Destiny Media Technologies Inc. (DSNY) Earnings Call Transcript & Summary

Thank you for joining us on the call today. Before we begin, I'd like to announce that we will be referring to today's earnings release, which were sent to the newswires earlier this afternoon. I'd also like to remind everyone that this conference call could contain forward-looking statements about Destiny Media Technologies within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current beliefs and expectations of management and are subject to risks and uncertainties which could cause actual results to differ materially from those forward-looking statements. Such risks are fully discussed in the company's filings with the SEC and SEDAR, and the company does not assume any obligation to update information contained in this call. During this conference call, we will discuss certain non-GAAP financial measures. The non-GAAP financial measures are presented in the supplemental disclosures and should not be considered in isolation of or as a substitute of or superior to the financial information prepared in accordance with GAAP and should be read in conjunction with the company's financial statements filed with the SEC and SEDAR. The non-GAAP financial measures used in the company's presentation may differ from similarly titled measures presented by other companies. A reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures can be found in the earnings press release. With that, I will now turn the call over to your host, Fred Vandenberg, Chief Executive Officer. Please go ahead.

Thank you, and thanks to everyone who's joining the call. I will turn it over to Sam and Glenn. Sam will talk about our financial results, and then Glenn will get into some business development activities and then I'll jump back on and talk about more forward-looking things and what we've been -- what our strategy is. So with that, I'll turn it over to Sam.

Thanks, Fred. Our activity levels in the second quarter of fiscal 2021 continued with high activity levels with second quarter revenue of $931,000. Play MPE currency adjusted revenues increased by 11.2% for the second quarter compared to the same quarter last year. For the quarter, foreign currency fluctuations boosted our Play MPE revenues by a further 4.4%. U.S. independent revenue increased by 22.6% in the second quarter to $334,000 from $273,000 in the prior quarter -- in the Q2 2020. In the quarter, global independent revenue increased by approximately $93,000 to $407,000 from $314,000 in Q2 fiscal 2020, an increase of 29.7%. For the 6-month period ended February 28, 2021, revenues increased by $202,000 or 10.9% to $2.054 million from $1.853 million for the period ended February 29, 2020. Global independent revenue increased by approximately $264,000 or 35% from the 6-month period ended February 29, 2020. Gross margin for the second quarter remained consistent at 90.1%. Operating expenditures decreased by 3.6%, approximately $33,000 for the fiscal quarter ended February 28, 2021. Operating expenditures for the 6-month period ended February 28, 2021, decreased by $103,000 to $1.654 million compared to $1.757 million for the period ended February 21, 2020. After adjustment for nonrecurring staff restructuring expenses, operating expenses increased by 3.3% due to investment in business development, marketing, product design and development staffing to accelerate development and revenue growth. Adjusted EBITDA for the second quarter was positive versus a loss in the same period in the prior year. EBITDA grew to $286,000 for the 6-month period ended February 28, 2021. As at February 28, 2021, we held cash reserves of $3.012 million and had working capital of $2.717 million. I will now pass you over to Glenn.

Thanks, Sam. Hello, everyone. Q2 2021 saw the highest level of revenue growth since Q3 2011 at 15.6%. I'd also like to note that that's the highest second quarter revenue in our company's history. Activity levels continue to impress. The number of releases, which is a unique piece of music content with accompanying metadata uploaded into the platform, increased by 10.59% over the same quarter in 2020, 6.21% year-to-date. Sends or the number of destinations selected grew by 34.9% over the same quarter in 2020 versus -- pardon me, 30.2% year-to-date. And the number of tracks within each release grew by 46.3% over the same quarter in 2020 and 41.4% year-to-date. As Sam mentioned, once again, we've seen strong growth in revenue from independent labels and artists with a 29.7% gain in Q2 of '21 to the same quarter in the previous year. And to the end of Q2, our independent revenue growth is now 35% year-to-date. This growth comes as a result of a number of things. We typically see independent growth in established markets. As you may have observed, we have had between 9% to 10% growth in the U.S. for more than a decade in genres of which we are established. The growth of indies is partially driven by us moving farther down the track in developing new markets. As the year progresses, we continue to improve our marketing initiatives, which began early in Q -- early in 2020 with increased social media postings -- posts, including testimonials, articles and industry publications, aligned with thought leadership through blog posts and interviews with industry experts and strategic conference and event sponsorship. The marketing team also created marketing materials such as videos to explain the many features of our platform and continuously manage website improvements. These efforts are improving to provide a healthy increase in lead flow. Our inside customer service and technical support staff are responsive and reliable and help support customer retention, which supports the growth we have seen over the years. We continue to see -- receive overwhelmingly positive feedback on both sides of the platform, citing key benefits such as great customer service, ease of use, speed and reliability of the platform, strength of our distribution lists and our reporting features. We continue to improve our product of both the sender's tool -- and both the sender's tool, pardon me, which we call Caster, and the recipient experience in Player. Some of you may wonder about the effects of global -- the global pandemic and the lack of touring of artists, if that's had any effect on revenue. Now while this is a notable, we don't believe this is [ harming ] a material portion of our growth rate. We have a dedicated list management team that continuously audits our distribution lists for accuracy and works to develop lists in new territories, which we can then promote to indies. We are seeing growth from indies sending globally, and we now provide lists in 12 countries and other lists that are more global in nature. We're unaware of any other competitor that does that. Moving into a new territory, which is usually a country, requires specific strategies catered to each market. Some territories have a significant long-established competitor as in Canada. Others are fractured markets like in Africa or the large Latin market. In all cases, our general strategy when expanding to a new market is to establish a network of use by providing music, getting engagement from the recipient side and repeating that process until there's sufficient use to commercialize the new territory. In this endeavor, we have an advantage of global agreements with Universal Music. That's typically a foot in the door. So in building a market, we engage customers through a combination of marketing initiatives and strategic business development outreach or working with regional -- with resellers with regional experience as we do in South Africa. We demo the system, obtain trial usage to build content as well as leveraging content from our existing global customers. Then we engage recipients to obtain activity, and the cycle repeats. It takes time and patience to demonstrate the value before we commercialize. So for example, our current new market initiatives include Latin, Canada and South Africa. South Africa is the smallest of these 3, but it's the furthest along in the path of new market development. We've had use from Universal since 2009 and another major label since 2019. We established our recipient lists late in 2018 and signed a reseller agreement in September last year. We're now seeing new independent record label sales that started this fiscal year. In Canada, we have seen activity levels consistently grow. Active unique recipients by quarter are up 55% in Q1 and 72% in Q2. And year-to-date, our downloads, the total number of downloads, is 331% increase over the same period last year. Our push into the Latin market is really just starting, but we're starting to see some very exciting developments with new content and increasing activity levels. The addition of our new business development team member in Miami as part of our Latin initiative is already showing very positive results with targeted outreach to key recipients, major labels and seeding of content from important independent labels, which in turn drives independent labels and artists to use the platform. I'd just like to note that immediately following the last quarter, we hired 2 additional U.S.-based industry executives who we think will have -- help us tremendously due to their depth of industry knowledge and contacts. And with that, I'll pass it back over to Fred.

Thanks, Glenn. Since we refocused our efforts back on to Plan B, the investments in our platform have really been about building out existing capabilities, building them so it's easier for us to expand, easier for us to build on additional functionality from a longer-term product road map. It was only 2.5 years ago that we moved our distribution side to a web-based tool. That's not to say we haven't added a lot of functionality because we have. Just running through a list is we've had added localization capabilities that allows translations, and then we translated our sending side software into Japanese, German, French and Spanish in addition to English. Our recipient side is translated into several more languages. We've added mobile apps. We've added more intuitive distribution tools. We have had a more powerful promotional content builder. We've added mobile notifications so that if you have the mobile app, you can get the notifications instead of an e-mail. We've improved our song or artist search capabilities. We've had greater global redundancies. We've more deeply integrated into Universal's content management and distribution process, and we've expanded the recipient integrations. But generally, the core of what we are doing is generally the same. Our platform has always been the most sophisticated and powerful platform out there. We have different modules and components to the platform. We have a staff manager, a label manager, a list manager, an asset manager, release sharing modules that are really catered to an international label with international marketing efforts. We have, like I said, multiple languages. We provide recipient lists in several countries. We have server redundancies around the world to reduce latencies. And this is why we have Universal Music as a customer. This is why we have a global agreement with Universal. I will comment on that agreement a little later. As much as Universal forms a large portion of our revenue, about 40%, the Plan B provides a core functionality in their promotional efforts, and it's really a backbone to their promotional efforts. We don't think there's any competing systems with anything remotely close to being similar to the functionality that we do. So when someone asks us why Play MPE is better, that's sometimes where it's a little challenging to know where to start. This is also why we're investing in marketing and business development staff, so they know where to start. When you're not looking at global programs or global labels but rather just focusing in on a particular market, you really have 2 sides, the sending application and the player. If there's a network there, like an entrenched competitor, that's typically what we run into. And when looking at competition in this context, we do all of these -- all of the things to get content to recipients and have recipients download them better, more efficiently. We've added functionality over competitors. But the question then becomes is that ease of use enough, whether that easy-to-use platform with a global contract with majors is enough to change behaviors? Is that enough to displace a local competitor? We believe it will be. More recently, we've improved our business development group, hiring Glenn just over a year ago. Since that time, Glenn has made -- well, we've made some changes and had some additions to the business development team. I distributed an AGM letter, which describes in a bit more detail staffing changes that we've made and the impact that our group has had early on. We have vastly improved our -- the core competencies of the company. So very generally, we've made the platform easier to sell and brought on marketing and improved business development to help sell. Going back to the various modules for global distributions, we have been working very closely with UMG -- the UMG teams to build out their online modules so they can completely switch over from the PC platform. We are nearing the end of that and we believe this transition will happen in the summer. We think this will lead to greater use globally. Late calendar year 2020, we negotiated a 1-year extension for that agreement to the end of 2021, which will cover this transition period, and then we're going to try to work a longer-term agreement with them. As we get closer and closer to the transition, I expect to free up development time. I know [ Sergei ] is busy recruiting as well, but [ Sergei ] and [ Fina ] have already been working on and planning for some items that I think will be truly new features that will add to our addressable market or -- and/or be a catalyst to greater activity that will accelerate our growth of our current business. And I think I want to spend a little time talking about what to expect in the future. I believe our revenue will continue to grow with our improvements to the platform, our improvements to marketing and our improvements to business development. Longer term, we are targeting revenue growth rates that are in excess of where they are now. But I also want to articulate some thoughts around that. We are built to accommodate global record labels. From that baseline of use, we can serve independent record labels. As a result, I think we will have growing opportunities to establish new markets or break into new markets. As we see in Canada and Latin or even South Africa where we're starting to see some traction, developing new markets takes some time, but we're now capable of doing that. We will build out fact sheets that will show our modeling and market development as I think we have a fair amount of experience, and our approach and results are they follow a particular pattern. And I think that will give greater insights on what to expect in the future. A platform that's easy to use, powerful in an improved business development group, I think will alone lead to longer-term accelerated revenue, but that growth might come in fits and spurts. You may see steps versus slopes. And I want to say that if our revenue doesn't accelerate quarter-after-quarter every quarter, that doesn't mean that over time we don't expect to grow substantially. I don't want to undersell it either. We do expect to grow. It's -- we just want to commercialize each market at an appropriate time. But as I said previously, we're also nearing the point where we can free up development resources to work on items that really provide a true catalyst to revenue growth and addressable market expansion. One clarification on things that we've talked about in the past was a checkout system or a self-serve portion that we're going to be delivering. The majority of Plan B's use is done by customers who self-serve. The portion of that, that we're lacking in right now is a way for a new customer to come in and add a distribution to a cart, pay, but with credit card and checkout. So most of our customers -- most of our distributions are -- by far, most of our distributions are with customers that use us in a self-serve fashion. It's just that they signed contracts that clearly outlined how much they're going to pay for that use. With the changes in the company and our prospects for growth, this is really a time when we're thinking of a corporate rebranding. We'll have more news on that in the near future. But over the last few years, we've undergone some really significant changes, and I think our prospects for growth are much more palpable. So we think it's an opportune time to communicate that in conjunction with the corporate rebranding. On the buyback, you might have noticed in the press release, we have not repurchased much. I think it's 0.5% of our shares that we've repurchased now. That -- we generally see investments in staff and building out the product and business development team to be our best investment, and that continues to be the case. We just thought last year that the stock price -- I mean, you can see that the stock price is a little bit more at same levels now. And so our buyback has slowed as a result of that. And with that, I'll turn it over to questions.

[Operator Instructions] The first question comes from [ Andrew Chaler ], private investor.

Fred, great quarter because usually that's your slowest quarter. So I want to congratulate you on that and your team. Can you expand maybe just a little bit on the Canadian market? Basically, where you feel you are right now? How much more you need to go to maybe take it over to some extent from your competitor?

Yes. Okay. I don't know where to start on that. I think Glenn talked about a lot of activity numbers and we continue to see improvements on it. We continue to get positive feedback on the platform. And we're aware of a lot of advantages that we have, but it is an entrenched competitor that -- I guess I tried to allude to how that -- how we approach a new market in the preamble here. But if you're just looking at just isolated market without our global advantages, we are so still a much slicker platform for lack of a better word. But it's really that we do so many things better, and it's really a question of whether those things matter to displace a competitor, an entrenched competitor where everybody has been working with for 15 years or something like that. We think it is. We think we continue to see movements on it, but it's just a matter of keeping at it. The -- last year, we -- I had talks with their CEO, and I'm a former CEO now, I guess, about a possible combination, but the 2 companies are, I think, have different philosophies. They do 4 things. They have an ad business, they have music video distribution business, they have a music voting platform business and they also do audio deliveries. And they're really 4 distinct businesses, even though there's overlap with the music. We wanted to focus on one thing and do it well. And we invest a lot more than they do. I don't think those conversations were particularly fruitful. I don't think they were grounded in fact. If you follow the space closely, you might have seen that they issued a press release in September last year that talked about this download feature that didn't require -- download of songs that didn't require installed software to get a secure download, and they said in a press release that this is the only -- they were the only ones to do that. They had to issue a retraction shortly after because we've been doing that for, even in the most narrow view of things, for in excess of 7 or 8 years, I can't remember exactly. But it's -- we're -- I don't know if that press release was issued in -- on [ austere ] or not or just a lack of knowledge, but it just shows you that the depth of those conversations was not going to lead to a combination. But we think we'll -- it's taking some time, but we think we'll eventually displace them.

Okay. And how -- just kind of curious, how has the COVID situation affected your business at all? And if it has, maybe it hasn't, I'm not too certain because it doesn't look like it.

I think at the beginning of COVID, we -- I thought there was some potential for a lack of touring artists to increase the content by -- because they're not touring, writing or whatever, but that really has not seem to flush out. And I mean, we've grown anyway, I mean, because we've really captured new markets or started to capture new markets. We've had more people in new markets sending internationally because we have the capabilities to do that. I think Glenn touched on this quite well, but our growth is really absent that. So I don't expect it to have had a positive impact. I don't expect, when it resolves, that it will have a negative impact on us. I don't think it impacts us much at all. We've had -- now we've had a couple of staff contract COVID. And thankfully, they seem to be on the mend. My concern there is more of a personal nature than a business aspect. I don't think -- we've vastly improved our group. So we're not so reliant on one individual, but at the same time, this isn't ideal for us. But it really hasn't been an impact other than maybe we're -- we've had adjustments in terms of doing Zoom calls and the day-to-day communication is a little different and those kinds of things, our team building. Thankfully, we've -- the core of our team was added prior to that. But Glenn and Sam and a few others, well, a bunch of others now, but I've all joined the team post-COVID and seemed to really been integrated into the company very well. So we're doing well, I think.

Okay. Well, that's good to hear. I guess my final question. There was recently a Seeking Alpha article. I'm not too sure if you had an opportunity to read it or not. And I guess it sort of spoke about the fact that Destiny has about -- currently about 10% of the market, global market. And I believe you and your team have alluded to that over the past quarterly calls as well. What sort of time frame do you feel that you can really ramp up getting into the other 90% of the global market?

That's a good question. That's hard to predict, obviously. I think we've done well over the last little while to start to establish new markets. Like Canada, for example, I think we've made a -- we do have quite a repertoire of active recipients now, active flow of content. Latin, we're just starting like Glenn said, but we're doing quite well at establishing new markets. And there's quite a number of Spanish speaking countries and we're starting to get distributions in a few of them now. So that -- those things just take a little bit of time. It's never as fast as we want it to be. But really, over the last few years, it's -- we had some catching up to do with the platform to make it easier to sell. Just moving it from a PC-based to a web-based, which happened 2 years ago, 2.5 years ago, was a major component to it. But over -- since that time, we've completely improved the distribution side. And now we're going to be freeing up some staff time to add things that are a catalyst to it. So I'm not really sure that answers your question directly, but I expect that our growth over the last little while has been almost in spite of ourselves or in spite of our platform. I didn't say that well, but the platform is becoming easier and easier to use. It's translated into more and more languages. We're going to add functionality to it. That, I think, will speed this process up.

Your next question comes from Gerry Wimmer with Investor File.

Several questions. First, your OpEx for the second half of this fiscal year. First half was about $1.6 million. Second half, similar, no, higher, lower? Do you have any feedback on that?

Pardon me, bad timing. I just took a sip of water and then it went down the wrong pipe.

No problem.

Sorry about that. It just -- a while here. Our OpEx is probably going to increase. We are targeting breakeven in terms of our go-forward spending. The -- we continue to recruit. We see tremendous opportunities for growth. And we are adding business development people. We're adding engineering staff to speed up the process of product development. I don't have a projection per se. When I say we're targeting breakeven, I think that's our ideal, like, we will continue to grow because we see such great opportunities to grow. But I don't think we can add expenses as quickly as our revenue is growing right now. We're not going to just add warm bodies. We're going to add quality people. So I think we'll still be profitable looking forward.

Okay. Fair enough. When it comes to the independents, obviously you've got traction from independents, just various genres and various jurisdictions. And how do you -- do you measure retention? I mean, when somebody uses your product, how often do they reuse it, the independents?

Yes. In terms of -- that's typically what people call churn in a SaaS-based business. That is a little bit more challenging to assess with us because if you have a release, if you have a song, you distribute it. If you don't, you don't distribute it obviously. So assessing churn for us is difficult. I think it's very low. We typically see customers come back over time, and I think that's why you see independent growth in the U.S. It's -- once we established our markets, our growth rate was almost like clockwork around -- between 9% and 10% quarter after quarter after quarter. And the reason is because we keep our customers. It doesn't mean that customers don't go out of business or record labels don't have releases in a particular month or whatever, but it's -- we generally keep our customers and our churn is low. When we -- in the future, when we add aspects that are probably truly Saas, we're kind of a hybrid between platform-as-a-service now and a software-as-a-service. I mean, I think we're probably -- if you argued one, I wouldn't be able to argue against it. But we will add functionality that will be more truly SaaS I think shortly, and then you'll be able to see probably a little bit more accurately what the churn rate is, but it would be low.

Okay. When it comes to the majors, to penetrate more of that market or specific majors, who are you displacing? And is this somebody different in every jurisdiction? Or can you give me a little color on that or how that works?

Yes. Okay. So our platform really is built to -- for an international label. And that would, I think, include majors as well as major independents. So the big 3 are the big 3. It's Warner Music and Universal and Sony. So if we expand with them, it's -- it really depends on the market. We don't really see anybody with a true international presence. We don't see anybody with recipient lists that we have. Like when we talk about independent revenue growth, partially -- our independent revenue growth is partially coming from global sends. It's because we have the capacity to send. If you are in the United States and you decide that you're an independent label and you want to hit South Africa, we can do that for you. Similarly, in Canada, if you want to send to the United States or the U.K., you want to send in the United States, we can do that. We don't see that [ this ] competitive platforms out there or systems. We generally bump into one in a particular territory, like our Canadian competitor or competitor in Germany or Spain or whatever. You see unique competitors.

Okay. And finally, no, obviously, the stock has kind of firmed up. Is it -- I mean, now that there's some things written up about the company in alpha -- Seeking Alpha in the previous call I mentioned, has there been any other IR activity happening outside of some of the write-ups that have been occurring? Or can you give any color on why the stock is up? Or is it just market conditions or you're getting inbound calls? Give me a little color to that.

I think you were aware that I did a presentation for the MicroCapClub in late September?

Yes.

That's really the only true IR presentation that I've done. We are looking to do additional things that I've just been -- I've been trying to plan for attracting the right investors, attracting long-term hold investors. But if you were to ask me if I've done something since the MicroCapClub, I have not done anything new. I think the rebound in the stock is partially due because we -- in Q4, we had almost 8% growth. In Q1, we had over 8% growth, almost 9%. And now, we've had over 15%. It's a little bit helped by exchange, but we're still growing that revenue run rate. But also I think one of the biggest things is simply that, looking back, our price was a little bit silly. That was -- it's always easy to justify a price. You can look at things. And I think sometimes when people look at a stock, it's almost a self-fulfilling prophecy. If it's going down, people will sell and if it's coming up then people will buy. But our fundamentals have been continually improving. I think we are targeting a higher growth rate, but the -- what happened last year is really a function of probably a major seller who's not -- wasn't disclosing his disposition. So the former CEO I think pretty much sold half his position or all of his position just last year. I don't think he's a shareholder in any significant capacity anymore, and he wasn't disclosing it. And it's a simple demand and supply, right?

Yes. And mentioning that, any further litigation with the former CEO? I know that was adjourned many times. I did notice on your recent filing that -- and I know to verify that was difficult, but I don't think he was ever listed as a 5% shareholder anymore.

Like, well...

So 2 questions. Status, I guess, of the former CEO? And I know he said he's not considered an insider anymore. Was there a filing that confirm that or have changed? Just curious how that was determined. It did appear -- or lack -- it did not appear in your 10-K filings back in January.

Yes. I have certain visibility to our shareholders. I believe that he has sold all his shares or the vast majority of his shares rather. And I don't want to get into why I see that or why -- but he did nominate a new slate of directors back in the fall, again, back in September I think it was. And he disclosed that he had sold 12% of his -- 12% of the company so -- and the majority of his shares. And he hasn't disclosed any of that. That I think was understated and wrong for a lot of different reasons, but it was...

So potentially, the overhang from that position potentially is not there anymore.

I would be very confident in saying that it's not there. I think that's why you see the stock price has rebounded. I mean, it's probably a combination of things. I think we're still a fairly inexpensive stock, I would say, but you can debate it at least now. Before, it was a bit silly. And going back to the other question, we're scheduled to go to trial for the wrongful dismissal in July. We've prepared for that. Whether it goes ahead is probably up to him more than anything. I suspect he'll probably -- well, I don't want to predict what's going to happen but...

Yes. And one last thing. I just want to confirm the seasonality. I think earlier somebody alluded to Q2. And I think that is the case, it tends to be a little lower business activity. How does Q3 and Q4 kind of work?

Well, like I said, I think we're doing well. I think we -- all the pieces are in place. I think the things that we're doing to grow revenue are still there, better business development, better marketing, better product. I don't see any reason why our growth will slow down. I just -- I'd sort of want to manage expectations a little bit because sometimes that growth is going to slowdown and sometimes it's going to speed up. And we are, on average, long term expecting higher growth rates, but that will probably come after we have developed some real true catalysts to the growth and -- like product-related catalysts and items that expand our addressable market. We've got some things that we're working on, more of in R&D. Well, I think we're probably beyond the R&D stage, but we are working on some things in the background that we don't really want to talk about until we're ready to commercialize, but it's pretty exciting for us internally, and I think we'll be able to grow revenue.

One final question. If you want to point what investors should look at, what metric in the business? We lately put out more information about just downloads, researches or things like that. What metrics should investors be looking at to kind of equate to the growth of activity?

That will -- we -- I'll publish some more -- some metrics on how to look at it, like there's events that you will want to look at and there's also metrics on distributions and activity rates and things like that. We're going to publish more information about those things so investors can draw their own conclusions. I think there will be some danger in that they could be misinterpreted. So we want to make sure we're presenting clean and uncomplicated stats. Unless you're in the business on a day-to-day basis, they can -- you can get lost in the trees as looking at -- as opposed to looking at the forest. But our releases really tends to be the metric that is -- releases or distribution are tend to be most closely related to revenue, but that's also on a long-term basis. As we go into new markets, whether it's Canada or Latin, you'll see an uptick in those releases that isn't commercialized yet. We expect to commercialize it long term, but we're really seeding the market to create a network of use. And so we'll publish more information about that shortly and so you can get a flavor of it. But doing that is we want to do that in a way that it doesn't confuse the marketplace either.

Are you publishing that in an investor presentation, PowerPoint presentation or something on your website or...

Well, we haven't done any of that yet, right? Well, I shouldn't say we haven't done any of that. We've done some investor presentations in fact sheets or investor decks on our website. But right now, we're not publishing that information until we do it in a concise but understandable way.

[Operator Instructions] There are no further questions at this time. You may proceed.

Okay. Thanks for everyone joining the call. And I look forward to speaking to you in the middle of July. Thanks again.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.