Q1 2024 AuthID Inc Earnings Call - Q&A
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As a reminder, this conference is being recorded.
With me on today's call I'll, I'll see a room to grow our CFO as Felicia and they'll see see out Homeserve P.
By now you should have access to todays press release announcing our Q1 2020 full results.
If you have not received this release can be found on our website.
At Www Dot <unk> dot AI under the Investor Relations section.
Throughout this conference call, we will be presenting certain non-GAAP financial information.
This information is not calculated in accordance with GAAP and may be calculated differently from other companies similarly, titled non-GAAP information.
Quantitative reconciliations of our non-GAAP adjusted EBITDA information to the most directly comparable GAAP financial information appear in today's press release.
Before we begin our formal remarks, let me remind everyone that part of our discussion today will include forward looking statements.
Such forward looking statements are not guarantees of future performance and therefore, you should not put undue reliance on them.
These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.
Some of these risks are mentioned in today's press release, others are discussed in our Form 10-K, and other filings, which are made available at www Dot FCC Dot Gov.
Our sales engineering and customer success teams have worked tirelessly launch new customers. So that we can begin to recognize revenue from customers booked in 'twenty.
23.
Turning to slide four.
The following highlights compare our GAAP results from continuing operations for the three months period ended March 31, 2024 with a three month period ended March 31, 2023, unless otherwise specified.
Total revenue for the quarter increased to 0.1 6 million compared.
Compared with 0.0 4 million for the same period last year as a result of the launch of several new customers that were signed in 2023, including both consumer and workforce use cases Q.
Q1 revenue is already approaching 0.1 9 million in revenue earned in all of 2023.
Operating expenses for the quarter totaled $3, three 1 million compared with 1.02 million for the same period last year.
This increase was driven by a onetime noncash expense reversal in Q1 2023 of $3 $4 million from the reversal of certain stock based compensation related to employee terminations, which was not repeated in 2024.
From a quarter over quarter perspective operating expenses for Q1, 'twenty 'twenty four remain in line with the operating expenses incurred in Q4 to a take rate.
Losses from continuing operations for the quarter was 3.06 million of which noncash charges for 0.7 7 million.
Paired with a loss of 1.78 million in Q1 of 2023 of which the impact of noncash and onetime severance charges was a negative zero point $14 million comprised of the $3 4 million reversal of stock based compensation noted previously as well as three points here a million in additional noncash and severance charges.
Looking again from a quarter over quarter perspective.
Loss from continuing operations decreased approximately 4% from $3 2 million in Q4 of 23 $3 million to $3.6 million in Q1, 'twenty 'twenty four.
Net loss per share for the quarter was 32 cents compared with 56 cents for the same period last year.
Moving to slide five.
As reported in our 2023 annual results call held in March we also monitor and manage our remaining performance obligation or RPE L. In accordance with GAAP as noted in our financial statements for the period.
Our P. O provides a measure of a minimum revenue expected to be recognized from our signed contracts based on customers' contractual commitments.
Speaker Change: As of Q1 2024, our total RPI was 4.03 million, which equated which equals the RPI from Q4, sorry, Frank route.
Speaker Change: The quarter end IPR includes deferred revenue and 0.3 1 million an increase over 2023 of 0.1, 8 million, which moves or additional noncancelable revenue as a result of customers Invoiced in Q1.
Speaker Change: Deferred revenue represents advanced payments received which are not yet recognized as revenue.
Speaker Change: The Q1 'twenty 'twenty four RPM also includes $3 seven $3 million in additional noncancelable revenue under contracts that were signed in 2023 in Q1 of 'twenty 'twenty four for which has not yet been recognized.
Speaker Change: Total a P O remained flat quarter over quarter as new contractual commitment signed in Q1 of 'twenty 'twenty four were largely offset with revenue recognized in the quarter.
Speaker Change: We expect to recognize the full RTL 4.03 million over the entire life of the contracts, which are typically signed with a three year term.
Speaker Change: Over the next 12 months ending March 31, 2025, the company expects to recognize approximately 40% or $1.6 million of the 4.03 million an RPI was revenue based on contractual commitments and expected usage patterns.
Speaker Change: While the IPO was based on contractual terms as agreed to by our customers. The expected time to recognize revenue is based on our best estimates given the current known facts and circumstances.
Speaker Change: Of course smaller P aerospace only on minimum contractual commitments. We have reason to believe that each of these customers will exceed their minimum commitments.
Speaker Change: Moving to slide six.
Speaker Change: Before we review our non-GAAP results I want to take a moment to discuss how going forward, we will provide additional detail to explain our bookings metric known as bars.
Speaker Change: In 2023, we reported a metric per bar or booked annual recurring revenue.
Speaker Change: Which is the projected amount of annual recurring revenue. We believe will be earned under contracted orders looking out 18 months from the date of signing with each customer contract.
Speaker Change: Starting with this quarter, we're providing additional details by breaking bar into two components.
Speaker Change: Committed annual recurring revenue or car.
And usage about commitment or you AC.
Speaker Change: The chart shown here on the slide illustrates at both measures convert into revenue over a three year period.
Speaker Change: Carr as shown on the dark purple on the left side of the chart represent the total annual customer contractual commitment through fixed license fees and minimum usage commitments.
Speaker Change: These commitments are directly recognizes revenue and each contract year. After the customer goes live with the service.
Speaker Change: UAC as shown in light blue on the right side of the chart is an estimate of annual customer usage that will exceed contractual commitments.
Speaker Change: By the time, a customer fully ramped its usage by month 18 of its contract cars expected to comprise approximately one half of the recognized revenue with UAC, making up the other half.
Speaker Change: On slide eight illustrates the breakdown of the 3.0 million in 'twenty, three rebar bookings and how we expect that to translate into revenue over a three year period.
Speaker Change: The 3.0 million in bar was comprised of $1 4 million of car and $1 6 million of estimated U AC as shown on a fully ramp year of 2026 at the bottom of the chart.
Speaker Change: The car of one 4 million is recognized consistently each contract year once the customers live with the product as shown in the dark purple bar for years, one two and three.
Speaker Change: The UAC component begins to show in the second year or 18 months as uses usage exceeds the annual minimum commitment.
Speaker Change: This chart illustrates how we would expect around 0.8 million or half the full year you AC to be recognized in the second year of the contract.
Speaker Change: In your three the customer has fully ramped for the full year with $1 4 million or 47% from car and $1 6 million or 53% from you AC expect it to be recognized for a total of three points euro million in recognized revenue.
Speaker Change: Turning to our non-GAAP results on slide seven.
Speaker Change: Adjusted EBITDA loss for the quarter was $2 three 9 million compared with two 2.20 million. The same period last year, an increase of 9%.
Additionally, adjusted EBITDA loss of accounting periods declined 11% from the fourth quarter of 'twenty two anchors.
Speaker Change: As noted on the previous slide we are providing additional details on our bar or booked annual recurring revenue.
Speaker Change: Net bar reflects the reduction of bar from contracts previously included in reported bar.
Speaker Change: We're subject to attrition during the quarter.
Speaker Change: The gross and net amount of bar signed in the first quarter of 'twenty 'twenty, four with zero point $1 million compared with Dearborn zero on moving the bar plan in the first quarter of 2023.
Speaker Change: 0.1 million in Q1 bar is comprised of 0.0 of $4 million in committed annual recurring revenue or car and.
Speaker Change: 0.0, $6 million estimated usage about commitment or UAC.
Speaker Change: From a quarter to quarter perspective, Q1, 'twenty 'twenty four bar decline from the Q4 2023 bar.
Speaker Change: Given the size of our sales organization in the latter part of 2023, we recognize the need to build more efficient pipeline through the pursuit of larger enterprise customers that require longer sales cycles and are estimated to return a larger revenue potential and therefore increase our enterprise value.
Speaker Change: The focused efforts and building a strengthening channel partner network that will help us increase the breadth of our sales force and help us more quickly and efficiently acquire new customers.
Speaker Change: These efforts are showing up in Q1 through newly signed partnerships and strong progression of pipeline key enterprise prospects, which Ron will speak to in more detail.
Speaker Change: We estimate that the car Inbar from these efforts will begin to show in Q2 with the majority of growth in the second half of 'twenty 'twenty four.
Speaker Change: Based on our sales pipeline, we reiterate that we are on target to realize our previously stated 2024 bar target of $9 million.
Speaker Change: Yeah.
Speaker Change: Although he also narrows the reports on annual recurring revenue or <unk>, which is defined as the amount of recurring revenue derived from sales of our biometric identity products. During the last three months of the relevant period as determined in accordance with GAAP.
Speaker Change: Bye bye for now.
Speaker Change: The amount of ore as of March 31, 2024 increased by 0.4 million to.
Speaker Change: 0.6, 3 million as compared to 0.1 5 million of ore from the same period last year.
Speaker Change: Turning to slide eight.
Speaker Change: Given our strong performance in bringing customers live in the first quarter of 2024 I'm excited to report that we will begin to provide full year revenue guidance on a quarterly basis as well as targets for a book to <unk> and RVO measures.
Speaker Change: Starting with book there are as I mentioned on the last slide we're reiterating our previously stated target of 9 million for 2024, and we will also provide detail on car New AC as we report our progress.
Speaker Change: By achieving 9 million and bar dependant on the level of our customer commitments in term lengths. We expect to also grow our remaining performance obligation to a range of $12 million to $13 million by the end of 2024.
Speaker Change: Regarding revenue growth building on our Q1 revenue of your appoint one 6 million we estimate our total revenue for 2024 will be in the range of $1 four to $1 $6 million driven by the recognition of revenue from contracts held at our Rps.
Speaker Change: At the midpoint of this range. This represents a year over year increase of $1 $3 million over the <unk> 2 million in revenue reported in 2023.
Speaker Change: Turning to slide nine.
Speaker Change: As you work to build the sustainable recurring revenue stream, we will continually review our progress through a revenue growth stages.
Speaker Change: Looking from left to right on this slide the first milestone would use to monitor our progress is bookings measured by bar, which we will continue to measure as you progress through 2024 and remain committed to our 9 million target.
Speaker Change: Regarding customer financial commitments, we monitor our remaining performance obligation or RPE L. As I detailed earlier at the end of as of the end of Q1, 'twenty 'twenty four we secured over $4 million in RPI and we expect this metric significantly increase to approximately $12 million to $13 million in proportion with the committed annual re.
Speaker Change: <unk> revenue that we signed in 2024.
Speaker Change: Our third reporting metric is revenue, which is recognized in accordance with GAAP. When your customers are on boarded onto our platform and usage of our service kicks off.
Speaker Change: To recap our guidance here, we are estimating 2020 for revenue in the range of one four to $1 6 million a significant year over increase based on our estimates of customer Golar progress in revenue commitments.
Speaker Change: Okay.
Speaker Change: As we move into 2025, and our customer contracts mature, we will increase our focus and monitoring and customer retention and expansion.
Speaker Change: Key efforts will include refining our sales and support methodologies to deepen our customer relationships and increase the value added by our services through continued usage growth use case expansions renewals and the upsell of new relevant products.
Speaker Change: In summary, I'm extremely excited with the first quarter of 'twenty 'twenty four marks a pivotal turning point you know I think these revenue growth story.
Speaker Change: We will continue to build upon and monitor our progress on these measures as we progress into the next stages of market penetration and growth.
Randy Tara: With that I'd now like to turn the call over to our CEO Randy Tara.
Randy Tara: Thank you Ed.
Randy Tara: I'm also very excited and I'm very proud of our team's accomplishments.
Randy Tara: And just under one year, our new team has laid a strong foundation for continued growth and market leadership.
Randy Tara: We are laser focused on our mission statement to help our enterprise customers eliminate authentication fraud, and deliver 100% Zero Trust identity assurance.
Randy Tara: Across their workforce and consumer platforms today too many organizations rely on outdated authentication strategies that nearly assume the correct user is as accessing a system or resetting in accounts.
Randy Tara: <unk> helps our customers defeat today's ramp in fraud, and malicious AI generated cyber attacks with strong identity assurance to know who's behind the device every time.
Randy Tara: The value proposition of our biometric technology continues to resonate strongly in the market.
Let's look at our continued market momentum and progress.
Speaker Change: A little less than one year ago, I joined Arcadia CEO excited.
Speaker Change: Excited by the strength and value of our <unk> technology and the opportunity to build a high performance sales machine.
Speaker Change: Along with the newly reconstituted board of directors and a small team Lloyd identity domain experts, we have launched a turnaround of authority and AMC that in every quarter. We have made progress across multiple facets of the business by shifting the company to a sales focused mindset in 2023 be secured a record $3 million in booked contracts that supported.
Speaker Change: Use cases for identity verification and authentication across financial services, Fintech, social commerce and workforce authentication on share devices.
Speaker Change: Turning to the Q1 point 24, we focused our efforts in three key areas.
Speaker Change: Technology is hardening and feature enhancements.
Speaker Change: Second securing fast 100 customer go lives for revenue and third refocusing our sales strategy to concentrate our efforts on building fat 100 and channel partner opportunities.
Speaker Change: During the first quarter, our highly talented engineering team worked on to harden, our biometric platform to ensure the high availability and absolute stability required to efficiently manage the increased volume and throughput of identity transaction processing that our sales bookings predict.
Speaker Change: As we learned more about what our customers need and want versus what they had before with other vendors. Our engineering team has enhanced our platform with new product features.
Speaker Change: A highly demanded feature that we're happy to pre announced today is our recently signed agreement with Equifax RFID strength, where lies in biometrics are a live person, but our customers currently use many signals to help them determine other business and compliance decisions, including phone and address verification and T Y C checks building out.
Speaker Change: Our relationships with Equifax it only made sense that we will partner up to bring to the industry a broader world class identity verification and authentication service for our customers.
Speaker Change: Adding the equifax product set to a platform will allow our customers to be service to a single authentication platform for a variety of use cases, we're excited about this additional feature and more details on the service will be shared later through a press release.
Speaker Change: Another key achievement in Q1 2024 was the efforts of our sales customer success and engineering teams and realizing the go live of three customers that were signed in 2023.
Speaker Change: Those customers, including our lending Fintech company, a digital wallet provider and a fortune 500 facilities services provider directly contributed to our record first quarter revenue appoint one 6 million.
Speaker Change: This is a pivotal business milestone as in just one quarter. We earned revenue approximately equal to all of the revenue earned in all of 2023.
Speaker Change: Looking ahead, we continue to make progress on customer launches as we are in the process of taking another six customers live in Q2.
Speaker Change: We are also in the middle of our largest go live with a very large customer and the early performance results are better than they have seen with any other vendor.
Speaker Change: We're still in a phase rollout we are excited to see the results when he go full user volume.
Speaker Change: Our ability to earn revenue in Q1 based on contracts book last year combined with our Q1 2024 revenue performance obligation metric of $4 million is a strong market proves that our team our processes and our technology are delivering on our promises to our customers.
Speaker Change: As Ed announced earlier this progress allows us for the first time to provide guidance on 2020 for revenue with an estimated range of $1 4 million to $1 6 million.
Speaker Change: Note that this estimate does not account for any new deals that we will book in 2024.
Speaker Change: They bring live this year.
Speaker Change: I am, especially positive that in less than one year of beating this business under our new business offering our team secured the most deal bookings brought the most customers' lives earn the most revenue in a single quarter and projected higher revenue in a single year in <unk> entire history.
Speaker Change: Turning to our third focus our sales pipeline generation and bulk deals.
Speaker Change: I am pleased to report that in the first quarter, our sales team secured almost $9 $5 million in pipeline slightly ahead of our targeted $9 million per quarter, and we have made significant progress in realizing our target of additional $36 million in sales pipeline for the year of 2024.
Speaker Change: While our Q1 bar of <unk> 1 million was lower than our Q4 2023 bar. These results were anticipated as we aggressively worked to close a number of both small and large opportunities in Q4 of 2023, while at the same time, we began to progress our go to market strategy and renew our sales pipeline to focus on signing larger.
Speaker Change: As clients and new channel partners, who would sell on our behalf.
Speaker Change: Let me illustrate the progression of our go to market strategy.
Speaker Change: Okay.
Speaker Change: When we started this journey in June of 2023, we focused our small direct sales team on our fast 100, generally smaller logos, meaning smaller opportunities that that can be closed more quickly given their smaller layers of management and decision makers. We focused on these fast 100 opportunities to provide referenced.
Speaker Change: Customers derive quicker sale clothing closings earlier go lives and quick growth and we had success as our Q1 revenue was derived largely from the Fas 100, including a lending fintech provider of digital wallet startup and our workforce facility services provider.
Speaker Change: As our team knows from previous experience, while some of our fast 100 companies may be small right now and possibly in early steam.
Speaker Change: These companies can grow significantly. Additionally off by these have been onboarding valid users, while reducing fraud cost and reputational risk will help accelerating our customers' growth.
Speaker Change: And the more they grow larger their user base becomes resulting in a larger opportunity frothy.
Speaker Change: Sunny a lot of small deals however is not a sustainable long term growth strategy. Accordingly in late 2023 and into this year, we began to progress our go to market strategy.
Speaker Change: We leveraged our proven used cases to successfully began the expansion of our channel partner program.
Speaker Change: Channel partners are a force multiplier with more feet on the street more exposure and more market validation and the ability to sign more fast 100 deals at a quicker pace channel partners accelerate our entry into the verticals, they service and introduce us to their customers who need our Heidi.
Speaker Change: Our team has many many combined years of working with partners of various types of value added resellers that we have signed recently, including IBM works and most recently central who offer services such as consulting and systems integration for particular verticals or technologies and they help us find our way into their existing client base and.
Speaker Change: Pipeline.
Speaker Change: M partners, such as verified makes as part of their entire offering.
Speaker Change: Our second progression in our go to market strategy involved redirecting our <unk> sales team to focus on our fab 100 visa.
Speaker Change: These accounts generally take longer to sign where deal cycles can extend to six to nine months or sometimes even longer depending on the customers buying and contract approvals process larger accounts, especially in the financial services space generally have multiple tiers of compliance and regulatory Decisioning, where.
Speaker Change: As a less expansive organizations the number of people required to make buying and compliance decisions are more right.
Speaker Change: While typically take longer to sign the value of the fat 100 accounts is that they are larger in size expected to generate higher revenue and thus drive longer term enterprise value for the company.
Speaker Change: As you've seen in our recent announcements we.
Speaker Change: We were successful in signing channel reselling partners in the first quarter and we anticipate signing additional partner shortly.
Speaker Change: Further we anticipate seeing our focus on partners and fat 100 enterprise accounts.
Speaker Change: Come through in Q2 with the majority of our sales being signed in Q3 and Q4.
Speaker Change: Okay.
Speaker Change: Now that we've shared our current go to market strategy, let's look at our progress towards achieving our target sales and revenue growth.
Arthur: Arthur in total pipeline right now is $21 3 million and has a good mixture of deal sizes, including 52 deals valued at less than 100 K.
Arthur: Our greater than 100, K 12, fat 100 deals done.
Speaker Change: 500, okay.
Speaker Change: These opportunities extend across larger banks payment providers hotels and payroll providers.
Speaker Change: We continue to identify more fat 100 opportunities.
Speaker Change: With large payments companies credit unions retail pharma and in insurance and through our expanded partner network. We have already generated several opportunities are heading to close this quarter.
While our channel partners and direct sales team will continue to identify new prospects and add deal to our pipeline at this point in the year. We are estimating that we can achieve the 42% close ratio to attain the 9 million bar target for 2024.
Speaker Change: Now that you've heard about our sales and go to market strategy and on that progression I want to provide you with additional insight on why the world needs Authority.
Okay.
Speaker Change: The majority of corporate identity services.
Speaker Change: All use one or more of these traditional authentication methods and we are all too familiar with all of them.
Speaker Change: And if they all worked as an advertised we would all be safe and yet fraud keeps happening over and over and over again with headlines are dominating the news every single day. The proof is in the headlines.
Speaker Change: Social engineering attack her heard MGM.
Speaker Change: A deep fake attack tricked and employee and paid out $25 million and SMS scan head chase customers for wire transfers ubers.
Speaker Change: <unk> is trying to prevent body doubles with shared credentials and <unk> continues to be compromised over and over again I highlight this because the security methods are not protecting us.
Speaker Change: What makes existing security measures. So vulnerable shown here is a list of all the security measures and why each of them are vulnerable, but I'll quickly summarize.
These measures are all based on the assumption that the person in possession of the device is the actual owner and not an imposter.
Speaker Change: These measures rely on proxies, such as telcos, who are handling the SMS messages with onetime pins and passwords, we're vulnerable to Sim swaps and other mobile device scans.
Speaker Change: They measure.
Speaker Change: These measures rely on knowledge based questions that are harvested from the very data brokers, whose data breaches have been feeding the fraud in the first place.
Speaker Change: And they are all dependent not only on each other but they are all dependent on the weakest link in the chain, which is a password and.
Speaker Change: And finally, they assume that the user's device email and phone being presented are all in the hands of the rightful owner, probably one of the worst assumptions and any security defense system.
Speaker Change: These dependencies are a fetal embrace.
Speaker Change: Okay.
So let's look let's look at a very sophisticated yet easy breach that will trigger almost every security system out there.
Speaker Change: Make no mistake.
Speaker Change: Everyone on this call or anyone who listens to this webcast is subject to this kind of attack.
Speaker Change: Even the least talented fraudster can now launch these attacks because of easy access to Gen AI tools.
Speaker Change: These deep figure tactful for any human manual review process as well as any digital process.
But with RFID the enterprise can't before let me quickly walk you through this.
Speaker Change: Starting on the left the first step for a fraudster is steal your I D or create a deep fake I D of you.
Speaker Change: The next step.
As for the fraudster to generate a deep fake impersonation of your picture on the EIB look closely on the screen. This deep fake looks alive and can move and can show emotions and facial expressions.
Speaker Change: The next step is for the fraud strip of the open a bank account with your information the fraudster will start by entering your P. III and your personal identifiable information.
Speaker Change: Then they will be asked to submit their.
Speaker Change: Their IV first starting with the front of the IV using the camera than the fraud. So there will be asked to submit the back of the IV again using the camera.
Speaker Change: And then the foster will easily fire up in deep Fig tool.
Speaker Change: Hijack the camera sensor.
Speaker Change: And then the fraud through will easily submit the DPA biometric by signing the camera window over the deep fake impersonation of U.
Once submitted and 700 milliseconds, the RFID platform automatically performs over 100 checks and detects the defect using our layered likeness and injection attack defenses and automatically rejects the submission.
I can take a picture of anyone on this call generate a fake I'd and open up accounts on your behalf without your permission.
This is super scary for everybody and somebody has to step up to protect us.
Speaker Change: Defects are only getting started.
Speaker Change: After <unk> offers cutting edge defense against malicious generated AI fraud. This is just another example of why the world needs RFID.
Speaker Change: In closing.
Speaker Change: Okay.
Speaker Change: Theater, a moment Ed started.
Speaker Change: At the beginning of the call.
Speaker Change: We've been working to accelerate this business over the last 12 months and continue to build pipeline and our intended pace of 9 million a quarter.
Speaker Change: We are steady on our guidance for triple growth of $9 million in bar bookings.
Speaker Change: Increasing our RP O to $12 million to $13 million and guiding towards $1 4 million to $1 $6 million in revenue for 2024.
Speaker Change: Also keeping in mind. This does not include anything we opened in year and bring revenue in year.
Speaker Change: RFID continues to work on growing every facet of our business as we continue to bring on as people continue to bring on the best customers continue to build great technology and to continue to produce strong business performance measures all in contributing to our mission, which is to completely eliminate authentication fraud.
Speaker Change: I want to thank the <unk> team who've done a great job over the last 12 months, we expect a lot more out of them.
Coming years, and thank our investors for their confidence and support.
Graeme: We would now like to open up for questions I'll turn it back to Graeme who will moderate the questions.
Graeme: Thank you Rong to participate in the Q&A you May type your question using by clicking on the Q&A icon at the bottom of your screen and assume menu.
To join our call and verbally ask a question in person taps the raise your hand icon in his new menu all mentioned it.
Graeme: In the Q&A.
Graeme: I'll just give everyone a few seconds to.
Graeme: Assemble the.
Graeme: So questions.
Garrett Brody: I'm going to open the line for Garrett Brody Gary. Please go ahead and ask your question. Thanks, Graham I appreciate it and really nice job breaking out bar into committed.
Garrett Brody: Annual recurring revenue and usage above commitment that was a great presentation, Ron I want to ask you an important question.
Garrett Brody: In my opinion, the two key things the company is going to need later this year, our new contract signings, which you talked about a lot in the second half and a secondary offering later this year and it's it's not a secret that the company is going to need additional financing to get to the point where yourself financing.
Speaker Change: Would you mind talking a little bit about your level of confidence in being able to achieve each of these goals.
Gary: Well, thank you Gary for the question.
Speaker Change: We definitely like to see our quarter over quarter growth in Q1.
Speaker Change: Q1, Q2, Q3, Q4 with our businesses is still being predict and we're still trying to get really good at predicting that.
Speaker Change: The two in leading indicators that I alluded to before was for me at least as a former <unk> I really measure the ability to build pipeline.
Speaker Change: And if we can build pipeline and we have line of sight of some some bigger number over the number that we have to achieve in close and right now I think the.
Speaker Change: I know that the rate of what we're building pipeline at 9 million a quarter is very healthy to build on top of the existing 21 3 million that we have in place. So we'll have definitely have plenty of pipeline to go close the business by the end of the year now. The second question then is our ability to close that pipeline and what's our win ratio to do that in 2023 our win.
Speaker Change: <unk> ratio was over in the Ninety's and coming into 2024, even though it's still early to tell.
Speaker Change: And since lower right around 25 until you take an average of the two when you say hey, do we have the ability to close that and the answer is absolutely. Yes, that's why I alluded to the 40% that's required to close the business absolutely believe that we will we will do that and we'll exceed that so definitely have line of sight of the pipeline to close with that they have the the history of the close ratios to be able to do.
Speaker Change: My certainly definitely have the sales team that can achieve that and so those are the indicators that allow us to know whether we're going to hit that number or not and that's why we're sticking close to our projection there to be able to hit triple bar at $9 million.
Ed: And the second question Youre, asking about the financing of Ed do you want to take that one.
Speaker Change: Okay.
Ed: Sure Yeah. So yeah as you mentioned here.
Ed: We do but we'll need to raise money in the balance of the year as we stated in our 10-Q, our balance sheet is as of the end of the quarter I'm, starting off pretty strong at $7 $2 million.
Ed: But we will need to raise money.
Ed: On time this year.
Ed: We do feel confident in our business model and with the relationships, we have with with various fund a fund raising resources.
Ed: And are you do intend and are confident that we will be able to raise money throughout the year.
Ed: As.
Ed: Judiciously as we can.
Speaker Change: Sounds good guys. Thanks, I'll get back in line for a follow up question later, thank you.
Gary: Thanks, Gary.
Speaker Change: Thank you Gary.
Speaker Change: Our next question comes from George Sutton George. Please go ahead, and I'll mute yourself and ask your question.
George Sutton: Great. Thank you Hi, Ron and.
George Sutton: I wanted to get a sense of the range of use cases that you were going after obviously the facilities provider. You mentioned is a shared device I would assume scenario.
George Sutton: For the workplace, but you know as you're building up this pipeline I'm just curious what the kind of the top use cases, you're finding to be.
Speaker Change: I'll give you the top three core use case and I'll give you kind of the sub derivatives of which isn't which is whats, making you kind of exciting right. So first the first use case is account opening in new user onboarding. So when I did the demo you can see that all the all the institutions that have any way to apply for a loan.
Speaker Change: Our credit card they have to try to do digitally and remotely and so they have to do that first time check the weather, Georgia is really George or Gary pretending to be George and so that user onboard identity verification use case is absolutely one that we have been accelerating into are helping us create our pipeline.
Some derivatives of that and what's making that exciting is you had your kind of like old school fraud or old school fraudster, who would maybe maybe printer paper I D or they would manufacture their own ideas off of at CE or they would order and I'm posh, Mark, but now with the new Gen AI tools.
Speaker Change: These people can actually get a printer at their own house ship to them from Amazon for 600 Bucks and they can actually produce the highest quality of fakes and fake Ids.
Speaker Change: At the comfort of their home so the increasing rate of technology and Jen AI is actually enabling just a ton more fraudsters, which then obviously is going to overwhelm our the existing technology existing.
Speaker Change: Our legacy systems in a place today. So that's that's one of the use cases, we're reaching try to fulfill and prevent a really the onboarding of project users.
Speaker Change: Second use case that we fulfill is the actual strong authentication. So let's say the account is already open Jordan do you already have your bank account already established and I ran know that you have a telco provider and you can probably assume how the gmail account or hopefully baked in.
Speaker Change: In the top five banks and I can pretty much determine.
Speaker Change: What you are logging IV could be and I can go ahead and initiate a password reset on any of your accounts and again just like I did in the demo.
Speaker Change: It could even walk into a telco provider and try to take over your phone so that when I initiated password reset of those accounts. It will go to my phone not your phone and then I can go ahead and proceed into your bank accounts as such and nobody won't be none the wiser. So the re authentication of accounting coming into accounts at another major use case that everybody's.
Speaker Change: Read about that's actually been a big driver in some of the new things that we've been doing with them with customers clients again off a very small company, but they don't have a solution for this and that's basically allowing them to come talk to us regardless of how big or small or how established we've been we're the only players that have been solely dedicated to this particular use.
Speaker Change: Case around re authentication likeness there'll be authentication and making sure flows into the accounts. The third one is really around account recovery. So if you think about the MGM breach people can call into the call center and they can say, hey, I need my password reset I need I need this done I need this.
Speaker Change: Modified I'm a locked out. Please help me. Please help me and you think about our call Center worker 24 box, maybe an hour typically 15 to 18 Bucks an hour you can be a high net worth individual you are now subject to a $24 our worker and what they can determine on the other line without using deep phase.
Speaker Change: So that all of these great technology available to them how are they going to determine that the other person on their line is really who they say they are with all the traditional device checks and the old traditional met.
Speaker Change: Methods that we're using today, they just won't know and so again RFID says listen we can give you the highest level of assurance at a 700 millisecond response time and give you that ability don't rely on the 24 hour worker to make this call and put your whole entire enterprise risks that your customers.
Speaker Change: Our risk and risk the worth of brand reputation. We can then help to call centers protect that so those are the high level ones.
Speaker Change: Some of the things that you've seen more recently, our wire transfer fraud romance scams, where people are being tricked to send money to somebody who's probably not the person. They are in love with there's just such a crazy a variety of use cases that demand to know who is behind the device and those are the ones to really capitalize on in 2021.
Speaker Change: Just one other question I'm curious if you look through your pipeline.
Speaker Change: How much of it is we're now in organic new application.
Speaker Change: The company is looking to pursue versus a.
Speaker Change: Required competitive replacement.
Speaker Change: They're pretty much competitive replacements right now.
Speaker Change: Because the current technology in place that they have.
Speaker Change: <unk> is really fundamentally rooted in passwords and and everybody knows that they don't work. So that's why they invented this thing called one time passwords or SMS code to your phone or.
Speaker Change: Stronger authenticator and again, because those are reliant on a telco.
Speaker Change: T mobile AT&T.
Speaker Change: The bank is relying on the strong authentication on another company.
Speaker Change: And so we know the hack right now is that.
Speaker Change: <unk> will target workers at telcos and they will pay them 600 box. That's that's the going rate right now to be able to do password resets on People's phones, and then to be able to do some swaps on phones and in.
Speaker Change: Our our financial institutions that we're working with our current customers who are sophisticated yet not everybody understands that they can now protect us a biometrics. So that's why we need to really do our job to be able to show that we can do this but the ones that are innovators that are seeing this are realizing that they cannot outsource their security.
Speaker Change: Attacca our phone system.
Speaker Change: We don't know how good their security is so they want to be able to just say pop off the camera, let me see who's behind the camera and then all of the site and they don't a lot of them are just soon realizing that we can do that pretty darn quickly into under $700.
Ron: Ron Thank you very much.
George Sutton: Thanks George.
Speaker Change: Thank you George and as a reminder, if you want to ask a question you can ask confidentially by typing it in to the Q&A and we will answer it life or if you'd like to ask last question raise your hand, I'll say into Q&A I'd like to ask Horizon. A lot question. Gary I think you said you have some.
Speaker Change: Some other questions. So please go ahead and I'll mute yourself and ask your question I do think scrap.
Speaker Change: I don't know if this question should be directed to Ron or at either one of you would be great. So you guys did about $200000 of revenue in the first quarter, which is roughly what you did in all of last year. If we take the low end of your guidance this year.
Speaker Change: One 4 million that means $1 2 million of revenue for the rest of the year, assuming that we're evenly dispersed, which I know it won't be that would be about $400000 per quarter, which would be double the rate.
Speaker Change: From this quarter. So first quarter, you matched to revenue for the full year last year, and you're basically saying for the rest of the year, we're going to be at a run rate. That's double what you did in the first quarter. What gives you the confidence that the revenue will start to ramp so quickly.
Gary: Good question, Gary I can take that one Ryan.
Speaker Change: So the main reason why we would see that that ramp up the way. You described areas is that are we are starting to recognize revenue from our contracted customers as they go live with our service and we started going live during Q1, So we've had several customers with rare.
Speaker Change: Beginning to be recognized in Q1, though it would be a partial quarter I you know, maybe a half of a quarter or a third of the quarter is being recognized in Q1, and then we will start seeing full quarters of that revenue going forward. So we will add.
Speaker Change: As new customers go in go go live with our service will have a lower first quarter that narrow snowball into a steady state.
Speaker Change: As the you know as a full quarter of recognized revenue erosion.
Speaker Change: Okay, and just to reiterate those that one four to $1 6 million and the run rate that you were just talking about that's from your existing science customer base correct, not assuming additional sales throughout the year.
Speaker Change: That's right. That's right we are assuming that it's going to be a recognition of our existing contracted customers as well as a much.
Speaker Change: A smaller subset of customers that are currently.
Speaker Change: On usage usage revenue only don't have broad broader overarching commitments, so that that'll added to a smaller degree, but we're not assuming any signings in year to be converted to revenue.
Speaker Change: 24, when we when we provided that guidance so that would be additional upside.
Okay. That's helpful. Thanks for that I'm going to do it myself now I appreciate the solid answer.
Speaker Change: Thanks, guys.
Okay. We've we've had a question.
Speaker Change: Yeah.
Ron: Ron can you explain a little bit more about the significance of the deal with Equifax and what that offers in terms of.
Ron: New products that were.
Ron: Able to rollouts of our customers.
Ron: So traditionally today.
Ron: In the compliance world.
Ron: These Ky C checks that will play out we play we play a part in that whole entire KFC process. We play a part in the Sip process with a which is a sub part of the <unk> process. So we don't go out and we don't you look at some of these other passive signals that are required by this appliance team that's simply not our business our business is to focus on the biometrics.
Ron: And to know exactly who's holding the device. We don't we don't check my phone number associated to the user we don't check their address associated to user and we certainly don't check their phone number associated to the user we simply check if that's really the person who registered and do they match their government issued I'd. This partnership kind of allows us to be.
Broader service to our customers our customers want our staff and they also say Hey can you also do this and can I just buy it from you and so having another vendor to buy it from Anna and again are we built a great relationship with Equifax.
Ron:
If this company I've had that experience at other companies and so it just made complete sense, because we know how to win business together and do deals together so that's that.
Right now phase one this relationship is for us to broaden and expand our capabilities to our clients and customers who need. These other things that we just don't simply provide.
Ron: Thank you.
Speaker Change: We have another question we've talked about the fact 100 of the large customers.
Speaker Change: You were working in the pipeline that we expect to sign you give some indication how large are these customers are we talking potential seven figure revenue numbers for some of these customers.
Speaker Change: So the quick answer is yes.
Speaker Change: My presentation, we highlighted over 10 customers are over the 500, plus Mark are right now in our pipeline, where we're giving vault, we're getting volumes from our customers and the use cases, you can imagine a large organization a large organization even just in one line of business could be.
Are consumers imagine if they then open that to additional lines of business, though of a thing.
Speaker Change: That they open to that same customer base, you can get bigger and bigger. So certainly those accounts can be in our centers are multiple seven figures or it just depends on how many use cases are going to go live with on that particular deal. They go live across the enterprise answer is absolutely yes, if they don't go live with the with the.
Your entire enterprise and they go live use case will eventually get there and that's why we like to use the the the 18 months out metric to allow our technology to be utilized across the organization.
Speaker Change: Thank you.
Uh huh.
Speaker Change: George I see you still have your hand or did you have another question George Sutton.
Speaker Change: Okay.
Speaker Change: Please go ahead and on mute issue too.
Speaker Change: I guess not but if anyone else has any other questions. Please do put them in the in the Q&A or raise your hand.
Speaker Change: Okay.
Speaker Change: The turnaround, perhaps you can talk a little bit about the Tam.
Tam for our current products and.
Speaker Change: How we look in the marketplace. How do you look at the marketplace I should say.
Speaker Change: Although this this gets me excited because this is way bigger than I can ever imagine are very very fortunate that the product that we sell right now today affects consumers employees anybody that does anything digital we can we can absolutely provide a solution there to make sure you are who you say are now would that be.
Speaker Change: He said I always look at the market leaders or at least I look at these public companies who are in similar marketplace campaigns that are in the authentication space and people are familiar with okta, and okta and Gartner and all these people in Forbes the I'll put out their numbers and they say that the market has grown for grown from $18 billion to $50 billion heading to $80 billion.
Speaker Change: In terms of a Tam certainly RFID with love a piece of that and certainly we believe we've carved out a very specialty niche in this program. We've been far ahead of the game.
Speaker Change: The deep Fei demo I showed everybody on the call Nobody's doing that the way we're doing it and we're just maniacally focused on this next generation set of authentication and we're trying to figure out how to make the best user experience possible and we've really been focusing on that and that story has been resonating which contributes to our ability to build pipeline at nine am.
Speaker Change: Or that right I mean, that's if for those who are in sales like we were trying to go for which are built tremendous amount of pipeline in a short period of time for a small company. That's the type of pipeline you build with a larger work and we're trying to do that with a small Oregon, we've been able to do that so pretty excited about that and again you can't build a pipeline of people don't think you have good use cases.
Speaker Change: And you can't build that kind of pipeline. If you don't have a big Tam. So all of these are aligning we're definitely working our butts off but the Tam is massive it's too big to battle.
Ron: Okay. Thank you Ron.
Speaker Change: Our next question is the D&C the quest team. Please on mute yourself and go ahead with your question.
Speaker Change: Yes.
Speaker Change: Ron Great presentation, good explanation of everything.
Speaker Change: I have a couple of questions. One is equifax going to be marketing our services for their customer base.
Speaker Change: There are two phases to this this partnership and so phase one was to be able to bring their services into our arc, our components and our phase II is something that we're trying to do which is the ability to have them resell our products, but we're still working on that and.
Speaker Change: That was not completed where should we we just completed phase one.
Speaker Change: Okay. The other question I have is how many users are there active right now that we're servicing not customers, but the customers that have multiple users. How many users would you say, we're at now and where do you see us being in a quarter or two.
Speaker Change: Yeah.
Tom: Tom's Oki can you answer that I know that we're servicing over 60 customers Iraq and we have a ton of customers that are coming through some of our channel stuff, but do you have the volumes in front of me.
Speaker Change: Exactly but you had been so.
Ron: Ron said, we are about 69 customers currently using it and because we have a mixture of user types. We have the one third day zero, where they come through in the onboard and then those are pass through and hand, it off to the customer and then we have what we call the monthly recurring ones. So it's a mixture of both.
Ron: We can definitely provide some more input but on a weekly or monthly it varies because of that some you have ramp ups on some months, where there's a lot of onboarding activity and then you have those converting over to monthly active users again based on which type of customer rehab.
Speaker Change: Also do you have any idea how the <unk>.
Speaker Change: The user base is looking right now not the customers each customer might have now.
Speaker Change: 10, 20, 200000 users, what's what's that look like.
Speaker Change: Yeah. So I mean, it goes again, so customers we have customers that are ramping up.
As Ron has described in his.
Presentation, they're ramping through there with near use case. So the first step is always Onboarding, which will then can become a monthly active user as we protect and re authenticate those individuals in their accounts. So that process is ongoing we had a group of small legacy set of users that we've been working with for the past.
Speaker Change: Years in our platform and the new customers, we just signed or in that first phase of ramp. So we anticipate those to be growing quite quickly here and we see a lot of traction I don't have an exact number but it is growing quite steadily.
Speaker Change: And in the months so yes, we see a good ramp happening there, but again its an early phase of these use cases. They just went live in Q1, so we're seeing but we're seeing the growth.
Speaker Change: Okay. Thank you.
Speaker Change: Okay.
I'll give another.
Speaker Change: Minute of Sue for anyone who would like to ask a question. We have a few more minutes on the on the call.
Speaker Change: Perhaps.
Speaker Change: We could talk a little bit multiple weisman for additional question. If there is any.
Speaker Change: In terms of the.
Speaker Change: Pipeline and how you see that.
Speaker Change: Converting over the period of the remaining quarters.
Speaker Change: And you want to take that.
Grant: Is that sorry grant can you rephrase. The question is how we see the.
Grant: The pipeline converting over Q2 Q3 Q4.
Grant: In order to reach the $9 million of Bob.
Grant: We are targeting.
Speaker Change: Yeah. So I mean this is what <unk> spoken to you earlier.
Speaker Change: See our pipeline of 21 plus million that we have is that we have currently are converting that into <unk>.
Speaker Change: Into one deals over the balance of this this year from Q2 to Q4 predominantly.
Speaker Change: We will see some.
Speaker Change: Yeah, we will expect some of that that remaining.
Speaker Change: The $9 million to to be coming in Q2.
Speaker Change: And then the majority of it would probably be spread over Q3, and Q4 as we convert that that pipeline and the and the growing pipeline at no additional 9 million a quarter.
Speaker Change: Two.
Ron: You know two tier one deals. So that's our that's the player can have Ron just describe that in a couple of other questions as well.
Speaker Change: Okay. Our next questioner is Andy said Andy. Please go ahead then.
Speaker Change: On mute yourself and ask your question good to hear from you.
Andy: I think I'm on mute it so first of all congratulations to you making tons of progress.
Speaker Change: You said so.
Great really great to see.
Andy: I guess it seems to me that sort of at some level. This is a race to get to.
Andy: The sales and revenue traction against the need to raise money.
Andy: And it feels to me like you probably need to raise money by the middle of this year or thereabouts or be raising it and the sales traction you're projecting really isn't until second half of the year the end of the year.
Andy: Wonder.
Andy: You expressed confidence, but I wonder how much of that is used.
Andy: Is dependent on actually generating the revenue ramp.
Andy: How are you thinking about the confidence you need to raise the next round.
Andy: Yeah. Thanks, Thanks, Andy and good to hear your voice.
Andy: Okay.
The way I think about it in kind of two parts one is.
Andy: This business and with shareholders, who are interested in this business. The first thing that you need to see that we can actually execute and execute on our full plan not just small stuff, but big stuff and be able to scale and to build it to be in that direction, increasing the value of the company in the sense that you can have high level of confidence to do that.
Andy: Fortunately that kind of aligns with our ability to be able to raise money as well. So you need to be able to show. These metrics demonstrate the right behaviors demonstrate the right market.
Andy: Conditions in the market response to be able to even convinced or be successful in a fund raise and so first and foremost our mission has always been leased with with this organization is to prove that this technology has product market fit.
Andy: Not not not only with the booking but to be able to go live and then not only to go live with you they'll be able to start recognizing revenue. So we've been it's been working on that plan and unfortunately, we've only had it in our short up 11 to 12 months to be able to do that.
Andy: We're doing I think we're doing a pretty decent job doing that in very short order. It is no secret, we will need money and funding to.
To do that because the revenue will not offset some of those costs in fact, we're not slowing down in our spend.
Andy: We actually are trying to double down on our spend to some of these cat 100 opportunities that want to use us.
Andy: Need certain capabilities for us to deliver and where we're making those adjustments and changes now, but if you have a limited amount of engineering and Lima resources, then that could delay your opportunity to close some of these fat 100 opportunities. So we're we're obviously, making the right investments to service our customers they want us to make those investments so that they can be serviced by us.
Andy: And so for us.
Andy: It is absolutely a race to be able to do that but we're gonna have to rely on funding.
Andy: The timing is up is up in the air will figure that out because we're being very conscious as well, but there is no secret that we have to raise money.
Great. Thank you.
Speaker Change: Our next question comes from Alan faster at Amyris.
Speaker Change: Ammunition go ahead and ask your question.
Alan Faster: Sure. Thank you very much.
Alan Faster: So and I'm not sure, Iran Might've answered part of this already.
Alan Faster: Previous comment.
Alan Faster: But.
Alan Faster: If you were to get.
Alan Faster: Our customer today.
Alan Faster: How much how much like how much can you on board based on your current capacity.
Alan Faster: Everybody will working full tilt.
Alan Faster: <unk>.
Alan Faster: You don't stay per quarter would you be able to onboard if everybody. We're ready to go is that Florida. This delay as far as.
Alan Faster: Going from <unk> to <unk>.
Alan Faster: Revenue.
Alan Faster: Or do you have the people there and it's.
Alan Faster: Just waiting.
Alan Faster: Or another milestone.
Great question, because it falls in like two buckets that we look at internally as well so when we look at our fat 100 opportunities and actually if you think about the way we separated fast 100 versus the fat the fast 100, where accounts that we knew we can close without having to.
Tremendous amount of effort of the company like re coding things like building features that didn't exist or trying to create capabilities that we just simply didn't have off the shelf. The Fas 100 was our focus to be able to close those deals that didn't need anything special and they can actually use our stop right off the shelf that we can get them to go live and get them to book to be able.
Alan Faster: To get them to revenue and so we saw success with that we did the bookings in 2023, we signed those customers way faster than we have projected in our model and we got them live right around the same time that we projected to get them to get that the mile now with these bigger accounts. These fat 100 these strategic accounts.
Alan Faster: A lot of them actually are using that want to use this stuff off the shelf. So we're hoping that we can actually get them live faster than what's in the model and get them using the technology and we can handle the volume because we actually built our infrastructure to be I'll handle that volume. So we can actually try to get those has provided but then there's a second half of this fat 100 that says.
Alan Faster: Hey, we need to do integrated with this core system well, we don't have that core system, yet, but our engineering teams will have that in the next three months and so those will actually certainly be delayed and in our ability to kind of get that customer onboarding booked and get them live and so we're watching the those two mix.
Alan Faster: But certainly those are the two things that where we're trying to predict internally, but those are the two types of things that we care about them and that's what we're looking at so obviously, we'd like to onboard more customers that can just use our stuff right off the shelf, but we know that large customers are sophisticated they want special things they have way more workflows and departments that that we can.
Alan Faster: Most typical smaller organizations don't have and so we're building those enterprise capabilities to build service those larger customers.
Okay.
Speaker Change: Right. Okay. Thank you.
Speaker Change: Got it.
Speaker Change: Again.
Speaker Change: One of those came in and wanted to get off the shelf like.
Speaker Change: Like how much revenue could you build in a quarter based on the way that you structure today.
Speaker Change: So we when we see customers who have large volumes it fits like a large fintech and we certainly have one in the pipeline right now that's super large.
Speaker Change: Is that the way that that customer moved the way that fintech move they move pretty darn quick which means they can go live in three months.
Speaker Change: So technically if we had a very large opportunity and that Fintech has a great engineering arm and knows exactly what they're doing and it took a swap out. So that was a question earlier are we doing brand new things are weakest, replacing incumbents. The beauty of replacing an incumbent is that all the plumbing is already in place and you just swap out or our API with their API in a way.
Speaker Change: We got so.
There is certainly our capabilities to accelerate that or we don't have it built in our model. So we have acceleration that's great, but we don't build into our model in terms of forecasting.
Speaker Change: Okay. Thank you.
Speaker Change: And we are a little bit over time, but I think we're far for one more question Dean Cederquist has another question Dean.
Dean Cederquist: If you'd like to go ahead and ask your question Yeah real quickly what is the breakdown roughly by industry category of the pipeline they have right now.
Speaker Change: Absurd to say that if you want the breakdown of <unk> by industry type your hospitality fintech retail whatever it is yeah. Yeah, yes, yes. Thank you. Thank you.
Speaker Change: The predominant the predominant a vertical right now is financial services that include banks credit unions payments.
Speaker Change: It is predominantly financial services. The Great News is we aren't we are close we are closing other opportunities like we have.
We have gaming we just it's just another opportunity that we believe is closing soon excuse me in the cannabis space around age verification, but predominantly everything is certainly around financial services, we have hotels as.
Speaker Change: As well.
Speaker Change: But again.
Speaker Change: We in this industry and where we come from and where we see people spending money quicker sooner than later and we're we're obviously the urgency drives from is where people are losing money and financial services.
Speaker Change: As a place for that.
Jim: Thank you Jim I'd, just like to add I did was able to grow in our system sold in the last quarter.
Speaker Change: Processed approximately 500000 users.
Speaker Change: Just in the last quarter.
Speaker Change: That's an impressive number actually and it's growing by.
Speaker Change: That was early and Jacob geometric factors I guess right.
Speaker Change: Quinn.
Speaker Change: Yeah.
Speaker Change: Okay, well. Thank you very much everyone. That's really all the time now we have we're running a little bit over this time and thank you for your patience and your questions around would you like to just wrap up the call.
Speaker Change: Absolutely. Thank you again, everyone for the questions and your time, certainly enjoy that I definitely want to thank our investors for their continued support.
Speaker Change: To be able to bill take off idea to a high growth company that it should be.
Speaker Change: Sure you that we continue to be focused on our mission and to help today's digital enterprises know who's behind the device. Thank you everyone.
Speaker Change: That ends the call. Thank you very much.