We’ve seen law enforcement increase, and we’ve been very focused there. Law enforcement are avid users of E-Systems, and we’ve been making nice traction within law enforcement. So with a tilting economy into a more negative economy, even with a good economy, but more so in a bad economy, fraud tends to increase. And therefore, the reliance on our systems are very important. So we see those increasing as well. So again, it’s one of those businesses where one side of the business doesn’t fall apart to the benefit of another. It’s very balanced, and we feel good about our business for the next 18 to 24 months for sure.
David Polansky: Great. And did you — sorry if I missed this, did you disclose a specific number on collections for the quarter? I know you’ve said that pre-COVID, we’re 40%, now we’re 20%. You’ve kind of said it’s been flat for roughly three years. What are you willing to talk about what that business has done in percentage growth terms over the last quarter or two?
Dan MacLachlan : Yeah, David, this is Dan. So yes, you’re right. I mean we — for competitive reasons, we don’t publicly break out the verticals, but we have said in the past that pre-COVID collections was as high as 40% of our revenue. Today, we will say that it is less than 20% of our overall revenue today. And again, as we explained, it’s been relatively flat now for probably going on six or seven quarters. We’re starting to see, as Derek mentioned in his commentary earlier, a little bit of a percolation, if you will, within collections and some of the leading indicators within repossession. And this was the first quarter where we actually saw a couple of percentage point increase over prior year and the highest revenue quarter we’ve seen in over a year.
So we’re excited because from a conservative standpoint, we look at the collections vertical for us is all upside. Our largest vertical, which includes financial and corporate risk, has been growing very healthy, very strong. And when we look at 2024, if we can start to get some reversion back in the Collections space, we see that as just great upside for the business.
Derek Dubner : Yeah, David, Derek again. Just to add a little color there for maybe those that are less familiar with the business than you are. As you may recall, 40% part of our revenue as collections was really the earlier days of this business when we first brought some of our products to market. And that’s just by the very nature of collections. They’re rather an early adopter industry, if you will, of these solutions. We’re — while Collections is a wonderful base to serve, it was — it’s not always the focus, it’s rather been dwarfed over the last couple of years of our evolution and our maturity into powering some of the leading identity verification players out there today. And so collections just by the nature of the pandemic as well as our focus on accelerating our long-term product road map and powering background screening support and powering identity intelligence and identity verification and fraud solutions out there in the market, collections moved down as a percentage of revenue, while financial and corporate risk move up.
And certainly, that will continue to be our long-term focus of the business.
David Polansky: Great. Thanks a lot, guys. I’ll pass it back.
Derek Dubner : Thank you, David.
Dan MacLachlan : Thank you, David.
Operator: Thank you very much. I would like to now turn the call back over to Derek Dubner for closing remarks.
Derek Dubner: Thanks again for joining us today, and I want to thank our team for delivering yet another record revenue quarter with strong profitability. Our business is performing quite well, especially given the challenging economic environment. We are dedicated to our strategic plan, which includes growth with continued strengthening of the foundation of our business. Given our performance year-to-date, we are well positioned for the remainder of the year and 2024. Good day.
Operator: Thank you very much. This concludes today’s call. You may now disconnect.
