Q1 2021 SharpSpring Inc Earnings Call
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Good afternoon, welcome to sharp Springs first quarter 2021 earnings conference call joining us today are sharp spring CEO, Rick Carlson and CFO, Eric Jackson following their remarks, we will open the call for your questions. Then before we conclude I'll provide the necessary cautions regarding the forward look.
Statements made by management during this call I would like to remind everyone that this call will be recorded and made available for replay via a link available in the Investor Relations section of the company's website at investors Dot sharp spring Dot Com now I would like to turn the call over to sharp spring C. E O Rick Carlson Sir Please proceed.
Pete.
Welcome everyone and thank you for joining us today after the market closed we issued a press release announcing our results for the first quarter ended March 31 2021.
A copy of the press release is available on the Investor Relations section of our website I encourage all listeners to view or our release for additional information on what we'll be discussing today and with that we will get started.
Today I'd like to focus my comments on five key areas of the business and the progress on our path towards the $100 million in revenues, specifically I'll cover two important short term indications of our health the velocity of our new sales and the behavior of our existing cohorts.
After that I'll discuss how we are positioning the company over the long term from three specific perspective.
The pricing and management in each of these areas. We saw very positive signs. It took some huge steps forward in Q as Q1 progressed and I look forward to talking to you about each in detail today before we get there, though and before I turn the call over to Aaron for his financial overview I wanted to let you know of.
Two key product milestones that we believe will lead to greater customer satisfaction, lower attrition and increased revenues.
First after a year of development in Q1, we successfully launched an integrated sharp spring adds into our platform.
This represents the fully realized product vision associated with our acquisition of perfect audience in Q4 of 2019.
While we cannot.
Anticipated the pandemic at the time in the short term effects. It would have on the digital advertising space. We're happy to have achieved this important milestone of offering a first of its kind the automated advertising option for our customers and having it available right inside the platform for a seamless customer experience.
As a reminder, sharp spring ads can do things that aren't possible with Standalone AD platforms like radio or admiral including automatically targeting individual leads as part of an automation workflow on.
Automatic campaign attribution end to end ROI reporting and Super simple lookalike audience enlist targeting.
Second after a near nearly two year delay that was the result of Facebook limiting access to their developer API I am equally delighted to announce that we have launched Instagram social media management into our platform. This is huge for us as the Instagram represents the number one customer request.
And the number one barrier to adoption of our social media management feature as.
The Facebook Facebook marketing partner, we were granted access to their new Instagram API in Q1, and our product was approved and released this month. We're excited about what this means for our customers because it represents significantly more value to them and we're excited about what this means for sharp spring because we know that greater.
Adoption of features means the lower attrition and higher lifetime value.
Obviously, we've got a lot of exciting updates to share. So before I go any further I'm going to turn the call over to our CFO Aaron Jackson to discuss our financial results for the quarter Erin.
Thank you Rick.
Turning now to our financial results for the first quarter ended March 31 2021.
Our total revenue in the first quarter increased 13% to a record of $8 million up from $7 1 million in the first quarter of last year.
Our gross margin for the first quarter of 2021 increased 76% up from.
The 66% last year.
All of our terms gross profit increased 30 per cent to a record $6 1 million from $4 7 million in the first quarter of last year.
Turning to our operating expenses for the first quarter of 2021, our operating expenses increased 23 per cent to $8 9 million from $7 2 million in Q1 of last year.
Our GAAP net loss per the first quarter.
Total $2 $6 million or 20 cents per share compared to GAAP net loss of $988000 on <unk> per share in Q1 of 2020.
On the balance sheet, we had $26 $9 million in cash at the end of the quarter compared to $28 3 million at December 31 2020.
Going forward, we remain confident in our cash position to support our growth needs for the foreseeable future.
Looking at our non-GAAP measures on our adjusted EBITDA loss from the corner maturity of reconciling the earnings release type of $1.8 million.
This was relatively unchanged from our adjusted EBITDA loss of $1 $8 million on the same period last year.
Our core net loss for the first quarter, which is also reconciled in our earnings release totaled $1 9 million or 14 core net loss per share.
Compared to the core net loss of 785000 or seven core net loss per share in Q1 of last year.
Again for more details on our adjusted EBITDA on core net loss of metrics. Please see the full reconciliation to GAAP terms included in the supplementary tables of today's earnings release.
Shifting to our outlook for the fiscal year ending December 31 2021.
Reiterating our previously issued guidance, we expect total revenues to range between 34 million of $36 million.
This guidance is based on their current revenue from our current customer base if the.
<unk> results track through April of this year.
This completes my financial summary, I'd now like to turn the call back over to Rick for additional insights into our operational progress during the quarter and to provide outlook for the rest of the 2021.
Thanks, Aaron as I mentioned in my opening remarks, I have organized my comments today to focus on several key areas of the company and I'd like to start by discussing our new sales velocity and what we expect over the coming quarters and beyond.
As those of you who follow the company know we've had a goal to reach $100 million in revenue over the next several years more than a goal of though we have a plan and the success of that plan revolves around just two key factors of future customers behaving just as well as our historical customers or better.
And the rate at which we add these new customers to our user base.
It really is that simple.
Looking at our new sales performance of the results for the quarter were largely in line with the X patient expectations that we laid out on our last update call in March and we remain confident that we'll see the acceleration that we discussed as the year progresses.
As you May recall I spent some extended time on our last call speaking about the steps we took the preserve cash during 2020 due to the uncertain pandemic induced economic conditions and at the time on our balance sheet was not as strong as it is today.
I explained that as a result of our pullback on several marketing channels, new sales would remain lower in Q1.
But I also indicated that after our successful capital raise at the very end of last year. We would begin implementing increased sales and marketing initiatives in Q1, which would ultimately lead to a healthy new sales growth in later quarters I'm happy to report that those plans have now begun to take shape and we will continue to build as we move.
True.
Our expanded prospect pool through our pipeline in fact early indicators have been very positive thus far even during Q1 sales climb sequentially each month with sales in March more than doubling the sales. We saw in January we believe this improved performance as the.
Quarter progressed as both the sign that the economy is improving to a point where customers are increasing their willingness to invest in new platforms and just as important that we are beginning to see the results of restarting the marketing channels, we paused in 2020.
In short.
Excuse me in short sales were in line with the lower sales levels that we predicted on the solid progress we made in each month within the quarter gives us confidence that the new customer adds will return to pre pandemic levels as the year progresses, and our spending begins to take full effect.
With those positive data points about new sales velocity covered I'd like to move on to our second big topic, the behavior of our current customer cohorts.
As many as many of you listening will remember we hosted an update call in November where I discussed have sharp spring is a business that can achieve high growth rates and put ourselves on a path to a $100 million in recurring revenue.
The takeaway from that review was that we have a clear runway.
The growth by simply layering on customer cohorts that behave just like the ones we've.
Who is who we've been layering on for upwards of seven years now.
Without much if any improvement of the way these cohorts behave.
Let me give you a relatively stunning data point as evidence of this claim today.
The cohort that we sold in 2014 was still generating 78% of its original MRI lots of <unk>.
The seven year old cohort that is still paying of 78 per cent of the original MRI.
Needless to say the rate at which we're able to add customers to these cohorts will ultimately dictate the rate at which we're able to grow but the overall processes, both highly predictable and highly repeatable.
That performance speaks to the power of our business model and demonstrates that we don't have to bet on big improvements to our customer behavior in terms of attrition of our expansion in order to be very successful over the long term.
Its now been six months since we laid out that case, so I want to make it clear that we're right on track and that our current customers are behaving as we need them to in order to achieve our long term objective of reaching $100 million on revenue.
As further evidence of this point, we introduced both the price increase of $50 per license and an annual client license option at the beginning of the year.
Despite this price increase we saw no material negative impact to our attrition rates in fact in April we recorded a $2 one 8% logo attrition request month that number represents the best monthly attrition month, we've had in our entire history.
Not surprisingly our continually improving logo attrition performance as the.
Affected our net revenue retention as well more specifically.
During the first quarter of the year, we achieved a 94, 4% year over year net revenue retention, which compares to a 91, 7% year over year net revenue retention in the first quarter of 2020.
We believe this strong performance immediately following the price increase at the beginning of the year is based on the overall value that customers see in the platform and the long term effects of our customers adopting stickier features like chatbot, which incidentally is the fastest adopted major new features that we've ever.
Released.
Moreover, as I mentioned earlier, we believe the newly released features like Instagram will allow more customers to standardize on our integrated social media management as their go to tool and the sharp spring ads will will add further value and represent on the.
Additional revenue stream for us.
Features like these will continue to ensure that customers stick with and standardize on our platform just as they have done through this last pandemic pressured the year.
And this will fuel our long term growth and stable high margin revenues.
With the strong performance of our existing customer base and early signs that our new sales funnel is beginning to grow again I want to be clear that our number one priority remains increasing our new sales each month.
And both of our team on our capital are committed to making this happen from a high level. We're now seeing spending twice as much money on marketing programs compared to last year ramping up new sales velocity will remain our focus over the next several quarters and for that matter for years to come.
Having covered the early signs of success, we're seeing with our expanded sales channel and the solid performance, we're seeing from our existing customers.
And our dedication to increasing our news and customer wins to meet our long term growth potential now it seems like a good time to speak to you about some of the key hires we've made to our board and management team.
In April we appointed Jason coffee to our board of directors, Jason as a senior finance executive and capital markets veteran who has more than who has more than 20 years of experience and scale of <unk> companies and bringing products to market that.
It will be a welcome.
<unk> two of our team over the coming years.
As we continue to expand our addressable market through new technologies and pricing strategy strategies, we'll be looking to leverage Jason's extensive background in various industries to maximize our potential optimize our cost structures and improve our go to market motions on the.
Operational side I'm extremely pleased to announce that this month, we brought on slide eight as the company's first president slot of the Super season, the SaaS veteran serving as CMO at rack space.
The <unk> price per executive Vice president of products and markets at solar winds and was a cofounder of reach for risk.
Excuse me reach for us.
Market Martech SaaS business acquired.
In 2019 by lead space, while we plan on having swallowed heavily involved in all aspects of the business.
We'll be looking especially to leverage his expertise in sales and marketing given our current focus in this high value creation area long term, we see them taking of hands on role in helping to shape, our customer acquisition strategy and leveraging his vast inside sales experience to optimize our overall go to market strategy.
Having another operation centric executive on the team will also allow the rest of the senior leadership, including myself to.
To be able to focus on more high level of companywide R&D and growth initiatives.
Then we could previously.
As Ive said consistently we are building a business with a view of the long term and swallowed. The addition to our management team and Jason's edition to our board further strengthens us and our ability to execute on that vision.
Moving on to product and pricing.
We've long known that our customers arent uniform and neither are their needs to address. This fact, we will be rolling out multi tiered pricing later this year, which will allow our customers to select the feature set that is right for their business.
By offering multi tiered pricing.
It will allow us to capture more value from larger customers and customers that are using the whole lab, while the <unk>.
Wowing us to capture on retained smaller customers, who may only be focused on a subset of the application right now.
But at the same time, we will be able to work with those customers on expanding their use and seeing the full value of the platform over time.
This is not a small thing for sharp spring and we're working tirelessly to get this pricing model completed we see our competitors to the north offering multi tier pricing to great effect, because it allows customers to sign up at lower price points, and then adopt features and pay incrementally more as time moves on when they see more value on the platform.
The net result is businesses like sharp spring can capture far more economic value from customers, while simultaneously lowering the barriers to adoption for new customers to sign on onto the platform at the start.
On a final HR update before we close as of today's call I'm happy to report that we've begun the process of the phased return to the office beginning of June.
As a cloud first organization managing our team of engineers sales people and support staff remotely has been potentially easier than for others and that's also had some advantages but in person collaboration as a fundamental part of sharp Springs culture.
Still we are approaching this situation with a great deal of thoughtfulness about both the needs of our business and the needs of the people that make our business work is the next step we plan to hybrid approach where.
We will have the majority of employee spending at least two days of week in the office.
I know many have grown accustomed to remote work, but we believe that in person close collaboration is necessary for our business is dynamic of sharp spring and so we're looking forward to getting back into the office in this new hybrid capacity.
In summary during the first quarter, we took a number of solid steps forward along the roadmap we laid out at the end of last year and are paving the way for them.
Core of meaningful revenue ramp beginning of the second half.
Overall cohort performance continues to track according to plan and with the key investments we've made and will continue to make in product sales and marketing our business remains on the path to achieving our long term $100 million target and with that we're ready to open the call for your questions. Operator, please provide the appropriate instructions.
Thank you the floor is now open for questions. If you do have a question. Please press star one on your telephone keypad at this time, if you're using a speaker phone we ask the wall posing your question you pick up your handset to provide the best sound quality again, ladies and gentlemen, if you do have a question or comment. Please press star one on your telephone.
Keypad at this time, we will take our first question from DJ Hynes with Canaccord Genuity. Please go ahead Sir.
Okay. Thanks, guys.
The I want to start on the price increase maybe this is for Aaron I'm not sure but can you just help me understand how much the price increase that you guys levied in January is going to impact growth this year.
Yes.
So I.
I would say.
It's going to have the strongest impact in the first quarter.
As people are hitting their their annual price increase generally happens in the first quarter.
In terms of the debt.
The total impact.
I would say Oh.
Yeah.
It's going on.
I'm going to step in because it's actually a complicated question.
This year as I mentioned we.
Introduce both a price increase and an annual client license, what we're seeing right now we're modeling this out and we talked about this at length.
In our last earnings call as I recall, we will get the benefit either way and in fact, we're hoping that people will take the annual annual license increase right now at about 18% of our agency partners have at least one Andy.
The client license in there and there the or set of clients and the strategy. There is the lower attrition and other as I mentioned, we just had the best attrition month, we've ever seen at the.
2.18%.
So that muddies the water a little bit in the in terms of providing the answer to your question because of the revenues come in in one of two ways either through.
Hey, the higher price on the monthly license, if they choose to take that and.
Or through reduced attrition if the.
If they choose to take the lower cost annual license.
I think we've calculated on our range of somewhere in the 4% to 6% range. This year, but again, it's sort of in terms of an overall impact to try to get you a roundabout answer D. J, but it is based on the take rate of annual licenses versus the higher.
The monthly license that we introduced.
Yeah, and maybe I guess, maybe you could talk a little bit about what youre seeing through Q1 and through the middle of May here in terms of annual versus add on I.
I think what we're all trying to figure out is.
We're coming off of.
Two kind of squishy bookings quarters in a row.
How much cushion on is there coming through price. That's gives you confidence we're going to be able to get to these full year targets.
Yeah understood well, we've got a number of things where we're looking out there we think first off again, we're seeing.
We couldnt have done better with that price increase.
Is how I would say that we saw no material impact on logo attrition on the <unk>.
Ive had our best month in terms of logo attrition that we've had.
But I think our history.
And we pulled out the price increase at the same time.
We're also seeing with sharp spring adds coming into play.
We're excited about the potential for cross selling and Upselling of sharp spring adds again, we just launched that this quarter.
We're seeing sales acceleration as I mentioned in Q1 March of sales were literally more than double what we saw in January so of that recovery in the quarters.
<unk> and happening.
And so these are the reasons why I think it's the incremental effect of of all of those that give us confidence that were going on were gonna see the solid year here.
Okay got it thanks, I'll hop back in the queue.
Okay. Thanks can you share I appreciate it.
We'll take our next question from Eric Martin Newsy with Lake Street Capital markets. Please go ahead Sir.
Yeah I wanted to start on.
On the product side, congrats on getting those two initiatives kicked off both the sharp spring adds in the Instagram.
Social marketing tracking I'm curious to know on the the lack of an Instagram.
Integration.
Was that more about did you have people actually leaving sharp spring because you didn't have it or did you find it difficult to attract new because you didn't have it.
Yeah. Good question I think it was I don't think we saw people, leaving I think we I mean, none of these are absolutely that's right I'm sure. We lost some customers because we didn't have Instagram.
To be clear, but what I think the most pronounced impact was either people who were looking to adopt our platform and we werent able to say that we add Instagram built in or people who were on our platform, but we're not adopting what what is otherwise the super capable.
Social media platform built directly in the sharp spring. So they were sort of forced to stay with other platforms that to fill in the GAAP and now they don't have to do that and so they can adopt our platform and as I said in my comments the exciting thing about that for us as we know.
That as as users use these.
These types of features and standardize on our platform for really all of their go to market needs from a digital marketing perspective, and the sales perspective that that leads the stickier customers with higher lifetime value. So I wouldn't say that we were shedding many customers.
Because we didn't have Instagram.
But we're excited about what it means for us moving forward for the reasons I just outlined.
Yeah, there's a couple of questions on the model the revenue for sharp spring is highly predictable you guys were up.
Little over 300000 sequentially as I look at where consensus says I see another incremental $300000 step up from where you just kind of Q1.
But I do I think you've talked pretty loudly vocally about investing in the sales and marketing so kind of part a are you comfortable with that sequential step up on the regimen for <unk>.
B, what should we be looking for as far as the EBITDA loss of the magnitude of the step down as you get fully invested in these new sales and marketing initiatives.
Sure.
So the short answer to your question is yes.
We are we're seeing the quarter, we're seeing really solid signs which is early right.
As those of you who've been following the business no when you spend the dollars in one quarter.
It really is affecting the sales in subsequent quarters. The the the next quarter and the quarter after that and I would even say three quarters out and so seeing the seeing the buildup that we saw in Q1, even though we were just ramping up our spend in Q1 I think we did a raise in the.
December the middle of December like December 15th and we just just started to put that money to work and so that.
We talked about this last last earnings call that the Q1 would be similar to Q4.
And but seeing the actual ramp up in the quarter was exciting for us and gave us confidence and we're also seeing or ourselves build pipeline and lead flow of.
We're also focusing on higher quality customers as well so.
So we're excited about that on the the.
The EBIT aside we are we're spending roughly double on program spend we're putting that money to work right.
Right now this year and so I think I'm going to let Aaron.
Or maybe because I've rambled on here he might want to repeat the question for Aaron.
But I'm going to let Aaron answer on the cost side.
Yeah. So on me.
The.
The expense side.
Yep.
On the EBITDA side, there as Rick mentioned, we were really ramping up cost in Q1.
So we werent, we werent at that for the spin.
Spend specifically on the on the marketing side so.
So I would expect that.
To see some incremental.
Fences there as we are.
Kind of settle into our our steady state on the on the sales and marketing side.
Hmm.
That's going on kind of on trend in the end of Q2.
And then we should start seeing the the fruits of that on the revenue side in the latter half of the year to kind of offset that as we go.
But just on order.
From your question Eric.
I wanted to try and get a little bit more granular you had $8 9 million of Opex in Q1, I'm expecting that to be higher in Q2, just trying to put some guardrails around it is at the three.
300000 or is it a 600000.
That's what I'm on.
Right, Yeah, I think youre going to be.
In the right ballpark with the the 300000.
Okay, Alright, and then shifting over to the I just kind of wanted to take a step back in time and go back to the second quarter of 2020, and maybe the the <unk>.
Third quarter of 2020.
Curious to know Rick if you've done any analysis on those cohorts. So these would be cohorts the believe it or not.
New customers during the time of COVID-19, how they have behaved as far as their retention the adoption of the platform over the last six to nine months do you have any color there.
Yeah.
Haven't done that I haven't looked specifically certainly didn't know you organize that that particular question. So I can't speak to those two cohorts.
Uh huh.
With with specific knowledge, what I can tell you as we look at every monthly cohort.
This is how we run the business and.
What we're seeing is remarkably consistent.
Behavior I think in those early as we've talked about you know your first.
The 12 to 18 months or what we referred to is are there really are high attrition low expansion.
The periods, where with it with the customer where customers, who arent as serious shake out and at the same time, they're working through an initial three pack of licenses. So we don't see a lot of expansion revenue from them. So these customers are relatively new to us, but we've not seen any.
Anything that would indicate that there are anything, but but the same kinds of cohorts that we've we've historically added my theory would be that people who bought during those times are the are actually stronger customers and better positions and.
That I would and this is simply conjecture.
But I would imagine they would perform marginally better than on average customer of you you asked me to bet on it.
Again, I would just add.
On the rising from the CEO of sharp spring.
Oh, well that's the that's a fair comment for sure, but just logically right. These are customers there.
Probably harder to sell we're selling fewer but hopefully ones that behaved really well.
But I would say that the cohorts are.
The remarkably consistent and in their pattern and to have a cohort that seven years old continuing to pay roughly 80% of the the the original MRI to US is I think a fairly remarkable and so we expect these.
These cohorts to perform equally or as well or better.
Okay said the.
CEO of sharp spring.
Nice job on the <unk> the net revenue retention. That's a that's an impressive stat of let go of the microphone now thanks.
Thanks, Eric.
We'll take our next question from Scott Berg with Needham <unk> Company. Please proceed.
Hey, Scott.
Hey, Rick Aaron Thanks for taking my questions.
I have yeah, I have two of them, let's start with the the multi tiered pricing changes that are going to come later this year.
Given that you sell predominantly through partners, how does that affect or impact maybe the pricing arrangement that you have with them. How does it get pushed down maybe a high level kind of viewpoint of that would be helpful.
Sure.
Well I I.
I appreciate the question when it comes to partners I want to make sure that we're deferential the partners and that they don't hear about things that affect them and their business through our earnings calls and not us communicating with them so I'd rather.
What I can tell you is our partners have actually been asking for this and so they I think this is a winning strategy and I mentioned that we see our competitors implementing the strategy and this is something that's been on our roadmap for a while just for those of you who aren't product people are.
The developers, there's a significant amount of work the pulling this off you have to put in.
Paywalls engaged throughout your application.
In order to.
Differentiate between the the good better best options on the small medium and large.
The installs from say you know in our case.
Dependent on the number of contacts that are in the system. So there's significant amount of work on this and this is something that we wanted to do and I believe I even covered this in my Investor letter in November. So we're we're busy at work on it our partners are going to like it because it means they can better for the same reasons at the end customers like it.
That means they can better match value with.
The pricing with value and at the same time somewhat ironically it allows a businesslike sharp spring.
Actually capture more economic value from the customer base, while giving them that flexibility. So as I said in my comments, it's not a small thing I think I said, it's a huge thing and we're excited about.
We're on track just to be more exact we're on track.
The launch that in Q3.
And we're excited about it.
Got it quite helpful. And then I guess from a follow up question, you're bringing on a new president.
Kind of give a high level of.
Obviously, the background of what he's going to do but do you expect.
Swatch bring in many changes necessarily true go to market strategy or is there something and this is because of his experience and background that you thought would augment what you're currently trying to accomplish.
Well I mean look I'm Super impressed with Swat I'm really happy that he's joining the team we built as all of you know we built our business in Gainesville that it's been a wonderful place to start of business and that's been the key to our success we have.
Couple of hundred dedicated employees of the college town the people that come to work at sharp spring are accomplished.
Highly motivated to make a difference what we don't have in Gainesville is.
On a wealth of senior management and I.
I can't as I put it before like the place like Austin throw of rock and hit US and other technology company with the senior management manager. That's got 15 20 years of experience swab is that person and as the CMO of rack space in his experience at solar wins and also companies smaller like sharp spring.
With a lot of SMB SaaS.
The focus here Scott.
I've been working with him now for four months.
And I'm sure he's going to bring a lot to the table, but I would characterize as higher of an extension of our management team's capability. So.
More.
The more operational leadership to help us move the company forward more quickly and so.
So I am certain he has his own ideas and he is not just going to be bringing my ideas to.
To the table, but I also think he will work as an extension of the senior management team.
Help us execute.
The more quickly and efficiently towards the goals that we've set for ourselves.
Great. That's all I have thanks for taking my question.
Alright at this time. This concludes our question and answer session I would now like to turn the call back over to Mr. Carlson for his closing remarks.
As always I want to thank each one of you our investors are.
Our.
The employees and staff, our customers and wish you all a it's fun to be coming out of the pandemic and are.
Looking forward to a great rest of the year end of healthy ones. So thank you all for your continued support take care.
Before we conclude today's call I would like to provide sharp spring Safe Harbor statement that includes important cautions regarding forward looking statements made during this call. During today's call. There were forward looking statements made regarding future events, including sharp springs future financial performance. These statements reflect the company's current views with respect of future.
Sure of events. These forward looking statements involve known and unknown risks uncertainties and other factors, including those discussed under the heading risk factors and elsewhere in the Companys latest annual report on form 10-K, and quarterly reports on form 10-Q that may cause actual results performance or achievements to.
The materially different from any future results performances or achievements anticipated or implied by these forward looking statements. The company does not undertake any responsibility to revise any forward looking statements to reflect future events or circumstances also note that during this conference call. We may make reference to adjusted EBIT.
Core net income or loss and core net income or loss per share, which are non-GAAP financial measures presented as supplemental measures of the company's performance. A reconciliation of net income or loss to non-GAAP measures is included for your reference in the financial section of the earnings press release and made available on the company's website.
I would like to remind everyone that a recording of today's call will be available for replay via a link available in the investors section of the company's website. Thank you for joining us today for sharp Springs first quarter 'twenty 'twenty. One earnings conference call. You may now disconnect and have a great day.
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