Q2 2021 OPTIMIZERx Corp Earnings Call
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Thank you for standing by your currently on hold for today's optimize Rx corporations second quarter 2021 conference call. At this time, we are still admitting additional participants and expect to be underway shortly and we do thank you for your patience and please continue to standby.
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Yeah.
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Please standby we're about to begin.
Good afternoon, and thank you for joining optimize Rx Corporation's second quarter fiscal 2021 earnings call with US today is the Chief Executive officer of optimize Rx William Federal He was joined by company Chief Financial Officer, Doug Baker, and Chief Commercial Officer, Stephen Celestial.
Before we conclude today's call I'll provide some important cautions regarding the forward looking statements made by management during today's call.
I would like to remind everyone that today's call is being recorded and will be made available for replay via webcast only with instructions in today's press release and in the investors section of the company's website now I'd like to turn the call over to optimize our ex CEO William subtle Sir. Please go ahead.
Thank you and Linda.
Good afternoon before we begin our review of the quarter. We just wanted to express our warm wishes to everyone on the call today.
I hope that you're all having an enjoyable summer and retrospective all of that has occurred with the pandemic and the last 18 months.
We hope everyone on the call and it has had an opportunity to safely meet up with friends and loved ones.
1 takeaway that I know has been felt by everyone. Throughout this time has been a new sense of perspective of the connections and our lives and what we value is important.
Pending ways to stay connected with and present for each other it's been 1 of the most valuable takeaways from the season from me.
And people.
X.
So as we move forward with our call we wanted to connectivity to be today see connectivity across our existing business and industry innovation continues to increase critical connectivity for our customers.
Doug will go into the quarters results in more detail, but we are very pleased to report that your your revenue grew 55 per cent for the quarter as compared to a year ago period, finishing and quarter bottom line cash flow positive.
It would be understating and excitement and just saying how pleased we are with optimize our X progress and the new fiscal year as we can.
And you to be a major part of the industry shift to digital solutions for awareness access and adherence challenges.
Connectivity that comprises the Optimizer X network and technology platform taken as a whole as a uniquely powerful asset that enables our clients to address these core aspects of their business.
Our offerings are so powerful because they enable pharma companies to stay presence throughout the patient care journey. It feels really good to be part of a company, whose mission and objectives positively impact all the stakeholders within our sphere of influence from patients to providers to life science companies.
Since our technology offers life science companies, a direct channel to providers and patients to raise awareness about their treatments. Many of our clients brands have experienced significant script increases using the optimize our ex platform.
Clients and average on ROI of 8 to 1.
And with some as high as 20 to 1 and the power of third party measurement is a key differentiator and allows us to accurately measure the tremendous value we deliver to our clients. We have also seen a number of our brands adopting our technologies jumped from 80 to 140 and the last 6 months.
We continue expanding our technology impacting and care delivery and the patient journey beyond the traditional point of care.
<unk> engaged with many digital channels beyond the electronic health record to access all the resources they need to deliver the best care to their patients, including well performing desk research peer to peer collaboration and.
And other forms of indirect care are growing technology partnerships outside the electronic health record allows us to continue unlocking new omnichannel touch points for life science companies to support and engage providers, both within and outside the EHR.
This increase connectivity not only amplifies physician mind share, but also gives us the opportunity to further diversify the platforms channel mix. So that drug manufacturers can address clients' challenges and a more complete fashion.
So at this point, we continued to strategically focus on the build out of our enterprise solutions in order to attract and retain.
And this growing customer base previously we had reported 33 of our 46 enterprise deals and pipeline having close.
We have seen an increase and the enterprise pipeline to 63 deals and as of the end of Q2, our new number of closed enterprise deals is 52 with an average ACB at $1.1 million.
As part of that in Q2, we won 2 deals incorporating evidenced based provider engagement.
<unk> real world evidence with an average contract value of $10 million and.
Sure we have exceeded our expectations and are thrilled to see our clients, meaning and more to our enterprise approach.
This is very excited and given that we're just incorporate the use of advanced analytics on our platform powered by real world data or what we call our W. P and Q4 of last year.
This solution is still very early and its uptake and allows our clients to deliver evidence based awareness programs to effectively engage providers with treatments related information.
More importantly, as we continue to socialize and educate clients and the industry on this powerful enhancement they are expressing real excitement and appetite for the solution.
The continued growth of enterprise and interest and real world evidence solutions like <unk>.
That form is capable of delivering is particularly important given that our activity around specialty medicines and accounts for 53 per cent and spending up from 27% and 2020.
This continued trend is being driven by innovation and growth in oncology and immunology and cardiology, providing the alignment of our capabilities and reach to our clients' needs.
While Pam is moving target given the extreme growth and digital enablement for reaching physicians and patients. We are seeing continued penetration and therefore increased market share and those fast growing therapeutic areas and doing so we have a special focus and supporting farmers engagement across III specialty areas in particular.
And as mentioned oncology, immunology, and carloads, and cardiology, where we've seen a 600% rise and customer engagements over the last 2 years.
We expect these specialty areas to make up more than 50% of revenues going forward. So far as revenue and mix goes last year 24 per cent of our revenue was derived from these 3 specialty areas. So you can get a sense of how quickly the pace of interest has ramped in the doubling of the percentage of revenue share this year.
And when we think about our pipeline 43 per cent of our new business is also derived from these 3 areas.
As we secure new channel partnership across these indications for strategic interest. We are also broadening our network such as and oncology, where we are connecting and communicating with over 50 per cent of the oncologist across the U S.
And many sensus, we built a truly victorious technology platform with an IP backbone and that allows us to overlay and grow new solutions that advance our mission to help patients start and stay and therapy by unlocking omni channel avenues for drug manufacturers to engage providers and patients and deeper more meaning.
Full ways.
Our team has also invested a lot of time and effort and channeling our ability to enable innovative connections between our 3 principal stakeholder groups, which as I've mentioned, our patients physicians and life science companies.
And as our technology platform has been developed around these 3 stakeholders. We're also designing innovative solutions aiming to solve challenges related to 1 provider awareness of important clinical therapeutic and financial information about available treatments. So they can support patients and overcoming barriers to treatment.
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Affordability of treatment and adherence for patients as they progress along their care journey and.
And 3 ensuring that both patients and providers are able to take advantage of the lifestyle support that exists within the health care ecosystem.
And reinforcing the connectivity aspect between these stakeholder groups in order to discuss the beneficial innovation that we are currently building out for the industry per.
Per delivery and the white patients interact with technology as well as the health care system to manage their health and never stops changing.
Platform has continued to evolve ahead of this curve to ensure information and therefore treatments are successful when the when and where they need to be that is a critical aspect of what we bring as a platform technology has become more sophisticated.
We have also pegged its evolution to solving the increasingly complex challenges on behalf of our clients. This is a significant illustration of the increasing value, we're providing to the health care industry.
And of our many recent highlights is that we signed an agreement with 1 of the top 5 pharmaceutical companies as an anchor client and a new patient affordability initiatives using real world evidence to provide visibility to doctors when Medicare patients treatment plans are at risk of lapsed due to loss of coverage. This.
She lives and equally beneficial to both the patient and the provider and alleviating the cascading non adherence effects caused by financial burdens. This is only 1 example of the value and potential of our technology and this is this is huge for us because it stands as a testament they were live and up to our mission and commitment.
And that's helping providers and patients have easy access to accurate actionable information on treatments and medications to support better health outcomes.
Looking at the evolution of optimize Rx if you build it they will come as a fitting analogy and.
And building out a technology backbone and infrastructure for stakeholder communications and the health care space. We're now successfully overlaying innovative technology enhancements and creating deeper connectivity across the mesh network of health care providers patients and manufacturing and their brands.
This is all in line with our mission and objectives and we look forward to updating the market further on the progress of this exciting platform as we continue to digitize and modernize and connect communications and the health care space.
With that I'd like to turn the call over to see up our CFO, Doug Baker, who will walk us through the financial details for Q2, Doug.
Yeah.
Thanks will and good afternoon, everyone.
And as with all of our calls our press release was issued with the results of our second quarter ended June 32021, a copy is available for viewing and may be downloaded from the Investor Relations section of our website. We also filed our 10-Q today.
Turning to our financial results for the second quarter ended June 32021, our reported revenue for the period was $13.6 million and increase of 55% over the $8.8 million from the same period and 2020.
The increased revenue resulted from increases in sales and across all of our solutions.
Gross margin for the quarter moderately increased from $58.6 per cent and a year ago period to 59% and the current reporting period.
Operating expenses increased to approximately $7.7 million and in the second quarter of fiscal 2021 as compared to approximately $6.2 million and the same year ago period.
Overall this increase results from our efforts to expand our product line and to build out our organization to establish a stronger base for current and future growth our expenses increased at a substantially lower rate than our revenues as a result of the operating leverage of our model.
Net income of 1.4 million and the second quarter of fiscal 2021 as compared to a net loss of $1.1 million during the same period and 2020.
Pretty big deals you can refer to the M. D E and a section of our published 10-Q overall the net income for the second quarter of 2021 resulted from the increased margin generated by our higher revenues, partially offset by the increased operating expenses.
And a non-GAAP basis net income for the second quarter of 2021 was approximately $1.8 million or 10 cents per basic and fully diluted share as compared to the non-GAAP net income of approximately 253000 or <unk> <unk> per basic and fully diluted share and the same year ago period.
Now turning to our balance sheet cash and cash equivalents totaled pulled the $83.9 million as of June 30.
As compared with $83 million on March 31st.
We do not anticipate the need to raise additional capital and the short or long term for operating purposes or to fund our growth plans. We are focused on growing our revenue channel and partner network. However, as a company and the market and this act with merger and acquisition activity, we may have opportunities such as for acquisitions or strategic relationships, which may require additional capital.
We will assess these opportunities as they rise with a view of maximizing shareholder value.
Wrapping up the discussion of our financial results now I'd like to turn the call back over to will.
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Thanks, Doug Great update great results collectively we feel that we're at a critical mass and with each passing quarter and momentum continues to build and we are still very early as a company. We're very optimistic about our future and that's because directionally. We've worked diligently to monitor expenses successful.
Integrate acquisitions and make full use of our expanded operations, while working towards generating growth from every angle.
We're able to accelerate our growth by leveraging optimizer ex highly scalable technology backbone, which continues to generate strong rois for our clients as we continue to find innovative solutions.
Life Science awareness access and adherence challenges 3 very large issues for our clients and.
Additionally, rounding out our health care communication and technology is a network of health care providers that we have built over the last 5 years and it's really starting to show.
And developing and it infrastructure concurrently with our network providers, we've garnered recognition from our clients through consistent recurring revenue as well as building goodwill and having an openness to new products and services when the opportunity arises.
And we've invested in building up first in class organization, both with people and technology that is leading the transformation of health care communication technology.
And believe that there is still yet more to come as we close out the fiscal year with that like to open the call to your questions operator.
Thank you Sir if you would like to ask a question. Please signal by pressing star 1 on your telephone keypad, if you're using a speaker phone. Please ensure your mute function is turned off to allow your signal to reach our equipment. Once again that is star..1 if you would like to ask a question and we'll pause for just 1 moment.
We'll take our first question from Ryan Daniels with William Blair.
Hey, guys. Thanks for taking the question congrats on the very strong start to the year well, maybe we can start with the enterprise pipeline, obviously, a lot of growth there and you continue to hit at a very high close rate I'm curious of the 52 enterprise deals that you've closed and how much of that is already kind of in the run rate of sales.
And the second quarter period, and how much of that do you think can flow through into 'twenty, 1 versus going forward into 2022.
Hey, Ryan. Thanks, Yeah, Great question, Yeah. There is definitely a piece of this that goes into 'twenty 2.
When we mentioned 1.1 that is annual contract value.
A good percentage is gonna be and the second half what we're seeing is Ah.
As you saw we had a big jump and enterprise deals just to general through the pipeline.
And many of those started at a lower level and what we've seen.
And the first half of the year as a lot of happy clients and so they're coming back to do more there up and yet they are bringing it to other brands. So.
I mean, we're not going to break out what percentage it would be and in Europe as we stay away from the guidance, but it's a healthy percentage and it really sets us up for strong planning session going into 'twenty..2 as you know that's our activity in Q3, let me ask Steve also just comment on that.
Thanks, Paul Hey, Ryan and good to hear from you.
I think 1 and the other pieces that you heard US mentioned is the cross sell up sell opportunity for our clients. We've been diligently focused on that and that is also generating additional enterprise opportunities and we've had sort of clients come in and what we've been saying is maybe pilot revenue or buying 1 or 2 solutions when they're seeing and return on.
And the outcome from the solution that they purchased and they are very quick to scale to me and the restaurant solution set more and more modules and the platform, which is also driving some of that growth and I suppose says, it's not all 21 revenue.
And that will carry over.
We're feeling really good about what the second half of them like just based on the momentum that we're seeing and and as you see there were 2 different pieces. We mentioned in here and 1 was obviously the updated close but you'll notice that we also expanded the pipeline at the same time Ashwin and we're prosecuting the clothes and so there's sort of a day rally compound effect there were pretty proud of that.
Okay. That's very helpful color and then.
Well you mentioned, some I think updated ROI metrics 8 to 1 up to 'twenty, 1 extremely impressive and I think that's higher than we've discussed and the pass and I'm curious what that potentially means as you plan internally on the product pricing front as you generate those type of returns is it something you think you can.
Generate greater price increases year over year.
And what high returns, you're giving to the pharma companies or do you want to continue to let that flow through to the companies and and let that drive expanded revenue growth and new contracts versus trying to increase your pricing.
Yeah. So so remember we talked about 2 ways of pricing 1 transactional 1 value based and enterprise tends to lean towards value based and if you. If we could dissect those publicly we would see a much higher per transaction rates, just because there's more value being generated on lower.
And because of their specialty medications, so and in essence, just by shifting to enterprise.
We are definitely I think pricing it correctly with the premium and deserves the clients are very happy with that.
Relative to the first question on ROI, Yes, we are all our presentations have had a 5 to 1.
We obviously have been doing a lot of them. So we took our list looked at it and that's moved up just as an average and a and then we shared with you know a top of the average 21 and that that will drive and remember this is all third party validation so feel really good about that.
And and if you it's easy to conceptualize, if you're doing more solutions for the same brand with the same set of physicians and patients who are just going to get more touch points right. So that's going to drive greater ROI.
And script increase so they go together really well I think going forward. The way, we will get more value is by delivering it and the <unk>.
And so perfect that way and by the introduction of our W. We thought we've also seen an increase in our pricing and the value that the clients see from it and it's really it's really encouraging.
Okay, perfect I'll hop back into queue, Congrats again, and thanks for taking the questions.
Thanks Ryan.
Thank you Mr. Daniels and next well hear from Sean Dodge of RBC capital markets.
Thanks and good.
Afternoon, and and I'll add my congratulations on the great success, great great momentum and the quarter and.
And maybe it will and that did that last point you made on the real world evidence capability you highlighted that in your prepared remarks, you said fast growing demand for these you've signed a number of them already.
Can you give us a sense of what the inclusion of a real world means for your your white space what kind of.
You know kind of non enhancers does that make it to contract value.
Absolutely I'll start and then I'll hand, it to Steve.
If you think about.
And our clients they've been using real world evidence to drive a lot of decisions can.
Communications and marketing.
Fear there CRM and then ultimately to their sales representative and.
And if you can imagine using that kind of data that kind of message first of all a lot of that data is 30 to 60 days old.
Secondly, it's you know, there's just Boston translation problems, but that has been the standard of delivery.
Now so so our clients completely believe and evidence based data to drive marketing messaging now they can have actionable R. W E influence and.
And inside of point of care and.
And so just just the ability to do that enhances what they've already made as investments and it gives them. Another touch point, that's highly informed but let me pass it over to Steve because he really brought this into the team and has done a great job championing.
Thanks, well, Hey, Sean Thanks for the question.
I think the other piece that it's relevant and real.
And sort of alluded to and it's just the timing of the alert. So if you think of the messaging being delivered to the physician and every other alert system. That's out there and it typically is driven through our CRM system, given do our sales representatives and sales representative that needs to act on that would you ultimately need scheduling an appointment with the physician and meeting with that position.
And over time.
Often times by the time the sales.
Actually 100% of the time by the time, a sales rep gets to that position.
And as already gone and typically they are on a first or a second line therapy, which means they are already and that's really the window of opportunity for us when we generate that alert real time alerts to the physician at point of care and so we were able to get that information to the physician before they make a choice on therapy decision and so that.
Timing is really really critical.
And that's a big part of the.
Early success with this but much more success to come Sean.
Okay. That's helpful Great and then I.
And as we get into the back half and you hear that tends to be when more of the buy ups occur does migrating our clients too and enterprise arrangement change anything about that that phenomenon and that that dynamic and then historically, if we look at past fourth quarters, what proportion of your revenue.
And historically has come from by ups.
Okay.
I'll start Steve feel free to add.
So just in general.
The buy ups, we tend to see later in Q3 and replace the communication of that most all of that happens in Q4, it can be anywhere from a 5% to 15% bump.
It's it always makes Q4 that bigger we said as we talked about last quarter, we saw a healthy amount.
Nothing is telling us we wouldn't see it but you really don't have visibility into that but we can update after Q3.
But relative to enterprise renewal as Steve said, there were we went up and number of enterprise deals.
V has 1.1, so that just means and and 2 of them are 10 million right. So that means there's a lot that are small I think what we've seen which is new for us is the small and stopping.
We ended Q2 for the second half and usually.
You'll see that later and that in the second half so pretty encouraged with the progress and.
To see really good flow through and the second half Steve Douglas anything on that.
No I think you had everything maybe wanted maybe 1 more add and that is that we have commercialized.
Boucher and also implicate passed to the positive.
Potential revenue for biopsy and the fourth quarter.
Hmm.
And 1 for.
Those are all here, Steve your Europe, Youre, breaking up Steve you're breaking up.
Okay.
Try to repeat that again, because that's a that's an important 1.
I said.
Hopefully you can hear me better now what I was saying, yes that 1.
Okay, good and we've commercialized since last year fourth quarter, several new solutions that will positively impact our revenue generation and the fourth quarter and so those will.
And we've already discussed the real world evidence solution and other.
And several others, which we've already announced but we were feeling very optimistic about the impact of those coming into the second half of the year.
Okay.
Got it great. Thanks again.
Thanks, Sean.
Thank you Mr. Dutch moving on to Andrew de Silva of B Riley Securities.
Great. Thank you and good afternoon, and thanks for taking my questions and congrats on the progress.
Just a few quick ones from me, let's start with the real world evidence offering.
And just can you give a little color on expanding there and can you talk around it and.
It seems like it could be massive.
At 10, and $10 million value and I'd be interested in and how you're thinking about it and the near term and then over the next couple of years.
I'd also be particularly interested in.
This is something that's more tailored to existing customers or new customers and what.
And what kinds of brands are the best fit here and I'm assuming.
It's a fairly good flow through to specialty medications.
Yeah, Hey, Andy Great question, Steve do you want to start with that 1.
Yeah happy to Hey, Andy Thanks for the question good to hear from you.
And the real World evidence solution really applies to our entire customer base and Sn.
Essentially what we're doing there is connecting our alert based system within the platform.
And and interoperable way to the entire ecosystem of health care data that exists outside of the EHR, where epi connected and so what that allows us to see or things like claims lab records et cetera longitudinally.
Shunt level over a period of time and we use our AI engine that we have built as part of this to interrogate that data organize it and such a way that it can connect to our platform and and direct the message to the physician and we do that and so second increments its real time communication.
The example that we announced about.
About the Medicare Donut hole is probably a really good 1 to contemplate if you think about how many patients. There are that are classified as Medicare patients that have that need and Andy that hit that donut hole and then think about the.
The specialty medicines that cohort of patients is on it's a fairly large number.
And so we will we won't talk about Tam for that on the call today and hopefully that gives you an idea of the size of the opportunity.
And it virtually as you know that's 1 use case, but there are hundreds of use cases that we can apply it to and so we're feeling really really good about what we've done there.
Useful and helpful. There. Thank you, yes, very very helpful.
And then my next question relates to gross margin.
How should we think about the real world offerings and margins and was there any benefit through the operating during the quarter or is it going to be largely a forward.
Top line benefit.
No. There is we did see some you know first of all I have to remind everyone. We launched this in late Q4, so before RFP season. So almost all of this activity is in year.
Selling and closing and if you've been with us for a while you know that that's not regular with pharma.
Only do that when it's highly relevant and effective so.
Really really proud of the team for doing that it's very hard we innovated.
All virtually launched sold and closed and then launched Pall and 6 months really incredible.
But yeah no. It's it's really spectacular we think the ROI, we'll continue to drive adoption.
And.
It's.
We don't have a multiple on the Tam, but as Steve said, there's hundreds I just want to highlight right and we moved from 80 to 140 brands.
2 of which have and ACD and 10 million. So you don't have to do too much math to see that the opportunity is very large and its very early.
Great Great and did you have any idea and how we think about the gross margin for that.
Yeah, sorry, I got so excited about it I forgot about the gross margin question. So [laughter]. So yes that was product mix.
The R. W. E does is it does demand a premium some of that premium is.
Revenue only because theres some architecture work, but in general we saw really good mix it did improve our gross margin.
We're going to still stay within the.
And the guidance that we've talked about around the 58% to 60%.
I think that's very healthy for our business given the model.
But as we scale our W. V. There is opportunity to get better margin and then obviously on the patient engagement side, there's opportunity there.
Still fairly early and small relative to our overall revenue.
Perfect Perfect. That's very useful final final question from me.
I noticed you've been actively hiring across multiple departments and confirmed.
Net sales team looks like its up materially year over year.
Can you talk about what Youre seeing are targeting net leading the new hiring and.
And how that's.
Yeah, we're in a very fortunate position yeah, we've got a great company, great culture or growing like crazy.
And that attracts people, who know the industry and this sort of shift to digital this major tailwind of pharma spend shift.
And we're 1 of the few and it doesn't and the way we do it.
And with the reach that we have and so.
We are making sure.
We're just getting bigger and bigger with our clients. So you got to make sure your delighting them in every way so.
Almost all of the hiring is around growth, we're really happy that it's you know, 25% increase versus the 55 per cent revenue growth more or less and.
And it shows that we still level and we still have a lot of leverage and we are in growth mode right and I look at comparable <unk> I don't see those kind of percentages I'm really happy with it but yeah. We've leaned in on the commercial side, that's to be ready for the RFP season, and the second half and just given the in year growth. We wanted to make sure we had.
Really good product marketing tech and client support across the board.
And and we've been able to get some really great people and the team.
Awesome awesome. Thank you very much congrats on the progress again and I'll hop back in queue.
Thanks, Ed.
Thank you Sir next we'll hear from Eric Martin Newsy of Lake Street capital.
And my question is on the <unk>.
Distribution side, so the real world evidence offering obviously, that's an incremental opportunity for you guys and I understand the benefit.
Keeping patients on therapy does your distribution channel participate and this this revenue the same way they do say for instance on the affordability side.
Yeah, Hey, Eric absolutely. This is this is actually a really great solution for our partners because we can charge a premium and they participate in that and obviously.
Obviously, they're not doing the architecture work, that's all and that's on us and Theres a portion of that that stays with us but.
It is it is a tremendous opportunity for our partners because it delivers a very relevant message with RW, which really helps their clients, which are physicians and patients right. So it's it's 1 of those that you could argue is has high value.
It's all within workflow non disruptive no additional and it doesn't slow down and care and delivers a message and a very smart way. So yes. They are are they like it we like it.
And I'm really excited to get it in more of our partners as we as we scale. This.
Yeah, and I was wondering you know obviously, it's early days, we've got a couple of leading brands using it but have you is it in the business.
Distribution side of the house, maybe it's a question for.
But is this something where we can <unk> got a terrific footprint and oncology and immunology cardiology, but knowing this incremental revenue opportunity is out there and available is this an opportunity to go good and maybe go after some folks that you don't currently have.
Absolutely it will it will open new name is traveling right now, Steve and I can handle that for you. It it's.
Great opportunity to go to those partners, who don't have a therapeutic message approach with our WB and show them the business case and how.
First of all why it's valuable to everybody. That's the key and then secondly, the type of revenue and can generate so where we're actively doing that and have a team that we've actually enhanced to go after that.
Okay.
And then seasonality wise.
And you guys aren't giving formal guidance, but right now the strength of 14.8 for Q3 and you just did a quarter with 13, 6 and it sounds like.
And we've got this incremental demand queuing up here sequentially up roughly a million 2 or so are you comfortable with that move.
This is.
And we can count on.
[laughter] can't answer that completely as asked but we're very comfortable with the second half based on the first step and it if you're new to the story you can look historically at first half second half we feel like this is a a.
A year like others.
Where are we kept that seasonality bump.
Clients come to the table and the second half with a little bit more and yeah, not anxiety, but speed to get things.
Things to market to get awareness with physicians to get access to patients.
And you know, we're fully and that now.
Yeah, we feel seasonality will apply.
Okay. It's good to have a COVID-19 resistant business model and think as you guys are able to do it last year when a lot of folks.
That's right yes.
Thanks for taking my questions. Good luck.
Talk to you soon.
Thank you Mr. Martin Newsy.
We'll next hear from Harvey Popple of pop Tech L. P.
Yes, well I never get tired of saying a great job.