G ood afternoon, everyone. Welcome to the 26th Annual Needham Growth Conference, day one of the virtual portion of the conference. My name is Kyle Peterson. I'm on the equity research team, I cover a lot of the business and info services stocks here in Needham. Up next, we have HireRight, we have Guy Abramo, CEO, and Tom Spaeth, CFO. They're gonna give a quick overview of HireRight, and then we're gonna dive in and tackle things a little more in detail through Q&A. So with that, I'll turn it over to you guys. Thanks, Kyle. Much appreciated. Andrew, if you could advance to slide 3, please. I'll start with just an overview on the business and some of our investment positives, and then I'll turn it over to Tom to just do some work on the financials. But for those of you not familiar with HireRight, we're the leading background screening providers. We're a global company. We go to market with some key and rather important competitive advantages, and I'll talk a little bit about those in the meat of the presentation. But two happen to be that we've been proven to be the most accurate background screening company, meaning we find more things in people's backgrounds. And second is, we're the only player with an actual single global platform. So for large enterprise businesses that wanna unify their screening programs into one provider, we tend to be the provider of choice. We also have, you know, what we'd say, coming out of the pandemic, tailwinds from an evolving workforce, and also increasing compliance requirements. What we mean by that, I'll take the latter first, is we tend to specialize in industries that are more complex, that are very compliance driven, because the outcome of the background screen matters. They tend to be more difficult to do, and they also tend to be higher price points, which is why we specialize in those industries, and I'll talk about the verticals in a little bit. And we also know coming out of the pandemic, the nature of work has changed, and it's largely driven a tailwind for us. The fact that people are more remote when they work means they can switch jobs more often. That coupled with continuing trends in gig employment, which just basically means more people are taking gig-like work, which means they might be more likely to have two or three jobs. It means there's more background checks per individual, which helps us. We have a great, you know, blue-chip customer base, which I'll show some logos as we're moving forward. We have a tech platform that drives not only differentiated result in the background check, but a differentiated experience for our customers. We have a SaaS platform and also an integration platform, which integrates with most of the large HR tech stack, software that's available to our clients. We have a very diversified, and highly recurring revenue-- reoccurring revenue profile. Very, very strong customer retention, gross retention, you know, year in, year out, it's around a little north of 95%. Great variable cost structure, driving strong financial performance and very good, strong free cash flow generation, and a management team with lots and lots of experience, both inside the industry and in adjacent industries. Andrew, let's go to the slide 5. S o, we operate in over 200 countries and territories. We've-- you know, in 2022, we screened just a little bit over 2 million applicants a month, 24 million in total. We integrate with all the leading applicant tracking systems like Oracle Recruiting Cloud and Workday and UKG, and in fact, there's, I think, 85 and counting. Now, the reason why that's important is because a lot of companies choose to run their background screening program and a lot of other HR-type programs through the applicant tracking system. So the need to integrate our systems seamlessly to their systems through an ATS is critical if you're gonna compete, in particular, in a global world where we are the one player that has a single global platform. Which means if a client wants to use and develop a global program, it's one integration with HireRight. We don't have multiple platforms that they have to integrate with in different parts of the world, which makes us the easiest to do business with. We have a whole host of proprietary data and proprietary algorithms that mean we find more hits, which means that we find more things in people's backgrounds than our competitors do, and we've gone head-to-head with our competitors in numerous situations. In fact, we find that when we take over a piece of business from a competitor, we often hear from our new client that we're finding more things in people's backgrounds than the previous provider did, and of course, that should matter most to anyone hiring a background screener. And we do all this with less than a two-day turnaround, and it's a pretty comprehensive suite. People tend to focus on just the criminal side of doing a background check, but not only are we doing criminal background checks, we're verifying employment, previous employment, education, any credentials or licenses that they might hold. We're doing identity checks. In fact, we rolled out a new global identity product in the last several months. We do business due diligence services. We are one of the only background screening companies that actually has direct linkage in the U.S. to all 50 motor vehicle associations, so we can quickly look at driving backgrounds or driving records. Of course, we look at credit records, we do drug and health screening, as a bunch of other services that we've been rolling out over the years, including social media monitoring. Next slide, Andrew. So I talked a little bit about us having a very, very highly diversified base of clients. No client is more than 3% of revenue. No single industry represents greater than 16% of our revenue. The last time we reported in the third quarter, our gross retention rate was nearly 97%. We have highlighted up here every industry that we do business with, but the top four that we focus on being technology, financial services, healthcare, and transportation. What they have in common is these are heavily or highly regulated industries, which means the nature of the background check is quite important, meaning the result is important. It tends to be more complex, tends to have more components to a background check, and therefore, a higher price point. People might not view technology as a heavily regulated industry, but they are very, very compliance and privacy-driven industries, which means, again, the complexity that goes around the background screen is more important. Next slide. So, you know, when we talk about this unified global platform, and you know, why we win, as I said, having the only one in the industry matters because it's a single customer experience, regardless of the location around the world that the client is in. It means we find more material hits versus competitors. We're able to integrate with more applicant tracking systems than most people in the industry. The proprietary databases that we've developed in-house means we have a more comprehensive history of candidates and potential candidates than anyone in the industry, which also leads to the accuracy. We have, you know, verticalization means we're focused on developing tailored solutions for each industry. So a background check for a company in the healthcare space will be fundamentally different than one for looking up, you know, bankers in financial services. We have a focus on compliance. In fact, we built this product called the Compliance Workbench. Its sole focus is to continue to alert clients of changes in the regulatory environment as it relates to hiring, hiring candidates, so that they know that the questions that they're asking candidates or the type of background check that they're doing is indeed compliant with local laws, and they're changing constantly. And then we can do all this with near real-time updates, and a global account management team that provides world-class service to all of our clients. Next slide. So that, coupled with, you know, the key tailwinds that I talked about, you know, leads us to an environment where we believe in, you know, a robust growth algorithm that Tom will walk through in a second. But, you know, again, hiring demand, increasing job transition continues to fuel the need for, for employment verification. Modern workforce with increased worker mobility, which means people are changing jobs more quickly. Lots of, of more local, legal and regulatory, changes in laws means there's a higher cost of, of non-compliance, so there's this constant need for rescreening and monitoring of employees. So that leads to not just pre-employment background screening, but even post-employment background screening, which improves revenue sources for us. The gig economy has certainly made it easier for people to hold multiple jobs at the same time. Formalized compliance functions are becoming more commonplace within companies, and in fact, we're finding more and more corporate security teams and corporate compliance officers running the background check process over the HR leaders, which means there's, again, more need for them to be compliant and accurate. And then younger employees are turning over, you know, more frequently, with an average tenure of three years, just means more turnover, means more background checks. So the thesis for our business has never been better. You know, and with that, you know, t he proof point to that is I'll turn it over to Tom to review some highlights in the financial model and our growth strategy. Tom? Sure, thanks, Guy. S o what you can see on this page is some of the the highlights. I'll get into a little bit more detail on what our, you know, long-term growth algorithm looks like. But a primary driver and focus for us continues to be on maintaining, servicing, and upselling our existing client base, as expanding our, our new logos. And as Guy showed you on our new logo slide, we've got a very impressive set of customers. Roughly about our top 1,800 customers make up about 75%-80%, depending on the quarter, of our revenue. And then we've got a very long tail of what we call basically SMB accounts. You know, tens of thousands of those accounts that are a little bit more self-managed than, you know, the full suite of our account managed and customer service teams. We'll get into the growth algorithm in a second, but one of the things we wanna talk about is our continued focus on expanding, you know, margins, both at the gross margin level and at the EBITDA margin level. We've stated a long-term target of reaching 30% over the next couple of years. We've demonstrated ability, even in a challenged top-line macro environment, our ability to grow gross margins. We grew them up a couple hundred basis points in 2022 and told people and targeting for 2023, which we haven't released yet. But you can see through our second, Q3 results, we are pretty much on track to delivering roughly another 200 basis points of gross margin improvement. We think the operating leverage in this business is very strong, such that when we see a return to a more normalized demand growth environment, we'll see some strong operating leverage to continue to grow our bottom-line margins. From a balance sheet perspective, the business continues to generate cash. These are extremely cash-generative businesses, roughly sitting at 3.6, 3.7 times levered, as of the end of Q3. We think we can, you know, operate this business really very comfortably in that 3-4 times range, but we'll naturally de-lever over time as the business continues to generate cash, and we continue to improve our margins. Feel very good about the strength of the balance sheet and our continued generation of cash. As in terms of the use of cash, you'll see what we've done over the last, you know, year and a half is we did, at the board level, recognize the challenges and what we felt was a significantly undervalued share price, that we announced a share repurchase program in November of 2022, that we have since suspended after roughly 100 and a little less than $150 million of share repurchase over the last year and a half. From an overall CapEx perspective, this is a very CapEx-like business, which generates or lends itself to the cash-generative nature of the business. And we are very disciplined in our approach to M&A. Have made a few acquisitions over the last few years, but they've been relatively minor from a scope and scale perspective. Almost all of them less than $10 million of capital outlay. We can go to the next page, and I'll just spend one quick minute on the long-term growth algorithm, then we can open up to questions. We typically talk about the business as a medium, mid- to upper-end, single-digit growth business, driven by that base growth, which is really-- you can think about it as your macro growth. This is really-- we have the least control over this element of the growth algorithm. In historical periods of expansion, if you look at 2009 through 2020, up until the pandemic, you saw that grow at roughly about a 4% CAGR over the time. You can correlate that to some of the BLS data out there. That obviously has been much choppier over the last couple of years, in being significantly negative to the tune of 15%-20% this year. But what offsets that is our ability to offset or upsell and expand our customer base. We really focus on those top 1,800 customers. We think we can generate anywhere from 2-3 points of growth in any given year by upselling into our customers, and we've had a pretty significant and successful track record in doing that. Retention is something we pride ourselves on. This is our ability to retain our customers. Our average customer tenure is, you know, pushing 10 years. Our retention rates are roughly in the 95%-96% range. And we think we can, you know, easily model, you know, in that 94%-96% range from a long-term perspective. Then on top of all that goes our new logos, which can be a little bit more variable in nature. We've seen years where that number's been in the 5% growth per year, all the way as high as 8%. So we've put that pretty broad range on there, and we're continuing to look to push that to the upper end of the range. I think we indicated on our last call for Q3 that we're on track in 2023 to announce a record year for new business, and we'll get those numbers out to you guys in the next couple of months. But all that leads us to roughly a mid- to upper single-digit growth, long-term growth algorithm that we feel highly confident about. With that, we'll turn it back to you, Kyle. Great. Thanks, guys, and thanks for joining us. So I guess we'll dive into some Q&A now. I have some questions prepared, but anyone that's on the webcast that would, you know, like to submit a question, there should be a panel on the webcast for you to be able to submit that through, so, feel free. But guys, I guess I'll start things off a little bit, you know, on, you know, kinda your vertical expertise. I know during the presentation, you kinda talked about those kinda core four verticals, you know, that seem to have more, you know, complex background check processes. You know, maybe if you could talk a little bit more as to kinda how you guys necessarily, you know, add value, or what some of the key drivers for, you know, new logo wins are, within those kinda core four verticals and, you know, how you see the growth runway within those? Sure, Kyle. I'll take this one, Tom. So just to refresh everybody's memory, the core four verticals that we focus on are technology, healthcare, financial services, and transportation. And when I say transportation, it's everything from long-haul trucking to school bus drivers to airlines, right? So it's all over the board. And when we focus on those industries, it's important to understand that there are very different needs and outcomes for background screening for each industry, and it requires an organization that understands the nuances of them. So to give you an example, the guy that runs our transportation verticals, Dr. Todd Simo, is a medical doctor. Just drug and health screening is such an important part of the transportation piece that, you know, he understands and knows how to innovate around that space better than just about anybody in the industry. And he and his team, you know, come up with and create specialized packages just for those industries, and not only the industries, but the jobs in those industries. So the type of background check you're doing on someone who's in long-haul trucking will be different than a school bus driver, will be different than an airline pilot or a flight attendant or someone who's an airport worker. So it starts with, with, having an organization that understands the deep needs inside of that industry. So that's kinda key number one. Key number two is, those are also industries, because of the nature of them being heavily regulated, we can't get the background check wrong, right? So we have built proprietary databases, and some custom algorithms that try to find things that people are trying to hide in their backgrounds, frankly. And over time, we've built up the largest database in the industry, and some of those databases are proprietary, such that we know that when we do a background check, no one is gonna find something that we don't find. We tend to be more accurate in there, and that just matters more in those industries. And then third, because of their complexity, the price point of the background check tends to be higher, and they tend to be stickier clients. Because the background screening is such an important part of their hiring process, that changing providers becomes an element of risk for them. That's kinda why those four industries matter most to us. And, you know, there are other industries, even though I said that that's only, you know, a little more than half our business, so we're still winning business in other industries. It's just that when we go to market, we tend to focus on those four more than any other player. Got it. That's really helpful, and you know, makes sense. You know, maybe as a follow-up, you know, when you guys are going to market here, you know, for new background checks and new logos, what do you think is some of the biggest differentiators that you know sets you guys apart? what's your you know secret sauce or you know why do you know new clients choose HireRight over you know whether it's some of your larger peers or smaller peers? I guess what's that sticking point that seems to come up again and again when you win new clients? So the first thing we do, Kyle, is when we approach a new client, especially in these industries, is we tell them to test us against their current provider. And what I mean by test is run a series of employees that have been checked or screened by the incumbent, and we guarantee them that we will find felony convictions that were missed by the previous background screener. And one of the reasons why we won one of the largest healthcare companies in the world is when we re-screened their employee base, who had been screened a year previous, we found over 800 felony convictions that were missed out of 60,000 employees out of 60,000 screens that the other provider missed. So the first thing we go to market with is that. second is, we're the only one in the world that has a single global platform. And the reason why that's so important is oftentimes, when a large enterprise is changing background providers, it's in concert with a change of an applicant tracking system. So they might be rolling out a Workday, or an Oracle Recruiting Cloud, or UKG. And since we have the only global platform in the industry, that means that when they roll out that global program, they're only doing one integration with us because we have one platform. With other providers, other providers have multiple platforms, depending on which region of the world that they're in, which means the client would have to do multiple points of integration with that provider, and that's just inefficient, ineffective, and frankly, unrealistic. So that's a, you know, a second reason why we tend to win those deals. And then third is, we use our relationships with applicant tracking screening companies as a real linchpin. So recently, last year, the latter half of last year, Oracle announced that HireRight would be their exclusive ISV in their Oracle Recruiting Cloud program, which means that if someone rolls out HireRight as part of the screening program in concert with Oracle Recruiting Cloud, they would actually get a discount on Oracle Recruiting Cloud. And then UKG went one step further and white labeled us into their global, their global ATS, which means there's a part of it called. In fact, they call it Screen by HireRight, that when you implement UKG, you get a background screening module that is fired up by HireRight, that says UKG Screen on it. So those three things, you know, two of them really being predicated on technology, are the reason why we win, and it's and the things that we exploit when we go to market. Got it. That makes sense. You know, maybe if we could, you know, switch gears and talk a little bit, you know, about, you know, some of the databases and such that you alluded to in the presentation. You guys mentioned that you've built out, you know, whether it's some proprietary data sets or nteresting things that you can use, especially in those core four verticals. But, you know, maybe if you could give us a couple, you know, high-level examples of, you know, some of the things that you've been able to build, you know, given your long track record and you know, how those are useful and/or give you an edge over, you know, some other competitors. Sure. I'll give you, I'll give you two. All right, so take the transportation industry. So the reason why someone does a background check is they want to ensure that the person that is either driving an 18-wheel rig or flying a plane doesn't have anything in their background that would, that would have them be a safety risk, right? Or a risk to the public around them or their other employees. So it doesn't mean that the background check is the only way of checking that, right? So a long time ago, going back 20+ years ago, we created. For the long-haul trucking industry, we created a safety database that, let's say you're a long-haul trucker, you've never been arrested or don't even have a speeding ticket, but you've been caught speeding and driving recklessly a number of occasions. In fact, they've terminated you for multiple safety violations. So that means if you did a background check on that driver, nothing will come out of their background check because they haven't broken- they haven't been caught, right? But what we've done is the industry came together with us and said: "We wanna make sure that someone who's a significant safety risk isn't going to work for someone else once they've been terminated." So purely by example, so let's say that a Penske driver has been terminated because of multiple safety violations. We would add that name to our proprietary database that no one else has access to. And let's say another trucking company wants to come in, and they're gonna hire that trucker. They come into our database, and they find that that trucker is, in fact, a real safety violator and a real risk for driving. They can then use that information to either make a decision not to hire that person or to explore, interview them further. So that's something that no one else has. A second example of that is the two largest transportation network companies. We did the same thing for them just a few years ago, where we created a database so that if a driver has been terminated because of multiple safety violations, the other transportation network company doesn't hire that driver and just move that problem from one provider to another. We did something similar in the retail space, and we also have our core background screening database. We've developed identities over the years by using third-party data that allows us to find things in someone's identity that they've been trying to hide forever, and that's, again, something else we have that no one else has. Right. Those are really, you know, great examples. You know, maybe if we could, you know, switch over to, you know, some of the, you know, discussions around, you know, the macro. I think, you know, a lot of people have been looking for, you know, what the impact on the macro has been for, you know, pretty much every business and public company. But I think for the background check industry, it's been, you know, obviously relevant here. But maybe you could walk through what you guys have seen, you know, given, you know, some of the macro challenges we've seen over the past, you know, 12-15 months, and, you know, how it's impacted both the top line and how you've been able to offset some of that with the costs. Tom's our resident macroeconomics specialist here, so Tom, I'll turn that over to you. S ure. Thanks. S o we spent a lot of time talking about this, answering questions about it. Obviously, this has been the single biggest impact to the business this year. It's been the pretty dramatic pullback on hiring, relative to what we saw, you know, coming out of the pandemic, at the end of 2021 and the beginning of 2022. We saw, you know, the Great Resignation, accelerated hiring from a lot of our tech customers. And then we were one of the first, I think, to talk about that pullback and slowdown as early as, Q3, the end of Q3 of 2022. That clearly lent itself and followed through in 2023, where we saw tech hiring down, you know, anywhere from 20%-30%, depending on the metric that you believe. You know, we follow both the hiring reports from the BLS data, as the LinkedIn Workforce Reports, which I think are highly insightful and very correlated to what we've seen. You know, they had very similar, you know, metrics out there from a hiring perspective, particularly in technology, where they saw technology, you know, at the trough down, you know, 30%+, year-over-year. So what we said on our last call is that, you know, we saw a clear pullback in the H1 of the year, particularly led by technology, but also, to a lesser degree, financial services, internationally. What we said on our last call is that we've seen signs of stabilization and some returns of growth in certain segments. We, you know, obviously aren't giving guidance on our Q4 yet or into guidance into 2024, but we generally feel that we have seen some of the worst of the pullback, particularly with technology. We do think, you know, the customer base that we have in technology, when you talk about it, it's a who's who of the technology companies out there: Google, Microsoft, you know, et cetera, et cetera. We feel very good about our customer base there. We feel very good about their long-term prospects from a labor market. We do think that we will, you know, start to see a more normalized period of growth in that base level of hiring at some point in 2024. Everybody's looking to pick when that's gonna happen and when that's gonna turn, but I think there is general consensus that we'll start to see that in 2024. Great. You know, that's, that's super helpful. And then, I guess just as a follow-up to that, has really the main impact on the macro been, you know, hiring vis-à-vis base growth, or have you guys seen any impacts in, in other areas, you know, like package density? Just trying to clarify some of the puts and takes, and, and how the macro has impacted you guys. I mean, despite the fact that the macro has been soft and been a clear headwind this year, we're. As we mentioned on our Q3 call, we're on track, and we'll report our Q4 numbers, you know, in a month or so. We were on track, as of Q3 to report record, you know, new business, new logo additions, to the business. So feel very good about our new logo generation, and that goes along with our ability to upsell and expand our customer base. So really, and if you even go back to COVID, right? We had a really strong new business year, even in 2020, despite the markets being, you know, significantly impaired by the COVID pandemic. Really feel good about our go-to-market team's ability to continue to add new logos and drive growth from that side of the algorithm, regardless of what the macro level's doing. Got it. That's really helpful. And maybe if we could pivot over, you know, to the margin side of the equation. You guys have made a lot of, you know, progress there, t alked a little bit about that path and, and trending towards, you know, 30%. You know, maybe if you could dive in a little bit more, you know, what exactly has been the focus, and, and how have you been inflecting margins higher over the past, you know, few years? You know, what's been some of the, the past actions and, you know, what is still left, you know, for you guys to take on the, the cost side here to get the rest of the way to towards 30? T he primary focus has been on at the gross margin level. As I mentioned earlier, you know, you, you were able to see our gross margin expansion in 2022, and you've seen it through three quarters in 2023, which are very similar, you know, approaching 200 basis points each year. That has been, you know, a huge lift to the overall margin, despite the fact that we had some demand top-line challenges this year. One of the other action items that we took at the end of Q1, I guess it was, in 2023, we announced a broader restructuring program, where in addition to looking at our typical efficiency programs and operational efficiency improvements and gross margin improvements, we took a look at our SG&A expense base, and we've done a right sizing of that over the course of 2023. And we do think those changes are highly leverageable. We think we can continue to grow the top line with very modest increases in our operating expense base. We do think the operating leverage we have built in this model right now is as strong as it's ever been. So as we do see the top line continue to go back to growth, we expect to see some material operating leverage there. Got it. That makes sense. You know, maybe switching, you know, over to capital allocation here. You know, obviously, you guys have been, you know, pretty active buyers of, you know, your own stock over the past, you know, year plus. I know you recently refinanced and, and took care of, you know, some of the, the obligations, or at least nearer-term obligations on the term loan. You know, but maybe you guys could dive a little more into, you know, your thoughts on capital allocation, you know, in terms of, you know, thoughts, priorities, and, you know, view on use of cash, at least in the, the near to medium term. S ure. Obviously, over the last, you know, roughly year and a half, since November of 2022, we announced our share repurchase program and repurchased just under, you know, $150 million worth of stock over that period of time. You know, with the board and the management feeling highly confident that that was a good return on investment in capital. The business continues to generate cash, even with that expenditures. This is a very, you know, low demand from a CapEx perspective to run this business, a very CapEx-like model in that, you know, 2%-3% of revenue type range and really trending at the low end of that range. We've been, you know, somewhat active in the last, I would say, 12 months with some, you know, smaller M&A transactions that have been strategically important to us, but nothing significant from a capital outlay perspective. We sit here, you know, roughly at 3.7x levered, and I know there's been some questions about that. It's a bit higher than some of the other peers in the industry, but we feel very comfortable operating this business in that 3-4x range, and do think as the business continues to perform, as we continue to expand margins and return to a period of growth, that natural de-levering we see because of the significant cash flow generation from this business will, drive this number back down to the, the low 3s, you know, quite quickly. So feel very good about the long-term, you know, capital position in the balance sheet, as we sit here today. Got it. You know, that makes sense. And then, I guess, we'll take a quick, you know, question from the audience. You know, wouldn't be a conference, you know, in this environment without, you know, discussing, you know, AI a little bit and uses and applications. But I guess, you know, could you guys discuss, you know, whether the potential use cases or current use cases, and how you guys are using automation within the background screening process today and, you know, maybe how you think, you know, you'll be using it, you know, down the road? Sure, Kyle. I mean, the most complex part of doing a background check is matching data, right? It's matching a specific criminal record to a specific identity and ensuring that that criminal record is what the client wants us to find, and the identity is, in fact, the person that we're trying to search. And we're doing 2 million applicants times, you know, a factor of that with criminal records. The ability to match a piece of data is very, very important. And to help you understand how complex that is, let's say a client wants us to find whether or not an applicant has a DUI in their background in the last 7 years, right? Fo r driving under the influence, there's 400 different classifications, meaning 400 different ways that criminal jurisdictions around the world say DUI, times 20-25 different languages, right? And that's just for DUI. So what a human oftentimes does is says: "G ee, if they're looking for driving under the influence, I found a record that says, 'Operating farm equipment while under the influence of marijuana.' Is that the same thing? And by the way, is it the same person?" We've deployed, you know, a lot of custom algorithms and some new data matching logic, which is AI-like, in that we're using neural nets. That helps not only speed up that process but improve the accuracy and turnaround time of, of doing that data match. So it really helps us simplify that data. Th e data matching part of just the criminal side of it. And then, when you look at deploying similar logic towards doing education verifications and employment verifications and all other parts of our business, you can see that it helps take labor out of the system. It helps make the existing labor that we have more efficient. Some of the gains that you've seen us make, and will continue to see us make in margin, are associated with us deploying more algorithms and taking humans out of the equation. So that's just one part of our business that's using AI to improve our performance. Got it. That's really helpful. And then, I know we only have a couple more minutes here, but I'll take one more question from the audience. I guess, it's effectively stems down to the, the access, how you gain access to and use some of these, you know, proprietary databases in areas, you know, like long-haul trucking. You know, I guess t he, the gist of the question is just you know, how do you guys gain access to a lot of this non-criminal, whether it's, you know, reckless driving or various other safety violations? Kinda how do you guys gain access and compile and kinda keep, you know, different contributors, kinda helping you guys contribute that, to that database and keeping it, you know, up-to-date and current? S o we have the teams that do that, right? So the transportation database is something that we've been doing for about 25 years now. I think is the length of that. And we have a team that does nothing but continues to invite other long-haul trucking companies to add data to the database. 'Cause you can't use the database unless you contribute to the database, so it's a little bit of a give to get model. So no trucking company can use it unless they're gonna be contributing data. And it's the same thing with the transportation network companies, where we, you know, we approach them on, you know, the same idea is, you know, safety-driven. And as I said, we did one in the retail theft database. And that proprietary data is in HireRight's DNA. It, you know, preceded me from being in this role, so it's just something that we've always done, something that we continue to do. It's also something that we do when we're always searching for, and we have a team searching for new sources of data, and using it in unique ways that others might not have thought to help us improve how we identify and develop an identity, right? 'Cause every background check, every screening needs to ensure that the person is who they say they are, and in fact, we've matched a record to the right individual. So we're always on the lookout for new sources of data that allow us to verify someone is who they say they are. So it's just, it's in HireRight's DNA. Got it. That makes sense, and I think answers it, addresses it pretty well. Really appreciate it, guys. Looks like we're up on time, but we've definitely covered a lot of ground. So, thanks, guys, for joining us today, and hope you enjoy the rest of the conference. Thanks, Kyle. Take care, everybody.