Q4 2020 Quotient Technology Inc Earnings Call
Good afternoon, everyone and welcome to the quotient fourth quarter and full year 2000, and 'twenty earnings conference call during.
During the conference call all participants will be in a listen only mode. After the presentation. We will conduct a question and answer session at that time anyone with a question should lift their telephone receiver and press the star key followed by one on their telephone keypad.
To cancel a question you May press star two if at any time during the conference you need to reach and operator. Please press the star key followed by zero.
As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of the quotient website following the call.
At this time I would like to turn the call over to Christine Bartoo, Scott Director of Investor Relations Ms. <unk> you may begin.
Great. Thank.
Thank you operator.
Hello, everyone and welcome to our fourth quarter and full year, 'twenty and 'twenty earnings call.
On the call with me today are CEO, Steven Boal, Pam Strayer, our CFO and Scott Raskin, our president and COO.
And each stockholder letter posted almost an hour ago on the IR section of our corporate website investors quotient dotcom and.
Alongside our press release and earnings presentation.
Before we begin please note that during this call you will hear forward looking statements.
Forward looking statements include projections for our first quarter and full year 'twenty 'twenty one on.
Our ability to manage our business and liquidity and to capture marketing dollars during and after the global pandemic expansion of our retail partnerships launch on our national rebates platform Cpg's and retailers shift to digital.
Growth in E Commerce, and retail performance media and <unk>.
And that did most of our cost control measures and.
And our ability to leverage investments and operating expenses as well as the expected growth and investing in our business generally.
Forward looking statements are based on information available to and the good faith beliefs of our management team and some of the time on this call and our submission on the.
Risks and uncertainties that could cause actual performance as a result to differ materially.
Additional information about factors that could potentially impact our financial results can be found and our stockholder letter issued today and the risk factors are identified and our quarterly report on form 10-Q filed with the SEC and November six 2020, and our future filings Yeah E C.
We disclaim any obligation to update information contained in these forward looking statements, whether as a result of new information future events or otherwise.
Please note that with the exception of revenue operating expenses gross margin and net loss financial measures discussed today are on and non-GAAP basis and have been adjusted to exclude certain expenses.
A reconciliation between GAAP and non-GAAP measures can be found and the financial results section on the stockholders' letter issued today and in the earnings presentation slides posted on the company's website.
With that I will now turn it over to Steven.
Thank you Christine Hello, everyone and welcome to our Q4 and full year 'twenty and 'twenty earnings call as.
As we reflect on the past year 'twenty and 'twenty has been a year. Unlike any other and we are thankful for our customers and partners, who relied on us to help them navigate this challenging and shifting landscape and I'd like to thank our world class team, who rose to the occasion on that note I would like to start with an example that I think demonstrates the collab.
A ratio between quotient and our customers retail partners and ultimately consumers.
Back in March when stay at home orders began many of our CPG customers reduced budgets on promotions due to the unpredictability of the growing pandemic, we all witnessed consumer stockpiling groceries and shifting to make more meals at home.
Items like cleaning products paper goods and cereal started flying off the shelves as people generally stayed at home except for grocery and drugstore runs.
Beverage manufacturers and beauty companies started making in demand health care items.
The challenges group greater almost every day.
One of our customers went from being the go to product and brand and their market segment to losing a significant market share as new entrants flooded the market.
This is where we stepped in and they look to quotient to help them pivot and define a comprehensive program to gain back market share and reestablish themselves as the category leader there.
And they utilized and number of our solutions, both strategic and tactical including National promotions National Media, social and sponsored search and got themselves back on retailer shelves and and the hands of shoppers.
That scenario became repeatable and it is not a trend that is likely to go away when this pandemic subsides.
It is also something that we are proactively speaking to our customers about as we anticipate more changes ahead in a post pandemic world, where shopper preferences will change again, as we start going back to restaurants and socializing outside the home.
Our full suite of solutions enables us to help our customers and partners adapt to both short term and longer term changing and challenging consumer habits and lifestyles.
Now I'd like to highlight some of the important progress we made with our business and certain offerings during 2020.
Small cpg's.
One of our focus areas and growth drivers discussed at our Investor day, It's a long tail or smaller cpg's.
Despite this being more of a forward looking metric as we expect more growth here in the upcoming quarters and years, we saw an increase of approximately 26% year over year growth in bookings on a dollar basis for this customer category.
National promotions.
Although we saw a decline and this segment annually due to the overall promotions market being down as a result of the pandemic. We ended the year roughly flat and in terms of the number of Tpg's deploying national promotions campaigns and are already seeing an uptick in this area of bookings and the early months of 'twenty 'twenty, one leaving significant room for.
Growth, especially with our newly restructured sales organization.
Retail performance media or RPM.
We saw an increase of over 66% and bookings dollars from our CPG customers in 'twenty and 'twenty versus net 2019.
And in turn our RPM retailers saw approximately a 58 per cent increase and alternative revenue streams and something that has been and will continue to be increasingly important to retailers, especially in a post pandemic environment and they could face price and margin pressure and we will be looking for additional revenue sources to help mitigate.
This.
Digital out of home at.
At the end of 'twenty and 'twenty, we had inventory of over 174000 screens nationwide and this number continues to grow as we onboard screens with our partners in 'twenty and 'twenty one.
Our customers see the addition of digital out of home is an important part of and into an omni channel strategy fueling continued demand for this offering.
National rebate solution.
Since our launch last November we saw over 60 CPG sign up for this offering and momentum continues to build and this exciting channel as we announced some exciting partnerships in this area over the next several quarters.
Self service sponsored search we continue to see demand for this platform of Cpg's and especially the agencies. They worked with have been requesting more engagement and search as of the end of 'twenty and 'twenty. We have approximately 150 of our customers using this service and finally I'm pleased to share.
Are there and we recently signed our first retailer in the automotive vertical the first non core vertical for quotient with more plant.
We are looking further we are looking for further expansion and non core verticals and though we can't provide more details at this time on our newly signed retailer we look forward to continuing to diversify across other verticals in retail.
Digital media and promotions technology continued to be an important focus for us and although E Commerce and online has taken center stage recently in story is still very much and important part of our business and I'm thrilled to share that we recently hired Henry Luce as Vice President of in store solutions at quotient in this newly.
Created role Henry will be focusing on two key areas of opportunity one collaborating with a product retail and sales teams to enhance our strategy and drive growth of our inlay and marketing solutions and two developing a strategy and business model for quotient is expansion of in store marketing solutions.
And re brings to quotient a wealth of experience and knowledge relating to in store marketing solutions and a vast retail relationship network built on many years of delivering results Henry.
Henry began his career at act media, where he helped launch shelf talk shelf take one instant coupon machine and many other line extensions of those products.
Henry later joined Newscorp, where he led the development and deployment of printable coupon technologies direct to consumer coupon programming networks receipt scan incentives net programming email programming programmatic digital media and finally in store digital media.
As you can tell Henry is a passionate leader and an expert within the in store marketing Arena and he believes quotient has more than earned its right to win in this space with its suite of integrated advertising and incentive solutions along with a best in class sales team. We are excited to have him on board.
One more administrative detail before I turn to the outlook.
We're excited to share that we have signed a lease for our new office and Salt Lake City, Utah, and we will be relocating our headquarters there by mid 'twenty 'twenty one once construction has been completed.
Moving onto our outlook for 'twenty and 'twenty, one, we typically see some seasonality coming off year and and the holiday season, resulting in Q1 being a slower quarter.
While we expect this to be the case again in 2021, we saw strong bookings momentum in January as CPG has continued to drive promotion and media spend to ensure their brands stay relevant and in some cases gain back market share and shopper buying behaviors evolve during the continued unprecedented environment.
We believe market tailwind, especially the shift to digital and the growth drivers, we outlined through 'twenty and 'twenty, we will continue to drive momentum in 'twenty and 'twenty, one and beyond our annual revenue guidance for 'twenty 'twenty, one represents 13% growth over 'twenty and 'twenty at the midpoint and our adjusted EBITDA guidance for the growth for the year.
Year is approximately 20% growth at the midpoint I'm proud of our team's resilience and hard work through the past challenging year and believe quotient is well positioned and the current environment and I'm upper I'm on.
And <unk> to mystic about our growth trajectory for the future and with that I'll turn the call over to Pam Pam.
Thank you Steven and good afternoon, everyone I'll keep my remarks brief and focus on our financial highlights I encourage you all to read the full prepared financial results and our stockholder letter posted on the Investor Relations page of our website.
It goes up and record high revenue results for Q4, as our customers start to deploy effective marketing budgets to generate high rois for their brand strength and media and new media operating such as digital out of home and sponsored search experienced significant quarter over quarter growth highlighting their rapid acceptance in the market and position the off our close loop.
Measurement and impactful at all.
And very little pull back and CPG spending during the quarter as we had initially thought possible.
And so we exceeded our guidance and delivered revenue of $142 5 million, 20% growth over the prior year and 18% over the prior quarter.
And you exclude approximately $10 million from a portion of our media business that we exited in Q3, 'twenty and 'twenty Q4, 'twenty and 'twenty revenue would have been up 31 per cent compared to the prior year.
We ended 2020 with annual revenues of $445 $9 million or 2% growth rate over the prior year on.
Our second quarter, 'twenty and 'twenty revenues were hit, particularly hard at TPG and pulled back on marketing and ticket.
And due to supply chain disruptions from Covid.
Revenue in Q2 fell below that books and hadn't seen since 2017.
And with supply chain retail and CPG has returned to more normalized marketing spend and the second half of the year, but the focus on the best ways to deploy their budgets in light of extended quarantine and the cancellation of large advertisers such as the Olympics.
Our revenue and the second half of the year increased by 45% over the first half of 'twenty and 'twenty.
Media revenue for Q4 was 50% of our total revenue surpassing promotion revenue for the first time, and our company's history, and increasing 34% year over year with growth across almost all of our media solutions offset by the elimination of the media business, we exited in Q3 'twenty and 'twenty.
If you exclude approximately $10 million and a portion of it and he says we exited Q4 media revenue would have been up 63 per cent from the fourth quarter of 'twenty and 'twenty compared to the prior year.
And actually and revenue increased 8% year over year, primarily driven by digital paperless.
11% over Q4 'twenty and.
Additionally, and that was supposed to tell him from early quarters in 'twenty and 'twenty, well utilized with your and budgets and the fourth quarter consistent with historical trends revenues from digital and printed home and specialty retail continued to decline with Q4 revenue per pad.
And is down about 5% from prior year.
GAAP gross margin for Q4 was 35, 1% and 400 basis points compared to the same quarter last year.
The decrease was primarily due to a one time charge of $6 $8 million set on a contract dispute with the retailer.
So part of the contract was negatively impacted in part by Covid disruption.
Non-GAAP gross margin and the quarter was $45 one per cent and 80 basis point improvement over last year, driven by product mix toward higher margin media solution, along with the elimination of a portion of our media business that had low margins.
Non-GAAP gross margin as a percentage of revenue declined in Q4 compared to Q3 as a result of a historically high and export media revenues, which generally tend to carry lower gross margins.
We delivered $17 $9 million of adjusted EBITDA, and the fourth quarter of 2020 and.
Increase of $6 four.
And $4 million over the prior year driven by increased revenues, while operating expenses remained low due to savings and travel and variable compensation.
Q4, non-GAAP operating expenses came in higher than previously guided by approximately $4 million.
It actually happened that difference is related to an increase and variable compensation and sell sales accelerators earned on a high revenue quarter.
Marketing expenses were approximately $1 million higher and getting about half a million dollars on search engine marketing and higher spend for our launch of our redefined and coupons.
Web site and our nationally based solution.
The remaining $1 million consist of various other costs associated with employee benefits and stuff right.
Moving to cash we delivered cash flow from operations of $13 $3 million from the fourth quarter and this was driven primarily by an increase in accounts payable and strong collections.
We ended the fourth quarter and year with approximately $222 $8 million and cash and cash equivalents up $12 $9 million from the prior quarter.
Now turning to guidance as Steven noted, we believe the shift to digital and our growth drivers outlined last year and well continue to drive momentum in 2021 and beyond.
Although Q1 is generally a slower quarter due to seasonality we saw strong bookings in January and believe we will see pipeline expansion throughout the year.
Therefore, we expect revenue for the full year of 2021 to be and the range of $490 million to $520 million with first quarter revenue and the range of $105 million to $113 million or approximately 10% growth over Q1 last year at the midpoint.
Q1, 2020 revenues include approximately $9 million and revenue from a portion of our media business that we exited in Q3 2020, excluding those revenues the midpoint of our Q1, 'twenty and 'twenty one guidance over the prior year would reflect a growth rate of 21%.
Due to macro trends.
Revenue mix between promotions and media for yourself to protect all of our media trend media tends to have more seasonality with the first quarter generally and.
Slowest quarter of a year from media.
As a result, we are seeing our bookings next coming back stronger towards promotions and January further.
Helped as we move into the later stages on the pandemic and brands look to stay relevant.
As outlined at our Investor Day last November we remain focused on improving non-GAAP gross margin rates over time and believe longer term and will benefit from a higher mix of self service offering.
Growth and revenue from national budget, and automation of processes and possible.
Additionally, as a result of the introduction of new product offerings and automation and we expect certain product revenues will be shifting over time from gross revenue recognition from net revenue recognition, which will not impact gross margin dollars, but generally resolved and higher gross margin percentage it.
And the first quarter of 'twenty and 'twenty, one we expect non-GAAP operating expenses to be approximately $46 million of $48 million and.
Adjusted EBITDA is expected to be in the range of zero to $10 million from Q1.
And our full year, 'twenty and 'twenty, one and adjusted EBITDA is expected to Dominion and the range of $45 million to $65 million.
We expect continued positive cash flow and Q1 day the tailwind from a strong adjusted EBITDA result from Q4.
Our weighted average diluted shares outstanding we expect approximately 94 and $5 million for 'twenty and 'twenty one.
And I complete my full fiscal year with quotes and I can easily say that I'm more excited about the company's future now than I've ever been.
We're executing well and although we are still on the beginning March 2021 is looking like it will be a question, especially with the strategic focus and momentum with Dell in 'twenty and 'twenty.
Our new retailer partnership signed a restructured sales team and focused on national promotion and significant growth and a broad media offerings and our teams and improved operational and financial infrastructure, all bode well for future future sustainable growth.
Forward to sharing our progress throughout the year with you.
And with that we will not put your question.
Operator.
And we will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone.
If youre using a speakerphone please pick up your handset before pressing the keys to withdraw your question. Please press Star then two.
And our first question today will come from Chad Bennett with Craig Hallum. Please go ahead.
Great. Thanks for taking my question questions great job on the quarter, it's good to see things accelerate significantly on both sides of the business I guess in terms of how you think about.
And maybe Pam or Steven for that matter just the.
Kind of magnitude so to speak of the promotions business are coming back you know every everything we look at out there you know whether it's CPG commentary or just independent work. We do is you know you saw a significant pick up you know into year and kind of month to month to month and and I don't know if if Steven chatted about that.
On the prepared remarks, but you know the commentary is youre going to continue to see kind of a more normalization and the first half of the year Inc.
Assuming everything opens up and and and you know second half you could actually see a real kind of pre COVID-19 acceleration on that side of the business. I guess, how are you kind of viewing that for the year in and what's implied in your guidance and kind of the relative come back.
And the promotions business to pre Covid levels.
Yeah, and this is Sam I'll take that one Steven can chime in with with additional commentary if he has and I would say that and generally speaking we do expect the promotion business to get back to pre pandemic level and certainly by the second half of the year.
On the promotions business is good and yeah, we can see that it's strong in Q1 from our January bookings.
I'd say you know when you look at our price our revenue mix from Q4, a media is growing really really rapidly and as we said Q4 revenue mix with heavy towards media media being 52% on total revenues for the first time about 50% I think the highest we've had in the past media has been like 48.
8% of revenues that was a real strong mix towards media I think that speaks to a couple of things number one and you heard us talk and the Bachelor day about the collaborative spend program a lot of that's happening on RPM.
And RPM is a very popular.
Popular solution right now so that's growing really rapidly.
We have heard from a couple of CPG that that you know, they're span and especially around promotions are not going to be back to pre pandemic levels until the second half of the year, but I think that's just a couple of other cpg's, who were really negatively impacted and cleaning supplies and paper products and the light on.
I think that Q1 is just from seasonality and media tends to be much slower and the first quarter.
<unk> is a lot more steady throughout the year and consistent so I would expect a stronger mix towards promotion and our Q1 solution, but I think generally speaking, it's gonna be back to pre pandemic levels for the most part.
If not and if not.
And its not on the first half and certainly right now right.
Yeah, Let me just add in there yeah that that's exactly right and B. The other pieces that you know with scale continuing to grow on our platform, which it clearly has been there is you know there is the accelerated move of dollars out of the Ssi and so you know to Echo what Pam said I think and the back half of this this year youre going to see them are much stronger.
Longer and move out of the analog products into digital and such that that's a pretty big driver of the growth for US and in addition, we've reformatted re factor the way our go to market team is structured and we have separate teams against separate parts of the industry now and our focus on smaller CPG is as I said in my prepared.
<unk> is also a big growth driver for us this year and particularly in the back and the back half because those tpg's could never participate and promotions before they couldn't get into vehicles like the freestanding insert and they can freely operate on our platform and so I would expect more significant growth from that group as well.
Yeah, No that's great color and then just maybe one quick follow up for me just you know I mean, the guide looks good you know on the topline and and you know, especially considering the beat you just put up and the fourth quarter, but if if if I kind of dig into it and and look at it especially in the first half right you're going against the immediate comp.
Pretty sure was down year over year first half of 'twenty and 'twenty versus first half and 19.
And in terms of dollars of revenue.
Hum.
You know I mean that business you know again Chad's words, right I mean that should be up significantly year over year and the first half of the year.
Your promotion business was also down year over year in the first half of 'twenty and.
And so.
I. Appreciate you know, we obviously you know where we're getting back to normal here from from kind of our execution and and just overall a world standpoint, but I mean, it just seems like a scenario where.
You know, 20% plus top line growth.
Minimum for the first half of the year should be.
Be feasible and and you know even into the third quarter and second half with the momentum you have in terms of partners and and traction and with within your RPM partners and national budgets, and and and sponsored search and every day, you know and I don't want to get the cart in front of the horse, but you know do you believe.
And there's you know kind of.
Potential to outperform maybe is the best way to put it on on the outlook you put out there.
Yeah, I would say, there's a potential to outperform I would say you know your comments on the first half are true, although just to refine that a little bit I think our Q1, although it was negatively impact impacted by Covid it wasn't impacted.
On a tremendous amount Q2 was really really painful.
Okay.
Hello.
I think I it sounds like Pat may have dropped off.
Okay.
Yeah.
Okay.
She she may have to she may have to redial, and so just to pick up what she was saying Oh look the potential is there to outperform it like Chad you've known us for a while.
Spent the last 16 months since I've been back and Scott's been there and and Pam's been there for US now for a year, just getting everything and shape. So that we could forecast with rigor and we could we could set ourselves and everybody else up to expect us to deliver and then.
Give us an opportunity to do a better job. So there is there is certainly an element of conservatism given our historical.
Performance record.
Fair enough. Thanks, so much nice job.
Thank you.
And our next question will come from Jed Kelly with Oppenheimer. Please go ahead.
Great Great, Steve and for taking my questions just Steve just back on that last comment around guidance I mean, it is sort of the magnitude and to be ahead here and <unk> and given the environment. I mean are you baking in and.
Extra amount of conservatism just given the.
One key guide, where we are seeing some DSL and then.
And even the back half I mean, I think it's sort of in line ish with what you've called out on your Investor day relative to your longer term growth rates. Just are you taking a different approach to guidance this year.
Yeah look up and pam's, having some technical trouble dialing and this stuff.
Product of everybody working from home, but that's.
The answer to that question is yes.
You know we've taken a different approach to you know to to guiding than we have and the past it's now.
Fact, based and gives us it gives us a little bit of room to do a better job and we had expected to so no material changes from our analyst day, you're absolutely right the back half.
And in line with what we talked about at our at our analyst day, and we'd see wherever we did say at the analyst day, if things materially change you know if we add something special and the platform. We would go ahead and revise those numbers out but.
Yeah, we're taking a different approach, where we're trying to be conservative and responsible as possible. So that we can deliver on what we say we're going to do.
Got it and then in your shareholder letter I think you'd called out.
And there is $250 billion.
Groceries that are expected to be delivered of U S households by 2025, I mean, just how should we frame your opportunity.
And that and sort of like what what's the revenue opportunity there for quotient.
Sure absolutely. So if you recall, what we've said and that passed every E commerce experiences digitally engaged experience and so you know.
And while we saw.
Certainly are benefiting from a shift to digital and engagement with shoppers digitally as shoppers move to and E Commerce model or an omni channel model every one of those experiences tied to a credential or user identification of logged in state and and opportunity to put sponsored search and front of the media recommended products promote.
And all opportunities both on a national level and also on a shop or level of retailer level. So.
You know for us the more E commerce or the better.
The pandemic accelerated E commerce engagement by shoppers and much faster than it had been anticipated, we should stabilize sort of 9% to 12%.
And then you know post pandemic the natural rise that we were on before and just to be clear when I say that it doesn't mean nine to 12 per cent of households are doing E. Commerce shopping it means that in most cases now it's an E commerce, plus physical commerce experience and so its omni channel per household and that's even better for us because we tie.
Those two experiences together and so now its a completely you know well rounded view of what that shopping household looks like both online and in store and that just makes the modeling better targeting better and the connectedness and media better.
Got it and then just one more question just on hand.
And then on gross margins.
Where should we see.
The net revenue benefit to margins start to kick in do you have any idea on when we see that more on the second half of the year.
Yeah can you hear me now and my back on Okay. It looks like on back on so yeah, it's gonna cookie and she's going to just be gradually overtime. So you know I would say that's true.
The Q4, we haven't you know a small portion of our revenue is on a net revenue recognition and Baker.
And so it was about two per ton.
And we expect that and grow over time as more of our customers do self service and.
And you know we improve some of the functionality there. We go after customers who prefer self service approach. The thing so it'll it'll grow gradually over time or do you think the second half and this year will happen and been more on and that revenue recognition and enter 2022 will continue to grow.
And that's 2% on media or is that 2% of total.
As a percentage of total.
Thank you.
Yes.
Yeah.
And our next question will come from Steve Frankel with Colliers. Please go ahead.
Good afternoon, Steven could you provide us any metrics on this new national rebate platform in terms of monthly average users or downloads just how should we judge the progress today.
Ah well I talked to the progress by engagement and so we did a lot of user group and focal testing going into the process. We have over 70 cpg's that have signed up for the platform at this point and I would say from a progress and acceptability perspective, I feel like we're doing better.
And then we had anticipated.
From from a CPG engagement and a shopper engagement, so I'm happy with the progress of the product I think it's it's a it's an example of something that we've done very very well as a company and.
And I'm looking forward to that becoming a very big part of our national platform and the very near future. We have some we have some additional experiences and we're bringing to bear on that and some partnerships and we'll be announcing those in the near future but.
Yeah, I think I think very highly of that platform right now.
Okay, and then a big picture question.
How should investors.
Think about Walmart and digital.
And now advertising strategy that was announced a week or so ago and.
And what does that mean to you what does that mean to the industry.
Oh, it's a great question and I and I think our I think you'd probably come to the same conclusion that.
Many people and the industry have reached out to us, but its clearly validation of our strategy.
You know, it's very difficult to do these things alone.
It's it's even harder if.
And if you've got a strategy that that aligns with your onsite property and you're off site property and you've got a you've got a deliver one one way and deliver on the other way and so it just generally speaking and not not talking about Walmart, specifically, but the notion of their announcement on it.
Just validates what we've been saying all along and that's that.
Cpg's want access to a broad platform of capabilities across retailers and retailers need to extend beyond their four walls and order to get out to all the shoppers and retailers are very good at reaching their shoppers, but if they want to reach shoppers outside of their four corners. It it really requires a partnership to do that.
Okay, and then one more big picture question all of the.
Upcoming changes in.
Tracking and cookies and alike.
<unk>.
The industry change that quotient can use to its advantage given your reliance on more first party data.
And do you see P absolutely.
Yeah, absolutely. So we're a first party and second party data company and so to the extent cpg's need to reach shoppers and reach them in a you know on a.
Defined narrow segment way first party and second party data carries the day and so to the extent that the industry moves away from third party cookies and idea Fei tracking and things of that nature, that's actually a benefit to quotient.
Great. Thank you.
Thank you Steve.
And this will conclude our question and answer session I would like to turn the conference back over to management for any closing remarks.
Thank you operator, and thank you all for joining US today, we are very pleased with the strong close to 2020, and we look forward to continuing to capture our share of the large and growing opportunity in front of us and closing we look forward to 2021 brings and providing you with continued proof points of our progress and this dynamic business and space.
And you again stay safe and we'll see you all soon.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.
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