Q1 2021 Kubient Inc Earnings Call
Good afternoon, and welcome to the cooking first quarter 2021 earnings conference call.
Joining us for today's call are Colombians, founder Chairman and Chief strategy Officer, and interim Chief Executive Officer, Paul Roberts, The Chief Financial Officer cash wise.
Following the remarks, we will open the call for your questions.
Before we get started on each one of.
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Now I'd like to turn the call over to Paul Roberts, Sir. Please go ahead.
Thank you operator, and good afternoon, everyone.
After the market closed.
We issued a press release with our results for the first quarter ended March 31st 2021, a copy of which is in the Investor Relations section of our website.
I'll kick things off by noting that we're pleased with the continued growth we're experiencing across our business.
Even though as the only been a month and a half since our last call. We have made considerable operational and commercial progress that will prime coogan for further development and growth as we enter into our next chapter.
The most important ingredient to ensure we optimally scale the business by hiring the right people.
Year to date, we've on boarded four key seasoned individuals across different segments within our business.
Most recently, we appointed him con as the V P of people operations here.
Kim has extensive senior level HR experience across a multitude of companies, including double verify which is another AD Tech organization.
At her time of double verify she recruited for all position and levels, which total in over 300 employees. During her tenure created and constantly updated the employee Handbook acted as the point person for all employee relation relations need.
Manage the all HR services and renewables with vendors.
Set of compelling company culture to help attract and retain talent and handle the compensation logistic per employee.
Her ability to kick start the HR function within early growth stage organization and develop them into comprehensive segment is something that you will be able to translate directly over the coogan.
As we continue to expand our business and grow the personnel of that help run. It. It is imperative that we're nurturing our already strong organizational culture for our employees.
Kim will be playing a pivotal role in establishing new employee onboarding and training procedures.
Internal health and safety protocols recruitment and retention efforts employee relations benefits administration, and most importantly, developing the already incredible culture of Kubina has today.
In essence, she and her team will ensure that all of the different divisions within our company remain intact and coherently operate under the <unk> umbrella.
We felt now was that time to start cultivating dysfunction within our business.
As we are constantly looking to hire and growth.
We look forward to what Kim have the store and she spearheaded this new team.
Next about a month ago, we announced that we hired liana the Mel as <unk> Chief product officer.
Lee uncomfortable with the very prominent background as he had the almost two decades of experience within the programmatic ecosystem and had several noteworthy accomplishments.
He was most recently the SVP of programmatic and platform product at double verify of well known the S. P.
And it has held several senior level positions at media math and ex plus one or both also well known in the AD Tech space.
Notably Leon had prior success, leading the development of one of the first the S P's and data management platforms in the industry at X plus one where he was the key executive responsible for scaling its technical operations.
As the Chief product Officer, Kuban, Leon will be primarily focused on our product initiatives.
Even though he's only been with us for roughly a month, we have already noticed the impact he is making.
In particular, he has helped us focus more on our efforts and mind share towards the products that have the greatest opportunity for scale and potential for profitability.
His ability to identify the low hanging fruit opportunities is providing immense value as it saves the time and resources.
And we believe that his abilities and experience presents us with the best potential the capture the most amount of market share as possible.
Additionally, we appointed Larry Molesky VP of client services.
Larry joins us from Prochaska consulting one of the most well respected programmatic consulting firms in the industry, where he was involved in multiple strategy in monetization product project, including M&A due diligence and transaction.
He brings a very rich and diverse background from companies like trusted media brands and Linkedin, where he was responsible for maximizing revenue growth refining internal processes.
Developing enterprise level corporate initiatives and engaging in M&A activity.
And <unk> will be spearheading client success and operations, which mean he'll be in charge of making sure. We are maximizing all possible synergies with our partners.
As we further augment the number of customer and partners, we want to be sure of we're capitalizing on all opportunities and not leaving any missed the ones on the table.
And we are confident that Larry and his team will do just that.
Finally, we on boarded former sales director of forensic Alex Byers as Vice President of Chi partnership.
Electus brings to the table and impressive resume as he has garnered much success in business development for a multitude of programmatic company.
Most notably he helped girlfriend the MRC accredited fraud identity company, where he significantly grew their partnership count prior to the acquisition of that business by impact radius.
He is a phenomenal report within the industry and we're optimistic you'll be able to strengthen our business.
Business development effort.
As you can see and being deliberate with our onboarding process with prudently appointed individuals who have proven they of help evolve the previous companies they were at.
We are extremely confident in each of their respective abilities. The scale growth and we look forward to the impact of they'll be making of coogan.
Looking ahead, we plan to further increase our overall head count, but more so specifically when the sale within the sale of technology and customer success, the vision and intend to have 40 to 50 employees by the end of the calendar year.
Before I provide further updates on the progress of milestone achievements made this past quarter I'd like to hand, the call over to our CFO, Josh White to walk you through the financial results for the first quarter of 2021.
Josh.
Thanks, Paul and good afternoon, everyone.
Thank you for joining our call.
Now to our financial results for the first quarter ended March 31, 2021.
Net revenue for the first quarter decreased to approximately 708000 from $1 4 million in Q1 of last year. The year over year decrease of net revenues is primarily due to the one time recognition of $1 3 million in revenue. During the three months ended March 31, 2020 in connection with the day to test of coffee as a result of the.
Successful kind of beta tests, we had been increasing the number of Kai on the schedule by prospective customers and expect to see this number increase going forward.
Turning to our expenses technology expenses for the first quarter increased to approximately 520000 from 479000 of the same period last year the.
The year over year increase was primarily due to an increase of amortization of software expense and an increase in the cloud hosting costs.
Administrative expenses for the first quarter increased to approximately $1 3 million compared to the 517000 in the same period last year.
The year over year increase in general and administrative expenses was primarily due the increase in salary expense due to an increase in headcount professional fees insurance expense, all partially offset by a reduction in rent and office expense GAAP net loss was approximately $1 8 million.
The 14th cent loss per share compared to a net loss of 58000 or two cents loss per share in the same year ago period year over year increase of net loss was primarily due to reduced net revenues and an increase in operating expenses.
Adjusted EBITDA, a non-GAAP measure decreased to $1 5 million compared to an adjusted EBITDA of 548000 in the same period last year.
As of March 31, 2021, we had cash balance of 32 and a half million dollars.
That concludes my financial summary for a more detailed analysis. Please reference our form 10-Q, which we plan to file this week.
Now I'll turn the call back over to Paul who will discuss some of our major operational updates and provide a general outlook of our business Paul.
Thanks, Josh.
I'd like to touch upon the encouraging progress we're seeing within our sales division.
As a result of much hard work, our SVP of partnerships Ryan Adams and his team have been successful, thus far and getting more and more prospective customers the test and plug into our audience cloud.
A recent example, I wanted to share with our engagement with USA today. It was officially plugged into the audience cloud of the demand side partner or DSP and will be buying our traffic.
Well, it's easy to think of USA today content publisher and seller. The publishing business today is more robust than just placing ads on pages.
Publishers and their sales team.
Need access to inventory outside of their owned and operated web properties to maximize their ability to deliver audiences at scale.
USA today has partnered with Kubina, the buyer or an audience extension partner, who can sell them clean fraud free inventory with direct publishers, we work with the.
This ultimately gives them a competitive edge to capture more market share from their sales effort.
One piece of feedback we received from the USA at 18 was that they chose to go through the with Kuban and their digital advertising campaign because of Cai.
After numerous successful per their teams all of the incremental value of real time fraud, preventing solution provided and were onboard with executing the deal.
Another recent example of compelling partnership is with enthusiast gaming, which is both publisher supply.
And could be in product upside for our business.
They are of Canadian digital media company specializing in video game journalism and on properties, such as Xbox enthusiasts and Playstation enthusiasts.
Gaming is the high growth category with interest from many brands and agencies, who have large budgets the target them.
Rockstar games E sports Spotify and van the name of few.
We are pleased to share the kubina directly integrating with their 20, plus media properties to help them monetize their display and video inventory.
Reaching the gamer audience of the challenge from marketers do too.
Much of the inventory of available being fraught with fraud.
It makes it easy and safe the brands the connected community of tech and product consumers.
The third example of a recent partnership that I'd like to share is with and screen ad.
An impressive connected TV and OTT or over the top advertising platform that we're proud to integrate into our tech stack.
Connected Tvs and high demand by advertisers and the supply of available to the market is both high and cost with Cpm's often in the mid $20 range and fraud impact.
Ty has detected more than 40% of CTV inventory, the with audited to be fraudulent and we're excited to bring clean inventories to advertisers.
Yeah.
So we are certainly encouraged by the partnerships with the USA today enthusiast gaming and N screen ads, we are still in need of additional advertisers or buyers within our marketplace.
As we mentioned on the last call, we still have a robust slate of publishers on the supply side within the chicken and the egg scenario and we intend to balance of the equation out by adding more advertisers.
The variable in the equation, though with time.
I wanted to stress that successfully onboarding and advertise it does not happen overnight it takes time.
Nevertheless, our goal is to continue adding more and more partners to create more liquidity in our marketplace.
With the ongoing early success from Ryan and team and the influx of prospective customers testing out our audience cloud, where we are confident in our efforts to scale.
Speaking of our robust fleet of publishers I'm proud to share that we've officially extended our partnership with our longstanding partner the associated prep or the a pea for another year.
The AEP continues to have a scaling media presence and we believe we of the right partner to continue helping them grow their AD Tech segment.
One example of this and a fun fact, I wanted to share was the a P tells us they will have the second most reporters on location for the 2021 Summer Olympics in Tokyo.
The international footprint is broad and their content distribution and need to monetize their digital asset makes the mature terrific growth focused partner of ours.
Both the 18 Kuban have mutually benefited from the partnership since the onset of our engagement and we look forward to another 12 months of collaboration and synergies.
With that said I'm pleased to share that our direct publisher partnership counts that lets kubiak as an approved the buyer has increased 5% to 3568 as of May 11, 2021 from roughly 3400 in the previous quarter.
Similar to the growth opportunities, we're experiencing on the customer and partnership side, we're seeing that same pattern translate over to our real time fraud prevention solution Hi.
One proof point that demonstrates this is through the increasing tie audits, we are conducting or the number of customers that are testing out cai within their own platform.
We have learned that this method tends to result in the greatest ROI as we've seen from <unk> T V and the number of of other customers that are currently using Cai.
Our solution after a number of conducted trials.
As of right now we currently have 14 Kai audits being scheduled by prospective customers and we feel confident that this number will only continue to increase looking ahead.
On par with signing up customers or partners. There is an extensive lead time for the cockfield cycled the be completed.
We understand we are still early on in our efforts the commercialized Cai of with adding folks like of Lexus and Larry onto our team to help ramp up business development initiatives and the continued increase in the number of Kai audit I'm confident we'll be able to convert more leads into actual executed deals.
Moving on.
I'll provide a brief update with respect to our self serve DSP or demand side platform.
As I previously mentioned on our call. We had two partners that we're testing of the beta version of the self serve DSP.
I'm proud to share that both partners continue to be clients, helping of beta test the technology and offering tremendous insight into our platform and how we can improve it.
On brand with our broader initiative of commercializing our products and solutions, we're optimistic about scaling this for direct advertisers to use.
As previously mentioned our business along with the broader digital advertising industry were adversely affected by the ramifications of COVID-19, which as a result effect of digital out of home advertising.
We are hopeful the effects from the headwind are out of our way and that this segment will eventually rebound back up.
Looking ahead, we intend to provide further updates as deemed appropriate.
Before I conclude I'll provide a quick update on our M&A activity.
We continue to be very active preliminary conversations with potential acquisition targets guided by the Council of Lake Street capital markets.
Although I have no material updates to share at this time I wanted to mention that we are very much still view M&A as the very accretive and high value added opportunity for growth and look forward to providing an incremental update would you all be the appropriate Reg FD channels.
In conclusion, we certainly hit the ground running so to say as we entered into our first year as the public company.
With the recent head count additions need.
The encouraging early stage traction, we're receiving from customers across our suite of solutions and our growing portfolio of partners I can firmly say that we're in a great position for growth and success.
That concludes my prepared remarks. Thank you all for your time. This afternoon, we look forward to updating you on our progress going forward.
We're now ready to open the call for your questions.
Operator, please provide the appropriate instructions.
Thank you at this time, we'll be conducting a question and answer session. If you would like to ask the question. Please press star one on the telephone keypad of confirmation sort of indicated one is in the question queue.
The press Star two if you will let you move your question from the queue.
So of participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment. Please as we poll for questions.
Our first question comes from the line of Jack Menard with Maxim Group. Please proceed with your question.
Great Hi, Paul Hi, Josh.
Sure Jack taking my questions.
Great results great results.
So maybe I'll start with a question for Paul maybe a couple of questions on the same topic of.
Just regarding tie and.
You mentioned in your prepared remarks, there and also in the press release that.
All of these 14 prospective customers undergoing audits or trials are maybe being scheduled some of them.
Are these actively generating did the actively generate revenue in this this first quarter or are these.
Non revenue arrangements currently.
So the the trial is a non revenue arrangement, but what we've found Jack is especially during COVID-19 of lot of larger organizations werent ready to make wholesale changes to their vendors.
So we offered them the ability to allow Kai <unk>.
The scan all of their traffic and let them know here's how much fraud, we would've prevented if you were a partner of ours. So.
So we've found a lot of very very good conversations come out of that because of what we're doing is we're showing them here's how much money you would have saved if you were using cash.
So the the team right now is working on multiple audits at one time and we're gonna be scaling up of our team. So we can handle a lot more of these going forward.
Got it okay that makes a lot of sense and that's actually it's actually a positive in my mind because that revenue result that you guys produce was well ahead of my expectations and the didn't even include 14 trials.
Good to know Okay, and then maybe for context I know you had two two of those large trials going on last year in Q1.
How many how many Indian 14, you just mentioned currently how many of our prospective Cai trials, where there may be at the end of the fourth quarter or is there any way to provide an apples to apples context for the these all just kind of start during the last couple of months.
There are a lot of it came in the door in Q4. So you know as of right now we don't have the data to say, hey, here's how we're trending either quarter over quarter, even month over month.
We realized we look at our pipeline every single day from the team internally, who are out there talking about chi and that pipeline of continues to grow every day. So I think fraud and a lot of the conversations that we're having are very relevant, especially as we come into the second excuse me into the next quarter, where you start to see an uptick.
And the overall programmatic spending.
Gotcha that makes less sense, and then and then just kind of lastly, with Cai in the.
Particular trials.
Do you of any idea, but like a target conversion rate debt.
In your mind for the 14 trials or interest in general.
What do you think the hit ratio will be maybe some things are like just more due to the technical reasons that they don't play out but maybe it's just you know.
The I'm sure that the customers want it so yes.
Yes, it's a great question, but you know what we look at it number one is we prequalify of partner if they could even use Cai.
Some partners they hate it sounds like the greatest thing, but we don't have the technology to plug in.
But what we're looking at is when we work with the partner that we know that can use the product and they go through the audit, we're showing them sometimes tens of thousands of dollars every single day that they would've been losing.
If they had not had cai scanning all of their media.
So we're able to show them with real data that they can double check in back up and say here's all of the fraud that we would have prevented for ya.
<unk>.
I think that you know I don't want to be too optimistic, but I think we're gonna see of good success rate of people, who go through an audit who will continue on to be paying customers. Because we're the only one who could do certain things for them and we're showing them before they ever pass the dollar.
Yeah.
Got it.
All of these customers I said that was my last question on time, but I got another one of.
Of your customer trials of this 14th day, I mean are any of them.
Is there any data points you can share maybe of like what what they were currently using as their true.
<unk> prevention to or you know, maybe post fraud identification tool and just kind of what you're hearing from them anecdotally and how it compares.
Yes, we we ask a lot of those questions in the you know the pre qualifying of going through the audit and the beauty of our product is due to the fact that we use machine learning in real time, and we're preventing the fraud.
If a brand or a partner who is actually using of third party vendor who does the post analysis.
We benefit from another party basically, saying how impactful Cai is because if we're stopping the fraud before it goes through.
That third party of that they're already paying is going to start to report lower fraud numbers.
So at the very exciting opportunity for us that somebody that the brand is already paying is going to justify how impactful khayat.
Yeah, that's that's very interesting okay.
And then shift gears, just kind of back to the first quarter revenue result.
Like I mentioned before you know it was ahead of my expectations.
Can you maybe talk a bit more about the underlying drivers of of the revenue I know, Josh spelled out pretty clearly why why it was down year over year because of those two trials from last year, but share as far as what actually drove this maybe existing traffic from the existing partners, increasing new partners plugging in and the.
And you can share.
Sure. So we obviously benefit from a robust roster of partners. We have seen an increase luckily from our partnership with the AP, which we just.
You know re upped for another 12 months.
So where we're looking at now Jack is understanding out of all of the partnerships, we have which of the ones that are going to give us the biggest impact in the short term, while we continue to build up those longer term partnerships. So that's one of the key things that Larry them allow us he is going to be doing and he has done already at companies like Linkedin and other types of.
The publishers, where we can identify okay. If we have these 45 buyers in all of these publishers how can we go ahead and make the most revenue with what we have.
Got it.
Makes lot of sense and you know.
With all of these new actually with all of these new executive hires.
Or at least leadership positions you know this.
You guys are stretched pretty thin before and you still are.
It's pretty amazing debt, you're continuing to drive revenue at the stage, even though the everyone's kind of watching the door recently, so how does the what does this mean for your revenue ramp throughout the throughout the balance of 2021.
I think what we're seeing is a lot of the part of excuse me a lot of the new executives who've come in these are very seasoned executives, so where we might have struggled to get on the phone with maybe a very large DSP or very large agency.
Some of the conversations I had with these executives was.
Who do you know what these companies you know we're trying to get into the 10 or 15 companies and it's a very very small industry and a very small community in programmatic and AD Tech.
So we're very excited with the additions that we've recently put on the team that we're going to be able to open up a lot more doors and hopefully convert relationships the revenue a lot faster.
That's great and then maybe just kind of true that point as well as you mentioned.
Your total number of publisher partners increase so for the 3568 and you said that was about five 5% sequentially is that 5% kind of growth in.
[noise] publisher partners, a sustainable level do you expect that to accelerate maintain is there any sense of that and kind of what what kind of target number of you're looking for in terms of publisher partnerships by the end of this year.
Maybe just directionally.
Sure. So one thing to understand I think of talked about this on the prior earnings call is operating of marketplace is very much like an airplane you have the.
The supply of one when you have the demand on the other and if we get too much supply without the demand we start to go in circles.
So we spent a lot of time going into Q3 and part of Q4 less you are building up our supply of building up direct publisher relationships.
Now that we have the publisher relationships, we kind of shift focus to the demand side and we start to bring in additional buyers of advertisers for all of those publishers.
So a lot of it what are you going to see is growing in lock step where the more demand we get the more publishers, we're going to be able to go out and and onboard into the audience cloud and then as we onboard more publishers, we're going to grow the demand side. The advertising sales team to go out and find more great advertisers to help by that those advertising spot.
And I think you mentioned too as far as it goes with the prospecting for new Advertiser customers and you mentioned a couple of new big.
A major wins recently with enthusiast gaming and a few others that you mentioned.
And I think you said Cai is really also contributing to this isn't attractive I guess.
Selling point as well.
How many of you able to provide color around how many discussions you have going on right now with with other prospects on the on the demand advertising side.
That wouldn't be reflected in the press release.
I you know I tried to steer away from exact numbers of who's in the pipeline of things of that because I I just wanted to answer a part of your question that you asked earlier is Cai the driver and I'll come back to the actual the the outlook of who we have in the pipeline, but when you start to talk to somebody about Cai and you explained.
We can remove fraud before it is bought and sold it as a very powerful starting point of the relationship and then they start to ask us well can I plug in directly you can plug into the audience cloud as the buyer, yes can I plug into the audience cloud is the seller because I want to clean up my traffic I know I'm getting hurt by selling fraudulent traffic, which.
All of the victim of how do I clean that up so.
So interesting a lot of the conversations and a lot of the the prospects of the come in as a quote Chi partnership.
They then potentially turn into a demand type partner or supply side partner, where originally they reached out and said how do I, how do I stop all of its AD fraud.
But as we begin to talk and explain why inefficient market is so important and why you don't need all the middlemen.
They then say well I would love to connect as a buyer or seller of my inventory.
So it's almost been a Trojan horse to start of lot of great conversations.
But looking at our of our CRM and our pipeline.
Now we have upwards of about 82 conversations with the advertising side. So these are going to be either agencies brands or buyers of the media.
Got it fantastic I appreciate the color there I understand you can't provide everything and share all your cards, but that's all good for the year.
And then maybe just a maybe a question.
Just kind of regarding the other metrics you've provided in the past you know and I don't need the specifics maybe but it would be interesting just in terms of how many you know Wifi unique devices, you've you ex fingerprinted.
And then also you mentioned the publisher inventory growth of any of these key metrics you can.
I guess provide more color on or an update on.
Sure one of them.
The biggest things that we're looking at as we've talked about in the past is how many impressions or how many revenue opportunities come through our platform every single day and that number has increased by 28% from last quarter.
So we've actually seen of a significant increase from the publisher side because one thing that happens is once you actually start to clean the traffic and show results publisher start to open up more and more of their inventory.
Typically you'll work with the large publisher and they'll say, okay. We'll let you bid on 25 per cent of our inventory.
Then you can basically show them all of the fraud you removed the revenue increase the up the optimization that may give you of 400%. So a lot of that was driven by existing partners.
And it was in my it was really a combination of existing partners new partnerships and really an overall increase in web activity due to COVID-19, which has affected almost all online of dot com businesses.
Got it and then maybe we.
If you can just you did mentioned I wasn't expecting you to but you Didnt mentioned something about.
The digital out of home opportunity.
Can you just provide some more color around that because I know that was you know that.
That's another piece of the story longer term, but.
Whatever you can share on that front right now would be helpful.
Sure. So when we obviously started.
The idea of who the we wanted to have omni channel reach that means being able to reach an audience of one at scale wherever they are whether they are on their laptop digital out of home screen.
Walking down seventh Avenue in Manhattan can we serve of relevant add to them.
So we forged a lot of supply side partnerships in the digital out of home space. These are all of the screen owners and this at the time is of the heavy lift for us because of.
A lot of the digital out of home screen owners don't have a standard format of how they buy and sell their ads.
Our team built up a lot of good relationships. There we continue to have those relationships and as I mentioned on the call earlier, we're starting to see some of the the AD dollars start to trickle back into digital out of home.
I'm always aware of the New York City towards the numbers in the how many people are coming back in on mass transit those numbers are very important to us because we've already built up those digital out of home relationships and as the AD dollar start to come in we would expect to be a benefactor of that.
Great. That's really helpful. That's it from me I may have some more questions, but I'll hop back in the queue and again solid results congrats.
Thank you very much Jack.
But once again as a reminder, if you'd like to ask the question. Please press star 100 telephone keypad once again, if you'd like to ask the question. Please press star one on your telephone keypad one of them. Please pull for questions.
At this time. This concludes the company's question and answer session. The progression was not taken you may contact coupons of Investor Relations team at Columbia Gateway IR Dot com.
I'd now like to turn the call back over to Mr. Roberts for his closing remarks.
Thanks, operator, and thank you everyone for joining us today on our Q1 2021 earnings call out of.
Especially like to thank our employees our partners, our investors and customers for their support.
We appreciate your continued interest in <unk> and look forward to updating you on our next call.
Operator.
Thank you for joining us today for <unk> first quarter 2021 earnings Conference call. You May now disconnect. Your lines at this time and have a wonderful day.
Okay.
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