Q2 2021 AcuityAds Holdings Inc Earnings Call
To adopt the lumen and to benefit from being able to control of the consumer journey and to send the right message of the right time to their consumers, depending where they are on that journey I'd like to set of special. Thank you for the acuity family for delivering such an amazing Q2, a quarter of overall growth of 55% of quarter.
Over 75% constant currency growth in a quarter of 60% sequential growth on the lumen and.
And let's not forget the quarter of 154% growth in EBITDA company and great companies like New York like sparkling ice whatever and Delta and many others.
Already began taking advantage of enrolment and the consumer journey approach.
Not only that they're getting a better success on the campaign. The also learning a lot because the kind of insight that they're seeing from it is absolutely second to none.
So excited about Q2 results revenue was up by 55% year over year, which is tremendous growth rates up.
But on a constant currency basis, we were up 75% now current constant currency basis.
Really the rights of indicators from a growth perspective, why because most of our revenue is derived from U S dollar and the strong Canadian understates, our real true growth rate. So we were able to deliver $30.3 million in Q2.
LTM adjusted EBITDA, let's talk about that sort of second because this is something that we have been focusing a lot of the management team of the last few quarters.
We made a decision that it's time to bring more profit from the formed the organization.
And as you can see we were able to execute over the last 8 quarters consistently moving it up into the right of delivering more LTM EBITDA. We are now reported $21.8 million.
LTM EBITDA per for the quarter.
CTV grew by 400% year over year basis.
Tremendous excitement about the future of CTV of great driver for the industry in general and for acuity and we're really really excited to see that everything we talked about in the past regarding CTV is becoming reality and advertisers are moving more and more from traditional TV.
To connected TV.
Let's talk about the aluminum.
Which is my favorite subject from.
On a revenue perspective, we saw an over 60% growth from Q1 to Q2.
That is the tremendous growth that we delivered $5.2 million in.
In revenue.
Clients.
At the end of Q2, we saw 40 clients on 17 of them are tier 1 and just to compare it at the end of Q1, we had 17 clients and 9 of them with tier 1 so we've moved the client.
By 135% again tremendous growth doesn't show that our team is getting more and more of the brands adopted.
Aluminum.
And the majority of revenue.
And the lumen came from brand new business to acuity. So we're very excited that the more and more logos coming brand new logos coming into the acuity and look theyre coming in because of the aluminum and we love it.
I think most importantly, when you look at in the future.
And you look at it.
What we predict to illumina in the future I can tell you. We're very excited about it everybody in the company from the sales team from the execution team to the.
The tech team.
Marketing the everyone is excited about illumina as Gabe really an amazing new life to the spirit of acuity.
Because we have something unique and differentiated.
That really puts us.
The size and length of success.
World.
Programmatic advertising so.
What we're seeing is.
Amazing amount of Rfps lots of them lots of demo request lots of great conversations with major brands out there and I'm happy to say that the pipeline is an all time high for the second part of the year.
We do believe the best is yet to come when it comes through with them and now we have a few quarters under our belt actually 3 quarters with Illumina.
Happy to show the Nebraska. So in Q4, when we launched the lumen. We did the $1.5 billion on Q1, $3.2 million in Q2 or $5.2 million, it's only 3 quarters in and we're very excited about where this is going to take us.
A lot of of a lot of investors are always asking us what makes you think the.
Somebody else is not going to copy you well I can tell you that.
Sure.
I do feel that the eventually somebody will copy of the process because of that just makes sense to do it but we have such a tremendous advantage over the marketplace that is going to be very very hard for them to catch up and I do believe we have a lot of time ahead of us before we see anybody catch ups and don't forget that we're advancing all of the time in our latest.
The least of ILUVIEN.
We've created a better journey of better journey inside of the new insight and access the more inventories. So this is just the has been on the latest release and we have numerous leases coming in on regular basis. We're also running campaigns on.
On a regular basis and every time, we run a campaign, we learn from it but we learned from a product mix changes and improves the product as well and the.
Needless to say also of the types of integrations that we're doing out there is creating a better.
As well and I think the bubble is the.
Acuity algorithms that we developed in house over the 11 of the past 11 years is what makes all of the decision of the background of alumina and that cannot be duplicated.
We're excited to share with you some data from actually what's happening on the Iranian complaint on the aluminum as many of you know of peripheral has been of great partners for many years with us they are all about driving value and they're all about the ROI and there were 19 items too.
To assist with us and what did we do we took a campaign and will ramp part of it is the complete connected journey and the other part of the conversion on the which converted and the only what we call the bottom of the funnel, it's more of like what other DSD due.
The old DSP of acuity used to do.
On the fully connected Jeremy when you divide the campaign into awareness stage engagement stage and conversion space and you said different messages along the way, which is what the Illumina is all about I'm very happy to report the debt after running both from pain.
We're able to deliver much better value on the fully connected journey.
Josh part of the director of performance marketing of Purple was nice enough to share is that the more.
On year on year. So as you can see is really excited about the results the team.
I'll now ask Jonathan Pollack of our CFO to share some financial updates.
Thank you Todd moving blocks of where we were this time last year right in the heart of the COVID-19, pandemic and see where we are today is truly astonishing to me on.
So proud of what the acuity team has accomplished over the relatively short time period or year over year growth reflects not only the incredible bounce back of our organization from the difficult challenges of last year. It also shows the resilience of the advertising industry alcohol and we're thrilled to be 1 of the leaders in this moving.
In addition to our results. We are also very pleased that we successfully listed on the NASDAQ exchange after raising $57.5 million U S dollars received incredible support from both of our existing investors as well as an entirely new base of U S investors.
Complementing this we are continuing to see rapid adoption of our aluminum platform, which has become a strong catalyst for our future growth with revenue and pipeline growth well beyond our internal expectations.
This growth is being driven by substantial inbound inquiries for the platform some of which are from the largest advertising agencies and brands globally. We are ecstatic about the market opportunity that we are addressing with the innovative solutions and believe the current momentum is truly just the beginning of this platforms.
Full potential with top of mind I'd like to discuss the financial results from our second quarter of 2021 total revenue in the second quarter increased 55% year over year with $30.3 million compared to $19.6 million last year with approximately 75% of our revenue derived in the U S.
The strong Canadian dollar understates, the true globally on a constant currency basis revenue increased close to 75 per cent compared to last year. In addition revenue from aluminum this quarter totaled $5.2 million, an increase of 60% plus sequentially compared to 3.
The $2 million in Q1, 2021 gross profit or net revenue was $15.8 million in Q2, 2021 of 56, 4% increase compared to $10.1 million in Q2.2020 on.
Our gross profit margin in Q2, 2021 was 52, 2% compared to 51, 7% in Q2 of last year.
Operating expenses for the second quarter totaled $13.3 million compared to the $10.6 million last year, an increase of 25, 5% Q2.2020 expenses are obviously lower due to COVID-19 related reductions realized last year.
And the shutdown of all travel and entertainment expenses as well as the government wage support received during the 2020 period that was non recurring this year.
Operating expenses as a percentage of revenue was 43, 9% from the second quarter down from 54, 1% per the same period last year.
This improved operating leverage led to an adjusted EBITDA increase of 154% in Q2.2021 to $5.4 million up from $2.1 million in Q2, 2020, and lastly, net income of the same period was $3.4 million up from the net loss of $1.6 million.
Last year.
Turning to our first half results on the next slide total revenue from the 6 months of 2021 of which $57.7 million of 32% increase compared to $43.8 million in 2020.
Revenue from all of them for the first half of 2021.8.
$8.4 million in.
Gross profit or net revenue was $30.2 million in the first half of 2021, an increase of 35, 4% compared to $22.3 million interest incurred last year gross margin for the first half of 2021 was $52.3 per cent compared to 59% for the same period last year.
Total operating expenses for the 6 months of 2021 totaled $25.4 million up from $23.4 million or the same period in 2020, an increase of 8.7%.
Adjusted EBITDA on the first half of 2021 with 10, the sign up of 153% from $3.9 million during the comparable periods in 2020.
Net income in the first 6 months of 2021 totaled $4.79 per.
On to a net loss of $1.4 million for the same period last year.
Turning to our balance sheet, our working capital position continues to grow through the cash generated from the business as well as our recent financing completed simultaneously with our NASDAQ listing.
As of June 30th our working capital position total $100.1 million, putting us on a very strong financial position.
And as you'll see on the next slide as of June 30 of 2021 of our cash balance stood at $93.4 million.
In addition on an LTM basis in line with our growth strategy, we continue to generate strong adjusted EBITDA and as you can see here our LTM adjusted EBITDA continues to grow from.
Selecting the strong operational leverage we continue to generate each quarter I'm incredibly pleased to announce so that's been as of June 30 of 2021of our LTM adjusted EBITDA stood at 21.8 million.
The increase of close to 90% over the same period last year.
Lastly, given our recent capital raise we wanted to provide an update on primary and fully diluted share sustaining at June 30 of 2021.
<unk> at $60.4 million primary shares outstanding and $63.6 million fully diluted shares outstanding. In addition, insiders continue to own a substantial stake in the company.
That concludes my prepared remarks on the.
Now I'll turn the presentation back over the top before Q&A.
Thank you Jonathan.
We are so excited about Q2 results.
The aggressive revenue growth.
The aluminum growth and the constant increase in profitability just shows the leverage of the model and we're increasing more and more revenue and most of our expenses are fixed we're able to bring in more profitability into the yard.
Even more excited about the future.
And you'll get the right Illumina Illumina is what I'm, most excited about and I love to see how the alumina is getting adopted out there it's getting adopted by more and more brands that are really aligned with the way that the flat.
Marketers lack of consumer journey. They always did they just didn't have the tools to execute on it when it comes to the programmatic and the aluminum gives them that tool and not only the gives them debt. So it gives them the ability to see the types of inside of that they could never seen before and that is extremely valuable for them. So I'm happy to report that the low end.
The pipeline for the second part of the year is extremely strong and we're very excited about how it flows and I would like to thank again, the acuity family for delivering such an amazing quarter.
And before we said that we're very excited on the NASDAQ now that we're on the NASDAQ. We are very excited to go out and tell the story to more and more new shareholders and the rest of the year and I would like to say a warm welcome and thank you for all of the new shareholders from institutional shareholders to retail shareholders.
I would like to welcome into the journey and the partnership of acuity, we could never do any of the things, we do without our investor and on our partner. So thank you again, Jonathan and I would like to welcome everyone to our Q&A section.
Thank you Jonathan Thank you Tal just a reminder to our analysts to please use the zoom raise hand function. If you have the question and please be mindful to turn your camera and Mike on.
Our first question comes from Laura Martin Needham.
Okay.
Yeah.
Lauren you May go ahead, when you're ready.
Can you can you hear me okay.
And we can see you okay, great that's fantastic.
So I got a couple of star of CTV very strong growth numbers on the CTV side of the business can you talk about I think we were estimating last year, it's not 5% of your business as you think true the rest of 2021, how big do you think CTV could get and 1 of its profit characteristics compared to the other channels of your AD revenue.
Okay.
So let's start with the profit I would say, it's pretty aligned the margin that would make up the T V.
When we look at campaign and it comes to aluminum.
The CTV is just the debt.
Just a part of it and it's an integral part of it so when when advertisers are running the campaigns because we have illumination. They can run it together with the display and with the other video campaigns on mobile or anything that the programmatic and the can actually see the.
How how it affects the bottom of the funnel campaign law. So therefore, it's more of that's part of the same profitability side of thing.
I can honestly say that the.
The the growth rates are amazing and we can see that going through the rest of the of the year on year to come but.
I don't really know the specific of the percentage of revenue on the Covid I really don't want to get.
Okay.
My second question on my last question is on alumina. So we have of that.
Last year round number 77% of your business of managed service and then of alumina is really driving your self service part of the business. We've been estimating that your managed service has over 50% gross margins that youre self service meaning of alumina.
Is is that's about 30% gross margin and illuminate is growing a lot faster than the overall business. So can you talk about these margin profiles the reporting generic ex parte do we end up with downward pressure on our margin profile as the aluminum becomes a larger and larger part of the business do you think.
Yes, I think of the long run.
That's what we can expect we can expect as the.
The of aluminum numbers grow the overall margin will gradually go down.
But the numbers the revenue numbers on a go up substantially therefore, the net revenue will go up.
And naturally when running self serve you have lots of expenses in the back then and.
It should be more profitable as well.
At the EBITDA line, how old the more profitable yes, okay that makes sense. Okay. Thank you very much great numbers you guys. Congratulations. Thank you. Thank you.
Okay.
Thank you Laura our next question comes from Darren at Ross.
Yeah.
Yeah.
Yeah.
Sharon you May go ahead, when you're ready.
Hey, guys. How are you. Thanks for the question Hey, Jim Congrats on the quarter. So just on the the 17 kind of does it refer to tier 1 clients can you talk about like revenue concentration among the alumina there and then my second 1 is.
The clients that have been on since the fourth quarter, how have the how the spend trended.
If any in house kind of relate to customers that are coming on.
Today is set another way like our new clients that are coming on that are tier 1 spending more with you than when they came on in the fourth quarter.
So yeah, Darrin I would pay the.
I mean, Jonathan you could talk about concentration I don't believe we have much but I would say that what we're looking as you know we launched it in Q4 and <unk>.
Our best guess of was that we will see the majority of revenue coming mid this year. So we were very surprised but what we found there was really 2 types of clients. The clients that are using illumina already on spending a few on 1000 on a per quarter or so and the and then gradually increasing the numbers and they're happy with the getting resolved.
And the bigger clients that are spending also probably similar amounts, but it's more testing for them, but these types of clients of the 1 that takes a long time of the sales process. It takes a long time so.
Generally speaking the retention rate is extremely high.
I think it's almost 100%.
And the.
And the spend trend is looking very very good and we still expect the bigger deals to the.
<unk> later on.
The fleet will be.
We will communicate with the happens.
And Darren with respect to the customer concentration.
Of the $5.3 million in the quarter, the largest customer representing about 600000 of that on.
The next customers of about $3.50 to 5200. So there are many many customers, but the largest being about $13.14 per cent nothing greater than that.
Great. Thank you.
Thank you.
Yeah.
Okay.
Our next question comes from Jacob at Lake Street.
Okay.
Jacob you May go ahead, when you're ready.
Yeah.
Yeah.
Yeah.
Yeah.
Jacob you can go ahead, when you're ready.
Yeah.
You are on mute.
Hey, Thanks for taking my question sorry about that.
No worries.
Just going back to a woman.
Does the of women spend been trending among your current installed base beats.
Between Q4, Q1 Q2 now.
Yeah.
So the current installed base of Illumina or in general.
So your current customers.
Okay. So from.
Current customers most of the revenue that's coming into alumina from brand new customers. So it's not taking customers from our existing business moving them over to 2 of alumina and from the the Illumina customers.
It has been trending very well as I said before at <unk>.
Mostly we have 2 groups 1 that are spending very nicely and we're seeing an increasing trend over time and then the other 1 by really taking on very close look at it really excited about it and.
And we'd like to become a much bigger partnerships in the future.
Great.
Just switching over to kind of your onboarding process.
How are you guys able to ensure that.
The customers coming on line with this brand new platform are successful.
That is actually a very very good question.
And that is also 1 of the reason we don't want to go too fast on it because when you launch of a brand new platform that never been tried before.
You always want to make sure that the perfect before you hit the guidance.
Pedal of Lotto.
We have.
In our sales process, we of sales engineer the.
Our very close to the customers on to the sales process and very close to our to.
To the time when you need to launch a campaign and we also watch over what the customers are doing regular basis, making sure they're doing the right things remember the illumina is very intuitive to begin with the Dubai.
The success of the initial customers. It's so important to us that we have to.
On sale and we want to babysit them to make sure that the successful so we do that and and we're finding great result, and the.
Most of the time that Theres no issue, sometimes there are issues and thats the beauty of it because we're very very close to our to the feedback back to the product.
And product comes in and make changes in technology gets involved the make changes.
We are in the on many of the iteration of the alumina already into it and it's all because we're becoming more and more expert on it a lot of the assumptions we made in the beginning to to build this platform, we're not necessarily optimal and so then it was all about getting that feedback making changes and.
All about here.
Now to be more intuitive so it's easier to use.
How to make it faster even to setup campaigns remember on other DSP. The takes hours instead of the campaign on the alumina it could take a minute to somebody without any extraordinary.
But we want to make that even better so and.
And performance of the acute.
The acuity has always been about performance of always been about driving ROI to our customers and the lumen drive even more ROI has a completely connected consumer campaign.
Hope that was really helpful. Yes, that's very helpful. Thank you.
Now with.
The 90, $493.4 million on the balance sheet.
Kind of.
M&A are you guys targeting is it going to expand your base business or are you going more towards.
The expanding illuminate the faster.
Yes, so our kind of where we're not very happy about the half a percent that we're getting from the bank on that but I can tell you that much so.
Obviously, we're a we're looking at M&A, we've been looking at a lot of companies lately.
For me does this.
Illumina is definitely our focus for the future.
And for the present, and that's where our focus is and we have many elements new elements that are on the plan on the pipeline for on the product roadmap for Illumina and it could be things that are not programmatic, so things like search and social and out of home, but signs and.
Influencer marketing under the whole bunch of other ones that we want to integrate into it now we're specifically not expert in it. So we would love to acquire companies on our expert that we can integrate the ready product right on into alumina and bringing the talent that can help us and obviously if it comes with the with revenue and we can find the synergies.
And make it the whole thing very profitable that for me is the ideal company that we're looking for.
Great.
Last 1 here just going to the the verticals you know travel hospitality and entertainment.
Have you seen a recovery in those or are they kind of still.
Little softer the new bike.
They're softer than we would like for sure, but we're starting to see the signs of recovery.
Obviously.
Lee with all of this.
You know the pandemic is over and all of its not over kind of situations.
It's really very frustrating because we want to see all of those the comeback.
But even the ones that are not fully back.
From a from a business perspective, theyre starting to communicate with their consumers because they have 2 and 1 thing.
From a dollar flowing there as well.
So I think it's pretty encouraging sign on.
Eventually.
It's it has to come back.
Great Congrats on the quarter. Thank you for answering the question. Thank you Jacob.
Thank you Jacob.
Just a reminder to our analyst. Please use the zoom race and function. If you do have a question and we will be sure to get to it.
Our next question is a bunch of come from Daniel Rosenberg as per.
The dime.
Daniel Please go ahead when you're ready.
Good morning, Tyler on the mining Jonathan Okay.
Hey.
I had a quick question on the cost structure. So you guys have.
Navigated COVID-19, the really focus on keeping costs from home and are benefiting I'm. Just wondering how you think about the opportunity ahead, whether it's worth kind of pausing the increases in profitability and really focusing on the growth opportunity or do you still prioritize.
EBIT for the expansion as you see of the near term business.
No I say, obviously, we're prioritizing the growth of Illumina that day.
Definitely our focus on we can do it.
In number of different way on Windows, M&A and there's the.
There's an investment in product and sales and marketing.
And.
We're doing our strategic planning and I think it's going to be a combination of.
Of all of those things.
We were going to stay profitable and there's no doubt about that but.
Maybe we'll give up some of the profit in order to the move faster.
It's all of it and the planning right now on over the next few weeks in the.
And the.
Once we have a better idea of of how to proceed.
We will.
We were able to communicate but.
For me, it's at the end of ethanol on both sides.
Okay.
And then in terms of the teaching initiatives that you put out there for Illumina.
Investing on some programs.
Sure.
Can you see Oh.
There is starting to the town myself sufficient.
I am still or are they really.
Joining having used by the site in design campaigns on the on the platform.
It's a it's a mix of both I mean, obviously the education program that the.
The we're running is very good and it's really creating customers for the future.
It's more of the junior the baking it I would say on N D I b and all of the.
And and creating and it's not only the juniors, but obviously I think it's creating our customers of the future.
And it's also educating the market about.
Advertising automation, the kind of consumer journey and all of that.
So we're happy with that we're happy with the leads we're getting from us on the amount of customers sign up that we're getting from it and the conversations we're out of it.
And and on the other side.
It's also like I said before we don't really want to go too fast with the lumen because we're learning from it all the time.
So.
It's definitely a mix, but over the next few quarters is going to be way way more.
So for the.
Managed and the.
We will definitely encourage customers to book more of the Doctor.
Okay, great. Thanks for taking my questions I'll pass the line.
Thank you Patrick.
Thank you Daniel.
Our next question comes from Kevin Christie Rockne at Fisher of debt.
Yeah.
Kevin you can go ahead, when you're ready.
Yeah.
Yeah.
Kevin you can go ahead, when you're ready.
Okay.
Hello.
Hey, Kevin how are you.
Good morning, guys nice to see it.
Got it.
Good morning, Hey, really good really good results guys I had the question for you following up on previous questions on the on the gross the gross margin and the net revenue of whatever you want to call. It.
Al you mentioned over time, you know there'll be a scaling back down you know it'll move closer and closer below the 50% Mark I guess as you get more of the add of software business and but even if you think about yourself therapy greatest sort of I think you've indicated 30, 35% that that is quite high relative to what you see in the industry and I know we've talked it in the <unk>.
First on the pricing power that you have there just given the.
Wrong on ROI, they eat the liver as you go into market with Illumina on here and Youre getting in front of the larger clients from our global clients it might be.
You know having more spend it might be used the other DSP at the half lower take rates, what how do you think about that that longer term in on the past you'd have you have sort of given up a little bit of margin to win bigger deals just wondering longer term how do you think about take rate.
So I think we still have the luxury of getting more take rate because we have something to 2 things the very unique number 1.
The the lumen again this is the platform that nobody else out there has a very unique and.
And it's very desirable at the end of the day. This is what marketers dream of this isn't what the plan. They always planned consumer journey and they didn't have a way of activating it up to now and now they have the systems. So we do have the luxury of debt.
Couple that with the with an algorithm to deliver the better ROI and cash.
Ultimately what customers care about is there a ROI and if they spend a little bit more on margin to us, but make more ROI when they spend less on with other players then thats a better deal for them. So I do believe we will have the luxury of taking our take rate to be higher.
Look when you when you think about deals that are very big in the tens of millions of dollars of the year revenue do we would probably be more flexible, but the net revenue that we're going to have on our system. It is going to be much higher and therefore, our profit will show that as well so.
At the end of the day of it's going to be a win win.
That's great to hear thanks for that.
Others have mentioned on the call travel and entertainment is still you know a little light, but you did see signs of recovery I think the results of put in the Q2 were quite strong in light of that even though if that pause on the business debt can you remind us historically what that business represents in the Q2 end of Q3.
Terms of the percentage of them of revenue.
The historically travel entertainment and things related to travel entertainment of about 20% to 25%.
As you mentioned, we've been able to get that revenue back from other vertical Tal mentioned in the auto has been something we've invested in over the last 12 months that has performed extraordinary well our our team focused on auto is really hitting out of the park, but we are seeing some small increases in certain travel and entertainment and region.
See that come on that.
As Tom mentioned, obviously airlines are.
Up and running again and spending marketing dollars and we hope that that will continue but you'll also see hotels cruise ships and other ways of travel spending money and.
We're not expecting that to be a big part in our internal budget, but if it does it will definitely allow us to outperform.
Great.
The last 1 from me just on profits again, a very impressive EBITDA profile, you mentioned that the.
On the focuses on alumina and can you can you talk about any sort of spending plans internationally. When you think about the AD market and even CTV, there's a lot of opportunity in international markets, you've got a presence in Europe through of prior acquisition can you talk about maybe the resources that you've got internationally.
And any thoughts on using some of them of that that that cash on the balance sheet. The increase your presence in international markets thinking that in the context of again with the lumen you presumably of targeting targeting of larger brands that are global in nature and of that might want to run global campaigns.
So from.
From a technical perspective, where international with the exception of Asia. We can run on any campaigns there just because the matter of having the data centers, which by the way, it's not that difficult to the who decided to do it.
For me that the area is more of.
Couple of them from a sales and marketing perspective.
But the rest of the world technically with there and we can run so.
International expansion of its something that part of the.
It's on the table from the strategic plan point of view and we will be exploring it and I am personally of fan of it and I do believe the rest of Europe is something that we should pay attention to.
And some other areas of the world are up and coming as well.
So and we can do that from an M&A.
Perspective, or from a hiring perspective as well.
And all of that to the part of the strategic planning for the future.
Great. Thanks, and congrats again guys.
Thank you Kevin.
1 last reminder, to our analysts of the Q do you have a question. Please use the zoom raise hand function.
Yeah.
Jonathan tell it looks like we have no more questions at this point I'll hand, it off the Youtube to close of Shawcor.
Well. Thank you everyone for joining our call as I said before we truly value all of the the investors.
That are joining the the journey.
All of the diamond like the from a while ago on but recently as well.
And.
You all matter and we couldn't have done it with the few I would like the share.
1 quick story that I heard from the sales team when it comes to aluminum and overcome the fed those of the.
The sales meeting with the.
With a major agency in a major executive the originally did not even feel that you want to take that meeting.
In the middle of debt meeting he was so excited about it.
And he shared with everyone that everyone from the beginning of times of programmatic marketing has been talking about the consumer journey and we are the only 1 that actually provide the tools and the activation, meaning that you can plenty of campaign and activate it from our system and that is something that.
He claims the huge which obviously we think so as well so that is the feedback we're getting from the street from very very large advertisers and thats truly excited to be part of acuity today, as we're getting more and more people to adopt lumen. So thank you everyone on the call today.
And the C on the next quarterly call.
Thank you everybody Jordan you May go ahead, and then the call.