HC Liquidating (HYREQ) 16 Mar 222021 Q4 Earnings call transcript

Good day, and thank you for standing by. Welcome to the HyreCar Inc. 2021 Fourth Quarter and Year-End Conference Call. [Operator Instructions] The earnings press release accompanying this conference call was issued at the close of the market today, March 15, 2022. On our call today is HyreCar's CEO, Joe Furnari; President, Brian Allen; and CFO, Serge De Bock. the to turn now will call Mr. over I the Relations firm. Nelson of Investor IR, Core Jason company's Please event note, this is being recorded. Mr. Jason ahead. go Nelson, please

you, everyone, Year-end Thank welcome, Fourth and and Quarter to XXXX HyreCar's Call. Conference operator,

started, get that, Inc. statements regarding you within call, to this meaning of we take federal this I'd Before during making be HyreCar opportunity will we the remind to forward-looking laws like securities

risks materially other but cause are strategies, conditions. results included express that include, statements any in relating risk Securities and files the uncertainties management. business in predictions those are part assumptions from particular, Exchange are our expectations, with and intentions, documents Commission. the These beliefs, during statements These that to those current based to, future actual that Forward-looking its unknown on subject company's estimates this differ not made factors statements or company's our or and or about to earnings, based implied projected statements in call, to and events company the by described projections in expectations, could the limited activities, U.S. on known statements

and In company's be addition, could by related affected the such factors to beyond control. risks statements uncertainties

of as statements them, and You on update statements as applicable future that assumptions we should this on to as we undertake by obligation except call our not today, rely events. law. on beliefs forward-looking and make of no predictions All forward-looking required are based

with results results. found will Form release materials, isolation the measures. as GAAP which A the be substitute Investor considered addition not in non-GAAP our that SEC portion Our also filed and a the to and was of on discussions company's GAAP in be the website. be earnings today in found the with company's Relations of or be to will XX-K will These non-GAAP supplemental furnished reconciliation non-GAAP should financial will measures include for and from

it over to turn like would I CEO. Joe to Now Furnari,

HyreCar an XXXX. year eventful had Jason. in Thanks,

our for ripple year a the to gross delivery create We pleased We We our its economy, challenges established quickly in effects. up $XX our use of enhanced as on up And XX,XXX supply to market pickup and mind capitalize margin impact effectively, we part platform features rates its listed incremental of of used improved expanded new grew cost workforce prevalent million position for that strong provider our I'm gig be car helping team day our partnerships in our leadership platform, the in per on car rideshare essential for the as driver service our industry the rideshare from of and to in and operating continue to services expand chain workers for and a to report our recovery. strategic up indicates meantime, enhanced despite remain the fiscal pace, will of value QX. at the VIN that as recover COVID-XX our revolution We $XX and solution that, adapted brought continued the that caused The rates by to revenue of accommodate daily creating and supply of that from believe were year pressure grew our to to a communities. the car significantly increased With driver and data a on unique pricing XX% have space efficiently VINs of essential in rentals gross will take In added million, remain of XXXX, foundation and more and delivery supply alternatives an equivalent driver fiscal car to on supply XX,XXX XX% an take rates. growing it listing for the and time to over availability. as model. to demand its an top rideshare a volume XXXX. delivery fewer considerably mobility become We robust XX%. we and our increase $XX.X independent the demand pricing, more industry HyreCar services take is expected. daily easing driver with and the restrictions, platform. is steady continues Even robust HyreCar's than and COVID-XX-related originally recover intent connect delivery. as to relieve choosing

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changing the has So of I face led owner car further be by nimble the of in to that, think our it's initiatives. ownership. team vehicle owner The Allen important detail to had Brian with landscape

who greater So of priorities. I'd to detail on call like the into over to Brian, go each turn these will Brian?

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by days As vehicles our of Joe XXXX, of fleet our creation car our driver core for beyond operators. plan In supply, X mentioned, offering. our rental focus: consists areas customers of and larger through of value experience owned XX% came

acquisition and XX,XXX securing with sustainable that not in-house fleet Here for partnerships that also qualified financing ensure Industry A of dealers To through the owners financing great for vehicle who fleets, provide parties support the There consistent Buy Here new third to So is BHPH. help mini expansion fleets over potential are options we supply for to we markets. may committed known otherwise grow help target qualify launching segment, customers as financing. BHPH are traditional remain supply. Pay their our new create will

rental in subsegment recharge success dealers can risk with slowed low their sold the payment a our dealers, With significant new pay assess year revenue million before and which We and here here sell will of earn-to-own vehicle vehicle. through been finding program, our X marketplace present has believe incremental are better vehicle rent a while supply. by This with this they that we retail opportunity vehicles vehicles because buy earning retailer a supply. history they nearly source these

soften make prices as features OEM important accommodate our a manage. dealer car product the return that we're easier and of [indiscernible] Finally, unique we of to inventory compelling for a and business anticipate dealerships automotive this continuing revenue to needs To franchise segment, HyreCar rental increase. levels used develop measured opportunity

focus Our the is renter driver area experience. of second

find are earnings. We rental make to our friction through register, to and and easier book conversions it maximize continuously vehicle increase platform reducing to a

smart process, have striking at enhancements support that most feature registration verification and insight tools deploying automation more. partnerships for core. the the are These to when strategic requests, earn We streamlining their drive to provide and that chat-based common personalization include into and and where

for We increased rewards retention are that at funnel our part benefits community. sufficient as HyreCar also initiatives, as growth we our a loyalty generate the users developing conversion to are successful meet of of increased well in supply. demand being a Through to the anticipating stage platform and driver these every program expected

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service allowing to are access-based us our leverage a build need with scale and beyond technology our access partners working We ecosystem customers, and who to value-based marketplace. diverse want to

to easier, the we faster it management For and improving safety, and grow operate of security their are profitable fleet. make assets vehicle and more owners, to

make better of to HyreCar and drivers more this our time, the network enhancements and aforementioned franchising their facial network for relationships experience help take we guidance partners growing exchange, we support with This our empower to opportunities to provide drivers' that future to tracking from when need and key workers tools where well with faster of access. on the fleet or At of unlocks that HyreCar. financial scaling for tools and car as operators same security. driver enabling maintenance a includes vehicle as is services Our everything technology. ran from to ways exponentially geolocation-based gig grow repair the are real-time to drive their To technology-driven rental provide control the technology focused on Access and with ecosystem, live to and recognition HyreCar's to to edge. competitive

walk De operators they partnerships an believe sustainable While branding and Bock, to in indispensable rideshare acquisition the for our Financial and HyreCar. franchise valuable financial essential and us Serge Software-as-a-Service can like some result to provide to will alternative . I'd fleet are Thank Officer, Chief and through to that drivers revenues technology an call such wonderful platform also you. we strategic for highlights. the over key stack, turn purposes, all and ecosystem and delivery

put as Joe exciting supply. QX XXXX. affecting behind Thank quarter market We just foundational towards levels a will performance. year fourth change, by and be of Brian. car continue investments, well Overall, us internally, externally into you. as reviewing that volume the us the carry and financial revenue of impacted and Shifting to both constraints growth, XXXX partnerships

On expenditure our cash guidance the operating platform. margins, our gross into line savings those reduce profitability side, we our with some improve continue and in reinvested of scaling to

in close of and at million First, up fourth days the in were for flat relatively X.X conditions. XXX,XXX despite XXX,XXX XXXX XXXX, full million Rental let's quarter the XXXX. volume. increased from XX% days quarter the rental the address inventory car We year X rental compared year-over-year achieved quarter prior days supply year's to for from fourth prior to

more fleet cars rideshare driving bookings to lack will gross vast providing supply. us it. these its nearly and in XX% or base hence demand of XXXX, ever shown the and on demand XX revenue, profitability to highlighted total In than over terms QX driver XXX,XXX inventory markets. have further picked and in QX, giving inventory the rate with the bringing Uber into more HyreCar individuals Uber the been quarter, also of while anticipate earner in food results to second largest with We Our in strong strong platform a utilization to car opportunity scale active proper million, and of in QX it's Uber stated delivery for $X.X majority satisfy of the the global started Lyft of quarter XXXX. trends at the continue and work

While the relatively revenue $X XX% market revenue increase XX continues year-over-year year-over-year, constrained risk in is from supply. our flat and of over quarter favorable rental quarter. from dynamic to $X.X to last control XX% daily rates, grew and and to in rental million trend in days the delta QX pricing, car The the the same points pricing growth increased net year rental enhancements, reflecting previous including stem a days favorable million year-over-year XX%

XXXX by full $XX from million Our year-over-year revenue million equals XX% increased over XXXX. and in $XX

and XXXX rental $XX in now Specifically, we net divided driven average to This to accelerated billings from $XX increase an in gross increasing QX QX, in with have daily now ratio QX in coincides which an to revenue base XX% revenue, XX% $XX and XX% by QX. our $XX in net in represents revenue increase XXXX QX, historically net from our take of and in QX QX in rate. in of

to the to are in continuing tradeoffs our further model growth. our analytics expand data and pricing right pricing are to and invest We to dynamic continue making optimize function drive profitable planning

Moving to the cost side.

this in million We to leverage QX reduction achieved cost cost of X-pronged now decreased QX. continue $X.X million and million continuing in QX approach. We $X.X our in to optimize from to revenue, in quarter-over-quarter which $X.X by

disbursement. and claims clarify out-of-policy and policies we improved claims minimize to internal First, processing

Second, we claims collaborating to our processing cost to tailor process HyreCar. on with their focus partner control,

satisfaction, processing balancing prescreening QX Third, retention maintained reduce focus continue we risk our on to charging meanwhile, to and profitable driver profiles the gains of customer more process internal developed appropriate effectively costs. risk of in based and have fourth, drivers. we And a risk on QX pricing most claims control overall we

margin [indiscernible] gross shortages improving replacement achieved due to by their XX.X% were cost QX for increase in in gains XX XX.X% for and global normalized vehicle a These QX an of claims. quarters, with supply combination one-off on impact our have achievement We chain considering QX. margin gross X to pricing from We in a saving and consecutively and expenses solid QX increases cost points in negative margin achieved XX% over delivered gross QX, guidance and [indiscernible]. and

and over gradually QX and We QX our in claims with we offering XX% margins, to them $X.X aiming QX still in an million of for $X.X of to margin million with totaled profiles $X.X XXXX, plan and QX close million of XXXX basis, coverage in QX some forward to cash approximately in product profit $X.X $X went expenses On improving and incentives the recognized by QX no plans our of gross gross at low history. in goal surpass million last operating Looking XX% for beyond. QX. we're at cash uptick XX% QX. in seeing expenses by drivers XXXX, million from million of our XXXX our Compared to achieve of premium in Operating through $X.X increase expenses after end QX and QX to little to between despite to that and in reduced pricing seasonal risk claims a we reducing in over year. to XXXX, operating X% increase

towards savings the existing close and of We at our processes million from spend of OpEx reactivation are customer efforts continuing reorganizing path automating mostly a a resulting QX teams revenue the breakeven cash lower towards next the marketing level, on to customers. marketing quarters, our X sales, optimizing enable with the level and along focus to of a $X through service in

a gradual reach we We for needed our platform spend have development return also of technology milestones a normalized growth. accelerated as basis to more experienced

scale. at in same second specifically continuous $X.X $X.X million, adjusted Our cost sufficient consecutive loss EBITDA improvement to QX. $X.X operating and substantially cash resulted managing This in our to a a the continued at loss expenditure the and quarter loss revenue, means QX from and support insurance while, down time, at million from improve for in of growth million of infrastructure

beyond margin, to positive operating line expect reduced of continuing top increased and expenditure economies XXXX scale gross adjusted growth. in We EBITDA and with trends

of liquidity operations healthy sufficient with at the at fund continues year. million end the Our to majority of to remain $XX.X QX the during cash position recurring

While financing fleet we for leverage to with larger have operators our QX Cogent and cost we and in and of Bank opportunities create increased to capital. our continue facility financial current pursue optimize QX, our HyreCar

model further a year-end Looking an entered of opportunities gross we revenue by profitability XXXX and QX to XXXX. of gradually XX% have and with with forward, reach goal improved to improve margin

million expenditure rightsize between of million current breakeven cost our based to We the rented on flow cash operating platform run X,XXX our with to of structure. estimated $XX rate a $XX or point continue align to our on X,XXX cars and projected cash revenue

XXXX to the stimulate optimize Our reach drive and while cash primary remarks. to as Joe for financial to our to revenue platform to car be supply breakeven in line will growth objective continuing cost top flow final rapidly possible. as Back structure

for summarize, to platform, while creating we beyond are Well, we our marketplace, relationships solidified . continuing Serge. effectively more taking call. the our and Thanks, strategic and have focused and time our you, engaging our our everyone, retaining for join us vehicle expanded on drivers. are increased to and Thank supply value partnerships

progress to regularly We will shareholders to are operator, move look please making. Q&A. our us update let With on that, we the

[Operator Instructions].

White D.A. first question Davidson. Tom Our from comes with

This is Tom. on for Tevis

I if may. two, Just

I can to sometime how car and then related you're there could all, that possibility or to a update marketplace. curious elaborate electric improving from whether prices Wondering you're you deploy your gas know vehicles more see if to are on higher seeing later wanted hopefully, like on on year. impact of prices the your any happens that if have First you efforts to risks helping gas opportunities And used maybe and bit your rising secondly, impact this your business business. these will of about And what supplies. the if

on. Tevis, Great. Thank for coming you,

then at actually and in supply have Brian we've recently. a pass from take down think prices But I bring car perspective, it I'll you you. maybe Serge, swipe to anything, coming those seen used I'll and questions a if that

of then think I that near a on with But companies those think we car to that that, to delivering their was hardening margins. are the a and OEMs to. obligations being term, the start that I in Europe on contractual function to car see able maybe of rental going companies in stuff going rental the

that. So you've I'm his at of in Brian on to NADA conference a recently happening just about He's bring perspective industry. the now to fresh going in where out got the talk what's

turn can you. over Brian, maybe to So I that

vehicle have we're a couple Sure. And actually oddly, we take No to certainly going availability. But is there doubt of of constraints on got of. a that Tevis, advantage we've unique couple strategies. options

our couple wallet, more advantages platforms getting larger you use sharing of of the a our longer-term them share they're will, some actually of is in competitive HyreCar. assigned better, if allocation to rentals I guess, And First, one a car to their fleet. more that us addition being give finding our fleet of fleets to of of of

really So built a for that in us. that's is benefit that's one

said, cars retailers lot customer, buy first a And them, was successfully doing I and probably last have and read sell days used we a to and "Hey, really X a of a know with eventually already and Secondarily, an an subprime. just some untapped by interest And getting had I share we we And opportunity plus. balance. dealers, here convention, like we'd of cases, the about buy we cases had -- you, in NADA, pay the that that's at really pay rang dealers. this, over to dealers where huge and of it to here I'm dealer subsegment that to really here, potential, some them." lot rent fraction few able payer XX,XXX a with would with here be a this there's a dealers, then rent dealing in vehicles just most

a these to it's to make and dealers a with to share strategic great opportunity effort incremental them the out revenue think reach opportunity. we So

another that's So strategy.

need is average the they've is the used the of used to got with cars gotten opportunity shortage new business older, model. but not And because on difficult and The people cars. effect of of that an The that car car car is much most their the other [indiscernible]. out sell -- have the in another we used as to age make to fleet the that's now are thing, there vehicles that's The they probably is marketplace. that we've less are our have they can we rental elevated them. certainly out a with But the there because the we revenue strategic is money rental finding is mitigate benefit world. and are here pay car probably that the dealer. effort, our loans, can And traditionally some on plus. sensitive incremental here, And buy only think They buy pricing owners shortage some market affecting

on is compensation And especially in at from then I -- a for point. prices, are to you lot your prices. I that But drivers, gas address -- Angeles here due would a our Uber gas of question heard gas of was a rising haven't for gallon point haven't the $X.XX, bit we mind, wages higher Lyft $X certainly to top I this and out so of increasing who Los

that will that issue this is But ever that Demand I think something we to affecting an point. move I at is don't than be forward. as continue stronger demand. our see really

car Bock. the add De supply. just on Serge is I'll This

we're have for some drive favorable we're talked able ways potential working us we fleet We to platform. bringing That's in to economics push be that I and going a inventory short economics with that and profitable think to different the term as on already long able we operators, to about bring some for including cars of operators to XX-K car for dedicated least to to to the agreements the are be the our finding towards are our large in to bring disclosing financing past at platform fleet our the us. and the continue key and -- more up to breakeven point. AmeriDrive, be largest as finance

EVs. address main question of are one on to our then priorities. last the And certainly Yes. EVs

who's XX, EV, have vehicles electric part with partnership. of We a XX Spring as that about on partnership brought

issue find position used I well, optimal hard big been as us. for think hard vehicles. but cars Same electric cars it's those right? that has prices, the find it's at to It's to a with

XXXX. going Uber be So we end by we've want we Lyft -- the fully electric said to of and that are to help

to taking that going well. so we're And tangible steps as towards start goal

Our from question next Argento with Lake comes Mark Street.

kind little bit car of to wanted Just down [indiscernible] drill pricing you're trends seeing on in. a coming more current

to I do bit cars now? you do kind what a where there's breakeven little you little them think the a you do financing on then And see Omicron know QX, on of more And saw lastly, you you the at at? side get bring So see available point the that demand bit, can platform? of headwind in then, revenue but this of if

Mark. Thanks,

So in the are I just It's think more terms year. last of XX% car availability, they're than were there. they expensive cars

And have them, options trying now. to working larger addressed by with operators fleet our is we our so the finding on way that right with facilitate line namely warehousing that we're

that is line very think I warehousing close.

you can, As very near giving on in fast update as future, be we very, we'll an the that.

clear third-party on marrying that a precedents. about be that is a of gainer that, part As they're couple and HyreCar of different financing line, you're To swapping XX different financing. documents, on unique

is have a up purchases. Brian's start trended main it's little Kind levels I prices seeing that to And there. going and going That to for by comments, slightly. written them being -- that at those profitable car for bit. line think operators. our so move I what we're And per buy think see And cars. to they're were criteria -- in us go they're prices buying But written them they being is car car basis of out food large said, to telling down operate to

So we're excited about that.

had of you of In a -- that questions sorry, of I'm other be couple would kind the terms Mark, -- the

yes. sorry. I'm demand, the address can I Oh, Demand.

of So address can some demand. I the

in close renting I the have which can to pretty that on seen platform, which with as that XX%, rates been come in friction as the the that QX, spiking indicates we've really ceiling think and many mentioned and that means we've tuition we it's are a we above see on we can little cars the see what as platform, we that bit scripted portion, did untapped we And cars get and to I those rate which reaffirming revenue. we to question million breakeven, unlocking and the be the run to still terms had you be satisfied of the million think demand. terms And bringing last in point between able And it's in platform be to and of you that. would $XX -- on somewhere $XX revenue the key of breakeven going was believe there.

So that cars to platform we experienced that current we need revenue able double on to the be rented the to XXXX achieve that. in and

The with Grondahl Mike next Northland. question comes from

bit. so can I add my little a Just bearings

I is what think rentals number XQ, roughly, platform. the at it the was X,XXX that year-end? end there was today? about on at What of And

had we QX, in some Mike, rentals. and ups our active downs with

you been QX, out, if to do it but we've was slightly margin lower Yes. going That's to We'll we the financing it's done. car for to had in growth. uptick it more with our get that because the to real car were of supply up it that see than hard average in we're [indiscernible] find kind think a made I than probably supply. when

It's in there it Uber We -- compared want as up. they're and giving I been results, don't where well. looking an upping those early has and trending out still their Lyft to QX, but prebate guidance have been like good a to

completed [indiscernible] QX getting looks like. has to . what we're what warehousing And look really then -- we're as starts I'm the So year like excited what like about excited this QX financing about to look

Got on Joe, that. help maybe it. And us

take If long until think date, if x that long you third the gets kind for What parties? it can of some skids done before does financing it -- it's cars financing, do how cars? you finance complete grease on how it and

enable with to turnaround like leverages adding couple that intake have cetera, the basis. authorize I a by thousand consistent we of partners third-party a cars XXX and that and Yes. et a footprint start a pretty they car partnership those our us cars. partners That pathways, on chunks anticipate would

found car are they X,XXX chunk, amount is past what chunk, chunk, in they car the put a and car of So X,XXX certain that infrastructure we to in XXX place. -- be require scale

I partners start right right able So we now ramp and We'll slow that. up to think quickly. have very really very, to the be do

operators and for the with days in with add back titling, just cars the And XX to Absolutely. really get to quickly happens typically between utilization levels relatively have fleet XX platform, with volumes on platform. that, to optimal think large to [indiscernible] it typically, which the I once our takes we

cars, some I we for Joe to carefully, market financing be mentioned, We'll spots and to if are we of reach days options. very within the right go partners. partner with the utilization close XX the quickly and those And after think platform. be the So able able on added locate very once them those us to we via like to pick in the our cars [indiscernible] purchase the we'll

that a goal? first XXX net Got to think it. quarter XQ? can add do And out, the X,XXX reasonable Is you you cars in throwing

think I so. Yes,

I that's think reasonable.

little he's mean, I financing. But think to Mike, call, a think, it's Brian closes, almost little If on be need tough. a financing It longer. on the the last bit is delayed he's financing, I Brian, I very we bit -- couple the financing chasing based also binary of because reason initiatives years. might -- If down all wanted I of this been -- absolutely these gets for

good partners. pretty supply premier and a has the X he is of think or X warehousing line I come where sense to so of the And this and going outside market

seeing what Brian, you are so that? on And

valuations. have, some add and cars this some with dealers too interesting deep shorter-term now can saw had view anecdotal some sold vehicle the evidence revenue. We on than I oops weekend, opportunities And should far. I we said, this Yes. missed really again. we we had weekend tremendous recurring We went a fleet we some

owners probably monthly The keeps recurring ago these at need the quickly the the quick revenue So what cars very a champagne was profits glass re-onboarding cars recurring to fleet precipitously. me dropped few of forgotten of the a when they relatively celebrated about that revenue. optimistic and with sold months grow a that is

cars to reloaded capital hungry the get get as they to it. do they're So

okay. thing Yes. And one

I'll let you Serge. finish, be to we But getting any of should the done? warehouse facility hurdles aware

the think steps opening Hurdles We right now. I of what documents in to right to our are The through of going it's the a it just evergreen We're facility. major just need now, review. through are there. running warehousing lawyers terms perspective from go

And so time. some that takes

Got it.

was some... I going Okay. to add

a term, the term us in well. the in the about want long to that short the Yes, little to those are warehousing with I shortage. gap just conditions that as be car bridge and facility bring talk market yes, able bit yes. unprecedented to while more cars allows

our warehousing facility going But is this it the going us us conditions really opportunities. crucial online. those back to for resolved, as and finding we'll from soon in the these of grow things to dealers lot helping car As additional a All are have breakeven. to supply, partners finally platform to coming to Getting be short organic back term. that growth come gives

the lot back. have organic growth vision, long-term the we a still coming forget that fact not of Let's

past latent all supply we have, soon terms with low this as the have. of As in we go demand we car

Instructions]. [Operator

Our comes Jack question Aarde Maxim. with next from

of been be my Great. asked, A lot honest. questions to have

partnership Joe, there? and this demand any can of HyreCar for seeing your evidence increased solutions? So Uber from the driving drivers talk integration rental Are maybe potential application you you about

is the going Uber as Well, integration planned.

I what think contribution. is Uber EV point, for is at now, right this looking our

to It's API starting And complicated integration. a pretty ramp so up. we're that

this speed of And point. so Uber we're moving at the at

find they basis, the start what be in but So leads. necessarily they past, convert they a and first first that cost look we channels around at value we is leads through HyreCar. do lifetime marketing we to they'd to true what that charging certainly look drivers saw were those beginning a are longer Where primary These are on acquisition them. the And competitors the on getting those competitors. have going lower of value. looking our a are wouldn't and then for obviously customer the the where They'd weekly after then vetted seeing

going as and to being have more are I channel get drivers we able out And to us of so that the more because from at types those just luxury think concerning -- better of to start of and more obviously, to it see we look coming be we integrate. leads makes continue

So exciting. it's pretty

looking online in has least last us the the X, that for ramp seeing really as couple we've been a going up. We to getting maybe and been start pilot years we exciting [indiscernible] and that of have been quarters that X partnership at and getting for it this by next really that deal for so stand

is switching margin-wise, question to on of best gross Got And track sounds for. helpful. not to then get XX% XXXX. it this you're I'm But the it. That's who end by maybe sure like gears.

said about offerings the prepared I good. that's the or remarks. the during So SaaS quite didn't software what catch was

rehash by of So you what could expansion a please maybe SaaS end opportunity if the is just the gross is. of this XXXX? And driver also, then that margin

Hi Brian. there. I'll it. take It's

their In is opportunity it costs. a scale meantime, the revenue products to for that large have the easier operating us owners. do business. it's operators over it make SaaS a the of for And we lowers of So because really opportunity economies body

going the it And would certain prohibitive. things, know can for as cost do to that to do is be improve everybody. for better anything you be them, you customer For value to

areas them and analyze, some customers of better for And for So to that driver them we owners. they're kind fill the have better we from it's corporations, their vetting a be aren't frankly, heavy your can they lifting. to those as where that frankly where at we better big, areas the large and can owners, and data business compensated do to that how of the entrepreneurs value these great sophisticated our gap as things analytics tell market, use that dashboards, give business do

think have upside. from some opportunities a perspective, financial SaaS think, I And I obviously,

When to think and model solid business, core potentially once that fully definitely initiatives, XX% in them. there'll upside, be our the is baked when core value validate there's now, But by your owners implementing margin, top right about the business. into can extra customers, our haven't we're on for our I time, as we'll those We there scale. a question, able retaining think to we will we margin our at more easy think But that about be that things upside projections. scale. we and And line gross drivers, same focused business realize making really we profitability provide additional I think,

would This to any session. I concludes over to turn like the remarks. the for the question-and-answer management conference closing back

And and sure looking forward. Great. I'm move joining. thank for Thank of operator. forward keep we that we all you, making as you you, to informed everybody, XXXX

appreciate your you, quarter. next look and time, speaking So operator. to forward Thank

presentation. The today's conference attending has concluded. for you now Thank

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