Red Violet Inc (RDVT) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to red violet's second-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 年第二季財報電話會議。（接線員指示）提醒各位，本次通話將被錄音。

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

現在我想介紹今天會議的主持人：Camilo 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 second quarter 2026 financial results. With me today is Derek Dubner, our Chairman and Chief Executive Officer; and Dan MacLachlan, our Chief Financial Officer.

各位下午好，歡迎各位。感謝今天加入我們，一同討論 2026 年第二季財務結果。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。

Our call today will begin with comments from Derek and Dan, followed by a question-and-answer session. 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.

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。提醒各位，本次會議將以網路直播方式即時播出並錄音。會後，我們網站將提供重播。欲收看網路直播，請造訪我們網站 www.redviolet.com 的 Investors（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. 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.

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》（Private Securities Litigation Reform Act of 1995）之安全港條款（Safe Harbor）保障。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暗示者有重大差異。公司不承擔更新本次通話所提供資訊之義務。

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

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 季度報告。在本次通話中，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、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 財務衡量指標與其最直接可比的美國 GAAP 財務衡量指標之調節表，已載於今日稍早發布的財報新聞稿中。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；相關指標及其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 Dubner.

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

Good afternoon, everyone, and thank you for joining us. We are pleased to report another exceptional quarter. The identity intelligence market has never been more active, and our results this quarter reflect that reality in full. Q2 was our strongest quarter across every financial metric. Revenue, gross margins, EBITDA, net income and cash flow from operations all reached new highs simultaneously. Layer on top of that the highest single quarter customer additions in our history and the most significant expansion of FOREWARN since its founding, and Q2 is a monumental quarter of strong double-digit growth with margins and profitability that continue to set new records.

各位下午好，感謝各位加入我們。我們很高興報告又一個表現卓越的季度。身分智慧（identity intelligence）市場從未如此活躍，而我們本季的成果充分反映了這一現實。第二季是我們在所有財務指標上最強勁的一季。營收、毛利率、EBITDA、淨利以及營運活動現金流同時創下新高。再加上公司史上單季新增客戶數最高，以及 FOREWARN 自成立以來最顯著的擴張，第二季可說是具有里程碑意義的一季：強勁的兩位數成長，且毛利與獲利能力持續刷新紀錄。

Since our initial listing in 2018, red violet has now delivered 31 quarters of double-digit revenue growth, including 22 quarters of 20% or greater. Second quarter revenue was a record $26.7 million, up 23% over prior year. Our adjusted gross margin was a record 86%. Adjusted EBITDA increased 48% to $11.2 million, producing a 42% margin, both new highs. Adjusted net income increased 58% to $7.2 million, resulting in adjusted earnings of $0.50 per diluted share, both records. And cash flow from operations increased 42% to a record high of $10.6 million.

自 2018 年首次上市以來，red violet 已連續 31 個季度實現兩位數營收成長，其中有 22 個季度達到 20% 或以上。第二季營收創紀錄達 2,670 萬美元，較去年同期成長 23%。調整後毛利率創紀錄達 86%。調整後 EBITDA 成長 48% 至 1,120 萬美元，帶來 42% 的利潤率，兩者皆創新高。調整後淨利成長 58% 至 720 萬美元，使調整後稀釋每股盈餘達 0.50 美元，兩者亦為紀錄。營運活動現金流成長 42% 至創紀錄的 1,060 萬美元。

Let me walk you through what is driving this performance. Every industry we serve is navigating a world that has become fundamentally harder to operate in without identity intelligence at the center of it. The interactions that matter most, verifying an application, onboarding a customer, processing a claim, executing a transaction, engaging in in-person interactions, investigating a crime, now occur in an environment that has been fundamentally transformed. Fraud and synthetic identity have exploded, fueled by AI tools that have put sophisticated impersonation capabilities within reach of virtually anyone. The in-person channel, where human judgment provided a layer of verification has been largely displaced by digital interactions that move instantly and at massive scale.

我來說明推動這項表現的原因。我們所服務的每個產業都正在面對一個現實：若沒有以身分智慧為核心，這個世界在營運上已變得根本更難。最關鍵的互動——驗證申請、客戶上線（onboarding）、理賠處理、交易執行、面對面互動、犯罪調查——如今都發生在一個已被徹底改變的環境中。詐欺與合成身分（synthetic identity）激增，AI 工具讓幾乎任何人都能取得高階的冒用能力。過去在人員判斷可提供一層驗證的面對面通路，已在很大程度上被即時且大規模的數位互動所取代。

Regulatory and legal exposure for identity failures has increased materially and reputational risk has never been more immediate or more consequential in a world where a single breach makes headlines. And the speed and volume of digital transactions has compressed the window to catch a bad actor to near zero. Organizations are not adding identity intelligence to their workflows as a nice-to-have. They are building it in because the cost of getting identity wrong financially, legally and reputationally has never been higher. That dynamic is what is driving our growth, and it is not slowing. If anything, AI is accelerating it.

身分驗證失敗所帶來的監管與法律曝險已大幅上升；在一次資安事件就能登上新聞頭條的世界裡，聲譽風險從未如此即時且影響深遠。而數位交易的速度與量能，將攔截不法分子的時間窗口壓縮到幾乎為零。各組織將身分智慧納入工作流程並非「可有可無」的加分項，而是因為在財務、法律與聲譽層面，身分判斷錯誤的成本已達到前所未有的高度。這股動能正驅動我們的成長，而且並未放緩；若有的話，AI 正在加速它。

As AI-powered interactions become more prevalent, the need to know with certainty who is on the other side of that interaction becomes more urgent, not less. Our platform sits precisely at that intersection, and we believe we are architected for it in ways our competition simply is not. Our proprietary entity resolution engine, IRON, constructs an identity graph that is living and breathing, continuously capturing, normalizing, validating, resolving and assimilating data. AI is not something we layered on after the fact. It is embedded in the foundation of how the platform operates. The result is a widening structural advantage. Legacy competitors are retrofitting AI onto infrastructure that was never designed for it. We are accelerating on infrastructure that was purpose-built for exactly this moment.

隨著 AI 驅動的互動愈加普遍，對於「互動另一端究竟是誰」的確定性需求只會更迫切，而非降低。我們的平台正位於這個交會點上，我們相信在架構設計上具備競爭對手所不具備的優勢。我們的專有實體解析引擎 IRON 建構一個「活的」身分圖譜（identity graph），持續擷取、正規化、驗證、解析並整合資料。AI 並非事後加上的功能，而是深植於平台運作方式的基礎之中。其結果是結構性優勢持續擴大。傳統競爭者正把 AI 改裝到原本就不是為此設計的基礎架構上；而我們則在為此刻量身打造的基礎架構上加速前進。

We believe that gap widens every quarter, and Q2's results reflect the market recognizing that. I want to spend a moment on the 447 new IDI customers we added in Q2 because I think the number deserves more than a passing reference. 447 new customers in a single quarter is the highest in any quarter in red violet's history. It surpasses the 400 we added in Q1, which was itself one of the highest quarterly additions in our history.

我們相信這個差距每一季都在擴大，而第二季的成果反映市場正在認可這一點。我想花點時間談談我們在第二季新增的 447 位 IDI 客戶，因為我認為這個數字值得更深入的說明。單季新增 447 位客戶是 red violet 歷史上任何一季的最高紀錄。這也超越了我們在第一季新增的 400 位，而第一季本身就已是我們歷史上新增客戶數最高的季度之一。

Back-to-back quarters of new customer additions at this level is not a coincidence. It is a very meaningful indicator. What it indicates is accelerating recognition. Our platform is increasingly being identified as a must-have in our customers' workflows, not a nice-to-have, not one of several options under evaluation, but a foundational capability that organizations are building their operating processes around.

連續兩季在這樣的水準新增客戶並非巧合，而是一個非常重要的指標。它所代表的是市場認知正在加速：我們的平台愈來愈被視為客戶工作流程中的「必備」，而非「可有可無」，也不是多個評估選項之一；相反地，它是一項基礎能力，組織正圍繞它來建構其營運流程。

When we talk to customers, what we hear consistently is that the depth and accuracy of our identity graph and the speed and scalability of the platform that powers it is simply not replicable elsewhere, and the market is reaching that conclusion at an accelerating rate. We ended Q2 with 10,869 total IDI customers, a customer base built across financial services, insurance, law enforcement, government, health care, real estate, collections, background screening, investigative services and more. Each customer represents an organization that has made an active decision that IDI belongs in their workflow.

當我們與客戶交流時，我們一再聽到的是：我們身分圖譜的深度與準確性，以及支撐該圖譜的平台速度與可擴展性，在其他地方根本無法複製，而市場正以更快的速度得出同樣的結論。第二季結束時，我們共有 10,869 位 IDI 客戶，客戶群涵蓋金融服務、保險、執法機關、政府、醫療保健、不動產、催收、背景審查、調查服務等更多領域。每一位客戶都代表一個組織已主動做出決策：IDI 應該納入其工作流程。

The strength of Q2 was broad-based. We've spoken in prior quarters about the K-shaped economic environment and how it creates tailwinds for us at both ends of the spectrum. In that elevated transaction activity at the higher end drives demand from financial services, insurance and background screening support, while financial stress at the other end drives demand from collections, repossession, investigative and legal. That dynamic remains fully intact.

第二季的強勁表現是全面性的。我們在前幾季曾談到 K 型經濟環境，以及它如何在光譜兩端同時為我們帶來順風：一方面，高端市場較高的交易活動帶動金融服務、保險與背景審查支援的需求；另一方面，另一端的財務壓力則推升催收、拖車回收（repossession）、調查與法律服務的需求。這樣的動態依然完全存在。

But what we are increasingly convinced of is that this is not simply a cyclical condition we happen to be benefiting from. It reflects a structural shift in how the economy has stratified. We do not see it changing anytime soon, and we believe it gives our demand profile a durability and breadth that few businesses can claim.

但我們愈來愈確信的是，這不僅僅是我們恰好受惠於的景氣循環狀態。它反映了經濟分層方式的結構性轉變。我們不認為它會在短期內改變，並且我們相信，這使得我們的需求輪廓具備少有企業能夠宣稱的持久性與廣度。

Beyond the macro environment, the vertical level results in Q2 were exceptional. four of our five verticals reached their highest quarterly revenue levels in our company's history. That is not a function of one strong segment carrying the rest. It's a reflection of broad simultaneous demand across the business.

除了總體環境之外，第二季在垂直領域層面的表現也極為出色。我們五個垂直領域中的四個，創下公司歷史上最高的單季營收水準。這並不是由某一個強勢區隔帶動其他區隔的結果，而是反映了全公司範圍內同時出現的廣泛需求。

I want to turn now to FOREWARN because what is happening there is significant as well. FOREWARN is the leading proactive safety solution in the marketplace for identity verification prior to face-to-face engagement. That's not a marketing characterization. It's the operational reality for hundreds of thousands of real estate professionals across the country who rely on FOREWARN every day before meeting a stranger for the first time.

我現在想轉到 FOREWARN，因為那裡正在發生的事情同樣意義重大。FOREWARN 是市場上領先的主動式安全解決方案，用於在面對面接觸前進行身分驗證。這不是行銷上的描述，而是全國數十萬名房地產專業人士的營運現實；他們每天在第一次與陌生人見面之前都仰賴 FOREWARN。

In Q2, we added over 25,000 new users, ending the quarter with over 443,000 users on FOREWARN. 660 REALTOR Associations are now contracted nationwide. To frame that, there are approximately 1,300 REALTOR Associations in the country. We are contracted with more than half of them. When more than half of all REALTOR Associations in the country have made FOREWARN available to their members, the absence of that protection is no longer a neutral position. It is a liability exposure to their members and to themselves.

在第二季，我們新增了超過 25,000 名新用戶，使 FOREWARN 的用戶數在季末超過 443,000 名。目前全國已有 660 個 REALTOR 協會簽約。作為對照，全國約有 1,300 個 REALTOR 協會；我們已與其中超過一半簽約。當全國超過一半的 REALTOR 協會已將 FOREWARN 提供給其會員時，缺少這項保護就不再是中立立場，而是對其會員以及協會自身的責任風險曝險。

FOREWARN has done more than merely establish itself in real estate. It has become the standard bearer for proactive, data-driven identity intelligence and safety before face-to-face engagement. FOREWARN is no longer just a product. It is a network. And like the most valuable networks, it grows more powerful with every new participant. Associations adopt FOREWARN, establish a new professional norm within their membership, and that norm spreads to peer associations to neighboring markets and then to adjacent professions. Each new user makes the network more embedded, more referenced and harder to displace. That's the definition of a moat, and FOREWARN has built one. That network is now expanding beyond real estate in the most significant way since FOREWARN's founding.

FOREWARN 不僅僅是在房地產領域站穩腳步。它已成為面對面接觸前主動、數據驅動的身分情資與安全的標竿。FOREWARN 不再只是產品，而是一個網路。而且如同最有價值的網路一樣，它會隨著每一位新參與者而變得更強大。協會採用 FOREWARN，在其會員之間建立新的專業常態，而這種常態會擴散到鄰近市場的同業協會，進而延伸到相鄰的職業。每一位新用戶都讓這個網路更深度嵌入、更常被引用、也更難被取代。這就是護城河的定義，而 FOREWARN 已經建立了它。自 FOREWARN 創立以來，這個網路如今正以最顯著的方式向房地產以外擴張。

Last month, we announced the expansion of FOREWARN into home health care. FOREWARN for home health care equips home health care providers and agencies with previsit household insights, giving caregivers real-time safety intelligence before they arrive at a patient's residence and giving organizations a documented proactive approach to workplace safety.

上個月，我們宣布將 FOREWARN 擴展至居家健康照護（home health care）。面向居家健康照護的 FOREWARN，為照護人員與機構提供到訪前的住戶洞察，使照護者在抵達病患住所之前即可取得即時安全情資，並讓組織具備可記錄的主動式職場安全作法。

The parallel to real estate is direct and compelling. Home health care workers deliver critical care in environments that are unknown, unpredictable and uncontrolled, often alone without the visibility and safeguards that their colleagues in hospitals or other care facilities take for granted.

與房地產的相似性直接且具說服力。居家健康照護工作者在未知、不可預測且不受控的環境中提供關鍵照護，且往往獨自一人，缺乏其在醫院或其他照護機構工作的同仁所習以為常的可視性與防護措施。

Workplace violence, harassment and unfamiliar household conditions are well-documented occupational hazards in the industry. And many incidents go unreported, leaving agencies with limited insight into the true scope of risk their workforce faces daily. FOREWARN was purpose-built to close that knowledge gap and the same solution that became the standard in real estate is now available to an industry facing the identical challenge.

職場暴力、騷擾以及不熟悉的住戶環境條件，都是該產業有充分紀錄的職業危害。而且許多事件未被通報，使機構對其人力每天面臨的真實風險範圍所知有限。FOREWARN 的設計初衷就是為了彌補這個資訊落差；而那個在房地產成為標準的同一套解決方案，如今也提供給面臨相同挑戰的產業。

The addressable market is substantial. There are an estimated 4 million home health aides and more than 12,000 Medicare-certified home health agencies in the United States. Whether an individual caregiver needs previsit insights via a mobile app on the way to a visit or an agency needs a deeply integrated API solution connecting directly into its scheduling or workforce management system, FOREWARN delivers. The benefits extend beyond a single visit, building caregiver confidence, strengthening retention, equipping staff with previsit situational awareness and supporting workplace violence prevention efforts at the organizational level.

可服務市場相當可觀。美國估計有 400 萬名居家健康助理，以及超過 12,000 家取得 Medicare 認證的居家健康照護機構。無論是個別照護者在前往到訪途中透過行動 App 取得到訪前洞察，或是機構需要深度整合的 API 解決方案，直接連接其排程或人力管理系統，FOREWARN 都能提供。其效益不僅限於單次到訪，還能建立照護者信心、強化留任、讓員工具備到訪前的情境覺察，並在組織層級支持職場暴力預防工作。

We enter home health care with a proven platform, the trusted brand and an established playbook for scaling through professional and enterprise relationships. The real estate experience taught us how to build adoption, how to shift professional norms and how to construct a community around a shared safety imperative. We are applying those lessons with intention here. The opportunity is significant, and we are pursuing it with the same disciplined focus that built FOREWARN into what it is today.

我們以經過驗證的平台、受信賴的品牌，以及透過專業與企業關係進行規模化的既有作戰手冊，進入居家健康照護領域。房地產的經驗教會我們如何建立採用、如何改變專業常態，以及如何圍繞共同的安全迫切性建構社群。我們正有意識地在此應用這些經驗。機會重大，我們也以同樣嚴謹自律的專注度來推進，正是這種專注讓 FOREWARN 成為今日的樣貌。

As we recently announced, red violet completed a public offering, raising approximately $109 million in net proceeds from both new and existing investors, which we intend to use for working capital, general corporate purposes in connection with potential strategic acquisitions. I want to spend a moment on what that means and why now.

如我們近期所宣布，red violet 已完成公開發行，從新舊投資人合計募集約 1.09 億美元的淨募資款，我們擬將其用於營運資金、一般公司用途，以及與潛在策略性併購相關的用途。我想花一點時間說明這代表什麼，以及為什麼是現在。

Since our spin-off in 2018, we've been intentionally conservative in how we built this business. Building a cash-generative, self-sustaining business was always the goal. And while we did raise modest capital twice along the way, $7.5 million in 2019 and $21 million in 2021, those were targeted, purposeful raises that accelerated specific initiatives and were quickly absorbed into a self-funding model.

自 2018 年分拆以來，我們在打造這家公司時刻意採取保守策略。建立一個能產生現金、可自我維持的企業一直是目標。雖然期間我們也曾兩次小規模募資，分別為 2019 年的 750 萬美元與 2021 年的 2,100 萬美元，但那都是針對特定計畫、具目的性的募資，用以加速特定倡議，並很快被吸收進自籌資金的營運模式中。

From that point forward, our own cash flow generation funded the business, investing in the platform, the data, the team and the go-to-market capabilities that have produced the financial results we reported today. The conservative path we took was a deliberate choice, and we are proud of it. It is not the path every company takes and the results speak for themselves.

從那之後，我們自身的現金流生成為業務提供資金，投入於平台、資料、團隊以及市場進入能力，並產生了我們今天所報告的財務成果。我們選擇的保守路徑是刻意為之，我們也以此為傲。並非每家公司都走這條路，而結果已不言自明。

But the opportunity in front of us today is of a different magnitude. We've spent years building the leading technology platform for identity intelligence, a proprietary layered AI-embedded architecture built on a foundation that competitors cannot replicate quickly or cheaply or even at all. And that foundation is what makes our opportunity already in motion.

但我們眼前的機會在量級上已不同以往。我們花了多年打造身分情資（identity intelligence）領域的領先技術平台：一套專有、分層、內嵌 AI 的架構，建立在競爭對手無法快速或低成本複製、甚至根本無法複製的基礎之上。而正是這個基礎，使我們的機會得以在當下持續推進。

Let me be specific about what that means. We have a multiyear, well-defined product road map significantly underway. Our organic opportunity is enormous. AI has compressed our development cycles materially. What once required multiple engineering resources and extended time lines can now be accomplished faster and with greater precision. That acceleration does not just mean we build existing road map items faster, it expands what's on the road map itself.

我具體說明其意涵。我們已有一個多年期、定義清晰且正在大幅推進的產品路線圖。我們的有機成長機會極其龐大。AI 已實質壓縮了我們的開發週期。過去需要多名工程資源與較長時程才能完成的工作，如今可以更快且更精準地達成。這種加速不僅意味著我們能更快完成既有路線圖項目，也擴大了路線圖本身的內容。

Vertical application layers purpose-built for specific industries, natural language interfaces that give customers new ways to access our intelligence beyond traditional UI searches or AI API calls. Products that would not have been feasible to build at our scale two years ago are now within reach.

例如，為特定產業量身打造的垂直應用層、自然語言介面，讓客戶能以傳統 UI 搜尋或 AI API 呼叫之外的新方式存取我們的情資。兩年前以我們的規模尚不可行打造的產品，如今已觸手可及。

At the same time, we continue to invest in the organic expansion of our data and platform capabilities. Our entity resolution engine is not static. It continuously captures, normalizes, validates, resolves and assimilates data into the graph and generates proprietary data and signals from our own platform activity. Each new data source we bring in to fuel the engine and each new linkage we establish opens additional verticals to serve and new use cases within verticals we already serve. This is an organic self-reinforcing growth engine that compounds over time.

同時，我們也持續投資於資料與平台能力的有機擴張。我們的實體解析（entity resolution）引擎並非靜態；它會持續擷取、正規化、驗證、解析並將資料同化進圖譜（graph）中，並從我們自身平台活動中產生專有資料與訊號。我們每引入一個新的資料來源來驅動引擎、每建立一個新的連結，都會開啟更多可服務的垂直領域，以及我們既有垂直領域中的新使用情境。這是一個有機、自我強化的成長引擎，並會隨時間複利累積。

We are also observing inorganic opportunities in the way of strategic acquisitions, and we have defined a clear framework for how we will evaluate them. We are looking for targets that meet one or more of three criteria. First, acquiring unique data assets that expand our longitudinal identity graph and drive new use cases. Second, acquiring enabling technology that accelerates product development or brings differentiated capabilities where a build-versus-buy analysis favors acquisition. Third, expanding our vertical market presence by adding industry expertise, customer relationships and accelerating penetration into adjacent verticals where we've targeted or are beginning to establish a foothold.

我們也在策略性併購方面觀察到非有機機會，並已建立一套清晰的評估框架。我們尋找符合以下三項標準之一或多項的標的。第一，收購獨特的資料資產，以擴展我們的長期身分圖譜並驅動新的使用情境。第二，收購賦能技術，以加速產品開發，或在「自建或收購」分析顯示收購更有利時，帶來差異化能力。第三，透過增加產業專業、客戶關係，並加速滲透至我們已鎖定或正開始建立立足點的相鄰垂直領域，來擴大我們在垂直市場的布局。

We have significant runway remaining in the United States, competing against much larger but far less differentiated incumbents across a TAM we have just begun to penetrate, and that is where our primary focus lies. That said, where a target meeting one or more of these criteria also brings an established international presence, that is a meaningful added dimension we will weigh in our evaluation. What I want to be equally clear about is our discipline. We evaluate acquisitions first on strategic fit and synergies. Does it advance the road map? Does it strengthen the platform? Does it serve a customer base we want to serve? Valuation and accretion follow from that. We have a high bar.

我們在美國仍有相當大的發展空間，正與規模大得多、但差異化程度遠低的既有競爭者競爭；面對的是我們才剛開始滲透的龐大可服務市場（TAM），而這也是我們的主要聚焦所在。話雖如此，若某個符合上述一項或多項條件的標的同時具備既有的國際布局，這將是我們在評估時會納入權衡的一個重要加分面向。我同樣要清楚強調的是我們的紀律性。我們評估併購首先看策略契合度與綜效：是否推進產品路線圖？是否強化平台？是否服務我們想要服務的客群？估值與增益性（accretion）則是在此之後的結果。我們的門檻很高。

We've walked away from potential transactions in the past, and we will continue to do so if the fit is not right. The capital we have raised gives us the capacity to act when the right opportunity presents itself, not the obligation to act for its own sake. Against all of that, the AI opportunity we have constructed is the force multiplier. We see five distinct dimensions.

過去我們曾經放棄一些潛在交易；若契合度不對，我們未來也會持續如此。我們所募集的資本讓我們在合適機會出現時有能力採取行動，而不是為了行動而行動。在上述所有因素之下，我們所打造的 AI 機會是放大器。我們看到五個明確的面向。

First, risk signal intelligence, the continued use of AI to analyze our identity graph and massive transaction volumes to surface risk signals that only our foundational data can generate.

第一，風險訊號情報：持續運用 AI 分析我們的身分圖譜（identity graph）與龐大的交易量，挖掘只有我們的基礎資料才能產生的風險訊號。

Second, intelligent data aggregation, AI-driven ingestion of publicly available unstructured data, continuously identifying, extracting and assimilating new signals into the identity graph in real time.

第二，智慧資料彙整：以 AI 驅動匯入公開可得的非結構化資料，持續即時辨識、擷取並同化新的訊號至身分圖譜中。

Third, as discussed, new customer interaction layers, moving beyond static interfaces and API calls to vertical application layers and natural language interfaces, giving customers new modalities to access our intelligence.

第三，如先前所述，新的客戶互動層：從靜態介面與 API 呼叫，進一步走向垂直應用層與自然語言介面，讓客戶以新的方式存取我們的情報能力。

Fourth, enterprise workflow automation, AI-driven automation across internal operations, including compliance, new customer onboarding and customer support, increasing productivity enterprise-wide without proportional headcount growth. The goal, operating leverage expands as AI replaces manual processes across the enterprise.

第四，企業工作流程自動化：以 AI 驅動內部營運的自動化，包括法遵、新客戶導入與客戶支援，在不按比例增加人力編制的情況下提升全企業生產力。目標是：當 AI 在全企業取代人工流程時，營運槓桿得以擴大。

Fifth, AI-augmented development. AI augmented coding that compresses our development cycles, enabling faster product iteration, broader road map execution and higher engineering output without linear team expansion. More features faster.

第五，AI 強化研發：AI 輔助程式開發以壓縮開發週期，使產品迭代更快、路線圖執行更廣、工程產出更高，而不需要線性擴編團隊。更快推出更多功能。

The same proprietary foundation expanded into new products and verticals at a pace competitors are unlikely to match. The capital we have raised positions us to pursue these opportunities with the urgency and scale they deserve while maintaining the financial discipline that has defined this company since its founding. We remain disciplined in how we deploy capital. We have the strongest set of strategic growth vectors in the company's history, and we have never been more confident in the opportunities ahead. Thank you to our team, our customers, our partners and our current investors, and a welcome to our new investors.

同一套專有基礎能力以競爭對手難以匹敵的速度擴展到新產品與新垂直領域。我們所募集的資本使我們能以應有的急迫性與規模追求這些機會，同時維持自公司創立以來所秉持的財務紀律。我們在資本部署上仍然保持克制與紀律。我們擁有公司史上最強的一組策略性成長向量，對未來機會的信心也前所未有。感謝我們的團隊、客戶、合作夥伴與現有投資人，也歡迎我們的新投資人。

With that, I will turn it over to Dan.

接下來，我把時間交給 Dan。

Thanks, Derek, and good afternoon, everyone. Derek walked you through the headline results, so I want to focus on what connects them. This was another quarter where growth and profitability moved together. Revenue reached a new high and our profitability and cash flow grew even faster, which is the operating leverage this model was built to produce. It is also a continuation of what we laid out last quarter. When we crossed the $100 million run rate, we delivered the margins we committed to years earlier.

謝謝你，Derek，各位下午好。Derek 已帶各位看過重點成果，因此我想聚焦在把這些成果串連起來的因素。本季再度呈現成長與獲利同步前進。營收創新高，而我們的獲利與現金流成長更快，這正是此商業模式所要產生的營運槓桿。這也延續了我們在上一季所說明的方向。當我們跨越 1 億美元年化營收（run rate）時，我們交出了多年前承諾的利潤率表現。

This quarter, we pushed further with adjusted gross margin and adjusted EBITDA margin both reaching new highs, and we did it while continuing to invest across the platform. Delivering strong margins while investing for growth is exactly the balance we intend to strike as we put our expanded capital base to work. Our balance sheet is now stronger than at any point in our history.

本季我們更進一步，調整後毛利率與調整後 EBITDA 利潤率雙雙創新高，同時仍持續在平台各面向投資。在投資成長的同時交付強勁利潤率，正是我們在運用擴大的資本基礎時所要拿捏的平衡。我們的資產負債表如今比公司史上任何時點都更強健。

With that, let me take you through the quarter. For clarity, all the comparisons I will discuss today will be against the second quarter of 2025, unless noted otherwise. Total revenue was a record $26.7 million, up 23% over the prior year. We generated $22.9 million in adjusted gross profit, the highest in our history, delivering record adjusted gross margin of 86%, up 2-percentage-points. Adjusted EBITDA came in at a record $11.2 million, up 48% over the prior year. Adjusted EBITDA margin was up 7-percentage-points to a record 42%. Adjusted net income increased 58% to $7.2 million, resulting in adjusted earnings of $0.50 per diluted share, both new highs. When we think about our margin profile, we think about it on an annualized basis.

接下來我帶各位回顧本季。為求清楚，我今天談到的所有比較，除非另有說明，皆以 2025 年第二季為基準。總營收為創紀錄的 2,670 萬美元，較去年同期成長 23%。我們產生 2,290 萬美元的調整後毛利，為公司史上最高，調整後毛利率創紀錄達 86%，提升 2 個百分點。調整後 EBITDA 為創紀錄的 1,120 萬美元，較去年同期成長 48%。調整後 EBITDA 利潤率提升 7 個百分點至創紀錄的 42%。調整後淨利增加 58% 至 720 萬美元，調整後稀釋每股盈餘為 0.50 美元，兩者皆創新高。談到我們的利潤率結構時，我們會以年化的角度來看。

As most of those who have followed our story know, our adjusted EBITDA margin is seasonally strongest in the first three quarters of the year and moves down in the fourth as a result of the accrual of year-end incentive compensation. Consistent with the commentary we provided last quarter, we continue to expect full year adjusted EBITDA margin to be in the high 30s.

如同多數一路關注我們故事的人所知，我們的調整後 EBITDA 利潤率在一年中的前三季季節性最強，而在第四季會因年終獎酬的應計而下滑。與我們上一季提供的評論一致，我們仍預期全年調整後 EBITDA 利潤率將落在 30% 後段（high 30s）。

Turning to the details of our P&L. As mentioned, revenue for the second quarter was $26.7 million with four of our five revenue verticals hitting all-time highs. Within IDI, we added a record 447 billable customers during the quarter, ending with 10,869 customers. Financial and Corporate Risk delivered another quarter of strong, well-diversified growth. Background screening was a clear standout, growing at an outsized pace as we continue to enhance our offerings and market reach. Financial services grew solidly on expanded usage across our existing customer base and insurance, where we have only recently dedicated sales resources, posted healthy gains on a growing pipeline.

接著看損益表（P&L）細項。如前所述，第二季營收為 2,670 萬美元，我們五個營收垂直領域中有四個創下歷史新高。在 IDI 方面，本季新增創紀錄的 447 位可計費客戶，期末客戶數達 10,869 位。金融與企業風險（Financial and Corporate Risk）再度交出強勁且高度分散的成長。背景審查（background screening）表現特別突出，隨著我們持續強化產品供給與市場觸及，成長速度顯著高於平均。金融服務因既有客戶擴大使用而穩健成長；而保險業務方面，我們近期才投入專職銷售資源，隨著管線成長也繳出健康增幅。

Investigative was our fastest-growing vertical this quarter on a percentage basis with all four industries: law enforcement, private investigators, bail bond and process servers, all posting strong double-digit growth. Law enforcement, in particular, continued its run of sequential revenue growth in every quarter since the fourth quarter of 2021. Collections had another strong quarter with growth surpassing 20%, driven by underlying recurring demand. This reinforces the sustained recovery we have described for several quarters.

調查（Investigative）是本季以百分比計算成長最快的垂直領域，四個產業：執法機關、私人偵探、保釋保證（bail bond）與送達員（process servers）皆呈現強勁的雙位數成長。尤其是執法機關，自 2021 年第四季以來每一季都持續呈現連續性的營收成長。催收（Collections）本季同樣表現強勁，成長超過 20%，主要由底層的經常性需求所帶動。這也印證了我們過去數季所描述的持續復甦。

With consumer delinquencies remaining high, more accounts are entering collections and our existing customers are relying on our solutions at higher volumes to locate and recover them. We see a constructive backdrop as this cycle continues to unfold. Emerging markets delivered strong growth this quarter, led by retail, repossession and legal, with additional contribution from marketing and education. Strength across these many industries speaks to the versatility of our platform, and we see meaningful opportunity ahead across this vertical.

在消費者逾期率仍維持高檔的情況下，更多帳戶進入催收流程，而我們的既有客戶也以更高的使用量仰賴我們的解決方案來定位並回收這些帳款。隨著此循環持續發展，我們看到有利的外部環境。新興市場（Emerging markets）本季成長強勁，由零售、拖車取回（repossession）與法律服務領軍，行銷與教育亦有額外貢獻。多個產業的全面走強凸顯我們平台的多樣適用性，我們也在此垂直領域看到可觀的後續機會。

Finally, IDI's real estate vertical, which does not include FOREWARN, declined modestly. While we have seen some early signs of encouraging activity, we remain tempered in our expectations for any near-term recovery as the industry continues to face headwinds from limited inventory, elevated interest rates and stubbornly high home prices.

最後，IDI 的房地產垂直領域（不包含 FOREWARN）小幅下滑。雖然我們已看到一些令人鼓舞的早期活動跡象，但由於產業仍面臨庫存有限、利率偏高以及房價居高不下等逆風，我們對短期內的復甦預期仍保持審慎。

As to FOREWARN, we continue to prove that we are the go-to proactive safety solution for real estate professionals, delivering another quarter of strong double-digit revenue growth, adding 25,493 users to FOREWARN during the quarter, ending at 443,173 users. We now have 660 REALTOR Associations contracted to use FOREWARN, and we are proud to say that we maintain a 100% renewal rate among our association customers.

至於 FOREWARN，我們持續證明自己是房地產專業人士首選的主動式安全解決方案，本季再度交出強勁的雙位數營收成長；本季新增 25,493 名 FOREWARN 使用者，期末使用者數達 443,173 名。我們目前已有 660 個 REALTOR 協會簽約使用 FOREWARN；我們也很自豪地表示，在協會客戶中我們維持 100% 的續約率。

Overall, contractual revenue accounted for 77% of total revenue in the quarter, consistent with prior year. Gross revenue retention remained strong at 95%, down 2 percentage points. Moving back to the P&L. Our cost of revenue, exclusive of depreciation and amortization increased $0.3 million or 9% to $3.8 million. Adjusted gross profit increased 25% to a record $22.9 million, resulting in a record adjusted gross margin of 86%, up 2 percentage points. Our sales and marketing expenses increased $0.1 million or 2% to $5.8 million for the quarter, driven primarily by marketing and other selling expenses.

整體而言，本季合約型收入占總營收的 77%，與去年同期一致。總收入留存率（gross revenue retention）仍維持強勁在 95%，下滑 2 個百分點。回到損益表。我們的營收成本（不含折舊與攤銷）增加 30 萬美元或 9% 至 380 萬美元。調整後毛利增加 25% 至創紀錄的 2,290 萬美元，使調整後毛利率創紀錄達 86%，提升 2 個百分點。本季銷售與行銷費用增加 10 萬美元或 2% 至 580 萬美元，主要由行銷與其他銷售費用所帶動。

General and administrative expenses increased $1 million or 14% to $8.3 million, driven primarily by higher personnel costs. Depreciation and amortization increased $0.1 million or 5% to $2.8 million for the quarter. Net income increased $2.3 million or 85% to $5 million for the quarter. Adjusted net income increased $2.6 million or 58% to $7.2 million, the highest to date, resulting in record adjusted earnings of $0.50 per diluted share.

一般及行政費用增加100萬美元（或14%）至830萬美元，主要由較高的人員成本所帶動。本季折舊與攤銷增加10萬美元（或5%）至280萬美元。本季淨利增加230萬美元（或85%）至500萬美元。調整後淨利增加260萬美元（或58%）至720萬美元，創下迄今新高，帶動稀釋後每股調整後盈餘達0.50美元，創下紀錄。

Moving on to the balance sheet. Cash and cash equivalents were $50 million at June 30, 2026, compared to $43.6 million at December 31, 2025. Current assets totaled $65.2 million compared to $56.5 million at year-end, while current liabilities were $6 million, down from $7.9 million. We generated $10.6 million in cash from operating activities in the second quarter compared to $7.5 million in the same period last year. Free cash flow for the quarter was $7.2 million, a 50% increase from $4.8 million a year ago. Year-to-date through June 30, 2026, we purchased 74,500 shares of company stock at an average price of $41.87 per share under our stock repurchase program. As of June 30, 2026, we had $15.5 million remaining under the program.

接著看資產負債表。截至2026年6月30日，現金及約當現金為5,000萬美元，較2025年12月31日的4,360萬美元增加。流動資產合計6,520萬美元，較年末的5,650萬美元增加；流動負債為600萬美元，低於7,90萬美元。我們在第二季由營運活動產生的現金為1,060萬美元，去年同期為750萬美元。本季自由現金流為720萬美元，較一年前的480萬美元增加50%。截至2026年6月30日止年初至今，我們依據股票回購計畫以每股平均41.87美元回購公司股票74,500股。截至2026年6月30日，該計畫尚餘1,550萬美元可用額度。

In closing, this was a standout quarter across the board. Revenue, profitability and cash flow each reached new highs. We delivered strong margins as we scaled and we added a record number of new customers to IDI, which reflects both the strength of demand and how well our platform is meeting it. What stands out most though, is the position this quarter leaves us in. A strong balance sheet reinforced by the capital from our recently completed offering gives us more flexibility than at any point in our history to invest behind the strongest pipeline of strategic initiatives we have ever had. We intend to put that capital to work in the same way we run the rest of the business with discipline and an eye toward long-term returns. We are confident in what lies ahead, and we look forward to sharing our progress in the quarters to come.

最後總結，本季在各方面都表現突出。營收、獲利能力與現金流均創下新高。我們在規模擴張的同時維持強勁的利潤率，並為IDI新增創紀錄數量的新客戶，反映出需求的強勁以及我們的平台如何有效滿足該需求。不過，最值得注意的是，本季讓我們所處的位置更為有利。強健的資產負債表，加上我們近期完成發行所取得的資本，使我們在公司歷史上前所未有地具備更大的彈性，得以投資於我們有史以來最強的策略性計畫管線。我們打算以經營其他業務同樣的方式運用這些資本——保持紀律並著眼於長期報酬。我們對未來充滿信心，也期待在接下來的幾個季度與各位分享我們的進展。

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) Josh Nichols, B. Riley.

（接線員指示）Josh Nichols，B. Riley。

Congrats again on the record results. I wanted to dig in a little bit to the IDI customer adds. I mean that's a significant acceleration from what already was very strong (technical difficulty) some of the stuff that you're winning, is it more greenfield stuff you're taking directly from any insights you have on where you (technical difficulty) customers or any update on the federal public that typically has some longer sales cycles would be helpful.

再次恭喜創下紀錄的成果。我想更深入了解一下IDI新增客戶。我是說，這相較於原本就非常強勁的表現而言，是相當明顯的加速（技術問題）。就你們贏下的一些案子來看，是更多屬於綠地（greenfield）機會，還是你們直接從競爭對手那裡搶過來的？如果你們對於你們在哪些地方（技術問題）獲得客戶有任何洞見，或是對於聯邦公共部門（通常銷售週期較長）有任何更新，都會很有幫助。

Thanks, Josh. This is Derek. Unfortunately, your line broke up a few times. So I'm going to do my best -- we'll do our best at addressing the questions, which I think we gleaned from what we heard. First, yes, we're very excited. We added 447 customers to IDI. And you had a question there regarding greenfield versus those of the competition. That's what's always excited us about this business being -- this team has been doing this for the better part of 2.5 decades. We've been in identity verification and due diligence. And as we've told you and we've probably told many others is that we see our solutions applicable to every industry because who would enter into a transaction without understanding who's on the other side of that transaction.

謝謝你，Josh。我是Derek。很可惜你的線路有幾次斷斷續續。所以我會盡力——我們會盡力回答我們從你剛才內容中所掌握到的問題。首先，是的，我們非常興奮。我們為IDI新增了447位客戶。你也問到關於綠地機會與來自競爭對手的客戶之間的比例。這一直是我們對這項業務感到興奮的原因——這個團隊在過去約25年的大部分時間都在做這件事。我們一直從事身分驗證與盡職調查。正如我們告訴過你、也可能告訴過許多人的，我們認為我們的解決方案適用於每個產業，因為有誰會在不了解交易對手是誰的情況下就進入一筆交易呢。

So we're not only competing for the industry, the customers within the industries and verticals that we serve. But over these last couple of decades, with the Internet and with all of the various use cases on the Internet, mobile, e-commerce and social and the online transactions and really with everything we all do every single day with these online transactions, it creates more demand to understand identity intelligence and to clear a transaction or to understand whether or not to move into any transaction, who's on the other side of the table.

因此，我們不僅是在我們所服務的產業與垂直領域中爭取客戶。過去幾十年來，隨著網際網路以及各種網路使用情境的出現——行動、電子商務、社群、線上交易——以及我們每天所做的一切幾乎都與這些線上交易相關，這些都帶來了更高的需求：需要理解身分情資（identity intelligence），以便核准一筆交易，或判斷是否要進入任何交易，以及桌子另一端的人究竟是誰。

So with each emerging technology, and we've seen this with the gig economy, we've seen this with fintech. We've seen this with BNPL. We've seen this with online sports betting. With each emerging technology, it creates more demand for the solutions that we provide. So we're seeing a healthy mix of both and have continuously seen that healthy mix for quite some time.

因此，隨著每一項新興技術出現——我們在零工經濟看到了、在金融科技（fintech）看到了、在先買後付（BNPL）看到了、在線上運動博彩看到了——每一項新興技術都會為我們所提供的解決方案創造更多需求。所以我們看到兩者都有健康的組合，而且這樣的健康組合已經持續相當長一段時間。

Dan, anything to add there?

Dan，你有要補充的嗎？

Yes, Jon. I think you were also, again, commenting a little bit on larger customer pipeline potentially. Again, you were breaking up a little bit. But I'll give you a little bit of color, right, on these new customers and what they look like compared to historically. We've focused over the last several years on moving up tier, right, into medium and larger enterprise. And that pipeline has grown dramatically. That pipeline is converting. As you know, annually, we put out a larger customer commentary number around customers in excess of $100,000. As last reported, that has grown nicely. That's something we report annually, but internally, we're very happy with how that metric is trending.

有的，Jon。我想你也在談到可能更大型客戶的管線。同樣地，你的聲音有點斷續。但我可以提供一些背景，說明這些新客戶與過去相比的樣貌。過去幾年我們一直專注於往更高層級移動，也就是進入中型與大型企業，而那條管線已大幅成長，且正在轉換成實際客戶。如你所知，我們每年會公布一個較大型客戶的說明數字，指的是年收入超過10萬美元的客戶。依我們上次報告，該數字成長良好。這是我們每年對外揭露的指標，但在內部，我們對這項指標的走勢非常滿意。

We look forward to reporting that number in a few quarters from now. But what excites us is it's not just that $100,000 above customer, right? It's all the cohorts inside that customer mix. It's the $10,000 to $25,000 customer. It's the $25,000 to $100,000 customer. These wins are winning significantly larger cohorts than they have in the past. And so that really what excites us for what we've seen in our growth and the potential to continue to accelerate that.

我們期待在接下來幾個季度報告那個數字。但讓我們興奮的不只是年收入超過10萬美元的客戶而已；而是該客戶組合中的所有分群。包括年收入1萬到2.5萬美元的客戶、2.5萬到10萬美元的客戶。這些贏單所拿下的客戶分群規模，明顯比過去更大。因此，這讓我們對已看到的成長，以及持續加速的潛力感到非常振奮。

Josh, I think you also -- it's Derek again. You had a question regarding progress within our Public Sector division. And we've been focused for the last couple of years, as you know, there, building -- bringing in a leader, excuse me, and building a go-to-market team around that. We've made great strides in state and local law enforcement. In fact, I'm proud to say this quarter, this past quarter, we won one of the largest law enforcement agencies in the country. And we displaced one of the largest incumbents out there. They have been using them for years.

Josh，我想你也——我再補充一下，我是Derek。你問到我們公共部門事業群的進展。過去幾年我們一直專注在那裡，如你所知，建立——引進一位領導者，不好意思——並圍繞其建立一個市場推進（go-to-market）團隊。我們在州與地方執法單位方面取得了很大進展。事實上，我很自豪地說，在這一季、剛過去的這一季，我們拿下了全國規模最大的執法機關之一。我們也取代了市場上最大的既有供應商之一；該機關多年來一直使用對方的產品。

And in fact, we became aware that at the 11th hour, the incumbent offered to cut the price in order to induce the renewal of the contract. And we saw and heard communications regarding that the agency said, No, IDI has a better product, and I'm getting better intelligence and my investigators are happier with it with locating subjects and performing investigations. So we're willing to spend more. It's a better product.

而且事實上，我們得知在最後關頭，原供應商為了促成合約續約，提出要降價。我們也看到並聽到相關溝通內容：該機關表示，不，IDI的產品更好，我能取得更好的情資，我的調查人員在定位對象與執行調查時也更滿意。所以我們願意多付一些。這是更好的產品。

So we're very proud of that. That's a proof point of the progress there, and we continue to sign up law enforcement agencies at a very fast pace. At the state level, also nice progress. We've talked about this a little bit. We've won a number of secretaries of state and different state-level organizations for eligibility requirements, identity, collections purposes, all of the -- basically, interestingly enough, a lot of the federal use cases, but at the state level, SNAP, Medicare, Medicaid, fraud and other investigations.

因此我們對此非常自豪。這是我們在那方面進展的有力佐證，而我們也持續以非常快的速度簽下執法機關。在州政府層級也有不錯的進展。我們稍早也談到一些。我們已贏得多位州務卿（secretaries of state）以及不同的州級組織，用於資格審查要求、身分驗證、催收等用途——基本上，很有意思的是，許多聯邦層級的使用情境，在州層級同樣存在，例如SNAP、Medicare、Medicaid、詐欺與其他調查。

At the very top federal level, the public sector, a little slower to convert than we would like to see. But what we're seeing is that type of insight is also being told by our peers out there and that it's a matter of just timing, a little slower to convert with technology implementations, procurement, budgeting. It's a little bit less clear in federal. And so they're moving a little bit slower. But with that, we're still very excited. The pipeline for federal grows and the testing continues, and we're hearing positive results. So we just think it's a matter of when, not if, and we're very happy with the progress we're seeing.

在聯邦最高層級，公共部門的轉換速度比我們希望看到的稍慢一些。但我們看到的是，這類洞見也同樣由我們在外部的同業所反映；這只是時間問題——在技術導入、採購與預算編列上，轉換速度稍慢一些。在聯邦層級的情況也比較不那麼明確，因此他們推進得稍慢。不過即便如此，我們仍然非常振奮。聯邦端的銷售管線在成長、測試也在持續進行，我們聽到的結果是正面的。所以我們認為這只是「何時」而非「是否」的問題，我們對目前看到的進展非常滿意。

Appreciate that's some really good detail there. Hopefully, I'm not breaking up. Just one more question for me. Seeing the FOREWARN expansion, I know that it's been a while in the making, you've really established yourself as the clear leader in the real estate market and now you're taking that to home health. What can you do to kind of help quantify the size of the home health market in terms of like revenue opportunity? Or how does that compare to real estate? Is it going to be priced similarly? And is the company going to look to start exercising some of its pricing power that has become the kind of go-to standard in real estate?

感謝，這裡面有非常好的細節。希望我沒有斷線。我這邊再問最後一個問題。看到 FOREWARN 的擴張，我知道這已經醞釀了一段時間；你們已經在房地產市場確立了自己作為明確領導者的地位，現在要把這套帶到居家健康照護。你們能否協助量化一下居家健康照護市場的規模（以營收機會來看）？或者它和房地產相比如何？定價會類似嗎？公司是否會開始運用在房地產領域已成為某種「首選標準」後所累積的定價能力？

Yes, Josh, as we said, so our estimates are 4 million licensed home health care workers, 12,000 agencies we've got pen to paper on what we think that is. It's a new entry for us. So forgive us for being a little bit close to vest on that. It's a competitive environment, and others are looking to see where we're going and how we size the market and how we also have some rather, I don't want to say unique, but very targeted ways with who we're interfacing with and how we're going to penetrate that market.

是的，Josh，如我們所說，我們的估計是有 400 萬名持照的居家健康照護工作者、12,000 家機構；我們已經把我們認為的市場規模寫在紙上了。這對我們來說是新的切入點，所以請原諒我們在這方面會稍微保守一些。這是一個競爭激烈的環境，其他人也在觀察我們要往哪裡走、我們如何估算市場規模，以及我們在與哪些對象互動、並將如何滲透該市場方面，有一些相當——我不想說是獨特，但確實非常聚焦的做法。

So -- but we're excited about the opportunity. It's extremely sizable, and it has just many of the same characteristics, as I said, not only at the individual user level about walking into an uncontrolled, unpredictable environment.

所以——但我們對這個機會感到興奮。它的規模非常可觀，而且如我所說，它具備許多相同的特性，不僅是在個別使用者層級——例如走進一個不受控、不可預測的環境。

But you've got these very large agencies that are very concerned about the safety of the health care worker. And there are also more and more laws, occupational laws coming down the pike to want to ensure the safety of these health care workers. So at the agency level, they're looking for ways of doing this. So not always just app in hand, but also, as we mentioned, API integration into their own scheduling and their own workforce automation.

此外，你還有這些非常大型的機構，他們非常關注醫護人員的安全。而且也有越來越多的法律、職業安全相關法規即將推出，旨在確保這些醫護人員的安全。因此在機構層級，他們正在尋找可行的方法來做到這點。所以不一定只是手上拿著 App；同時，如我們提到的，也包括透過 API 與他們自己的排程系統及人力自動化系統進行整合。

And what's exciting about that is it tends to be a profession, a lot like the real estate profession where perhaps the individual entrepreneur maybe moves between agencies, and there's a lot of movement. And so this is exciting because we're hearing from the agencies that this builds retention. This shows that they care. It's enduring and it increases the safety of their membership.

而令人振奮的是，這往往是一個很像房地產的職業：個體創業者可能在不同機構之間流動，流動性很高。因此這很令人興奮，因為我們從機構端聽到的是，這有助於提升留任率，展現他們在乎員工；這是長期的投入，並能提升其成員的安全性。

So again, a direct parallel for the real estate associations and the real estate environment. So we're excited.

所以這再次與房地產協會以及房地產環境形成直接的對照。因此我們很興奮。

Mark Hagen, Lake Street Capital Markets.

Mark Hagen，Lake Street Capital Markets。

So given the growth acceleration, are you planning to step up product or personnel investment? Or do you think you guys have what you need for the next 18 months or so?

那麼，鑑於成長加速，你們是否計畫加大產品或人員方面的投資？還是你們認為未來大約 18 個月左右，你們已經具備所需的一切？

Yes, Mark, it's Dan. I appreciate the question. So yes, if you look at us historically, I mean, we've continued to invest both in our product development engineers, our infrastructure and our go-to-market capabilities. So if you look at the last several years, we've added between 30 or 40 new team members each year. But what's great about that, and of course, the business model that we have here is that even with that incremental investment, we've been able to continue to expand margins and really show the profitability and leverage of the business.

是的，Mark，我是 Dan。謝謝你的問題。是的，如果你看我們過去的歷史，我們一直持續投資於產品開發工程師、基礎設施，以及市場推進（go-to-market）能力。所以如果你看過去幾年，我們每年新增大約 30 到 40 位新團隊成員。但很棒的是——當然也得益於我們的商業模式——即使有這些增量投資，我們仍能持續擴大利潤率，並真正展現出這個業務的獲利能力與槓桿效應。

So our expectation with the opportunity that we have in front of us, we'll continue to invest in product development, AI engineers, infrastructure, go-to-market similarly to how we have in the past, and that's mostly around team members. But again, because of the operating leverage, even with that investment, we continue to believe that we'll be able to drive incremental margins over time.

因此，基於我們眼前的機會，我們預期會持續投資於產品開發、AI 工程師、基礎設施，以及市場推進，方式大致與過去相同，主要體現在團隊成員上。但同樣地，由於營運槓桿，即便進行這些投資，我們仍相信隨著時間推進，我們能夠帶動增量利潤率的提升。

Yes, Mark, this is Derek. I would just add there. This is exciting for us. This is the largest opportunity set we've ever had sitting right in front of us because, as I mentioned a lot on the call, we've built an extraordinary architecture, an extraordinary infrastructure that's so differentiated and rather unique and we think it's really being recognized. And so as Dan mentioned, we've been investing, and that includes in layering more AI on an infrastructure that is already AI-enabled and ready to optimize. So we're leaning in. I hope that's clear, and we're excited about that.

是的，Mark，我是 Derek。我再補充一下。這對我們來說很令人振奮。這是我們有史以來最大的機會集合，就在眼前，因為如我在電話會議中多次提到的，我們打造了卓越的架構與卓越的基礎設施，差異化非常明顯且相當獨特，我們認為市場確實正在認可。如 Dan 所說，我們一直在投資，其中也包括在一個已經具備 AI 能力、並已準備好進行最佳化的基礎設施之上，疊加更多 AI。我們正在加大投入。我希望這點很清楚，我們也對此感到興奮。

We expect to, as Dan said, maintain very healthy EBITDA margins while doing that. And I think the model has proven the capability of doing that. But make no mistake, this is a very early-stage company. We're not $1 billion in revenue. We're $100 million in revenue. So we have a lot to do with a lot of opportunity to go get, and that's our plan.

我們預期會如 Dan 所說，在這麼做的同時維持非常健康的 EBITDA 利潤率。我認為這個模型已經證明具備這樣的能力。但請不要誤會，這仍是一家非常早期階段的公司。我們不是 10 億美元營收的公司；我們是 1 億美元營收的公司。所以我們還有很多要做，也有很多機會可以去爭取，而這就是我們的計畫。

I'm showing no further questions in the queue at this time. I'd like to turn the call back over to Derek Dubner, Chairman and Chief Executive Officer, for closing remarks.

目前我看到隊列中沒有其他問題。我想把電話會議交回給董事長兼執行長 Derek Dubner，請他做結語。

We're pleased to report another record quarter for red violet and the launch of FOREWARN's most significant vertical expansion in its history. The secular tailwinds driving demand for identity intelligence are the strongest we have seen. Our platform, cloud-native, AI embedded built on a proprietary entity resolution engine that constructs a differentiated identity graph is more competitively differentiated today than at any point in our history. We appreciate your continued support and look forward to updating you on our progress next quarter.

我們很高興報告 red violet 再創一個創紀錄的季度，並推出 FOREWARN 史上最重要的垂直領域擴張。推動身分智慧（identity intelligence）需求的長期結構性順風，是我們所見過最強勁的。我們的平台採用雲端原生（cloud-native）、內嵌 AI，並建立在專有的實體解析（entity resolution）引擎之上，該引擎構建出具差異化的身分圖譜（identity graph）；就競爭差異化而言，今天比我們歷史上任何時點都更具優勢。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. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。