Q1 2024 illumin Holdings Inc Earnings Call

May 9, 2024

Simon Cairns: After that, we'll be happy to take your questions. Personally, though, a little bit about my background. Through my 24-year career, I've been focused on driving growth and performance in technology, services, and SaaS platform companies. My expertise includes strategic leadership, finance, marketing, operations, and business and corporate development.

We'll take your questions.

Though a little bit of my background.

Through my 24 year career I've been focused on driving growth and performance in technology services and SaaS platform companies.

My expertise includes strategic leadership finance marketing operations and business and corporate development.

Simon Cairns: Before joining Illumin, I served as the Chief Executive Officer of SPUD, Western Canada's largest online and omni-channel retailer of fresh foods and healthy products. At Spud, I was responsible for returning the business to growth and performance by focusing on a. Continuously generating value for the customer, b.

Speaker Change: Before joining a lumen I served as the Chief Executive officer of Spud, Western Canada's largest online and omnichannel retailer of fresh foods and healthy products at.

Simon Cairns: Significantly increasing financial performance, c. Reviewing and aligning our operations for organizational effectiveness, and d. Reinventing our brand value. Before SPUD, I served as the Chief Executive Officer and General Manager of P&I Media, an enterprise-class, e-commerce, and value-added services SaaS platform provider. In that time, I helped drive the business first to $400 million, and then, three years later, to over $1 billion a

Speaker Change: Had spud I was responsible for returning the business to growth and performance by focusing on a continuously generating value for the customer B <unk>.

Speaker Change: Significantly increasing financial performance C reviewing and aligning our operations for organizational effectiveness N D reinventing our brand value.

Speaker Change: Before spud I served as the Chief Executive Officer, and General manager of P&I Media and Enterprise class E Commerce and value added services SaaS platform provider.

Speaker Change: In that time I helped drive the business firstly to $400 million and then three years later to over $1 billion a year.

Simon Cairns: Over the years, I've served in a number of senior roles at different organizations, including Staples, ESPN, SimpleStar, and ACD Systems, all technology providers in various forms and all tied to both client and end consumer performance. I view my U role at Illumin as a culmination of these past experiences. And while my experiences may be diverse, there are certainly some common threads.

Speaker Change: Over the years I served in a number of senior roles at different organizations, including Staples E. S. P. N simple star and ACD systems, all technology providers in various forms and all tied to both client and end consumer performance.

Speaker Change: I view my new role at Illumina as a culmination of these past experiences.

Speaker Change: And while my experience may be diverse there are certainly some common threads firstly.

Simon Cairns: Firstly, a core focus on driving smart growth by investing in and executing on a better understanding of customer needs and preferences. Secondly, implementing a customer-centric operating model of always adding value to their experience with us. Thirdly, leveraging the passion of our team to invest in and strengthen our brand relevance. And lastly, implementing and sustaining healthy financial discipline to shape our decision-making process to generate maximum value over time for our shareholders. As of today, I've been at Illumine for four weeks.

Speaker Change: Core focus on driving smart growth by investing in and executing on better understanding of the customer needs and preferences.

Speaker Change: Secondly, implementing a customer centric operating model of always adding value to their experience with us.

Speaker Change: Thirdly, leveraging the passion of our team to invest in and strengthen our brand relevance.

Speaker Change: And lastly, implementing and sustaining healthy financial discipline to shape, our decision, making process to generate maximum value overtime for our shareholders.

Speaker Change: As of today I had been at a lumen for four weeks.

Simon Cairns: Since joining the company, I spent this time reviewing what resonates with customers, how the teams are aligned to support customers, and what our forecast entails. My initial takeaway is a trend towards focusing on how we connect, enable, manage, and retain customers while also better positioning ourselves to take advantage of trends in the ad tech and martech sectors. I look forward to working with our team and moving forward as we execute on our growth plans.

Speaker Change: Since joining the company I spent this time reviewing what resonates with customers. How the teams are aligned to support customers and what our forecast entails.

Speaker Change: My initial takeaways trend towards focusing on how we connect enable managed and retained customers will also better positioning ourselves to take advantage of trends in the AD tech and martech sectors.

Speaker Change: I look forward to working with their team and moving forward as we execute on growth plans.

Simon Cairns: I'm also excited about the products and services we are offering to customers across the advertising industry. I see the Illumine platform as the mirroring of AdTech and Martech into one, enabling a fully integrated workflow for both marketers and planners across multiple customer data sources and advertising channels, supported by unlocking the best-in-class insights by leveraging our proven AI and the ability to spin up campaigns and tests faster than ever before as we move to lead the experience of executing multi-channel campaigns into a quick, easy, and detailed user interface.

Speaker Change: I'm also excited about the products and services, we're offering to customers across the advertising industry.

Speaker Change: I see the aluminum platform as the marrying of AD Tech and Martech into one enabling a fully integrated workflow for both marketers and planners across multiple customer data sources and advertising channels.

Speaker Change: Supported by unlocking the best in class insights by leveraging our proven AI.

Speaker Change: And the ability to spin up campaigns in tests faster than ever before as we move to lead the experience of executing multichannel campaigns into a quick easy and detailed user interface.

Simon Cairns: Delivering a new level of insight for marketers and agencies alike. On the self-service side of our business, we have a growing opportunity that is just starting to emerge. Even in my limited time here, I've seen customers come onto the platform because they realized they could activate and engage their audience faster than ever before, seizing a quick opportunity and moving to an even higher level of customer engagement across all their campaigns. I view these customers as early adopters, as they present a unique opportunity for us to learn from their feedback. That way, we can best see what is already working on the Illumin platform, what they most like about us, and, more importantly, what we can do to improve upon and better serve their customer needs.

Speaker Change: Delivering a new level of insight for marketers and agencies alike.

Speaker Change: On the self service side of our business, we have a growing opportunity that is just starting to emerge.

Speaker Change: Even in my limited time here I.

Speaker Change: I've seen customers come onto the platform because they realized they could activate and engage their audience faster than ever before seizing a quick opportunity and moving to an even higher level of customer engagement across all their campaigns.

Speaker Change: I view these customers as early adopters as they present, a unique opportunity for us to learn from their feedback.

Speaker Change: That way, we can best see what is already working on the aluminum platform what they most like about us and more importantly, what can we can do to improve upon and better service their customer needs.

Simon Cairns: I will also be taking a close look at the managed service side of our business. This site is still an important part of our existing customer base and our revenue. And while self-service is the engine of our future growth, our managed services business remains quite important to both our customer base and ourselves.

Speaker Change: I'll also be taking a close look at the managed service side of our business.

Speaker Change: This site is still an important part of our existing customer base and our revenue.

Speaker Change: And while self service is the engine of our future growth. Our managed services business remains quite important to both our customer base and ourselves. Additionally, I am already reviewing operations.

Simon Cairns: Additionally, I am already reviewing operations, and with the rest of the senior team, we'll be moving to ensure that we strategically manage all of our resources in a focused and targeted manner. We will continue to make investments in areas that represent the greatest return on investment, including advancing our technology, continuing to improve the Illumine platform experience, and strengthening our sales and service efforts. In particular, we are going to take a fresh look at how we do things, including how we are supporting customers, as well as how we're marketing our products and services relative to the marketplace.

Speaker Change: And with the rest of the senior team, we're moving to ensure that we strategically manage all of our resources in a focused and targeted manner.

Speaker Change: We will continue to make investments in areas that represent the greatest return on investment.

Speaker Change: Including advancing our technology continuing to improve the aluminum platform experience.

Speaker Change: And strengthening our sales and service efforts in particular, we're going to take a fresh look at how we do things, including how we're supporting customers.

Speaker Change: As well as how we're marketing our products and services relative to the marketplace.

Simon Cairns: We will continue to explore new opportunities for growth, but we will also make sure we are fully benefiting from the products and services that we already have available to us. By doing this, we will become better aligned with our customers and the end markets we choose to be in. Ultimately, I expect this focus will improve productivity and bolster our sales efforts, which will drive higher revenue and build a track record of profitability.

Speaker Change: We will continue to explore new opportunities for growth, but also we're going to make sure. We are fully benefiting from the products and services that we already have available to us.

Speaker Change: By doing this we will become better aligned with our customers and the end markets, we choose to be it ultimately I expect this focus will improve productivity and bolster our sales efforts, which will drive higher revenue and build a track record of profitability of note. We will also set a clear achievable targets and hold ourselves.

Simon Cairns: Of note, we will also set clear, achievable targets and hold ourselves accountable to them. I believe this is how we will fuel Illumina's long-term growth. Lastly, on behalf of our board, I'd like to thank Tal for his leadership over the years and for establishing a solid foundation for Illumina's future growth.

Speaker Change: Accountable to them I believe this is how we will fuel illumines long term growth lastly.

Speaker Change: On behalf of our board I'd like to thank Tao for his leadership over the years and for establishing a solid foundation for our women's future growth.

Elliot Muchnik: I also want to thank our board and the entire leadership team here for expressing their confidence in me to be the steward of this legacy. And to our listeners today, I look forward to speaking with and meeting with many of you, as we work with the rest of our senior management team to deliver results for our customers, our employees, and, of course, our shareholders. With that, I will turn the call over to Elliot to give a detailed review of all of our financial results.

Speaker Change: Also want to thank our board and the entire leadership team here for expressing their confidence in me to be the steward of this legacy.

Speaker Change: And to our listeners today I look forward to speaking and meeting with many of you.

Speaker Change: As we work with the rest of our senior management team to deliver results for our customers our employees and of course our shareholders.

Speaker Change: With that let me turn the call over to Elliot to give a detailed review of all of our financial results.

Elliot: Thank you Simon.

Elliot Muchnik: Thank you, Simon. Good morning, everyone, and thank you for joining our first quarter 2024 earnings call. Before I give a detailed review of our results, I'd like to review some important highlights. During the first quarter, Illumin self-service revenue surged 282% on a year-over-year basis while declining 5.6% quarter-over-quarter.

Elliot: Everyone and thank you for joining our first quarter 2024 earnings call.

Elliot: Before I give detailed review of our results I'd like to review some important highlights.

Elliot: During the first quarter and lumen self service revenue surged, 282% on a year over year basis, while declining <unk>, 5.6% quarter over quarter. This.

Elliot Muchnik: This year-over-year growth not only reflects the strength and scalability of our Illumin platform, but it also highlights the growing recognition this platform is gaining in the marketplace, as well as the effectiveness of our strategies to increase market penetration. The decline sequentially is notable because it's fairly limited, despite the fact that we're comparing our usually most active quarter from the end of last year to Q1, which is traditionally our lightest. And in addition, we've actively managed our costs, reflecting on more streamlined and efficient operations throughout our entire organization.

Elliot: This year over year growth not only reflects the strength of the scalability of our lumen platform, but it also highlights the growing recognition. This platform is gaining in the marketplace as well as the effectiveness of our strategy is to increase market penetration.

Elliot: The decline sequentially is notable because it's fairly limited despite the fact that we're comparing our usually most active quarter from the end of last year to Q1, which was traditionally our lightest.

Elliot: And in addition, we've actively managed our costs, reflecting a more streamlined and efficient operations throughout our entire organization at the beginning of this year, we reorganized and scaled down a part of our back office to better align with the strategic direction of our firm.

Elliot Muchnik: At the beginning of this year, we reorganized and scaled down a part of our back office to better align with the strategic direction of our firm. This drove a year-over-year improvement in adjusted EBITDA, which was positive for the quarter, compared to a negative $766,000 during the same period last year. We're also pleased to report significant progress in our customer engagement strategies. We have fine-tuned our sales efforts, aligning them more closely with high-value customer segments.

Elliot: This drove a year over year improvement in adjusted EBITDA, which was positive for the quarter compared to a negative 766000 during the same period last year.

Elliot: We're also pleased to report significant progress on our customer engagement strategies, we have fine tuned our sales efforts aligning them more closely with high value customer segments. This targeted approach not only optimizes, our resource allocation, but also sets the stage for future revenue growth as economic conditions improve.

Elliot Muchnik: This targeted approach not only optimizes our resource allocation but also sets the stage for future revenue growth as economic conditions improve. And as we continue through 2024, our focus remains on driving revenue growth and profitability, innovating our offerings, and delivering value to our stakeholders. Let's now take a closer look at our detailed financial results. For the first quarter of 2024, total revenue was $25 million, compared to $26.5 million for the same period last year. This decline of 5.8% was entirely due to our decision at the end of fiscal 2023 to reduce activity within Argentina due to a challenging economic climate and inflationary pressures within that country.

Elliot: And as we continue through 'twenty 'twenty four our focus remains on driving revenue growth and profitability innovating, our offerings and delivering value to our stakeholders.

Elliot Muchnik: The decline in managed services revenue from $17 million in the prior year to $11.8 million in this quarter was offset by a 282% increase, as previously mentioned, in our self-serve illumine, or $6.2 million growth over comparable quarters. This growth was from new clients and a higher utilization of the platform by our existing clients. Gross profit, or net revenue, was $11.7 million, compared to $12.5 million in the comparable period. Gross margin was 47%, unchanged from the same period in 2023, despite the change in mix of our revenue towards self-serve. The year-over-year decrease in gross profit reflects reduced sales in the quarter.

Elliot: Let's now take a closer look at our detailed financial results for the first quarter of 'twenty 'twenty. Four total revenue was $25 million compared to $26 5 million for the same period last year. This decline of 5.8% was entirely due to our decision at the end of fiscal 2023 to reduce activity within Argentina due to AR.

Elliot: <unk> economic climate and inflationary pressures within that country.

Elliot: The decline in managed services revenue from 17 million in the prior year to $11 8 million in this quarter was offset by a 282% increase as previously mentioned in our self serve the lumen or $6 2 million growth over comparable quarters. This growth was from new clients and a higher utilization of the plan.

Elliot: Form by our existing clients gross profit or net revenue was 11.7 million compared to $12 5 million in the comparable period.

Elliot: Gross margin was 47% unchanged from the same period in 2023, despite the change in mix of our revenue towards self serve.

Elliot: The year over year decrease in gross profit reflects the reduced sales in the quarter.

Elliot Muchnik: Total operating expenses for the first quarter of 2024 were $14.3 million, a decrease of almost 14% compared to the $16.6 million during the same period in 2023 and thus reflecting our strategic cost management initiatives, leading to more streamlined and focused operations. As I mentioned earlier, we saw improvement in adjusted EBITDA during the quarter, which was slightly positive, compared to the negative $766,000 we reported in the same period last year, which is again a testament to our focus on operational efficiency and cost control.

Elliot: Total operating expenses for the first quarter of 2024 were $14 3 million a decrease of almost 14% compared to the $16 6 million. During the same period in 2023, and thus, reflecting our strategic cost management initiatives, leading to more streamlined and focused operations.

Elliot: As I mentioned earlier, we saw improvement in adjusted EBITDA during the quarter, which was slightly positive compared to the negative 766000, we reported in the same period last year, which again is a testament to our focus on operational efficiency and cost control as reflected in our press release, we re class nonrecurring costs related to our <unk>.

Elliot Muchnik: As reflected in our press release, we reclassed non-recurring costs related to our former NASDAQ listing outside of the EBITDA calculation for this quarter and for Q1 2023. The reclassed impact improved Q1 results this year by 423,000, while similarly, Q1 of last year was improved by 513,000. The net loss for the quarter of 2024 was $1.1 million, an improvement from a net loss of $3.6 million in the same period last year.

Elliot: Former NASDAQ listing outside of the EBITDA calculation for this quarter and for Q1 2023 the re class impact improved Q1 results this year.

Elliot: By 423000, while similarly, Q1 and last year was improved by 513000.

Elliot: Net loss for the quarter of 'twenty 'twenty four was 1.1 million an improvement from a net loss of $3 6 million in the same period last year again, illustrating our lower operating costs on a year over year basis, and an impact from a strengthening U S dollar, which resulted in a $1.4 million gain versus a small loss of 54.

Elliot Muchnik: Again, illustrating our lower operating costs on a year-over-year basis and an impact from the strengthening U.S. dollar, which resulted in a $1.4 million gain versus a small loss of $54,000 in the prior year. As we previously communicated, the company made a decision to voluntarily withdraw from the NASDAQ capital market as of September 11, 2023. Concurrent with this step, we began the process of deregistering with the SEC, which was completed effective March 6, 2024. This deregistration reduced both current costs and, as importantly, avoided future cost escalation due to regulatory burden and related activity.

Elliot: <unk> thousand in the prior year.

Elliot: As we previously communicated the company made a decision to voluntarily withdraw from the NASDAQ capital market as of September 11, 2023.

Elliot: With this step we began the process of Deregistration with the C. C, which was completed effective March 620, 24. This day registration reduced both current costs and as importantly avoided future cost escalation due to regulatory burden and related activity and in light of the current economic landscape. These moves are strategic.

Elliot Muchnik: And in light of the current economic landscape, these moves are strategic, aiming to optimize capital deployment to maximize shareholder value, though we anticipate the majority of these benefits will actually occur in 2025. Shares of the company remain actively traded on the Toronto Stock Exchange under the symbol ILLM. Additionally, we are progressing towards securing a presence on the OTCQB platform, which will facilitate wider and more convenient access for U.S. investors. We anticipate this transition to be finalized in a matter of weeks.

Elliot: To optimize our capital deployment to maximize shareholder value, though we anticipate the majority of these benefits will actually occur in 2025 shares of the company remain actively traded on the Toronto stock exchange under the symbol I L. L M.

Elliot: Additionally, we are progressing toward securing a presence on the OTC QB platform, which will facilitate wider and more convenient access for U S. Investors. We anticipate this transition to be finalized in a matter of weeks on.

Elliot Muchnik: On November 13, 2023, the company launched a normal course issuer bid to buy back and cancel up to 4.3 million outstanding common shares. As part of our ongoing commitment to return value to shareholders, we have utilized this program to repurchase shares at favorable market conditions. During the first quarter, the company purchased and canceled approximately 1.15 million of its common shares at an average price of $1.66 per share, totaling consideration of $1.91 million.

Elliot: On November 13, 2023, the company launched a normal course issuer bid to buy back and cancel up to 4.3 million of outstanding common shares as part of our ongoing commitment to return value to shareholders. We have utilized this program to repurchase shares at a favorable market conditions during the first quarter the company purchased.

Elliot: Canceled approximately 1.15 million of its common shares at an average price of $1 66 per share totaling consideration of 1.91 million.

Elliot Muchnik: And since Q1, we've continued the program and purchased additionally 442,000 shares at an average price of $1.67. Therefore, since inception, we have acquired just under half of our allotted limit, or approximately 2 million shares, with an average cost of $1.63 per share and a total spend of $3.3 million. The NCIB remains active and can continue until November 12, 2024, or until we reach our targeted repurchase limit. This initiative is part of a broader strategy to optimize our capital structure while maintaining the flexibility to invest in growth opportunities.

Elliot: And since Q1, we've continued the program and purchased Additionally, 442000 shares at an average price of $1 67.

Elliot: Therefore since inception, we have acquired just under half of our allotted limit or approximately 2 million shares with an average cost of $1 63 per share and a total spend of $3 3 million.

Elliot: The NCI B remains active and can continue until November 12, 2024 or until we reach our targeted repurchase limit.

Elliot: This initiative is part of a broader strategy to optimize our capital structure, while maintaining the flexibility to invest in growth opportunities.

Elliot Muchnik: As of March 31st, 2024, our cash and cash equivalents stood at $55.5 million, unchanged from $55.5 million at the end of 2023. This is despite the previously discussed $1.91 million spent on acquiring shares under the NCIB.

Elliot: As of March 31, 2024, our cash and cash equivalents stood at $55 5 million unchanged from $55 5 million at the end of 2023.

Elliot: This is despite the previously discussed 1.91 million spent on acquiring shares under the N CIB.

Elliot Muchnik: This stability is the result of our disciplined approach to working capital and cash flow management. Our ongoing efforts to enhance cash flow from operations and manage expenditures prudently have allowed us to maintain a solid cash reserve, ensuring we can respond to growth opportunities as they arise. As of March 31st, 2024, the total number of our outstanding common shares stood at 52.3 million shares, following a series of strategic adjustments to our share structure compared to 56.8 million shares as of March 31st, 2023.

Elliot: This stability is the result of our disciplined approach to working capital and cash flow management, and our ongoing efforts to enhance cash flow from operations and manage expenditures prudently have allowed us to maintain a solid cash reserve, ensuring we can respond to those growth opportunities as they arise.

Elliot: As of March 31, 2024, the total number of outstanding common shares stood at 52 3 million shares following a series of strategic adjustments to our share structure compared to $56 8 million shares as of March 31, 2023. This figure includes the impact of our recent share repurchases under the NCI.

Elliot Muchnik: This figure includes the impact of our recent share repurchases under the NCIB, offset by a modest number of shares issued through the exercise of stock options and other vested equity instruments. In conclusion, our progress during the first quarter of 2024 clearly reflects our strong commitment to achieving long-term revenue growth and improved operational efficiency. By refocusing on high-value customer segments, enhancing our self-service offering, and carefully managing expenses, we have laid a solid foundation for sustainable success. As we begin to see signs of a stabilizing macroeconomic environment, our optimism for 2024 increases.

Elliot: <unk> offset by a modest number of shares issued through the exercise of stock options and other vested equity instruments in conclusion.

Elliot: Our progress during the first quarter of 'twenty 'twenty four clearly reflects our strong commitment to achieving long term revenue growth and improved operational efficiency by refocusing on high value customer segments, enhancing our self service offering and carefully managing expenses, we have laid a solid foundation for sustainable success.

Elliot: As we begin to see signs of a stabilizing macroeconomic environment, our optimism for 'twenty 'twenty four strengthens.

Simon Cairns: We remain dedicated to driving growth through innovation, improving our operational efficiencies, and delivering substantial value to our shareholders through thoughtful strategic management. And with that, I'd like to turn the call back to Simon for his closing remarks. Thank you, Elliot. In closing, I am honored to assume the CEO role, and I am very excited about the company's future as we offer marketers and advertisers new and differentiated solutions for managing their advertising journey.

Elliot: We remain dedicated to driving growth through innovation, improving our operational efficiencies and delivering substantial value to our shareholders through thoughtful strategic management.

Elliot: And with that I'd like to turn the call back to Simon for his closing remarks.

Simon: Thank you Elliot.

Simon: In closing I'm honored to assume the CEO role and I am very excited about the company's future as we offer marketers and advertisers new and differentiated solutions for managing their advertising journey as you heard today, our alumina self service platform continues to experience rapid growth.

Simon Cairns: As you heard today, our Illumin self-service platform continues to experience rapid growth, driven by new and existing relationships with customers, who recognize our platform as uniquely complementary to our proven managed service offerings. Building on this preliminary early adopter momentum, we will be honing our product market fit and our sales processes to find what works best for our customers. By focusing on long-term self-service contracts with guaranteed minimums and terms exceeding one year, we expect to generate a more consistent, recurring revenue stream.

Simon: Driven by these new and existing relationships with customers, who recognize our platform is uniquely complementary to our proven managed service offerings building on this preliminary early adopter momentum, we will be honing our product market fit and our sales processes to find what works best for our customers.

Simon: By focusing on long term self service contracts with guaranteed minimums.

Simon: In terms exceeding one year, we expect to generate a more consistent recurring revenue stream.

Simon Cairns: As we build our Illumin self-service business, expect us to keep a sharp eye on our expenses and priorities as we shape the best path forward to support our customers as they navigate challenging markets with their new products and services. Thank you all for your time today. And now we'll open up the floor for questions. Before we begin, I remind the audience that in order to present your question, you must first click the I want to join the stage button at the top of your screen.

Simon: As we build our alumina self service business expect us to keep a sharp eye on our expenses and priorities as we shape the best path forward to support our customers as they navigate challenging markets with their new products and services.

Speaker Change: Thank you all for your time today.

Speaker Change: And now we'll open up the floor for questions.

Speaker Change: Before we begin I remind the audience that in order to present. Your question you must first click the I want to join the stage button at the top of your screen.

Operator: We will now begin our Q&A. Our first question this morning comes from Tanvi Gabriel at Echelon Partners. Tanvi, please proceed with your question when you are ready.

Speaker Change: We will now begin our Q&A.

Speaker Change: Our first question. This morning comes from Andy Gabriel at Echelon Partners Envy. Please proceed with your question when you're ready.

Andy Gabriel: Hi, Good morning, good morning, Terry Good morning.

Simon Cairns: Hi, good morning. Good morning, Tammy. Good morning. Congratulations on the quarter, and I'll be subscribing for Rob Goff. In terms of my questions, I was just wondering if you could provide some insights into the momentum that you've observed in the self-serve contract. Right now, we're seeing a very strong and positive response from the customer base. Self-serve opens up different opportunities for us to attract new customers, and so we are seeing a good diverse range of both brands and then also some other sectors that are coming into self-serve.

Andy Gabriel: Patients in the corner and.

Andy Gabriel: I'll be stepping in for rock costs.

Andy Gabriel: All my questions.

Andy Gabriel: Just wondering if you could provide some insight into the.

Terry: The momentum that you've observed in the future.

Speaker Change: Right now, we're seeing very strong and positive response from the customer base Seltzer opens up.

Speaker Change: Different opportunities for us to attract new customers and so we are seeing a good diverse range of both brands and then also some other sectors that are coming into seltzer.

Simon Cairns: I'm very encouraged by what I see so far, four weeks in, in terms of what our potential can be around the self platform. Okay, perfect. Thank you. And my second question would be: you've mentioned that you've been integrating with social media. So we were just wondering if you could elaborate on the traction that you've seen with regard to that.

Andy Gabriel: I'm very encouraged by what I see so far or weeks in in terms of what our potential can be around the cell.

Speaker Change: Okay perfect. Thank you.

Speaker Change: And my second question would be you've mentioned that can you've.

Speaker Change: You've been integrating social media and we were just wondering if you could elaborate on the couch that you've seen with <unk>.

Simon Cairns: Thank you, Tammy. So that integration has commenced, and we are seeing increased use of that. And that makes us actually quite unique in the marketplace, as you know, that we are one of the only firms out there that integrates that with the normal programmatic approach to our canvas.

Speaker Change: Thank you Jamie I'll take.

Speaker Change: That integration has commenced and we are seeing increased use of that.

Speaker Change: And that makes us actually quite unique in the marketplace. As you know we are one.

Speaker Change: O'neill firms out there that are integrating that with the normal programmatic approach to our canvas. So.

Simon Cairns: So we are seeing traction, but I think it's still very early for us to see meaningful results coming from that channel. And we're focusing on just ensuring that we have a good end-to-end solution for our clients right now and not necessarily using our social aspect as a specific channel. It just ensures that when they work with us, that they have access to the various tools that they would need.

Speaker Change: We are having traction, but I think it's still very early for us to see meaningful results coming from that channel and we're focusing on ensuring that we have a good end to end solution for our clients right now and not necessarily using our social aspect has a specific channel. Let just me ensures that when they work.

Speaker Change: With us that they have access to the various tools that they would need and so we don't really see that as an isolated item on itself, but as part of creating an end to end solution that was effective for our clients.

Speaker Change: Okay perfect. Thank you so much.

Speaker Change: Thank you. Thank you Tammy gentlemen, your next question comes from Daniel Rosenberg of paradigm capital. Daniel. Please proceed with your question when you're ready.

Simon Cairns: And so we don't really see that as an isolated item in itself but as part of creating an end-to-end solution that's effective for our clients. Okay, perfect. Thank you so much. Thank you, Tanvi. Gentlemen, your next question comes from Daniel Rosenberg of Paradigm Capital. Daniel, please proceed with your question when you are ready. Simon and Elliot. Nice to meet you, Simon. So my first question comes around, I guess, at a high level. Just wondering what you mentioned about product market fit and potential to tweak the Illumine product. I was wondering if you had any timeframe or plans around kind of the timing of the first goals?

Daniel Rosenberg: And Simon and Elliot.

Daniel Rosenberg: Any statement.

Daniel Rosenberg: No.

Daniel Rosenberg: So my first question comes around I guess at a high level I'm. Just wondering a what are you mentioned product market fit and potential to tweak the alumina product I was wondering if you had any timeframe our plans around kind of the timing of first goals.

Daniel Rosenberg: Any targets around.

Daniel Rosenberg:

Simon Cairns: You know, any targets around? You know, just giving us your first impressions on formally the direction you want to go in. So I would sort of prefer to say we're already sort of diving in to ensure that self-service as a solution can meet and meet customer needs as we sort of bring together, you know, a leading ad tech and martech solution into one sort of single canvas workflow. We want to level that up with a bit more automation and AI generation and provide essentially a quicker-to-market series of options as part of campaign planning, and then couple that That's our key focus. We're advancing on that very, very quickly. I'm not in a position to provide any guidance, but look for us to move.

Daniel Rosenberg: Yeah, just giving us your first impressions on formally the direction you want to go too.

Daniel Rosenberg: So I would sort of say, we're already sort of diving in to ensure that.

Daniel Rosenberg: Self service as a solution can meet and beat the customer needs as we sort of bring together.

Daniel Rosenberg: A leading AD tech Martech solutions into one single canvas workflow.

Daniel Rosenberg: We want a level that up with a bit more automation and AI generation and provide essentially a quicker to market a series of options.

Daniel Rosenberg: As part of a campaign planning and then couple that all off with what we believe will be best in class.

Daniel Rosenberg: Results in terms of insights so that is a key focus we're advancing on that very very quickly. So.

Daniel Rosenberg: Not in a position to sort of provide any guidance, but look for us to move.

Daniel Rosenberg: Move we're already on essentially already moving very very fast around.

Daniel Rosenberg: Leveling up.

Simon Cairns: Essentially, we're already moving very, very fast around and leveling up product market fit. I think we've got some very good traction already with early adopter customers. We're hearing from them. I'm meeting with them, bringing the customer voice into the product journey. I'm already seeing that, so I'm seeing a positive response already. We'll continue iteratively going forward until we get to a place where we're really happy. Okay, appreciate that context. And then when you think of Illumina's customer base, there is a managed service offering that has been successful.

Daniel Rosenberg: The product market that I think we've got some very good traction already with early adopter customers. We're hearing from them I am meeting with them, bringing customer voice into the product journey here.

Daniel Rosenberg: I'm already seeing that so I'm seeing positive response already we'll continue iteratively going forward until we get to a place where we're really happy.

Speaker Change: Okay I appreciate that context, and then when you think of a lumens customer base.

Simon Cairns: I was just wondering if you have any thoughts around that balance between, you know, you're talking about product market fit for a new flagship product. You know, does that serve all of your customer needs? And how focused are you on, you know, the traditional portion of the business? The managed service business is important to our customer base, and it is important to us. So it is very much, I see them as complementary to each other. I see customers coming into the Illumina experience, wanting some managed support, and then heading into a self-service solution.

Daniel Rosenberg:

Daniel Rosenberg: There is a managed service offering that has been successful I was just wondering if you have any thoughts around that balance between you know youre talking about product market fit for our new flagship product.

Simon Cairns: I also see the opposite, where they come to us through a self-service solution and are doing well and getting better insights and being able to plan and implement their campaigns at a faster rate, and then wanting to bump up their experience to a managed service. So I see them as complementary, but from my point of view, I think it's important that we do have a very good, clean, and effective offering on both managed and self, and that'll be part of our focus going forward.

Simon Cairns: All right, thanks for that. And just lastly, for me, one of the interesting assets of Illumina is a financial one. So you have a large cash position. I was just wondering how you think about balancing growth opportunity versus profitability versus investment.

Daniel Rosenberg: And then just lastly for me you know one of the interesting assets of Illumina is a financial one. So you have a large cash position I was just wondering how you think about balancing the growth opportunity versus profitability.

Daniel Rosenberg: The ability versus investment.

Simon Cairns: I don't know if I have a comment specifically on that, Troika, in terms of an overall fix. I mean, right now, the focus is on really bringing the customer into the equation and making sure that we have the best product-market fit and the best complementary offering between self and managed and then implementing any improvements that we identify very quickly to sort of optimize the product line and best support the customer.

Speaker Change: I don't know, but I have a comment specifically on between that troika.

Daniel Rosenberg: And in terms of our overall fixed I mean right now the focus is on really bringing the customer into the equation and making sure that we have the best product market fit and the best complimentary offering between shelf and managed and then implementing any improvements that we identify very quickly.

Daniel Rosenberg: Opportune is the product line.

Daniel Rosenberg: And best support the customer and Thats the main focus for now.

Simon Cairns: That's the main focus for now. And at the same time, between Elliot and myself and the others, we are focused on very solid financial discipline, as you saw in this past quarter. And so we'll continue on that path as well and continue to improve our overall financial performance. Great. Thanks so much for taking my questions. I look forward to hearing more from you, Simon.

Daniel Rosenberg: At the same time between Elliott and myself and the others. We are focused on very solid financial discipline as you saw in this past quarter.

Daniel Rosenberg: And so we'll continue on that path as well and continue the level up our overall financial performance.

Speaker Change: Great. Thanks, so much for taking my questions and look forward to hearing more from you Simon all the best.

Speaker Change: Pleasure to meet.

Operator: All the best. Thank you, Daniel. It appears that there are no further questions this morning.

Simon: Thanks, Danielle. Thank you Daniel it appears that there are no further questions. This morning.

That will conclude our time for this quarter. My thanks to Simon and Elliot and our participants this morning. Please join us the next time as we present our Q2 financial and operating results. Goodbye for now.

Speaker Change: That will conclude our time for this quarter my thanks to Simon and Elliot and our participants. This morning. Please join US for next time as we present, our Q2 financial and operating results Goodbye for now.

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Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [noise].

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [noise].

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [noise].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Oh.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: Okay.

Operator: Yeah.

Speaker Change: [music].

Speaker Change: Yeah.

Operator: [music].

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: [music].

Operator: Yeah.

Operator: [noise].

Operator: Oh.

Speaker Change: Okay.

Operator: [noise].

Operator: Hum.

Operator: [noise].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Yes.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [noise].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [noise].

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: Yeah.

Operator: Yes.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: Okay.

Operator: [noise].

Operator: Okay.

Operator: [music].

Operator: Yes.

Operator: [music].

Operator: Yes.

Operator: [noise].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Yes.

Operator: [noise].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [noise] [music].

Operator: Yeah.

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Uh huh.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator:

Operator: Yeah.

Operator: Yes.

Operator: [noise] [music].

Operator: Okay.

Operator: Yes.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: [noise].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [noise].

Operator: Hum.

Operator: Yeah.

Operator: Oh.

Operator: Okay.

Operator: [noise].

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Speaker Change: Good morning.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [noise] [music].

Operator:

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [noise].

Operator: Yeah.

Operator: [music].

Operator: [noise].

Operator: [music].

Operator: Yes.

Operator: Oh.

Operator: Yeah.

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: [noise].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [noise].

Operator: Okay.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yes.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [noise] [music].

Operator: Okay.

Operator: Yeah.

Operator: Alright.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yes.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: [noise].

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [noise].

Operator: Okay.

Operator: Yes.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [noise].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Oh.

Operator: [noise] [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: [noise] [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Alright.

Operator: [music].

Operator: Yeah.

Operator: [music] [noise].

Operator: Yes.

Operator: Okay.

Operator: Right.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Yes.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music] [noise].

Operator: Oh.

Operator: [noise] [music].

Operator: Okay.

Operator: Yeah.

Operator: Alright.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Yes.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: Oh.

Operator: Okay.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Oh.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: Okay.

Operator: [noise] [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yes.

Operator: [noise].

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yes.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Okay.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Alright.

Operator: [music].

Operator: Yeah.

Operator: [music].

Operator: Yeah.

Operator: Okay.

Operator: Yeah.

Operator: [music].

Operator: Okay.

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