Q2 2024 Red Violet Inc Earnings Call

August 7, 2024

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Operator: Good day, ladies and gentlemen, and welcome to Red Violet's second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Camilo Ramirez, Senior Vice President, Finance and Investor Relations. Please go ahead.

Operator: Good day, ladies and gentlemen, and welcome to Red Violet's second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call is being recorded.

Operator: Today, ladies and gentlemen, and welcome to Red Violet's second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question and answer session, and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Camilo Ramirez, Senior Vice President, Finance and Investor Relations.

Good day, ladies and gentlemen, and welcome to Red Violet second quarter 'twenty 'twenty four earnings conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time as.

Speaker Change: As a reminder, this call is being recorded.

Camilo Ramirez: I would now like to introduce to your host, where to taste conference call, Camilo Ramirez, Senior Vice President, Finance, and Investor Relations. Please go ahead. Good afternoon and welcome. Thank you for joining us today to discuss our second quarter 2024 financial results. With me today is Derek Dubner, our Chairman and Chief Executive Officer, and Dan MacLachlan, our Chief Financial Officer. Our call today will begin with comments from Derek and Dan, followed by a question-and-answer session. 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.

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

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

Camilo Ramirez: Good afternoon and welcome. Thank you for joining us today to discuss our second quarter 2024 financial results with me today is Eric Dube.

Speaker Change: Chairman and Chief Executive Officer and Dan.

Speaker Change: And the clock with our Chief Financial Officer, 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.

Camilo Ramirez: To access the webcast, please visit our investors page on our website, www.redviolet.com. Before we begin, I would like to advise listeners that certain information discussed by management during this conference call are forward-looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 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.

Camilo Ramirez: To access the webcast, please visit our investors page on our website, www.redviolet.com.

Speaker Change: Our web site Www dot red Violet Dot com.

Camilo Ramirez: 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 information provided on this call. For a discussion of risk and uncertainties associated with RedViolet's business, I encourage you to review the company's filing with the Securities and Exchange Commission, including the most recent annual report on Form 10-K and subsequent 10-Qs.

Camilo Ramirez: 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. However, 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. For a discussion of risk 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.

Speaker Change: 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.

Speaker Change: Due to risks and uncertainties associated with the company's business. The company undertakes no obligation to update the information provided on this call.

Camilo Ramirez: For a discussion of the risk 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.

Speaker Change: For a discussion of risks and uncertainties associated with Red Violet.

Speaker Change: 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.

Camilo Ramirez: During the call, we may present certain non-GAAP and information related to adjusted gross profit, adjusted gross margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, and free cash flow. The confiliations 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.

Camilo Ramirez: During the call, we may present certain non-GAAP financial information related 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 U.S. GAAP financial measures 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. With that said, I am pleased to introduce Red Violet's Chairman and Chief Executive Officer, Derek Dubner.

Speaker Change: During the call we may present, certain non-GAAP financial information related to adjusted gross profit adjusted gross margin.

Speaker Change: <unk> EBITDA adjusted EBITDA margin adjusted net income adjusted earnings per share and free cash flow Conciliations that these non-GAAP financial measures to their most directly comparable U S. GAAP financial measure are provided in the earnings press release issued earlier today. In addition, certain supplemental metrics that are not necessary.

Derek Dubner: Right 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 with that I am pleased to introduce Red Violet as chairman and Chief Executive Officer, Derek Dubner.

Derek Dubner: With that, I am pleased to introduce Red Violet's chairman and chief executive officer, Derek Dugner. Thanks, Camilla. Good afternoon, and thanks to those joining us today to discuss our second quarter 2022 results. Coming off of a great first quarter, we are pleased to deliver an even stronger second quarter. The broad-based demand for our solutions that we experienced in the first quarter carried across second quarter, delivering once again our highest quarterly revenue and adjusted EBITDA in our company history. We delivered accelerated revenue growth both year over year and sequentially, while maintaining strong profitability and cash flow, which enabled us to continue to invest in our key strategic initiatives.

Derek Dubner: Thanks Camilla.

Derek Dubner: Good afternoon, and thanks to those joining us today to discuss our second quarter 2024 results. Coming off of a great first quarter, we are pleased to deliver an even stronger second quarter.

Good afternoon, and thanks to those joining us today to discuss our second quarter 2024 results.

Speaker Change: Coming off a great first quarter, we are pleased to deliver an even stronger second quarter.

Derek Dubner: The broad-based demand for our solutions that we experienced in the first quarter carried across to the second quarter, delivering, once again, our highest quarterly revenue and adjusted EBITDA in our company history. We delivered accelerated revenue growth, both year over year and sequentially, while maintaining strong profitability and cash, which enables us to continue to invest in our key strategic initiatives. We remain committed to maintaining this accelerated rate of growth and are confident in our ability to maintain this momentum throughout the remainder of 2024 and beyond.

Speaker Change: Broad based demand for our solutions that we experienced in the first quarter carried across second quarter, delivering once again, our highest quarterly revenue and adjusted EBITDA in our company history.

Speaker Change: We delivered accelerated revenue growth both year over year and sequentially, while maintaining strong profitability and cash flow, which enables us to continue to invest in our key strategic initiatives.

Derek Dubner: which enables us to continue to invest in our key strategic initiatives, including government. Volumes throughout the quarter remained consistently strong as the economic environment is particularly favorable for our durable and balanced business model. However, a segment of consumers, unfortunately, continues to be negatively impacted by the effects of inflation and the runoff of government subsidies.

Derek Dubner: We remain committed to maintaining this accelerated rate of growth, and our confidence in our ability to carry this momentum throughout the remainder of 2024 and beyond. Our revenue for the quarter was up 30% to a record $19.1 million, producing a record adjusted gross profit of $15.6 million and a record margin of 82%. Adjusted EBITDA was up 47% to a record $6.8 million, producing a record margin of 36%. Also, records adjusted net income increased 33% to $3.9 million, resulting in adjusted earnings of 28 cents per share. Our revenue growth was healthy across verticals. Law enforcement, which is part of our investigative vertical, continues to be a standout as local, state, and federal agencies grow to appreciate the competitive differentiation in our data accuracy, derived relationships, and connections, and unparalleled search capability and functionality.

Speaker Change: We remain committed to maintaining this accelerated rate of growth and are confident in our ability to carry this momentum throughout the remainder of 2024 and beyond.

Derek Dubner: Our revenue for the quarter was up 30% to a record $19.1 million, producing a record adjusted gross profit of $15.6 million and a record margin of 82 percent. The adjusted EBITDA was up 47% to a record $6.8 million, producing a record margin of 36 percent. Also, adjusted net income increased 33% to $3.9 million, resulting in adjusted earnings of $0.28 per share.

Our revenue for the quarter was up 30% to a record $19 $1 million.

Speaker Change: Producing a record adjusted gross profit of $15 $6 million and record margin of 82%.

Speaker Change: Adjusted EBITDA was up 47% to a record $6 $8 million.

Speaker Change: Producing a record margin of 36%.

Speaker Change: Also records adjusted net income increased 33% to $3 $9 million, resulting in adjusted earnings of 28 cents per share.

Derek Dubner: Our revenue growth was healthy across verticals. Law Enforcement, which is part of our investigative vertical, continues to be a standout as local, state, and federal agencies grow to appreciate the competitive differentiation in our data accuracy, derived relationships and connections, and Unparalleled Search Capability and Functionality. Financial and corporate risk produced another strong quarter, and our collections vertical once again experienced double-digit percentage growth. We continue to execute upon a deep sales pipeline, and we are seeing solid progress within several of our early stage industries, including government.

Speaker Change: Our revenue growth was healthy across verticals.

Speaker Change: Laura enforcement, which is part of our investigative vertical continues to be a standout as local state and federal agencies grow to appreciate the competitive differentiation in our data accuracy.

Speaker Change: Derived relationships and connections and unparalleled search capability and functionality.

Derek Dubner: Financial and corporate risk produced another strong quarter, and our collections vertical once again experienced double-digit percentage growth. We continue to execute upon a deep sales pipeline, and we are seeing solid progress within several of our early stage industries, including government, background screening support, and marketing services. Volumes throughout the quarter remained consistently strong as the economic environment is particularly favorable for our durable and balanced business model. A large cohort of the consumer population is doing very well as they have portfolios of equities, real estate, and investments delivering solid income, which is driving new account openings and purchases, and increasing reliance on our solutions in the way of identity verification and KYC.

Speaker Change: Financial and corporate risk produced another strong quarter and our collections vertical once again experienced double digit percentage growth.

Speaker Change: We continue to execute upon a deep sales pipeline and we are seeing solid progress within several of our early stage industries, including government backing.

Derek Dubner: Background Screening Support, and Marketing Services volumes throughout the quarter remained consistently strong as the economic environment is particularly favorable for our durable and balanced business model. A large cohort of the consumer population is doing very well as they have portfolios of equities. Real Estate and Investments Delivering Solid Income, which is driving new account openings and purchases and increasing reliance on our solutions in the way of identity verification and KYC. A segment of consumers, unfortunately, continues to be negatively impacted by the effects of inflation and the runoff of government subsidies, such that certain industries we serve, such as collections, legal, and repossession, are driving increasing demand for our solutions.

Speaker Change: Background screening support and marketing services.

Speaker Change: Volumes throughout the quarter remained consistently strong as the economic environment is particularly favorable for our durable and balanced business model.

Speaker Change: A large cohort of the consumer population is doing very well as they have portfolios of equities real estate and investments delivering solid income, which is driving new account openings and purchases and increasing reliance on our solutions in the way of identity.

Speaker Change: <unk> and K y C.

Derek Dubner: A segment of consumers, unfortunately, continues to be negatively impacted by the effects of inflation and the runoff of government subsidies, such that certain industries we serve, such as collections, legal, and repossession, are driving increasing demand for our solutions. We are very excited to deliver such a strong quarter and the strongest first half results in our history. Our strategic initiatives over the past 18 months are driving the acceleration in our business, and we are early in this multi-year plan. Our volumes are not only increasing, but they are increasing consistently across the board, and driving healthy dollars to the bottom line.

Speaker Change: A segment of consumers. Unfortunately continues to be negatively impacted by the effects of inflation.

Speaker Change: And the run off of government subsidies such that certain industries, we serve such as collections legal and repossession are driving increasing demand for our solutions.

Derek Dubner: We are very excited to deliver such a strong quarter and the strongest first half results in our history. Our strategic initiatives over the past 18 months are driving the acceleration in our business, and we are early on in this multi-year plan. Our volumes are not only increasing, but they are increasing consistently across the board and driving healthy dollars to the bottom line. We are investing in the business to continue to widen the moat around our cloud-native technology platform, to develop differentiated solutions, and to enhance our marketing efforts, which are increasing brand awareness, all of which continue to power our further penetration of existing and new verticals. We are very excited about the remainder of 2024 and beyond. With that said, I turn it over to Dan to discuss the finances.

Speaker Change: We are very excited to deliver such a strong quarter and the strongest first half results in our history.

Speaker Change: Our strategic initiatives over the past 18 months are driving the acceleration in our business and we are early in this multiyear plan.

Speaker Change: Our volumes are not only increasing but they are increasing consistently across the board and driving healthy dollars to the bottom line.

Derek Dubner: We are investing in the business to continue to widen the moat around our cloud-native technology platforms, to develop differentiated solutions, and to enhance our marketing efforts, which are increasing brand awareness, all of which continue to power our further penetration of existing and new verticals.

Speaker Change: We are investing in the business to continue to widen the moat around our cloud native technology platform.

Speaker Change: To develop differentiated solutions and to enhance our marketing efforts, which are increasing brand awareness all of which continue to power our further penetration of existing and new verticals.

Derek Dubner: We are very excited about the remainder of 2024 and beyond.

Speaker Change: We are very excited about the remainder of 2024 and beyond.

Dan MacLachlan: With that, I turn it over to Dan to discuss the financials. Thank you, Derek, and good afternoon. The second quarter was a great quarter for Red Violet. We continue to experience increasing transaction volume throughout the customer base. Customer growth on the IDI side and user growth on the Forewarn side remains strong. Revenue increased 30% to a record $19.1 million, producing a record $6.8 million in adjusted EBITDA, resulting in a record adjusted EBITDA margin of 36% in the second quarter. As discussed for a few quarters now, we continue to see increasing opportunity within several new markets we have focused on, including public sector, background screening support, and marketing services.

Speaker Change: With that I turn it over to Dan to discuss the financials.

Dan MacLachlan: Thank you, Derek, and good afternoon. The second quarter was a great quarter for Red Violet. We continue to experience increasing transaction volume throughout the customer base. Customer growth on the IDI side and user growth on the forewarned side remain strong. Revenue increased 30% to a record $19.1 million, producing a record $6.8 million in adjusted EBITDA, resulting in a record adjusted EBITDA margin of 36% in the second quarter. As discussed for a few quarters now, we continue to see increasing opportunities within several new markets we have focused on, including the public sector, background screening support, and marketing services. We have leaned in with our go-to-market investors, adding 10 new members to our sales and marketing team in the second quarter.

Dan: Thank you Derek and good afternoon, the second quarter was a great quarter for Red pilot, we continue to experience increasing transaction volume throughout the customer base.

Dan: Customer growth on the <unk> side and user growth on the four worn side remains strong.

Dan: Revenue increased 30% to a record $19 1 million producing a record $6 $8 million and adjusted EBITDA.

Dan: Resulting in record adjusted EBITDA margin of 36% in the second quarter.

Speaker Change: As discussed for a few quarters now we continue to see increasing opportunity within several new markets. We are focused on including public sector background screening support and marketing services.

Dan MacLachlan: As a result of that increasing opportunity, we have leaned in with our go-to-market investments, adding 10 new members to our sales and marketing team in the second quarter. We continue to experience strong pipeline growth and conversion in these key areas. Turning now to our second quarter results, for clarity, all the comparisons I will discuss today will be against the second quarter of 2023 unless noted otherwise. Total revenue was a record $19.1 million, a 30% increase over prior year. We produced a record $15.6 million in adjusted gross profit, resulting in a record adjusted gross margin of 82% in the second quarter, up 4 percentage points.

Daniel MacLachlan: As a result of that increasing opportunity, we have leaned in with our go-to-market investment, resulting in a record adjusted gross margin of 82% in the second quarter, up four percentage points. Adjusted EBITDA for the quarter was a record $6.8 million, resulting in record adjusted earnings of $0.28 per diluted share. Moving through the details of our P&L, as mentioned, revenue was $19.1 million for the second quarter. Included in the $19.1 million of total revenue was $1 million in one-time transactional revenue as a result of a large opportunity win from an existing customer.

Speaker Change: As a result of that increasing opportunity.

Speaker Change: We have leaned in with our go to market investments, adding 10, new members to our sales and marketing team in the second quarter.

Dan MacLachlan: We continue to experience strong pipeline growth and conversion in these key areas. Turning now to our second quarter results. For clarity, all the comparisons I will discuss today will be against the second quarter of 2023, unless noted otherwise.

Speaker Change: We continue to experience strong pipeline growth and conversion and knees key areas.

Dan MacLachlan: Total revenue was a record $19.1 million, a 30% increase over prior years; we produced a record $15.6 million in adjusted gross profit, resulting in a record adjusted gross margin of 82% in the second quarter, up four percentage points. Adjusted EBITDA for the quarter was a record $6.8 million, up 47 percent over prior years; adjusted EBITDA margin was a record 36%, up four percentage points. Adjusted net income increased 33% to a record $3.9 million for the quarter, resulting in record adjusted earnings of $0.28 per diluted share.

Speaker Change: Turning now to our second quarter results for clarity all the comparisons I will discuss today will be against the second quarter of 2023 unless noted otherwise.

Dan MacLachlan: Moving through the details of our P&L, as mentioned, revenue was $19.1 million for the second quarter. Included in the $19.1 million of total revenue was $1 million in one-time transactional revenue as a result of a large opportunity win from an existing customer. Excluding this one-time transactional revenue, revenue would have still increased a healthy 23% in the second quarter. Within IDI, we saw strong growth across verticals. IDI's billable customer base grew by 236 customers sequentially from the first quarter. Ending the quarter at 8,477 customers.

Speaker Change: Total revenue was a record $19 1, million% to 30% increase over prior year.

Speaker Change: We produced a record $15 $6 million and adjusted gross profit.

Speaker Change: Resulting in a record adjusted gross margin of 82% in the second quarter.

Speaker Change: Up four percentage points.

Dan MacLachlan: Adjusted EBITDA for the quarter was a record $6.8 million, up 47% over prior year. Adjusted EBITDA margin was a record 36%, up 4 percentage points. Adjusted net income increased 33% to a record $3.9 million for the quarter, resulting in record adjusted earnings of 28 cents per diluted share. Moving through the details of our P&L, as mentioned, revenue was $19.1 million for the second quarter. Included in the $19.1 million of total revenue was $1 million in one-time transactional revenue as a result of a large opportunity win from an existing customer. Excluding this one-time transactional revenue, revenue would have still increased a healthy 23% in the second quarter.

Speaker Change: Adjusted EBITDA for the quarter was a record $6 8 million up 47% over prior year.

Speaker Change: Adjusted EBITDA margin was a record 36% up four percentage points.

Speaker Change: Adjusted net income increased 33% to a record $3 $9 million for the quarter, resulting in record adjusted earnings of 28 cents per diluted share.

Daniel MacLachlan: We also saw strong double-digit revenue growth within our financial and corporate risk verticals, including retail, repossession, legal, and government. After breaking into double-digit revenue growth for the first quarter in three years last quarter, our collections vertical again broke into double-digit revenue growth in the second quarter. IDI's real estate vertical, which does not include For Warren, was down approximately 10% for the quarter. However, For Warren's revenue growth remains stellar, with the second quarter of 2024 representing the 17th consecutive quarter of sequential revenue growth. Over 490 Rillidor associations are now contracted to use them for warrants.

Speaker Change: Moving through the details of our P&L as mentioned revenue was $19 $1 million for the second quarter <unk>.

Speaker Change: Included in the $19 $1 million of total revenue was $1 million in one time transactional revenue as a result of a large opportunity win from an existing customer.

Speaker Change: Excluding this one time transactional revenue.

Speaker Change: Revenue would have still increased a healthy 23% in the second quarter.

Dan MacLachlan: Within IDEI, we saw strong growth across firms. Charles. IDI's billable customer base grew by 236 customers sequentially from the first quarter, ending the quarter at 8,477 customers. Our investigative vertical led all verticals on a percentage basis with strong double-digit revenue growth. Led by law enforcement, this was the 10th consecutive quarter of sequential revenue growth for our investigative vertical. We also saw strong double-digit revenue growth within our financial and corporate risk vertical. Our emerging markets vertical saw strong double-digit growth across industries, including retail, repossession, legal, and government. After breaking into double-digit revenue growth for the first quarter in three years last quarter, our collections vertical again broke into double-digit revenue growth in the second quarter.

Speaker Change: Within <unk>, we saw strong growth across verticals.

Speaker Change: As billable customer base grew by 236 customers sequentially from the first quarter.

Speaker Change: Ending the quarter at 8477 customers.

Dan MacLachlan: Our investigative vertical led all verticals on a percentage basis with strong double-digit revenue growth. Led by law enforcement, this was the 10th consecutive quarter of sequential revenue growth for our investigative vertical. We also saw strong double-digit revenue growth within our financial and corporate risk verticals. Our Emerging Markets Vertical saw strong double-digit revenue growth across industries, including retail, repossession, legal, and government.

Speaker Change: Our investigated vertical led all verticals on a percentage basis with strong double digit revenue growth.

Speaker Change: Led by law enforcement. This was the 10th consecutive quarter of sequential revenue growth for our investigative vertical.

Speaker Change: We also saw strong double digit revenue growth within our financial and corporate risk vertical.

Speaker Change: Our emerging markets vertical saw strong double digit growth across industries, including retail repossession legal and government.

Dan MacLachlan: After breaking into double-digit revenue growth for the first quarter in three years last quarter, our collections vertical again broke into double-digit revenue growth in the second quarter, while remaining cautiously optimistic about the collections vertical's continued growth for the remainder of 2024. We are seeing increasing levels of transaction volume throughout our collections customer base, something we have not seen since the end of 2019, which was pre-COVID. IDI's real estate vertical, which does not include Forewarn, was down approximately 10% for the quarter.

Speaker Change: After breaking into double digit revenue growth for the first quarter in three years last quarter.

Speaker Change: Our collections vertical again broke into double digit revenue growth in the second quarter.

Dan MacLachlan: While remaining cautiously optimistic about the collections vertical's continued growth for the remainder of 2024, we are seeing increasing levels of transaction volume throughout our collections customer base, something we have not seen since the end of 2019, which was pre-COVID. IDI's real estate vertical, which does not include Forewarn, was down approximately 10% for the quarter. This decrease is attributable to market dynamics of limited housing inventory, high mortgage rates, and elevated home prices. As it relates to forewarn, we added 27,237 users during the second quarter. Forewarn's revenue growth remains stellar, with the second quarter of 2024 representing the 17th consecutive quarter of sequential revenue growth.

Speaker Change: While remaining cautiously optimistic about the collections verticals continued growth for the remainder of 2024, we are seeing increasing levels of transaction volume throughout our collections customer base something we have not seen since the end of 2019, which was pre COVID-19.

Speaker Change: <unk> real estate vertical which does not include four one was down approximately 10% for the quarter.

Dan MacLachlan: This decrease is attributable to market dynamics of limited housing inventory, high mortgage rates, and elevated home prices, as it relates to forewarned. We added 27,237 users during the second quarter. Warren's revenue growth remains stellar, with the second quarter of 2024 representing the 17th consecutive quarter of sequential revenue growth. Additionally, over 490 Rillidor associations are now contracted to use Rillidor warrants.

Speaker Change: This decrease is attributable to market dynamics.

Speaker Change: Limited housing inventory high mortgage rates and elevated home prices.

Speaker Change: As it relates to for war, we added 27237 users during the second quarter.

Speaker Change: For Warren's revenue growth remains stellar with the second quarter of 2024, representing the 17th consecutive quarter of sequential revenue growth.

Dan MacLachlan: Over 490 realtor associations are contracted to use Forewarn. Our contractual revenue was 74% for the quarter, down 5 percentage points from prior year. This decrease was the result of the $1 million in one-time transactional revenue I discussed earlier. Our gross revenue retention percentage remained unchanged at 94%. Moving back to the P&L, our cost of revenue exclusive of depreciation and amortization increased $0.3 million, or 7%, to $3.5 million. Adjusted gross profit increased 36% to $15.6 million, producing an adjusted gross margin of 82%, a 4 percentage point increase from prior year. Sales and marketing expenses increased $1.3 million, or 43%, to $4.4 million for the quarter.

Speaker Change: Over 490 real door associations are now contracted to use for war.

Dan MacLachlan: Our contractual revenue was 74% for the quarter, down 5 percentage points from the prior year. This decrease was the result of the $1 million in one-time transactional revenue I discussed earlier. Our gross revenue retention percentage remained unchanged at 94%.

Daniel MacLachlan: Our contractual revenue was 74% for the quarter, down 5 percentage points from the prior year. This decrease was the result of the $1 million in one-time transactional revenue I discussed earlier. Adjusted gross profit increased 36% to $15.6 million, producing an adjusted gross margin of 82%, a four percentage point increase from prior years. Sales and marketing expenses increased $1.3 million, or 43%, to $4.4 million for the quarter. This increase was due primarily to an increase in salaries and benefits from the additional headcount added to our sales and marketing team.

Speaker Change: Our contractual revenue was 74% for the quarter down five percentage points from prior year.

Speaker Change: This decrease was the result of the $1 million in one time transactional revenue I discussed earlier.

Speaker Change: Our gross revenue retention percentage remained unchanged at 94%.

Dan MacLachlan: Moving back to the P&L, our cost of revenue exclusive of depreciation and amortization increased $0.3 million or 7% to $3.5 million. Adjusted gross profit increased 36% to $15.6 million, producing an adjusted gross margin of 82 percent, a four percentage point increase from prior years. Sales and marketing expenses increased $1.3 million, or 43%, to $4.4 million for the quarter. This increase was due primarily to an increase in salaries and benefits from the additional head count added to our sales and marketing team.

Speaker Change: Moving back to the P&L, our cost of revenue exclusive of depreciation and amortization increased <unk> $3 million or 7% to three $5 million.

Speaker Change: Adjusted gross profit increased 36% to $15 6 million producing an adjusted gross margin of 82% a four percentage point increase from prior year.

Speaker Change: Sales and marketing expenses increased $1 $3 million or 43% to $4 $4 million for the quarter.

Dan MacLachlan: This increase was due primarily to an increase in salaries and benefits from the additional headcount added to our sales and marketing team. General and administrative expenses increased $0.7 million, or 13%, to $5.8 million for the quarter. The appreciation and amortization increased $0.3 million or 16% to $2.4 million for the quarter. Our net income for the quarter increased $1.2 million, or 90%, to $2.6 million, which produced earnings of 19 cents per diluted share. Adjusted net income for the quarter increased $1 million, or 33%, to $3.9 million, which produced adjusted earnings of $28.28 per diluted share. Moving on to the balance sheet, cash and cash equivalents were $30.9 million at June 30, 2024, compared to $32 million at December 31, 2023.

Speaker Change: This increase was due primarily to an increase in salaries and benefits from the additional head count added to our sales and marketing team.

Dan MacLachlan: General and Administrative Expenses increased $0.7 million, or 13%, to $5.8 million for the quarter. Depreciation and amortization increased $0.3 million, or 16%, to $2.4 million for the quarter. Our net income for the quarter increased $1.2 million, or 90%, to $2.6 million, which produced earnings of $0.19 per diluted share. Adjusted net income for the quarter increased $1 million, or 33%, to $3.9 million, which produced adjusted earnings of $0.28 per diluted share. Moving on to the balance sheet, cash and cash equivalents were $30.9 million at June 30, 2024, compared to $32 million at December 31, 2023.

Daniel MacLachlan: General and Administrative Expenses increased $0.7 million, or 13%, to $5.8 million for the quarter. Depreciation and amortization increased $0.3 million, or 16%, to $2.4 million for the quarter. Current assets were $40.4 million compared to $40.3 million, and current liabilities were $3.7 million compared to $4.9 million. During the quarter, we purchased 15,804 shares of company stock under our stock repurchase program at an average price of $18.61 per share. We are excited to continue this trajectory in the back half of 2024 and beyond. With that, our operator will now open the line for Q&A.

Speaker Change: Yes.

Speaker Change: General and administrative expenses increased $7 million or 13% to five $8 million for the quarter.

Speaker Change: Depreciation and amortization increased <unk> $3 million or 16% to $2 $4 million for the quarter.

Speaker Change: Our net income for the quarter increased $1 $2 million or 90% to $2 6 million, which produced earnings of <unk> 19 per diluted share.

Speaker Change: Adjusted net income for the quarter increased $1 million or 33% to $3 $9 million, which produced adjusted earnings of 28, <unk> 28 per diluted share.

Speaker Change: Moving on to the balance sheet cash and cash equivalents were $39 million at June 32024, compared to $32 million at December 31, 2023.

Dan MacLachlan: Current assets were $40.4 million, compared to $40.3 million, and current liabilities were $3.7 million, compared to $4.9 million. We generated $5.7 million in cash from operating activities in the second quarter, compared to generating $3.5 million for the same period in 2023. We generated $3.3 million in free cash flow in the second quarter, compared to generating $1.3 million in the same period, 2023. During the quarter, we purchased 15,804 shares of company stock under our stock repurchase program at an average price of $18.61 per share. Year to date through June 30, we purchased a total of 292,744 shares at an average price of $19.81 per share.

Speaker Change: Current assets were $44 million compared to $43 million and current liabilities were $3 7 million.

Speaker Change: Compared to $4 9 million.

Dan MacLachlan: Current assets were $40.4 million compared to $40.3 million, and current liabilities were $3.7 million compared to $4.9 million. We generated $5.7 million in cash from operating activities in the second quarter compared to generating $3.5 million for the same period in 2023. We generated $3.3 million in free cash flow in the second quarter compared to generating $1.3 million in the same period last year. During the quarter, we purchased 15,804 shares of company stock under our stock repurchase program at an average price of $18.61 per share.

Speaker Change: We generated $5 $7 million in cash from operating activities in the second quarter compared to generating $3 5 million for the same period in 2023.

Speaker Change: We generated $3 $3 million in free cash flow in the second quarter compared to generating $1 $3 million in the same period 2023.

Speaker Change: During the quarter, we purchased 15804 shares of company stock under our stock repurchase program at an average price of $18 61 per share.

Dan MacLachlan: Year to date through June 30, we purchased a total of 292,744 shares at an average price of $19.81 per share. We have $4.6 million remaining under our stock repurchase program. In closing, the first half of 2024 has been. The team is executed. As Derek mentioned earlier, we have had two consecutive quarters of accelerated revenue growth, both year-over-year and sequentially, while maintaining strong profitability and cash. We are excited to continue this trajectory in the back half of 2024 and beyond. With that, our operator will now open the line for Q&A.

Speaker Change: Year to date through June 30, we purchased a total of 292744 shares at an average price of $19 81 per share.

Dan MacLachlan: We have $4.6 million remaining under our stock repurchase program.

Speaker Change: We have $4 $6 million remaining under our stock repurchase program.

Dan MacLachlan: In closing, the first half of 2024 has been great. The team is executing. As Derek mentioned earlier, we have had two consecutive quarters of accelerated revenue growth, both year over year and sequentially, while maintaining strong profitability and cash flow. We are excited to continue this trajectory in the back half of 2024 and beyond.

Speaker Change: In closing the first half of 2024 has been great.

Speaker Change: Team is executing.

Speaker Change: As Derek mentioned earlier, we have had two consecutive quarters of accelerated revenue growth both year over year and sequentially, while maintaining strong profitability and cash flow.

Derek Dubner: We are excited to continue this trajectory in the back half of 2024 and beyond.

Operator: With that, our operator will now open the line for Q&A. Thank you. At this time, we will conduct the question-and-answer session.

Speaker Change: With that our operator will now open the line for Q&A.

Operator: Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star one once again. Our first question comes from the line of Josh Nichols with B Riley. Your line is open.

Speaker Change: Thank you at this time, we will conduct a question and answer session.

Operator: As a reminder to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Josh Nichols with B. Riley. Your line is open. Yeah, thanks for picking my question up. Pretty phenomenal to see the accelerating growth with record earnings behind it. Given a Q2 also tends to be a little bit slower, I think, seasonally. I know the company has been targeting some larger customers moving up market.

Speaker Change: As a reminder to ask a question you will need to press star one one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one again please.

Speaker Change: Please standby, while we compile the Q&A roster.

Speaker Change: Our first question comes from the line of Josh Nichols with B Riley Your line is open.

Josh Nichols: Yeah, thanks for taking my question. It's pretty phenomenal to see the accelerated growth with record record earnings behind it. Given that Q2 also tends to be a little bit slower, I think, seasonally, and I know the company has been targeting some larger customers moving up market, Clearly, you've been having a lot of success with the company's platform. I was just wondering if you could elaborate on what you've been doing targeting some of these larger $100,000 plus accounts and the traction that you've been making with governments and other public agencies as you move up the market a little bit.

Questioner: Yeah, thanks for taking my question. Pretty phenomenal to see the accelerated growth with record record earnings behind it. Given Q2 also tends to be a little bit slower, I think seasonally. I know the company has been targeting some larger customers moving up market. Clearly, you've been having a lot of success with the company's platform. I was just wondering if you could elaborate on what you've been doing targeting some of these larger $100,000 plus accounts and the attraction that you've been making with governments and other public agencies as you move up the market a little bit.

Speaker Change: Yes, Thanks for taking my question pretty phenomenal to see the accelerated growth with record record earnings behind it.

Speaker Change: Given our Q2 also tends to be a little bit slower I think seasonally.

Speaker Change: I know the company has been targeting some larger customers moving up market clearly been having a lot of success with the company's platform.

Josh Nichols: Clearly, you've been having a lot of success with the company's platform.

Derek Dubner: I was just wondering if you could elaborate on what you've been doing targeting some of these larger $100,000 plus accounts and attraction that you've been making with governments and other public agencies as you move up market a little bit. Sure, thanks, Josh. It's Derek Dubner. Great to talk to you again. As you probably know, and as we've been talking about for the last several quarters, due to our great cash generation, we're able to continue to invest in this business along the way, along the lines of our strategic initiatives, or our long-term strategic plan, if you will.

Speaker Change: I was just wondering if you could elaborate on what you've been doing targeting some of these larger 100, best Dara plus accounts and traction that you've been making with governments and other public agencies as you move up market a little bit.

Derek Dubner: Sure. Thanks, Josh. This is Derek Dubner.

Speaker Change: Sure. Thanks, Josh it's Derek Dubner, great to talk to you again.

Derek Dubner: Great to talk to you again. As you probably know, and as we've been talking about for the last several quarters, due to our great cash generation, we're able to continue to invest in this business along the way, along the lines of our strategic initiatives, or our long-term strategic plan, if you will. And in that plan, during these last 18 months, as you mentioned, it is the execution of a larger enterprise, which includes not only the private sector but the public sector.

Derek Dubner: As you probably know, and as we've been talking about for the last several quarters, due to our great cash generation, we're able to continue to invest in this business along the lines of our strategic initiatives, or our long-term strategic plan, if you will. And in that plan, during these last 18 months, as you mentioned, it is the execution of a larger enterprise, which includes not only the private sector but the public sector.

Speaker Change: As you probably know and as we've been talking about for the last several quarters.

Speaker Change: Due to our great cash generation, we're able to continue to invest in this business along the way along the lines of our strategic initiatives of our long term strategic plan if you will.

Derek Dubner: And in that plan, during these last 18 months, as you mentioned, it is the execution into larger enterprise, which includes not only private sector, but public sector. We have invested in key personnel along the way in sort of our refining our go-to-market strategies in several areas that are very exciting to us in the way of marketing services, background screening support, and, as I mentioned, government or public sector. We made a key hire in the public sector with Jonathan McDonald, who has a long history of building relationships in the government sector. He has government clearance, and he has worked at some of the leading companies, including TransUnion, and building the public sector business out there.

Speaker Change: And in that plan. During these last 18 months as you mentioned it is the execution into larger enterprise, which includes not only private sector public sector.

Derek Dubner: We have invested in key personnel along the way in sort of refining our go-to-market strategies in several areas that are very exciting to us in the way of marketing services, background screening support, and, as I mentioned, government or public sector. We made a key hire in the public sector with Jonathan MacDonald, who has a long history of building relationships in the government sector. He has government clearance, and he has worked for some of the leading companies, including TransUnion, in building the public sector business out there.

Speaker Change: We have invested in key personnel, along the way and sort of our refining our go to market strategies in several areas that are very exciting to us in the way of marketing services background screening support and as I mentioned government or public sector.

Derek Dubner: We made a key hire in the public sector with Jonathan McDonald, who has a long history of building relationships in the government sector. He has government clearance, and he has worked at some of the leading companies, including TransUnion, in building the public sector business out there. So we were very excited to welcome Jonathan McDonald. We had already started creating our footprint in the public sector, and so Jonathan was an extraordinary addition for us to lead the team and build out the team around him that he'd like to have in executing this plan.

Speaker Change: Made a key hire in the public sector with Jonathan Mcdonald, who has a long history of building relationships in the government sector. He has government clearance and he has worked with some of the leading companies, including Trans Union and building the public sector.

Derek Dubner: So we were very excited to welcome Jonathan MacDonald. We had already started creating our footprint in the public sector, and so Jonathan was an extraordinary addition for us to lead the team and build out the team around him that he'd like to have in executing this plan. We have made multiple hires around Jonathan and his team and have made significant progress in a very short period of time in advancing against the public sector.

Derek Dubner: So we were very excited to welcome Jonathan McDonald. We had already started creating our footprint in the public sector, and so Jonathan was an extraordinary ad for us to lead the team and build out the team around him that he'd like to have in executing this plan. We have made multiple hires around Jonathan and his team, and have made significant progress in a very short period of time in advancing against the public sector. We had already been investing in penetrating law enforcement, and as you probably know from the last few quarters, I've made significant inroads in law enforcement, attracting them to a very differentiated platform and suite of solutions, including not only our online interface, which is differentiated, but an app that they find to be phenomenal out on the road.

Speaker Change: <unk> out there. So we were very excited to welcome Jonathan Mcdonald.

Speaker Change: We had already started creating our footprint in the public sector and so Jonathan was an extraordinary AD for us to lead the team and build out the team around him that he'd like to have in executing this plan. We have made multiple hires around Jonathan and his team and have made significant progress in a very short period of time.

Derek Dubner: We have made multiple hires around Jonathan and his team and have made significant progress in a very short period of time in advancing against the public sector. We had already been investing in penetrating law enforcement, and as you probably know from the last few quarters, I've made significant inroads into law enforcement, attracting them to a very differentiated platform and suite of solutions, including not only our online interface, which is differentiated, but an app that they find to be phenomenal out on the road.

Speaker Change: In advancing against the public sector, we had already been investing.

Derek Dubner: We had already been investing in penetration into law enforcement, and as you probably know from the last few quarters, I've made significant inroads into law enforcement, attracting them to a very differentiated platform and suite of solutions, including not only our online interface, which is differentiated, but an app that they find to be phenomenal out on the road. We will continue to invest in those areas and expand our go-to-market, if you will. We added 10 bodies, as Dan mentioned, in those areas, and we continue to invest in the platform's capabilities and continue to invest in the product roadmap, which is very deep, and we're very excited about further penetration into these markets.

Speaker Change: In penetrating law enforcement and as you probably know from the last few quarters have made significant inroads in law enforcement, attracting them to our very differentiated platform and suite of solutions, including.

Speaker Change: Not only our online interface, which is differentiated but an app that they find to be phenomenal out on the road.

Josh Nichols: We will continue to invest in those areas and expand our go-to-market, if you will. We added 10 bodies, as Dan mentioned, in those areas, and we continue to invest in the platform's capabilities and continue to invest in the product roadmap, which is very deep, and we're very excited about further penetration into these markets. Thank you so much for providing some color on that.

Derek Dubner: We will continue to invest in those areas and expand our go-to-market, if you will. We added 10 bodies, as Dan mentioned, in those areas, and we continue to invest in the platform's capabilities and continue to invest in the product roadmap, which is very deep, and we're very excited about further penetration into these markets.

Speaker Change: We will continue to invest in those areas.

Speaker Change: And expand our go to market. If you will we added 10 bodies as Dan mentioned in those areas and we continue to invest in the platforms capabilities and continue to invest.

Speaker Change: In the product roadmap, which is very deep and we're very excited about further penetration into these markets.

Derek Dubner: Thank you so much for providing some color on that. Just giving a phenomenal start to the first half. Any comments you have about what you're seeing so far? Expectations for the back half of 24?

Speaker Change: Okay. Thank you so much for providing some color on that just given a phenomenal start.

Derek Dubner: Just given the phenomenal start to the first half, any comments you have about what you're seeing so far, expectations for the back half of the 24th? What I would say there is nothing has changed. We see the momentum continuing. We're very excited about our positioning right now. We are executing upon that pipeline, as we keep mentioning, and that pipeline is accelerating for us, and we believe that we will continue to carry the momentum throughout the year and into 25, especially where some of those newer areas that we keep talking about. We've only slightly, slightly, to minuscule penetration there.

Speaker Change: First half any comments you have about what youre seeing so far our expectations for the back half.

Speaker Change: 94.

Derek Dubner: What I would say there is nothing has changed. We see the momentum continuing. We're very excited about our positioning right now. We are executing upon that pipeline, as we keep mentioning, and that pipeline is accelerating for us. And we believe that we will continue to carry the momentum throughout the year and into 2025, especially in some of those newer areas that we keep talking about, we've only slightly, slightly to minuscule, penetration there. So we're extraordinarily excited about what we've accomplished year-to-date, which is a record for us, and yet there's still little contribution in the big picture from those areas.

Speaker Change: What I would say there is nothing has changed we see the momentum continuing we're very excited about our positioning right now.

Speaker Change: We are executing upon that pipeline as we keep mentioning.

Speaker Change: That pipeline is accelerating for us and we believe that we will continue to carry the momentum throughout the year and into 'twenty, five, especially where some of those newer areas. We keep talking about we've only slightly slightly too miniscule penetration there. So we're extraordinarily excited about.

Derek Dubner: So we're extraordinarily excited about what we've accomplished year-to-date, which is records for us, and yet there's still little contribution in the big picture from those areas.

Speaker Change: What we've accomplished year to date, which is records for us and yet there is still little contribution in the big picture from those areas.

Dan MacLachlan: I think just as you mentioned it previously, looking at the investigative unit specifically law enforcement, it seems that leading the charge right from the idea side in terms of growth. Any context you could talk about is this more new customers are you expanding the base with the existing customers and how big is that overall market opportunity relative to the size of that business today for continued growth potential. Yeah, thanks, Josh, and this is Dan. Thanks again for the question. Yeah, look, I mean when we look back about, you know, 18 months or so ago, we verticalize that area and put specific sales resources within law enforcement.

Speaker Change: Okay.

Questioner: And then, just because you mentioned it previously, looking at the investigative unit, specifically law enforcement, it seems that's leading the charge right from the IDI side in terms of growth. Any context you could talk about it?

Josh Nichols: And then, just as you mentioned it previously, looking at the investigative unit, specifically law enforcement, it seems that's leading the charge right from the IDI side in terms of growth. Any context you could talk about it?

Speaker Change: And then just because you mentioned it previously looking at the investigative unit, specifically law enforcement it seems that leading the charge right from the Ibs side in terms of growth.

Questioner: Is this more new customers? Are you expanding the base with existing customers? And how big is that overall market opportunity relative to the size of that business today for continued growth potential?

Dan MacLachlan: Is this more new customers? Are you expanding the base with existing customers? And how big is that overall market opportunity relative to the size of that business today for continued growth potential?

Speaker Change: Any context, you could talk about is this more new customers are you expanding the base with the existing customers and how big is that overall market opportunity relative to the size of that business today for continued growth potential.

Dan MacLachlan: Yeah, thanks, Josh. And this is Dan. Thanks again for the question.

Dan: Yeah. Thanks, Josh This is Dan. Thanks again for the question, Yes look I mean, when we look back about 18 months or so ago. We vertical lies that area and put specific sales resources within law enforcement, we have felt the product was where it needed to be.

Dan MacLachlan: Yeah, look, I mean, when we look back about, you know, 18 months or so ago, when we verticalized that area and put specific sales resources within law enforcement, we have felt the product was where it needed to be. We had a lot of differentiation in the way we presented the data and information, as well as specific tools that could be utilized within law enforcement agencies. And over the 18 months, we have built our brand; we've added more resources within the sales department.

Dan MacLachlan: We have felt the product was where it needed to be. We had a lot of differentiation in the way we presented the data and information, as well as specific tools that can be utilized within law enforcement agencies. Over the 18 months we have built our brand, we've added more resources within the sales department, and we've added much more marketing resources to really go out and efficiently attack that market. We've seen, as we've discussed now for a few quarters, great growth. Really from new customer adoption across the board. We're only slightly penetrated into that overall market.

Dan: A lot of differentiation in the way, we presented that data and information as well as specific tools that can be utilized within law enforcement agencies and over the 18 months, we have built our brand.

Dan: We've added more resources within the sales department and we've added much more marketing resources to really go out and efficiently attack that market and we've seen as we've discussed now for a few quarters, great growth really from new customer adoption across the board, we're only slightly penetrated into that overall market.

Dan MacLachlan: And we've added much more marketing resources to really go out and efficiently attack that market. And we've seen, as we've discussed now for a few quarters, great growth, really from new customer adoption across the board. We're only slightly penetrated into that overall market; there are just, you know, probably about 15 to 18,000 agencies throughout the country when you look at local, state, federal, when you look at a law enforcement perspective, and we've only scratched the surface, but we're making tremendous progress.

Dan MacLachlan: There's just, you know, probably if throughout, you know, 15, 18,000 agencies throughout the country when you look at local, state, federal, when you look at a law enforcement perspective, and we've only scratched the surface, but we're making tremendous progress. And those as the type of customers that we love, they're highly recurring, they're sticky once you get in, and whether you unseat the competition or are able to get in there and augment the competition. You know that's an account that stays with you for a very long time, you know, especially with our differentiation, our data accuracy, and the enhanced capabilities we continue to deliver to law enforcement and under the industries with search functionality.

Dan: It was just <unk>.

Dan: Probably about 15 to 18000 agencies throughout the country. When you look at local state Federal when you look at our law enforcement perspective, and we've only scratched the surface, but we're making tremendous progress and those are the type of customers that we love there theyre highly recurring they are sticky.

Dan MacLachlan: And those are the type of customers that we love; they're highly recurring, they're sticky, once you get in, and whether you unseat, the competition is able to get in there and augment the competition. You know, that's an account that stays with you for a very long time. Especially with our differentiation, our data accuracy, and enhanced capabilities, we continue to deliver to law enforcement and other industries with search functions.

Speaker Change: Once you get in and whether you unseat the car.

Dan: Petition are able to get in there and augment the competition.

Dan: That's an account that stays with you for a very long time, especially with our differentiation our data accuracy and enhanced capabilities, we continue to deliver to law enforcement and under the industries with search functionality.

Josh Nichols: That's great. I'll jump back in the key.

Dan MacLachlan: Well, that's great. I'll jump back into Q. Let someone else take a turn. Appreciate it. Thanks, Josh. It was great talking to you.

Speaker Change: That's great I'll jump back in the queue, let someone else take a term I appreciate it.

Derek Dubner: Let's take a turn. Appreciate it. Thanks, Josh. Great talking to you.

Operator: Thanks, Josh. It's great talking to you.

Dan: Thanks, Josh Great talking to you.

Operator: I'm showing no further questions at this time.

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

Operator: I'm showing no further questions at this time. I would now like to turn it back to Derek Dubner for closing remarks. Thank you.

Dan: I'm showing no further questions at this time I would now like to turn it back to Derek Dubner for closing remarks.

Derek Dubner: I would now like to turn it back to Derek Dubner for closing remarks. Thank you. We're pleased to deliver another record quarter and the best first half of the year in our history. Our healthy cash generation continues to enable us to invest in our strategic initiatives, and our translating into accelerated growth. We are well positioned for the remainder of the year and beyond.

Derek Dubner: Thank you.

Derek Dubner: We are pleased to deliver another record quarter and the best first half of the year in our history. Our healthy cash generation continues to enable us to invest in our strategic initiatives, translating into accelerated growth. We are well positioned for the remainder of the year and beyond.

Derek Dubner: Pleased to deliver another record quarter and the best first half of the year in our history, our healthy cash generation continues to enable us to invest in our strategic initiatives.

Derek Dubner: Our healthy cash generation continues to enable us to invest in our strategic initiatives, which is translating into accelerated growth.

Derek Dubner: And are translating into accelerated growth, we are well positioned for the remainder of the year and beyond good afternoon.

Operator: Good afternoon.

Derek Dubner: Okay.

Operator: This concludes this participation in today's conference. Thank you.

Operator: This concludes my participation in today's conference.

Dan: This concludes the participation in today's conference. Thank you.

Derek Dubner: Okay.

Derek Dubner: [music].

Derek Dubner: Okay.

Derek Dubner: [music].

Q2 2024 Red Violet Inc Earnings Call

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