Q3 2024 Inuvo Inc Earnings Call
Okay.
Speaker Change: Good day, ladies and gentlemen, and welcome to the New though Inc. Third quarter 2024 earnings Conference call.
At this time all lines are in a listen only mode.
Speaker Change: Following the presentation, we will conduct a question and answer session.
Speaker Change: At any time during this call you acquire immediate assistance. Please press star Zero 40, operator.
Speaker Change: And this call is being recorded on Friday November eight 2024.
Speaker Change: I would now like to turn the conference over it in Italian Rudman of Crescendo Communications. Please go ahead.
Speaker Change: Thank you Elaine good.
Speaker Change: Morning, I like to thank everyone for joining us today for their new one third quarter 2024 shareholder update call today, New those Chief Executive Officer, Richard Howe, and Chief Financial Officer, Wally Ruiz will be your presenters on the call.
Speaker Change: I'd also like to remind our shareholders that we plan to file our 10-Q with the Securities and Exchange Commission. This morning before we begin I'm going to review the company's Safe Harbor statements. The statements. In this conference call that are not descriptions of historical facts are forward looking statements relating to future events and as such all forward looking statements are made pursuant to the secure.
Speaker Change: Litigation Reform Act of 1995. These forward looking statements are subject to risks and uncertainties and actual results may differ materially when used in this call. The words anticipate could enable estimate intend expect believe potential will should project and similar expressions as they relate to a new low Inc. Are as such forward looking statements.
Speaker Change: Investors are cautioned that all forward looking statements involve risks and uncertainties, which may cause actual results to differ from those anticipated binding vote. At this time. In addition to other risks are more fully described and then are those public filings with the U S Securities and Exchange Commission, which can be reviewed at www SEC Gov. The company makes no commitment to this.
Speaker Change: Close any revisions to forward looking statements or any facts events or circumstances. After the date hereof that bear upon forward looking statements. In addition, today's discussion will include references to non-GAAP measures. The company believes that such information provides an additional measurement and consistent historical comparison of its performance a reconciliation of the non-GAAP measures to the most directly compare.
Speaker Change: GAAP measures is available in today's news release on our website with that out of the way I'll now turn the call over to Seattle or a child. Please go ahead rich.
Rich: Thank you and Italia and thanks, everyone for joining US today, we are pleased to report that for the quarter ended September 30th 2024.
Rich: We delivered 23% sequential growth.
Rich: We were down roughly 9% year over year, having come off of the strongest quarter.
Rich: In our history in the third quarter of fiscal year 'twenty to 'twenty three.
Rich: And that quarter was driven in large part by our largest platform clients.
Rich: For the nine months ended September 30th we're up approximately 9% year over year.
Rich: The fourth quarter is shaping up nicely with.
With the first five days of November having averaged roughly $290000 per day in revenue.
Rich: We are currently estimating double digit year over year growth in the fourth quarter.
Rich: Adjusted EBITDA improved to $310000 sequentially I'm at a loss of $357000 in the third quarter of this year.
Rich: We expect adjusted EBITDA to be near breakeven in the fourth quarter.
We have no outstanding debt at the end of September.
Rich: And we have cash and availability from our $10 million of receivables facility sufficient to meet our working capital needs.
In the second quarter I had mentioned that we were in the process of completing a master services agreement with a large retailer.
Rich: And I'm pleased to report that we signed that agreement.
Rich: We have consistently delivered exceptional results for this client and consequently, we do expect this relationship will continue to thrive well into the future.
Rich: As we have discussed.
Rich: In prior calls.
The process for approval by this client was extensive having taken approximately one and a half years from the initial interest.
Rich: Let me now provide some information about our industry a.
Rich: Our clients and our products.
Rich: Let's begin with the industry.
Rich: Our platform products and the services we.
Rich: We we deliver are focused on a very specific component.
Rich: To the advertising ecosystem.
Rich: This market is roughly $6 billion annually.
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Rich: It's designed.
Rich: To extend the reach of these platforms to niche websites, they do not themselves are own or control.
Rich: Over the past year and a half.
Rich: This large market has experienced changes.
And those changes were driven.
Rich: It had.
Rich: I have been a driver of the growth within our platform clients.
Rich: These platform companies, we work with have had a concerted effort to improve.
The return on advertising spend resulting from this marketplace on behalf of their advertisers.
Rich: Now to accomplish this goal these platform companies have reduced the number of companies they work with.
Using instead to focus with a finite set of partners on improving quality through better technology better content.
Rich: And compliance.
And even though it is one of those partners.
Rich: This shift towards prioritizing quality over quantity along with the finite nature of the players in this marketplace.
Rich: Giving us confidence that this component of our revenue has significant potential to scale.
Rich: Among our agency and brand clients are the major shifts continue to center around consumer privacy.
Rich: The browsers that enable that privacy and advertising industry that has long.
Rich: Some would say too long relied on our business model dependent on the exchange and sale of our consumers private information.
Rich: As a reminder.
Rich: Our AI was designed to find audiences without using this consumer data.
Rich: The debate within the industry on this issue is probably best summarized by a statement that goes something like one person tracking.
Rich: Tumor tracking.
Rich: Is another person's consumer personalization.
Rich: Regardless of the debate the movement towards a digital advertising marketplace. We're tracking consumers is no longer possible continues to accelerate both legislatively and technologically.
Rich: Apple with their Safari browser is already there and as I've mentioned on prior calls they control over 50% of mobile browser market share.
Rich: Google with their chrome browser.
Rich: It has been slow to change.
Rich: In August of this year, they announced a shift in their approach to consumer privacy.
Rich: <unk> their intention.
Rich: Empower consumers to make their own choices.
Rich: They have yet to announce exactly how they plan to do that.
Rich: Moving now to our clients.
Rich: Across our platform.
Rich: Agency and brand clients, we are now.
Rich: Actively working with over 100 small and medium sized agencies.
Rich: As it relates to the agencies and brands, we serve as part of our AI and turnkey products.
We signed four new agencies.
Rich: And two new direct clients within the quarter.
Rich: While also adding six new brands with.
Rich: With existing agencies.
Rich: These new clients were in sectors that included the healthcare Entertainment education.
Rich: The nonprofit and technology.
Across those agency and brand clients, we outperformed our kpis for those clients on average by 43% in the third quarter growing this component of our revenue by 15% year over year.
Rich: One of our larger clients and auto manufacturer is currently forecasted to be up roughly $1 $3 million this year.
Rich: The large retail client I had mentioned earlier.
Rich: We'll be up tenfold in.
Rich: In the fourth quarter as compared to the first quarter of 2024.
Rich: When we first started working with them.
Rich: Based on our current booked business.
Rich: We are forecasting this agency and brand component of our revenue to be up sequentially in the fourth quarter.
Rich: Our platform relationships remain a strong driver of our growth and working capital for our company.
Rich: While revenue from these clients were down 12% this quarter compared to last year's strong performance.
Rich: This part of the business is scaling well and.
Rich: As we head into Q4.
Rich: It is also forecasted to be up sequentially in that quarter.
Rich: We also made.
Rich: Progress selling our intent key self service product during the third quarter.
Rich: This aspect.
Rich: All of our product strategy allows clients to generate.
Rich: And target audiences within their own campaign platforms.
Rich: While this remains a small component of our overall revenue today.
Rich: In the quarter, we secured a number of notable brands.
Rich: Within hospitality technology, and the auto sectors.
Rich: As we have mentioned in prior calls along with growth.
Rich: Self serve product is an important component of our drive towards being cash flow positive because the margins.
Rich: In this part of our business are significantly higher than when we deliver our technology along with campaign services.
Rich: Let me turn now to our products.
Rich: Early in the first quarter of 2025, we plan to announce and launch enhanced capabilities within <unk>.
Rich: The self serve AI products.
Rich: Offering media buyers.
Rich: <unk> Prentiss precedented set of tools and.
Rich: And an ease of use within advertising.
Rich: These new capabilities should allow a new bow to scale more easily across both the upper and lower ends of the AD Tech market.
Rich: As I have discussed on prior calls.
Rich: Our AI is a disruptive technology within advertising.
Rich: It's an intelligence that has and continues to capture the wisdom of humanity is represented in the billions of pages of content available across the internet.
Consequently.
It already knows things about any product servicer brand. However.
Rich: However.
Rich: To implement this technology.
Rich: The AI also needs to be ceded with information that guides, but does not define ultimately its audience choices.
Rich: Prior to this new launch which is being tested now.
Rich: When a self serve client has signed up a new low itself.
Rich: You have to see.
Rich: to seed the AI with information captured as part of the discussions with the client.
This, not surprisingly, caused some bottlenecks.
The End
Rich: and or provide the AI with a series of URLs that have content in them that may describe their product for example or their competitive landscape.
Rich: or for that matter, any other contextual information that they can provide related to the target markets they want to attack.
With this information alone,
Rich: which is captured now in this new version of the self-serve product in an easy-to-use interface.
for any product, service, or brand.
Rich: and be instantly able to action that audience within the client's platform of choice.
Rich: There is simply no other ad tech competitor even close to providing this level of efficiency, flexibility, ease of use, and as we've seen now for quite some time with the performance of the intent key and market, the actual performance.
for those clients.
Rich: We will definitely talk more about this on our year-end call.
Speaker Change: At this time, I would now like to turn the call over to Wally for a more detailed assessment of our financial performance within the quarter. Wally?
Thank you, Rich. Good morning.
Wally Ruiz: I'll recap the financial results for our third quarter of 2024.
Wally Ruiz: NUVA reported revenue of $22.4 million for the third quarter of 2024, down from $24.6 million for the same period last year. That's a 9% decrease year-over-year as we had expected.
Wally Ruiz: However, revenue in the current quarter is 23% higher than the previous sequential quarter.
Wally Ruiz: The higher revenue in the third quarter last year was due to a new product launch with our largest platform client which experienced rapid growth during the third quarter last year before being scaled back in the fourth quarter in an effort to improve advertiser performance.
Wally Ruiz: In the third quarter of 2024, 83% of our revenue came from platform clients, with the remaining 17% from agencies and brands.
Wally Ruiz: We expect revenue from agencies and brands to increase as a percentage of the total for the remainder of this year.
Wally Ruiz: Cost of revenue was 2.6 million dollars in the third quarter of 2024 compared to 2.3 million dollars for the same period last year.
Wally Ruiz: Cost of revenue is primarily composed of media payments made on behalf of our agency and brand clients, and to a lesser extent includes payments made to website publishers and web developers that host our advertisements.
Wally Ruiz: The gross profit margin for the third quarter of this year was 88.4% compared to 90.7% for the same period last year. The decrease in gross profit this year was mainly due to lower revenue.
Wally Ruiz: We anticipate a slight decline in gross margin in the fourth quarter of this year due to a higher proportion of revenue coming from agencies and brands.
Wally Ruiz: Operating expenses for the third quarter of 2024 total $21.7 million compared to $23.5 million for the same period last year. All components of operating expenses were lower this year compared to last year.
Wally Ruiz: Marketing costs were lower primarily because of lower revenue from platform clients.
Wally Ruiz: This quarter's marketing expenses included a one-time, non-cash, impairment charge of $600,000 related to a 2021 referral and support services agreement that is no longer in use.
Ahem
Wally Ruiz: Compensation expense for the third quarter of 2024 was 3.1 million dollars compared to 3.5 million dollars in the same quarter of the prior year. Compensation expense was lower in the third quarter of this year compared to the same quarter last year, due primarily to lower stock-based compensation.
Lower Incentive Expense and Lower Commission Expense
Wally Ruiz: At the end of the second quarter, we eliminated 13 positions in an effort to reduce expenses through the elimination of redundant roles.
Wally Ruiz: Our total employment, both full and part-time, was 82 at the end of the third quarter of 2024, and that's compared to 86 people at the end of the third quarter of the prior year. We plan to add three salespeople by year-end.
The reduction reflects collections resulting in lower doubtful account expense.
Wally Ruiz: improved collections along with lower professional fees and amortization expense, lower amortization expense.
Wally Ruiz: Net interest expense was approximately $101,000 in the third quarter of 2024 compared to a net interest income of approximately $20,000 in the third quarter of last year.
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Wally Ruiz: Net loss in the third quarter of 2024 was $2 million or 1 cent per basic and diluted shares.
Wally Ruiz: compared to a net loss of 1.2 million dollars or one cent per basic and diluted shares for the same period last year.
Wally Ruiz: The net loss this year includes 1.6 million dollars of non-cash expenses.
Wally Ruiz: For the first nine months of 2024 compared to last year, the net loss has improved by $2.1 million.
Wally Ruiz: Adjusted EBITDA loss in the third quarter of this year was $357,000 compared to an income of $32,000 in the same period last year.
Wally Ruiz: For the first nine months of 2024 compared to last year, adjusted EBITDA has improved by $2.4 million.
Wally Ruiz: As of September 30th of this year, we had cash and cash equivalents of $2.6 million. And in July, in the third quarter of this year, we secured a $10 million asset-based working capital line of credit. And as of September 30th, there was no debt outstanding.
Wally Ruiz: Our capital structure is composed of 140 million approximately common shares, outstanding, and 12 million employee-restricted stock units, outstanding.
Speaker Change: The company has reduced its cash burn during the nine months of 2024 compared to the nine months of last year by 227,000 and expects further improvements in the fourth quarter. With that, I'd like to turn it back to Rich for closing remarks.
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Wally Ruiz: Thanks, Wally. We grew roughly 9% in the first three quarters of 2024 compared to the prior year. And while we were down year over year in the third quarter, coming off a strong prior year comp, we expect to be back up year over year at double digits in the fourth quarter.
Wally Ruiz: Over the first five days of November, we have in fact averaged, unaudited, over $290,000 per day.
Wally Ruiz: We continue to execute on a multifaceted strategy that includes the expansion of our markets.
Wally Ruiz: which is noted in my earlier remarks, we are achieving by offering both self and full-service offerings.
Wally Ruiz: We continue to lean into our market advantage, which is the ability to quickly identify and target audiences without using a consumer's personal information.
Wally Ruiz: Additionally, we continue to enhance our sales and service teams by upgrading the former and better organizing the latter.
in a manner that incentivizes both growth and retention.
Wally Ruiz: We have strengthened our enablement and marketing functions, putting ourselves in a stronger position to support sales and better communicate our value proposition.
Wally Ruiz: Furthermore, we have refined our messaging to clearly highlight our strengths and value proposition to clients and investors alike.
Speaker Change: I will now turn the call over to the operator for questions, operator.
Thank you so much presenters.
Speaker Change: And ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised.
Speaker Change: And should you wish to decline from the polling process, please press the star followed by the number two. And if you're using a speakerphone, please lift the handset before pressing any keys.
and one moment please for your first question.
Speaker Change: And our first question comes from the line of Brian Kinslinger of Alliance Global Partners. Please ask your question.
Speaker Change: Great, thanks so much. I have a bunch. Maybe I'll ask a few and they get back in the queue. You talked about the retailer and the car manufacturer, you touched on them. The last quarter, you also mentioned a large technology company as a new mega brand customer. Can you provide any updates on that third customer that you discussed?
Speaker Change: Um, give me some more context on the, on the, on the technology.
Speaker Change: Last quarter you talked about three mega brands using IntentKey and so you were kind of highlighting how you had to penetrate those and that was the key, so I think we talked about two of them, which I'll get to, but I kind of wanted to understand if
There was any progress on that large technology brand.
Speaker Change: Yeah, so Brian, I'd have to go back and look exactly at what my comments were there, but based on the way you're phrasing it, I think I was really referring there to, you know, our largest platform client, which is a large technology company, one of the largest in the world.
Speaker Change: Got it. Okay. Now, with that said, you know, we are making progress and we have signed up actually some other what might be called, you know,
Speaker Change: In fact, they more than be called they are large technology companies, they're still small, you know, in terms of their, let's call it revenue contribution to Anuvo, but we are definitely working in the technology sector.
Speaker Change: Well, then let's touch on the retailer and the car manufacturer, which you kind of touched on their growth and kind of expectations
What are they communicating on performance and
Speaker Change: If it's going really well, which I assume it is based on the metrics and KPI's you're performing against
Speaker Change: Are they already from a high level talking about increased market share in the years ahead?
Budgeting for clients
Speaker Change: tends to happen in the fourth quarter late in the fourth quarter early in the first quarter for any given year.
Speaker Change: So, yeah, there's always ongoing dialogue with clients about what could be, let's just say in 2025 as compared to 2024, but most of the time at this time of the year, you know, everybody's just focused on maximizing the.
Speaker Change: return on investment associated with the, you know, the so called, you know, Halloween, Thanksgiving and Christmas seasons, which, you know, are typically the largest parts of the year for people. What I will say is, what I've said,
Speaker Change: Continuously. The KPIs we're delivering for clients including the you know these ones that you're mentioning are outstanding and and I will go on record once again in head-to-head
Speaker Change: In fair head-to-head testing against any, any, capital any, other technology used to find and target audiences, we will win.
Speaker Change: So it begs the obvious question I think I've asked so many times, what will it take for your client base that's already using Anuvo and outperforming the competition
to dramatically increase their usage of your technology.
What do you think? When and how did that happen?
Speaker Change: Two things are necessary to to accelerate that. One is relationships.
Speaker Change: You know, it's probably the biggest catalyst to, you know, accelerating the relationship.
Speaker Change: So that's why we've been investing in that with our sales teams and with other relationships we have. We know if we can get in with people and build a relationship with them where we're not being thwarted by the plethora of competitors, those relationships will grow.
Speaker Change: And then the second thing is, is, is fear of change.
Speaker Change: You know, so, you know, whenever you've got, you know, a disruptive new technology and whenever you've got markets changing, you know, the people involved in those decisions, you know, have this aversion to change.
Speaker Change: So those are the two things, Brian, and we're working on both.
Speaker Change: So that leads to the obvious next question and then I'll get back in the queue because I do have other questions but you talked about looking to hire three new sales people. Have you hired any yet in the fourth quarter and talk about the ideal candidate and how you find that person?
Speaker Change: I'm not sure if we've hired one in the fourth quarter. I think we probably did. Wally might know the answer to that. So after I'm done talking, he can he can opine on that. But we've hired, you know, a number of new ones. And we've, you know, we've changed out some other ones.
Speaker Change: You know, as I mentioned, and you know, we've been trying to do the best we can to get the best people possible. The combination of skills.
Speaker Change: You know that we look for, well, there's a plethora of things you look for when you're trying to hire the right, you know, the best salesperson, but going back to the prior question you asked.
Speaker Change: One of the things that, you know, that we look for quite extensively is, you know, what kind of relationships do they possess, you know, and are those relationships long standing and trusted, because that matters.
Speaker Change: So, you know, we care a lot about those relationships that salesperson, you know, comes to the table with. And then the second one, you know, would probably be categorized in the bucket of skills.
Speaker Change: You know, that I'll describe as being, you know, consultative, you know, if you're going to position, you know, you know, technology within the ad tech world,
Speaker Change: It's unfortunately for salespeople complicated you know there's data and there's analytics and there's segmentation and there's you know there's campaign platforms and there's
Speaker Change: There's IP addresses and cookies and I mean the list goes on and on and on and on. And so to do a really good job, you know, selling any product in this industry sort of demands that you understand.
How things work.
Speaker Change: and those skills are hard to come by. So we kind of look for the two is the answer. The long drawn out answer to your question is, you know, strong relationships and an individual who has a strong understanding of how things actually work. That would be the two main characteristics.
Great. Thank you. I'll get back in the queue.
Okay, Brian.
Speaker Change: Thank you so much. And your next question comes from the line of John Heckman of Vattenberg. Please ask your question.
Hold on, your mic is down.
Yeah. Rich, I was just wondering,
Rich: Like what the, I don't know, like the M&A landscape looks like in in your portion of the ad tech world.
Rich: Is there a lot of activity going on? Do you feel like there's targets for you to acquire? Or are you a target?
The
Speaker Change: I'll ask, I'll answer the last one first. I think it's, it could be both, you know, if we, of course, the, the, the sort of limitation for us to be an acquirer.
Speaker Change: is, you know, a balance, our balance sheet doesn't, you know, doesn't allow us
you know, freely to be able to do that.
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Speaker Change: And there, of course, would be dilution associated with that, which we're very sensitive to on behalf of our shareholders. So acquiring things, yes, we look and there are targets out there that are interesting. And we'll, you know, we're having, you know, ongoing dialogue all the time with with potentials for that. The latter, you know, us being acquired, I think, is also, you know, a possibility.
Speaker Change: So, you know, if you, you know, if you look at, you know, the capability we have and the disruptive nature of it, and quite frankly, the patents we've got and.
Speaker Change: and the reality that we're the only large-language generative AI built for this use case, solving probably the industry's biggest problem. Yes, I think you know in the next...
Speaker Change: you know whatever period and however a person wants to define it.
Speaker Change: and there'll probably be increased interest. With that said, you know, there's been, you know, companies that we talk to all the time who
Speaker Change: you know, want to talk to us, you know, or trying to learn about what we have. So I think it's both, John, there's nothing imminent, right. But but as you would expect, as our shareholders would expect us to do, we're always having those conversations.
Speaker Change: Okay, one more for me. You know, you have 140 million shares outstanding, give or take. Is there any discussion at the board level of maybe a reverse split so that...
The share account was
Speaker Change: A little less than the share price, maybe a little higher.
Speaker Change: I think, you know, so, you know, as you would expect the answers, yeah, we talk about these things on a routine basis, you know, in our board meetings.
Speaker Change: and I, you know, the analysis for that is not simple. So, you know, contrary maybe to folks who haven't, you know, taken a look at this and looking at the history of it, you know, the history being defined by companies that have done it.
They're sort of mixed.
Speaker Change: results in terms of, you know, whether or not it worked out in a positive way or in a negative way. So the answer to the question is, if we ever do choose to do this, we would do it under the guise of, you know, very
Speaker Change: Comprehensive analytics that sort of, you know, make sure that when and if we do do it, that it doesn't yield, you know, I guess, you know, a bad outcome.
Okay, thank you.
Good night. Thanks, John.
Speaker Change: Thank you so much. And we have a follow-up question from Brian Kinslinger. Please go ahead.
Speaker Change: Yeah, Greg, over the last few quarters I think you and I in this call talked about advertising and obviously you have a limited capital but the importance of the effectiveness. I wonder
Speaker Change: Looking backward, if you could talk about maybe over the last 12 months, the effectiveness of your marketing and advertising, and do you need to make changes, do you need to keep doing what you're doing because it's working? Just maybe talk about that, please.
Speaker Change: Yeah, sure. So we've already talked about the fact that, you know, one of the key components to that is the people we have out in the field. And so, you know, we brought, you know, Barry, you know, former CEO of an agency in to help us with that. And he has done a great job at, I'd say, you know, improving the professionalism of this part of our
Speaker Change: GoToMarket. Now there are lots of other things we can be doing on the sales side that we are in fact doing. One of which points back to the other question you asked about some of the things that matter and relationships matter.
Speaker Change: So I will say this, Brian, you know, we have, we have contracted with
recently, some other individuals
Speaker Change: you know, who, let's just say, have broad relationships within the advertising ecosystem. And so we brought them on as consultants to help us.
Speaker Change: make introductions, you know, leveraging, you know, the strength of their relationships to to help us do that, recognizing that that's so important, you know, to this to this.
scalability, if you will, of what we can do.
with marketing specifically, the marketing stuff.
You know, one of the things that we, we find
Speaker Change: effective in this new world we're living in where as I said earlier it seems like you know buyers don't want to have face-to-face meetings or at least not as many as they used to.
Speaker Change: We have found that conferences, you know, work pretty well for us because, you know, while people don't want to have face-to-face meetings, they do attend the conferences.
Speaker Change: These conferences, you know, become a really good place for us to network and make those relationships. And I'm pretty sure we attended six of them in the third quarter, just as a side note to give you some sense of the scale of the operation there and us leaning into that part of our marketing activity. In addition to that,
You know, we've been quite successful at getting ourselves
Published.
Speaker Change: and, you know, industry, reputable industry, you know, trade magazines, who, you know, have a desire to talk about, you know, artificial intelligence and
Speaker Change: and advertising. And we're clearly, you know, if not the quintessential company, one of the quintessential companies at that intersection.
Speaker Change: And so, I think in the third quarter, if memory serves, we had three.
Speaker Change: of those articles published about us. So, you know, that's an increase. We've also seen a pretty strong increase in the number of people who have subscribed to Anuvo on LinkedIn. We've been pretty active.
within LinkedIn at trying to reach marketing and advertising professionals.
Speaker Change: and, and consequently that's working. So I think we have both.
Speaker Change: I don't know, 7000 ish subscribers now, you know, who we, we push.
Speaker Change: you know, information about a new vote to I mean, in fact, we have a newsletter that goes out, I think it's monthly. And there's 1000 or so people, you know, 1000 advertising and marketing professionals subscribe specifically to that newsletter alone.
Speaker Change: that we push that to. And all those those numbers are going up, if you will. So forgive the long answer, but I want it to be thorough.
Speaker Change: Great. The last question I have, I think you said you added 50 brand customers through agencies and two new direct logos.
How many...
Speaker Change: Customers or brands, are you actively serving maybe on a quarterly basis right now?
Can you share that?
Speaker Change: Yeah, that's a good question. I'm not sure I know the answer to that. We probably should follow up afterwards and tell you that so I don't say something wrong.
Okay.
All right, great. Thank you.
You bet. Thanks, Brian.
Speaker Change: Thank you so much and there are no further questions at this time. I would like to turn it back to Richard for closing remarks.
Richard Howe: Thank you so much presenters and ladies and gentlemen. This includes today's conference call. Thank you for participating and you may now disconnect. Have a great day.
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Richard Howe: Okay.