Huge earnings and cash on hand. Nice first report!
KLDiscovery Inc. (“KLDiscovery”), a leading global provider of electronic discovery, information governance and data recovery services, announced today that revenue for the year ended December 31, 2019, was $312.1 million, an increase of 5.3% over revenue of $296.3 million for the full year of 2018. Revenue for the fourth quarter ended December 31, 2019, was $80.5 million, an increase of 4.4% over revenue of $77.1 million for the fourth quarter of 2018.
Adjusted EBITDA (which excludes management fees and stock-based compensation, acquisition financing and transaction costs and other items as described below) for the full year of 2019, was $68.7 million, an increase of 25.9% compared to adjusted EBITDA of $54.6 million for the full year of 2018. Adjusted EBITDA for the fourth quarter of 2019, was $17.2 million, an increase of 27.7% compared to adjusted EBITDA of $13.5 million for the fourth quarter of 2018. Reconciliations of EBITDA and Adjusted EBITDA, to their GAAP basis results are shown in detail below, along with definitions for those terms.
As of December 31, 2019, the Company had approximately $43.4 million in cash and cash equivalents.
“2019 was a very good year for KLDiscovery,” said Christopher Weiler, CEO of KLDiscovery Inc. “Our team continued its dedication to delivering outstanding customer service and we continued to grow with strategic acquisitions and strong sales. In 2019, revenue was up 5.3% and we made significant strides in EBITDA which increased 76.5% year-over-year and Adjusted EBITDA which grew 25.9% year-over-year.”
