included above in "Withheld as treasury stock." On July 30, 2021, the Company granted 120,000 RSUs, subject to performance-based requirements, to one non-executive employee, which was subsequently modified on February 18, 2022, with a fair value of $ 27.23 per share as of the modification date. Such RSU grants shall no t vest unless and until the Company has achieved certain revenue for a portion of its business prior to the achievement date deadline for each performance milestone. No amortization of share-based compensation expense has been recognized for these RSUs, because, as of June 30, 2022, the Company determined that it is not probable that such performance criteria will be met. The 120,000 RSUs were included in "Unvested as of June 30, 2022" with a fair value of $27.23 per share.

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Restricted Stock Units Granted (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended			6 Months Ended		15 Months Ended
		Jul. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Nov. 20, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						2 years
Share-based compensation expense			$ 1,406		$ 2,165	$ 2,793	$ 4,211
Retirement of treasury stock						$ 2,771	$ 0
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of units	[1]					113,000
Vested not delivered, Number of units						750		455,000
Grant date fair value	[1]					$ 25.32
Withheld as treasury stock, Number of units	[2]					(106,254)
Performance Based Restricted Stock Units | Employees And Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of units						113,000
Performance Based Restricted Stock Units | Employees And Directors | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value						$ 20.50
Performance Based Restricted Stock Units | Employees And Directors | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value						$ 28.75
Criteria Four | Performance Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU Grant Vested		$ 0
Share-based compensation expense				$ 0
Criteria Four | Performance Based Restricted Stock Units | Non Executive Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of units		120,000
Grant date fair value		$ 27.23
Vested and Delivered | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested not delivered, Number of units						177,304
Withheld as Treasury Stock | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Withheld as treasury stock, Number of units						106,031
2018 Stock Incentive Plan | Share Based Compensation Award Tranche Two Member | Performance Based Restricted Stock Units | Employees And Directors | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Positive adjusted EBITDA threshold limit for vesting of grants								$ 2,000
2018 Stock Incentive Plan | Share Based Compensation Award Tranche One Member | Performance Based Restricted Stock Units | Employees And Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Gross revenue threshold limit for vesting of grants								$ 12,500
[1] During the six months ended June 30, 2022, the Company granted an aggregate of 113,000 RSUs to certain employees at grant date fair values ranging from $ 20.50 to $ 28.75 per share, with a vesting period ranging from two to four years . During the period from August 29, 2019 to November 20, 2020, the Company granted an aggregate of 455,000 RSUs. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $ 12.5 million for such fiscal quarter, and (ii) positive adjusted EBITDA of at least $ 2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, subject to the recipient continuing to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that such performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2022. As a result, 177,304 RSUs were included above in "Vested and delivered" and 106,031 RSUs were included above in "Withheld as treasury stock."

Share-based Compensation - Summ

Share-based Compensation - Summary of Allocated Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based compensation recognized
Share-based compensation expense	$ 1,406	$ 2,165	$ 2,793	$ 4,211
Capitalized in intangible assets	422	344	723	695
Total	1,828	2,509	3,516	4,906
Sales and Marketing Expenses
Share-based compensation recognized
Share-based compensation expense	108	158	155	314
General and Administrative Expenses
Share-based compensation recognized
Share-based compensation expense	$ 1,298	$ 2,007	$ 2,638	$ 3,897

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands							3 Months Ended		6 Months Ended
		Nov. 01, 2023	Nov. 01, 2022	Nov. 01, 2021	Feb. 16, 2021	Aug. 07, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Share-based compensation expense							$ 1,406	$ 2,165	$ 2,793	$ 4,211
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unvested shares granted in accodance with 2018 RSU agreement	[1]								113,000
Services Agreement | Michael Brauser-A Greater Than 10% Stockholder
Related Party Transaction [Line Items]
Related party stockholder, percent						10%
Consulting service fee monthly payment						$ 30
Consulting service fee recognized amount								90		180
Services Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Share-based compensation expense							$ 0	$ 724	$ 0	$ 1,272
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder
Related Party Transaction [Line Items]
Service agreement expiration date					Aug. 06, 2021
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unvested shares granted in accodance with 2018 RSU agreement									166,666
Shares granted based on 2020 RSU agreement									30,000
Share-based compensation expense					$ 723
Vesting percentage				33%
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs) | Forecast
Related Party Transaction [Line Items]
Vesting percentage		100%	66%
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Minimum | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Percentage of common stock									10%
[1] During the six months ended June 30, 2022, the Company granted an aggregate of 113,000 RSUs to certain employees at grant date fair values ranging from $ 20.50 to $ 28.75 per share, with a vesting period ranging from two to four years .

Long-term Loan - Additional Inf

Long-term Loan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 0	$ 2,175	$ 0	$ 2,175

Leases - Additional Information

Leases - Additional Information (Details) - ft²	Jun. 30, 2022	Apr. 30, 2017	Jan. 31, 2017
Leases [Abstract]
Operating leases rentable square feet		6,003	21,020
Operating lease agreement		90 months	89 months
Operating lease, extended term		60 months	60 months
Weighted average remaining operating lease	2 years 3 months 18 days

Leases - Summary of Company's L

Leases - Summary of Company's Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease cost:
Operating lease costs	$ 168	$ 168	$ 336	$ 336
Other information:
Cash paid for operating leases	$ 185	$ 180	$ 369	$ 359

Leases - Scheduled Future Matur

Leases - Scheduled Future Maturities and Present Value of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 374
2023	765
2024	542
2025	77
Total maturities	1,758
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	655	$ 617
Noncurrent operating lease liabilities	953	$ 1,291
Total operating lease liabilities	1,608
Difference between the maturities and the present value of operating lease liabilities	$ 150

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Data cost incurred	$ 2,252	$ 2,108	$ 4,500	$ 4,230
Total capital commitment under certain data licensing agreements	30,605		30,605
Gain (Loss) on Extinguishment of Debt	$ 0	$ 2,175	$ 0	$ 2,175
Deferred Amount Percentage					50%

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Capital Payments under Certain Data Licensing Agreements (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 4,029
2023	7,705
2024	7,544
2025	7,507
2026	3,820
Total	$ 30,605