Q2 2022 KLDiscovery Inc Earnings Call
the best revenue quarter in our history for Nebula as we increase revenue 27% in Q2-22 compared to Q1-22 of this year.
The platform continues to be well received and we consistently receive very positive feedback. In the second quarter of 2022, we continued the momentum and increased the number of Nebula clients and Nebula Matters. Likewise, we continue to increase the amount of active data hosted, active users, and active repositories on the Nebula platform. Overall, our biggest differentiators continue to be Simplicity, Automation, and
global reach and service as we continue to achieve major roadmap milestones each quarter.
We have been able to do what no other service organization has done by consistently creating new software innovations.
One of those is our client portal, which clearly sets us apart from the rest. We launched the client portal in May 2022 and continues to evolve as we develop new features.
It is the only real-time client data portal industry-wide and will benefit our clients by giving them quick and reliable access to important case information and metrics. It is helping us attract clients and will be a definite force in retaining them. We believe that once a client has experienced the advantages of our client portal, they will not want to leave KLD and lose this valuable feature.
We have very big plans for this product and I am looking forward to sharing more with you throughout the rest of the year as we continue to release even more innovative features.
While we are looking ahead to market conditions improving, we will continue to focus on strengthening KLD. We will now turn the call over to our CFO , Don Wilson.
Thank you, Chris. As Chris said, the second quarter of 2022 was a very good quarter. Our first half revenue in 2022 was equivalent to our revenue generated in the first half of 2021. Revenue in the second quarter of 2022 was $75.2 million, down 8% compared to the second quarter of 2021, as we continue to face headwinds from the declining economy, which accelerated in the second quarter. We achieved the highest Nebula ecosystem revenue quarter in company history in the second quarter of 2022.
the revenue growth of our technology, as well as planned increases in sales and marketing. We are responsibly trading some short-term costs for long-term revenue growth and overall strengthening of our product and service offerings. Liquidity continues to be strong as our cash and cash equivalents were $37.5 million on June 30, 2022, and we have nothing drawn on our $40 million revolving credit facility.
The first half of 2022 was characterized by economic and geopolitical uncertainty, which slowed revenue growth for the company in the second quarter. Nevertheless, we continue to deliver very good results, and the KLD team continues to be committed to delivering outstanding products and services that drive solid results.
I would like to turn the call back over to Chris for final comments. Chris? Chris, are you there?
Thanks, Dawn. Appreciate everybody joining the call this morning. Everybody have a great rest of the summer. We'll continue to work on strengthening KLD and appreciate your time this morning.
Thank you all for joining today's conference call. You may now disconnect.
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