Convey Health Solutions Holdings, Inc.

Good afternoon and welcome to Convey Holdings Parent Inc's second quarter 2021 earnings conference call and webcast. All participants will be in a listen-only mode throughout the presentation, but after the presentation has concluded, there will be an opportunity to ask questions. If you'd like to register a question, please press star followed by one on your telephone keypad. Please note this event is being recorded. Leading the call today is Stephen Farrell, Chief Executive Officer, and Tim Fairbanks, Chief Financial Officer. Before we begin, we would like to remind you that certain statements made during this call, including during the Q&A, will be forward-looking statements pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to known and unknown risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by such forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include those in the risk factors section of the financial prospectus for the company's IPO filed with the SEC on June 17, 2021, and its other filings with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, please note that the company will be discussing certain non-GAAP financial measures that it believes supplement investors' and other readers' understanding and assessment of the financial performance of the company. More information on these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in the press release that is posted on the company's website or furnished on Form 8K with the SEC. With that, I'd like to turn the call over to Convey's CEO, Stephen Farrell. Please go ahead, Stephen.

Thank you. I'd like to welcome you to our first earnings call as a public company to discuss our second quarter 2021 financial results. Although we are disappointed with the stock performance since the IPO, we believe that revenue and adjusted EBITDA growth will eventually be rewarded by the public markets. Let me start with what we've been doing since the IPO. First and foremost, we are focused on increasing revenues and adjusted EBITDA, and the excellent results we achieved in the second quarter of 2021 highlight that commitment. As you know, management elected to purchase almost $2 million in stock shortly after the IPO. So we are committed, and we have put our personal capital to work. Third, we will be meeting over the next two weeks with potential new investors. Our story is complex, and we plan to work hard to make sure investors know and understand the story. Fourth, we intend to participate in the Morgan Stanley Conference next month. I want you to know that we appreciate your patience and we are working hard to create value for shareholders and customers. I'm joined today by Tim Fairbanks, our Chief Financial Officer, and John Steele, our Executive Vice President of Technology. While we had the opportunity to meet with many of you over the last several months, I thought we should start the call by providing some background on Convey, as well as some high-level thoughts on our quarterly performance, our growth strategy, and our 2021 guidance. Tim will provide more details on our financial results before we open the call for questions. So who are we? We're a specialized healthcare technology and services company that helps Medicare Advantage plans increase their revenue and reduce expenses. We improve health plan operations through our technology that both streamlines complex processes and improves member engagement. We sit at the intersection of the health plan and the health plan member. We help the member access their benefits and help the health plan administer benefits to the member. Our clients include eight of the top 10 health insurance plans with an average relationship of over eight years, and we address 19% of the Medicare Advantage population. Our team helps millions of health plan members navigate the complexity of Medicare Advantage and Medicare Part D. We believe we have an entrenched client base, an established leadership position in Medicare Advantage, and a recurring revenue model that gives us great insight into future revenue and earnings. We operate in large and growing markets, and when our clients grow, we are the beneficiaries of that growth. We believe that the Medicare Advantage market will grow at a 7% rate annually for the next four years. We serve approximately 160 clients, including most of the market leaders, and the demand for our technologies is strong. The average age of the U.S. population is increasing, and value-based systems like Medicare Advantage are growing in popularity. We think there will be more government involvement in healthcare over time, and that will lead to expansion of Medicare Advantage programs. The microeconomic and macroeconomic tailwinds in our business are excellent, and we expect to grow our business in excess of market growth over the long term. We believe we have a $7 billion white space opportunity for our existing technologies in our existing clients. If we did not add new technologies or new customers, we could still grow to more than 25 times our existing size. This is our sweet spot for the next few years. Of course, our intent is to add additional technologies and additional services to our platform. As we do that, our total addressable market expands to $77 billion. Expanding into Medicaid or commercial insurance would increase our addressable market opportunity to over $200 billion. We've already identified meaningful cross-sell opportunities across our tech-enabled solutions and advisory services businesses, and we have a proven track record of driving greater efficiencies than our competitors. We have purpose-built technology, which is designed to be used in the Medicare Advantage and PDP markets. We have developed technology for the government sector. We haven't refit commercial technologies to work in the more complex and highly regulated government sector. As a result, we think we are able to produce a higher quality result for health plans at a significantly lower total cost of ownership. Since we have purpose-built technology, we should have a competitive advantage as it allows us to deliver high quality at a lower total cost. We operate our business in two segments, technology-enabled solutions and advisory services. Both are growing nicely and are meaningful contributors to our top and bottom line growth. Our advisory practice is the tip of the spear for us, keeping us close to market trends, identifying new technology opportunities, making introductions for our technology team, and closing technology sales. Our technology segment, which is over 80% of our net revenues to date, streamlines the administration of Medicare Advantage and PDP plans, improves member engagement and clinical outcomes, and identifies gaps in quality of health plans so that health plans can optimize revenue and data integrity. We have good line of sight on future revenue and strong retention rates, so it's a powerful business combination. We have great technology, great people, a growing market, and a strong recurring revenue model. We think we have good line of sight on future revenue and strong retention rates, and that dramatically improves our ability to grow and to forecast. We believe that our business model is strong and predictable because we have long-term relationships with clients and strong recurring revenue. This is a complicated business, but one we intend to help investors understand. How do we compete in the marketplace? Let's talk about sustainable competitive advantages. First, as I mentioned already, we have purpose-built technology designed for the government sector. Second, we have a history of showing our clients that we add value and we have great solutions for them. We're a trusted partner, as evidenced by our eight-year average tenure with our top ten clients. Third, we have managed to combine the cultures of an advisory team and a technical operating team in a manner that yields excellent outcomes for clients. Finally, we have a strong and dedicated team that is committed to our clients. So what are our building blocks for sustainable growth? First, we believe that the Medicare Advantage market will grow at a 7% rate for each of the next four years. Second, we believe we have a $7 billion white space opportunity with existing solutions and existing clients. We are only scratching the surface of what our clients could purchase from us. Third, we are bringing new products and offerings to the market through internally developed solutions and expansion of existing solutions. We think the larger providers, like us, will win over time because health plans want to consolidate vendors and simplify their go-to-market strategy. The more we can offer, the better. Fourth, we are beginning to sell into adjacent markets like managed Medicaid and commercial. Fifth, we will consider adding additional capabilities to supplement our internally developed solutions. Our M&A pipeline remains active. We have a history of accretive acquisitions, having acquired three businesses over the past four years. We have a great team and great products and a growing market, so we will be disciplined regarding our M&A approach and strategy. However, I know that our clients look to convey for value-added technology solutions, so it makes sense to both build out those capabilities internally and to acquire solid and profitable solutions to support our organic growth. Our approach to the market is paying off. We have had a great first half of the year, achieving net revenues of $157.9 million and adjusted EBITDA of $31.1 million. For the full year, we expect net revenues to be in the range of $330 million to $340 million and adjusted EBITDA to be in the range of $66 million to $68 million. The midpoint of our revenue and adjusted EBITDA guidance ranges for the full year of 2021 represent year-over-year growth of approximately 18% and 30%, respectively. Tim Fairbanks, our Chief Financial Officer. John Steele, who is also with us today and who runs our technology segment. Kyle Stern, who runs our advisory practice, and I have been with Convey or a subsidiary for more than 50 years combined, so we know the company. We're supported by an advisory team plus an outstanding team of operating and technology leaders, so we know the market. We have extensive public company experience, and we're fortunate to have a business model that we believe yields consistent growth and predictable results. Before I turn the call over to Tim to review our financial results, I want to thank our employees for their hard work and dedication. I'm proud of our accomplishments and the great technology platform we've built, and I think we have a bright future.

Tim? Thank you, Steve, and thanks to everyone for joining the call today. I want to provide some highlights from our IPO, review our second quarter financial performance, and then provide details regarding our newly issued 2021 financial guidance. We completed our initial public offering on June 18th, where we raised gross proceeds of approximately $163.3 million through our primary offering of 11.7 million shares. The aggregate net proceeds to us were approximately $146.1 million after deducting underwriting discounts, commissions and other offering expenses. We used $131.5 million of the net proceeds to repay outstanding debt. Following our IPO, we had $21.4 million in cash and cash equivalents and $39.5 million available on our credit facility. Our total debt was $192.6 million, excluding unamortized costs of $3.3 million. Moving to our second quarter 2021 financial performance, we produced strong financial results. Our net revenues were $75.2 million, an increase of 22% over the second quarter of 2020. Technology-enabled solution segment revenue was $61.4 million during the second quarter, an increase of approximately 18% from $52.1 million during the prior year's quarter. Primary drivers of growth were 19% and 22% revenue growth in health plan management and data analytics, respectively. Advisory services segment revenue was 13.9 million during the second quarter, an increase of approximately 47% from 9.5 million in the second quarter of 2020. We remain encouraged by the strong growth in advisory services as many of our clients have reengaged since last year's COVID-19 lockdown. Net loss was 13.1 million compared to a net loss of six million for the second quarter of 2020. However, the net loss in 2021 included $15.2 million of costs in connection with our IPO. These costs included $7.9 million for a prior act's D&O insurance premium, $5 million of expense related to the June 21 extinguishment of debt, and $2.3 million related to the one-time termination of a management services agreement with TPG. Adjusted EBITDA was $15.2 million for the second quarter of 2021, a 63% increase from $9.3 million in the second quarter of 2020. Adjusted EBITDA margin improved over 500 basis points year over year to 20%, driven by improved operating leverage in our technology segment and high utilization in our advisory segment. Second quarter interest expense was $6.4 million as compared to $4.6 million in the prior year period. The increase was mainly attributable to the incremental term loans in April of 2020 and February of 2021. We recorded a tax benefit of $5.2 million as compared to a $1.5 million tax benefit for the prior year period. Our effective tax rate before non-recurring items was approximately 27.8%. The non-recurring item relates to the creation of foreign tax credits. On a year-to-date basis, consolidated revenue was 157.9 million, representing a 25% growth over the first six months of 2020. On a year-to-date basis, adjusted EBITDA was 31.1 million, representing an 81% increase over the first six months of 2020. This significant year-over-year profitability increase was driven by a recurring revenue model, high customer retention, and better-than-expected operating leverage. These adjusted EBITDA growth rates will be impacted in the second half of the year by implementation costs related to a significant client upsell, which we won last year, and will begin producing revenue in January of 22. In addition, we have incremental public company costs this year that were not included during 2020. However, the midpoint of our adjusted EBITDA guidance range represents 30% growth over full year 2020. Moving to balance sheet and cash flow items. As of June 30, 2021, cash and cash equivalents totaled $21.4 million, and we had $39.5 million available on our revolver. Total debt, excluding unamortized costs of $3.3 million, was $192.6 million, while net debt was $171.3 million. Net cash used in operations during the six months ended June 30, 2021, was $21.1 million. Our use of cash was mainly driven by a $7.9 million non-recurring three-year prepayment of D&O insurance, $10.3 million for the final contingent payment related to the TPG acquisition, and $1.6 million of public company readiness costs. Cash used for capital expenditures and capitalization of software development costs were $6.3 million combined for the first six months of 2021. Cash received from financing was $3.3 million. Aside from the net IPO proceeds and pay down of the term loans, we paid the final earn out due to the previous shareholders of Healthscape Advisors LLC as outlined in the acquisition agreement. Lastly, on July 12th, we amended our credit agreement reducing the applicable rate as defined in the credit agreement for Eurodollar rate loans from 525 to 475 basis points and reducing the floor for the Eurodollar rate from 100 to 75 basis points. These changes represent a 75 basis point decrease in our interest rate moving forward. To close our remarks today, we are proud to have reported 63% year-over-year adjusted EBITDA growth in our first quarter as a public company. As Steve mentioned, we expect net revenues for 2021 to be between $330 and $340 million and adjusted EBITDA to be between $66 and $68 million. At the midpoint of these ranges, this would represent an 18% increase in revenue and a 30% increase in adjusted EBITDA over 2020. Finally, I want to thank all of our employees for their hard work and dedication to Convey. Operator, we're ready to open the call to questions.

Thank you. If you'd like to ask a question, please press star followed by 1 on your telephone keypad now. If you'd like to withdraw your question, please press star followed by 2. And when preparing to ask your question, please ensure that your phone is unmuted locally. Our first question comes from Richard Close of Canaccord. Richard, please go ahead.

great uh thank you congratulations on your first earnings report here uh tim um maybe on gross margins uh was there anything um specific in there maybe one time in nature um that occurred during the quarter and how should we think about gross margin on a go forward basis

Yeah, hi, Richard. Thanks for the compliments. Yeah, so there were one-time items. Obviously, those gross margin percents are unadjusted, so we still have some lasting COVID impact that has been adjusted out of our adjusted EBITDA results. That said, you know, There are still certain supply chain pressures along with wage rate pressures that we all see out there in the broader macroeconomic environment, maybe across all industries that are somewhat impacting the gross margins. I feel like ultimately we probably under adjust for some of those impacts just because I think the lines are starting to blur a little bit now around what is true inflationary pressure versus you know, a true COVID pressure that we can, you know, with a straight face adjust from our earnings. So we chose not to. That said, you know, we are experiencing much better operating leverage than expected. And so, you know, when you put all those different factors into the P&L, you know, we still have achieved better EBITDA margins than expected.

Okay. And then maybe this is for Steve or whoever wants to take it, but with respect to the M&A, are you guys thinking more you want to concentrate on the tech side of the business or would you add to advisory?

Hi, Richard. It's Steve. We are intending to continue to grow our advisory business organically, so I think it's unlikely that we would do any meaningful M&A around purely advisory work. So the M&A is much more likely to come on the tech side, either in new markets, whether that be managed Medicaid or commercial, or more likely an expansion of our existing capabilities, whether that be in clinical management, lead gen, risk adjustment, utilization management, data network management, things like that.

Okay. And can I slip one more in? I'm just curious with respect to supplemental benefits. I know Incom Payments put out a press release that they're doing some partnership with you. I was wondering if you could just update us, you know, maybe on the supplemental benefits hub that you've discussed in the past.

Sure. So let me start by describing the relationship with Income. So Income has done a very nice job in terms of creating gift cards and debit card solutions that support in-store purchases of health and wellness products. As you know, we are predominantly a mail provider, although we are creating this hub to access multiple supplemental benefits, but today we're primarily in the OTC benefits. The supplemental benefits trends have evolved very rapidly and they are growing very rapidly as they are an important means of helping Medicare Advantage plans grow their membership and retain their membership. Supplemental benefits also have a clinical benefit in terms of reducing downstream costs for Medicare Advantage plans. So the trends have changed very rapidly. And we, as a result, have been actively developing technology like this central hub to adapt to the demands. So this partnership that we've established with INCOM allows us to bring the best solutions to our clients, whether that is a traditional mail solution, which we continue to believe is the best solution for Medicare Advantage members because we're able to completely control the quality, but it also allows for those health plans that feel like they need a retail solution. We're now partnered with what we believe is the best company That's really the market leader on the retail side. So this has, I think, enhanced our offering as well as enhanced the income offering. So we're excited about the partnership and think it will strengthen our value proposition going forward.

Okay, thank you. I'll jump back in the queue. Congratulations.

Great. Thanks, Richard.

Thank you. Our next question comes from Michael Czerny of Bank of America. Michael, the floor is yours.

Good afternoon and echo my congratulations on a nice first public quarter. Diving in a little bit, Steve, I think in terms of making sure and understanding, you highlighted numerous times the white space you have with your existing customer base. Maybe for people that are new to the story, can you give us a little more sense on how the visibility on some of those upsells, cross-sells, whatever you want to call them, factors into the business? And as you go over the course of the year, in particular within your existing customer base, at what points do you have the highest degrees or at what points does visibility confer into how growth will be put into place for the following year beyond that?

Yes, absolutely, and thanks, Michael. So in terms of the white space, just to spend a minute there, that $7 billion is how much of our existing technologies, technologies that are already selling to the marketplace, our existing clients, no new clients, how much our existing clients need. could purchase of our existing technology. And so I think I said in the script that that's the sweet spot for us. And the reason it's a sweet spot is we don't need to go out and establish new relationships or new clients, and we don't need to either build or buy new technologies to go after that $7 billion white space. In terms of the model and the cross-sell visibility and when do we have a good idea for what next year looks like, there is a system here where an annual enrollment period from October 15th to December 7th that all of the Medicare Advantage plans go through. As we mentioned in the script, when our clients grow, We grow. We're the beneficiary of that growth. So our growth can come either through just client growth or through new wins. And we're very fortunate because when our clients do well, we do well, and we're partnered with a lot of the winners in the space. So what does that mean to be directly responsive to your question? We will, between now and kind of the end of January, every week or every month we'll have a clearer picture for what next year is going to look like. December 7th we'll have a very, very good idea for the membership of our Medicare Advantage plans. We are getting here over the next few months. a good insight into our pipeline. And then why do I say January as opposed to December 7th? Because by the end of January, we start to see specific ordering patterns for new types of members that we're bringing onto our platform. So by the end of January, we have extraordinary insight into the rest of the calendar year. And between now and January, the picture will become clearer and clearer. But we are expecting to have a good year for the rest of this year, as outlined in our guidance, and we're optimistic regarding next year.

Thanks, Steve. That's helpful. And just to dive a little bit more into the quarter, advisory services seems like it grew pretty nicely. As you think about coming off of COVID and the return of many employers towards normalized businesses, how do you think about where that shook out relative to the trajectory that you were expecting? And are there any pauses or any concerns you're worried about tied to Delta and some of the pausing of some other employers bringing people back to the office relative to what that means for your advisory services, near-term workflow, near-term contract executions?

Hi, Michael. It's Tim. Yeah, so you're right. Our technology business was a little bit better than expected. Our advisory business was much better than expected. You know, it's really nice to see, you know, we almost feel like there continues to be a little pent-up demand of projects and initiatives that our clients delayed last year during the COVID lockdown. And so, you know, The best thing about the advisory service is bounce back. Clearly, we enjoy the revenue and earnings contribution from that excellent performance, but we think of those engagements as hopefully leading indicators of our technology cross-sell. Again, it takes time, but the more engagements we have and the more dollars that advisory segment are billing our clients through engagements, hopefully those engagements ultimately turn into identifying problem areas that the technology segment can assist them with. And so to us, you know, that's clearly the best benefit or outcome of our very busy advisors, but certainly enjoy the revenue and contribution as well.

Yeah, and I'd just add, Michael, that because of the recurring nature of our technology segment, we're either paid on a per member per month or a utilization-based methodology. We have very nicely weathered the COVID storms because we've got longstanding contracts that – you know, are really fairly immune. So if we see COVID continue to tick up, it might have a small impact on our advisory business, but on a consolidated business, it's not a real concern.

Great. Thanks so much.

Thank you.

Our next question comes from George Tong of Goldman Sachs. George, your line is now open.

Hi, thanks. Good afternoon. I just wanted to dive further into cross-sell and up-sell, clearly a key driver of revenue growth at the company and a significant TAM. Could you perhaps elaborate on the amount of cross-sell, up-sell activity that you saw in the quarter and provide some metrics on the amount of activity In addition to perhaps how much is included or reflected in full year guidance, what are you assuming for cross-sell upsell for full year 2021?

Hey, George, it's Tim. So cross-sell and up-sell is typically, or I should say always an annual metric for us. The reason being is that we are right now in the middle of our selling season. So, you know, plans and new clients and up-sells that we win, you know, we're papering those right now. But typically, and obviously there's small exceptions, but typically those wins and the revenue recognized from those wins are will be for the new plan year, which will be January 1st. And so trying to parse out cross-sell, up-sell in any given quarter or month is just an incomplete picture because we're in the middle of all those sort of selling activities right now with just a number of existing clients, both new clients and cross-sell, up-sell of existing clients. And so those are metrics we look at only kind of on an annual basis just because of our business model is always structured around serving our clients for plan years rather which is defined as January 1st through December 31st.

Yeah, and to go back to what I said earlier, where we'll, between now and the end of January, increasingly as each month passes, get better insight into next year. The reason that by the end of January we'll have a really good idea about what next year is is because most of the upselling and cross-selling for next year will have been done. They'll just be a little bit more incrementally on our value-based business or sales. or advisory, but in the bulk of our business, the cross-sell upsell is done by January.

Yeah, it makes a lot of sense. And I guess to dive deeper or follow up on that question, given cross-sell activity for this year was already locked much earlier into the year, how much cross-sell do you anticipate for this year, 2021, as reflected in your newly introduced guidance? And based on the activity you've seen so far for next year's plans, what is that cross-sell figure on track to reach for next year's cycle?

So in terms of this year's guidance, There's very little upsell or cross-sell that we need to accomplish to hit the numbers that Tim and I outlined. So those numbers we have a very high degree of confidence in, and there's very little in terms of cross-sell, upsell that's required to get us there. In terms of the Rest of this year, we've got a very high net dollar retention, 98% last year. So we start the January of next year. We're likely to start with most of the year already booked because of the work that we've done in previous years and this year. But it's going to take us, I would say, another four or five months here to have real good insight into the cross-sell, up-sell that we're doing currently and how much of that's going to flow through to next year.

Got it. Makes sense. Thank you.

Thanks, George.

Our next question comes from Anne Samuel of J.P. Morgan. And please proceed with your question.

Hi, guys. Congrats on the quarter, and thanks so much for taking the question. I was maybe just hoping to kind of circle back on that cross-sell opportunity. As we think about the 2022 cross-sell revenue opportunity that you're working on implementing this year, how should we think about how much of that expense related to that is in the back half of this year? And is there any nuance to the timing of that as we think about cadence for 3Q, 4Q?

Yeah, hi, it's Tim. So in general, kind of our institutional cross-sell upsell won't have a bunch of front-loaded expense. You know, typically, you know, we don't have a bunch of up-front expenses for normal cross-sell upsell. However, as we mentioned or as I mentioned in our remarks during the earnings call, we have a significant upsell that we won about six months ago. And it's so significant. It's a long-term contract that the revenue begins contributing January 1st of 22. Given the significance and size of that win, there will be one-time upfront costs Most of which will be in Q3, but also Q4. That'll slow our adjusted EBITDA growth rates a bit. So, you know, we talked about year-to-date being 82%, 83% year-over-year better on the adjusted EBITDA line. We talked about the midpoint of our guidance being 30% better year over year, and so that deceleration of EBITDA growth in part is due to some of these one-time implementation costs. However, you know, certainly we'll enjoy the revenue contribution from all that work and expense, you know, beginning next year.

Hi, Ann. It's Steve. I'd also add that the annual enrollment period is a period in which our expenses can go up as we're onboarding members that will benefit us in next year.

That makes a lot of sense. Very helpful. Thank you.

Thanks, Ann.

As a reminder, ladies and gentlemen, if you'd like to ask a question, please press star followed by 1 on your telephone keypad now. If you change your mind, please press star followed by 2. And when preparing to ask your question, please ensure that your phone is unmuted locally. We've had a follow-up question from Richard Close of Canaccord. Richard, please go ahead.

Yeah, thanks for the follow-up. Steve, I was wondering if you could just address two items. Obviously, you know, there's been some questions regarding your customer concentration. So if you can just go over why you don't think that's an issue. And then also, you know, the Amazon or Walmart effect in terms of, you know, someone like that coming in and, you know, maybe doing what you guys do. You know, how do you feel about that?

Sure. So on the customer concentration question, It's understandable, but I think the risk is dramatically overstated by the numbers. And the reason is we've got multiple technology offerings or advisory offerings that are purchased by our largest clients. So our largest clients are also the clients that have been with us the longest period of time. And so in some cases, the sales cycle can be a multiple year sales cycle. And so we end up generally with a client winning just one technology solution or potentially an advisory solution. And then as we get to know them, as they understand our value proposition, they buy more and more and more from us. And so although the concentrations that we've outlined in the queue are correct, I think that they overstate the real risk because those concentrations are spread over multiple different products. In terms of... Amazon risk, I would say there are a couple things. The first is they, and I know that they've made some forays into healthcare, but they are not government sector healthcare experts like we are. We live and breathe government sector work. Our entire organization goes through compliance training. We understand the rules. We know that we need to follow the rules. And part of the reason that our health plan clients trust us is because we know the sector so well. The second thing that I would say is we're dealing with a senior population, and the member engagement aspect is absolutely critical to what we do. We know how to interact with seniors, and if you've ever called the Amazon call center for assistance with an order, you know that it's probably not a system that translates very well into the senior population.

Okay, thank you.

Thanks, Richard.

We have no further questions in the queue, so on behalf of the Convey team, thank you all for joining us on today's earnings call. You may now disconnect your lines.