As it relates to FOREWARN revenue, we continue to see strong adoption from associations which drove solid growth in the quarter. As we discussed on our last earnings call, we proudly announced an agreement with Florida Realtors, the largest state realtor association in the United States, to begin using forewarned in January 2024. While Florida’s revenue is not included in our fourth quarter results presented today, this win is indicative of the continued progress in market penetration for FOREWARN. FOREWARN FOREWARN added over 17,000 users during the fourth quarter ending the quarter at 185,380 users. Over 400 realtor associations are now contracted to use FOREWARN. Our contractual revenue was 82% for the quarter, up 5 percentage points from prior years.
Our gross revenue retention percentage was 92% compared to 95% in prior year. We expect our gross revenue retention percentage to trend between 90% and 95% for the foreseeable future. Moving back to the P&L, our cost of revenue exclusive of depreciation and amortization increased $0.2 million or 9% to $3.3 million. This $0.2 million increase was primarily a result of an increase in data acquisition costs. Adjusted gross profit increased 17% to $11.7 million producing an adjusted gross margin of 78%, a 1 percentage point increase over fourth quarter 2022. Sales and marketing expenses increased $25 million or 17% to 3.5 million for the quarter. This increase was due primarily to an increase in salaries and benefits and advertising and marketing.
The $3.5 million of sales and marketing expense for the quarter consisted primarily of $1.9 million in employee salaries and benefits and $0.7 million from sales commissions. General and administrative expenses decreased 0.2 million or 3% to $6.9 million for the quarter. The decrease was primarily the result of a $0.2 million decrease in share based compensation expense. The $6.9 million in general and administrative expenses for the quarter consisted primarily of $4.1 million of employee salaries and benefits, which included yearend bonuses as part of our company’s discretionary bonus plan, $1.2 million of noncash share based compensation expense and $0.9 million in accounting, IT and other professional fees. Depreciation and amortization increased $0.4 million, or 22%, to $2.2 million for the quarter.
This increase was primarily the result of the amortization of internally developed software. Our net loss for the quarter narrowed to $0.4 million, or 31%, to $1.1 million. We reported a loss of $0.08 per basic and diluted share for the quarter based on a weighted average share count of 14 million shares. Adjusted net income for the quarter increased $0.2 million, or 157% to $0.3 million, which resulted in adjusted earnings of $0.02 per basic and diluted share. Moving on to the balance sheet, cash and cash equivalents were $32 million at December 31, 2023, compared to $31.8 million at December 31, 2022. Current assets were $40.3 million compared to $38.1 million, and current liabilities were $4.9 million compared to $5.4 million. We generated $15.1 million in cash from operating activities for the year ended December 31, 2023, compared to generating $12.5 million in cash from operating activities for the same period in 2022.
We generated $5.9 million in free cash flow in 2023 compared to generating $3.6 million in 2022. Cash used in investing activities was $9.1 million for the year ended December 31, 2023, mainly the result of $9 million used for software developed for internal use. Cash used in investing activities in prior year was $8.8 million. Cash used in financing activities was $5.7 million for the year ended December 31, 2023, mainly the result of two items, one purchasing 195,740 shares of company common stock for $3.7 million under our stock repurchase program at an average price of $19.14 per share and two, acquiring approximately 99,234 shares of company common stock for $2 million from the Net Share Tax Settlement of Employee Restricted Stock Units.
These shares were withheld in treasury and retired prior to the end of the year. During the same period 2022, cash used in financing activities was $6.1 million. This was the result of mainly two items, one acquiring approximately 252,000 shares of company common stock for $5.2 million from the Net Share Tax Settlement of Employee Restricted Stock Units and two, purchasing 50,000 shares of company stock for $0.9 million under our stock repurchase program at an average price of $17.52 per share. These shares were withheld in treasury and retired prior to the end of the year. As it relates to our stock repurchase program, we will continue to monitor prevailing market conditions and other opportunities that we have for the use for investment of our cash balances and as applicable, strategically acquire additional shares in accordance with our repurchase program.
In closing, we are pleased with our fourth quarter and full year results, with revenue off to a record start, increasing opportunity within current markets and additional solutions to penetrate new markets. We are excited to accelerate revenue and produce another record year in 2024. With that, operator we will now open the line for Q&A.
Operator: Thank you. [Operator Instructions] As there are no questions in queue, I would like to turn the conference back to Derek Dubner for closing remarks. Sir?
Derek Dubner: Thank you. We are pleased to have reported another strong quarter and a record year for Red Violet. We are executing upon our strategic plan, which includes our robust product roadmap. We are well positioned to accelerate the business and to deliver exceptional customer and shareholder value. Good afternoon.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
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