Streamline Health Solutions, Inc.

Greetings and welcome to the Streamlined Health Solutions fourth quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jacob Goldberger, Director of Investor Relations, FP&A. Please proceed.

Thank you for joining us for the corporate update and financial results review of Streamline Health Solutions for the fourth quarter fiscal year 2021, which ended January 31st, 2022. As the conference call operator indicated, my name is Jacob Goldberger. Joining me on the call today are T. Green, President and Chief Executive Officer and Chairman of the Board, Ben Stilwell, President and CEO of Evaluator, Javad Shaikh, President and CEO of Ablead, and Tom Gibson, our Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question and answer session. If anyone participating on today's call does not have a full-text copy of our press release announcing these results, you can retrieve it from the company's website at www.3MindHealth.net or from numerous financial websites. Before we begin with prepared remarks, we want to be sure we are clear for everyone on the record how certain information which may be provided today, as with all of our earnings calls, should be viewed. We therefore submit for the record the following statement. Statements made on this conference call that are not historical facts are considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These are subject to risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those we may discuss. Please refer to the company's press releases and filings made with the U.S. Securities and Exchange Commission, including our most recent foreign 10K annual report, which is on file with the SEC for more information about these risks, uncertainties, and assumptions and other factors. As always, we are presenting management's current analysis of these items as of today. Participants on this call should take into account these risks when evaluating the topics we will discuss. Please note, Streamline Health is not undertaking any commitment or obligation to publicly revise any such forward-looking statements made today. On today's call, we will discuss non-GAAP financial measures such as adjusted EBITDA and unaudited figures related to our acquisition of AdLead. Management uses these measures to help provide better insight into our financial performance. However, certain items of income and expense are not included in these measures, so these calculations may differ from those which another entity may utilize in calculating their own non-GAAP measures. To help you compare these amounts on consistent terms, please refer to our website at www.streamlinehealth.net and our earnings release for a reconciliation of such non-GAAP measures to the most comparable GAAP measures. I would now like to turn the call over to T. Green, President and Chief Executive Officer.

Go ahead, T. Thank you, Jacob, and thank you all for joining us this morning. As a reminder, and as we have previously announced, on August 16, 2021, we acquired Avalit, and going forward, their financial performance will be included in our GAAP results from that date. With that, I'll get started. Beginning with the financial overview of fiscal year 2021, we ended the year with roughly $6.1 million of new SAS bookings and $13.9 million of total new bookings. We believe operating conditions within acute care hospital systems are improving as COVID's impact lessens. As a result, we expect to see an accelerated pace of bookings for both Avalib and evaluator solutions. Going forward, we expect our bookings performance to be an average range of $3 to $5 million per quarter through fiscal 2022. We have already achieved this goal for our first fiscal quarter. On an unaudited pro forma basis, assuming we had owned Avalit for an entirety of this and last year, total revenue for the fiscal year 2021 was approximately $22.6 million. a 15% increase compared to approximately $19.7 million during fiscal 2020. Pro forma, unaudited SAS revenue totaled approximately $11.3 million in fiscal 2021, an 82% increase compared to approximately $6.2 million during fiscal 2020. We are pleased to see the significant expansion of our SAS revenue, We continue to focus our resources on the growth of our SAS business. Moving now to our GAAP consolidated financial results for the 12 months ended January 31st. Total revenue for fiscal year 2021 was $17.4 million, a 53% increase from fiscal 2020. Notably, our SAS revenue grew 121% from 2020 to 2021. Recurring revenue accounted for 71% of total revenue in fiscal 2021 compared to 73% for fiscal 2020. We have successfully grown our recurring revenues despite the difficult sales environment our industry has experienced for the past two years as a result of the COVID pandemic. Adjusted EBITDA for fiscal 2021 was a loss of $2 million compared to an adjusted loss of $1.9 million in fiscal 2020. As of January 31st, 2022, we had $9.9 million of cash on hand with $10 million of debt related to a term loan, which we entered into with Bridge Bank, subsequent to the acquisition of Avalit. As a reminder, to close the Avalit acquisition, we utilized approximately $12.5 million of our cash and issued approximately $6.5 million of restricted stock to the sellers. In addition to the closing consideration, We contracted and earned out over the next two sequential 12-month anniversaries of the closing of Avalie that is tied to Avalie's performance and includes a combination of cash and restricted common stock. Our cap table remains clean with only one class of common stock. Tom Gibson, our CFO, will provide additional details about our financials during his prepared remarks. As a company, we continue to follow a simple formula for successful growth. Innovation plus service equals growth. Our goal is to back up our innovative industry-leading solutions like Evaluator and RevID with world-class client success teams to create a community of clients that enhances our potential for long-term revenue growth. Today, our flagship solutions, Evaluator and RevID, are leading an industry movement to help our hospital clients capture 100% of the revenue they have earned for the care they have provided through revenue integrity validation before a bill goes out the door. Our focus on shifting revenue integrity practices to the front end of the revenue cycle yields significant return on investment for our clients and is driving a rapid SAS revenue growth. Over the course of the past six months, we have made significant investments to upgrade Evaluator's direct sales force. And most recently, we brought Amy Severo on board as Evaluator's new chief growth officer. Amy is an industry veteran with four decades of experience improving the financial well-being of healthcare organizations, including 28 years within Thrive. Joining us on today's call are Ben Stilwell, President and CEO of Evaluator Solutions, and Javad Shaikh, President and CEO of Avalanche Solutions, who will be giving updates on their respective businesses. Ben is a motivated leader poised to take Evaluator through its growth phase. Ben has been with Streamline since 2013, and during his tenure has touched every part of the evaluator business. Most recently, Ben was the leader of evaluators' client success function. He is directly responsible for creating an industry-leading customer service experience, enlisting numerous referenceable clients. Ben's relationship with our clients makes him the perfect fit for the leadership position at evaluators. You were previously introduced to Javad Shaikh, President and CEO of Avalit Solutions. Javad and Avalit have made tremendous progress in adopting our winning processes. I'll now turn it over to Ben to introduce himself and provide an update regarding Evaluator. Ben?

Thank you, T, and good morning. I've had the fortune of working with Streamline for the last nine years, gaining exposure to functions across the company, beginning in finance before moving into IT, then sales and business strategy. Over the last two years, I've led our client success team, focused on aligning our client's journey and enabling their financial and operational success. Our clients and prospects are medium to large size hospital systems. They experience persistent challenges in efficiently capturing and accurately reflecting the value of care they provide. This can be attributed to the complexities in coding, a lack of integration in the systems which process and report the coding, in hardships with staffing, While many of the prospective clients we talk to are aware of their hurdles and the potential solutions in the market, they are also very familiar with the disruption that comes with implementing new solutions and changing existing processes. Evaluator helps with many of those problems and does so before bills are sent out the door. Our solution is built on decades of experience in coding and auditing and has been constantly updated for both regulatory changes and hyper-specific scenarios mined from our data. that has been incorporated into our proprietary rules-based engine. An intuitive workflow combined with centralized dashboard reporting empower end users and leadership alike to make agile improvements for efficiency and accuracy. Being cloud-based, our solution integrates directly and easily into coding systems and can be implemented by our clients in under 60 days, enabling remote teams with limited IT resources to achieve their return on investment quickly. One of our newly implemented clients went live in under 60 days and achieved a positive ROI from Evaluator in its initial month. Another client was able to add unbudgeted resources using Evaluator's reporting, which identified substantial missed revenue. Amid a recent staffing shortage, another client turned to us for a process improvement project, and we're able to help supplement their staffing. Our clients are our partners, and they're becoming raving fans thanks to the success they're experiencing with Evaluator. I believe these client stories and references, supplemented with data analysis showing positive ROI to potential prospects, will allow us to expand our client community. As T mentioned in his introduction, Amy Severo has joined our company to lead the growth area of Evaluator Solutions. Amy was previously responsible for SAS revenue in excess of $220 million, as well as managing relationships with over 900 health systems, including 37 of the 40 largest healthcare providers in the U.S. Amy's resume speaks for itself, and we're looking forward to benefiting from her extensive relationships with hundreds of hospital systems and years of experience operating in our industry. Amy's focus is on activating potential clients in the early stages of our pipeline to sign contracts with us. I believe her experience in the market combined with a more normalized environment will accelerate bookings. Additionally, many of the contracts in our pipeline today are, on average, larger than our historical $300,000 annual contract value. As for our recent performance, during the fourth quarter, we signed another North Carolina hospital system, our third. Additionally, we signed a seven-facility Epic EHR health system in Pennsylvania in the first quarter of fiscal 2022. During the fourth quarter, our inside sales team successfully added $11.3 million of total contract value to the pipeline, while our reseller partner channel added an additional 17 new prospects. Before I hand the call back over, I'd like to thank all of our associates at Evaluator Solutions, from software development to client success, services, sales, and finance, for the dedication they have to making sure our clients are successful, and to our clients, who have built a community with one another around bettering their teams, improving financial performance, and providing us the feedback that is making Evaluator better. I will now turn the call over to President and CEO of AdLead, Javad Shaikh, to provide a business update for AdLead. Javad?

Thank you, Ben, and good morning to all. As a bit of a background, and for those of you who are new to our story, I'll begin first with a brief overview of Avalede. Avalede's mission is to put an end to lost revenue for our healthcare providers. As those of you who follow the revenue cycle management space closely, most healthcare organizations are losing millions of dollars every year as a result of clerical errors and the increasing complexity in coding and billing. At Avalede, we've built a suite of revenue cycle solutions born out of our consulting practice that, just like Evaluator, help our healthcare providers capture 100% of the revenue they've earned. Also, just like Evaluator, at Avalede, we go to market through a combination of direct selling and through channel partnerships with industry-influencing EHR leaders. Like Evaluator, our solutions are EHR-agnostic, yet we enjoy a long-standing relationship with Cerner. which has helped drive our growth and help Cerner continue to envelope their clients. Our flagship, RevID, eliminates revenue leakage by ensuring all clinical activities are built. In addition to RevID, we also sell our powerful Compare tool, a comprehensive audit and interoperability software that assists the hospital clients with integration and implementation of RevID and other non-AVLE products within the revenue cycle management space. Additionally, we are in the early stages of rolling out novel cloud-based solutions for different portions of a healthcare provider's revenue cycle management processes that we develop based on client demand. We will keep you apprised of our product development progress in future updates. Today, our solutions and services are utilized in more than 90 facilities, and in every case, we have delivered a significant positive ROI for our clients. Our largest existing client, increased their usage of our solutions by eight new facilities in the first quarter of fiscal 2022. Avalit is at an exciting point in its history. As we continue our mission of enabling hospitals to better capture and accurately build charges through their revenue cycle processes, we made the strategic decision to expand our leadership team to include a chief technology officer and a senior vice president of services. By expanding our leadership team, we are better positioned to provide world-class service to our existing clients while executing on our product roadmap. As a reminder, Avalit's focus for 2022 is to improve the innovation and service components of our business to set the stage for rapid future growth. With that said, growth opportunity in 2022 is to expand our footprint within existing contracted clients. Further, we have an exhaustive list of opportunities through our large channel partner, Cerner. We have successfully worked with Cerner to build our existing client base and pipeline. Within our sales process, we plan to leverage RevID's proven ROI and satisfied client relationships to drive booking and revenue in fiscal 2022. Just like Evaluator, we see opportunities opening up as an impact from COVID retreats within both our direct and partner channels. I'll now turn the call over to our CFO, Tom Gibson, to review our financial results in more detail. Tom.

Thank you, Javad. Total revenues for the fourth quarter of fiscal 2021 were $6 million, a 103% increase over the comparable period of last year. $2.5 million of the increase was attributable to the acquisition of Avali on August 16th, 2021. SAS revenue increased $1.7 million, or approximately 155% compared to the same quarter a year ago. Total fiscal 2021 revenue was $17.4 million, a 53% increase over fiscal 2020. $4.5 million of the increase is a result of the acquisition of Avalese. SAS revenue for fiscal 2021 increased $4.4 million, or approximately 121%, compared to fiscal 2020. Fourth quarter 2021 operating expenses totaled $8.2 million, compared to $4.3 million for the prior year period. $3 million of the increase was related to the acquisition of Avalib. $146,000 of the increase is related to non-routine costs primarily attributable to the acquisition. Fiscal 2021 operating expenses were $28.1 million compared to $17.3 million in fiscal 2020. $6 million of the full year operating cost increase was the result of the Avalit acquisition. The remaining cost increases over fiscal 2020 can be explained by investments in the sales and marketing teams and innovation costs for the evaluator solution. And $2.9 million related to non-routine costs primarily attributable to the acquisition. Loss from continuing operations for the three months ended January 31 2022 was $4,000 compared to loss from continuing operations of $1.6 million for the three months ended January 31, 2021. Loss from continuing operations for the three months ended January 31, 2022 included $146,000 of non-routine costs and other income of $2.3 million primarily related to the acquisition of Avalit. The income of $2.3 million was a direct result of evaluation adjustment on the acquisition liabilities that were set up on the Avalit opening balance sheet. Loss from continuing operations for fiscal 2021 totaled $6.9 million compared to $4.8 million in fiscal 2020. loss from continuing operations for fiscal 2021 included 2.9 million dollars of non-routine costs and other income of 1.9 million dollars each are primarily related to the acquisition of avali the company also recorded 2.3 million dollars of other income as a result of the forgiveness of its PPP loan for the full fiscal year ended January 31, 2022. For fiscal year 2020, the company recorded an income tax benefit of $1.3 million to reduce its loss from continuing operations. Adjusted EBITDA for the fourth quarter of fiscal 2021 was a loss of $299,000 compared to an adjusted EBITDA loss of $122,000 in the same quarter of fiscal 2020. Adjusted EBITDA for fiscal 2021 was a loss of $2 million compared to an adjusted EBITDA loss of $1.9 million in fiscal 2020. Moving to the balance sheet as of January 31, 2022, we had $9.9 million of cash on hand compared to $2.4 million at the end of fiscal 2020. As T indicated in his remarks, the company completed the acquisition of Avalit utilizing approximately $12.5 million of cash and $6.5 million of restricted stock at closing. Under the acquisition agreement, the company will provide additional consideration on each of the next two 12-month anniversaries of the closing date. These will be paid to the sellers in cash and stock and are valued on the balance sheet at approximately $8.8 million. These liabilities are referred to as acquisition earn-out liabilities and are an estimate of the present value of the future amounts that will be paid in both cash and restricted common stock upon the anniversary dates of the acquisition. Subsequent to the closing of the Avalit acquisition, we entered into a five-year, $10 million term loan with Bridge Bank. There is no repayment of the term loan required in the first year following the close. $500,000 is required in the second year following the close, which equates to a $41,667 monthly payment beginning in September 2022. The company maintains its position that the uncertainty related to the effects of the novel coronavirus on the healthcare market prevents us from providing detailed guidance. We are targeting an average go-forward SaaS booking space of $3 to $5 million of TCV per quarter for 2022. The company is well positioned to achieve its target bookings in 2022. Streamline remains focused on continued growth of SaaS revenue. The growth of our SAS revenue tempered on a sequential basis this quarter as a result of an outsized payment recognized in Q3 2021. Going forward, we expect SAS revenue to remain at its current levels in the fiscal first quarter of 2022 before resuming the strong sequential growth that the company experienced through all of fiscal 2021. The company continues to evaluate its consolidated forecast with Avalit. As noticed on our previous update, we are optimistic that the combined entity will reach cash generation by Q3 2023. That concludes my remarks. I will now turn the call back to T. green for his closing remarks. Steve?

Thank you, Tom. As we close out fiscal 2021, I want to recognize the tremendous change that has occurred in our organization over the past 12 months. From our transformational acquisition of Abilene to the new leadership and clients we've added, we have taken major steps forward to drive more diversified recurring revenue streams and better position our company for long-term growth. I'm proud and grateful for the hard work that our teams exhibited through tenuous macro conditions and large scale evolutions of our business. Before we begin our Q&A session, I'd like to once again thank the entire Streamline team for all their hard work and dedication during these uncertain times. Their contributions are essential for us to support our healthcare providing clients and ensure they have the necessary tools to free up time and resources to provide quality care for the communities they serve. Thank you all for your support of Streamline Health and for your support of our vision. Now I'd like to open the call up to your questions. Operator?

At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please while we poll for questions. Our first question is from Matt Hewitt with Craig Hallam Capital Group. Please proceed with your question.

Good morning and thank you for taking the questions. Maybe the first one is if you could provide an update on what you're hearing from Customers and potential customers regarding the sales process, I know that the last couple of years has been incredibly challenging. Hospitals, in some cases, reluctant to bring in new software or even applications or services because of the pandemic, just feeling that their employees are already dealing with too much. But as we kind of exit or appear to be exiting stricter confines, are you starting to see things open up a little bit?

Hey, Matt T thanks. Thanks for the question. Thanks for joining us this morning. Uh, quick answer. Yes. And, uh, you know, you're seeing it in our, in our regional vice presidents, being able to travel again and go on site and have dinners and do presentations live. So, you know, that, that's a, that's an early indicator that, uh, things are beginning to thaw. Another one that I'd point to is our trade shows, like HFMA. We did a Region 5 show and created, you know, just seven-plus opportunities just for evaluator just at that show. I mean, people are reengaging, I guess is the right word, and that's a welcome for sure.

That's great. And then since Ben is on the call this morning, I actually have a couple questions for you. I'm curious, you've been with the firm for a while, but obviously in your new role, have you implemented any changes? And with Amy coming on board, what have you been able to learn since she joined, obviously, in the past month?

Hey, Matt, thanks for the question. So having been in the client success organization for the last two years and seeing um, some good progress, just focusing and putting the client more at the center of things. That's kind of the mentality that I'm trying to bring to our management team. So whether it's getting the development team more in front of the client stories that I kind of mentioned, or getting the sales team more familiar with how our successful clients are able to work. I think that's really started to make a difference and people are more aware of the use cases, which helps define our roadmaps and how we approach prospects. Um, So I think that's the major change that we'll kind of see is in our purpose statement and things like that. It's much more partner and client focused. And then as far as Amy, I mean, I really enjoy working with her so far. She has a good balance of both the art and the science of selling. So on the science side, she's put in place new reporting and dashboard. She has quantitative expectations around trade shows, a prospect fit tool to make sure we're approaching the right health systems, that sort of thing. But like I said, the number of connections that she has in the industry is very helpful. She's already reached out to a number of CFOs just to talk about our market applicability and how we're approaching potential prospects, and then obviously trying to bring the ones that actually do make a good fit for us into the fold more significantly. So she's very helpful on the sales front, but just being on the on the leadership team that we have as well, as we, you know, talk about where the product's going to go over the next couple of years and to find that vision, her industry expertise is, you know, very, very helpful.

That's great. And then maybe one more for me, and I'll hop back into queue. But in the presentation, I think you mentioned that 17 new customers have been added to the pipeline from your reseller channel. Maybe just an update on on which partners you're starting to see some traction with and how quickly those could translate from pipeline opportunities to potential signed contracts. Thank you.

Sure. Yeah, so we have both what we'll call value-added resellers, which there's some level of integration with the technology itself. And they have pretty good footprints, and we see a lot of opportunity there. So right now we're going through the motions of talking to their partners to their sales teams, to their integration teams, some of which we already have integration at a client or two, but trying to expand upon that relationship. I think that one is probably a little bit, it's probably a little bit easier to do because we have a proven use case. And I think we'll see that towards the, I still think it's in probably Q3 or Q4 that we'll see a lot of increase there. And then we have sort of traditional resellers who are are people who are going out on the market. They have relationships, and they have maybe a consulting relationship or something like that already in place, and it's then advising based on the needs that they currently have. That evaluator would be the appropriate product. And so it's a different profile, and so it's probably a little bit longer of a pipeline or a tail, I should say, than the ones that are value-added. But we're trying to hit both of them because we see them as – you know, really a multiplier of growth as opposed to individual relationships that we set up with our direct sales team.

That's great. Thank you very much. Sure.

Okay. Please stand by one second. Our next question comes from Neeraj Gupta with GCI Partners. Please proceed with your question.

Thank you, and good morning, everybody. Appreciate you guys doing this expanded format for this call. Very helpful. I guess my first question, if I could ask, you know, Javon a couple. You know, Javon, can you talk a little bit about, you know, the client expansion that you guys announced recently, this meaningful expansion, what drove that? And could you also just give us a little bit of history on the duration of the relationship just to kind of give us some perspective?

Sure, yes. Thanks for the question, Neeraj. Yeah, the expansion was with an existing client that has actually been getting a lot of value and utilization out of the tool. They've seen the successes that they had They have a large footprint of hospitals. So we were just probably about a third of their hospitals. So we're slowly kind of expanding that, and we've proven it working really well there. And they just want to try and expand that into an additional one of their hospital sets as well, too. So that's what's driving that growth, just our success at their existing facilities, and they're trying to expand it to the rest of their facilities. And they're one of our early adopters. So we've been with this client, or they've been live on our Red Body product for, roughly, you know, over two years.

Okay. So you've had the relationship for two years and with this expansion that you're doing, would you say you're closer to 50% penetrated in the, in the systems, in the system? Is that fair?

Yeah, that'd be accurate.

Okay. So is that another way of saying you got another, you know, you have an opportunity to further double your revenue with this customer over time. And is that, you know, a reasonably likely possibility?

Yeah, it is likely kind of over time as well too. There is different models or different type of facilities and hospitals that they have. So it's kind of a mix. I don't know if there'll be ever be a hundred percent, but it is something that we're going to continue to grow into. And there's still definitely room for more expansion with it, even within that client base.

Okay. And do you think that this client base just, again, just kind of thinking about the opportunity just with one really large customer, do you think that there's an opportunity for other solutions like compare that you announced today to And also, are they, you know, potentially a candidate for evaluator over time?

Yeah, one of the things, our kind of strategy is, like, we're going to do it really well. We're doing it really well with this client and others in doing that kind of land and expand approach because once we have a great relationship with them and we can solve some of the problems, especially some of the things that the industry is dealing with around staffing and then coding issues is obviously one of them as well, too. That just naturally opens the door to add some of the additional products that I mentioned earlier as well as the evaluator to that mix. So that's the strategy and that's the plan, and that will open the gateway to hopefully do that more with this client as well as others.

So another question just about, you know, lead gen, right, or just thinking about, like, piloting. You know, my understanding is you're working on a pretty large pilot right now with another large, you know, health system. Could you just speak to kind of – how that's progressing, um, at this early stage. And, and also, is this something like, you know, how, yeah, how are you driving these relationships? Is this again, an extension of the, uh, the Cerner, the Cerner relationships?

Uh, yeah, I can't go too much into detail. Hang on, hang on, hang on. Yeah. On the, um, yeah, let's, let's go on to the next question if we can.

Okay. Um, all right. Then, um, Maybe one for Ben. Ben, could you speak to maybe just how your experience with Evaluator has evolved over the last couple of years? For us sitting on the outside, it's kind of hard to see what's been going on because we've been dealing with watching from a distance while you guys have been dealing with COVID, etc., but can you talk about kind of the changes that, you know, have you've implemented in the, you've seen implemented in the organization over the last two years period of time and how our go to market is different versus, you know, what it was, um, you know, two years ago and why you feel so optimistic going forward.

Sure. But I would say that the, the clients that we've added in the last, uh, maybe going back three or four years now, um, have been very successful and I think the reason for that is our emphasis on the client success. So we have a team that meets with our clients on a monthly basis to say what's being most effective, how do we make sure that the resources you do have are being able to review the most encounters, the rules that we have, which ones need to be turned on, turned off, and really a level of customization for that client that has heck or high water, they're gonna be successful because you know, we're making sure that they're reviewing exactly the right encounters. And then that feeds back into the features we develop and then the rules we write, et cetera. So I think that has started to really be an additive process. And so the latest clients that we have coming on now are going live in less than 60 days because we don't have any technical barriers to getting them live. And then, you know, we're basically day one, we already have things configured so that they can review the better encounters and it kind of it has just accelerated everything. The thing that I would say is as COVID has gone on, the demographics of the encounters coming through, we've been able to learn from that. But as we come out of, hopefully come out of COVID, we're now shifting the rule sets and we're able to shift the rule sets to a place where we see how those demographics change and really pivot towards that. So I think the clients that we have, they're raving fans, like I said, and they're willing to be references. They want more people within that client community because they see talking to each other and building on that as being a plus. Great.

Thanks so much, guys. You know, appreciate, again, all the updates. And it's nice to see things coming together. Good luck going forward.

Thanks, Meraj.

It appears that there are no further questions at this time. I would like to turn the floor back over to Jacob Goldberger for closing remarks.

Thank you all again for your interest and support of Streamlined Health. If you have any additional questions or need more information, please contact me at jacob.goldberger at streamlinedhealth.net. We look forward to speaking with you all again when we discuss our results for the first quarter of fiscal 2022. Good day.

This concludes today's conference. You may disconnect your lines at this time. Thank you for participation.