Red Violet Inc (RDVT) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to red violet's third-quarter 2024 earnings conference call. (Operator Instruction) Please be advised that today's conference call is being recorded. I would now like to introduce your host for today's conference. Camilo Ramirez, Senior Vice President, Finance and Investor relations. Please go ahead.

女士們、先生們，大家好，歡迎參加 Red Violet 2024 年第三季財報電話會議。（操作員指示）請注意，今天的電話會議正在錄音。現在我想介紹今天會議的主持人。卡米洛‧拉米雷斯 (Camilo Ramirez)，財務與投資者關係資深副總裁。請繼續。

Good afternoon and welcome. Thank you for joining us today to discuss our third-quarter 2024 financial results. With me today is Derek Dubner, our Chairman and Chief Executive Officer; and Dan MacLachlan our Chief Financial Officer. Our call today will begin with comments from Derek and Dan followed by a question-and-answer session.

下午好，歡迎大家的光臨。感謝您今天加入我們討論我們的 2024 年第三季財務表現。今天與我在一起的是我們的董事長兼執行長德里克杜布納 (Derek Dubner)；以及我們的財務長 Dan MacLachlan。我們今天的電話會議將以德里克和丹的評論開始，然後是問答環節。

I would like to remind you that this call is being webcast live and recorded. A replay of the event will be available following the call on our website to access the webcast. Please visit our investors page on our website www.redviolet.com. Before we begin, I would like to advise listeners that certain information discussed by management during this conference call are forward-looking statements covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

我想提醒您，本次通話正在進行網路直播和錄音。通話結束後，您可以透過我們的網站觀看此活動的重播，以存取網路直播。請造訪我們網站 www.redviolet.com 的投資者頁面。在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中討論的某些資訊是 1995 年《私人證券訴訟改革法》安全港條款所涵蓋的前瞻性陳述。

Actual results could differ materially from those stated or implied by our forward-looking statements due to risk and uncertainties associated with the company's business. The company undertakes no obligation to update the information provided on this call. For a discussion of risk and uncertainties associated with red violet's business, I encourage you to review the company's filings the securities and exchange commission including the most recent annual report on form 10-K and subsequent 10-Q.

由於公司業務相關的風險和不確定性，實際結果可能與我們的前瞻性陳述明確或暗示的結果有重大差異。本公司不承擔更新本次電話會議中提供的資訊的義務。有關紅紫羅蘭業務的風險和不確定性的討論，我建議您查看該公司向美國證券交易委員會提交的文件，包括最新的 10-K 表年度報告和隨後的 10-Q 表。

During the call, we may present certain non-GAAP financial information relating to adjusted gross profit, adjusted gross margin, adjusted EBITA, adjusted EBITA margin, adjusted net income, adjusted earnings per share and free cash flow. Reconciliations of these non-GAAP financial measures to their most directly comparable US GAAP financial measure are provided in the earnings press release issued earlier today.

在電話會議中，我們可能會提供與調整後的毛利、調整後的毛利率、調整後的 EBITA、調整後的 EBITA 利潤率、調整後的淨收入、調整後的每股收益和自由現金流有關的某些非 GAAP 財務資訊。今天稍早發布的收益新聞稿中提供了這些非公認會計準則財務指標與最直接可比較的美國公認會計準則財務指標的對帳表。

In addition, certain supplemental metrics that are not necessarily derived from any underlying financial statement amounts may be discussed and these metrics and their definitions can be found in the earnings press release issued earlier today.

此外，還可能討論某些不一定來自任何基礎財務報表金額的補充指標，這些指標及其定義可以在今天早些時候發布的收益新聞稿中找到。

With that, I am pleased to introduce red violet's Chairman and Chief Executive Officer Derek Dubner.

我很高興向大家介紹紅紫羅蘭公司的董事長兼執行長德里克‧杜布納 (Derek Dubner)。

Thanks, Camilo. Good afternoon, and welcome to those joining us today to discuss our third-quarter 2024 results. Following a very strong first half of the year, we are pleased to deliver another record quarter across various financial metrics. We generated record revenue, gross profit and cash flow in the third quarter. Our performance underscores the strength of our business and the commitment of our exceptional team.

謝謝，卡米洛。下午好，歡迎今天加入我們討論 2024 年第三季業績。繼今年上半年強勁表現之後，我們很高興在本季各項財務指標中再創紀錄。我們在第三季創造了創紀錄的收入、毛利和現金流。我們的業績彰顯了我們業務的實力和我們傑出團隊的承諾。

It was yet another quarter of strong new customer onboarding and growth from our existing customer base with balanced transaction volume increases across verticals. Given our continued investment in the business, driven by strong customer demand generating record cash flows, we remain very well positioned to close out a record 2024 and to drive accelerated growth in 2025.

這又是一個新客戶加入和現有客戶群成長強勁的季度，各個垂直領域的交易量均衡成長。鑑於我們對業務的持續投資，在強勁的客戶需求產生創紀錄的現金流的推動下，我們仍然處於非常有利的位置，可以在 2024 年創下創紀錄的業績，並在 2025 年推動加速增長。

Revenue for the quarter was up 20% to a record $19.1 million, producing a record adjusted gross profit of $15.7 million and record margin of 83%. Adjusted EBITDA for the quarter was up 25% to $6.7 million, producing an adjusted EBITDA margin of 35%. Adjusted net income increased 23% to $3.1 million for the quarter, resulting in adjusted earnings of $0.22 per diluted share.

本季營收成長 20%，達到創紀錄的 1,910 萬美元，調整後毛利達到創紀錄的 1,570 萬美元，利潤率達到創紀錄的 83%。本季調整後的 EBITDA 成長 25% 至 670 萬美元，調整後的 EBITDA 利潤率為 35%。本季調整後淨收入成長 23% 至 310 萬美元，調整後每股收益為 0.22 美元。

We generated a record $4.8 million in free cash flow in the quarter. Within IDI, we added 266 customers sequentially from the second quarter, reflecting strong demand across our verticals. Revenue growth remains robust, led by our investigative vertical on a percentage basis and closely followed by emerging markets and our financial and corporate risk verticals, each achieving impressive double-digit growth in the third quarter. Our collections vertical continues to demonstrate encouraging signs of a durable recovery. Favorable factors such as asset appreciation and low unemployment are supporting consumers and driving transaction volumes across many of our verticals.

我們本季創造了創紀錄的 480 萬美元自由現金流。在 IDI 內部，我們從第二季起連續增加了 266 個客戶，這反映了我們各個垂直領域的強勁需求。營收成長依然強勁，其中調查垂直業務的百分比成長最為顯著，緊隨其後的是新興市場以及金融和企業風險垂直業務，它們在第三季度均實現了令人印象深刻的兩位數成長。我們的收藏品垂直領域繼續顯示出持久復甦的令人鼓舞的跡象。資產升值和低失業率等有利因素正在支持消費者並推動我們許多垂直行業的交易量。

While lower income consumers face ongoing challenges from inflation, high interest rates and the depletion of government subsidies, which in turn, lends support to our collections and other related verticals. Given the current economic landscape and the anticipated interest rate reductions, barring unforeseen circumstances, we expect this favorable environment to continue benefiting our business through the remainder of the year and throughout 2025. FOREWARN continues to solidify its position as the leading proactive safety tool for face-to-face engagement. FOREWARN added 21,091 users during the quarter. Over 500 REALTOR associations are now contracted to use FOREWARN.

而低收入消費者則面臨通貨膨脹、高利率和政府補貼減少等持續的挑戰，這反過來又為我們的收藏和其他相關垂直產業提供了支持。鑑於當前的經濟狀況和預期的降息，除非出現不可預見的情況，我們預計這種有利環境將在今年剩餘時間和整個 2025 年繼續有利於我們的業務。FOREWARN 繼續鞏固其作為面對面交流的領先主動安全工具的地位。FOREWARN 本季增加了 21,091 名用戶。目前已有超過 500 個房地產經紀人協會簽約使用 FOREWARN。

Our achievements year-to-date have enabled us to strategically invest in our business throughout the year, continuing to execute upon our product road map and enhance our go-to-market strategies. After adding 13 team members in the second quarter, we again added another 13 team members in the third quarter with emphasis on various sales and marketing capabilities.

我們今年迄今所取得的成就使我們能夠全年對我們的業務進行策略性投資，繼續執行我們的產品路線圖並加強我們的市場進入策略。繼第二季增加 13 名團隊成員後，我們第三季再次增加 13 名團隊成員，並專注於加強各項銷售和行銷能力。

Notwithstanding the continued investment in the business, due to the operational leverage of our business model, we still produced record free cash flow, adding approximately $5 million of cash to the balance sheet sequentially from the second quarter. Given the continued momentum we are seeing in the business, we are optimistic that we will close out a record 2024 and drive continued momentum throughout 2025.

儘管我們繼續對業務進行投資，但由於我們業務模式的營運槓桿，我們仍然產生了創紀錄的自由現金流，從第二季開始連續向資產負債表增加了約 500 萬美元的現金。鑑於我們看到的業務持續保持良好勢頭，我們樂觀地認為，我們將在 2024 年創下紀錄，並在 2025 年繼續保持良好勢頭。

Now I will turn it over to Dan to discuss the financials.

現在我將把話題交給丹來討論財務問題。

Thank you, Derek, and good afternoon. We had another great quarter, hitting new records for revenue, gross profit and free cash flow. We continue to see strong growth from new customer onboarding and increased volume within the existing customer base. Revenue increased 20% to a record $19.1 million, producing $6.7 million in adjusted EBITDA with a margin of 35% in the third quarter. To date, 2024 has been a great year across the board.

謝謝你，德里克，下午好。我們又度過了一個輝煌的季度，營收、毛利和自由現金流均創下新高。我們繼續看到新客戶加入和現有客戶群數量增加的強勁成長。第三季營收成長 20%，達到創紀錄的 1,910 萬美元，調整後 EBITDA 為 670 萬美元，利潤率為 35%。到目前為止，2024 年對所有人來說都是偉大的一年。

Hitting record revenue milestones in each quarter and driving strong profitability and cash flow, all while continuing to invest in the business, including our go-to-market strategy. Turning now to our third quarter results. For clarity, all the comparisons I will discuss today will be against the third quarter of 2023, unless noted otherwise. Total revenue was a record $19.1 million, a 20% increase over prior year. We produced a record $15.7 million in adjusted gross profit, resulting in a record adjusted gross margin of 83% in the third quarter, up 4 percentage points.

每個季度都創下創紀錄的收入里程碑，並推動強勁的獲利能力和現金流，同時繼續對業務進行投資，包括我們的市場進入策略。現在來談談我們的第三季業績。為了清楚起見，除非另有說明，我今天討論的所有比較都將針對 2023 年第三季進行。總收入達到創紀錄的 1,910 萬美元，比上年增長 20%。我們實現了創紀錄的 1,570 萬美元的調整後毛利，這使得第三季的調整後毛利率達到創紀錄的 83%，上升了 4 個百分點。

Adjusted EBITDA for the quarter was $6.7 million, up 25% over prior year. Adjusted EBITDA margin was 35%, up 1 percentage point. Adjusted net income increased 23% to $3.1 million for the quarter, resulting in adjusted earnings of $0.22 per diluted share. Moving through the details of our P&L. As mentioned, revenue was $19.1 million for the third quarter.

本季調整後 EBITDA 為 670 萬美元，較上年成長 25%。調整後 EBITDA 利潤率為 35%，上升 1 個百分點。本季調整後淨收入成長 23% 至 310 萬美元，調整後每股收益為 0.22 美元。了解我們的損益表的詳細資訊。如上所述，第三季的收入為 1,910 萬美元。

I would note that this is an increase of $1 million sequentially from the second quarter when you exclude the onetime transactional revenue customer win that we discussed last quarter. There was no material onetime transactional revenue in the third quarter.

我要指出的是，如果排除我們上個季度討論過的一次性交易收入客戶收益，這一數字比第二季度環比增加了 100 萬美元。第三季沒有重大一次性交易收入。

Within IDI, we continue to see strong growth across verticals. Our investigative vertical continues to outperform, led by law enforcement, which had its 11th consecutive quarter of sequential revenue growth. Within our emerging markets vertical, we continue to see strong double-digit revenue growth across industries, including retail, repossession, legal, health care and government.

在 IDI 內部，我們持續看到各個垂直領域的強勁成長。我們的調查垂直領域持續表現出色，其中執法部門表現最為出色，連續 11 個季度實現收入成長。在我們的新興垂直市場中，我們繼續看到零售、回收、法律、醫療保健和政府等各行業的收入實現強勁的兩位數成長。

We also experienced strong double-digit revenue growth within our financial and corporate risk vertical with both the insurance and financial industries being key contributors to the growth. Our collections vertical had its third consecutive quarter of double-digit revenue growth as we continue to see signs of recovery in the collections industry.

我們在金融和企業風險垂直領域的收入也實現了強勁的兩位數成長，其中保險和金融業都是成長的主要貢獻者。我們繼續看到收藏業復甦的跡象，我們的收藏垂直業務連續第三個季度實現兩位數的收入成長。

IDI's real estate vertical, which does not include FOREWARN, was down approximately 10% in the third quarter. As it relates to FOREWARN, we experienced another quarter of strong revenue growth. This is FOREWARN's 18th consecutive quarter of sequential revenue growth.

IDI 的房地產垂直業務（不包括 FOREWARN）在第三季下降了約 10%。與 FOREWARN 相關，我們又經歷了一個季度的強勁收入成長。這是 FOREWARN 連續第 18 季實現營收成長。

Our contractual revenue was 77% for the quarter, down 2 percentage points from prior year. Our gross revenue retention percentage remained unchanged at 94%. Moving back to the P&L. Our cost of revenue, exclusive of depreciation and amortization remained flat at $3.3 million. Adjusted gross profit increased 26% to $15.7 million, producing an adjusted gross margin of 83%, a 4 percentage point increase from prior year.

我們本季的合約收入為77%，比前一年下降了2個百分點。我們的總收入保留率保持不變，為 94%。回到損益表。我們的收入成本（不包括折舊和攤提）保持不變，為 330 萬美元。調整後毛利成長26%至1,570萬美元，調整後毛利率為83%，較前一年增加4個百分點。

Sales and marketing expenses increased $1.4 million or 43% to $4.8 million for the quarter. This increase was due primarily to an increase in salaries and benefits from the additional employees added to our sales and marketing team and the increase in sales commissions. General and administrative expenses increased $0.8 million or 15% to $6 million for the quarter. Depreciation and amortization increased $0.2 million or 12% to $2.4 million for the quarter. Our income before taxes increased $0.8 million or 35% to $2.9 million.

本季銷售和行銷費用增加了 140 萬美元，即 43%，達到 480 萬美元。這一增長主要歸因於我們銷售和行銷團隊增加員工導致的工資和福利增加以及銷售佣金的增加。本季一般及行政開支增加了 80 萬美元，即 15%，達到 600 萬美元。本季折舊和攤提增加了 20 萬美元，或 12%，達到 240 萬美元。我們的稅前收入增加了 80 萬美元，即 35%，達到 290 萬美元。

Our net income for the quarter decreased $10.8 million or 86% to $1.7 million, which produced earnings of $0.12 per diluted share. Note, prior year third quarter included a onetime deferred income tax benefit of $10.3 million. Adjusted net income for the quarter increased $0.6 million or 23% to $3.2 million, which produced adjusted earnings of $0.22 per diluted share. Moving on to the balance sheet. Cash and cash equivalents were $35.7 million at September 30, 2024, compared to $32 million at December 31, 2023.

本季我們的淨收入減少 1,080 萬美元，或 86%，至 170 萬美元，每股收益為 0.12 美元。請注意，去年第三季包括 1,030 萬美元的一次性遞延所得稅收益。本季調整後淨收入增加 60 萬美元（即 23%），達到 320 萬美元，調整後每股收益為 0.22 美元。繼續討論資產負債表。截至 2024 年 9 月 30 日的現金及現金等價物為 3,570 萬美元，而 2023 年 12 月 31 日為 3,200 萬美元。

Current assets were $45.9 million compared to $40.3 million and current liabilities were $4.6 million compared to $4.9 million. We generated a record $7.2 million in cash from operating activities in the third quarter compared to generating $5.8 million for the same period in 2023.

流動資產為 4,590 萬美元，而去年同期為 4,030 萬美元；流動負債為 460 萬美元，而去年同期為 490 萬美元。我們第三季的經營活動現金流入創紀錄的 720 萬美元，而 2023 年同期為 580 萬美元。

We generated a record $4.8 million in free cash flow in the third quarter compared to generating $3.3 million in the same period 2023. We did not purchase any shares of company stock in the third quarter under our stock repurchase program. Year-to-date, we have purchased a total of 292,744 shares at an average price of $19.81 per share.

我們在第三季創造了創紀錄的 480 萬美元自由現金流，而 2023 年同期為 330 萬美元。我們在第三季沒有根據股票回購計畫購買任何公司股票。今年迄今為止，我們總共購買了 292,744 股，平均價格為每股 19.81 美元。

We have $4.6 million remaining under our stock repurchase program. In closing, we've had 3 consecutive quarters this year of record revenue, each with approximately 20% to 30% revenue growth, strong profitability and strong cash flow. We expect this momentum to continue in the fourth quarter and throughout 2025. We are extremely proud of the way the team is performing and feel red violet is well positioned to continue this growth trajectory for years to come.

我們的股票回購計畫還剩餘 460 萬美元。最後，我們今年已經連續三個季度創下創紀錄的收入，每季的收入成長約為 20% 至 30%，獲利能力強勁，現金流強勁。我們預計這一勢頭將在第四季度和整個 2025 年持續下去。我們對團隊的表現感到非常自豪，並認為紅紫羅蘭完全有能力在未來幾年繼續保持這種成長軌跡。

With that, our operator will now open the line for Q&A.

現在，我們的接線員將開通問答熱線。

(Operator Instructions)

（操作員指令）

Josh Nichols, B, Riley.

喬許·尼科爾斯，B，萊利。

Yeah. Thanks for taking my question. Great to see the record 3Q results. And also, I was just digging into the numbers. So a nice increase in II customers where you actually added some more subs than what was added in 2Q. I know you've been investing in some additional sales and marketing. Are you starting to see material results from those newer hires? And is that what's giving you so much confidence to start talking about the momentum that you're seeing today continue through 2025?

是的。感謝您回答我的問題。很高興看到創紀錄的第三季業績。而且，我只是在深入研究這些數字。因此，II 類客戶數量大幅增加，實際上比第二季度增加的客戶數量還要多。我知道您一直在投資一些額外的銷售和行銷。您是否開始看到這些新員工所取得的實質成果？這是否讓您如此有信心談論今天所看到的勢頭將持續到 2025 年？

Thanks, Josh. It's Derek. Appreciate the question. Absolutely. As we've been pretty clear on each of the calls and relaying that the strategic initiatives that we've been investing in over the last 18 months or so, given that we're generating such strong cash flow, enable us to build out the sales and marketing capabilities around certain areas that were very early in penetrating these verticals.

謝謝，喬希。是德里克。我很感謝你提出這個問題。絕對地。我們在每次電話會議中都表達得非常清楚，並且傳達了我們在過去 18 個月左右一直在投資的戰略舉措，考慮到我們產生的如此強勁的現金流，這使我們能夠在早期滲透這些垂直領域的某些領域建立銷售和營銷能力。

So as we add these team members, very highly qualified individuals in their respective subject matter areas, we're seeing the fruits of that investment. And we've been very pleased with the customer onboarding. -- gosh, I would say, for the last 18 months, we've been putting up just about at least at or about record highs in customer onboarding on a monthly basis, which is a really strong indicator for us, giving us visibility into future sales, of course.

因此，當我們增加這些團隊成員時，他們都是各自領域的高素質人才，我們看到了投資的成果。我們對客戶入職感到非常滿意。 ——天哪，我想說，在過去的 18 個月裡，我們每個月的客戶入職量都達到或接近歷史最高水平，這對我們來說是一個非常強有力的指標，當然，也讓我們能夠預見未來的銷售情況。

So we feel very confident about the teams we're putting together. We continue to evaluate productivity and increase that productivity by adding to these teams. And we've just been -- it's been a continuation of the strength we've been seeing all year sort of paying dividends from the investments we've made. So because of that, we're very excited about 2025.

因此，我們對於我們組建的團隊非常有信心。我們將繼續評估生產力，並透過擴充這些團隊來提高生產力。而且我們一直——這是我們全年看到的強勁勢頭的延續，某種程度上是從我們的投資中獲得的回報。因此，我們對 2025 年充滿期待。

That's great. And then I think you touched on this briefly in some of the commentary earlier on the call. But I'm kind of curious, how should we think about the split between what's driving growth in terms of the new customer adds, but also the land and expand strategy and increasing volumes that you kind of touched on briefly with existing customers overall?

那太棒了。然後我想您在早些時候的通話中的一些評論中簡要地談到了這一點。但我很好奇，我們應該如何看待推動成長的因素，包括增加新客戶，以及土地和擴張策略以及增加現有客戶的數量（您之前簡要提到過）？

Yeah, Josh, thanks, and this is Dan. Thanks for the question. Yeah, we've done a good job as an organization, even at what I would consider kind of small and medium enterprise-sized customers to not only onboard them with initial volume, but also increase that volume over time.

是的，喬希，謝謝，這是丹。謝謝你的提問。是的，作為一個組織，我們做得很好，即使對於我認為是中小型企業規模的客戶，我們也不僅以初始數量接納他們，而且隨著時間的推移不斷增加數量。

So as we look at revenue growth this quarter, it's a good combination of both new customer revenue and existing customer growth. What really excites us about the opportunity ahead is that, as you know, we've been working on moving up tier to larger enterprise, larger government customers.

因此，當我們回顧本季的營收成長時，我們發現這是新客戶收入和現有客戶成長的良好組合。如您所知，未來的機會真正讓我們感到興奮的是，我們一直致力於向更大的企業、更大的政府客戶邁進。

And that really is where there's just tremendous opportunity to really learn and expand within that customer base because not only are you going in there for one use case and potentially increasing volume there, but you have the opportunity to expand out the organization with additional use cases.

這確實是在客戶群中真正學習和擴展的巨大機會，因為您不僅可以進入一個用例並可能增加那裡的數量，而且您還有機會透過增加用例來擴展組織。

So when we look at this quarter, great growth both in new customer onboarding and existing customers, but also as we move forward, moving up enterprise into larger enterprise, we have even more of an opportunity to grow that existing base and expand. So we're really excited as we continue to move forward on this journey. I appreciate the detail there.

因此，當我們回顧本季時，我們發現新客戶和現有客戶都實現了巨大成長，而且隨著我們不斷前進，將企業升級為更大的企業，我們擁有更多機會擴大現有客戶群並進行擴張。因此，我們對於繼續這趟旅程感到非常興奮。我很欣賞那裡的細節。

I appreciate the detail there. And last question for me, then I'll let someone else take a stab. Looking at FOREWARN, it's been really impressive growth that's been pretty persistent throughout this year. I'm just curious now where you think you are in terms of penetration and how much is left in terms of other MLS or realty agencies that you could continue to penetrate that will drive sustainable growth based on where you are today and the opportunities that remain in the market?

我很欣賞那裡的細節。這是我的最後一個問題，然後我會讓其他人來嘗試。縱觀 FOREWARN，它的成長確實令人印象深刻，並且今年以來一直保持著持續的成長勢頭。我只是好奇，您認為您的滲透率處於什麼水平，以及還有多少其他 MLS 或房地產中介機構可以繼續滲透，以您目前的水平和市場上剩餘的機會為基礎，推動可持續增長？

Sure. Thank you. This is Dan again, and I'll take that question. So yes, today, we announced just over 500 associations today within the US, there's approximately around 1,100 associations. So still have a lot of go get within FOREWARN and the real estate industry.

當然。謝謝。我是丹，我來回答這個問題。是的，今天我們宣布了美國境內超過 500 個協會，大約有 1,100 個協會。因此，FOREWARN 和房地產產業仍有很大的發展空間。

But what we're also looking at now is taking that brand, taking that concept of really that protective safety due diligence tool for user-to-user engagement and expanding it out into additional industries for a number of use cases. So plenty to go get within the real estate industry, as I said, what, 500 associations today, about 1,100 associations in total, but really now spending time, resources and investing and looking to take that brand into new industries.

但我們現在也在考慮的是利用這個品牌，利用這個真正的保護性安全盡職調查工具的概念來進行使用者對使用者的參與，並將其擴展到其他行業的多種使用案例。所以，正如我所說，房地產行業還有很多事情要做，今天有 500 個協會，總共大約有 1,100 個協會，但現在真正要投入時間、資源和投資，並尋求將該品牌帶入新的行業。

Yes. This is Derek also, Josh. Obviously, the exciting part about FOREWARN is that it's the leading proactive safety tool. And we love the fact that many, many realtor professionals, real estate professionals provide their feedback to us and express their gratitude in protecting them prior to facing a difficult situation, a dangerous situation. So we're very excited about introducing it to other small business ventures, and we think there's -- it has applicability across many industries.

是的。這也是德里克，喬希。顯然，FOREWARN 令人興奮的地方在於它是領先的主動安全工具。我們很高興看到許多房地產專業人士向我們提供反饋，並對我們在他們面臨困難和危險情況之前保護他們表示感謝。因此，我們非常高興將它引入其他小型商業企業，而且我們認為它適用於許多行業。

Appreciate it. Thanks, guys. I'll hop back in the queue.

非常感謝。謝謝大家。我將重新回到隊列中。

Thank you very much. At this time, I'm showing no further questions. I would now like to turn it back to Derek Dubner for closing remarks.

非常感謝。此刻，我沒有其他問題。現在我想請德瑞克‧杜布納作最後發言。

Thank you. We are pleased to deliver another record quarter and a continuation of the strong performance year-to-date. Given the progress against our strategic initiatives, we are very optimistic about the remainder of the year and 2025. Good afternoon.

謝謝。我們很高興能夠再創一個季度的業績記錄，並延續今年迄今的強勁表現。鑑於我們的策略性舉措取得的進展，我們對今年剩餘時間和 2025 年非常樂觀。午安.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。