Year Ended December 31, 2021
For the year ended December 31, 2021, the Company reported revenue of $41.8 million compared to $31.7 million for the same period in 2020. Net income was $9.3 million, or $0.74 per diluted share, compared to $1.4 million, or $0.11 per diluted share for the same period in 2020. The increase in net income and diluted earnings per share is primarily the result of a $10.1 million increase in revenue and a $2.5 million decrease in general and administrative expenses, partially offset by a $2.5 million increase in income tax expense for the year ended December 31, 2021. During the year ended December 31, 2020, the Company recognized total general and administrative expense of $3.2 million related to our former CEO.
Non-GAAP net income was $10.4 million, or $0.83 per diluted share, for the year ended December 31, 2021, and excludes $1.1 million of stock compensation expense, net of tax expense. Non-GAAP net income for the year ended December 31, 2020 was $5.0 million, or $0.40 per diluted share, which excludes $1.3 million of on-going stock compensation expense, net of tax, and $2.4 million of expenses, net of tax, related to the separation of our former CEO.
Financial Guidance
For the full year 2022, the Company expects to report revenue of $51.4 million to $52.2 million, GAAP diluted earnings per share of $0.82 to $0.90, and non-GAAP diluted earnings per share of $0.91 to $1.01, which assumes a normalized tax rate.
For the first quarter 2022, the Company expects to report revenue of $12.1 million to $12.3 million, GAAP diluted earnings per share of $0.16 to $0.18, and non-GAAP diluted earnings per share of $0.20 to $0.21, which assumes a normalized tax rate.
The Company’s non-GAAP diluted earnings per share guidance excludes stock-based compensation expense, net of tax, which the Company expects to be approximately $1.4 million and $0.3 million for the full year and first quarter 2022, respectively.
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