Q2 2023 Intrusion Inc Earnings Call
Welcome to Intrusions, Inc. Second quarter 2023 earnings conference call and webcast.
At this time all participant lines are in a listen only mode.
For those of you participating in the conference call there will be an opportunity for your questions at the end of today's prepared comments.
Please note this conference is being recorded.
And now to a replay of the conference call will be available to the company's website within a few hours. After this call.
I would now like to turn the call over to Josh <unk> Investor Relations. Please proceed.
Thank you and welcome.
Can everyone. Joining me today are Tony Scott, Chief Executive Officer and Kimberly.
<unk> financial officer.
Call is being webcast and will be archived on the Investor Relations section of our website.
Before I turn the call over to Tony I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance.
Business prospects.
Or plans may include forward looking statements as defined.
Under the private Securities Litigation Reform Act.
95.
Please refer to our SEC filings for more information on the specific risk factors.
Our actual results to differ materially from the projections described in todays conference call.
Any forward looking statements that we make on this call are based upon information that we believe as of today and we undertake no obligation to update these statements as a result of new information or future events.
In addition to U S GAAP reporting we.
We report financial measures.
Sure.
Is it accounting principles during.
During the call we may use non-GAAP measures. If we believe it is useful to investors or we believe it will help investors better understand our performance or fitness trends.
With that I'll now turn the call over to Tony for a few opening remarks.
Well. Thank you Josh good afternoon, and thank you all for joining us today.
On today's call I'll cover our high level Q2 financial results and provide an update on our product offerings are.
Action in the market our pipeline I'll talk about our recent S. One filing another highlight from Q2 as well as provide some early visibility into Q3 and beyond.
When I joined intrusion in November of 2021, I knew that we were facing an uphill battle for some period of time.
As we Reoriented, our product dealt with several daunting legal battles.
<unk> sales and marketing approach.
<unk> capital and took on debt in order to survive as a company.
I joined intrusion because of my firm belief that intrusion the unique intellectual property.
The right talent to continue to innovate and grow that valuable base.
There was a need in the marketplace for the kind of solutions that intrusion could offer.
As I've said on previous calls those fundamental beliefs remain true today.
And as we March down the path towards the future.
Clearly, it's not been easy nor is everything gone as hoped or as play out.
But I believe that this quarter should be viewed as an early indicator of the turnaround in the intrusion business and a reflection of the hard work that we've been doing for more than a year.
As you will hear from him later in more detail total revenue for the second quarter was $1 5 million, an increase of <unk> 2 million sequentially.
And as we announced in our preliminary results press release last month shield revenues for the second quarter were <unk> 4 million.
We anticipate that we will see additional growth in intrusion shield revenue during the second half of the year.
As a result of our existing sales efforts and our robust pipeline, which gives us confidence that our shield family of products is and will continue to gain traction in the highly competitive cyber security marketplace.
Having said that.
They add a little more color.
And some context regarding sales bookings in the current pipeline for shield.
As you've heard me describe on previous calls, we sense that pretty significant and growing level of interest.
Fueled offerings early in the year, which by the way continues.
But we're not seeing that interest translating into signed contracts.
Many potential customers told us that they were highly interested in our solutions.
But we're cautiously watching their budgets and holding back and much of their new cyber security and project spending in anticipation of potential business downturns and the threat of unplanned budget cuts.
I know from my own experience as a CIO that the I T and flavors security time test it's not.
Pending from the overall business environment.
And I always wanted to have some touting in my budget, if the CFO where to call and demand it 10 or 20% budget side.
That our customers were acting in a similar way.
Mid to late Q2, we began to sense a moderation of this cautious approach and we were able to finally close in opportunities that had been in the pipeline for more than two quarters.
Continuing into Q3, we've been informed that we won on several relatively longstanding quotes in RFP responses, which date back to Q4 2022 in Q1 of 2023.
We've now finalized some of these and others are in the last stages of a formal contract process, which when complete will lead to increase yield revenue in Q3 and beyond.
I'm not going to provide specific guidance relative to revenue and the timing associated with these contracts because we do not have complete clarity in terms of the delivery schedules.
Regional timing of at least one large contract.
There are others that have closed or will close shortly.
Our plan to start small in Q3, and then there are expected to grow in Q4 and beyond.
Our consulting business experienced a 5% increase in Q2 quarter over quarter and is showing steady continued growth. Thus far in Q3 of note in late Q2, we signed a well known customer in the travel and leisure industry and revenue from that contract will show up in Q3 and beyond.
As you hear almost everyday in the news cyber attacks on our nation and our critical infrastructure continuing at an unprecedented pace.
Rest assured intrusion is engaging with our government and critical infrastructure institutions.
They need the tools to identify and.
And eliminate these cyber threats.
So we do expect to see increased revenue from these efforts as well.
Kim will cover all of our financial highlights and a lot more detail in a few minutes, but I wanted to address a few more topics before we go to kill.
On Friday August 11, 2023, we filed an initial S. One registration with the SEC to sell up to $8 $5 million in stock and warrants.
The intended use of the proceeds from this public offering will be for general corporate purposes potential acquisitions and may include the reduction of up to $1 billion of our outstanding debt.
Coupled with the recent restructuring of our outstanding debt infusion will have the necessary financial resources to execute our business plans for the remainder of 2023 and the first half of 2024 at a minimum and longer as increases in revenue occur.
Our product development efforts have continued even in the face of reduced levels of engineering resources.
In particular this month, we will go to general availability on version nine one of our shield software, which has many improvements over prior versions, including enhancements to reporting additional threat monitoring capabilities.
Movements to our renderer software and significant changes to shingle management interface.
We are also nearing completion of our integration of shield technology into the firewall from that game and we will shortly introduce a cloud dashboard, which will allow customers to consolidate reporting across multiple shield in PFS.
Fences.
Our previously announced partnerships with FDIC net gain and others remain strong and are leading to new opportunities to showcase our technology and generate new business.
One of our newer partners first advisory health services has been including intrusion in their RFP responses and consulting proposals one of which we've recently won with multiple others in the queue for a decision.
As many of you know the health care sector has been particularly hard yet and we believe that partnerships with leading cyber security organizations like first advisory health services will provide great growth opportunities for intrusion.
Finally, with some growing evidence and have traction in the marketplace for intrusion Shield technology, we will once again explore more strategic technology partner relationships.
We've heard over and over again intrusion technology is unique.
But the big technology players, who routinely look for evidence of customer adoption.
We believe that in the next two quarters, we can begin to show those proof points that the larger technology players have been looking for.
With that said I'd now like to turn the call over to Kim for a detailed review of our second quarter financials Jim.
Thanks, Tony.
Financial results for our second quarter showed marked improvement over Q1.
To share a few highlights revenues grew 12%.
Margin increased two 4%.
We realized 30% savings or one $5 million as a result of Q1 cost reduction.
All of these resulting in increased earnings per share and reduced cash burn.
Now, providing more color and detail surrounding the quarter performance.
Revenues for the second quarter of 2023 were $1 5 million, an increase of $8 2 million or 12% sequentially with both shield and consulting revenue is showing growth.
Second quarter sales revenue totaled <unk> 4 million an.
An increase of <unk> 1 million sequentially over prior quarter.
Dxp's and showed revenue is the result of both new customer growth and increased utilization by existing customers.
Consulting revenue in the second quarter totaled $1 1 million, representing a 5% increase sequentially.
Revenues for the six months ended June 32020 totaled $2 8 million.
A decline of $1 1 million or 29% when compared to the 24%.
The decline is the result of decreased consulting revenues of $1 $3 million related to the loss of a contract in the fourth quarter in which <unk> priced furniture chose not to renew the final option here as a contract.
This loss was partially offset by increased shelf Anthonys point 2 million ads.
<unk> disclosed in prior quarters like a loss at the consulting contract significantly impacted occasions topline revenue.
Gross margin on these contracts with 14%.
And as a result had marginal impact on profitability.
Gross profit margin was 79% for the second quarter of 2023, okay.
Compared to 56% in the second quarter of 2022.
The increased marketing in the current quarter as a result of our product mix with shield revenues, representing a higher percentage of revenue.
And the loss of the loan are just as helpful contract as previously mentioned.
Showed revenues currently represent 29%.
In late March we implemented cost reduction measures, we estimated total cash savings of approximately one 5 million per quarter on a go forward basis.
These measures included the voluntary reduction in salary.
Our executive officers, who are six month period.
<unk> 16, and full time positions.
Production in the east.
On tractors.
Many of these reductions were in research and development, which impacts the number and frequency of product releases.
I am pleased to report that we did indeed realized $1 5 million in savings during the second quarter.
Operating expense in Q2, 2023 totaled $4 1 million.
Decrease at 1.0 million sequentially from Q1 in 2023.
When adjusted for increased noncash share based compensation net operating expense savings totaled $19 million.
Additionally, during the quarter, we spent $3 million last time capitalized internally developed software.
As a reminder, as we grow our customer base and increase revenue, we may choose to accelerate our product development and future periods, which will result in increased spending on it we will.
And are continuing to evaluate each spend decision, while also making prudent investments in our long term profitable growth.
The net loss for the second quarter of 2023 was $3 1 million or <unk> 15 per share compared to a loss of $4 7 million or <unk> 22 per share for Q1 2023.
When compared to the same periods in 2022 earnings per share increased six cents per share from the last at 21 per share for the quarter and a <unk> <unk> per share for the six months.
Turning to the balance sheet on June 30, we had cash and cash equivalents at.
Zero point $3 million down $3 million at year end.
On Friday August 11th we filed a preliminary registration statement on form S. One to raise up to eight 5 million in gross proceeds for the famous com in Scotland.
Also in August we entered into a forbearance and standstill agreement with Schrader Hill capital.
Extend the maturity dates on each of the keynotes by 12 Tonight.
Under this new agreement and maturity dates are now September 2024, and December 29 2024.
Both the S. One filing and the amendment to the Fayetteville.
I believe our positive steps towards providing the liquidity and runway needed to execute our plan to grow the business.
With that financial overview I'd like to now turn the call back over to Tony for a few closing comments Tony.
Kim.
We're continuing to make solid progress on overcoming our short term liquidity issues to ensure that the company is the problem that it needs to propel our growth.
And as we look forward to the second half of the year the growing interest in our shield family of products.
This confidence that we're heading in the right direction, because we continue to focus on satisfying our customers' needs with cost effective cyber security solutions for their enterprise.
I look forward to sharing the next steps in our journey with all of you and I want to personally thank our investors and financial partners for their continued patience and support as we execute our strategy.
This concludes our prepared remarks, and I'll now turn the call over to the operator for Q&A session. Thanks very much.
We will now begin the Q&A session.
If you would like to ask a question. Please press star followed by one or you touched hokey pad.
If for any reason you would like to turn loose that question. Please press star followed by two to get to ask a question press Star one.
As a reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your question.
We will pause briefly to allow questions to generate in Q.
The first question comes from the line of Erin <unk> with breakout investors. Please proceed.
Hey, guys. Thanks for all that commentary Tony sounds like things are starting to change in the macro environment for you guys as well.
At the company level. So that's good to hear.
Im wondering if we could get an update what your expectation is for the FCC investigation to close and also a commentary if you feel that that's.
Our partner like Sci, that's slowed down potentially some of the progress you can make for instance, there.
Certainly a lot of the investment world.
Let me take each of those separately.
On the FCC.
John .
Well, there's a few things that we know and then there's a few things that we don't know.
What we know or what we've been told is the investigative part of the journey is largely over there is no more.
Witnesses that we know need to be called.
And.
We've answered all the questions submitted all the materials all of the things that.
The FCC has asked us.
To submit.
And so we've been told is we're kind of at the end of that process.
We now need to wait for the final.
Our adjudication I guess a ruling from the FCC, we are expecting it to be.
Largely favorable to.
The company.
And.
But we're told us that.
Undergo review.
Not only it's a local office, but.
Back in Washington, which should be going on kind of simultaneously now.
And we're hoping to have a final judgment sometime in September October .
Early October kind of timeframe so.
That's about all I can say at this point, but I think that long journey.
Now behind Us.
We're looking forward to the day, when we no longer even have to talk about.
Yeah.
On the FDIC front.
We continue to work with them we continue to.
Hey, Jim.
Customer conversations.
Obviously, they're trying to build their business.
As we are.
Anecdotally I think they've been so some of the same kinds of.
Challenges that we've had.
I think they also.
At a time and so we're really looking forward to continuing to work with them and our other partners as well.
As we mutually tried to grow our businesses.
Love those guys love the work Theyre doing.
We will.
We'll see what.
What business, we can do together.
Okay. Thank you for that and it sounds good on.
On the SEC front.
I think I don't know if it was right after the beginning of the year before at the beginning of the year and I don't think you name the customer, but there was a sizable customer you were a part of some sort of like a competition or down selection is something that you guys were selected and I don't know if thats been implemented that contra.
I hadn't heard you say anything about it but it sounded like it was quite sizable to the extent that certainly doesn't appear to be in your Q2 numbers and I'm wondering what the status of that contract is.
Yes.
This one in particular has been.
Unlike any other business transactions either experienced my.
Now long career.
This honor.
Opportunity as you correctly.
So kind of we thought was going to be late Q4, or maybe early Q1.
There was a series of delays.
Yes.
I wouldn't call. It go fetch another rod exercise, but a series of.
Presentations.
Got it.
Decisions.
Yeah.
More presentations and so on.
Without any real insight other than we really like to stop and.
We've put it in our budget.
It's going to get approved.
All of those kinds of things.
In the July .
Timeframe.
We began to see more.
Direct signs that this particular organization was serious.
And that has now continued.
Have some confidence that that one is actually going to close but.
At the same time, given our history.
Can't tell you exactly when.
But we are seeing very positive signs that it's moving towards.
Our clothes and were we were actually the sole source supplier on this particular contract. So if it happens it's going to be us.
Yes, good glad to hear.
I think I heard you mentioned something about that.
Capital range, you said General court.
Purposes, and you mentioned something about potential acquisitions.
What what kind of acquisitions, you're looking at what might we expect to see on that front.
Well, we're always looking for combinations of our technology and others that are accretive and would add value in the marketplace. So similar to some of the partnership deals that we've done we're always looking at the market.
Eyes wide open we get approach from time to time with novel and interesting.
Technology and.
It's the right.
Match in the REIT said and.
And so on we certainly consider.
Acquisitions.
Our primary.
The thing that we're trying to do we're trying to just grow shield.
And makes us a successful one.
Along with all the other initiatives that we've already talked about but if the right thing comes along we'd certainly move quickly too.
Turning to cash.
Capture innovative technology would work well for us.
Okay final one for me and May hop back in the queue, but anyway I wanted to ask you said something about you're close to the.
Integration with net gain PSN suites.
Just wanted to.
Our plan there and when that happens I know that was an opportunity that you guys were pretty excited about when you first announced it.
Yes, so just by way of background for those that haven't followed.
The story in its entirety.
Because of the nature of what we do a lot of customers actually use us with firewall technology.
And we say very clearly when we're in a customer.
<unk>, we're not a firewall.
A companion piece of software that can help make your firewall better.
No matter, whether it's Paul will also firewall or Cisco firewall.
Body else's firewall.
But we also once customers understand our technology, often say well what firewall would you recommend.
They're thinking about switching a firewall.
Yes.
We also discovered.
Many of our customers actually use.
Yes.
From net gains.
Their firewall. So we made the determination several months ago to try to more fully integrate our capability.
Plug in to the PFS.
Firewall and so that work has been going on in the engineering organization for.
About three months.
Since we first announced the partnership with net gate.
That work is now nearing completion.
Of.
The various manifestations of that.
Most excited about the integration in the cloud so that we can serve.
Emerging and growing number of customers, who are looking for better protection for their workloads.
In the cloud so.
So thats where our.
Most of our efforts.
To make that a really good experience and I mentioned on the call.
Part of that work, we also have developed a cloud dashboard.
This will allow a consolidated reporting across multiple shield instances, so if you'd have on Prem shield our shield in the cloud.
Shield on the endpoint youll be able to get consolidated threat reporting across.
All of our products.
Tsn's firewall as well, so pretty exciting development, and we think thats going to have a nice impact with.
Both existing customers as well as open some new opt.
Opportunities for us.
Thank you.
The next question comes from the line of Zach Cummins with B Riley Securities. Please proceed.
Yes, hi, good afternoon, Tony and Kim Thanks for taking my questions Tony in terms of incremental traction with shield.
Can you just talk about which product lines that you are really seeing the most interest from customers in which you believe will be kind of the key driver for near term growth for shield in the next couple of quarters.
Yes, it's really.
Kind of a bifurcated.
Thing at the moment.
Mature product is obviously the shield on Prem.
<unk> based version of shield and Thats, among existing customers and the biggest selling.
Product that we have for shield.
But increasingly.
What we're getting from an inbound perspective as interest in cloud.
And I'll also say.
And this is something we've been working on the hybrid model. So I've got some workloads in the data center I've got some workloads in the cloud and wanted to protect both but I won a single dashboard to be able to do reporting across.
Right now in my <unk>.
Environment so.
So that's where we're positioned for the future I think that over time, a lot of that will more than likely shift to cloud, but I don't think.
The data center or on Prem workloads are ever going to completely go away. So we need to be in both.
The other thing Thats.
Happened and we do see a pattern here is theres a lot of companies that are pretty distributed in terms of having lots of branch offices or remote locations or things like that they can't afford.
Really expensive.
Firewalls, and really expensive cyber protection technology, if they are.
A distributed sort of organization.
And so they come to us looking for.
More low cost effective solutions, and that's where we think the DFS.
And intrusion together.
Not only offer better protection than you would get from classic firewalls, but probably do it.
No.
Better cost.
<unk> existed.
Exist anywhere else today, so we're pretty excited about that space.
The cloud workloads will as I said earlier continue to grow.
Everybody's moving whenever they Ken to the cloud and <unk>.
So over time I expect that to be.
Probably the more dominant.
Space, just because the amount of workloads that go there.
Understood. That's helpful and my follow up question is really just geared towards expenses great to see the sequential reduction here in Q2 versus Q1.
Yeah.
With the pending offering outstanding I mean can you give us a sense of.
Where you would be looking to put incremental investment dollars really to drive accelerated traction across your shield product line.
It's a combination of.
Marketing.
Got to do a better job of getting ordered out in supporting our.
Partner ecosystem.
And then we've got it.
Obviously, if we have the ability to.
I would invest more in our engineering to accelerate.
Product development as I've mentioned briefly.
Previous calls we've got a multiyear roadmap of things we can do.
We're certainly getting great input from customers on things they would like to see us do.
All of that is a function of just how much engineering resource you can put into it.
Or as we talked earlier that you could buy commercially.
On the outside so.
We're always trying to keep a good balance between.
How we spend money.
The value it delivers to the.
Customers and enhancing our marketability.
I don't know that Theres, a magic formula there, but that's what we're what we're trying to manage.
Great well, thanks for taking my questions and best of luck with the rest of the quarter.
Thank you.
Thank you.
The next question goes to the line of Ed Woo <unk> capital. Please proceed.
Yes. Thank you for taking my question. My question is just on the general state of businesses and government spending on IP has it changed significantly in the past quarter and also it seems as regardless of the economy. It seems like cyber attacks.
Stuff just keep rising does it.
So Lee you guys from the fluctuations in budget spending thank you.
Yes, I think there's an interesting set of things that I alluded to a little bit.
During the first quarter of this year it seemed like.
Okay.
I'd say fewer headline.
Attention grabbing things.
About cyber.
And then in Q2, it accelerated again and we've seen it now again in Q3.
As a practical matter.
For security spending as a function of what the board of directors of public companies.
Legislators.
What have you.
For the public sector believe they should be spending their money on.
And when it's a relatively quiet period, there's less noise.
And the energy towards spending on cyber security and then when.
There's a bunch of very public.
Sort of attacks.
Then the noise level goes up.
People pay a lot more attention and it seems like the.
The budgets get.
Lifted.
To go address those kinds of things so in the last.
Two or three months you have seen healthcare get attacked really heavily.
You've seen state and local governments.
Our local community here in Dallas.
Big breach.
And that gets attention and then that starts.
Budget dollars flowing so.
We definitely saw a lot more interest as I said on the earlier remarks.
Late Q2, and Q3 seems like the.
Attention level.
Nervousness, particularly about cyber securities status.
Got elevated and we think that'll translate into good revenue for intrusion.
Tyler.
Great well, thanks for answering my questions and I wish you guys. Good luck. Thank you.
Thank you.
Thank you.
The next question comes from the line of Scott <unk> with HC Wainwright. Please proceed.
Hi, Good afternoon, guys I apologize if some of these have been covered I got on the call a little bit late.
Tony could you talk a little bit about where the gains in consulting are coming from and beginning in the second half of the year is that.
Finally, new business or is that business your.
Coming back to our business you are re upping at a higher price point, just kind of curious what the dynamics are there.
Yes in terms of reported revenue for Q2.
Largely was increases in existing customer relationships, where they're sending more work our way.
As we mentioned on the call we did sign a large.
Provider leisure services.
We will see revenue in Q3 and beyond four but.
So that was a new logo.
A brand new customer but.
The rest of it right now.
Existing customers.
Frankly, we expect that to continue to grow.
Of course, the only caveat with government spending as we start a new fiscal year October one so if there's a CR or any.
Perturbation in that process it could have the usual impact on us.
But right now for existing contracts, we see moderate.
But our growth continuing to occur.
Okay. That's helpful and then following up a little bit on your <unk>.
Q&A with Zack on the cost cutting one I guess is there any additional room, where you think you may have a little.
The ability to kind of a little bit more than two.
Where you have to do.
Does that give you do you still have the cost infrastructure in place to be able to support.
We'll ramp in growth if we should see one over the next few quarters.
I do think there's a little room.
Remember, we're burning off some things like any company, we signed some contracts that.
Difficult to.
The gate you are contractually committed to spend money on things whether you are actually using the services are not so there's a few areas where.
Those contracts expire.
We won't renew and we will be able to take.
Savings that will show up in the quarter over quarter.
Announcements are.
Reports that we issue, but largely I think.
We're probably as low as we feel comfortable.
And.
Okay.
Additional revenue coming in.
We need to really focus on those areas, we need to invest into propel growth even faster.
Yes.
Great Thats helpful and last one did you guys say what shield revenue was in the quarter.
I think we did yes.
Yes.
It was.
400000, or <unk> 4 million.
Okay perfect. Thanks, a lot guys. That's it for me.
Thank you.
Thank you.
The next question comes from the line of Ross Taylor with.
This investment partners. Please proceed.
Okay.
Just a couple of quick questions Tony first in the past the company has at times benefited from ended the year.
Budget allocation.
Yeah that and the federal government.
We have money left over at the end of the year, we sure don't want to return it to the pool.
One is what do we expect to see that benefit us this year and if so would that be in the consulting side and then the second question, which you can address and perhaps the same.
Flow of consciousness is one of the areas.
I've been probably most frustrated with is the fact that we have not seen any kind of meaningful uptake from the government.
The intelligence services and the like it's quite clear from things, we're seeing that we're being hacked aggressively that theyre penetrating things and I would think that given your relationship with some of these agencies and some of the three letter agencies and the like that.
This will be a product that we would be seeing.
Yes, great questions Ross.
We are.
Talking about.
Our government customers are both year end money.
I can never count on it.
Im quite hopeful that we're going to be able to mine that.
To some degree.
And we also have submitted proposals for the new budget year.
Since October one to address exactly some of these problems that youre seeing in the headlines.
And what have you and we have gotten pretty positive response on those so.
As with anything government stay tuned, we'll see what happens but.
From my perspective, it's a more positive.
Conversation than at any other time that I've been here at least so.
Keeping my fingers crossed that we can.
Both health, but also generate some some great revenue from from that.
And whether it comes at year end or becomes part of a.
Regular ongoing program remains.
It remains to be seen but.
Stay tuned we will.
<unk>.
And see what happens.
I think the second part of your question was adoption of shield by public agencies.
<unk>.
We haven't done I would say as good a job as I would like us to do in terms of marketing shield to the public sector.
We've got a few resellers in that space and they're starting to.
Make some some noise.
We will benefit from but it is an area, where we could probably with a little more marketing dollars.
Leveraging some of the relationships.
Do a little bit better so.
Again stay tuned on that it's an area that I.
I would expect we'll make some progress.
Thank you.
I will now hand, the call over to Tony for closing remarks.
Alright, well thanks for the questions, we really appreciate everyones tuning in today.
As I said in the beginning.
It's been a very interesting journey.
On a year and a half or so.
Into it and we knew it was going to be a bit of an uphill battle.
I am proud to be here.
Very happy with the team that I work with I.
I think that we're going to have a really exciting second half of this year and I look forward to speaking with you if not before.
As we reported our Q3 earnings.
And as I said in the beginning I think this now marks a turnaround point for intrusion and I see a great future.
In front of us so look forward to sharing that with you on future calls and.
I appreciate all of the patients.
And also a valuable input that we've gotten from our long term shareholders.
Really is helpful and I appreciate the time, you spent with us and the interest you've put in us.
So thanks, very much and we'll talk to you all soon.
That concludes today's conference call. Thank you you may now disconnect your lines.
Yeah.
Okay.
That concludes today's conference call. Thank you you may now disconnect your lines.
Yes.