Kingsway Corp (KWY) 2026 Q1 法說會逐字稿

Good day, and welcome to the Kingsway first quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded. With me on the call are JT Fitzgerald, Chief Executive Officer; and Kent Hansen, Chief Financial Officer.

大家好，歡迎參加 Kingsway 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。與我一同出席本次電話會議的有：執行長 JT Fitzgerald，以及財務長 Kent Hansen。

Before we begin, I want to remind everyone that today's conference call may contain forward-looking statements. Forward-looking statements include statements regarding the future, including expected revenue, operating margins, expenses, and future business outlook. Actual results of trends could materially differ from those contemplated by those forward-looking statements.

在開始之前，我想提醒各位，今天的電話會議可能包含前瞻性陳述。前瞻性陳述包括關於未來的陳述，例如預期營收、營業利益率、費用以及未來業務展望。實際結果或趨勢可能與這些前瞻性陳述所預期者存在重大差異。

For a discussion of such risks and uncertainties which could cause actual results to differ from those expressed or implied in the forward-looking statements, please see the risk factors detailed in the company's annual report on the Forms 10-K and subsequent Forms 10-Q and Forms 8-K filed with the Securities and Exchange Commission.

關於可能導致實際結果與前瞻性陳述所明示或暗示者不同之風險與不確定性，請參閱公司向美國證券交易委員會（SEC）提交的 Form 10-K 年報以及其後提交的 Form 10-Q 與 Form 8-K 中所詳述的風險因素。

Please note also that today's call may include the use of non-GAAP metrics that management utilizes to analyze the company's performance. A reconciliation of such non-GAAP metrics to the most comparable GAAP measures is available in the most recent press release, as well as in the company's periodic filings with the SEC.

另請注意，今天的電話會議可能會使用管理層用以分析公司表現的非 GAAP 指標。該等非 GAAP 指標與最可比 GAAP 指標之調節表，載於最新新聞稿中，亦可於公司向 SEC 提交的定期申報文件中查閱。

Now, I would like to hand the call over to JT Fitzgerald, CEO of Kingsway. JT, please proceed.

現在，我想把電話交給 Kingsway 執行長 JT Fitzgerald。JT，請開始。

Thank you, Holly. Good afternoon, everyone, and welcome to the Kingsway earnings call for the first quarter of 2026. (technical difficulty) on the model to acquire and build great businesses. We own and operate a diversified collection of high-quality services companies that are at (technical difficulty) long-term shareholder value on a per-share basis, and we (technical difficulty).

謝謝你，Holly。各位下午好，歡迎參加 Kingsway 2026 年第一季財報電話會議。（技術問題）我們的模式是收購並打造優質企業。我們擁有並經營一組多元化的高品質服務型公司，並致力於（技術問題）以每股為基礎創造長期股東價值，而我們（技術問題）。

We also continue to benefit from significant tax assets that enhance our returns. In short, Kingsway is uniquely positioned within a tax-efficient public company framework. Kingsway (technical difficulty) or KSX segment and our Extended Warranty segment.

我們也持續受惠於可提升報酬的重大稅務資產。簡而言之，Kingsway 在具稅務效率的上市公司架構下具備獨特定位。Kingsway（技術問題）或 KSX 事業部門，以及我們的延長保固事業部門。

March stood out as a particularly good month, and we see clear business momentum across our portfolio entering what are seasonally stronger summer months for many of our businesses. As a result, we are pleased to reiterate our expectation for double-digit organic growth in revenue and profit at both KSX and Extended Warranty.

3 月表現特別亮眼；在進入對我們許多業務而言季節性更強的夏季月份之際，我們看到整體投資組合呈現明確的業務動能。因此，我們很高興重申：我們預期 KSX 與延長保固兩個部門的營收與獲利皆可達到兩位數的有機成長。

We are also pleased by our acquisition pipeline, which remains robust. We already have one acquisition under our belt in 2026 with the tuck-in purchase of ledgers by our subsidiary, Ravix Group. We continue to anticipate completing three to five acquisitions in 2026 in line with our target.

我們也對收購案來源管道感到振奮，該管道仍然強勁。2026 年我們已完成一項收購，由子公司 Ravix Group 進行附加式（tuck-in）收購，買下 ledgers。我們仍預期在 2026 年完成 3 至 5 項收購，符合我們的目標。

Before turning the call over to Kent for a review of our financials, I would like to provide additional color on three key topics: operating performance, capital markets, and corporate governance. Let's start with operating performance.

在把電話交給 Kent 回顧財務表現之前，我想就三個關鍵主題補充說明：營運表現、資本市場，以及公司治理。我們先從營運表現開始。

As mentioned, both our KSX and Extended Warranty segments came in ahead of our internal expectations in the first quarter. I was particularly encouraged, however, by how broad-based the performance was across our portfolio.

如前所述，我們的 KSX 與延長保固兩個部門在第一季的表現都優於內部預期。不過，我特別受到鼓舞的是，我們投資組合的表現相當全面、廣泛。

The KSX segment achieved record quarterly adjusted EBITDA of $3.5 million in Q1. The first quarter is seasonally lighter for many of our operating companies compared to the stronger summer months, which positions KSX for even better results in the quarters ahead as seasonal tailwinds kick in.

KSX 部門在第一季達成創紀錄的單季調整後 EBITDA，為 350 萬美元。相較於夏季較強的月份，第一季對我們許多營運公司而言屬於季節性較淡的季度；隨著季節性順風因素開始發酵，這也讓 KSX 在接下來幾季有望繳出更佳成績。

Roundhouse had another strong quarter and continues to execute well. Demand from natural gas infrastructure customers is robust, especially in the context of recent geopolitical events, and our team at Roundhouse is racing to keep up. March was record-setting for Roundhouse with monthly revenue above $2 million for the first time ever under Kingsway's ownership.

Roundhouse 再度繳出強勁的一季，並持續良好執行。天然氣基礎建設客戶的需求強勁，尤其在近期地緣政治事件的背景下更為明顯，我們 Roundhouse 團隊正全力以赴以跟上需求。3 月對 Roundhouse 而言創下紀錄：在 Kingsway 持有期間，月營收首次突破 200 萬美元。

IS Technologies had a great quarter with substantial topline and bottom-line gains relative to the year-ago quarter. All three service lines were up year over year, and the combination of a fully staffed sales team and a stronger commercial footing are now paying off as business momentum accelerates.

IS Technologies 本季表現出色，與去年同期相比，營收與獲利均大幅成長。三條服務線皆較去年同期成長；在銷售團隊人力到位以及更穩固的商業基礎之下，隨著業務動能加速，成果正逐步顯現。

Within Kingsway Skilled Trades, Bud's Plumbing had an excellent quarter with healthy growth relative to the prior year. Southside and AAA are still in their investment phase, but we believe both companies are poised to accelerate financial performance as they enter the seasonally strong Q2 and Q3 periods.

在 Kingsway Skilled Trades 之中，Bud's Plumbing 本季表現非常優異，較去年同期維持健康成長。Southside 與 AAA 仍處於投資階段，但我們相信，隨著進入季節性較強的第二季與第三季，兩家公司將有望加速財務表現。

SPI was up significantly versus the prior year, reflecting both solid execution and healthy demand in the market it serves. Annual recurring revenue increased over 45% from the prior year quarter, and retention metrics were strong with gross revenue retention of 97% and net revenue retention well over 100%, reflecting both pricing and expansion with existing customers.

SPI 較去年同期大幅成長，反映出穩健的執行力以及其所服務市場的健康需求。年度經常性收入較去年同期增加超過 45%；留存指標亦表現強勁，總營收留存率為 97%，淨營收留存率遠高於 100%，反映既有客戶的價格調整與擴張。

DDI came in ahead of budget and continued to gain traction with new customers. After a period of investment, DDI is poised for a strong second-half as DDI converts last year's operational work into this year's commercial momentum.

DDI 的表現優於預算，並持續在新客戶方面取得進展。在一段投資期之後，隨著 DDI 將去年在營運面的工作轉化為今年的商業動能，DDI 已蓄勢待發，有望在下半年表現強勁。

Ravix came in well ahead of budget in Q1. 2025 was a challenging year for Ravix, but with a more diversified customer base and a refreshed commercial strategy, we believe Ravix has good momentum and will return to growth in Q2 and beyond. We remain confident in the Ravix platform and see meaningful long-term opportunity in this business.

Ravix 在第一季的表現大幅優於預算。2025 年對 Ravix 而言是具挑戰的一年，但在客戶基礎更加多元、商業策略更新之後，我們相信 Ravix 具備良好動能，並將在第二季及之後重回成長。我們對 Ravix 平台仍具信心，並看好此業務具備可觀的長期機會。

Overall, this was a strong quarter for the KSX segment with performance that was broad-based rather dependent on one or two bright spots. KSX is off to a great start in 2026 with more to come. At Extended Warranty, modified cash EBITDA came in ahead of internal expectations and cash sales were up 11.8% year over year.

整體而言，這是 KSX 部門強勁的一季，表現相當全面，而非僅依賴一兩個亮點。KSX 在 2026 年開局良好，後續仍可期待更多成果。在延長保固方面，調整後現金 EBITDA 優於內部預期，現金銷售額年增 11.8%。

The growth was both volume and price driven. VSC contracts sold were up low single-digits, and revenue per contract increased high single-digits year over year. The combination of strong top-line growth and moderating claims growth supports our view that Extended Warranty is on track for an excellent year.

成長同時來自銷量與價格帶動。VSC 合約銷售量年增為低個位數，而每份合約的營收年增為高個位數。強勁的營收成長與理賠成長趨緩相結合，支持我們的看法：延長保固業務正朝向一個非常出色的年度表現邁進。

Next, let's touch on capital markets. At the end of March, Kingsway announced that our Board of Directors had proposed a name change to Kingsway Corporation and a proposed stock ticker change to KWY, which are intended to better reflect the company's business evolution and long-term strategy. The proposed name change is subject to shareholder approval at the company's upcoming Annual General Meeting of Shareholders scheduled for May 18.

接下來談談資本市場。在 3 月底，Kingsway 宣布董事會已提議將公司更名為 Kingsway Corporation，並提議將股票代號更改為 KWY，以更貼切反映公司業務演進與長期策略。該更名提案須於公司即將召開、預定 5 月 18 日舉行的年度股東大會上取得股東核准。

We have consistently heard from investors that Kingsway Financial Services no longer accurately describes the company's operations and creates unnecessary confusion in the capital markets, particularly given our exit from the insurance business nearly a decade ago. This change is an important step toward simplifying and clarifying the Kingsway equity story.

我們一貫從投資人處聽到，Kingsway Financial Services 已無法準確描述公司的營運，並在資本市場造成不必要的混淆，尤其是考量到我們在近十年前已退出保險業務。此項變更是朝向簡化並釐清 Kingsway 股權投資故事的重要一步。

Following approval of the proposed name change, we intend to move expeditiously to effectuate both the name change and the stock ticker change to KWY. Importantly, the company's QSIP number will not change.

在更名提案獲核准後，我們打算迅速推動完成公司名稱變更以及股票代號更改為 KWY。重要的是，公司 QSIP 號碼將不會變更。

We also look forward to working closely with the major financial data and index providers to ensure the investment community can quickly and accurately understand Kingsway's business and strategy. In the months ahead, we expect to relaunch Kingsway's brand, corporate identity, and website. Please stay tuned for more details on this exciting update.

我們也期待與主要金融資料與指數提供商密切合作，確保投資社群能快速且準確地理解 Kingsway 的業務與策略。在接下來幾個月，我們預期將重新推出 Kingsway 的品牌、企業識別與網站。關於這項令人振奮的更新，敬請期待更多細節。

I would also like to draw attention to an update we made to our [face] financial statements, starting with our Form 10-Q for this quarter. In the past, Kingsway's face financials have read like those of an insurance company, which has been challenging to decipher for many investors.

我也想請大家注意，我們已自本季的 Form 10-Q 起，對我們的 [face] 財務報表進行了一項更新。過去，Kingsway 的 face 財務報表讀起來很像一家保險公司的報表，對許多投資人而言一直較難解讀。

As Kent will explain in greater detail, our face financial statements have been updated to better reflect the service business model of our KSX segment, which now represents the majority of the company's revenue and profit. We believe this is a positive change that will make Kingsway's financial statements more readable and accessible to the investment community.

正如 Kent 將更詳細說明的，我們已更新 face 財務報表，以更好地反映我們 KSX 部門的服務型商業模式；該部門目前已占公司大部分的營收與獲利。我們相信這是一項正向改變，將使 Kingsway 的財務報表對投資社群而言更易讀、更易於取得與理解。

Finally, corporate governance. I'm thrilled to share that Adam Patinkin was recently elected Chairman of Kingsway's Board of Directors. Adam has played an important role in Kingsway's evolution and has been a valued partner to the management team and the Board. We're pleased to have his continued leadership in this role, and his experience and perspective will be welcome as we seek to build a far larger, more profitable, and more valuable Kingsway.

最後談公司治理。我很高興與各位分享，Adam Patinkin 近日已當選為 Kingsway 董事會主席。Adam 在 Kingsway 的演進過程中扮演了重要角色，並一直是管理團隊與董事會的重要夥伴。我們很高興他能在此職務上持續領導；在我們致力打造一家規模更大、獲利更高、價值更高的 Kingsway 之際，他的經驗與觀點將非常受用。

I'm also delighted that Terry Kavanagh, who served as Board Chairman the last 12 years, accepted Adam's request to continue to serve as Vice Chairman of the Board. It makes for a smooth transition and positions Kingsway to achieve our financial and strategic ambitions in the months and years ahead. The entire company is thankful for Terry's many years of service as Chairman and grateful for the continued wisdom and counsel he provides.

我也很高興 Terry Kavanagh（過去 12 年擔任董事會主席）接受 Adam 的邀請，繼續擔任董事會副主席。這讓交接更為順暢，並使 Kingsway 在未來數月與數年更有條件實現我們的財務與策略目標。全公司都感謝 Terry 多年來擔任主席的服務，也感激他持續提供的智慧與建議。

With that, I'll turn the call over to Kent to walk through the financial results in more detail.

接下來我把電話交給 Kent，請他更詳細說明財務結果。

Thanks, JT, and good afternoon, everyone. For the first quarter of 2026, consolidated revenue increased 37.4% to $39 million, compared with $28.3 million in the first quarter of 2025.

謝謝，JT，各位下午好。2026 年第一季，合併營收較 2025 年第一季的 2,830 萬美元增加 37.4%，至 3,900 萬美元。

Within that total, KSX revenue increased 80.7% to $21.1 million, compared with $11.7 million in the prior year quarter. Extended Warranty revenue increased 7.2% to $17.9 million, compared with $16.7 million a year ago. As JT mentioned, Extended Warranty cash sales increased 11.8% positioning our Extended Warranty segment for continued double-digit organic top-line growth in 2026.

在該總額中，KSX 營收增加 80.7% 至 2,110 萬美元，較去年同期的 1,170 萬美元成長。延長保固（Extended Warranty）營收增加 7.2% 至 1,790 萬美元，較一年前的 1,670 萬美元成長。如 JT 所提，延長保固現金銷售成長 11.8%，使我們的延長保固部門在 2026 年具備持續達成有機營收雙位數成長的態勢。

Consolidated net loss for the quarter was $2.2 million, compared with a net loss of $3.1 million in the first quarter of 2025. Consolidated adjusted EBITDA for the quarter was $2.4 million, compared with $1.4 million in the prior year quarter.

本季合併淨損為 220 萬美元，較 2025 年第一季的淨損 310 萬美元收斂。本季合併調整後 EBITDA 為 240 萬美元，較去年同期的 140 萬美元增加。

Turning to segment profitability, KSX adjusted EBITDA increased by 82% to $3.5 million, compared with $1.9 million in the first quarter of 2025. Extended Warranty adjusted EBITDA was $0.4 million, compared with $0.9 million a year ago. Portfolio LTM EBITDA for the operating companies was $22 million to $23 million as of March 31, 2026. We continue to view this as a useful measure of the trailing earnings capacity of the operating portfolio and one that aligns with how we assess the business internally.

就部門獲利而言，KSX 調整後 EBITDA 增加 82% 至 350 萬美元，較 2025 年第一季的 190 萬美元成長。延長保固調整後 EBITDA 為 40 萬美元，較一年前的 90 萬美元下降。截至 2026 年 3 月 31 日，營運公司組合的 LTM EBITDA 為 2,200 萬至 2,300 萬美元。我們仍認為這是衡量營運組合過去期間獲利能力的有用指標，也與我們內部評估業務的方式一致。

Turning to the balance sheet, total net debt was $63.9 million as of March 31, 2026, compared with $62.4 million, at December 31, 2025. As JT mentioned, we completed an update of our face financial statements. As reported in today's filing with the SEC and Form 10-Q.

再看資產負債表，截至 2026 年 3 月 31 日，淨負債總額為 6,390 萬美元，較 2025 年 12 月 31 日的 6,240 萬美元增加。如 JT 所提，我們已完成 face 財務報表的更新。相關內容已於今日向 SEC 提交的文件與 Form 10-Q 中揭露。

Specifically, Kingsway's income statement has been updated to better reflect a business services operation by including gross profit, breaking out depreciation, and simplifying other line items. Kingsway's balance sheet has also been updated to a classified balance sheet, with a clear breakout between short-term and long-term assets and liabilities.

具體而言，Kingsway 的損益表已更新，以更好地反映商業服務型營運：納入毛利、將折舊費用單獨列示，並簡化其他科目。Kingsway 的資產負債表也更新為分類式資產負債表，清楚區分短期與長期資產及負債。

We believe this update better reflects their current operation as KSX is now the majority of Kingsway's revenue and profit and will make our financial statements more readable and accessible to investors. I personally would like to express a big thank you to our Kingsway accounting team, especially [Kelly Marchetti] and [Nanette Boyles], as well as our external service providers, for working together to implement this positive update that should be helpful to investors going forward.

我們相信這項更新能更貼近公司目前的營運狀況，因為 KSX 現已占 Kingsway 大部分的營收與獲利，並將使我們的財務報表對投資人而言更易讀、更易於取得與理解。我也想特別向 Kingsway 會計團隊致上誠摯謝意，尤其是 [Kelly Marchetti] 與 [Nanette Boyles]，以及我們的外部服務供應商；大家共同合作落實這項正向更新，未來應能對投資人有所助益。

With that, I'll turn it back over to JT.

接下來我把電話交回給 JT。

Thanks, Kent. Overall, the first quarter came in ahead of our internal expectations, and we're encouraged by our business momentum as we enter the seasonally strong summer months. Our performance was broad-based and provides us with confidence in reaching our 2026 targets. Kingsway is off to a great start with lots more to come.

謝謝，Kent。整體而言，第一季表現優於我們內部預期；在進入季節性較強的夏季月份之際，我們對業務動能感到鼓舞。我們的表現是全面性的，讓我們對達成 2026 年目標更有信心。Kingsway 開局良好，後續還有更多進展可期。

Finally, before moving to the Q&A, I'd like to remind everyone that we are hosting our annual Investor Day on Monday, May 18 at the New York Stock Exchange. That the theme of the day is From Theory to Action, and we plan to tie together the theory of the search fund model and the Kingsway business system to the tangible business results of our operating companies.

最後，在進入問答之前，我想提醒各位，我們將於 5 月 18 日（週一）在紐約證券交易所舉辦年度投資人日。當天主題為「從理論到行動」（From Theory to Action），我們計畫把搜尋基金（search fund）模式的理論與 Kingsway 商業系統，連結到我們營運公司可具體呈現的經營成果。

To that end, I'm pleased to share that joining us at our Investor Day will be Miles Mamon, the CEO of Roundhouse, and Davide Zanchi, the CEO of IS Technologies. I'm excited for them to share their stories with the investment community and look forward to an informative day.

為此，我很高興分享，將出席投資人日的來賓包括 Roundhouse 執行長 Miles Mamon，以及 IS Technologies 執行長 Davide Zanchi。我很期待他們向投資社群分享各自的故事，也期待這將是充實且具資訊量的一天。

Those interested in attending the Investor Day in person can RSVP by emailing james@haydenir.com. A webcast will also be available for those who cannot attend in person. We look forward to seeing you on May 18 at the New York Stock Exchange.

有意親自出席投資人日者，可寄電子郵件至 james@haydenir.com 進行 RSVP。無法親自出席者亦可透過網路直播收看。我們期待 5 月 18 日在紐約證券交易所與各位相見。

With that, operator, we're ready to take questions.

那麼，接線員，我們準備開始回答問題。

(Operator Instructions) James, the floor is yours.

(接線員指示) James，交給你了。

Thank you, operator. For investors, I'm reading in the questions that came by e-mail. The first one that came in is, you mentioned you were working with financial data providers and index providers following the name change to help investors better understand Kingsway. Can you please provide more details on what you mean by this?

謝謝你，接線員。各位投資人，我將朗讀透過電子郵件收到的提問。第一個問題是：你提到在更名後，你們正與金融資料供應商與指數供應商合作，以協助投資人更好地理解 Kingsway。可以請你更詳細說明這是什麼意思嗎？

Yeah, thanks, James. Yeah, look, if you go across the various data aggregators, Bloomberg, CapIQ, FactSet, Yahoo Finance, et cetera, I think we're sort of listed alternatively as either a property casualty insurance business, a leased real estate business. I think in one case, an auto and truck dealership.

好的，謝謝，James。你看各種資料彙整平台，Bloomberg、CapIQ、FactSet、Yahoo Finance 等等，我想我們有時被列為產險（property casualty）保險業務，有時被列為租賃不動產業務。我想在某一個平台上，甚至被歸類為汽車與卡車經銷商。

And so what I mean by that is reaching out to each one of these data aggregators. And providing them a unified description of our business that accurately describes what we actually do and also getting classified under our GICS code, away from property casualty to a holding company, specialized service business holding company. So yeah, hopefully that answers the question.

所以我的意思是，我們會逐一聯繫這些資料彙整平台，並提供一份一致且能準確描述我們實際業務的公司說明，同時也希望在我們的 GICS 代碼分類上，從產險類別調整為控股公司——專業服務型業務控股公司。是的，希望這樣回答了你的問題。

Thank you, JT. The next one. Roundhouse had another strong quarter. Can you share more about what's driving the momentum there?

謝謝你，JT。下一個問題。Roundhouse 又繳出一個強勁的季度表現。你能否多分享一下，推動那邊動能的因素是什麼？

Yes, good question. I would say that I think it starts with the secular tailwinds that we knew were in place when we made the investment, those being, one, increased natural gas activity in the Permian Basin and continued build out of the infrastructure to support midstream gas transmission, which were the motors that we service are in place and combined with an ongoing shift away from legacy gas-powered motors to electric motors.

是的，好問題。我會說，我認為這要從我們在投資時就已知存在的長期結構性順風開始，也就是：第一，二疊紀盆地（Permian Basin）的天然氣活動增加，以及為支援中游天然氣輸送而持續擴建的基礎設施——這些正是我們所服務的馬達所處的驅動因素；再加上持續從傳統燃氣馬達轉向電動馬達的趨勢。

So that would be kind of the secular tail, the two secular tailwinds that I think. For the business itself, we saw very strong momentum in the field service line, which is a unique specialty that Roundhouse has being in Odessa in quick contact with the installed base there. And so I think that this is just a continuation of the momentum that was already present when we acquired the business, so we're happy to see it.

所以這大概就是我認為的兩個結構性順風。就業務本身而言，我們看到現場服務線有非常強勁的動能；這是 Roundhouse 的獨特專長，因為它位於敖德薩（Odessa），能快速接觸當地的既有裝機基礎。因此我認為，這只是我們收購該業務時就已存在動能的延續，我們很高興看到這一點。

Excellent. The next question. Cash sales grew nicely in the quarter, and you mentioned G&A growth outpacing revenue reflects investments in organic growth. Can you touch on the G&A investments driving the expense growth, and when might that spread close?

很好。下一個問題。本季現金銷售成長不錯，而你提到一般與行政（G&A）成長快於營收，反映了對內生成長的投資。你能談談推動費用成長的 G&A 投資是哪些，以及這個差距何時可能收斂嗎？

Yeah, I assume this is in the warranty segment. So the G&A investments we're talking about, they're predominantly sales and marketing expense, but also a fairly large ERP conversion at PWI, which should be complete by the end of Q2 or early Q3. And so, yes, I think that we'll just be disciplined and manage our cost structure to make sure that we're getting the benefit of operating leverage as those businesses continue to grow.

好的，我猜這是在保固（warranty）部門。我們談到的 G&A 投資主要是銷售與行銷費用，但也包括 PWI 一個規模相當大的 ERP 轉換專案，預計在第二季末或第三季初完成。因此，是的，我認為我們會保持紀律並管理成本結構，確保隨著這些業務持續成長，我們能獲得營運槓桿的效益。

Excellent. The next question, you mentioned DDI is setting up well for a stronger second half. Can you share any color on the customer acquisition traction that you are seeing?

很好。下一個問題，你提到 DDI 正在為下半年更強勁的表現做好準備。你能分享一下你們看到的客戶獲取（customer acquisition）進展情況嗎？

Yeah, I mean, I think the story with DDI that we talked about in the prepared remarks was kind of speaking to the natural sort of operator journey in these small businesses, which is stabilize and then build the foundation and then grow. You got to kind of build a foundation that creates reliability and quality and earn the right to grow.

可以。我的意思是，我們在事先準備的發言中談到的 DDI 故事，某種程度上是在描述這些小型企業很自然的經營者旅程：先穩定，然後打好基礎，再來成長。你必須建立能帶來可靠性與品質的基礎，並先贏得成長的資格。

And so late last year and early this year, starting from zero, basically, the company didn't have any outbound sales function. They have built a sales process and have begun building kind of top of the funnel, mid-funnel and actually onboarding new hospitals. So we're pretty excited about the activity there and have visibility into a nice pipeline that gives us confidence in the second half.

所以在去年底到今年初，基本上從零開始，這家公司沒有任何對外銷售職能。他們已建立銷售流程，並開始建立漏斗頂端、漏斗中段，且實際上也在導入（onboarding）新的醫院客戶。因此我們對那邊的活動感到相當興奮，也能看到一條不錯的管線，讓我們對下半年更有信心。

I will say that because of how integrated this business is with their hospital customers that it can be a longer selling cycle, but we're certainly very encouraged by the kind of the size and shape of the pipeline at this early stage.

我會說，由於這項業務與其醫院客戶的整合程度很高，銷售週期可能會比較長，但在這個早期階段，我們對管線的規模與結構仍然非常受到鼓舞。

Great. I see two more questions in queue. The first, you mentioned the skilled trades platform continues to take shape with Bud's upside and AAA. Couldn't you talk about the vision for that platform and what you're most excited about as you continue to build it out?

很好。我看到佇列裡還有兩個問題。第一個，你提到技術工種（skilled trades）平台在 Bud's Upside 和 AAA 的加入下持續成形。你能談談對這個平台的願景，以及在持續擴建的過程中你最期待的是什麼嗎？

Yeah, I mean, I think that we've said from the beginning that you start with kind of big picture, macro. It's a very large addressable market, sort of $120 billion TAM that is both highly fragmented and kind of mission-critical services, right?

是的，我的意思是，我認為我們從一開始就說過，要先從宏觀的大方向著手。這是一個非常大的可服務市場（addressable market），約 1,200 億美元的 TAM（總可服務市場），而且高度分散，同時又屬於關鍵任務型（mission-critical）的服務，對吧？

And so our objective is to first operate those businesses with excellence, grow them organically and then continue to grow that platform via a measured acquisition campaign. I think that we've sort of said that we would like to do two or three acquisitions a year on that platform, and I think that there's a very long runway ahead of us to do that.

因此，我們的目標是先把這些業務以卓越的方式營運好，推動內生成長，然後再透過有節制的併購策略持續擴大這個平台。我想我們也提過，希望在這個平台上每年做兩到三起併購，而我認為我們前方還有非常長的跑道可以這麼做。

Great. And lastly, the last question is, you've talked about Kingsway being uniquely positioned to run the search fund model at scale within a public company framework. As the portfolio has grown, what are you learning about what makes this model work?

很好。最後一個問題是，你談到 Kingsway 在上市公司架構下，以規模化方式運行搜尋基金（search fund）模式具有獨特優勢。隨著投資組合成長，你們對於讓這個模式奏效的關鍵因素學到了什麼？

Yeah. Well, that's a great plug for our Investor Day. I think we'll probably dive into that again on the 18th. But yeah, I would say I think that we're learning the value of what I would call compounding learning, which is very valuable. I think we're getting better and better and learn more and more, whether that's on OIR selection, acquisition underwriting, and diligence and closing.

是的。嗯，這算是對我們投資人日的一個很好的宣傳。我想我們可能會在 18 日再深入談一次。不過，是的，我會說我們正在學到我稱之為「複利式學習」（compounding learning）的價值，這非常有價值。我認為我們變得越來越好、學得越來越多，無論是在 OIR 的選擇、併購承銷（underwriting）、盡職調查以及交割（closing）方面。

And operationally, I think that that sort of compounding effect over time of the learning engine of both us at the holding company, but more importantly, our very talented young CEOs is just really a powerful force. I think we're also compounding talent, right? I think that with every new acquisition, every new OIR, both the kind of their capabilities are compounding, but it is also allowing us to attract an even higher caliber of candidates to the platform.

在營運層面，我認為隨著時間推移，這種學習引擎的複利效應——不僅來自我們控股公司層面，更重要的是來自我們非常有才華的年輕 CEO——確實是一股強大的力量。我想我們也在讓人才複利成長，對吧？我認為每一次新的收購、每一位新的 OIR，他們的能力都在累積提升，同時也讓我們能吸引到更高水準的候選人加入這個平台。

So compounding learning and compounding talent. I think as the portfolio has grown; I think the model works. Our decentralized model, as it grows, we'll continue to see more operating leverage from the kind of holdco expense over a much broader base of businesses, which is exciting.

所以是複利式學習與複利式人才。我認為隨著投資組合擴大，這個模式確實有效。我們的去中心化模式在規模擴大後，控股公司（holdco）費用攤在更廣泛的業務基礎上，將持續看到更多營運槓桿，這令人振奮。

And then I would say that maybe we didn't fully appreciate this when we first started. But I'm seeing now sort of the flywheels within the flywheel, right? So we think of Kingsway as a large flywheel. We buy businesses, we grow them, we cash flow, we deliver, we redeploy that capital to the new acquisition.

另外我會說，也許我們一開始並沒有完全體會到這一點。但我現在看到的是「飛輪中的飛輪」（flywheels within the flywheel），對吧？我們把 Kingsway 視為一個大型飛輪。我們收購企業、讓它們成長、產生現金流、交付成果，然後把資本再部署到新的收購上。

But when I say flywheels within a flywheel, we're getting to the point of maturity now where several of our businesses themselves are their own flywheels within the system where they are doing tuck-in acquisitions without any additional incremental capital from Kingsway. And so that was maybe something that we didn't fully appreciate or anticipate at the outset, but I think it will be a very powerful force going forward. And I think it takes kind of that long-duration capability within a public company to be able to see that play out.

但當我說「飛輪中的飛輪」時，我們現在已經成熟到某個程度：我們旗下有幾家企業本身就在系統內形成自己的飛輪，它們能在不需要 Kingsway 額外增量資本的情況下，進行補強型（tuck-in）收購。因此，這可能是我們一開始沒有完全理解或預期到的，但我認為未來這將是一股非常強大的力量。而我認為，必須具備上市公司那種長期持續的能力，才能看到這個過程真正展開。

Great. I see no further questions e-mailed in. JT, I'll pass it back to you for closing remarks.

很好。我沒有看到更多以電子郵件寄來的問題。JT，我把時間交回給你做結語。

Okay. Well, thanks, everyone. I appreciate it. I think it was a strong first quarter. It sets us up well for a great year, and I hope to see everybody or as many of you as possible at the Investor Day in New York in a couple of weeks.

好的。嗯，謝謝各位。我很感謝。我認為第一季表現強勁。這讓我們為今年的優異表現打下良好基礎，也希望在幾週後於紐約舉行的投資人日能見到各位，或至少盡可能多的各位。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。