Fluent (FLNT) 14 Nov 242024 Q3 Earnings call transcript

Good afternoon and welcome. Thank you for joining us to discuss Fluent's Third Quarter 2024 Earnings Results. With me today are Fluent's Chief Executive Officer, Don Patrick; Chief Financial Officer, Ryan Perfit; and Chief Strategy Officer, Ryan Schulke.

Our call today will begin with comments from Don and Ryan Perfit, followed by a question-and-answer session. I would like to remind you that this call is being webcast live and recorded. event available the on the of website. Fluent's replay will following be call A webcast, the please at the access To visit www.fluentco.com. Investor page Relations

materially hereof. Actual certain of stated Private due implied forward-looking statements call statements company's update could Before this to advise under Any the results such to company during and be as by risks statements would forward-looking I provided provisions covered estimates information the call. words the Reform the conference information of only will, Act such identified harbor that XXXX. the other These this The contain we from this management undertakes with Litigation expects, discussed of or speak no those could, made meaning. on forward-looking plans, will like call by words obligation date and during safe as statements by Securities begin, differ uncertainties business. projects, listeners to of may associated similar

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a relating also of certain will on management adjusted call, the indicators, During Patrick. the reconciliations to margin, non-GAAP in metrics. pleased earlier directly non-GAAP CEO, to that, financial including the adjusted income. evaluates issued variety present the these the release to GAAP Fluent's most press business of today. With company's information financial Management media these introduce of and metrics are Don net and earnings EBITDA The comparable measure provided financial definitions I'm performance

quarter. Chief strategic initiatives together Schulke, and Officer. I our you progress our will today. with our in I'm Thank against brief third Chief Officer Co-Founder; some repositioning start Perfit, and with our business of call Strategy afternoon. regarding all joining the Company and comments Good Financial Ryan Ryan our for here our

On are in strategic our business growth high-volume, springboard performance front, pivot we and is the regarding our marketplaces and owned grounded competitive a in clear as leveraging position our the syndicated in high-growth that making new into marketplaces. leadership we've operated been strategies advantage

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apps. Solutions commerce monetize Commerce consumers post-event businesses enables offerings, includes to our post-transaction This their and to website Our advertisers Media their on AdFlows [ relevant ] and brand. Fluent's empowers and by most including connecting customers.

to operated with our see legacy we've business to marketplace and acquisition engagement on growth is consumer along strong first-party world-class customer for proprietary acquisition, margins and are focused We marketplaces technology core. Owned where that built accretive monetization here continue and data, This the and expertise, brands. AI. performance is our valuable

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on assets goal financially to advantage proprietary core focused that Our business, here remains long-term for exclusively this stabilize growth. provide and competitive capabilities the

our relationship both for deepening and agency customer with These business verticals. health, provide have marketing our business industry AdParlor call agency media and and critical our Additionally, capabilities enhance strategically that our businesses while performance we solutions expertise verticals. services direct-to-consumer retail and

in providing Media high-growth, our Solutions reflecting unique on ability today, delivered in us of operated industry. In very and strategic spear release an at some margins. advantage large, in with earnings accelerate Commerce demonstrate competitive to the Our grounded Commerce dynamic Fluent's owned the to related brand agenda we our continue every the triple-digit we Media this growth and our acceptable our Solutions while can revenue a marketplace growth unleash as year-over-year operated core where markets represents the headwinds progress that we our reported the marketplace the that broader owned had tip in our advertising quarter acquire to also effect that results media has quarterly cyclical elections meaningful and new year in presidential capabilities,

Our X.X% sequential agenda. Revenue growth representing third financial improvement increase results were as deliver versus million, line our we to QX quarter $XX.X a strategic as continued follows of XXXX. trend via

QX an negative was increase a Adjusted million media of negative margin of Our versus of EBITDA XXXX. of $XX.X represents million XX.X% X.X% $X.X revenue.

QX trends. X and major quarter primarily business results by driven industry Our were

expect in accelerate, to continues continues Solutions digits to triple financial we continue X% expanding accounted growth scale. partners year-over-year also for XXXX to continue shift our This while our forward. marketplace growing Media this revenue consistent revenue as mix, of adding differentiated Fluent's new QX establish we Media agenda of the compared and and margins in strategic market. In growth increase we XXXX, XX to Commerce QX position to to with XX% percent the QX Our Commerce in going year-over-year, and aggressively by as revenue

biddable and affected ability revenue to social increased margins. acceptable buy late spend media media significantly, by Starting margins by advertising election. media operated our platforms media marketplace enormous driven owned August, and the U.S. in at the Our impacted which were on costs presidential negatively the

and chase establish Given we our business, Commerce more to at our equity volume Solutions long-term this margins. our grow unacceptable Media not rapidly further chose consciously commitment to

come to have week, media pricing past Over start election. the after the traditional back we levels to more seen

given elements continues remain media solutions. confident momentum consumer established financial we've foundational accelerate. We the our in to reached stage initial we've that that the rebound Fluent's So of the

growth into above, will result business anticipate and the year-over-year our consolidated growth. outlined QX. revenue And build, XXXX, expect in shift momentum business a Solutions, we as Commerce double-digit continued revenue we in industry strong continues and a trends strong mix to of Media quarter-over-quarter our As our

spend industry Consulting at over the us According for media $XXX over is predicts that with by reach of rapidly over of Boston XXXX enables to provide traditional exploded opportunity me annually, has step in Let Fluent's the X front. media back account in estimated the billion large both and investors media commerce and commerce empowers to to Solutions expected last the advertising and digital both context to currently it digital XX% commerce the and $XX will the the market our around front more advertising. a is participate billion evolve continues in Group, that and channel commerce Commerce as Media growing media partners market, transformative over years.

to expanding media ROI partners continue base. vibrant are of execution revenue marketing our while with priorities enhancing of advertiser with this tactical the capture the goal our We market. Fluent's provide and solutions align and strategic high to to Media Solutions an designed share critical and definitive quality Commerce

and long-term establish our Our proprietary embedded first-party AI-powered agreements technology with mutually allow us share partners. revenue beneficial data and media to contracts

Our of Commerce and years Media consumer experience expertise competitive marketing leverage performance that over in Solutions insights the access distinct XX customer owned market. acquisition advantage our provide a give and established operated marketplaces in and where us us

the and the represents company's in long-term same growth business pivot Media period year. strategic QX part of stated XXXX, triple-digit generated million I Solutions Commerce the potential in growth earlier, continued $XX.X revenue as over As of and last to exhibit

QX accelerate our with we're is the also adding QX. million XX% we've operating to release. being important rate that media additional $XX margins in partners detail with with in XX% revenue annual partners of year, metric today's It versus to the at revenue momentum continue September And also gross that Importantly, in annual we gross as throughout XXXX. More run added higher gross X on we business at we've added margins run new in rate surpassed earnings calculate note the XX, the margins quarter. consolidated is the commerce seeing in our how

in ongoing is growth reasons enthusiastic in retail, that we've for about travel see continued our expansion we including and and and our strategic XXXX, are into grocery verticals plans verticals, ticketing, our to the quick-serve of growth multiple path where partnership opportunities clients, for established strategically One several. additional key finance. entertainment, name we restaurant including with financially remain beachheads And

technology XXXX, clients where updating further we position Commerce as industry-leading fundamental Solutions rapidly our a with we've beyond be and post sales Media As a business you cycle the new Media marketplace. In verticals. the Solutions highly a in broaden role certain enterprise increases consumer we'll platforms. enhances our exciting transaction loyalty across solution. retention our to strategic affect and additional adjacent forward a with that as growth trajectory sales in partners' expansion This intent that of longer is includes engagement loyalty can our builds the partners' seasonality the Commerce are process, business, regarding experience, plans the for model looking and we reminder, believe commerce releases, an marketplace we play differentiated and based growing our a we're on earning integration previous quarterly can And priority our discussed of

continue of concept. loyalty work on proof this solution further select our with to We partners innovative validate to

platform that that have operated with to loyalty We are unique launching sweet relevant are another position, value is compelling proprietary combination, we right commerce spot. this robust partners' strategic that point a capabilities is as we is advertisers early-stage Based economic alike. leading-edge is proposition and credibility powerful of into leadership a in large to Fluent, earning opportunity marketplaces. feedback, growth especially a marriage our while solution with owned believe on with our partners leveraging a media what insights industry and we the provide our next-generation This our and believe coupled

So on this. stay tuned

for can Commerce partners prioritize forward and continue you brands aggressive, as value live lines. business commerce our to and performance align line, hopefully, our energized QX our XX-plus partnerships understand by contribute against strategic we executional profitable and subsequent we're those year Bottom the our now media segment Media as and business. we scale media to quarters, tactics So the and will driving early in Solutions and of time enthusiastically XXXX endorsing into strategies better for new fiscal look growth advertisers go our why and we major revenue have and to of

Solutions enterprise our positioning to throughout return XXXX. to will Our focus sequentially remains our we business year-over-year market Fluent's Commerce in on through share while that accelerate believe Media continued growth consolidated growth expanding

delivering We strategic to that roles are the Media we mix agenda. continue regarding growth shift in our Solutions revenue financial Commerce playing, long-term our and is and quite gross and business profit our enthusiastic

our owned expand turn to in continues more while with XXXX, Fluent's we enterprise continue brand believe follow. And and And operated strategic that, equity margins as Ryan value higher are than I'll we provide As results. line our our trend shareholder with partners it to marketplaces. on we platform, to financial will the Perfit delivering strengthening our detail

thanks the from revenue provide of XXXX, quarter of X.X% with X.X% to up some $XX.X everyone Don, year third down additional who's today. We in joining on earnings. details sequentially our and compared you, us QX. Thank QX I'll and generated now million prior

in this shift advertising believe gross of strategic has gross on mix our maximize a this revenue on focused commerce Fluent to monetization intently XXXX, are and related an we're significant and spend. Since media. return remarks, higher business ad demonstrated to profit. revenue and to part this and increasingly its We advertisers media larger his medium in as mentioned more represents turning for Don Solutions As margins launch growth triple-digit to partners year-over-year Media customer in Commerce driven dynamic and QX our opportunity

to XX% revenue second the new part quarter in year-over-year, million grocery supply and Media quarter $X.X this with in in and sectors. Owned third media which in the partners some quarter in marketplace. driven but the ticketing, period. down in in by growth begun Solutions, sequential revenue Our million retail, long-term $XX.X operated Commerce QSR Thanks $X.X quarter-over-quarter stabilization compared increased we've in was with media in contracts the was and to see prior-year the to million

marketplace Commerce do Solutions this to million, expect revenue this margin believe operated XX.X% we business million QX, offset which XX.X% revenue last quarter these of in to million and and improving compared our Media year scale. continue declines the year-over-year third Media as $XX.X to $XX.X last $XX.X of by and was While of owned of revenue our XX.X% in the represents will quarter. we be continues performance into and

to revenue As previous margin we've of Media we Solutions. a media in as we expect over Commerce as continue time improve scale to said quarters, percentage

operating Commerce fees decrease in slight related in $XXX,XXX quarter, the produced The the business of year $X.X total third to $XX.X the the million an quarter primarily with increase million XXXX of $X.X a year. XXXX. G&A and current basis, to our credit the costs. was insurance of in $XXX,XXX due to legal restructuring $X.X million, During prior third media severance of of meaningfully expense increase a higher than compared costs certain for totaled due Media incurred for an a million our and reimbursement quarter litigation third quarter was previously absence and other media compared margins of Solutions the of third consolidated XX.X%, margins. On GAAP

Additionally, asset EBITDA compared of quarter approximately compared third in intangible we third recognized negative $XX,XXX with and asset quarter increase in or the negative QX intangible XXXX XXXX. Adjusted in in impairment charges of million no with impairment $X.X of XX%. goodwill and charges quarter an million was XXXX goodwill of the the $XX.X

call, from potential our timing third in to compensation primarily mix second or share-based interest unknown rate our Commerce to loan for percentage to revenue net we million term company due revenue increased a stated expense the reconciliation and as expect provide with of a XXXX to to Citizens EBITDA improve loan As expected operating benefit provision our period. to margin shift on as compared quarter average $X.X of due certain and Media in as our with effect, income SLR continues Solutions. The cannot higher a to the net and loss significance adjusted expense income costs for in $XXX,XXX, to or from Bank the Interest taxes. quarter prior-year term expenses, the

entered of which benefit tax tax for to of a of related recognized. of income net $XX,XXX, tax loss expense of benefit effective effective rate is we tax million, compared a a income rate into non-GAAP of the an in net excludes $X.X $X.X of adjustment impairment tax in in a the no This with to XXXX $X.X net of charge tax X.X%, million $X.XX per third mentioned previously statutory to convertible our third million. We value a adjusted net per In of of of share XXXX, XX%, losses $X.X federal $XX.X and adjusted million in loss $X.XX loss, an from of was XXXX. with in due quarter share prior-year with XXXX. a QX is of local QX an or reported rate XX.X% compared an the benefit notes differed of quarter, compared the loss $X.X loss million primarily of the an third in For and million parties the the period which which recognized loss quarter state the quarter quarter, and fair tax equivalent measure, of and income

restricted million We of sheet. cash balance and turning $X.X million the quarter as from as to September Now cash. reflected the December million, cash debt, was XX, Long-term with XX, balance of approximately sheet on $X.X our ended XXXX. $XX.X in $XX.X equivalents, at including XXXX, increase an million

million Additionally, fair related the value reflects to balance with sheet parties marked notes $X.X at $X.X million. of convertible

into $X.X to largely in by vendors. Overall, decrease business. loan with the had we lower with up on This $XX.X $X.X Commerce XX, as million related XXXX. product and term SLR The primarily $XX XXXX. In the on that Media the of matures September QX to third to encouraged Solutions of support Commerce continues related compares of market revolving we're development of million Solutions. quarter, outstanding of opportunities this Media Credit to the $XX Solutions business the million million invested balance XXXX, that we're facility scale. facility ongoing April million invested principal in this on seeing spend growth of IT-related As to growth we facility our provides us credit and X, This credit a an to CapEx, is

market questions us digital XX continue this owned new at and happy to share Our acquisition high-growth time. this our to in through years sector customer well marketplaces of our positioned believe advertising. We're take operated we we're in and of experience from competitors differentiates capturing

Maria first from Canaccord. Ripps comes the line from of Instructions] [Operator question Our

bit on were the QX last prepared outlook of a your you softer recognizing remarks of contributed little sort So and any that in election headwinds sort your here. expectations to touched relative factors But and quarter? this there the QX other to

ad beginning was of prices up. channels. cycles. on thanks the over XXXX significant of go saw biggest through tends spend a and Maria, this bunch came in gave amount election But media the August, to Obviously, in impact some biddable us over XXX% in that a that time we've Media specific The at basically digital for just that question. was political for jump we $X.X all and during time. the hard was said spending period, election been to the buy stats, for billion. and end And social the to towards Maria, increased made rate. EMarketer that compared on same those it platforms

growth had on The -- a really marketplace. better owned and we demand. get -- there the election started after We So Tuesday was starting the was week. we to our operated restriction on in in that supply mid-August it had demand and last the in then expected

Got growth And of you O&O but it. Media can talk for from sort That's your segment the Solutions double-digit helpful. revenue your embedded well standpoint, in year, expectations both business? as Commerce next what's the maybe about for macro as also

Yes. Great question, Maria.

continue during excited to actually -- brought QX, about partners is grow from really perspective, an on looking in as a going that the put come operated for bringing. we not given on. we're month is historically retailers from And the But slow looking numbers growth that we opportunity slightly we're of business. of and the on earlier, to the have we actually be their time we've and All year. period. bringing to basically, our next to we're to on media and accelerate tend X tech which that that any commerce down we're -- some We've number owned frozen side because changes So are

the year have the real We sight year how that based us. part can already embedded that for grow of brought be have throughout of terms line will we that ones next we us in with of on growth full the and on

the we're biggest the us started invest So on that our in AdFlow to we we're the media winning of are for to And piece way. And how advertisers in certainly We and continue emboldening now XXXX. that marketplace partners business. to clear were of have line in results business. driving And calling into business. part lean grow beginning and significant it that's of a sight are. We the continue commerce aggressively basically where we to

your could Can behind growing you to why it. guess That's reasons of structural segment I media where Solutions please of squeeze at if on Media are And in media sort helpful. more what that? here. in is refresh expanding segment And Commerce one sort margins some Got higher? are you maybe I margins see maybe us scale? once that do

Yes.

will So good sort question, obviously And we've the based between that marketplaces we media XX like early to with business things paid XXs. owned about and it's and is margin of to manage numbers. The getting media operated legacy -- and been media for the costs we of that a the part are up are on share. key we we down being the scale bring we And that before, had has commerce Maria. our always in revenue XX% we've talked to election model been basically and that years, -- on margin down business

and -- that revenue we of media property get is us between us the we advertiser share the So what paying with. working we're split digital the

into some doing is the the the share, as more scale, also machine to and I we And -- we'll we're a that certain learning our embedded think models tends a in driven XXs. economies by margin as that much of we more rev in now be margin as in So targeting grow verticals. right some get and consistent have we

early see we XX going sort late to of XXs. that in earlier that and disclosed the from we margin early number XXs, So gave

Barrington James of Our comes line Research. next Research. from Barrington question from James Goss from Goss the

Dezellem Tieton from comes question Capital next of the Our Bill line Management. from

Don, back third the would when please on the relative what us step and call? held last unfolded planned walk just to we had how you originally through quarter conference you --

for thanks question. the Sure. Bill,

businesses. it break the X into I'll So

added accelerating we side. new XX about did commerce on. side, us partners about the Those and We of growth media the end clients come on. talked new at media the into On commerce the bringing QX clients

the did come So as we anticipated. volume

commerce it we QX. side, continue out a basically media it way we from the momentum So our going played to into and accelerate to expected actually

in and later in operated we through the targeting margin. to having on owned towards right supply getting is -- based close August part good challenges we're terms side, marketplace biddable it us on halfway we saw media August. of On were the ability sort up of at a the the and those and when -- out And squeezed channels pricing getting July a an the going from in buy

November started down pricing of the business. quarter end presidential channels. the and seeing those is on the owned primarily saw actually towards that -- November on their U.S. when X come So continued until and come That spending and then hit we or in back election margin from operated we X the

did added just And hear we new you media commerce XX you QX? that say customers in

an XX to we've far Yes. QX, added X and over We we've QX. added -- additional date in added in so

and so quarter? on the approach this customers they many quarter, Friday given Would active was that guess, the X a the are fourth surprise for in tend bringing Christmas your to lockdown Black businesses prospective you this positive of be surprise season? end QX, pretty a And selling anticipate Or at I before -- us. the point, as really more these in of in here

a into most code It's mostly code it's just -- October. get year. platform they integrate tech until ad the do commerce end site retail once going freeze But do our after verticals not middle freeze, for -- And did the of to do add going they're around their that we're the to of hard today. starting a officially part, that We lockdown, one they to Bill. the the usually in be in,

believe continue for the let's then grow growth Or a the again, you commerce slowing you say, to the, rate triple-digit relative in X see from media it next triple-digit growth will revenue and that And window? do business, do to at Great. that can you quarters? continue

see, on. Bill. acceleration, as the partners coming see We've got, can continued great you We

with of some We those expand partners. also can

part will expanding them. be our of So with growth

a brand the can we've on and we or if like chains. retailer, might our into that store brought we they -- market, we on have they some have chain So additional add first as that grocery that bring past certain another a mentioned entry in

partners to with So grow our partners we'll both on. new current bringing expanding continue and

enough here. do not operated calculator if up year owned the with quick the next business math is But to down decent I'm that Okay. year, slightly digits the puts in up the and is to pretty and commerce a us triple next flat growth rate.

Yes.

So -- we what saying I'll difference to the math media in the enough to you there business is double-digit growth smart call the business, out -- new math. do commerce is way are figure we'll what to seasonality Bill, the about the that the because for we're that. year. is for The I'll you, return But year-over-year XXXX

in we when QX and QX. depending are might certainly, bring and heavy of what most obviously, them in be partner -- on -- certain So on we what it heavy vertical,

verticals about a feel and number basis, that move returning going and double-digit they entire we up based it to So On might bring the good on it's the we quarter-by-quarter seasonality year. on to have. the that for that down --

you growth to accelerate then double that of rate the the but course growth but through the of a year, this, imply that over higher quarter 'XX? rate as each Not has would does go digits belabor

sales, obviously like down, just because there's go see Bill, the season, you, right, typically right? less holiday QX, that. that, less to But talked something give things about retailers You'll again, we've before,

see be QX down from QX will and have number continue the beyond sequentially QX. then acceleration we'll So to we'll

looking comparison. I'm Right. I it at Don, as sorry, a -- year-over-year on was

QX meaning the quarter So QX higher the rate would a fourth QX? versus have that would than versus have growth

Bill. absolutely That's right. that's Yes, right,

get in detail going relative is I'm remarks, your to ask competitors? innovative and dive how loyalty opening The your really you that different solutions to one would in commented for here. business grace into question are And on as business to to what your more Okay. you or more

Sure.

we post So our Media in -- transaction. Solutions we Commerce the is call -- vast what the now, right is majority core post in

you you Hulu come free and our are ad you when services, something, congratulations, overlay X on post-transaction website you on right? in confirmation a and card go And module that you months won is solution an what submit. credit -- get So is purchase say, put will page, of subscription our to you press before your -- business, business. the That just that's space ad commerce that you've in,

is most is right, lucrative commerce purchase inventory again. in the they purchase likely part and it's our And already across the are purchased partners' flow, because to has consumer So -- the moment. that obviously,

increase for consumer. So commerce sites, other area off goes and interact us -- that's other consumer for consumer why to experience as consumer partners' there for drive our the the we the in that and to areas But with the with flow. them areas a through are commerce revenue which started both for experience for to us partner also the

[ example of number work you In X you x now. loyalty Hulu you one say, months we free, that loyalty for more up site launching and also allowed example of to ] obviously, points, the more their the the partner spending -- our I'll on come where get that with build right? loyalty more that give points consumer but loyalty we're then partners on to partner, get site. back an on Those side, also for So encourage can

able pieces leader partner. overall across be integrate a tends loss commerce we're for to it. Loyalty those a to So X

look This -- I'm profit it where an out Bill? we to it. x tend is to amount and to sure for not exactly a loyalty going spend can example the the sense, performance center of incremental them. Does how they at I tend post-transaction You drive get make make revenue and from add of money that I'm as it to business

is described typical loyalty hear didn't I program. what But Don. does, is It different the what just from how you

normal So there -- me. that was to sounds pretty

missing you're think a versus program. normal where what that's I loyalty doing I'm

company's serving ads offer the outside Yes. A ad business, that program Bill. typical not will for loyalty are

can that then So we're they revenue nonendemic the how use incent either spend bring use doing the what in for decide allowing that back that into we're themselves ads order and to consumer. they loyalty then to partner or they revenue serving how and -- is how to bring it

So generator a tends leader. rather than to them a revenue it for loss be

great turn. point to inflection That's Excellent. starting see differentiation. Congratulations in on the the business

Our line Goss comes the of from next question James Instructions] from [Operator Barrington Research.

sorry you call One declines into QX. couple just I'm things. before. continuing about of talk that my year-over-year a did might ask other is I dropped

QX third With the QX? before you Media quarter of Commerce in imply view a QX framework it do and sort in do slower take you that terms until the Washington Solutions, think in level off and rise regime begin will election, business? in the you gains? And does the to was growth wondering will development terms see in in for your in Or of QX then of -- separately, the in how shift I cadence-wise the

thank you answer a the for of pieces you. couple in ], I'll The different for it question. Goss [ --

haven't Commerce primarily around it's QX in the So throughout out the in and is operated QX and challenges that's the accelerating but owned business year. the and single QX, fact In year-over-year that that and election. this the with onboarded growth, based U.S. year. the related and wins scaling that on continuing Media to decline the see obviously in we year-over-year QX the QX we had in what talked low and we have about -- currently build mostly And digits we to we

think All a had before? more And significant Do ]? effect than the tailwind of [ just does right. really that be you affect not related you to Okay. and will how in Or your creates presidency it a business? the that the other change

question, great a Jim. It's

could tailwind, look now but is upon as it happen. think terms in I a of there variability lot we of a of right what more

were pressure they sure -- was is going with a indications that of really of obviously it So what or we're out issue, blockage some sale the day-by-day looking there obviously, and at prior to be certainly or TikTok up administration, cleared some and divestiture big do has of we on move there's sort that obviously things channel. That and forcing The make there'll as forward. around that of yet. basis we're in looking one on a at pressure of it lot But rid there not getting that. sort been less

for us. positive be will it case, that in So

to Don for this closing remarks. now time, would conference Patrick I At turn the back like to

remains look owned and for equity rapidly joining forward, update marketplaces. you the leveraging call our growing and Media an focus in QX in giving is We forward and to strength business Commerce Solutions strategic to for on while path build today. our the extend you our which operated foundational continued support. Fluent's you Thank financial and your thank

concludes today's participating. Thank call. for you This conference

disconnect. now may You