Wishpond Technologies Ltd.

Q3 2021 Earnings Conference Call


spk_0: hello everyone will get started and shortly here oh good morning my name is party sanger and i'm an investor relations with was fun thank everyone for joining us today and welcomed were spawns twenty twenty one fiscal third quarter financial results conference call turning me on the call to their alley cats kinder chairman founder and ceo wish fun and one leo the company yeah for the call is being recorded we will be i'm a question answer session at the end of the call you can submit your questions to the tune in button at the bottom of the screen i trust that everyone has received a copy of financial results press release that was issued earlier today lizard listeners are also encouraged to download a copy recalling financial statements and men discussion and analysis from cr dot com please no portion of today's call other than struggled revised it could statements or for looking information within the meaning of a political securities laws these statements are made the safe harbor provisions of those loss for looking statements in well known and unknown risks uncertainties assumptions and other factors many what you're outside of wisconsin constant draw them may cause the axe results performance or achievements a different materially from the it is better results performance or achievements implied but as for looking statements these factors are further online in today's presley's and in our mantra discussion and analysis we provide for looking statements to leave the purpose of providing information but managers to text based expectations and plans relating to the future we do not undertake or accept any obligation or undertaking to released publicly any updates or business to any for looking statements reflect any change on a in our expectations are any change in events conditions assumptions are circumstances on which any sustained is based accepted as required by law we used gross profit gross margin a destiny the the on this congress clock which are non i for us and non got measures for more information how we define gross profit gross margin of just leave it up please refer to the definition set out in our man who discussion and analysis without let me turn the call over to miss alley cat scan or chairman and ceo alley i never tried it with everyone we hope that you're all keeping safe and healthy which really appreciate everyone's for joining us today on today's follow will first provide some gel commentary and an update on the quarter followed by are safe see cf for one lao will provide a financial summary of our results i will then come back and provide some commentary on our outlook third quarter twenty twenty one was another outstanding quarter for wish fun as we once again it's cheap record quarterly revenue big ninety percent year over year growth growth in our us markets remained remarkably strong as we achieved hundred and four percent year over year revenue growth in the u s which was revenue growth was driven by the success of our expanded sales team new products and introductions and are three acquisitions there are also very pleased to return to positive adjusted ebitda in the third quarter in the first half of the year we made investments in our product development and sales teams which are now paying off for the company as evidenced by rq three revenue growth and pas the adjusted ebitda during the third quarter we also completed acquisition of brags which is our third acquisitions just going public less than a year ago racks is a rapidly growing and profitable software the service business and offers a robust advertising platform for management other companies digital ads across multiple sources and is i expected to be immediately creative the wish on
spk_1: i will go into additional details later in this call today but first i would like to turn the call over to our cf a while now we'll review the financials for the quarter
spk_0: thank you hollee i am pleased to report that we had a very strong suit their results for the three months ended september thirtieth twenty twenty one
spk_2: arthur acquired twenty twenty one results are as follows
spk_0: which one achieve a record quarterly revenue of four million during your three twenty twenty one compared to revenue of two point one million in two or three twenty twenty an increase of ninety percent year over year the increase in revenue was primarily driven by higher organic growth from the company's incremental investment in in sales and are any teams and in organic growth from the positive contribution of it's acquisitions the united states remains our largest and fastest growing market generating seventy three percent of our total revenue in the fire fighter and we achieved a hundred and four percent year over year revenue growth in the us market which one hm gross profit of two point eight million representing an eighty two percent increase from que three twenty twenty driven by an increase in the company's oil revenue
spk_2: we can achieve a gross margin percentage of sixty nine percent during qsb twenty twenty one compared to cure three twenty twenty at seventy two percent
spk_0: the gross margin a cheaper cure three twenty twenty one was within the historical range of sixty five to seventy percent
spk_2: drink your three twenty twenty one wish i had a just that he did that have two hundred and four thousand compared to adjusted a me down hundred and seventy six thousand and cute three twenty twenty the increasing adjusted ebitda is attributable to wish was organic growth and from the newly acquired acquisitions in legal process a q and racks
spk_0: we continue to have a clean and healthy balance sheet as that september thirtieth twenty twenty one with will had seven point eight million in cash and cash equivalents a company had no long term that as of september thirtieth on september twenty nine twenty twenty one the company entered into a new credit facility agreement with national bank of canada as technology and innovation banking group for a six million dollars secured revolving operating line he credit facility remains on drawn as of today's date
spk_1: on june seventh twenty twenty one the tsx venture exchange accept as an accepted a notice of the companies intention to commence a normal course is your bed or and see a b for it's common shares the board of director of the company believe that their recent market prices of the company's common shares do not properly reflects the underlying value of such shares
spk_0: and the purchase of such shares would be undesirable use of corporate funds in the best interests on the company and its shareholders since the approval of the nc a be on june seventh twenty twenty one two november sixteen twenty twenty one the company has bridge that total of one hundred and twenty six thousand four hundred common shares for cancellation at an average trade price of a dollar twenty four cents pressure at the end of the third quarter on september thirtieth twenty twenty twenty twenty to one the company had fifty one point eight million fully the eluded securities issued an outstanding on july fourteen twenty twenty one we announced that it this repository trust company or need to see had made wish was common shares eligible are eligible for electronic deposit and clearing
spk_1: a company believes that the opportunity to clear and trades in it's common shares on the it seat you accept should provide a more seamless experience for it's us shareholders and increases acquitted it in the stock
spk_3: in summary
spk_0: wasteful point is in a very strong financial position with a healthy balance sheet solid mildly recurring revenue and very good visibility to revenue and cash flow for the next year that is my financial update on a the backwards valley
spk_4: the room with one
spk_0: we are also very pleased with the progress we've made with all the three acquisitions or be made so far we are now beginning to witness the synergistic benefits over acquisitions through cross selling the which was proud of with the company's products and services across the different parts of the growing organization last quarter we talked about the success full integration of illegal business today i'd like to touch on our first sight to acquisition or psyche was now integrated into wish was operations in achieving significant growth thanks to the scaling of his sales team and introduction of new product and husbands and service back edges versus i q is also now leveraging response shared account management services which allows wish want to provide for se you with a new sales team as services which will provide more growth opportunities for small businesses using per se que the entire western str team says development rep team has also moved to using persists i q says automation platform which has significantly improve the performance or response campese do to improve emma deliverability and usability they're also very pleased with our acquisition of first sight you add it as it has broadened our portfolio products and services were small to medium sized businesses and offers tremendous cross selling opportunities into our existing customer base recite use a key component the were accelerated growth strategy our outlook remains very positive for the entire company as a whole are annualised revenue run rate is now exceeding sixteen million dollars which one is on track for the cheap strong revenue growth in queue for twenty twenty one riven by increase capacity in the company's sales team as the contribution from his acquisition as a new product related revenues the investments made in the first half of the year and expanding with my sales and product development teams are already having a beneficial effect on the company's financial performance which one is continuing to successfully execute on schools which are as follows one increase the company's m r r or motley recurring revenue we expect em are are to continue to grow into coming quarters to both organic and inorganic means to accelerate the company's organic growth a file we've doubled the size of our sales team from what it was prior to his on becoming publicly listed company year ago this expression our sales name and new product introductions has resulted in increasing our organic growth three achieve positive adjusted even evident the second half of the year we return to positive adjusted ebitda in the third quarter and we expect to be positive adjusted ebitda again get into fourth quarter however we are continuing to reinvest in our business to drive additional organic growth has we expect i just had even thank you for to remain in line with que three levels for followed disciplined acquisition and capital allocation fan
spk_1: we are very pleased with the three acquisition we've completed thoughts far we have a robust pipeline of additional acquisition opportunities or acquisitions are proving to be a creative the which must by national profile and we have a strong balance sheet to execute on the desirable acquisition operation is in front of us
spk_0: five invest and research and development our our and the and father teams have been doing a tremendous job of launching new products and services and expanding the company's intellectual property we anticipate launching several exciting new prodding enhancements and features in the coming quarters in closing i want to thank all of our employees and respond was hard work has elevated the company to another level is buying public also i'd like to thank you all for joining us on this call today the capital markets have been very supportive of our vision and have provided us with the funding needed to pursue our goals we look forward to provide thing and an update next quarter thank you i will now handed back to party and your own without little know but the called questions present courses to the cuny button on your screen will be given party hard to questions from the analysts so so please identify yourself the south
spk_5: on the first question comes in from an integral to grow the capital and could you talk about crossover across the business in his could you talk about recent examples we can synergistically with acquired businesses
spk_1: yeah for sure we've put a lot of effort into setting up nurses a process and systems as such as for example transfer pricing between the different position is how take out for them how to also incentivize the different parties and have already sold some of you know those cross or packages and is going
spk_0: right well i would say we're still had the early stages of that and and there's a lot of opportunity that now as we progress further and the groundwork has been a put in place we have that we can leverage and you know with mb go and which one we've already done that with per se que already as for several packages and it up a few to wish upon clients am and some wish upon packages to per se que clients and were just accelerating that now racks is very new we've we've acquired them you know beginning of september so it's been two months now and already we've sold some packages of you know backs to which one class and and wish upon to and brags clients am and that is just now to continue to expand at the second question from cushions a grubby capital when you think of your emily a funnel how to balance the complimentary technologies agency businesses are are or are there other areas of interest oh yeah right now our primary focus is on complimentary technology platforms so we're not really focus on agency businesses at the moment even though are opportunistic and open to in a good opportunities if they come up but primarily are pipeline is in our around either complementary sas platform is with the characteristics that you've seen in the past the you know technology that is solid that can be used by our clients and it feels a gap in our vision and is profitable and we can also grow at and and you know we can apply the same organic growth profile that wish one has a benefited from to they acquired company so and and that that's what we're gonna continue easy getting up and next question from my danny rose reagan of paradigm the find a strong organic growth in the quarter could you provide enough been on hiring of sales and marketing as you look into twenty twenty two yeah for sure last year we had told they can executives and as we mentioned before our plans were and we executed on that to double that to twenty four this year and and we did that now wrapping up and preparing for next year our plan is to double again and and and we plan to begin to and
spk_1: twenty two strong and and maybe get a little bit and ahead of the curve in terms of the hiring of the salespeople
spk_6: and we're on track with that
spk_0: a second question i'm daniel
spk_7: and you think about a long term how much more value to think you can offer in a full suite solution vs when you offer today
spk_0: am it is an interesting question i mean we have different solutions and different clients need parts of them and some fast and all of them i think as going into the future there will be more use cases and more players and we would sort of sell to that we use the all other the full seed including all the package
spk_1: is that we have from their card companies and a lot of those would inevitably been to be to be space where in a day would need a lot of the wish upon platform for marketing and you know their website and running those and then they would need for society where their cells automation and they would need to add management so are we expect
spk_0: that to grow having said that at least for now we also have independent cells and jeans and and celsius for each of their card companies and they can go and find clients that find value in their products first and foremost and then opsahl from there so if someone is mostly interested in cells automation they can be borders for per se que and then we can have sell them to wish my marketing or you know similar with brags we're gonna we're gonna follow the same the strategy there that you know there's gonna be some for sweet sold as well as some individual and then have sold over time on second question from daniel as you think about long term the how how much more value and you think it's or you've already got that are next courses and game leon ideally on from my beacons is given the current still american capacity was sort of organic growth is gonna be targeting over the coming year
spk_1: yes old this parts are obviously and we just discussed we grew by ninety percent year over year and i was a thirty five forty percent of our growth
spk_0: you know historically has been from organic growth and we expect that to continue and maybe slightly lower not by much over the next wild because you know obviously as the size of the company grows a growing at the same race organically and becomes a little bit harder but as we doubled the size of the sales team with thing is still achievable the so going into next you're probably around the same thirty thirty five an hour to forty percent organic growth profile
spk_1: and the same goes from game leon from beacons greece has been changes and man environment now that covered related to wins as with sign in
spk_0: at not really because a lot of our growth has been around or out and methodology as opposed to the just solely the inbound interest that cancers and we're reaching out to businesses and you know that the ecommerce businesses are still doing quite well and and have a lot of needs for us i think the opportunities that are opening up now and we're pursuing them and with her you will also already expanded on that is am more
spk_1: i'm non ecommerce businesses and as businesses are going back to operating a similar to people that levels there are more opportunities that we can actually explore and because during it for some time we focused more on the an ecommerce businesses because they're released affected
spk_0: and there were beneficiary of the environment now we can expand and diversify beyond that as volume i'm thing and then from kevin cursor rotten the of days or them are you seeing any change either positive or negative related to supply chain constraints are your merchants are protect americans on is the increased awareness monica campaigns being contemplated by merchants
spk_1: in terms of supply chain or to be honest i haven't heard our team mention that as a as a concern yet and maybe a lot of that is because our customers are primarily and that
spk_0: you know at the levels that the operated hasn't really affected them masses yet so we haven't heard that concern as and right now so pretty what was the second part of that question and disregards to the increasing awareness a marketing campaigns from your merchants are you releasing emergency looking and doing more marketing campaign says a result of us supply chain constrained sir and not not because of supply chain constrains but i think as time passes demand for online marketing and online presence is just increasing more and more from before and and even close corvette businesses to a large extent have not gone back to the traditional ways in this
spk_8: same way so that the landscape has shifted in a positive way for online
spk_0: and on their presence and second class from kevin person around the and leisure now with aggressive bronx it was only a partial month contribution in the quarter to three he talk about that business and looking a queue for his early seasonality with brass what is the growth expenses look like and if you can just labrie the normal the cross the i'm between braxton the rest of wishbone i think you're talking about that crossing already been beeping elaborate on that more yeah so we've had a september and october performance for back so far and of we've seen growth already in both of those months i want elaborate on to what extent but be very pleased am and we see a ton of opportunities in and and and we continue to do them a lot of those opportunities an increasingly are going to be in a trust sell as well so those packages are defined some of those cross or packages are already sold in very limited numbers though so now coming into queue for we expect more of those in charge seasonality and there there are some benefits said racks you know a historically has had the during the holiday season because it is about ad spending and generally ad spending during holidays increases and and breaks benefits from that i was he to what extent that will hold this year so so that will be quite interesting to see i'm did just to clarify the one that bronx is a subscription based model and i mean length typically in in the ad tech industry you see a huge shift in dollars in the fourth quarter but being brags being a suspicion base model on that without eve now the a little bit of the as he's now the i suppose no am yes and also a rice has subscription model for certain element of performance based model so based on the ad spending also
spk_2: it can have that site as well which is what is so great about it as well as the businesses grow and do better with it in addition to subscription there's more that it can also collect
spk_0: the so so as that spending increases and blacks does benefit from it but obviously not similar to other at the companies that are solely based on that and something to clarify on that point is that and we don't we don't include the at spend as but don't browse revenue it is only the percentage of the at spend an hour is or in high braxton is included in our any that's that's an important distinction for okay thanks for that one is well on this course in from make stevens from as long how do you see your present trends of next year how might the current inflationary environment fact this pricing trend
spk_1: am i think we have a lot of pricing power right now
spk_0: our packages under self serve some of them a start at about seventy five dollar hundred dollar per month
spk_1: and in our solar competitors even for the smbs start at three hundred dollars a month just for to self serve side of it and i'm not i can with expensive ones either so we have pricing power there and also on the managed hybrid solutions where our prices start at five hundred dollars a month we have some competitors that are charging about two thousand dollars a month and and we see a lot of willingness and between that five hundred two thousand dollars that a week we we have flexibility on that as well
spk_0: we don't have an immediate plans to increase applies prices our plans are more around better segmenting the pray added that target audience that we have and based on their knees for example our and be to be business that can afford more and weekend i'll actually provide more value for them know they can be price at two thousand dollars a month as opposed to a business that is a smaller and the news arm and more limited than that can be price of five hundred dollars so i think we're going to see more of that dynamic play out and more of the dynamic of you started with the five hundred dollar package but now you want another additional feature that would you know the hundred dollars an two hundred dollars so those will also add up quite a bit in terms of shifting the the and the prices up in know as it relates to inflation or even absence of inflation would do that on second question remake stephen vienna preferred capital max when considering future acquisitions as really said cash directly racks for example was a hard question of cash yeah
spk_1: you know
spk_0: under normal circumstances or default mode would be an element of cash stock and aaron out and you know some of the deals with done has been know for his oversight you want their paid in cash one third in stock and one third future are now now depending on what we feel about the value in the price of this dog on the environment that were and because shift that so in the case of rags and looking at the stock price at the time we felt that was quite undervalue and it didn't make a ton of says for us to use our stock at the dilutive effect of that would be more than we wanted so we decided you know when this use more cash or cash is a minute and that the the value of the cash versus the stock made more sense to actually use more cash there if their stock price is more desirable than we would use a larger portion of start know there could be a deal that is on the smaller side i just make sense to a or or we see that you know the the future growth what a show is amazing and we can immediately make it multiple times larger am and and and that is very much in our control and maybe air now doesn't make as much sense then we would maybe have a smaller portion of an outdoor know and outs of a kid case by case basis as we would look at the the general environment as well as a deal strike and incentives and what we can play with but the default mode would we want a month at one third understand where i'm at the capital allegation is or difference
spk_2: and maybe just for clarity begin commitment the are not say whether the girls to cash or rains so the air now it's all the and us ah so far have been at the discretion of wish bond to decide where they're at the time on the quarterly basis they would be paid using cash or a stock so we have flexibility at that point as well to see if the stock prices in all on the higher side or more reasonable
spk_0: the we can use chat everyday use stock and if not we can use cash or we can also look at our balance sheet just see me know what are what are cash flow needs are and respond based on that so we have that place to the cash which that cash and stock and something else and lot about the or announces and they're all our performance based or announce some based on how the company performance that determines the amount that is gonna be paid out to the to the banner and that's why you see in our bad financial stand for some when they income say mail scare line called to revaluation of contingent liability which is really does a evaluation of that initial estimate of the earn out and we had done some it on the companies haven't done significantly better than we expected then that arena has it has to be revalued i recorded as a loss in ankle say my but it's not really a loss is just i can an increase in the are now couple and you to better performance unexpected a nation him so so it's actually a good thing like gear euro acquisitions are performing better than expected and you're you're actually gonna be thing on more than you thought you were going to that is correct yes run into in which case you don't mind because things have been better than expected hum that's right the admins me as we we we'd a copy that a company that in growing at a faster rate than than we anticipated and therefore we her mind paying a higher out as a result get our we have come fall on questions from the game young i'm if you talk about the plans to increase opening spend structure of the midterm on i guess you're increasing your seals them
spk_1: team over the next year doubly not as you mention it on what other expenses an instructor and a increases as well
spk_0: one that comes to mind of our in a valley never got one that comes to mind is actually in our in our favor is the fact that off a sleaze his comment on expiration of the end of the summer akron were paying about have a million dollars for that lives on an annual basis as another that leaves is not there that's gonna add an additional five hundred thousand dollars of have of cash showing can reinvest in other areas of the business and so that's that's one that is alice in our favor of as a president valiant comment or anything else at him he thinks yeah i
spk_1: the best spare a cruising the size of the sales the make sense you know our account management and he knows support infrastructure and we've already wrap them up quite a bit so we have capacity for some time to come and so i don't anticipate a lot of me and you know investment in that as this and next two quarters and i think the other thing that at the to note as was that as were acquiring these companies
spk_0: we're not our our plan is not to acquire them and for them as is our plan is to acquire them and an upgrade them and and grew them grow them aggressively and add me as a sometimes initially we we have to invest in and so on in sales invest in a product development am and you know someone saw that is expected to happen fortunately so far the investments admitting these companies has been more than offset by the cash for that has been generated from them and required sees by that and and when final comment and with we are feeling the impact of inflation in some areas on the business for example professional fees or have gone up significantly who were expect the and and in the next year as i can expect our some of those i saw on potentially increase
spk_1: yeah i think just and one getting better that the comment about the
spk_0: ran into in then in the least for your facility officer you have bc i your ceilings and early can be reinvested is not going to go down the one of mine and even dying to see really going on reinvest that for girls are gonna gross continue that is correct some a scale all of that cash is now going to be reflected in our cash balance which is what we used to either invest in the current as this to expand our sales team and and kept on all those things or our future acquisitions so either way the plan is to rank as a cash for continued growth go up another following question from guiliani game because securities down to comment about the if as many changes to the private company acquisition multiples a seeing higher or lower acquisition multiple not arena
spk_1: yeah that's a very interesting question
spk_0: overall we haven't seen a big shift on that but we're trying to also be opportunistic and find the best opportunities that are a creative to respond and and create value for investors so we do deals that you know that that could that could look good and can revisit them in the future but sometimes we feel like the multiples are on the higher and and then be feels and we see deals mean a such as back said we recently completed where it was one point six time or top revenue unprofitable and growing and has called or the right characters days and then we prior to that i think right now we're seeing ample opportunities with the right multiples that are a creative
spk_1: you know over time as we grow and be become larger
spk_0: and and we would want to do larger acquisition as some of the multiples might be a little bit on the in on a higher side but we haven't so far noticed a demand that would be higher than we had seen say a year ago
spk_1: and then i guess maybe this comment on the and the pipeline a me youth youth looked as some like three hundred fifty to four hundred different all right
spk_0: and you've only acquire three companies that says a lot in terms of terms of your your process and your diligence and and and not looking for the right multiple are you looking for
spk_1: yeah exactly i mean the there are so many elements it it has to be something that began can sleep easy at night with and knowing that it was a good investments we can take care of it it can grow
spk_0: it is not gonna be burden on the company we don't over pay for at the deal structure makes as it doesn't put a lot of strain on the air in a cash news of the business and because of that you know the we've looked at a lot of different companies and syrup several of them were still in conversations with them you might revisit coming into twenty twenty two but the was a be executed on so far i think a paints a picture in terms of what we're looking for and there are some that we are quite close to to the finish line with as well and you know it is a very active pipeline a we have a lot of opportunities to to execute on
spk_1: gimme ah fall classic lucas has to grow on the capital could you talk about your experience this year ago growing your sales team have you done in furthering town and managed to grill yeah so what's interesting is that you know coming from a year ago team of less troll the county's acre this to twenty four and and now you're a wrapping up to double that again and you know maybe ending the euro towards the and of the year yet to thirty or something
spk_0: you know the dynamic changes internally yeah you can previously you could just have one sales manager oversee the job they can executives now you need to have multiple sales manager with another director sales on top and and you need to look at the incentives the right way but one thing that they felt the has been interesting
spk_9: and beneficial since we went full remote is a before we went full remote march of last year all of our sales team members were based in vancouver working from our downtown vancouver office and
spk_0: we were limited to the talent for that we could find in vancouver as sometimes that was you know that was problematic specially if you wanted to grow faster now we're looking at salespeople anywhere in canada and we are able to find some of the best talents from you know when a pig and when a fag in new brunswick and toronto and and you know
spk_1: vancouver and everywhere else and that has been beneficial in charge of hiring and solar cells people we have not had a problem and it has been relatively straightforward training and on boarding them and putting the right sales management infrastructure that has been a work in progress and a with them with i played well with it but you know about those kind of restrictions are always involved
spk_0: good car follow question from can increase around with these are now
spk_1: anything to note on changes in regards to the competitive landscape me comment on the competitive landscape facing author
spk_0: in terms of the audience that we're looking at you know smb businesses i'm a lot of times i think what is interesting to us is that it is a green field because
spk_1: there are a lot of different software platforms out there and there's knew was coming every day
spk_0: ah but your averages and he's not even looking at most of them because they're busy running your own business and is more of the chief marketing officer is a marketing professionals who are kind of switching between different software platforms such a large accent when we're talking to this and resemble reaching out to them you know we we have a lot of advantage and in addition to that all the other companies that are coming out in know not all but most of them are that software only solution that doesn't have the service element to help defiance and and for the price by said we have so that advantage has remained quite a steady and state oil and were benefiting from that and now with edition of are there you know i use ammunition that we have with a card companies it is actually helping as well so as an example there have been several cases where a wishbone salesperson is talking to a respond a prospect and during the course of that conversation their realize that which one marketing sweet is actually not the suitable solution for that a prospect but persists ikea solutions on the sales automation side are they need more sales help and marketing help and then they sell per se you to that well that that versus i think them are hand is becoming a stronger hand as a result of the multiple companies have they acquired and and and their the gaps and they fill
spk_1: and greed and then another one from christian kind of person or any of these are down with regards to your payments for i it's still early the how do you think about the contribution the quarter within our subpoenas for like and was a success using on that so far
spk_0: at i think we've seen some usage but i would say because majority of our focus in the past few quarters has been on on boarding ecommerce businesses as the the came and product has not been the primary focus were those guys because you know they might use sharply by for the our parts the payment product that built is more for me to be businesses that have one or few products or services and they want to charge for that so now you know going into the next you know a couple of quarters as we expand more in the be to be space with the help of her sake you as well as all the product functionalities of you introduce like appointment book king and and and and payment platform for wish upon that becomes more of the focus in terms of that actors and you can super busy a be to be business businesses you know you can imagine this as an accountant that would build their website with wish bond i would send their sales emails or with her site you would have an appointment looking with and a wishbone platform arm if they want to send an emotional find the use of payment platform they send the a voice through that so all of those would be all together so that package is shaping are you know taking form now and i think it will be probably sometime in the future where we would seem the usage of the payments platform a ramp up as as we go after more be to be businesses in your car last question here on in from the my stevens of s one are there any new technologies are innovations your spacey to be excited about and see investment opportunities now there are several in all senses a lot of our clients or in that you commerce there's this we definitely have interest in other software platforms dad's advice analogy and improve you know that the sticking as for the ecommerce businesses or were always looking there in terms of out more future development or acquisitions and other area that is interesting choice also is artificial intelligence ai in a we've we've done some initial work for his i'm on the per se que side and looking at them in all the same use sanders sales email campaign responses common automatically detecting with it was a positive were neutral or negative response and

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