First Advantage at William Blair Conference: AI and Growth Strategies

On Tuesday, 03 June 2025, First Advantage (NASDAQ:FA) presented at the 45th Annual William Blair Growth Stock Conference, outlining its strategic vision amidst a dynamic market landscape. CEO Scott Staples and CFO Steven Marks highlighted the company’s investment in technology, particularly AI, to secure its position as a category leader. While the integration of Sterling and international expansion offer growth potential, challenges remain in navigating a competitive environment.

Key Takeaways

• First Advantage aims for $1.8 to $2 billion in revenue by 2028, driven by upsell, cross-sell, and international expansion.
• The company maintains a 96% customer retention rate post-Sterling acquisition.
• AI and machine learning are central to First Advantage’s strategy, enhancing data interpretation and automation.
• The total addressable market is estimated at $24 billion, with $10 billion attributed to digital identity solutions.
• The company targets high-quality earnings with a long-term EPS goal of $1.65 to $2.00.

Financial Results

• Revenue Target: $1.8 to $2 billion by 2028

• Growth Contributors:

- Upsell/cross-sell: 4-5%

- New logos: 4-5%

- Base revenue stabilization: 2-3%

• Revenue Growth Rate: 7-9%
• Gross Margin: Approaching 50%
• EBITDA Target: $500 million to $630 million by 2028
• EPS Target: $1.65 to $2.00
• Debt Reduction: 1% last quarter
• Synergies: $65 to $80 million

Operational Updates

• Sterling Acquisition: Deemed successful with complementary verticals
• Customer Retention: 96% post-acquisition
• Technology Investment: $120 to $130 million annually on R&D
• AI Implementation: New applicant portal and service area enhancements
• International Growth: Strong in the UK, India, and Australia
• Digital Identity TAM: $10 billion, contributing to a total of $24 billion

Future Outlook

• Revenue Growth: Targeting 7-9%, exceeding market growth
• EPS Growth: High teens to low twenties
• Capital Allocation: Focus on reducing leverage to 2-3 times
• Integration: Prioritizing First Advantage and Sterling integration
• Cost Savings: Through AI and automation
• Long-term Growth Drivers: Digital identity, risk management, and package density

Q&A Highlights

• Competitive Landscape: First Advantage as a category leader, with mid-sized and smaller competitors
• Procurement Role: Vendor consolidation favoring larger players with advanced technology
• Labor Market: Stabilization with a balanced job openings to unemployed ratio
• International Opportunities: Significant in the UK, India, and Australia due to digitized data
• AI Applications: Enhancing data interpretation and automation

In conclusion, First Advantage’s detailed strategic plan presented at the conference highlights its commitment to leveraging technology for growth. For further insights, refer to the full conference transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Andrew Nicholas, Business Services Analyst, William Blair: Alright. Good morning, everyone, and thanks for for joining us here today. My name’s Andrew Nicholas. I’m the business services analyst here at William Blair. Before getting started, I’m required to inform you that for a complete list of research disclosures or potential conflicts of interest, please visit our website @williamblair.com.

With that out of the way, I’m very pleased to welcome First Advantage CEO Scott Staples and CFO Steven Marks here to the forty fifth Annual Growth Stock Conference. Really excited to have both of you here again this year. We’re gonna do a fireside chat format. I’ll start with just a very high level question kind of the business for those of you that aren’t familiar, and then we’ll get into some of what I consider to be the the most important topics for for the space and the company. So maybe that’s that’s my segue, Scott.

If you could just speak a little bit about, you know, what First Advantage is, what you do, who it’s for, and and we’ll kinda go from there.

Scott Staples, CEO, First Advantage: That’s awesome. Thanks for having us. And you also cover HR tech.

Andrew Nicholas, Business Services Analyst, William Blair: I do. Well, business service, I I include I include HR tech within that umbrella.

Scott Staples, CEO, First Advantage: Saw that on great. I saw that one when I saw you having breakfast this morning. Yeah. HR tech. So First Advantage is a global software, data, and services company catering to the HR tech space.

Our platforms and our data and our services are used by talent acquisition departments, HR departments, security, and compliance. We do business all around the globe in 200 countries and territories. We do a 90,000,000 background screens, per year. Our platforms and technology is used in the onboarding, cycle, to, check criminal history, verification of employment, education, digital identity, I nine services, services, etcetera, and then post employment for ongoing monitoring and and things like that. We tend to focus, on the enterprise, business space.

To us, that is a customer that would do $500,000 of annual contract value ACV with us, or higher. We also, you know, service the mid market and the SMB space, but we do that, you know, in a slightly different model. So we’re primarily enterprise focused. We are vertically aligned. Being vertically aligned is very important in our industry to be able to talk about, the compliance and the regulations that are specific to certain industries, is an important differentiator in this space.

And we’ve been around for for many years, but we’ve we’re a little bit of a transformation story, in that, you know, we came from being a background screener eight years ago to being a software data and services company today, and we went public on Nasdaq about four years ago.

Andrew Nicholas, Business Services Analyst, William Blair: Awesome. And I I would say, you know, doubling down on on all of the above from a vertical strategy, from a data and information services company kinda ties into the announced acquisition of Sterling. Obviously, I think we talked about that this time last year. You’re, you know, twelve months later. Can you maybe refresh everyone, in the room on on the rationale there, what it’s done for your business, and and how things are going to this point?

Scott Staples, CEO, First Advantage: Yeah. It it it’s been a great acquisition. Like, I you know, we’re smiling every day, around this acquisition. In in this space, we think Sterling and First Avenge were the two best companies. We are certainly two of the three largest players in the space.

And now that we’re together, we’re by far, you know, the largest, in the space, certainly from a market cap standpoint or a public company standpoint. We we think our nearest competitor is about half our size. We, the the rationale was, when when we looked at the space and we looked at the importance of verticalization and the technology stories that come with each vertical, when we looked at Sterling compared to First Advantage, it was such a complementary fit on verticals. First of all, we felt that First Advantage and Sterling had the best two tech platforms in the space, so that was good news. Second thing is when you look at what the verticals we were strong in, so for example, transportation, retail, ecom, healthcare was our third largest.

And he looked at Sterling, it was like inverse where healthcare was their largest, they had a very small transportation business. And when we started mapping the verticals, we were like, wow, we could have a great we could increase our story in the verticals we’re strong in and we can fill some gaps in the verticals that we play in but not as strong as Sterling. So when you look at when you put it together, we love using the dovetail analogy. We really dovetailed nicely from a vertical standpoint and we’ve had the ability to then leverage the best in breed technologies from each company’s strengths and verticals to then offer that to the installed base of the other customer.

Steven Marks, CFO, First Advantage: But also to be able to buy it at a good valuation and then the benefit of generating a lot of extra value out of synergies. From a financial model, it was very beneficial as well.

Andrew Nicholas, Business Services Analyst, William Blair: Yeah. I I wanna hit that as well, Steven, but maybe maybe before going in into the financial rationalization. Just in terms of scale, I think this is an industry where bigger is generally better, more capital to invest in technology, automation, AI, all all those things. Can you can you maybe speak to that benefit or those benefits? And also, just like from a market structure perspective, how how different you expect it to look over the next couple years versus what you’ve historically competed in and what that enables you to do from like a new logo or upsell perspective as well.

Scott Staples, CEO, First Advantage: Yeah. So I think to answer your question, let’s let’s first paint the competitive landscape and then I think the answer becomes a little more clearer. So if you look at the competitive landscape in our space, you know, we feel we’re the category leader. And then there’s really two other buckets. There’s what we call mid sized players, and they’re companies with revenue between like a hundred million and 700,000,000.

And let’s say there’s eight, nine, ten of them. And then there’s literally dozens and dozens of mom and pops which are sub 100,000,000. Now, we feel that, you know, we’ve got a pretty nice competitive moat, ahead of the mid markets and certainly a large one ahead of the mom and pops, but we feel that only accelerates with what’s going on in the technology space. So we spend a hundred and 20 to a hundred and 30,000,000 a year on r and d. And as you can see, that spend in r and d is actually bigger than all those mom and pops in revenue standpoint.

And those mom and pops actually surprisingly still have a number of enterprise customers, in their fold. They will each mom and pop typically will have two, three, four, or five enterprise customers and a lot of SMB. We’re not as interested in the SMB, but we’d love to have those two, three, four, five enterprise customers. And we think what we can we can get that market share without m and a with R and D spend coming. We’re we’re in we’re investing in places like better user experience.

So we’ve rolled out a complete new applicant portal, which is loaded with AI, which is a really cool piece of technology that’s, you know, you do a background check, you know, most applicants can do it right from their phone or choose to do it right from their phone. It’s a really nice experience because a lot of the data is pre populated coming in from the ATS system like a Workday or SAP SuccessFactors. It makes for a really nice experience. But we’re also using AI in service areas. So for example, in this day and age, everybody likes to talk via chat.

And we’ve got, you know, really, really nice, chat feature that, we’ve built out with Salesforce, around how applicants and customers can chat with us, to get status of background checks, change their passwords, etcetera. And then we’re using AI and machine learning in, a lot of our data applications. So we do have prop proprietary databases, and these are fed through proprietary algorithms and using AI and machine learning to evolve almost on a daily basis. So when we sit back and think about it, you know, when we’re sitting in front of our customers, we’re talking about AI, we’re talking about machine learning, we’re talking about facial recognition, we’re talking about digital identity, we’re talking about algorithms, we’re talking about proprietary databases. There’s no way in the world any mom and pop is talking about that stuff and most of the mid markets probably aren’t either.

So we feel that that type of dialogue with our customers gives us, a competitive advantage in the fact that one, our technology is better, but two, they get trust us that, you know, we’re gonna be solving the future problems for them, not only the current problems.

Andrew Nicholas, Business Services Analyst, William Blair: Very helpful. Thank you. I think, and correct me if I’m I’m mistaken, but I think in the past you’ve talked about a relatively even split of, like, new logo growth from several of the different buckets that you just described. Is there, you know, between SMB and competitive takeaways and those that may be in sourced or did it manually in the past? I can’t recall exactly.

But is that relatively consistent with what you’re seeing post post Sterling acquisition? Is there some shift there that you would expect to come from kind of the dynamics you just described?

Scott Staples, CEO, First Advantage: Yeah. No. We are definitely seeing a little bit of a shift. We in the past, when there was three publicly traded companies, mid market and and then SMB, we were as you alluded to, we were taking business really in equal thirds, third, third, third. Now we’ve obviously reshuffled the deck to two buckets and, you know, instead of three.

We we tend to get most of our market share from the mid market. It’s incredible, you know, the companies we we we, you know, when we win deals from mom and pops, it’s incredible that that brand was with a mom and pop where it you know, it’s it’s a head head scratcher. But, I’d say we’re probably more of like a sixty forty split right now. And it’s just, as you can tell from our Q4 and Q1 results in terms of wins, you know, we had record number of units won in Q4 and record number of ACV value in Q1. We feel that’s a great signal and a great sign to where we are with the sales engine and also where the market perceives the acquisition.

Sure.

Andrew Nicholas, Business Services Analyst, William Blair: And I guess you couldn’t be doing all that if the market wasn’t large, it wasn’t growing. So so that’s gonna be my segue into talking about the TAM. Yep. You had an Investor Day last week where you outlined, you know, your estimate of of the addressable market, is a little bit higher than what you had outlined when you IPO ed several years ago. Can you kind of talk through that TAM and digital identity I think is becoming a bigger and bigger part of that?

We can go on that topic next.

Scott Staples, CEO, First Advantage: Yeah, so from a TAM standpoint, you know, when we looked at this space, you know, around the IPO and pre IPO, it was about a $13,000,000,000 TAM. Today that’s grown to about a $14,000,000,000 TAM and that’s a global number and that’s about fiftyfifty between vended and non vended, so there’s a lot of white space. Particularly in places like APAC for example internationally, about 50% of our new logo wins in APAC are from companies that have never screened before, so first time screeners. So we’re starting to get, you know, big regional companies in APAC starting to act like the multinationals do in Europe and in The U. S.

So that’s a good sign for getting that white space. So 13 has grown to 14, but I think the new phenomenon which is we’re all excited about is the addition of the digital identity TAM. Digital identity is the hottest topic, fastest growing, you know, product discussion in our space, and this is really all around AI enhanced, fraud in the recruitment and application, applicants’ journey. So what that means is more and more applicants are getting jobs fraudulently with, you know, especially within The US, by using AI. So they’re using deepfakes on, on Zoom and on Teams when they’re interviewing.

Many of our customers are telling us the person that they think they interviewed over Zoom is not the same person that showed up for the job, and maybe not the same person that signed the I nine. There’s a Gartner report out that says by 2028, ’1 in ’4 applicants will be fraudulent, so that’s the negative aspect of AI. And there’s even a Wall Street Journal article that was out a few weeks ago, it actually just hit again this morning, where North Korean agents are infiltrating US companies and they feel that they’ve infiltrated over 300 US companies already. So this is where a North Korean agent has illegally entered The US, got a job fraudulently. It now has access to that company’s corporate systems and is sending that paycheck back to Cash Strap North Korea to help the motherland.

So this has boards and and c suites in a panic right now. So digital identity, is a series of products that can help solve that. And that TAM is about a $10,000,000,000 TAM. So we add that to the 14, we’re now sitting in a $24,000,000,000 market. And, we’re very early, early, early days on the $10,000,000,000 TAM digital identity.

Andrew Nicholas, Business Services Analyst, William Blair: And I think that TAM is is growing high high teens, or at least that was the the messaging last week. I mean, you talk just very briefly about your right to win there? Why does First Advantage make, you know, most sense to to solve that problem for clients?

Scott Staples, CEO, First Advantage: In today’s world, size and scale matter. Especially, I’ll give you the example I’ll give you is or the analogy I’ll give you is what sort of happened in the cybersecurity space. So if you go back in, you know, cybersecurity five, six, seven years ago, you know, it was it was just starting to be new and and this was on the radar of boards and c suites and, obviously, nobody wants to get hacked. So this had very high, elevation status within organizations, and they would question when you when you get to boards and c suites, they question policies, they question procedures, and they question partners. They want to be very comfortable that they’ve got the best in class of all of that.

The same thing now is starting to happen in background screening. So background screening is no more just embedded in HR departments. Because of what I just walked you through with digital identity and because of the world that we live in which is becoming more and more complicated and if you just turn the news on at night, you know, keep coming up on a daily basis. Boards and C suites want protection from that. So the concept of background screening has really bubbled up to a higher level where now they are questioning policies, procedures, and partners.

And typically then they would also get procurement involved because the spend is starting to increase because they want more and more protection. Normally when you hear procurement involved, you’re thinking, there’s issues. They’re going to beat you down on price and margin. That’s not actually what we’ve seen. Procurement departments have become our best friends because when procurement steps in, our market is a very fragmented market.

They come in and they say, well, there’s no way we’re gonna continue doing business with this mom and pop. Too much risk. Or they’re looking at a global and saying, you know, we need to consolidate with larger vendors who have better technology and we can have partnership type discussions with us. So a lot of our upsell, cross sell and growth has come from procurement led RFPs where they’re looking for vendor consolidation with bigger players with better technology, help them avoid risk. So these are a lot of good things that are in our favor.

Andrew Nicholas, Business Services Analyst, William Blair: Absolutely. And so, you know, you take it all together and you published or messaged twenty twenty eight targets last week for the long term kind of growth opportunity of the business. Maybe you could spend some time for for the audience kind of outlining what those targets look like and and maybe some of the assumptions embedded in there.

Steven Marks, CFO, First Advantage: So, So, I mean, we were, obviously, as you know, in New York last week with with all of our investors, but, you know, we have an outlook of getting to about 1.8 to 2 billion dollars in revenue by 2028. And and when you look at our revenue growth algorithm that kinda powers that revenue growth, kinda break it down into two areas, kind of the the base, which is the macro, which I’ll come back to in a second. But what’s been you know, what gives us good, you know, confidence in that is the ability to influence growth through generating growth out of upsell cross sell. So, you know, leveraging those trends Scott just talked about, risk management, package density, that, you know, cross selling more into digital identity, and that’s gonna be a steady four a consistent four to 5% contributor to growth. It’s been very consistent, as you know, through the mac macro cycles, you know, leveraging our our go to market, leveraging our product and tech.

Likewise, another four to 5% growth just through new logos, so through taking market share, you know, in in a competitive market. Also, leveraging, you know, international as well. And one of the more positive things that’s come out of the acquisition is we’ve still been able to maintain 96% customer retention even on the heels of the acquisition that we announced now sixteen months ago. So when you add those up, we we can influence a lot of growth out of that. You know, now that we’re we’re starting to exit the the anomaly that was the pandemic and and, obviously, the post pandemic hiring boom and then this normalization cycle we’ve been in.

And and as we mentioned on our on our investor day, you know, we’ve seen that that trend of stabilization continue, you know, through q one into April and now into May. You know, as that gets towards that neutral state and even becomes a longer term two to 3% contributor, you know, we expect revenue growth to resume at that seven to 9% rate, which outpaces the vended market growth, but also, you know, it’s high single digits growth, which is really healthy. And then on the heels of the acquisition, as mentioned, the synergies before, but then just, you know, leveraging that growth with, you know, with gross margins that approach hover around 50%. So leveraging that that new revenue growth. And then we’ve had a culture of just generating incremental cost savings, you know, leveraging AI, leveraging automation, leveraging our data assets.

You know, we’ll get we’ll get our EBITDA. You know, our expected 2028 range is between 500 and 60 to $6.30, so let’s just use 600,000,000 as as kind of the the north star there. So call it around a $2,000,000,000 revenue company generating $600,000,000 of EBITDA, and, you know, I think a core part of our culture at First Advantage has been high quality of earnings. So, you know, once we get through the integration, you know, getting rid of the add backs, you know, which then results in good free cash flow conversion, as you know. So, we’re really excited about that outlook.

I think we think it’s very attainable. You know, we’ve got, you know, the positive trends of digital identity, risk management, you know, continued package density, and a great mix, a diverse mix of customers to help drive us there.

Andrew Nicholas, Business Services Analyst, William Blair: Sure. And I think at the bottom line there, was high teens to low twenties type earnings growth over that time frame, which is maybe an excuse to talk about capital allocation deleveraging. Can you give us just kind of a a quick overview of how you guys are spending your your cash?

Steven Marks, CFO, First Advantage: Yeah. No. So, I mean, you know, the other the other benefit of the position we’re at today when you look forward is, yes, we have a little leverage at the moment, but as we deleverage, which not only has this business, but this management team has done a couple times now. In fact, when we were acquired in 2020, our leverage was almost six times, and we got that down enough to be very flexible with our capital allocation over the last couple of years very very rapidly, and we’re committed to doing that again. We we we think that outlook’s there, which allows us to leverage that to EPS even more rapidly.

So our actually, our long term guidance on EPS is a dollar 65 to $2, which is more than double where we were at in 2024 at all all parts of the range, almost two and a half times at the upper end. And that we leverage all those things I just talked about in terms of EBITDA growth, but then get the added benefit of free cash flow conversion, deleveraging. You know, we’ve already started the debt pay down journey, paid down about 1%, you know, last quarter or so, and we’ll continue to take free cash flow and do that till we get into our long term target range of of two to three times. So until then, capital allocation’s pretty simple. We’re gonna we’re gonna integrate these two businesses.

We’ve got now 65 to $80,000,000 of cost synergies, our new our new synergy target that we rolled out last week, and and then we’ll continue to deleverage. And then, you know, as we get closer, we can get a little bit more flexible, but until then, we’ve got a we’ve got a healthy journey for the next eighteen, twenty four months of just completing this integration, really making First Advantage, you know, by far and away the category leader like Scott was just talking about, and then in that process, leverage to where to where we promise for our investors.

Andrew Nicholas, Business Services Analyst, William Blair: Great. I would love to hone in a little bit more on the labor market. It sounds like April and May are consistent with what you saw in the first quarter, is always exciting to see, particularly given all that we’ve seen from a geopolitical and macroeconomic perspective. Can you just maybe lay it out a little bit more in a little bit more detail with with what you’ve seen over the past year plus, what you’ve seen so far this year? And and within that, like, differences between whether it’s verticals or by geography, because I think, obviously, there’s it’s a dynamic environment depending on what what area of the market we’re talking about.

Steven Marks, CFO, First Advantage: Well, let me we’ll we’ll start. I think it’s hard to look at the last year without really looking at maybe the last four or five years because it’s really it’s been a a a pretty long journey, if you will, you know, from the pandemic. So, obviously, post pandemic, you know, whatever great resignation, great onboarding, what whatever term we wanna use. A metric I know we talked about this last week, but a metric we always look at is the ratio of, you know, job openings to those unemployed. And a and a historically comfortable level for that is about one to one.

Right? So one job for every unemployed person, so that creates a very, very nice balanced labor market. Post pandemic, as there was a war for labor, you know, every you know, there was you know, everyone got laid off and then brought back to work, that number actually peaked at 2.2 times in in early twenty twenty two, which is obviously unsustainable for the market, creates excess churn, Great for our base revenue back in 2021 and 2022, but clearly not sustainable. And it’s just taken the market, call it, three years to really get that excess supply of openings back down to a normalized level. So if you look at where the BLS data’s been the last eight eight or so months, probably a little bit longer, we’re hovering now right at that one to one ratio.

And we’ve so where that comes through, unfortunately, our financials is is year on year base declines as we go from that that plateau back down. But we’ve seen that stabilization cycle really continue the last couple of quarters. And that’s also what we’re hearing from our clients, that they’re not changing their strategies. Their outlook is to keep operating under the same protocol, which is why we kind of in our in our 2025 guidance have the back half of the year as we lap those those get into kind of that third year, that steady year, have base being neutral. But again, as I talked about, base being neutral is okay because we’re able to drive growth out of upsell, cross sell, out of new logo, and been really proud of that 96 plus percent retention rate.

So, getting to that neutral state is kind of where do we have it for the time being before we return to the long term growth, is, you know, there’s a lot of secular factors that get you to that. Sure.

Andrew Nicholas, Business Services Analyst, William Blair: I wanna change topics a little bit and and maybe dive in a little bit more into international. Scott, you mentioned APAC and and some of the the pipeline growth and ACV growth there. Can you kinda talk about where the international market is relative to The US? Why there’s such a big kind of opportunity there in white space? And just maybe culturally, like, the difference is in in how they approach this decision versus what we’re kind of accustomed to here?

Scott Staples, CEO, First Advantage: Yeah. I think the first thing is we’ve had really nice growth out of international for the last three or four quarters. I think international actually, you know, went into, you know, a choppy macro earlier than The US and has sort of maybe come out of it a little earlier, than The US. So we’ve had pretty good growth opportunities. The big I mean, we do business around the whole world, but the big areas of potential we see are in, UK, India, and Australia, particularly.

Because those are primarily, those are English common law countries. And the governments have also done a real good job of digitizing and centralizing their data sources. So it makes our job a lot easier, and we can come in with a full fully automated tech solution, which obviously brings us nice margins, and good speed for the customer base. Doesn’t mean that we don’t do business elsewhere. We’re still getting pretty good growth out of Hong Kong, ASEAN, and other markets in the space.

But APAC in particular, we see a lot of growth because we’re starting to get those large regional companies that are first time screeners, you know, learning from the multinationals out of The US and Europe. So The US and Europe multinationals are all doing business in APAC region. And over time, those HR people leave and go work for regional companies and then say, wait a minute, we’re not doing background screening? And that ultimately drives, some growth for us. But, the other thing is if you look at the international landscape, it it it really was a a market even though it’s, you know, only 14% of our business.

It really was a market that, the primary players were Sterling, First Advantage, and Hire A. Well, now Sterling and First Advantage are together. So a lot of business is coming our way because of that international footprint being so much better as combined entity versus standalone.

Andrew Nicholas, Business Services Analyst, William Blair: Makes sense. Only have a couple minutes left. I I just wanna make sure we’ve we’ve touched on it briefly at various points throughout the conversation, but just cover the the AI topic. As a data company, as a data services company, and we’ve written this quite a bit for our information services companies, like, there’s a huge opportunity with AI and machine learning and, you know, all the buzzwords to do things with data that are more efficient than what you were doing five, ten years ago. I think First Advantage has obviously been a leader, particularly within the screening space, but just even broadly on executing on that.

So can you just give people a sense of what you’re doing now, maybe what the opportunity looks like, and maybe the financial benefits that could come from that as well?

Scott Staples, CEO, First Advantage: I mean, first of all, I think, know, think of us as a sort of a software powerhouse. We have 850 people that are just in product and software engineering and and infrastructure. We have 90 development pods around the world. Five of those pods sit in Poland and are our innovation pods. They only work on AI and other innovation.

And this space needs it. I know we only have a minute left, but the reason we need it is the data is so fragmented. AI can help pull that data together faster, interpret it, quicker. For example, we’re in the state of Illinois. You would think, okay, go to the state database, you’re gonna catch all the information here.

That’s incorrect. Only 50% of the counties in this state actually report their data to the state database. So there’s counties in here that would never get their data to the state. So AI can AI and automation, whether it’s APIs, robotic process automation, can go get this data from all these thousands of data sources around the country and around the world and interpret it better, present it better, you know, help us be faster and more automated.

Andrew Nicholas, Business Services Analyst, William Blair: Great. Well, that wraps us up. Thank you to everyone for joining us. Thanks to each of you for for joining me on stage. For those interested, we will have our breakout session in the Richardson Room.

From here, look forward to to seeing many of you there. Thanks again. Thanks, Anders.

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