Q1 2022 Issuer Direct Corp Earnings Call
Okay.
Thank you for standing by and welcome to the issuer Direct Corporation first quarter and 2022 earnings Conference call.
Today's call will be conducted by the company's founder and Chief Executive Officer, Brian Bell, Bernie and his Chief Financial Officer, Tim Cottone Act.
Before I turn the call over to Mr. Brian Bell Bernie I'd like to read you the company's abbreviated Safe Harbor statement.
I'd like to remind you that statements made in this conference call concerning future revenues results from operations financial positions markets economic conditions product releases partnerships and any other statements that may be construed as a prediction of future performance or events are forward looking statements, which may involve known and unknown risks uncertainties and other factors which may.
Cause actual results to differ materially from those expressed or implied by such statements.
non-GAAP results will also be discussed on the call. The company believes that the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only.
With that said Mr Bell Bernie.
Thank you operator, and good afternoon, everyone and thank you for joining us today to discuss the company's first quarter 2022 results.
Just a few minutes ago, we issued a press release announcing our results for the quarter.
A copy of which is available in our newsroom for reference during today's call.
I am pleased with our first quarter results, which were up 6% year over year.
We also drove margin improvements, which Tim will cover shortly and increased our deferred revenues and bookings over the prior periods.
<unk> double digit growth continues and compared to the market, we continue to outpace incremental growth compared to the victory newswires in Q1.
During the call today, we will spend some time talking about our platform progress total customers and plans for the year as well as some additional corporate initiatives.
But before I turn the call over to Tim for his prepared remarks of the quarter I want to provide an update on the company's recently announced repurchase plan.
On March 5th of this year, the board announced a $5 million repurchase program given the short periods between the announcement and the end of the quarter. We were only able to purchase 6200 series of our common stock between 28% and $30 per share for a total proceeds of $182000. As you would expect we are in the market. This month and in fact that bought back another <unk>.
9000 shares for approximately $250000 in April .
We will continue to repurchase our common shares under the plan subject to limitations of average daily volume.
As I said in the past, we believe share repurchases are a good thing a good profitable companies like us that generate cash and want to take advantage of share prices at or below certain levels.
We remain confident in our business our growth and our cash flows generated from operations repurchasing is an ideal way to reward our shareholders and with that I'll turn the call to Tim.
Thank you, Brian and good afternoon, everyone as Brian mentioned 2022 is off to a good start driven by both sides of the business.
We were most encouraged by the continued growth in the newswire business and subscription sales made during the quarter.
The investment we are making in our sales and marketing team are paying off and we intend to continue this while also increasing our investment in our products and technology I will now highlight some of the results we achieved during the first quarter total.
Total revenue for the first quarter of 2022 was $5 3 million, an increase of $308000 or 6% compared to $5 million for the same period of 2021 a.
Our communication business led the growth, increasing $196000 or 6% to $3 4 million or 64% of total revenue.
During Q1 of 2021 communication revenue also accounted for 64% of total revenue the.
The increase in revenue was driven by our access why your branded newswire, which was partially offset by a decrease in revenue from our event and webcasting business.
Activewear revenue increased 16% over the first quarter of 2021 due to increasing volume as we continue to benefit from our e-commerce platform and spend in digital marketing.
Compliance revenue grew 6% or $112000 during the first quarter of 2022 compared to the same period of 2021.
This increase was driven by revenue from our print and proxy fulfillment services due to an increase in projects, which was partially offset by a decrease in our transfer agent services due to less corporate action and a decline in our legacy arris business due to customer attrition.
Switching over to gross margin, our overall gross margin increased 13% or $470000 to $4 $1 million gross margin percentage was 77% for the first quarter of 2022 compared to 72% for the same quarter last year gross margin from our communication business increase from 70.
3% in Q1 of 2021% to 78% in Q1 of 2022 due to additional scale in our access wired business as well as lower teleconferencing cough.
Gross margin percentages from our compliance business improved from 71% to 75% for the quarter due to a decrease in amortization, our disclosure software, which was partially offset by additional costs attributed to a proxy fulfillment services business.
Moving down to operating income, we posted operating income of $688000 for the first quarter of 2022 compared to $707000. During the first quarter of 2021.
The decrease is primarily attributed to an increase in operating expenses due to our continued investment in our sales and marketing product development and corporate team and an increase in bad debt expense, which was partially offset by our previously discussed the increase in gross margin.
Sales and marketing cost increased 18% due to an increased headcount and costs associated with digital marketing.
Product development cost increased 10% from Q1 of 2021 due to an increase in head count with inside of the development team.
General and admin cost increased 20% due to a onetime executive recruiting fees and increase in stock comp expense and an increase in bad debt expense.
The GAAP basis, we generated net income of $516000 or <unk> 13 per diluted share during Q1 of 2022 compared to $545000 or <unk> 14 per diluted share during Q1 of 2021.
Looking at some non-GAAP metrics, we generated EBITDA of $850000 for Q1 of 2022, a decrease of $142000 or 14% compared to Q1 of 2021 as a percentage of revenue EBIT decreased to 16% for Q1 of 2022 compared to 20% of revenue.
During Q1 of 2021 <unk>.
non-GAAP net income for Q1 of 'twenty, two increased to $830000 or 22 per diluted share compared to $687000 or <unk> 18 per diluted share during the quarter one of 2021.
On the balance sheet, our deferred revenue balance, which is revenue we generally expect to recognize over the next 12 months increased to $3 4 million as of March 31, 2022, compared to $3 1 million as of December 31, 2021, 811% increase the increase in deferred revenue can be attributed to the.
We are making in our sales and marketing team as I discussed earlier in my remarks on.
On the cash flow statement, we generated cash flow from operations of $540000 for Q1 of 2022 compared to $1 3 million. During Q1 of 2021, the decrease in cash flow from the prior year due to timing related to working capital.
However, this is the 29th consecutive quarter of positive cash flow for the company.
I'll now hand, it back over to Brian who will provide some updates on the business new products in the pipeline and everything else that we have planned for the remainder of the year Brian .
Thank you Tim much appreciated this fiscal Q1 produced the highest revenues and our Q1 history.
Coming in at $5 3 million.
We're delighted to see incremental margin improvements from 72% in Q1 last year to 77% Q1 this year.
We have in the past talked about margin improvement. So I think it's important to message what we expect to see in the remaining part of the year to be more of a blended gross margin in and around 75%.
Furthermore, there are improvements in the business that we have identified these slight changes will assist in accelerating our growth back to levels previously delivered.
<unk> growth this quarter, we're not satisfied and believe we can continue to further expand and our key product platform, resulting in greater customer wins.
We ended the quarter with 3483 customers.
These customers reported are ones that were active in the platform and contributed to revenue during the period.
We also identified there are another 100, plus customers who have current contracts, but did not do any work in the quarter point being these are not lost customers, but delayed until we anticipated to see Q2 customer counts.
Based on this customer counts were up slightly for the period on a year over year basis.
In the prior quarter, we spoke about expanding our kpis to get even better insight into our subscription product business rather than just platform I'd.
Accordingly in the quarter, we've added new Kpis disclosures disclosing active customers, who subscribe to our products to be clear. These products are a combination of any one of the following for example, our newsroom suite IR platforms webcasting and events platform disclosure software stock transfer account management, and Melissa Lora and the <unk>.
<unk>, we had 964 customers, who have active contracts with us compared to 750 customers in the same quarter of last year.
When we look at contribution these customers accounted for approximately a third of our overall revenues for the quarter something we expect to further progress over the remaining quarters of the year and beyond.
With that said, we also do expect to see our active access for our customers continue to grow for the foreseeable future business that is leading the conversation piece where may engage prospects.
We do expect to continue to share with you additional data as we progress in the business and our product lineup. In fact, I would tell you that in Q1 resulted in our new logo team, which we call our business development managers, signing over $750000 of new business for the quarter.
In order to continue to foster this new business and logos. Our data team has been building further reporting to share with our sales and marketing teams to identify opportunities in a more real time and measured process over the coming months, we will be sharing these publicly with you in our quarterly calls.
One from their list to share with you today since I asked Dr is an index that being the Russell Microcap index.
<unk> <unk> hundred companies that are included in this index. We currently do work with approximately 15% or 260 companies in the index.
To set us up for coming quarters, we're going to use both indexes and exchanges as <unk> benchmark to share with you publicly in each quarterly call.
No doubt, we will expand over time as our business continues to expand globally.
Over the past couple of years, we have seen access by our year over year growth between 20% and as high as 40% in any given quarter. This quarter's revenues slowed slightly to 16% year over year growth, but still on track to deliver 20% plus where we wanted to be at a minimum this year.
Total newswire revenue is now approximately 50% of our overall revenues delivering another record in topline Q1 revenues as we said earlier.
We are tracking an interesting trend and that the number of customers in our deferred revenue bucket that have plans subscriptions are truly active customers, but just did not work with us during the quarter, something Tim and I have touched on already.
We have not seen it to this extent before but as we continue our growth and diversify our customers to include both public and private where no doubt going to see some quarters become in some ways seasonal.
Not an indicator of anything more than the customers just don't have a story to tell or a message to released to the market and some periods a variable that we cannot control.
Hence why it is important for us to continue to make headway in acquiring technologies that complement our newswire newsroom products delivering a more stable revenue stream over a defined period.
I'd like to talk about our platform for a few minutes and the advancements we're making in our plan. This year as most of you know last year, we launched our newsroom brand asset manager in contact manager.
This year, we have updated and added our events suite into them with our access via platforms, including quarterly calls virtual AGM town halls, and other special events.
The remaining part of the year, we're focused on providing significant competitive advantages to both our customers and their audiences.
Our customers.
We want to continue to push the boundaries of the creation process.
Last year, we introduced one of the first collaboration suites for companies wishing to create share and track their stories with their teams. This year. We're on track to augment this with a natural language processing engine, whereby this MLP engine can analyze content and make real time suggestions summarizing paraphrasing and different scenarios, depending on the modes by professional or form.
So our simpler standard which in many cases separates the tonality of the message and the IR and PR worlds. We are very excited internally about this I believe incrementally this will improve our customer and our strengthen our abilities and our communications platform.
Secondly, it important for our customers is how we can interact with their content recently, the American disabilities Act or Ada for sure. It was updated its guidelines surrounding it was referred to as section five away accessibility to digitally published materials under the WC GAA. Most websites are not Ada compliant let alone the IR plan.
Forms our newswire.
We feel strongly we can achieve both for our customers and their brands, but also the underlying shareholders customers and prospects truth is there are over $3 8 million U S. Adults, 21% to 64 that are either blind or have trouble seeing with eyeglasses and according to the World Health organization. There are over 450 million people who are hearing disabilities.
What does this mean for us and what our ambitions simple give equal access to content, regardless of who and what the disability maybe.
It starts with our newswire, we're aiming for access or to be the first major newswire to be fully section 508 compliant as an example to ensure every image of our platform contains alt text to guarantee visitors with visual impairments and giving context to a picture in every news release on our platform that is read aloud to them just like the message itself. This technology upgrade as <unk>.
Now available to our customers this quarter and is just one example, there are dozens more advancements of the new editorial platform that will automatically be alerting our customers and suggesting corrective measures to ensure that comply with this regulatory system. This will be at least throughout the year and anticipate being completed by the end of this year.
These updates will also be included in a new IR platform upgrade set to launch in Q2, giving our customers an updated interface that offers real time access to add edit and create content in their investor Relations website. This new update we will give customers the ability to choose from fully managed self managed or jointly managed feeds full IR website our newsrooms.
As an example customers will be able to schedule and synchronized updates to their investor relations page collaborate with colleagues and practitioners to get feedback and approvals as well as build pages on the fly with an intuitive drag and drop feature as well as in App integration to social platforms marketing systems, and leading analytical engines.
Based on this technology update we could not be more confident in our platform and where we're headed both short and long term innovation as part of our core go to market strategy, we can't be a price driven organization, we expect to grow both top line revenues and expand margins. Our innovation has always been driven from our strategy, which contains a very deliberate business process improvement focus are.
Simply stated one platform one contact.
We are committed to making our platform easier for the customer and reviewed by the market.
From a team perspective, we continue to optimize our workforce both in the types of professionals, we have but also where they work we anticipate investing further in our team during Q2 to serve our global customer base. We also have made some changes to our sales and marketing head count in the last couple of months, which remain approximately 30% of our entire workforce and the sales and marketing teams.
Last year, we didn't access forgiving conference in July this year were not 100% confirmed on the date, but we are however, continuing to fulfill our obligations under the pledge, 1% that we joined last year and we will announce the date for the second annual access to giving conference shortly.
As we spoke about last quarter, we had planned significant internal initiatives that we have been in the process of rolling out the first and just last week, we released our in our initial corporate diversity equity and inclusion and belonging strategy I encourage you to visit these messages and our company's section of our web site that is now available.
In the coming weeks and hopefully before the end of Q2, we will also be releasing our corporate ESG plan and strategy something that we will share with you on our next call.
And lastly, just last week, we filed our annual meeting materials under notice of access and we intend we invite our shareholders rather to come visit US June eight at nine a M. This annual meeting like others in the past will be broadcast live for those who cannot join us in person, but since we're almost back to a normalized life post COVID-19. It occurred to me that we have added promoted and greatly.
<unk> improved our management teams and our overall organization since the last time, we were able to visit differ as part of our activities G&A, we're going to have a segment. After the formalities of the meeting where shareholders attending we will be able to visit with members of our team, including our management for a bit of in formal one on one we look forward to seeing whoever can attend and getting to reconnect with you and for some.
Zoom meeting meeting here for the first time.
It is always a pleasure spending time with you talking about our results and where we're headed thank you for listening today operator could we please begin the Q&A portion of the call.
Certainly ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please press star one on your phone at this time.
We do ask that while posing your question. Please pick up your handset if you're listening on speaker phone to provide optimal sound quality.
Once again, if you have any questions or comments. Please press star one on your phone please.
Please hold while we poll for questions.
Your first question comes from Mike Grondahl from Northern Securities. Your line is live.
Hey, guys. This is Luke on for Mike.
Congrats on a nice parts of the year here.
I just wanted to touch on the access why your expansion.
The international markets.
I know last call you guys mentioned expanding into Europe by midyear, and then Asia Pacific and South America in late 2022.
I'm just wondering if that's kind of still on track.
To reach those during this year.
Yes, so Brian Yes, we are a matter of fact most of the European distribution is finalized by agreement being implemented now we've got a couple of partners left to complete both testing from a regulatory perspective, as well as quality assurance and timing.
Thats done here by mid to end of this quarter it absolutely will be live.
For our customers and followed right behind to your point.
Will be than the rest of the markets that we've outlined previously so we're excited about that I think it helps both our domestic customers here in North America be able to reach and build brand and further audiences around the globe, but also then for us to begin to troops on the ground at some point.
To begin to build those markets out like we've done here in the U S and Canada.
That's great to hear Brian and then in the <unk>.
<unk> business are you guys still expecting to reach the 4500 customers by the end of 2022 I think that's the number that you guys had mentioned on the last call is thrown that out that number.
Yes, we are we're bullish on our customer count numbers, we're confident that access while it continues to garner both the lion's share of new logos on a quarterly basis.
But we're also very confident that the rest of our product platform as we continue to upgrade we're going to be able to find new opportunities.
Whether that be with customers buying additional products from us that maybe don't use newswire today are just finding new opportunities to gain.
Big blocks of customers throughout the next several quarters, but yes, I would suggest that number and beyond we're absolutely very confident and where we're headed there.
Okay, Great and then just lastly here.
On the updated event ordering suite, which has gone through a full integration with axis wires. This fully integrated today or is or how long is that process.
Kind of any.
Yes, it is today.
It's actually really a good point look in something.
Likely didn't articulate our talk about at all.
For a great. Many years now we've built this wonderful access of our platform and we've invested heavily and it's advancements and one of the strategic reasons why we're going to now talk about our product subscriptions and that platform.
Because essentially access wire has become platform I'd.
Our.
Newsroom product is built into their event ordering platform and as far as virtual annual meetings non deal Roadshows earnings conference calls and the like are embedded into that platform. It's all synchronized with the same contact managers the same user based permissions.
Cross collaboration all of the new things that we talked about today, including the IR platforms that are being upgraded or going to be moved to that suite as well. So as we gear up for potential assets that we'll be looking to acquire and are further built its all going to be in that one platform to allow customers to to synchronously move between products and subscribe to <unk>.
<unk> quite candidly Thats what were looking for.
Okay Awesome, that's it for me guys and thanks for answering my questions and congrats again on a nice start to the year.
Perfect. Thanks Luke.
Thank you once again, ladies and gentlemen, if you have any questions or comments. Please press Star then one on your phone at this time.
Your next question is coming from Brock Erwin from Clipper investing your line is live.
Hi, guys. Thanks for taking my call.
I know you've been messaging about how your year over year growth is looking pretty good but.
Sequential growth from last quarter of 2021 is down a bit.
Yes.
I am just trying to maybe unpack that a little bit more trying to understand what happened with those customers.
Say that.
You still have the customers. They just didn't do business with you I'm just wondering like how do you know that what gives you the confidence that there is still there.
They're going to come.
Yes. Those are those are very good points first I think part of it is the the instability of what's going on in the event business and for those that are on the call that have been to physical investor conferences that two plus years ago went all virtual and then became more frequent.
Now beginning to go back to a physical or hybrid event and they are moving all the time and some event that we had Q1 of last year that were virtual have now been moved to physical that are happening in Q2 and Q3 of this year, we've got signed contracts on those some of which we're going on this week. So.
In that regard the second point is the reference that Tim and I made about the 100 or so customers that we believe are active that didn't do work in the period that we don't recognize revenue from and they don't count in our customer numbers a lot of them are focused on the fact that they are very small reporting companies that should have filed their annual report, which would have been for the.
At 12 31 fiscal year end by March 31.
And a good many of them actually werent able to file their 10-K timely and so as most of you know they filed extensions and those extensions put them into April and so what happens then in mid April you get bulk there.
Theyre Edgar and compliance side of the revenue to be recognized their earnings call. Then does happen and their press release that happens thereafter, and we have evidence and we're seeing that occur. So we have a good amount of confidence in the system, we would be very careful and cautious to to never talk about that in a forward looking perspective and not have certainty that that's the case.
Those two elements do make up a lot of it I will tell you that the other part of this is <unk>.
The newswire business continues to grow and now at about 50% of our overall revenue for the quarter and is going to likely continue to.
To increase the seasonality of some of that is going to become a little bit more unpredictable. So there may be some times that you do see on a sequential basis the company does.
To deliver less than sequential growth and then some quarters to deliver greater than sequential growth and I think thats because to a point that we said in the call.
Predominate amount of newswire business is not subscription based.
It is a huge space they buy a plan a bundle for the year or a pay as you go and if they don't work for the quarter Youre not recognizing revenue so youre going to have a little bit of lumpiness, there and as ive message for the last year, having additional product that we build or buy is very important because it begins to flip that business more to a reoccurring subscription.
<unk> type of business and so that is where we're still very focused on looking at so I think those two components do drive some of that back.
Okay I appreciate that thanks, if I could just follow up a little bit.
Another question I think a lot of what I heard you say was around public companies their filings events that they need to do in press releases, but that doesn't to me that doesn't really speak to the private side, which should be growing at a more rapid clip do you have can you give some insight into how.
Private news our customers are looking in.
Are those still strong.
Yes look I think it's a very at the very beginning of my opening remarks, I did talk about the optimization. We've made in our in our go to market strategy to change a little bit and we're confident that it's back on track. We spent a good amount of the beginning of the year.
Our younger sales teams that we refer to as <unk> that are outbound dialing and building relationships with customers.
To transcend into opportunities for our business development, new logo teams on public companies and less on private so it did have a net effect on the net new number of private customers that we that we had for the period.
We recognize that we need to blend and do that a little more.
<unk> have focused explicitly on both.
And so those are changes that are made and things that we're addressing we don't see an indication that there can be an issue in growth of private company customers. The volumes in the industry I would tell you are likely still a single digit kind of growth numbers, we monitor and track our competitors all the time to look at what Theyre doing some of which are down on a year.
Ever year basis and volume.
Of what Youre flat on a year over year basis. So yes.
I still think that private company business by vast in a way is still the majority of the newswire opportunity for us.
We just strategically wanted to focus on mid market clients and greater and spent a lot of time in the sales team early on this year doing that.
Got it got it Okay, and then I just have one more question. So earlier you were talking about your customer counts goal for the end of this year I think previously you've talked about.
Part of that goal I think is achieving some percentage of.
The tangible market.
Growing to that size at least run rate can you speak to what your how your progress is on that goal and if its still achievable by the end of this year.
Yes, I think we talked about 3% to 5% and historic calls about a market share.
Of the newswire business.
I think we talked about that being at the end of 2023.
I think we talked about the differences between 3% to 5%, 3% being if we don't have any additional products to serve these customers. We may see not as big a growth in the market the 5% side of being a more bullish is that the confidence of having additional assets to sell these customers I will tell you on our Q1 analysis, we looked at public company news.
Only public company News REIT index to company's exchange traded in North America, and we accounted for about five 5% of the news distributed in the market. So on a on a public company we are there.
However, as I said earlier the majority of the news in the market is private company based and as such we're not scratching the surface, there I, probably likely less than a percent in the half of the market. So we definitely have work to do there, but on the public company side, we absolutely are making headway.
And likely will continue to progress their further as we go and that's the point I made about using the Russell Microcap index, we're going to continue to use those incentives to our sales teams to be able to have penetration in all of these indexes that will talk about his kpis and at 15% I'd tell you. It may sound, okay, but it definitely is something that we're happy with what I'm sorry.
25% by the end of this year to look at that index and be a predominant provider of our communications products there.
Alright, great. Thank you for answering my questions. Good luck for the next quarter.
Thanks, Brian .
Thank you once again, ladies and gentlemen, if you have any questions or comments. Please press Star then one on your phone at this time.
Your next question is coming from Walter Ramsey from <unk> Partners. Your line is live.
Thank you Hey, Brian Congratulations good quarter.
Question about the natural language processing technology could you elaborate some more on that how it's going to work.
The.
So impacts might be.
Yes.
I think what we're seeing this in a lot of the centers and this gets back to some of the comments that <unk> was asking about when we look at private companies public companies are very well formed either they have budget for IR or PR firms to help them draft and craft their story their message when you get into the private company area. They don't necessarily have the budget.
For that and they struggle with building their message and they use our platform to collaborate with their own teams and all.
All of the product that they are trying to build out of the messaging, but likely they're not capturing the right tonality and so what we've been doing is we've been looking at articles that have.
I would say greater than the average number of engagement in the market greater than the average number of journalists pickup from our platform that we see from a click ratio of engagement starting to annualize what theyre doing and then begin to take that tonality with MLP thats in the market. That's open source and begin to be able to do some work with them. So when they.
The type of message that talks about a particular product launch and they use certain words, we're going to suggest to them different ways to produce that same content based on the audiences. So theyre going to go through a wizard, they're going to select what type of target audiences are looking for and our editor is going to be able to suggest to them, what they should or shouldn't use through the process.
We firmly believe products like that like we did with our collaboration engine last year is is differentiating ourselves in the market, even more and as we really want to build to the market. As you I think you. All know we don't want to be a PR firm right. Our goals are not to ever be a PR IR firm our goals are to support those firms and technologies like that will support.
The organization is in the private sector that just don't have the budgets for PR. So we feel that we can.
We'll avoid for them without infringing upon the partnerships and relationships that we have.
Yes, it sounds pretty exciting.
How big of a business do you think that could turn into.
Alright.
I think at this point Walter I would tell you Youre guess is as good as mine right now right.
When we talk to customers, we build product based on customer feedback, we don't build product based on black box or white box thinking we really want to understand what the customer need is and like our collaboration engine I would tell you that less than 10% of our customers are actively using it right half the customers have used it and it depending on the type of article dictate.
How often they use the collaboration suite, we're not taking these technologies and rolling them to market to make our editorial editorial process better an upcharge. It we're giving it to them as a way for us to differentiate ourselves in the market. So that there is always an and one with us and never a competitor.
So we're going to begin likely beta client testing here in early Q3.
Get additional feedback and I think we'll be able to come back to the market and talk more about what our expectations are there I think it's just really important for us at this stage to really give some forward looking to what we're doing.
And talk about it more openly with people alright.
Alright, well thanks for that.
Explaining that I appreciate it.
And Youre welcome. Thank you Walter.
Thank you that concludes our Q&A session I will now hand, the conference back to Brian Bell Burney, Chief Executive Officer for closing remarks. Please go ahead.
Thank you, Matt and once again, thank you to everybody for participating in our call today and we look forward to following up with you again soon we are excited about what we're doing here Q2 and beyond not only in growth and sustained profits, but also in our product maturity and competitiveness.
I can talk about this for hours. So I will let you go on that note have a wonderful day.
Thank you ladies and gentlemen. This concludes today's event you may disconnect at this time and have a wonderful day.
You for your participation.