Nixxy (NIXX) 16 Aug 222022 Q2 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to Recruiter.com’s Second Quarter 2022 Financial Results Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Mr. Kirin Smith with PCG Advisory. Kirin, over to you.

Thank you, operator. afternoon. Good second call. Recruiter.com’s earnings quarter to conference Welcome

today. with Recruiter.com described Any A these replay Investor the will any intend ahead, speak the cautions over and turn through Recruiter.com’s As like only Chairman Instructions] of indicated, under after Recruiter.com’s On this Act to call purposes in SEC. call remind and are section risks or circumstances made Recruiter.com’s this Monday, filings Chairman would of various The recorded. expectations, [Operator is CEO, date, being differ Harbor does plans to forward-looking XXXX. today’s actual President Recruiter.com that provisions Evan for statements of statements constitute Reform the company’s Krandel; the the August I’d conference results those Litigation opening Judy conference statements about the the these forward-looking and today’s CEO, everyone Securities subject on Sohn; for a comments. Miles today’s risks XX, on to not like as and Evan Jennings. call company Please made may reminder, and of that, available at Relations CFO, be Private website call call to COO, forward-looking Sohn, reflect Evan. statements uncertainties events remarks investors.recruiter.com. forward-looking of update to that XXXX. call cause including from future Safe to to With materially that today that are prospects and occur its of go

questions will then operations from today. After comments to go everyone, start it into more business welcome, will will with call that, on it financials. to to details up and some and Kirin, Judy and off client a Miles the core we the I review open few you, our the then the today to audience. call high-level hand Thank composition.

and in delivered with XX% meet and the the your $X.XX GAAP of $XXX,XXX our plans made combination to or The billion am industry weeks? employee of But either new revenue for company Recruiter.com X.X%. set the a two and across pleased yourself that you to engage sequential acquisition but fee million, does with five ourselves hiring matching own well career in to communities revenue old services XX revenue. the intelligence workload forever as demand offerings: five we software headhunter you’re talent is handle past attract sectors space every levels to software talent artificial hire way execute just sense Paying of passive economy. In not growth against the a to changed. key stay overview of a our just and experience recruiters when the not can to company, our to and XXXX services, the about scale deferred we’re having on-demand job four months. quarter, we our continue was second when sense those talent software brief needs; salary of quarterly jobs yearly performance this our weeks new was with does active XX% to platform, proactively one years, the people person and every new independent made quarter company. with the of six been business industry to finding up headhunter paying work and the all which a for objectives year-over-year include I XXXX to so inventing: growth stay beyond. planning recruiting For candidates $XXX Finding few is the new This of has a and reinventing XX% candidates. customer at months. of when on-demand very

scalable and of which prioritized components software the We greatest our have potential and most services. on-demand business, we consider

We’re as platform company grow higher-margin the by planned. to products to our very XXX% sequentially is software XX%. unfolding saw pleased transition We year-over-year grow strategy and that our quarter-over-quarter by

software lines require collectively Our our by XX.X%. as recruiting more on-demand than by resources. our driven year-over-year This our plans margins adjusted that than XXX% segment our We validates which any on on growth improvement other business. margin services quarter more margins gross in grew increases to fewer We Demand shift our only and more efficient business operating scale that year-over-year, of with now represents we Recruiters technology-enabled than most by achieved of product, quarter-over-quarter grew solutions XX%. our efficiently doubled product in gross XX%

numbers, seeing cannot more very EBITDA. achieved performance and adjusted business and year. product development with earnings in our also plans, some margins. entire improvement Recruiter.com our we through into to a continues controlling against prior in this be We achieve the we now that will even adjusted line discussed which we projecting In develop. how the on ahead. an our to mark prouder continue pleased EBITDA around execute XX% are the we cross this for business then breakeven I’m go adjusted accounting had call, improving XX% by every quarter-over-quarter of the our please this, improvement note EBITDA should We monthly our specifics XXXX and with in past began Judy, we go objectives Again, plans. team, and capitalizing of costs we but Miles forward. QX, as quarter aspect sequential to go positive push I the Judy will are

net XXXX. revenue comparable $XXX,XXX profit XXXX increase million, higher administrative first We technology-focused million XX%. expenses higher expenses amortization marketing, our and well the development of gross forward. revenue $XXX,XXX in by to the expansion with as compensation Recruiter.com approximate the compared margin XXXX intangibles in began loss compared to we We XXXX. in and This of income to XXX% this ago profit million, $X.X a The product during general over $XXX,XXX plan scalable and solid continue XX% for includes million $XXX,XXX. amortization margin products $XXX,XXX Gross was services. improvement products compared a achieved of quarter demand we and and the million compared totaled equity-based $X.X gross ago. company Evan as quarter increase was Evan. second accordance the an GAAP Thanks, across the clients. in expenses to to of of items a XXXX driven in the quarter. year new in $X.X market primarily XXXX in the as capitalize quarter XX.X% strong XX%. policies, net mentioned, previous growth XX% The our reduced multiple quarter and product this of due our The product for gross $X.XX operating of from the million practice bad an of and compared quarter sales of achieving an operating million $XXX,XXX, and and to second to to loss in second year expanded to million quarter $X.XX fit prioritizing second by profit compared $X.X as GAAP our QX, XXXX, a period $X.XX period. three-month over In the expense expense going development second of XX.X% by had best increase a of quarter a of period XXXX. excluding reserve for This noncash net services of in in is of debt from quarter corresponding higher margin, quarter second was revenue, were and second $X.X Total of primarily deferred to second to an the of the depreciation increase the

over capitalized the over incurred we we $XXX,XXX second development. loss for improvement adjusted which our XX% quarter, product Overall, quarter, first is an have During a about the $XXX,XXX of quarter. invested of EBITDA the and

XXXX, cash securities receivable and doubtful allowance and June in $X.X and cash of On accounts cash, our equivalents net marketable accounts to had management $X.X Turning million cash plan. million. XX, of Recruiter.com for

leveraging Heritage a View with As a we $X Bay last million of Funding, quarter, we are announced subsidiary Bank. factoring facility

to XX% Our first There additional shares With Miles the XX and own have business days were outstanding XX over to million insiders improve discuss saw by to outstanding an will management cash approximately common operational cash outstanding XX.X at end, and improvement second an the goal collections quarter. these from days We do Miles? quarter operations. to approximately it burn year-end. that, turn reduce from I quarter days of sales and shares. XX%

segments operations. the our to I’m another strong quarter, had majority I’m We the two of new for grown product Judy. that you, revenue. results proud we’ve our really pleased Thank account of with and

of software for software adjusted introduced overall Our very XX% in just our services. growth sequential approximately on-demand XX% year XXXX we EBITDA QX. I’m with also that platform our introduced already our well, business by for our our platform on-demand and with last recruiting XX% – XX% for software sequentially account improved two XX% as of in quarterly pleased revenue. loss over from strong These segments saw services growth our and XXXX now

who seen to Our success and clients. also levers and synergies offering with integrate of across sales well by both have continued the to at the of our a increased is a cohesive our people spend directly variety environments. from quarter, to and improved of clients. solution Taking cost for EBITDA acquisitions higher-margin our increases we spend about fully as This the products business the the speak manage into us technologies take control shift that worked small of improvement that employer that emanating enterprise look clients, changing saw XXXX we of to fewer with made ability These self-service as speaks their their clients teams result the XX%. quality our XX% us investments. We’ve for our require multiple software as to our our we and business recruiting one our a our by higher in increased advantage solutions

in success solutions identify and opportunities meet additional Our our clients to scale talent existing teams that sales a and client be across continues a to finding board. variety offer client with as to new We of hiring space broad flexible needs. the white and challenge continue

about spending our multiple spending clients we recruiting in and now over of $XXX For on also we five monthly per advanced XXX self-serving example, businesses marquee $XXX,XXX have average, have excess solutions. on month platform across though

business that largest now can small for start-ups we offer the to You through see customers. value and enterprise

We service key sectors I’ll in and great a now and with Evan. industries to it back turn finance. technology, verticals continue over variety of to healthcare

startup refer company. NASDAQ Recruiter.com I a of often Thank you, Miles. to inside a as tech

customers. view this to is on from in million product goal loss manage potential know process. margins, We’ve of EBITDA. to a bit our we towards our products on investors. our – growth our having we we We meet repeatable and operating to objective with important clear, our that QX about $XX a objective I to efficiencies are In uplisting in needs. development certain mission. fit is clear our year, extremely we how as revenue, as expense We operating cash revenue, in and to on ability achieve needs invested three-year to our We started NASDAQ positive demonstrated sales our internally customers’ this little expenses. our Last XXXX, and report align very our noncash and through path scaled to company. A created track realizing acquired This XX% to by a best operating a of objective our profitability. am is businesses, monthly are towards pleased was reduced improved the achieving team XXXX the reducing reaching goal

I tech view ourselves As start-up NASDAQ. said before, as on a we

has As left, since quarter on our XXX% XXXX. of revenue margin the higher see software in the chart second you nearly platform the grown

have We scale in to invest continue property ability to ensure our to our chosen efficiently to revenue. our intellectual

We The investment amortize EBITDA As an QX reported $XXX,XXX. three earlier, of in result years. adjusted we our are choosing to development, new over now loss is product capitalizing our approximately company expenses have benefits, does public operating the to underlying a the Being a separately market. bit results. being with public leverage associated as being from view public our able such its

financial burden. its However, does with come it

expenses officer We and audit, This per average monthly associated have director being relations, $XXX,XXX charges. includes a investor estimated company other to similar and about expenses with internally be month. insurance our like legal, public

gross chart operating see profit meet climbing As you could the expenses. our in right, to steadily the on is our

public is company view next to me sales We have margin. and our operating this cover It’s exciting It’s how grow for achieve public see to improve achieve out our a team to my company I market. that simply role exceed expenses face milestone Again, gross job height startup separated efforts. the of company our expenses demonstrate CEO after clear our a we slightly to core like to for to change NASDAQ. milestone that by results. would our continuing our pandemic. the the to year express the then gratitude of their My June we began in over would of to uplisted pandemic as forever XXXX the entire Recruiter.com the We knew and at

Let’s look at to responding our affecting how are take a trends and business the them. we

seeking well find phenomenon hire sales a predicted companies from involve As of opportunities their as workforce. outside the recruiting. globally dispersed on-demand anywhere as to is that our shift to December, seeking XX% their foreign in consist hiring hire U.S. anywhere morphing as U.S. we into These pipeline work include the include from with outside of current Approximately talent country opportunities companies international efforts companies to working

We’re Healthcare that new marquee with strong seeing healthcare client have with of represents and last XX% a of announced our certain resilient pockets recently a we to a a couple continues revenue. strong now new economic healthcare hiring call, have earnings Combined we clients. particularly of signed environment demand. demand,

as Our healthcare we in and business potential nearly opportunities. also book solid of pipeline is our current new Xx see

both spend seeing space enterprise of us enterprises our earlier, QX, investment. focus on with sheer spent at their tactics clients more of and amount strength white our return clients. solutions small are with good these the in And available We reported Miles proven on and the demonstrating

a ongoing spend. clients we have portion of greater hiring Our capturing challenges, their are and total

less earlier macro our this increasing environment, profit, since gross on reduced the with prioritized doing for EBITDA thus, positive monthly expenses over Regarding mandate our year, first focusing We monthly already quarter we XX% more in achieving operating our the XXXX. was XXXX. while

the that market for the report, hiring in. monthly in strong, talent still there’s demand remained jobs reported As specialized and has specialize healthy job a we

this As on to reported remain our paying focused the EBITDA of growth plan The of has talent. achieve but old way pandemic year. a quarter, salary The with of last headhunter we our XX% monthly changed or balanced forever world yourself how world. post-pandemic The us. in talent comfortable just finding than for are client. employees find adequate has economy, talent opportunities for the Recruiter.com hopper not are is great business job jobs switching faster where reinventing companies ever, today’s the created positive

our gross pleased key for areas to improved managing our in clear our primarily in them focus given are keenly on to comfortable XXXX, remain our in for increase expect the high including We staffing and operating year. expenses, by end we are platform. again XXXX, are objectives. the performance Both business to with shifting We revenue software goals margin efficiency on top-line low the a and how winning. margins growth of high continue the margin Since higher revenue cross capitalized revenue, end services. – truly year, and in drove and we XXXX million growth invest made XXXX, a our our June on-demand of in our from and increased profitability. We guidance like and positive by we achieving margin to of breakeven consistently this to have and our $XX our software mark for before the still to I’d acquisitions we with iterating EBITDA business, further to adjusted

and achieving positive both top-line revenue profitability. our we EBITDA. of to XXXX committed in to best-in-class in committed levels are are way, delivering We adjusted $XX On monthly and million growth

what going and in future forward experience We need again This in software of global services. the for for time is your businesses you acquisition and on-demand and Thank talent. succeed will is want today customers the to what fight integrated are talent convinced that Recruiter.com. integrating interest

it Now questions. any let’s questions. up please Operator, open to poll for

Your Instructions] [Operator coming please your question . from much. Management. very from you Manchester Morgan Morgan Thank first ask is question Frank

good Hi, quarter. on afternoon, a good congrats

and those the obviously, what does in company-heavy. your of to expect, of bring how at one sort How I’m customers. customers guess chart is funnel along? Like into cultivation was as I do make that small progress? is, interested looking medium somewhat I small customers, strategy So might the you

noticing Thanks, Morgan, thanks spend. their more in the improvement question. for And the for and Yes. importantly, thanks

While this large medium we have our the from self-service bulk derived to companies, the of clients. growing of is really revenue segment

on include actually post clients or XXX on ZipRecruiter are they a they – the on communities LinkedIn. these So way very of a include that self-serving Fortune number that would are job our companies career much same

white step of especially to self-service market a our think and a market these more take services AI we’re opportunity So is attaching And smaller available On-Demand for a next to certainly services, our to really There’s clients. at them our Recruiters like down we really us our to by clients lot to clients, move there’s the space more services clients. their and resources opportunity to these us funnel other software and or we allocating self-service them. for big larger attaching as our

found Like you How makes what’s I drive to work? hook? the engage you the way do particular mean this? like a that have that – what’s

by we diversity. So doing started things some around

We you career job, Mediabistro, go post one have not can now We actually such only if Recruiters to a a can – but actually diversity you you upgrade. could of – purchase as you our see communities actually On our Demand.

software our to is product career communities. which Amplify, purchase could You specific the

could You diversity a purchase upgrade.

figuring We’re clients. space a those that be, what clients getting out unlock those is for lot to think available it better of how we there’s white small we going at because

Got it. Thanks, Evan.

Have, I answered your Morgan. question

Thanks. bet. You

does. it Yes, Thanks.

much. very you Thank

Investment is Lisa, Thompson, ask question. Lisa Zacks from coming next please Your your question Research.

picture question. big everyone. small few then are questions a have that I of a and Hi, kind

expenses to as they here? do off, be Or first from you’ve do So grow they’re that you going reduced? much reduced as feel

on A expenses we’ll that? questions, How’s your ask All on right. back Why you question double don’t that. continue. then and all operating

quickly. Right. expected, lower is was that wondered us forward. model I I particularly the And is, what and and about freezes there whole. so if wondering that keep economy was a business not crazy And big was well. and and I doing picture hiring wondered that successful. that driving I staffing that’s as sales on could your reading question getting give layoffs to Marketplace was going we about it’s going comfort than then the economy And you my think address and

continued your again, Sure. for Excellent. And thanks Lisa, support.

three together. call our let’s first staffing made choice, revenue. – to – answer the So the in you we revenue, really staffing we this The the really revenue actually to which would We legacy deprioritize call, about deprioritize it. chose we and talked chose

So revenue, it also was in It margin. while gross operating pretty it was an perspective. very burdensome from expense ran high low

And so greater by revenues. deprioritizing saw it, those in we decrease a obviously

be I think XX% to gross it of business, the got went revenue down in now we business, to from But QX margin by the excess more importantly, QX. of or higher higher roughly higher the company. XX% profit

to even to which – overall. a talking we business We’ve our software, is than XX%, year, reduce us software. been I the just that, our through less accomplishment think last able big and around when the wanted our of now about we expenses really for were be it’s staffing really revenue improvement operating of

of services. Recruiters software of now We’re On delivery our to using our the help Demand

to using part process. we our – and we’re – – that qualified goal So really a we’re to of XX% software of deliver as XX our with hours, delivering overall within clients our recruiter is

getting the improvements adjusted take our of or positive that a And down. prioritize. we’ve And really of on in perspective. over the really shareholders, year, that’s our operating sort to the better what able our prioritizing been throughput beginning and prioritized more rest we expenses to the we growth in balanced investors – our the business. doing and more really EBITDA we’re really So we’re At listening seeing of software,

We led and that a to of just in also that we’re XXXX really year to acquired investing overall Again, really beginning lot five overall office some the systems. really but in efficiency software the consolidating use in start the companies the seeing. of back operational not our of investing

that actually the We – think rolled of on career the just answered like two. actually one all more just someone focus in have questions, I that – communities. had three Marketplace our kind first career recruiter So and – faster niche people growth. looking community, really are those we’re started out we of. that our communities, before, our first ever career to part theory we’ve than of or to Part career strategy going seeing career be was more be as more companies philosophy communities they’d communities to and with to move

the like media job, I’m be the industry. financial in going from ad are get level tech I ago communities I about LinkedIn be not in and be next industry. we believe, want a Therefore, hey, as Reid industry. or to talking but of So it about to five specific was to probably what really want a want I career in Hoffman go really four job it’s months to board. being an analyst

a market everything. You they don’t have flea where just to go

You go to something specialized.

we’re You market go to really to in an or find to big our that’s auto books a comic to find book why potpourri. comic improvement cars, flea as marketplace. show And a seeing opposed

that’s becoming self-service The other portal. really is our

I many the So are over Marketplace the economists recession, who where than economic certainly self-servicing there. overall thanks we could side, into for – that are market beyond. are – XXXX whatever grow finally, we the think And really expect the or related to from can. there conditions And and about coming more and really that about see asking to trends speak clients

good Recruiter and once results, when We’re monthly fortunate hiring. Index. we deliver decisions the results do where We a comes We CNBC and our that we’re we’re many monthly recruiters. on part companies to month, CNBC on we’re the simply to I’m conversation discussing Index of it surveying desire those as seeing by make Recruiter the those a publish

this watching now I one’s closely is CNBC, level hiring we choices. more hiring it and deal attrition own better make with with We region. hiring that it our another outside clients that and speaking regularly reported I’ll with very over are to of later, trend earlier did the think seems interesting with was economic hire. on that hire, tapered year, I over be

Latin in the and for a this and global or looking in We’re more that, companies recruiters XX% talent of becomes of pipeline the in U.S., U.S. leverage increase U.S., seeing XXXX reported I would companies looking foreign would of think look companies our being And We that partners, employment for talent about the U.S. U.S. last investments America you acquisition, as our call pioneering norm. talent in talent at if in global outside areas global in our we to of talent. they’re leaders at call, charge Deel, finding ride Oyster as such Oyster, just space global and excited as their they’re platform partners and these outside this really earnings announced this and we’re their in really on

long-winded I could do. it’s a little I four ask so questions, answer, you of it’s So the a did but Lisa, know bit least

much. you Thank so Great. right. All

You bet.

very you Thank much.

is Maxim Group. Your question. from the please next from ask coming Allen, question your Klee Allen

is well Deel My kind partnership Oyster this it Derek of Hi, [ph] as Raise. to on first as relates for and I Allen. the guess, question,

more I So or those just color should little touch those, if just on to new how wins that. client start recognize you you on wondering are we anything was offer from perhaps could a when to want or progressing

Yes. commercial with announced quarter earlier. alignment think, weekly I – We’ve Deel, question. Oyster quarter. a we We We announced last done Excellent have probably calls them.

joint opportunities with working them. on We’re

also become just overseas, not Deel enterprise when I in And expanding our opportunities lion’s we of marquee pipeline from U.S. basis. nice going a opportunities. to on but that are that us of from think companies a are share about international a that the regular expansion, is that bringing expansion have talk and Oyster like clients really We

traffic. We’re who opportunities to through Recruiter.com interested that other how generating every outbounding fourth opportunities, generating really we’re the some as side, really as cetera, organic on out well our are doing SEO sales paid through things drive not just day et way, We as doing it and advertising, if own that through about our to do started partnerships. we is traffic parties think team we’re breaking revenue organically our the and we’re you but

our expectations good have the for throughout we deliver partnerships the to part really So really international these rest results year better of expansion. being and of

have Thank was cross-selling if going small to clients, But you you Great. were back any back And about the Okay. wondering more. then talked like couple from higher to a had you. – just earlier just I and spending metrics for I use XXX more if similar XX% mentioned well. the metrics to call; this just of wondering last I top like wanted you larger I was as had remember service. I enterprise clients quarter. the any think report you clients going

Yes, don’t wasn’t or would would the probably have number. that. It I change think it I up. same dug – otherwise, have it’s meaningful I to you a probably confirm

that for interesting a report always as We’re trying company shareholders, to look we’re metrics we with can startup on NASDAQ. as our you, the evolving on

services. multiple is it So

We are still seeing that.

use I’d terms I be if remiss start didn’t to like think I Sourcing-as-a-Service.

an on-demand and like the fact larger for we’re they service. in some So expensive software, of our clients, they’re interested that not making investments very in really

perspective, service results for delivering subscribing a that’s them. to their they’re from So great

I on career space as XXXX with spending throughout the are these really our as the larger the into self-service mentioned that at simply step probably and a clients we’re a to white first of customers way service, significantly and capitalize next question, communities these into really And us real so the And year enterprise the really we start being available multi us. for our larger using evolve that’s total I delivering more able clients. and them tech-enabled to solution enterprises our evolved really more is, what is as for turning the earlier, rest our –

appreciate Really your So thanks, Derek. question.

I I if They’re is wondering I’ll And out realized? gone. have last just remind quick. was million. if I But that was being the on financial were if ones. related then what sheet, just that, targeted? make that wondering And I contingent there related. $X.X to. forgiveness Yes. debt you that was were of And of them a two consideration both saw then was could alongside what gain I Thanks. was paid balance the just noticed us on there so, metrics

Miles, to those? cover want do Judy, Excellent. you

acquisition. Group a gain. That the cover was a was note Novo in post-close filed can I the that in There – an from Yes, contract amended negotiation. on consideration the a change we for

we forward. in that I it a question noncash payments Yes, amount going debt that And a of reduction transactional the hear reduced was apologize, first didn’t the just was fully. mean will debt owed. It I

a like also There’s contingent consideration.

floor balance now. like have on wondering realized? I just paid a balance if just the think fully was that the I out there’s... I if doesn’t Or that see was and sheet,

also negotiation, that that this eliminated. Yes, was through was –

guys. Yes, great. Thanks

Thanks, Derek. Thanks, Judy.

Thanks very much.

your Carpio Joseph question Your question. ask from Leo, please Gunnar. next from is coming Leo

Good afternoon, gentlemen. Congratulations on your quarter.

them might can Just got and a is trends. answer My the questions, first fire just them. well off quick question as and market couple of regarding you

are You’ve clients you you’re any how international. weakness, and how industry Can tech any pivoting to talked comment on vertical addressing particular that are you’re shifting or you and more perhaps about others, – then are for then does capitalization, – What regarding that? that that questions. did like impact impact? And the have expense my EPS? the debt have on your extinguishment. And secondly, Those on an EPS capital seeing

handle trend then one. Great. the – can Judy, and don’t Why financial Why we don’t thank you I the take market thanks, Leo. you question

clients, good there our outside most the not clients, that. part, clearly, are you just be shift clients, to going for manufacturing some clients, So just our able U.S., consumer really you’re areas our our healthcare logistic where can’t ship the to

telecommuting of inside U.S. U.S. the We healthcare are most is really you outside for nursing, can or part, sort the some being nurses delivered seeing telephonic the do But

talent tech seeing really, shifted you’re financial would clearly, biggest being U.S. seeing and say shift outside the then really some we’re services So also is I the

the this really to just of a side of related Now the lot talent. is expense

tech they were these wages As increase. were driving companies hiring,

became so hiring developer very engineer a or a And software expensive.

go tech can’t is seeing. large a talent, The company I tech outside it the the a of highfalutin were And going expected or or their still price significant for the that here company that we’re that let I they a trend shift think was that layoff, about that if they at have. it U.S. that U.S. over me think so, point, hiring part, most to did really had a you the in result a a company pretty growth tech layoff the And a hey, when find tech is

specialists, engineering XXth obviously on core client there. that are the financial although team, exceptions managers, really software they their you’re and analyst So at hired, looking there less account so

that’s we I that Oyster, find have Deels really how stopped them. you this what before I think So found sometime employment development And gee, in team know I happened by my certainly the couldn’t other is XXXX pay global seeing. up is doing want that are I I trend if What a a the market from to companies, was these talent. or talent, and platform what supported Argentina, we’re own didn’t that to So – set that expect in companies expect right? to really these we and of

So our hire Oyster partnership results. with people, those people like a Deel the the Recruiter.com and both find the and delivers pay with I could people. an really

call outsourced now development. Now in can are can can IT America. outsourced big developers that Africa in I growth between in Canada. get would in what can’t of doing get there, here are services. this you’ve I in whereby find over need this we seen companies developers immediate there east this They’re I go leading get – I Latin or Albania talent. developers in of

outside really I U.S. own of want on companies is the return build more I think on sort side the next to step my the team and investment saying

that So overall fascinating probably, It overall biggest I if could numbers, I’ll could would seeing the in gee, think, expect, increasing anywhere. the you’d because if tell we’re you U.S., look that’s at people terms of be unemployment I the U.S. hire outside what trend. the is numbers. hire affect I must what’s the you

really not that. You’re seeing

see you’re shortage of in growth the hiring you yet outside terms workers, talent U.S. the knowledge seeing on So and certainly the

decreased. So that’s is market labor it the overall of in people number really the

seeing drivers, logistics That’s other hospitality. obviously, in very really logistics, we’re be to truck and that I the think growth obviously, going segment difficult.

You’re not to outsource U.S. really going the that outside

So would roles. up roles I in terms break of in-person those

more Shopify don’t have as hybrid, companies of think that companies to but thinking I workforce a U.S., saying, an way really like those, gone gee, virtual want completely company. terms of shift every the overall one there that’s about in outside we of are are for

a think answer do bunch you of Okay. I questions those? two questions. now or had And financial want you financial Judy, to

Yes.

– Evan. Just to address thanks, yes,

loss due with round the it share, state you that if each think you and sort address, can the to earnings see on figures would extinguishment on noncash EPS. specifically item, impact debt wasn’t net can’t to have our can Just approximately issue. gain doubled but I included, Again, the per of

our You you with detail can offline. if like more some go through controller step-by-step,

follow you Okay, up Thank offline. we’ll again.

Thank you. Thanks, Leo.

Thank you very much.

next Our [indiscernible] from Joseph is from question coming Gunnar. over Paul, you. to

you quarter how again. are Congratulations great doing? a guys, on Hey

Paul. you, Thank

All right.

was noncash this cash it compared right, Just net And now? loss of off most right throwing to up know I go like briefly, guys the if – refreshing the this actually don’t see like quarter you cash was quarter-over-quarter. things to very reading one Are but quarter, looking I’m looks your at actually of expenses. just last

Judy? or Miles

throwing this Yes. Yes, at not point. Thanks Paul. are off cash we

look complete we that loss, moving And the positive But that mind monthly right we’ve indication. will development be adjusted at focus did is which at do direction. a EBITDA adjusted this capitalize EBITDA could costs. And on as, that, stated year, is keep end software the business. be a after You the better of in in management it’s our all our the in from run we’ll rate by that

So in right the we’re direction. moving

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as So well. us that’s benefited

it. Okay, got

you. thank Okay,

Thank you.

Thanks, Paul.

now any Instructions] remarks. hand will .Okay, in further no to queue. closing for to [Operator back appear I over we questions the management have

Thank you, Operator.

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