Verb Technology (VERB) 14 Nov 222022 Q3 Earnings call transcript

Good afternoon, and welcome to the Third Quarter 2022 Financial Results Conference Call for Verb Technology Company, Inc. At this time, all participants are in a listen-only mode. Pease be advised, the call is being recorded at the company's request. On our call today are Rory J. Cutaia, CEO, and Salman Khan, CFO.

Private like call everyone under risks will Harbor of I'd during statements the and begin, Act materially. provisions conference Reform cause this include the to uncertainties we that to which actual that remind made Safe of can Before XXXX, Litigation results involves differ Securities forward-looking statements

change. disclaims the they SEC. as required except obligation statements only underlying and these as Forward-looking facts made, forward-looking speak Company with company's as contained well are of and Verb circumstances update to as the may law subsequent filings any in the as Technology current date statements by the those

I Cutaia, would to turn please over call Rory CEO. now J. like go to the Rory, ahead.

for XXXX our Thank us joining you, moderator, financial and call. conference today QX and update business everyone to results for thanks

at with forward began and might devastating year our pandemic all last that a XXXX, be on certain this effects us emerging time, challenges were we and businesses. and of Then public of it’s from meltdown on accounts many the possible many optimism the finally we looking So of certainly sense lives by not find an overstate I’m yet beginning continue to to to the with face. that has a like sure year economic companies bottom. it faced the this honestly small

execution plans, Fed be share quickly. and year be operating One business prices of recognize and economy increases, caps the progressed, strategies were the capital revised revamped worsened, needed no and economist markets rapidly sight, need crushed, drove near-term as dropped, the closed, an series rate not that end to budgets, with inflation a to and market in

new line launched environment an this SaaS very know that of promising during and new as and several MARKET.live. you was It we products, business entirely

discuss results financial to this I’d today during period. like So our

and I as one, particularly I’d they have to top important likely have share operating those three our share shareholders needs, the business, first, to price. continue are: ongoing about number impact price the important had greatest to shareholders, compliance; all and head believe our on equally costs. I on believe have three, our be had to what questions are NASDAQ our like and address particular In But most our order that the number two, capital no questions our

as respect price period that, be With threshold the to in $X speculation trade regain XXX-day was would you leading on for we X would undertake XXX The we NASDAQ week and to either a to days. or delisted by share there reverse have of compliance, continued NASDAQ, know, most expired up compliance. great for the last the November period split company that to below order

formal with period an criteria received Accordingly, reverse regain price respect XXX-day to from compliance. met delisting a confirmation share split. So, additional recently written or have for immediate that, the is we there no that NASDAQ of we to concern

our application meet of While until extension. criteria to NASDAQ XXX-day would I the for I period we XXX-day wait an granting first period additional consider the very to needed confident felt compliance, the for would regain before expiration NASDAQ’s

could and needed So, for I that or have it about prohibited any didn’t why jeopardy. application an prior consideration, doing those in expectations was review, announcements our To make for from the response. period, was do of that NASDAQ’s put I so. public questioned extension that wait expiration our to I for formal plans to otherwise

capital Let’s talk next about our requirements.

of development per released, month. MARKET.live, during two of we past of the we the averaged research in including recently Million from suite products years, new operations negative cash for Over investment extended period the flow and $X.

these able investment. products, and of elements to As begin we testing various that development on reducing were we completed

were we meant raise but spending, year, began to at this support accelerate entirely. to we outset have capital Investors stability call, not we that in experienced and as to the able volatility closed That said been of has as have reduction additional and markets markets But and remained the remained our operations. the markets sidelines waiting to I closed. as elusive stabilize have that this for needed downward eliminate capital excessive on the were pressure. the And it

time ago, has impossible price, working proposal year small another. share couple could raise That months its spent technology and was exploring companies that passed a with as A challenging in equity potential, around, calls. for investment community our Making a Board after our highly was the almost excited together ours. time bad phone analyzing I making literally capital declining even one our more like and it much market of dilutive. and about This I raise

the Through raise would the my amount I large this thought markets any needed the an that produce, enormous us I craft would of plan minimizing, while extent recognized on equity of to the a out for dilution period process that keep I could I time. possible, plan. extended capital Based developed to raise I

The price, components, going share given while at and of market. steep moment any additional rapid share doing a ago, to wanted to $X raise I business. to every dilution million. simply wanted to reductions any was to knew across our Due touched the a plan avoid price area equity get massive no limit on And warrants, required deal the there done I was discount and two deal to I capital, cost equity issues that without I

market pricing at That to couldn’t do. warrants. XX% deals wouldn’t a done discount getting only The and to just I XX% we and double were

proceeds yes, in warrants. priced million Ultimately, deal market with we were able of on and $X to at the a close gross the

the raise of was first last the that We but share was price, that capital dilutive only deal closed it month, because of best available part my While our anywhere. plans.

structured additional a any closed major term, debt, Last no as on months. and in proceeds, six non-variable, I straight considered that personally XX kind week, we an interest, coup. payments unsecured non-convertible, gross an X% $XM month of for

last which went working plan, my implementation was I into plan, was of completed included immediately, The across every effect spending the business. which cuts in through Simultaneously, the massive week. of reduction area cost

spend, Utah, personnel, to extensive difficult people. and off perks, marketing good was talented We space lay had eliminated in really very and vendors, contractors, some I because, really, very, in cuts office which

then I preserve earns monthly more or And member our and also cut expenses a and salaries reduce $XXX,XXX that further Board cash, year, component the myself XX% including in of everyone of effort of cash including each to by for Directors. a

in of our into $X approximately burn normalized time into revenue significant These operational the by MARKET.live capital to our fair to a will which material down savings, we dramatically, amount and from see expenses next to certainly need year, quarter impact cash consider we reduced runway expect part XXXX, a bringing this month, which giving and last have raises. million us a contributions our additional before of any platform, operating

and So, capital I hope this expenses. Nasdaq directly. those needs, operating addresses compliance, three questions

present months' strategic this some strategic opportunities long our in that select thought assist ran process we In to interesting time, and addition, advisory evaluating had firm Board to a during sufficiently us themselves were we I a that them.

amount opportunities. following to engaged selected After of and due recently work and prominent to advisory Board, M&A a our on with we firm presentations fair a these Alantra, us diligence strategic international and mutual

I MARKET, executing as the of might months, just a So, of you all busy it's imagine, the well discussed. several as as and launch been other very initiatives, plans

vast our of investor majority really come questions into really rules. many communicate plans would initiatives, and respond I to and open to the going in transparent becomes do hope relations I we're I strive selective the honest while difficult understand processes to you about our company's a that because and through to and questions it run call, and While weeks earnings leading to and of of these premature SEC the up afoul direct answer inbox, certainly remain disclosure that, an these

that of economic recent following additional think to the -- massive its in to also it's coupled financings, think I our current now fairly highly the mention environment. the important across-the-board completed. gross cost I with navigate we've million proceeds confident ability I $X cutting, the am that from

park. to as can ahead, eyes remain give unknown, known walk possibly impression going this I There don't to as be. prepared challenges going many open, However, want but is a our both with it the in and anyone be into we the wide that we’re and

days MARKET.live, to hard livestream believe our what now. biggest of industry area launched will growth our of now progress to given just at to the live leading end we shopping over be business only and turn July it’s was it’s MARKET platform, actually and the the XXX made, I’m been going for XXXX. in we’ve believe

performance So let some begin by statistics. sharing me

and others, social our such up During the who month-over-month. The growth brings on we total exponentially. shoppers multicast as the of viewers other first not XX,XXX through acquired MARKET, livestream does with days, channels shopping events YouTube when include Instagram, number Facebook, continuous media watch shoppers viewership we which XX

which registered returning The grown sequentially average XX%, is month-over-month. has shopper rate

approximately at was weeks to November, XX%. after its items conversion in first rate week week-over-week, a it’s the For already and it jump so that just go, and month-over-month, XX.X% completing at rate the continued now $XX. risen has with adding registered now of carts shoppers The has average their three over be metric. yet order looks returning checkout value will like for November nice climb to The to shopper also month-over-month

for is The Remarkably, past approximately return and platform for returns rate shopping had rate than traditional is the MARKET on at A over festival retailers dramatically we XX/XX no they experience less through shopping XX/XX all since than e-commerce overall, e-commerce the X% conversion industry launch. rate point more returns XX%. of rates Research, return purchased that over selling did come was days Coresight products for on festival the average XX%. For the lower for we the XX major who are sites. for the livestream all

of views a of on shoppers more in be over are in people which and on surprising stat categories, and Approximately food have past viewing almost shoppers that clothing There prep. XX% views days. XX% accessories XX% the shoppable devices, continues in most Almost watch XXX XX% be as desktop videos to than and of on livestream on approximately I beauty, mobile. were MARKET XX,XXX those and health and recordings had devices registered watch the events XX mobile XX% food expect would think previous

drew event October, platforms was In their Fifth almost multiple their October for event the XXth. third livestreams for as were the had consulting thousands firm on one the held & highly The Research, XXX% XX/XX, livestream XXX HelloFresh, annual MARKET.live session. registered Pure, that Spiceology, attended called Cherry. watched Among they attendees. Halston, of retail in of livestream and around world the countries Coresight selected shopping HelloFresh respected attendees and

milestone plugin existing retailer’s a established was website. platform application The works that was to It we the other a as selected shopping for an feedback livestream was received cite an preferred important MARKET was website. – the of shoppers that even plug over ecosystem stand-alone far - own retailers and MARKET a retailers preferred your into the much sellers major and away was as

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robust be to of out on sales of interested online platform. platform inbound XXX of I the every various is continue now, platforms, we've those buyers the But is on begun right much the more on we Through parties other than interesting stores. first and while have And the think, now selective stages to of have the in Obviously, a proven that choosing XX for sellers sellers and on that. interested half open fit approved following. have MARKET, ecosystem the to we right products Approximately sellers number approximately build MARKET. not days, seller sellers onboarding greater and be now

our companies MARKET precluded credit get MARKET. famous we to card on due -- time, those and example, number are a to processing regulatory see among see change. terms kinds products celebrities other stores we'll want expect on the from over that agreements. we're large of fairly that explosion restrictions restrictions those But could to and And which under products week that from products of be every of an For of issues those selling in and new things, sell for products involved some regulations I we and CBD-based

we marketing and have site. spend earlier, being So for have the I reasons discussed to allocating our for marketing curtailed begun budget attracting of more more our time to shoppers the the remaining

our marketing on ago, began creators Just we over MARKET three program. weeks

from really I this on beyond. announcement, other in Through XXXX program, this and products influencers to literally hundreds they're source and over of favorite to the their brands said then in and content from YouTube I As growth that creators and greatest products expect of sell will them videos prior choose of can XX catalog a social million the already media fans be and created. popular the followers MARKET their

on plans the size initially stream order live in creators and filing. over simultaneously media meet media existing and application criteria, existing channels can MARKET an They to social is including streaming in complete their program that to social being engage Participation their offered followers. the while of the certain

the selecting can from believe to participate that you This and application access for seamless, creators because retailers, select qualify, calling in that has creators the please together products combination see if the that to may MARKET Look, MARKET.live get that no of produces unique expansive impressive accepted, be to attracted go videos, running you and selected have to of already creators influencers through in major been list these user-friendly you'll selling of experience the to have with can up the catalog you in products to inventories and and fun their is back-end the and on go really experience an program. tab extraordinary technology access the of these process once a sold time.

creators and to We program sellers additional XXXX. additional in retail and an to participating many expect that as as as the X,XXX many through creator active XXX and are coming weeks add as brands months, in the MARKET

other number The begin Black Monday, we the and that shopping season Friday is XXX Saturday, shows events livestream Cyber shows. already all currently approximately run live scheduled many more January, into holiday increasing of many and These week-after-week, and have through include on day through among shows and with Friday, themed expected.

we’re the show really Please world’s rapidly at discounts. seeing show products unheard of show from Recent of at with incredible just jewelry that Tuesday discounts. more deciding some an extraordinary Giving many is and building brands Our audience top the participate out. in to featured shows offered Baccarat check

Swimsuit XXX,XXX by many happens also the of more marks spoken also month creator specifically model, This including Sports beginning of air previously, premier at that as followers, for former entertainment some shows, the content than active we produced producer/writer/creator of as month. be MARKET very that of with I’ve Illustrated to to new a popular of the end social we'll this one the original about shoppable a expect who the

since in I’m very proud total a the of component plus our the and separately we revenue MARKET.live team for out had the extraordinary operations, from past reporting but just begin breaking progress we’ve days yet. of just three still it won’t of months growing, nominal MARKET MARKET it’s made revenue just so we’ve just Net launch. is revenue, XX as

Okay, report. so let our me business turn SaaS to

market the direct displacing undisputed and XXXX. we previous leaders As in just I said space for the discussed we industry, are call, applications of sales enablement in the and entered our remain competitors, we we when as leading would sales previous earnings provider would-be

at the of told this second new, sales ahead of of prior year, much put direct you of development expanded our of of the enablement X.X the calls. end products, leadership quarter had tools competitors. suite will but position sales innovative Beginning us and in not in we space, would-be release the I applications conference further only These with we enhance the VERB sales verbLIVE in that Pulse, our handful including the

recruitment sales extension generation, to our of corporate as their happy a existing clients tool strategies. and I’m events for as for MARKET.live that adopt who distribution communication are and well to lead among get beginning an very marketing announce we traction seek also to direct as

see we the guidance quarter. recurring increased in with provided SaaS third from new revenue to we Consistent the previously, began these the products

we’ve offset it However, quarter. contraction experienced the was by second the some in of

between experience Like on and since number third. in active enterprise it's period, we did in sales revenue QX, than most based Accordingly, have had the downtown, more bill direct any quarter despite came SaaS our sales showed of a QX new they this clients adding clients in virtually data first that flat. in year, business our number direct And we our they of the sectors reflected reps reps experienced when the in a billing given sales in active revenue. our downturn industry the the

and In course year. upon This address of their now revenue recurring build of and have a to expense stable base order to over be monthly billings moving we this model the every we revenue They flat clients a proven the all has a SaaS now problem, our we to as removed rate SaaS for us. established clients began single and can from monthly new clients pricing our volatility add on affected win/win we’ve predictable which average for month. our the stream based

model of of this year throughout expect we’ll results the I see in quarter pricing and the XXXX. new continuing the fourth

expect trend current in no we see Fortunately, economic companies, doubt reversing sales joining now direct by to conditions. with more part driven reps the

turn I review financial Before vertical. with Salman to Pittsburgh sports in both the teams unit professional built countries. impressive since In and we professional Penguins quarter built me briefly we've sales teams XXXX, and sports platform sales of Khan on our professional CFO, announcement it We let and of professional the over more third in the sports QX verbTEAMS our of added other then, touch platform. to sports enablement many on in pipeline our started QX an the US new unit a our launched detailed our results, for XXXX, new

were for to opening they sales as the we Major week many was expectation addition following Media baseball the door extremely This In to these the teams Advanced part Pistons, test league-wide their first some baseball team. major the and from major Pirates platform, for able teams league successful Florida Suns, of we MARKET.live our announced use launch teams. and Pittsburgh platform obtain Pirates, our sign remains Phoenix this earlier continuing announced year, of Detroit our strategies. Baseball the win the of my the that Panthers, valuable, approval because last fan adopt Penguins, Pittsburgh It League the particularly league to will of addition we more of the engagement

turn now for Salman? detail more reported over our CFO, Salman I’ll Khan performance. it around our financial to

to for everyone. review reiterate September reported filed points November Thank you, around I provide Rory, shared with ended the quarter third Form of Rory and XX, performance XX, as XXXX. data like today, good financial the I’d our in XX-Q color afternoon, more or our may you. some

The following third the compares the for the of results Company’s quarter quarter with third of operations XXXX XXXX. of

same revenue, which a recurring year. said, as was increase, quarter million, virtually digital SaaS million, component a period for revenue last $X.X subscription period the flat revenue, $X.X year, for versus modest revenue. of the Total record was a same non-SaaS last was million digital over $X.X which digital Non-SaaS approximately Rory

second as XX% for revenue year, with for period same up of total XX% XXXX. same versus Total non-SaaS recurring year, in SaaS record I primarily last digital XX%, we revenue year just in to last with Total the Digital was Revenue revenue quarter same XX% last the the for and a XX% $X from as a quarter. compared digital from the compared quarter subscription due of discussed. million $X.X was up for XX%, was the total period period of percentage that experienced revenue percentage revenue last million, as

exit. revenue continue was $X.X margin year, versus non-digital for million, $X.X million due the revenue last to the the low same to Total in period we business decrease primarily

XXXX, away reductions continuing over Company’s of revenue an same year, over shift $X.X all margin reflecting the planned improvement non-digital cost improvement an period digital and a of and XX% of and the business, lower million, across from products business. towards last Cost QX was XX% the

SaaS beyond. in the we Given our for expect revenue earlier cost cost and referenced his report to reductions Rory comments, improvements further QX of in

million planned for XXXX. an QX XX% period same last period for reflecting for cost compared quarter of expenses MARKET. year, over the new XX%, all $X.X the and to for and due improvement business, as the same our over of XX% XX% by were Gross $X.X solely margin over an to to offset reductions, development year, across improvement improvement and continued Research last SaaS million, was products the XX% expenditures last attributable

were XXXX, MARKET.live. the for a X% expenses compared incurred $X one-time for and expenses QX million with of modest in $X.X million the of reflecting last increase connection most Shopfest General the administrative same as to period and attributable to over year, launch

EBITDA our Modified Modified measure EBITDA with specificity XX%, or last you when I same non-GAAP the press EBITDA million, release greater $X.X more and period distributed refer Modified information is for year. our improved today analysis. to a compared by around and

SaaS subscription September the year. share financial nine same XX% me XX, recurring over comparison ended an increase was $X.X let results the in of months period same with in for million, Now, the revenue the XXXX last period XXXX.

decision digital same X% was business Total $X.X previously. part attributable the was the of non-digital $X.X in our revenue low the of period decrease same from a to X% revenue over discussed million, margin million, exit Total increase period an last last year. to large year,

was Cost away improvement business and XX% a margin planned the year, million, same period towards of $X.X revenue the business. the impact non-digital last from of digital shift the reductions lower and reflecting Company’s cost over of an

million expenses XX% to to an reflecting $X.X planned development were attributable the reductions compared and $X.X year, cost as million, period for the improvement previously Research discussed. last of same

by million, discussed costs one-time offset administrative part $XX.X and the General the connection previously. in an $X.X MARKET were represents with for actually of the Shopfest million, launch most as which expenses incurred and of improvement

release press improved today our $X.X around period specificity the again, and non-GAAP EBITDA Modified XX%, by greater you more Modified with distributed I when a refer analysis. and same information Once year. to EBITDA last million, measure Modified EBITDA is for compared or our

same December million essentially XXXX, XXXX. $X.X as XX, XX, totaled Cash September as the of

gross XXXX, gross an direct proceeds $X million interest promissory approximately in on proceeds note, XX-Q, X, financings. cash to through a of refer added our of XX, offering through gross I these $X.X for million $X Form registered with filed rate October November which institutional Company which XXXX. fixed on X% details resulted you of resulted today the million complete and proceeds However, in around in investors, non-convertible, unsecured,

now turn for call over like the I’d Q&A. back to to the Operator

Instructions] Kinstlinger Please you, of Ladies now Global. session. will ahead. Thank begin gentlemen, come Your question-and-answer question we go Alliance first sir. the will Brian and from [Operator

Hi and guys. details. all evening thanks for Good the

With the cost is MARKET running you any the cutting what's ability such And events? does lastly, schedule festivals? lower it's festivals? run there to if And marketing described, you've it your discussed, not the with for how budget on impact impact MARKET, the MARKET

not have the And a the do will MARKET ability impact events comments the that scheduled festivals. impact my anticipate don't all this we through alluded been year have ago, continue for at to I we season. do confirmed think that and as to of moments holiday balance and XXX And It our livestream running I any in on few already to that.

that business cost So don't of to impact the way, there's how cuts right? form it. which that curious, MARKET any in see shape okay. Is is impact impact, -- is for no just see I'm you or you

I don't anticipate major a impact.

cut I marketing back say this, we budget. Now will our did

of of bringing the bringing creative previously that We've lot the a believe get respective followings. vendors to shoppers launched be and vendors their some where we and buyers they'll allocated from we'll hopefully, had the program budget And to in most new now in MARKET.live. been probably on

game. But numbers will this a in spirit mentioned greater transparency, previously, I if fine. I've expand would it is all. in the to on in vendors and But cut anticipate No had I money of think say shoppers, that in any our And on just the at to The won't I as to marketing at bring budget would current complete have more more we question greater levels, marketing, we bring think about performance. be that. impact

realize only I at And XXX Okay. days. you been said about you've this

So early. it's super

When I this a marketing vendors the more so the have I realize KPIs, and is would expect thought be to themselves do realize we you, your been that investors to revenue? that building come. indicators you're but around million were of million And see brands lot are that ecosystem terms and I'm wondering, small, going to going in leading I demonstrating corner. should First, quarter. pretty to scale today, start the that $X we the of it's -- a what expect the $X.X

the we second of I not far that into think is as get actually quarter off. year, next which

One directly bottom sold the platform, is goes of sharing the to the merchandise GMV, on the and a of line indicators our our relatively our are revenue percentage since that gross there, low. we'll which actually be value costs

that's I see some be what begin of already we'll addition interested investors think that I've in that shared of would So kinds information when obviously, to, to the in.

to gears business. switching then SaaS And Okay. the

it's And versus First, can you an reps, SaaS just technology. decides churn, the use discuss count, year to relevant the business if then, maybe instead, maybe business sales client your a customer but ago? you not a if can loses in necessarily type your not where relationship maybe give enterprise customer

might churn, to there's that. respect two think look I with So ways you at

somewhat that our enterprise just I not where little mentioned of a impact platform. that's that pretty as have, churn is industry, The those rate own a reps, regard on first And is their probably base being paid, we contracts itself, that the meaningful. and churn reps to the ago. customers' are sales with percentage sales-based And sales us, greater number among in most organizations. the within bit the does specific than of direct just business a but It's from we the also

and they us, that So, we've on have that and them, happen. impact seen an reps don't as does replenish lose

to them. And is able more business it's for over SaaS so monthly easy it what with make so sense gone we have little the it. I out seems they us, that I are done implemented a us, going said, we've because their pricing, flat upon to it rate to cost a address that based them customers that get And said, well spend recently for have bit I -- as that to to mentioned really As that volatility as what ago, of that's is reliable average -- adopt. it our was the of -- and takes

may impact to down they stay fewer rate months number. because at for doesn't flat with be as reps, we're a that So, us going it few

So removing pretty as volatility And we'll of top think each I new difference that on month, us. a we add that for big is good customers firm make be really to a base. adding going

which element in I do the of rate any about you we lose than is period other talking churn tell will churn, how that less Now time. customers historically is many particular X%. our of

our question. I and hope above, like your I rates is which good. retention pretty where answers So are that XX% think,

it I Yes, the well-received. the SaaS should that which does. acquisition How impacts think though cutting, customer be last is, again, to The business? we question on is I cost back -- do have think

Our pretty strong. impact next not amount to be we we're world. look, a anything real live spend going like ton because we and to adds But out seeing least to have the And that we a on that we'd several spend more at able pipeline look, is marketing months. direct lead on generation. over to to the see the in It's correlation

incredibly bad. to capital bad. is, the and is The is restrained. reality markets restricted Access The economy are

We capital back in ourselves again. to cut so runway the markets back have give that the and on everything not we're

not in but have it's to is that going here And disingenuous. notice that going I impact, anyone it So that something to near-term. -- material would say be to zero it's the believe

Thank you. Great.

Sure. Thank you, Brian.

Ed go ahead. Your from Woo Please Capital. Ascendiant comes next question of

Yes.

new on better team? you guys the you more Are to each more that. with team, sports and economics As congratulations getting add

think we it to platform now initially, for trading for hit value and adopt what that indeed them and allow enormous the is to services teams these themselves use that we've confirm for I creates doing were where them. breakpoint

that. past So now we're

most is where these we use for League those application the think recent one, entree into our five by got have And of six on now now. I with all we've approved teams. Major Baseball or and now teams of

economics Now we I up think turn the on that.

So Major terms because kinds really, I'm the how have really control are a for to works know the in excited that permitted who about really don't advertising those teams process this of League marketing sports tight they very of of really Baseball, on that do. you and with things

expectations and So I've cracking for approved, it. great that being now got

team you sports to are about guys what be international going that And international Great. pursuing for at opportunities scale?

slow. teams cycle our spend in sports been directly. in that time Europe it's of with bit And slow. discussions sales Europe. The reps meeting had on of some have We throughout with a actually sales teams We've is

the news. to trying terms, So can around something count on promising, it announce got when you us sharing best that negotiate we've looks that, and to

Great. Thanks guys for wish answering my question you luck. and I good

Thank you very much, Ed.

Instructions] Saltzman Investments. ahead. AFM of next come Martin question [Operator Your go from will Please

Amazon just Hey, developments about that and great laying XX,XXX comments as Rory, people. doing. congratulations the you off they're the on on because are your you guys economy announced Sympathetic, the were we guys call, to all made

So into scare that bit, holidays. the you going a especially does

I've faster? One He couple going? with the was and He says, a Here's questions. we a in says, of comment as that it. word. a up. algorithms people they take One this Facebook. of e-mails in household and -- lot amount to people and a a you and my get can have probably of of that "Oh, you how market change question more it had questions, if minimal lot thoughts can likes. says, call brought me He and out And I follow get out more ask me How had me, get people on I are agreement have would of people I there do will that? And would there we better and but and see were how of clients note Verb

to I to we algorithms believe Martin, correct. stated I I be anything disagree an respect what don't And But that. that Well, to on is quite every day. how you expert you with work, think hard it's do that say, But with the honestly. purport

to the and analyze how around and of get to We are constantly how the they that, they analyze level and algorithms -- changing team that the have create exposure. a greatest

I of it directly, But answer household first that name. MARKET.live that to becomes some part think of I think a it's your inevitable the question,

and over this don't a the rate expected I forward, months different six in live I places stream honestly has have have so see different reason mind and past at many at of that news outlets I that, would point As become shopping top particular, than in time. just would Live look streaming really really any in so far many happened. greater

segment, -- their shopping holiday was platforms ago, telling shopping than weeks look really mean platforms, they whole there's only of begin all good the America more should them where And viewers it to few livestream of a places, so I the many it's there. each livestream as for of shopping out that happening. for that people seek not out

have And only represents, Yes, come opinion, that in sellers. at aren't proposition sites, least and shoppers many close for kind to of that shopping there the certainly, there's but value my MARKET really platforms for e-commerce also a none live online zillion platform. not what stream

we I that. I to And think inevitable I'm everything do So get to again, going there. it's that can accelerate

I enthusiasm that. And appreciate I that. with like your

on want getting they all first so don't about been talked your side calls comment know Outlook might on But am people said you and and Microsoft quarter, when like concentrate business, of you I Now just I maybe might asking back the Google have did. me it at on I've nauseam, people how integrate how the getting to SaaS Can much. why that?

When Yes. pretty already level is that usable with it. the for Gmail. optimism work lot based development about And optimistic Microsoft that we've and upon Outlook, the of we which done, integration still developed we're of a

work in plans motion in had fact, the begun integration of We Gmail. already fair into development have a amount for put

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all shopping So thank in and I doing that you you wish holiday season. best for the the

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No, There sir. are other no questions.

work through some wish all we're experiencing there world. going come all feel through pretty and your be really but the of to all fine everyone this us. season. just everyone I rewarded. will Okay. holiday with in difficulties and I Obviously, hard -- we're crazy, well expectations, And that in hanging crazy Thank appreciate all certainly I through it patience optimistic our you.

your afternoon. this would gentlemen, for you ask you and to call please for participating to this We conference lines. thank does disconnect and all conclude your like Ladies