Red Violet Inc (RDVT) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to red violet's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、先生，大家好，歡迎參加 red violet 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to introduce your first host for today's conference, Camillo Ramirez, Senior Vice President, Finance and Investor Relations. Please go ahead.

現在我想介紹今天會議的第一位主持人：Camillo Ramirez，財務與投資人關係資深副總裁。請開始。

Good afternoon and welcome. Thank you for joining us today to discuss our first-quarter 2026 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.

各位下午好，歡迎各位。感謝各位今天加入我們，一同討論 2026 年第一季財務結果。今天與我一同出席的有：董事長兼執行長 Derek Dubner，以及財務長 Dan MacLachlan。今天的電話會議將先由 Derek 與 Dan 發表談話，接著進行問答環節。

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.

提醒各位，本次電話會議將以網路直播方式進行並錄製。會後可於我們網站收看重播。如欲收看網路直播，請造訪我們網站 www.redviolet.com 的投資人頁面。

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 1995.

在開始之前。我想提醒聽眾，管理層在本次電話會議中討論的部分資訊屬於前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》之安全港條款保障。

Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business. The company undertakes no obligation to update the information provided on this call.

由於與公司業務相關的風險與不確定性，實際結果可能與我們前瞻性陳述中所述或所暗示者存在重大差異。公司不承擔更新本次電話會議所提供資訊的任何義務。

For a discussion of risks and uncertainties associated with red violet's business, I encourage you to review the company's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K and subsequent 10-Qs.

關於與 red violet 業務相關的風險與不確定性之討論，我建議各位查閱公司向美國證券交易委員會（SEC）提交的文件，包括最新的 Form 10-K 年度報告以及後續的 10-Q。

During the call, we may present certain non-GAAP financial information relating to adjusted gross profit, adjusted gross margin, adjusted EBITDA 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.

在本次電話會議中，我們可能會提供若干非 GAAP 財務資訊，包括調整後毛利、調整後毛利率、調整後 EBITDA 利潤率、調整後淨利、調整後每股盈餘，以及自由現金流。這些非 GAAP 財務指標與其最直接可比的美國 GAAP 財務指標之調節表，已載於今日稍早發布的財報新聞稿中。

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 also be found in the earnings press release issued earlier today.

此外，我們也可能討論某些補充性指標；這些指標未必源自任何基礎財務報表金額，其指標及定義亦可在今日稍早發布的財報新聞稿中找到。

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

接下來，我很高興介紹 red violet 董事長兼執行長 Derek Zubner。

Good afternoon, everyone, and thank you for joining us. Before I walk through the quarter, I want to recognize our team. The results we're reporting today: record revenue, record margins, record EBITDA, and one of the strongest quarters for new customer onboarding in our company's history are a direct outcome of disciplined execution. This is a team that consistently delivers, and that consistency is what drives the results you're seeing today.

各位下午好，感謝各位加入我們。在我回顧本季表現之前，我想先肯定我們的團隊。我們今天所報告的成果——創新高的營收、創新高的利潤率、創新高的 EBITDA，以及公司歷史上新客戶導入最強勁的季度之一——都是嚴謹執行的直接結果。這是一支持續交出成果的團隊，而這份一致性正是各位今天所看到成果的驅動力。

Now to the quarter. Revenue for the first quarter was a record $25.8 million, up 17% year over year. It's important to note that the prior-year period included $1.2 million of one-time transactional revenue, so the underlying growth this quarter is stronger than the headline suggests.

接著談本季表現。第一季營收創新高，達 2,580 萬美元，年增 17%。需要注意的是，去年同期包含 120 萬美元的一次性交易型收入，因此本季的基本面成長其實比表面數字所呈現的更強勁。

Adjusted gross profit increased 20% to $22 million, resulting in a record adjusted gross margin of 85%. Adjusted EBITDA increased 27% to $10.7 million, with a record margin of 41%. Adjusted net income was $6.6 million, producing record earnings of $0.46 per diluted share, and operating cash flow increased 32% to $6.6 million.

調整後毛利成長 20% 至 2,200 萬美元，使調整後毛利率創新高達 85%。調整後 EBITDA 成長 27% 至 1,070 萬美元，利潤率創新高達 41%。調整後淨利為 660 萬美元，稀釋後每股盈餘創新高達 0.46 美元；營運現金流成長 32% 至 660 萬美元。

This marks yet another quarter of consistent execution with high-teen growth and continued expansion in margins and cash flow.

這再次標誌著我們又一個持續穩健執行的季度：維持高十位數成長，同時利潤率與現金流持續擴張。

On the customer front, IDI added 400 new billable customers, one of the highest quarterly additions in our history, bringing total customers to 10,422. For Warren grew to more than 417,000 users, with over 640 realtor associations under contract.

在客戶方面，IDI 新增 400 位可計費新客戶，為公司史上單季新增數最高之一，使客戶總數達到 10,422。For Warren 的使用者成長至超過 417,000 名，且已有超過 640 個房地產經紀人協會簽約。

These metrics reflect increasing adoption, deeper integration, and the growing reliance our customers place on our platform in their daily operations.

這些指標反映出採用率提升、整合更深入，以及客戶在日常營運中對我們平台的依賴程度日益增加。

At the same time, we continue to see a significant and expanding opportunity set in front of us, particularly as AI continues to unlock new capabilities across analytics, data aggregation, and customer interaction. Given the strength of our model and the level of cash flow we are generating, we are well positioned to invest proactively into that opportunity.

同時，我們也持續看到眼前存在龐大且不斷擴大的機會集合，特別是隨著 AI 持續在分析、資料彙整與客戶互動等面向解鎖新能力。鑑於我們商業模式的強勁，以及我們所產生的現金流規模，我們具備良好條件，能夠主動投資以把握這些機會。

Importantly, our opportunity in AI is not just about access to tools. It is about the foundation that we have built that those tools operate on. Our longitudinal identity graph, built and refined over time through real-world usage, is what enables us to generate actionable signals, not just data outputs. AI enhances our ability to analyze the foundational graph, identify patterns, and surface risk and insight with greater speed and precision.

重要的是，我們在 AI 方面的機會不僅僅是取得工具。更關鍵的是我們所建立的基礎，而這些工具正是在該基礎之上運作。我們的縱向身分圖譜（longitudinal identity graph）是在真實世界使用情境中，隨時間建構並持續精煉而成，使我們能產生可採取行動的訊號，而不只是資料輸出。AI 強化了我們分析這個基礎圖譜、辨識模式，並以更快速度與更高精準度揭示風險與洞見的能力。

Similarly, our ability to aggregate and fuse new data is directly tied to our ability to resolve that data to unique individuals within our identity graph. Aggregating data is one thing, but correctly attributing it to the right individual over time is something entirely different.

同樣地，我們彙整並融合新資料的能力，與我們將該資料解析並對應到身分圖譜中唯一個體的能力直接相關。彙整資料是一回事，但隨時間正確地將資料歸因到正確的個體，則是完全不同的能力。

Whether it is distinguishing between thousands of individuals with the same name, resolving generational differences, or identifying underbanked consumers with limited public data, our platform is architected to unify fragmented data into a persistent, accurate identity, a continuously maintained and correctly attributed view of an individual overtime, all powered by our proprietary engine.

無論是區分成千上萬個同名個體、解析跨世代差異，或是辨識公開資料有限的金融服務不足（underbanked）消費者，我們的平台架構皆旨在將碎片化資料整合為持久且準確的身分——也就是對個體隨時間持續維護且正確歸因的視圖——而這一切皆由我們的專有引擎所驅動。

As we bring in additional data inputs, AI further enhances our ability to validate that data against our graph, then link and extract meaningful insight, reinforcing and extending the advantage we have built over the past decade.

當我們導入更多資料輸入時，AI 會進一步強化我們將該資料與圖譜進行驗證的能力，並加以連結、萃取有意義的洞見，從而鞏固並延伸我們在過去十年所建立的優勢。

Across customer workflows, AI is also enhancing how our solutions are experienced, improving responsiveness, deepening integration, and increasing the utility of our platform in day-to-day decisioning. Internally, we are seeing accelerating adoption of AI across the organization, from engineering and security to operations and customer support, driving significant gains in productivity and development velocity.

在客戶工作流程層面，AI 也正在提升客戶對我們解決方案的使用體驗，改善回應速度、加深整合，並提高我們平台在日常決策中的效用。在內部，我們看到 AI 在整個組織中的採用正在加速，從工程與資安到營運與客戶支援，帶來顯著的生產力提升與開發速度增長。

Within our technology organization in particular, development velocity has accelerated materially, with teams leveraging AI and agentic tools to code, test, and deploy at rates we have not previously experienced.

尤其在我們的技術組織內，開發速度已出現顯著加速；各團隊運用 AI 與代理式（agentic）工具進行撰寫程式碼、測試與部署，其速度達到我們過去未曾經歷的水準。

What historically required multiple resources can now often be accomplished by a single engineer operating with AI augmentation, significantly increasing our pace of product development and innovation.

過去需要多位資源投入的工作，如今往往可由單一工程師在 AI 增強的協助下完成，顯著提升我們產品開發與創新的速度。

What we are observing is a compounding effect as adoption deepens across the organization. The pace of improvement is accelerating, driving efficiency gains internally, while simultaneously strengthening the value we deliver to customers. We are just scratching the surface.

我們觀察到的是，隨著全組織採用程度加深，會產生複利效應。改善的速度正在加快，一方面推動內部效率提升，同時也強化我們為客戶交付的價值。我們才剛開始觸及表面而已。

The net effect is that AI is acting as a force multiplier, increasing the value of our data, accelerating our pace of innovation, strengthening our position within the markets we serve. And further enhancing our AI-embedded layered architecture, which is fundamentally differentiated from the legacy technology stacks of our competition.

整體而言，AI 正扮演放大器（force multiplier）的角色：提升我們資料的價值、加速創新步伐、強化我們在所服務市場中的地位。並進一步強化我們內嵌 AI 的分層式架構；此架構在本質上與競爭對手的傳統技術堆疊有明顯差異。

Switching topics for a moment, I also want to revisit something we said several years ago, and Dan will go into it in more detail.

先暫時轉換一下話題，我也想重提我們幾年前說過的一件事，而 Dan 會就此做更深入的說明。

At that time, we outlined what this business would look like at a $100 million annual revenue run rate, specifically adjusted gross margins exceeding 80% and adjusted EBITDA margins in the range of 35% to 40%. We had our skeptics, but that was guided by this team's knowledge and experience building similar businesses over the past three decades.

當時，我們概述了這項業務在年化營收達到 1 億美元水準時的樣貌，具體而言，調整後毛利率將超過 80%，調整後 EBITDA 利潤率將落在 35% 至 40% 的區間。當時也有質疑者，但這一切是以本團隊在過去三十年打造類似業務的知識與經驗為指引。

Today, at our current scale, we already are delivering 85% adjusted gross margins and 41% adjusted EBITDA margins. This level of performance reflects the durability of our business and the operating leverage inherent in the model as we grow.

今天，以我們目前的規模，我們已經達成 85% 的調整後毛利率與 41% 的調整後 EBITDA 利潤率。這樣的表現水準反映了我們業務的韌性，以及隨著成長而在此模式中固有的營運槓桿。

We ended the quarter with $43.5 million in cash. We currently have $15.6 million remaining under our stock repurchase program after repurchasing 73,250 shares at an average price of $41.90 per share during the first quarter and through April 30, 2026.

本季結束時，我們持有現金 4,350 萬美元。在第一季以及截至 2026 年 4 月 30 日期間，我們以每股平均 41.90 美元回購 73,250 股後，目前在股票回購計畫下仍剩餘 1,560 萬美元額度。

We will continue to allocate capital with discipline, balancing share repurchases with continued investment in our platform, data assets, and go-to-market capabilities.

我們將持續以紀律方式配置資本，在股票回購與持續投資於我們的平台、數據資產以及市場拓展能力之間取得平衡。

This was a strong start to 2026 and a continuation of the consistent, disciplined execution that defines who we are.

這是 2026 年強勁的開局，也延續了定義我們的穩健且有紀律的執行力。

With that, I'll turn it over to Dan.

接下來，我把時間交給 Dan。

Thanks, Derek, and good afternoon, everyone. We are off to an excellent start in 2026, delivering the highest revenue, adjusted gross profit, and adjusted EBITDA in our history, results that reflect the strength of our platform, the expanding reach of our solutions, and the consistency with which we are executing.

謝謝你，Derek，各位下午好。我們在 2026 年有一個非常出色的開局，創下公司史上最高的營收、調整後毛利與調整後 EBITDA；這些成果反映了我們平台的實力、解決方案觸及範圍的擴大，以及我們一貫穩定的執行。

I want to take a moment to put these results in context, because I think it speaks to something important about this team and this business model.

我想花點時間把這些結果放在脈絡中，因為我認為這凸顯了關於這個團隊與這個商業模式的一個重要面向。

As Derek mentioned, in March of 2022, we laid out a framework on our earnings call of what this business looks like at $100 million in annual revenue. At the time, our run rate was approximately $45 million, our adjusted gross margin was 75%, and our adjusted EBITDA margin was 25%. We told you that at $100 million in annualized revenue, you could expect adjusted gross margin to exceed 80% and adjusted EBITDA margin to be in the range of 35% to 40%.

如 Derek 所提到的，在 2022 年 3 月，我們在財報電話會議上提出了一個框架，說明這項業務在年營收 1 億美元時會是什麼樣子。當時，我們的年化營收約為 4,500 萬美元，調整後毛利率為 75%，調整後 EBITDA 利潤率為 25%。我們告訴各位，當年化營收達到 1 億美元時，調整後毛利率可望超過 80%，調整後 EBITDA 利潤率可望落在 35% 至 40% 的區間。

We meant it, and we built toward it. This quarter, we crossed that revenue threshold for the first time on $25.8 million in quarterly revenue, a $100 million plus annual run rate.

我們是認真的，也朝著這個目標打造。本季，我們首次跨越該營收門檻，單季營收達 2,580 萬美元，年化營收超過 1 億美元。

We delivered adjusted gross margin of 85% and adjusted EBITDA margin of 41%. Disciplined execution against a multi-year road map at the margins we said we would deliver is not something every management team can point to, but we can, and we're just getting started.

我們達成 85% 的調整後毛利率與 41% 的調整後 EBITDA 利潤率。能夠依照我們所說的利潤率，沿著多年期路線圖進行有紀律的執行，並非每個管理團隊都能做到；但我們可以，而且我們才剛開始。

At maturity, this business model is capable of adjusted gross margins in excess of 90% and adjusted EBITDA margins approaching 65%. The first quarter of 2026 is evidence we are on the right path to get there.

在成熟階段，這個商業模式有能力達到超過 90% 的調整後毛利率，以及接近 65% 的調整後 EBITDA 利潤率。2026 年第一季的表現證明我們正走在正確的道路上。

But we take a long-term view of this business, and we are not managing to a near-term margin target. We are managing toward the full potential of what we have built. Over the past decade, we have constructed a differentiated data and analytics platform, one that ingests, normalizes, and delivers intelligence at scale across a broad and growing set of use cases and end markets.

但我們以長期視角看待這項業務，並不以短期利潤率目標來管理。我們管理的方向是我們所打造之事物的全部潛力。在過去十年，我們建構了一個具差異化的數據與分析平台，能在廣泛且持續成長的使用情境與終端市場中，以規模化方式擷取、標準化並提供洞察。

The foundation we have built is what makes our AI opportunity actionable. AI is accelerating how we develop and deploy new capabilities, compressing development cycles, and broadening the solutions we can bring to market.

我們所建立的基礎，使我們的 AI 機會得以落地並可執行。AI 正在加速我們開發與部署新能力的方式，縮短開發週期，並擴大我們能推向市場的解決方案範圍。

It is enhancing our customers' interact with our products, improving the speed and precision with which Identity Intelligence is surfaced and acted upon, and it is reshaping how we think about operational efficiency and scale, enabling us to accelerate productivity across the entire business.

它正在強化客戶與我們產品的互動，提升「身分智慧」（Identity Intelligence）被呈現並採取行動的速度與精準度；同時也正在重塑我們對營運效率與規模化的思考方式，使我們能加速整體業務的生產力提升。

We are already seeing these benefits, and we expect their impact to compound.

我們已經看到這些效益，並預期其影響將持續累積放大。

As we continue investing in AI, product development, and go-to-market capabilities, we expect adjusted EBITDA margins in the near term to trend in the mid to high 30% range. We view that as a reflection of deliberate investment in the long-term growth of the business. The path to 65% adjusted EBITDA margins runs directly through the investments we are making today.

隨著我們持續投資於 AI、產品開發與市場拓展能力，我們預期短期內調整後 EBITDA 利潤率將趨於落在 30% 中段至高段。我們將其視為對業務長期成長進行刻意投資的反映。通往 65% 調整後 EBITDA 利潤率的道路，正是建立在我們今天所做的投資之上。

Turning now to our first quarter results, for clarity, all the comparisons I will discuss today will be against the first quarter of 2025 unless noted otherwise. Total revenue was a record $25.8 million, up 17% over the prior year. As Derek noted earlier, Q1 '25 included $1.2 million in one-time transactional revenue from two significant customer wins.

接著談第一季業績，為了清楚起見，我今天所討論的所有比較，除非另有說明，皆以 2025 年第一季為對照。總營收創新高，達 2,580 萬美元，較去年同期成長 17%。如 Derek 先前所提到，2025 年第一季包含來自兩個重大客戶贏單的一次性交易型營收 120 萬美元。

Normalizing for that, our underlying growth rate this quarter would have been greater than 20%. We generated $22 million in adjusted gross profit, the highest to date, delivering a record adjusted gross margin of 85%, up 2 percentage points.

若將其影響正常化，本季我們的基礎成長率將超過 20%。我們創造了 2,200 萬美元的調整後毛利，為歷史新高，調整後毛利率亦創新高達 85%，提升 2 個百分點。

Adjusted EBITDA came in at a record $10.7 million, up 27% over the prior year. Adjusted EBITDA margin expanded 3 percentage points to 41%, a new high. Adjusted net income increased 29% to $6.6 million, resulting in adjusted earnings of $0.46 per diluted share, both new highs.

調整後 EBITDA 創新高，達 1,070 萬美元，較去年同期成長 27%。調整後 EBITDA 利潤率擴大 3 個百分點至 41%，再創新高。調整後淨利成長 29% 至 660 萬美元，調整後稀釋每股盈餘為 0.46 美元，兩者皆創新高。

Turning to the details of our P&L, as mentioned, revenue for the first quarter was $25.8 million with solid performance across the business. Within IDI, we saw broad-based growth across our verticals with particular strength in financial and corporate risk and investigative. We added 400 billable customers sequentially to end the quarter with 10,422 customers.

接著看損益表細項，如前所述，第一季營收為 2,580 萬美元，各業務表現穩健。在 IDI 方面，我們各垂直領域皆呈現廣泛成長，其中以金融與企業風險以及調查（Investigative）表現尤為強勁。我們的可計費客戶數較前一季增加 400 家，季末客戶總數達 10,422 家。

Financial and corporate risk was our fastest-growing vertical, with background screening leading the way with exceptional growth, continuing to benefit from the targeted product development and go-to-market investments we have made over the past year. Financial services delivered strong growth driven by deeper customer integration and volume expansion.

金融與企業風險是我們成長最快的垂直領域，其中背景審查（background screening）以卓越成長領先，持續受惠於我們過去一年所進行的聚焦式產品開發與市場拓展投資。金融服務則在更深度的客戶整合與用量擴張帶動下，實現強勁成長。

In addition, both corporate risk and insurance contributed meaningful growth, rounding out a solid showing across the vertical. Investigative posted robust double-digit gains across every industry, including law enforcement, private investigators, bail bonds, and process servers. Law enforcement, in particular, continues its impressive trajectory, and we remain focused on deepening our penetration of the public sector.

此外，企業風險與保險也貢獻了可觀成長，使該垂直領域整體表現穩健。調查（Investigative）在各產業皆繳出強勁的雙位數成長，包括執法機關、私家偵探、保釋擔保（bail bonds）以及送達員（process servers）。其中，執法機關尤其持續展現亮眼成長軌跡，我們仍專注於加深在公部門的滲透率。

This vertical is expanding as a share of our total revenue, and we see significant runway ahead.

此垂直領域在我們總營收中的占比正在提升，我們也看到前方仍有可觀的成長空間。

Collections delivered steady gains this quarter. The recovery dynamic we have discussed in prior quarters remains intact, and we continue to see volume expansion from our existing customer base as the industry works through elevated delinquency levels. The vertical is maintaining its steady recovery, and we view it as a meaningful tailwind to our growth outlook.

本季催收（Collections）維持穩健成長。我們在前幾季討論過的回收復甦動能仍然存在，且隨著產業消化偏高的逾期水準，我們持續看到既有客戶基礎帶來的用量擴張。該垂直領域維持穩定復甦，我們認為這將成為我們成長展望的重要順風因素。

Emerging markets delivered healthy underlying expansion this quarter. The $1.2 million in one-time transactional revenue in Q1 '25 we noted earlier was concentrated in this vertical, which creates a tough year-over-year comparison. Normalizing for that, the underlying growth rate was robust and in line with the demand momentum we continue to see across these industries.

新興市場本季呈現健康的基礎擴張。我們先前提到的 2025 年第一季 120 萬美元一次性交易型營收主要集中在此垂直領域，因而使年對年比較較具挑戰。若將其影響正常化，基礎成長率依然強勁，並與我們在這些產業持續看到的需求動能一致。

Retail, government, legal, repossession, and marketing all contributed meaningful growth. We remain encouraged by the breadth of activity throughout emerging markets as a significant long-term growth driver for the business.

零售、政府、法律、收回（repossession）以及行銷業務皆對具意義的成長有所貢獻。我們仍對新興市場各領域活動的廣度感到鼓舞，並視其為推動本業務長期成長的重要驅動力。

Lastly, IDI's real estate vertical, which excludes FOREWARN, delivered modest growth year-over-year, but is starting to show signs of stabilization following the prolonged pressure that elevated rates and affordability constraints have placed on housing activity.

最後，IDI 的不動產垂直業務（不含 FOREWARN）年增呈現溫和成長，但在高利率與可負擔性限制對房市活動造成長期壓力之後，已開始顯現穩定的跡象。

While the macro environment remains a headwind, we are encouraged by the trajectory and believe we are worth it. Well positioned as conditions gradually improve. As to FOREWARN, the platform continued its impressive performance, delivering strong double-digit revenue expansion this quarter.

儘管總體環境仍構成逆風，我們對其走勢感到鼓舞，並相信我們具備相應的價值。隨著環境逐步改善，我們已做好充分準備。至於 FOREWARN，該平台本季持續展現亮眼表現，帶動營收強勁的雙位數成長。

We exited the quarter with over 417,000 users, up from 325,000 users a year ago. FOREWARN continues to gain traction with real estate professionals who rely on it as an essential part of their daily workflow. We now have over 640 realtor associations contracted to use FOREWARN.

本季結束時，我們的使用者數超過 417,000 人，高於一年前的 325,000 人。FOREWARN 持續在不動產專業人士間獲得更多採用，他們將其視為日常工作流程中不可或缺的一環。目前已有超過 640 個房仲協會簽約使用 FOREWARN。

Overall, contractual revenue accounted for 75% of total revenue in the quarter, up one percentage point from the prior year. Gross revenue retention remained strong at 95%, down 1 percentage point.

整體而言，本季合約性收入占總營收的 75%，較去年同期提高 1 個百分點。總營收留存率（gross revenue retention）維持強勁於 95%，下降 1 個百分點。

Moving back to the P&L, our cost of revenue, exclusive of depreciation and amortization, increased $0.1 million, or 4%, to $3.8 million. Adjusted gross profit increased 20% to a record $22 million, resulting in a record adjusted gross margin of 85%, up 2 percentage points from the prior year.

回到損益表，我們的營收成本（不含折舊與攤銷）增加 0.1 百萬美元（或 4%）至 3.8 百萬美元。調整後毛利增加 20% 至創新高的 2,200 萬美元，使調整後毛利率創新高達 85%，較去年同期提高 2 個百分點。

Our sales and marketing expenses increased $0.5 million or 8% to $5.9 million for the quarter, driven primarily by higher personnel-related expenses.

本季銷售與行銷費用增加 0.5 百萬美元（或 8%）至 590 萬美元，主要由較高的人員相關費用所帶動。

General and administrative expenses increased $1.7 million, or 28%, to $7.9 million, driven primarily by higher personnel costs and acquisition-related activity. Depreciation and amortization increased $0.2 million, or 10%, to $2.8 million for the quarter.

一般及行政費用增加 1.7 百萬美元（或 28%）至 790 萬美元，主要由較高的人員成本與併購相關活動所驅動。本季折舊與攤銷增加 0.2 百萬美元（或 10%）至 280 萬美元。

Net income increased $1 million or 28% to $4.4 million for the quarter. Adjusted net income increased $1.5 million or 29% to $6.6 million, the highest to date, resulting in record adjusted earnings of $0.46 per diluted share.

本季淨利增加 100 萬美元（或 28%）至 440 萬美元。調整後淨利增加 150 萬美元（或 29%）至 660 萬美元，創下歷史新高，帶動調整後稀釋每股盈餘創新高達 0.46 美元。

Moving on to the balance sheet, cash and cash equivalents were $43.5 million at March 31, 2026, compared to $43.6 million at December 31, 2025. Current assets totaled $57.3 million, compared to $56.5 million at year-end, while current liabilities were $5.1 million, down from $7.9 million.

接著看資產負債表，截至 2026 年 3 月 31 日，現金及約當現金為 4,350 萬美元，較 2025 年 12 月 31 日的 4,360 萬美元略降。流動資產合計 5,730 萬美元，較年末的 5,650 萬美元增加；流動負債為 510 萬美元，低於先前的 790 萬美元。

We generated $6.6 million in cash from operating activities in the first quarter, compared to $5 million in the same period last year.

第一季營運活動帶來的現金流入為 660 萬美元，去年同期為 500 萬美元。

Free cash flow for the quarter was $3.1 million, a 24% increase from $2.5 million a year ago.

本季自由現金流為 310 萬美元，較一年前的 250 萬美元增加 24%。

In the first quarter and through April 30, 2026. We purchased 73,250 shares of company stock at an average price of $41.90 per share under our stock repurchase program. As of April 30, 2026, we had $15.6 million remaining under the repurchase program.

在第一季以及截至 2026 年 4 月 30 日期間，我們依據庫藏股回購計畫，以每股平均 41.90 美元的價格回購公司股票 73,250 股。截至 2026 年 4 月 30 日，回購計畫尚餘 1,560 萬美元可用額度。

In closing, crossing the $100 million revenue run rate threshold this quarter is a milestone worth acknowledging. But it is not a finish line. The same discipline and focus that got us here is what will take us to the next level.

總結而言，本季跨越 1 億美元營收年化運行率（run rate）門檻，是一個值得肯定的里程碑。但這不是終點。帶領我們走到今天的同樣紀律與專注，將帶我們邁向下一個層級。

We have a clear line of sight to continued margin expansion, a platform that is scaling efficiently, and a team that has constantly and consistently delivered on what it said it would do. We are confident in our ability to build on this momentum, and we look forward to updating you on the progress throughout the year.

我們對持續的利潤率擴張有清晰的能見度；平台正以高效率擴張；團隊也一再且持續地兌現其承諾。我們對於在此動能上再接再厲充滿信心，並期待在今年持續向各位更新進展。

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

接下來，我們的接線員將開放電話線進行問答。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

(接線員指示) Eric Martinuzzi，Lake Street Capital Markets。

Hey, congrats on the $100 million run rate. That's a very significant milestone that I know you guys have been working a long time to achieve. So it's great to see that.

嗨，恭喜達成 1 億美元的年化運行率。這是一個非常重要的里程碑，我知道你們為了達成它已努力了很長一段時間。很高興看到這個成果。

I had a question regarding, we're always looking for kind of what's next and given the achievement of those targets that you laid out back in March of 2022, do we have -- you talked a little bit in your prepared remarks, Dan, about the at maturity type model having in excess of 90% gross margins.

我有個問題：我們總是在尋找下一步的方向。鑑於你們已達成 2022 年 3 月提出的那些目標，我們是否有——你在事先準備的談話中稍微提到，Dan，成熟期（at maturity）模型的毛利率可超過 90%。

And then approaching the 65% on the adjusted EBITDA, is there a -- obviously, that's the goal. Is there a timeline you're willing to communicate?

然後調整後 EBITDA 接近 65%，是否有——顯然那是目標。你們願意對外溝通一個時間表嗎？

Thanks, Eric. It's Dan, and I appreciate the question. And yeah, look, I mean, we're really excited, obviously, about crossing that revenue threshold. I think that's a milestone that obviously is a good marker for us. But as I said earlier, it's just the beginning. It's not a finish line, so to speak.

謝謝你，Eric。我是 Dan，感謝你的提問。是的，我們當然對跨越那個營收門檻感到非常振奮。我認為那確實是我們的一個重要里程碑與指標。但如我先前所說，這只是開始。可以說，它並不是終點線。

And so when we talk about some of the timelines to kind of get to that maturity, right, we're not really going to put a timeline on that today because we don't issue formal guidance and kind of pinning a year of maturity state outlook would be inconsistent with how we manage the business.

因此，當我們談到達到成熟期的一些時間點時，今天我們不會給出時間表，因為我們不提供正式財測，而將成熟期狀態的展望鎖定在某一年，將與我們管理業務的方式不一致。

What it comes down to is kind of the structure of the business model. We operate a data and analytics platform with a largely fixed cost base. Once the platform is built and the data is in place, the marginal cost of an incremental transaction is very small.

歸根結底，關鍵在於商業模式的結構。我們營運的是一個資料與分析平台，其成本基礎大多為固定成本。一旦平台建置完成且資料到位，新增一筆交易的邊際成本就非常低。

That means as revenue scales, an outside share, as of every dollar flows to the bottom line. Our cost structure is built to support a meaningfully larger business than where we are today, and we are continuing to invest in that cost structure to enable future growth. So 65% at maturity isn't a forecast and it isn't a target.

這意味著隨著營收規模擴大，每增加 1 美元收入，就會有更高比例流向最終獲利。我們的成本結構是為了支撐遠大於目前規模的業務而打造，我們也持續投資於該成本結構，以支持未來成長。因此，成熟期 65% 並不是預測，也不是目標。

It's a model output when you take a high fixed cost, low marginal cost platform, and you let it scale to its natural operating leverage. So for timelines, it's really about continuing what we're doing, building a good foundational business, and moving as we can towards those underlying metrics.

它是模型推導的結果：當你擁有高固定成本、低邊際成本的平台，並讓其隨規模擴張而自然釋放營運槓桿時，就會得到這樣的輸出。至於時間表，重點在於持續做我們正在做的事，打造良好的基礎型業務，並在可行的情況下朝這些底層指標邁進。

Okay. And then the other notable achievement here was the new customer onboarding. As you went through the different verticals you serve, I didn't really pick up on anything that was a substantial change versus your commentary last quarter, and maybe I'm incorrect there. But what do you attribute the -- is Q1 typically a time when you do onboard significant number of new customers, or is there something going on in the macro or with the brand that's allowing you to achieve those numbers?

了解。另外一個值得注意的成果是新客戶導入。你在談到所服務的不同垂直領域時，我沒有特別聽到相較於上季評論有任何重大變化，也可能是我聽漏了。但你認為這些數字的達成主要歸因於——第一季通常就是會導入大量新客戶的時點嗎？還是總體環境或品牌方面有什麼因素，讓你們能達到這樣的成果？

Thanks, Eric. It's Derek. Q1 is generally strong. It tends to -- industries tend to enter the new year with a little bit of wind in their sails. Maybe they're ready to deploy those budgets and get going.

謝謝，Eric。我是Derek。第一季通常表現強勁。一般來說——各產業往往在新年度開始時都帶著一點順風。也許他們已準備好動用那些預算並開始推進。

I think what we would say about that is we have produced near-record onboarding, or at least at the very highest of our average, 12-month average, for quite a while now. And we've always said that those are a great leading indicator of the revenue generation and success of the business in the out months. And obviously, that's bearing true, and that's why we use it as exactly that, a leading indicator.

我想我們會這麼說：我們已經達成接近歷史新高的導入（onboarding）量，或至少在相當長一段時間內都維持在我們12個月平均的最高水準附近。而我們也一直說，這些是未來幾個月營收產生與業務成功的極佳領先指標。很明顯地，這點正在應驗，這也是為什麼我們正是把它當作領先指標來使用。

It's a confluence of many things that are ongoing within the organization. I think we're doing a very nice job of marketing ourselves, being present at conferences, engaging with our customers, and delivering what they want in products and solutions.

這是組織內多項持續進行事項的匯聚。我認為我們在行銷自我、出席會議、與客戶互動，以及交付他們在產品與解決方案上想要的內容方面，都做得非常好。

We have always said we're very customer-centric, and we will never change, and so when we think about the next series of developments, whether it be functionality, for example, within an application for a certain industry, we're talking to our customers, we're finding out what they want.

我們一直都說我們非常以客戶為中心，而且永遠不會改變；因此當我們思考下一波的開發時，不論是某個產業應用程式中的功能性等，我們都會與客戶對話，了解他們想要什麼。

What they don't see in the competitive environment, and we execute upon that. And so I'm very proud of the organization, and that's why I started out with a thank you to the team. It is really brilliant execution over the last 18 months, and we've got an extraordinarily strong roadmap.

以及他們在競爭環境中看不到什麼，然後我們就據此執行。所以我對整個組織感到非常自豪，這也是我一開始就向團隊致謝的原因。過去18個月真的是非常出色的執行力，而我們也擁有極其強勁的產品藍圖（roadmap）。

And because of the AI implementations across the organization, we're seeing acceleration there. And so it's got us very enthusiastic that we're very well positioned for the future.

而且由於AI在整個組織內的導入，我們看到那方面正在加速。因此這讓我們非常振奮，因為我們在未來的布局上處於非常有利的位置。

Got it. Last question for me, you talked about the growth in the quarter was up 17, but really would have been even stronger when you back out the $1.2 million from the year ago quarter. MyMath has the kind of apples-to-apples growth at around 24%.

了解。我最後一個問題：你提到本季成長是17%，但如果把去年同期的120萬美元扣除，其實會更強。我用我的計算，類似同口徑（apples-to-apples）的成長大約在24%左右。

I know you're not in the business of giving guidance here, but seasonal trends in the business historically would have Q2 up from Q1. Is there any reason that that trend would be different this year?

我知道你們不會在這裡提供財測指引，但從歷史季節性趨勢來看，第二季通常會比第一季高。今年有任何理由會讓這個趨勢不同嗎？

Thanks, Eric. This is Dan again. Look, I mean, historically and traditionally, first quarter has always been a really strong quarter for us. Obviously, we talked Q1 of '25. Had a little additional in there and kind of one-time transactional. But going back historically, we always had a good first quarter out of the gate.

謝謝，Eric。我是Dan，再次回答。你看，從歷史與傳統來說，第一季一直都是我們非常強的一季。很明顯地，我們談到2025年第一季。其中有一些額外的、算是一次性的交易性收入。但回到更長期的歷史，我們一開年第一季通常都表現不錯。

We try to replicate and grow that in Q2. Last year, I think, if you look, I mean, we were probably down sequentially by about $200,000, but of course, we were going against that kind of transactional comp. So for us, yes, we're not providing any formal guidance. And for us, when we think about the business and going back to. 2024, 2025, we talked about early on reaccelerating the growth rate.

我們會嘗試在第二季複製並擴大這樣的表現。去年我想如果你去看，我們可能季對季下滑大約20萬美元，但當然那是因為我們面對的是那種交易性收入的比較基期。所以對我們而言，是的，我們不提供任何正式指引。而當我們思考業務、並回到2024、2025年時，我們早期就談到要讓成長率重新加速。

And obviously, in 2024, 2025, we were able to do that. And so for us, it's one foot in front of the other and continuing to execute. But I think from a sequential basis, we have a great foundation coming out of the gate at $25.8 million. And the expectation is we can leverage that and over the next couple of quarters, obviously, grow from there.

而很明顯地，在2024、2025年我們做到了。因此對我們來說，就是一步一步持續執行。但我認為從季對季的角度看，我們以2,580萬美元的水準強勢開局，打下很好的基礎。而我們的預期是能在此基礎上加以槓桿運用，並在接下來幾季，顯然地，從這裡繼續成長。

First quarter, we talked about April, for the most part, is closed, and what we saw in April was just an extremely strong month. And so, we're excited about what's happening in the business and looking forward to continuing to perform for the near, medium, and long-term.

第一季我們提到，四月大致上已經結束，而我們在四月看到的是一個極其強勁的月份。因此，我們對業務正在發生的事情感到興奮，也期待在短期、中期與長期持續交出表現。

Great. Thanks for taking my questions.

很好。謝謝你回答我的問題。

Thanks, Eric.

謝謝，Eric。

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

Yeah, thanks for taking my question and great to see the company taking back some stock this quarter. I wanted to ask a little bit of two questions for me. One, about scaling up the go-to-market strategy historically. You've been a little bit more narrowly focused, but when we think of that broadening out, inside sales, strategic sales, and distribution, what are your plans to grow those channels this year, and how are you investing in that?

是的，謝謝讓我提問，也很高興看到公司本季回購了一些股票。我這邊想問兩個問題。第一個是關於歷來擴大（scaling up）市場推進（go-to-market）策略。你們過去比較聚焦，但當我們想到要擴大到內勤銷售、策略型銷售與通路分銷時，今年你們計畫如何成長這些渠道？又會如何投入資源？

Yeah, thanks, John. This is Josh and this is Dan. I'll take that. Look, I mean, if you look historically, especially kind of in that go-to-market line, which we do provide some supplemental metrics around kind of our sales and marketing personnel, and we've invested there. We've invested in the marketing front a number of years ago, bringing in a highly skilled leader to build out that team.

好的，謝謝，John。我是Josh，這裡是Dan。我來回答。你看，如果回顧歷史，特別是在市場推進這條線上——我們確實提供了一些補充指標，與我們的銷售與行銷人員配置相關——而我們也在那裡持續投資。我們在幾年前就已在行銷端投入，延攬一位能力很強的領導者來建立那個團隊。

And as Derek talked about earlier, we're at the conferences we need to be at, we're at the trade shows we need to be at, we're continuing to engage with the customers. And that starts with a solid marketing foundation and building out from there.

正如Derek先前提到的，我們出席該出席的會議、參加該參加的展會，並持續與客戶互動。而這一切都始於穩固的行銷基礎，並在此之上持續擴建。

When you think about our sales, go-to-market type strategy, we've built out an extremely efficient and productive inside sales team. I think of that as kind of the engine of the organization, highly skilled, verticalized, subject matter experts across a broad group of industries and verticals.

當你思考我們的銷售、市場推進類型策略時，我們已建立一支極其高效率且高產能的內勤銷售團隊。我把它視為組織的引擎：具備高技能、按垂直領域分工，並在廣泛的產業與垂直市場中擁有主題專家（SME）。

And tactically, over the last several years, we've built out more of our strategic side, right, in a number of areas where we've made investments, and we've built out the strategic team. So for us, when we look at growth, yes, it's not only in some of those pockets where we've been investing in, it's also across the broad and diverse industries and verticals we serve.

而在戰術層面，過去幾年我們也在更多策略面向上擴建，對吧，在若干我們已投入的領域，我們建立並擴充了策略團隊。所以對我們而言，當我們看成長時，是的，不僅是在我們已投資的那些口袋領域，也是在我們所服務的廣泛且多元的產業與垂直市場之中。

We kind of call out five main verticals in which we operate and kind of break down revenue, but when you look at the amount of industries. Roll up into that by verticals, it's around 25, 26 different industries. So the great thing about the growth that we've seen this quarter and we've seen consistently, it is broad-based, it is in a number of areas, and it's not concentrated in one use case or one customer.

我們大致點出我們營運的五個主要垂直領域，並以此拆分營收；但當你看各垂直領域所涵蓋的產業數量時，加總起來大約是25到26個不同產業。所以本季我們看到的成長、以及我們持續看到的成長，最棒的一點是它是廣泛分布的，發生在多個領域，並不是集中在單一使用情境或單一客戶。因此，這也讓我們對今天談論業務表現、以及我們預期未來表現的方式，充滿信心。

And so that's what obviously gives us a lot of confidence today to talk about how the business is performing and how we expect it to perform in the future.

因此，這顯然也讓我們今天在談論業務如何表現、以及我們預期未來如何表現時，充滿信心。

Yeah, Josh, it's Derek. I know you're aware, but I'll state it very unequivocally that we are an early-stage company, and we're sitting in front of an enormous market opportunity, and we're very fortunate that we're generating very healthy cash flow. So with that opportunity in front of us, that's really the summary of our call today is that we're going to invest.

是的，Josh，我是Derek。我知道你了解，但我還是要非常明確地說：我們是一家早期階段公司，而我們正面對一個巨大的市場機會；同時我們也很幸運能夠產生非常健康的現金流。因此在這個機會擺在眼前的情況下，這也就是我們今天電話會議的重點總結：我們將會投資。

The opportunity is that large, and our goal isn't to set necessarily a record even a margin tomorrow. For us this, Josh, we're building a very healthy foundational business with a view of 10 years out, and so the answer across the board is we expect to grow our team.

機會規模就是這麼大，而我們的目標也不一定是要在明天創下紀錄、甚至把利潤率推到極致。對我們來說，Josh，我們是在打造一個非常健康的基礎型業務，著眼於未來10年的發展，因此整體答案是：我們預期會擴編團隊。

You know this team, it's going to be methodical, it's going to be deliberate, and it's going to be directly in line with where the opportunity demands it. And that includes go-to-market, your question, but product, data, and definitely on the AI-driven capabilities.

你也了解這個團隊，我們會按部就班、審慎推進，而且會完全依照機會所要求的方向來配置。這包括你提到的市場推進（go-to-market），也包括產品、資料，以及當然還有AI驅動的能力。

And so what that will create over time is an inflection point, right? We will get where the revenue scales meaningfully without a commensurate increase in the headcount because of what we're doing today and tomorrow.

因此，隨著時間推移，這會帶來一個拐點，對吧？因為我們今天和明天所做的事情，我們將達到營收能夠顯著擴張、但人力不需要同比增加的階段。

And that's the model. We're not one of those companies that has bloated through the pandemic or using AI as an excuse to eliminate personnel or a missed quarter or anything else.

這就是我們的模式。我們不是那種在疫情期間人員膨脹的公司，也不是拿AI當藉口去裁員，或用來掩飾某個季度失利或其他任何問題。

Net-net today, more employees, but a team that's going to operate at fundamentally a much higher level of productivity. And then that'll flatten out and you'll see those margins just drive.

總體而言，今天員工會更多，但團隊的運作效率將在根本上提升到更高的生產力水準。接著人力增幅會趨於平坦，你會看到利潤率持續推升。

Thanks, then Derek, you touched on it. Always good to hear you talk a little bit about your thoughts on technology and the impact and tailwinds that you think that's going to bring to the business. Clearly, it's a rapidly evolving environment. Agentic capabilities with AI or something, right, that has gotten a lot of focus recently.

謝謝，那Derek，你剛才也提到了。總是很高興聽你談談你對科技的看法，以及你認為它會為業務帶來的影響與順風。很明顯，這是一個快速演進的環境。最近大家非常關注AI的代理式（agentic）能力之類的東西，對吧。

I'm curious maybe if you want to opine for a minute just how you're thinking about investing in that, enhancing the company's agentic capabilities and what that could do for the business as it scales up over the next few years?

我想請你或許花一分鐘談談，你們如何看待在這方面的投資、強化公司的代理式能力，以及在未來幾年業務規模擴大時，這可能為公司帶來什麼？

Yeah, sure, Josh. Thank you for the question. I appreciate it. We've spent some time on this in the fourth quarter and our earnings and full year, but I'm very happy to revisit it.

好的，當然可以，Josh。謝謝你的提問。我很感謝。我們在第四季以及財報與全年回顧時已經談過一些，但我也很樂意再說明一次。

AI, we don't perceive that as a threat to our business. It's a tailwind for us. And I'll restate it again. AI alone cannot replicate our data. We've built this longitudinal identity graph. It's billions of unified records, and it's tested and modeled and refined over years of actual usage.

AI，我們不把它視為對我們業務的威脅。它對我們而言是順風。我再重申一次。單靠AI無法複製我們的資料。我們建立了這個縱向（longitudinal）的身分圖譜（identity graph）。它包含數十億筆整合後的紀錄，並且在多年實際使用中不斷測試、建模與精煉。

And that's the foundation that AI needs to run on. So for us. We've got this healthy foundation built, and we can layer it with AI on top of it and better serve our customers in all different ways, in the risk signals we're generating, so that through an API connection, our customers see it when they come into the office in the morning versus the competition's solutions.

而那正是AI運行所需要的基礎。所以對我們來說。我們已經建立了健康的底層基礎，並且可以在其上疊加AI，以各種不同方式更好地服務客戶——包括我們產生的風險訊號，讓客戶透過API連線，在早上進辦公室時就能看到，而不是看到競爭對手的解決方案。

Our competition is working on trying to complete migrations to the cloud from other architectures. We are optimized. This is cloud native, AI embedded from day one. And so for us, we are using AI to, as we said, compress the development cycles, implement more AI across the organization. It's pulsating through the products in what we're doing every day, Vibe coding, agentic.

我們的競爭對手還在努力把系統從其他架構遷移到雲端。我們已經完成最佳化。我們從第一天起就是雲原生（cloud native）、內建AI（AI embedded）。因此我們正在使用AI來——如我們所說——壓縮開發週期，在整個組織中導入更多AI。它在我們每天做的事情與產品中脈動著：Vibe coding、代理式（agentic）。

And we're very excited because as the customers, especially small and medium-sized, become more adept at using it, developing it, and getting agents, for example, into their workflow, we're completely usage-based. We're volume-based. So that means they will access our products in much faster fashion, less manual activity and more demand for the identities that we can clear every single day, and it's necessary to come back to us, right?

我們非常興奮，因為當客戶——尤其是中小企業——更擅長使用它、開發它，並且例如把代理（agents）導入他們的工作流程時，我們的計費完全是按使用量計價。我們是按量（volume-based）的。這表示他們會以更快的方式存取我們的產品，手動作業更少，對我們每天能夠核驗的身分需求更高，而這也必然需要回到我們這裡，對吧？

We've talked about this. One person's identity on a given day to open a new bank account is only good for that moment in time. The next day, that person's identity and profile has changed. They might have been arrested the night before. They might be now divorced. They might have financial stress that occurred, a bankruptcy filing, a very large judgment.

我們談過這點。某個人在某一天用來開立新銀行帳戶的身分，只在那個時間點有效。隔天，那個人的身分與檔案就可能已經改變。他可能前一晚被逮捕。他可能現在離婚了。他可能出現財務壓力，例如申請破產，或出現一筆非常大的判決賠償。

So the next time commercial or public sectors see that consumer, they need to then again clear that identity and make a critical decision about that individual. So we've been building for this for the last 11 years. We've built this identity graph to be extraordinarily high confidence.

因此，下次商業或公部門再看到這位消費者時，就需要再次核驗其身分，並對該個人做出關鍵決策。所以我們過去11年一直在為此打造。我們建立這個身分圖譜，讓其具備極高的可信度。

AI can only be directionally correct. We need to be accurate. Law enforcement is making critical decisions every day using our products, financial services, all of our industries. So we're really well positioned. We're very excited about the innovation that's going on and the product roadmap, and very excited about introducing new products and updating you on that.

AI只能在方向上大致正確。我們需要的是精準。執法機關每天都在使用我們的產品做出關鍵決策；金融服務以及我們服務的所有產業也是如此。因此我們的定位非常有利。我們對正在發生的創新與產品藍圖感到非常振奮，也很期待推出新產品並向各位更新進展。

Appreciate it, guys. Thank you.

感謝各位。謝謝。

Thanks, Josh.

謝謝你，Josh。

Thank you. I'm showing no further questions at this time, so I would like to turn it back to Derek Dubner for final remarks.

謝謝。我這邊顯示目前沒有其他提問，因此我想把時間交回給Derek Dubner做結語。

Thank you. As we close, I want to reiterate that our performance this quarter reflects the strength of our strategy, resilience of our business model, and the continued trust of our clients and partners.

謝謝。在結束之前，我想再次強調，本季的表現反映了我們策略的強度、商業模式的韌性，以及客戶與合作夥伴持續的信任。

We remain focused on disciplined execution, responsible growth, and delivering long-term value to our shareholders. While the macro environment continues to evolve, we are confident in our positioning, our technology, and our team.

我們仍將專注於有紀律的執行、負責任的成長，並為股東創造長期價值。儘管宏觀環境持續演變，我們對自身的市場定位、技術與團隊充滿信心。

We appreciate your continued support, and we look forward to updating you on our progress next quarter.

感謝各位持續的支持，我們期待在下個季度向各位更新我們的進展。

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

感謝您參與今天的電話會議。本次會議到此結束，您現在可以中斷連線。