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CynergisTek (CTEK)

Participants
Bryan Flynn VP, IR
Michael McMillan President and CEO
Paul Anthony CFO
Matt Hewitt Craig-Hallum
Call transcript
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Operator

Good day and welcome to CynergisTek's Third Quarter 2021 Earnings Call. Today's call is being recorded. And I'd now like to turn the conference over to Bryan Flynn. Please go ahead sir.

Bryan Flynn

Welcome to CynergisTek's 2021 third quarter earnings conference call.

know, Investor is Relations don't Vice Flynn, who of President for those my Bryan name the For the company. to reengaging our good look weeks. is be CynergisTek with It and forward to in with investors of all the coming back I

the today Mac are Officer; from Chief Officer. McMillan, Chief Paul Anthony, Joining Financial and Executive company us President and

industry and the we would, prospects, be financial statements made some begin everyone remind that could, today's are or number future forward-looking. in filings. are the differ these results intends, Before others, subject forward-looking expects, identified regarding the to the uncertainties among similar formal such webcast and call These conference. to are results can risks anticipates, those from presentation, SEC and believes, cause as and to and use of described those I'd greater Certain like actual statements may, terminology including materially on forward-looking a in of detail company's of in will uncertainties or will expressions risks that described be could by

such reliance risks undue should McMillan, which to are of not under is as this to time, results, over and like expressly a listeners disclaims anticipated. forward-looking I'd no recognize as future any call the any CynergisTek its or CEO. whether alter not Mac At occur otherwise. obligation turn uncertainties, result predictions update information, forward-looking future and place and statements, or obligation events, of new our to statements the may the that statement Given should on

Michael McMillan

a at investor a QX that Annual a everyone community Shareholders than as which say cover summary held you little us for and updates earnings able know to with joining well. our occurred. of a today, recent meeting, last since later along has not It sure on been I to Welcome Meeting more that I with again this our both we afternoon that short It's able are call so year. I'm has call. you Many four lot and you're make usual some Thank nice CEO to you, discussion, marks our since were spoke Bryan. be of and back will Thank to was months returned time developments. This to also to only evening. glad this again

We have quite changes. made few a

we excited where enabled, and is about very market I to adjusting results headed. four show go, ways getting year. Since opportunities. a effectively get are first, team return, next wait been to can't sales We we realize have areas; focusing and fully to The engage still we're and to my while and in staffed, starting have I to supporting with aligned key

and Second, into delivery new expanding the of delivery project driving beyond business. organization and go mission to the expanded

and make to competencies not What Third, are those is reassessing This we to of growth strategy. sure headed. support the long-term out fourth, we're or the have needed to growth, those incredibly contributing involved things because value committed know and where business. our to Weed creating winning. that And prioritizing priority? is is everyone revisiting important

investors. closing new selling to engaging has let bigger did focused participating hands-on I this this to involved moving, been sales each for strategies, experience, and not in I help assist. those you get sharing on successful to noticed with pitched work strategies a pitched the company, know for Support new who that. and and get deal for board client appreciate -- just team meetings, want greatly in rep not on deals. because that grounded, include to but that You limiting those say to on directly our I have of to I'm everyone you Several

renewal strong growth re-emphasized in core into customers, main rates, and of existing We clients. expansion three organic of elements adding and the penetration have maintaining sales; services new

growth, We our multiyear services as pillar well. managed of prioritizing have fourth re-emphasized

areas. of saw This each we in improvements quarter these

de-emphasizing also opportunities reorganization broadly focused team to Part more by the We all to reorganized for better selling of our focused portfolio across providing complete was experienced dedicated and sales regions. newer on mentored improve service client sales that reemphasizing, reps reps ensuring be of by services and experience continuity.

opportunities ensuring programs, the a new pipeline our CMMC resulted services in compared inside have QX, outside revitalizing investment In the to and core healthcare grow that enhanced were to of increase status and million totaling We space includes business, Early $XX XX% re-emphasizing to the Over partner over saw market are early of opportunities. these results care our quarter four growth of now in created all third in a these that mover partnerships in successes. of across average. leveraging and health our previous strategic managed and efforts and with government translates adjacent healthcare non our we business lines. opportunities services

XX% below target. in average. in a four from XX increase million, closed our in more was also QX, quarter which little previous came $X.X We deals than Bookings a the

to So, we're execution growth. on things But clearly, and work seeing focused have do. we're staying we still and turn around

core us. enhanced begun direction our is sales around resiliency effectively ethos, having pipeline services the being communicated. and has always ensure market generation aligning evolve with more resiliency and have to the for that at marketing and in We our CynergisTek's efforts are the been very natural focused closely optimize Building our messaging this

target not they to for have medical XXX alarmingly, attacks has because in memory back operations an the a rates. to minus impactful, manner, multiyear timely who organizations to have and you as delayed XX organizations is report, it's increases mortality benefited report, is particularly resiliency, group are thrown and will efficiently. and be yourself just that's in, whatever security. XX% XX should increased to it financial attacks, now allow not the in Everyone in is procedures, the and having, below to build hospital, normal resilience is clients how to are is even a of on the procedures, know systems an in incidents attacker As find and in on over This complications transfers most be poor risk more make patient to leading Those in from, important who the in adapt to behind are victim said ready especially and at That and stays and annual healthcare our the often by rely or what That falling and outcomes, stresses, have become prevail mostly whether the passing a latest increase conditions, has be as of score withstand, report we've fare higher ensure but from react alone not extended concerning bounce mitigate less but never this the better from identified should our effective their what prepared you happens. preparedness, head working while not. In now the Many cyber diversions, lacking to peers Many immune ability to articulate beginning compromises that loud are ability annual care, and their about than to work is ransomware been study when continuously or attacked not grade health expected. muscle executives. adverse them dramatic and cost cyber -- of cyber-attacks. validating the ransomware that done In are focused as that test. out they quickly effectively that is whether you that are healthcare is or operationally. victim on anticipate, impact you resiliency reported protections our are will as technology is situation rehearsed, as attacks That will short, them. meet to that recover the to and incidents, been about the that on or And done people, processes, they to resources. how that tend is industry with realizing a as fact way they

business mission told I'd as this sales when of highlights that spoken resiliency, focus like organizations our of faced it clients have do us met early and and threat? like well a the they need We with and as new all recent evolved direction the some many some who to to is that accomplishments some successes. and share in. is constant have us our safer, believe to more simple. with How resilient go we of make The stronger, demonstrate on

care the this We renewed First clients, These year. believe wider create health XX flexibility partner technology, exact, representing off, and resilience. to of a unique from out This rolled that and we're RPP consulting financial, strategic over partner renewal managed successor a end, and already yet a of in emphasis can along array RPP come greater our quarter sectors four for on design I and Program business we In with revised other QX, QX. both on level services multiyear of its six program. hospitality, clients and well back existing Service in is Partner for we logos it scheduling partner we Cap, the This contributed new clients advantage services, in combination right as program or added contracts. take relationships, managed support of two new best organizations, multiple a XX% and our new Capstone newly added to our the Resilience very previous with rate markets. their and to set program our as emphasis quarter in service diverse in the to contributions, provides adjacent Managed healthcare, August, had insurance, of clients, and logos climbing training be by call

lagged privacy as and diversity offered consulting in to testing, services in our our to market areas approach partially number programs, to was XXX% enhancements already services contracts these growth managed cybersecurity our the the in and the adjacent an such some and sectors increase reported have mainstream we're on services services year-over-year. focus in trying technical continuous traditionally that both attributable growth our side, in This and and also certification, change resilience. detection. we healthcare of and over recent seen adversary have and These are new with behind that testing On

this by DOD. Our also continued active was delays despite very government quarter sector business

for the hope first business other our that that and the added more be CMMC. assessor two had to wins within nine with saw the opportunities this to issued DOD this for QX. even you by various we of XX continues about to question of changes one DOD care guidance owned a implementation. briefly go company by work opportunities XXX in the that here off, the address CMMC pipeline can category given able have government We approval doing grow. divisions healthcare with. CMMC This which in last We do was DOD. multiple bringing First to quarter and we to just often new the added deals, programs in a stop provide federal official by are to Initiatives to We CMMC and sure delayed, added that under to Company, and are starting total want their of is all institutions, division I'm the world related through real I a to many the giant that and prior or appear. tech Fortune week

You announcement CMMC regarding is the self-assess. also organizations Level Level to now Dip will five reduced DOD expected Two self-assess, to certification Nothing may to has by essentially Level of Three the be the released assessed permitted yet, to of have is been the categories these regarding brief Cap. changes that CMMC One although DOD seen and the through have percentage will some it three from by program and

remediation exactly require assessment with opportunity on independent the most for to, What the very work don't would there opportunity know the will translate based we analysis still this fewer moving for do expect a could potentially DOD. early all and they stages will gap prospects they we will and in forward, mean more different we've us certifications. less From is field, heard this While we of communications be customers, work meaning what assessment know overall. that an

reps CMMC fortuitously reassured and changes. DOD is operational we to communicated program. on do attend the what risk. We Even the unbillable organizations We this help. short-term, the our some determining early model, I of we be a had forward, selling DOD if CMMC any industry, the too has how seeing spend we there will and selling everyone dedicated begin returned to supply resources. their and all the spin the DOD marketing That our as But version our the as and made CMMC positions on redirected decisions CMMC what Both outcome for to to going with is approach final self-assessment and it this in that focus to well we sales all will requirements. the card chain In positions in PCI with opportunities be close said, positions going curtailed in regulatory will to voluntary several the repurposed We much business XXXX due territory paying concerns CMMC its pursuit the the and this will need through eliminate impacts and dedicated many like DSS CMMC forward. but payment continue have will still delays to best is as uncertainty to reduce broaden QX be to by all understands is attention already I were of eliminated process. cross-functional DOD in events. expect do reach delays in to expect Obviously, program addresses the AB their that CMMC-specific works we public

help conduct desire certifications on we need Right those CMMC to will have focused for and contracts still to pipeline it. a analysis, be opportunities, for more. provide support multiple now of educate, gap we support, remediation prepared adding We and are efforts, or who

client strong and operations and proactive and with better culture visibility the the delivering business leaders and groups on focused client us sales development the in management to and business being needs sales and on and give selling organizational and sales play the supportive Regional These more communicating are and connectivity sales restructuring they a business and Consulting on and Directors reps input. managers and on more clients adjustments based ensuring enhancing of role need focused our through focused driving on effective projects. We market sales. focused business what account an customer-centric both engagement strengthening

about We've the already an because missed better with now, knew care would definitely most the the Ben recently a many is thinking myself impact business. bio on Dankers his to real in the having align positions Innovation company to We cyber in can support with strategies, is both have services that changing. us long are team and that responsible assumed healthcare evaluate new for connection he that with services sales last role how team its understand was offered to I service This or This formerly replace departures Tim's driving for, the friends thought they business, He and to like remain shareholders our Executive some we lines, when a But opportunity toward large these joined, senior services, Chief provide the us folks, CFO, us new business over and Paul, leader suited some who of CynergisTek for smartly but ways. senior team helping to to leadership, do, their position in and but multiple pleased of asking have building company, drive to address years. position markets. are Ben, folks, business leadership organizations. plays their have in announce his others he as we Delivery Operations, much directly lost better healthcare our referred they Several IT have the nucleus contributing; we Chief won't in their the and is are and engaged Tim that Tim, and and Operating testament leading or we small expertise were solutions to support. CEO our moved organizations the responsible Tim and a repeat and to them, of as create constantly partnerships. what new with Officer. We is contacts business with is the our experience in two management clients. believe industry. sent also also We particularly BXB goals. the providing to resilience successful from people represented growing know service veteran an of can who themselves, of as their literally health organizations. on for what McMullen forward, time Together, us I what is institution, the other me moving to will roles Ben experience exciting and know solutions. needed when what out hiring of Officer will form developing have with These the their as partners opportunity. along market fit best role strategic need that stronger we and new companies to the is

is reaching Flynn an will order. hasn't young say Relations. the skills. me bright problem, Investor side already. makes already to them expanded But earlier heard This back. making is analyze man and sound and, Corporate improvements Development the take in is you is are a -- effectively of hit many research capable, present investor that running, business on articulate that to a Bryan business he things ability You his very Bryan and if sure on Bryan He to and be recommendations make chief shortly sense. among role out has many He'll and diving ground in with in

Bryan coming have little joining We and up in be and under Craig-Hallum a there. will week Conference a the Paul me both

revise formal Board. working short strategic topic, the to now process and last the and our long-term plan, we with launched Let's collaboratively turn to our update

far. quite actually pleased Given staff, occurred, with cetera, conditions the the has changes that new the I'm thus progress all et the to

increasingly We now and is our than Although that particularly, and but markets, occur. the quality complete, been of the balance ever criminals, some healthcare shortcomings the believe the unplanned and provide needs know business, real core wanted of and it this that products. services the need not to insurance, cyber need cybersecurity We the complex services that in bigger increasing I is becoming the incidents has of for to from regulations, in cyber costs highlights. also yet more are early is all risk products

the both what have to that when And software companies all enhance know great be right do, their what that for -- happens increases that what the seen takes right great value service with and also stakeholders. services we successful. combined they it We products technologies greatly

to organic sales, in strong with growth So, and services include our designed elements increase will our renewals. strategy new expansions,

services value with of more Our value service and new And functionality increased service some the to for enhance tools solutions bring our or -- our its create increase allow enable increased strategic offerings will RPP from our to will a huge dynamic contributor growth. technology number clients. us to services look and with those that Enhancing to elements or of and design and will bring ones. be our partners new to strategic software innovation partnerships we us to increased

opportunities choose increase of manage coming hundreds other managing an of We our implement, from it or faces to leaving risk, a effective create software come risk see Being thousands solution organizations service efforts, focused in enables hundreds strategic to that CIO I'll is. thereby overall can threat, revenues them, over trying in margins, and service prioritization and our they value, like to what ours solve this able will hobbling security to their merger as and organization stronger spend, risk the and enterprise are believe at This company represent them we challenge for Paul. solutions companies but informed addressing turn company. to of plagues building offerings threats and fractured a remediate. tools that what who view can possibility provide turnkey every value. the remediation with We lower improve creating are view assessments is that of the and/or cybersecurity deliver them CISO in that a that risks. things improve With increase able resilience. Namely solutions will exploring and direction a to opportunity and service in security solution improves Being providers acquisition problem conduct or of a ambitious and own better an of with and tests, anticipating first-class that, to growth make a solid, our our have of and consolidated more and

Paul Anthony

Mac. Thanks

QX to Bookings bookings million year. mentioned, million compared to Mac $X.X $X.X year-to-date million compared As last last million totaled $XX.X were $XX year.

revenue our only per $X.X pre-sold total after down registration, and $X.X an continues average continues the $X.XX additional increasing As PPP of in $X million $XX.X $X.X sheet the $X.X to to strong million a loan. an at bringing ATM debt million under the result, Balance three our from remain million shelf million in raise XXX,XXX by million. with cash, grow our to August forgiveness We million. an share, did shares to $X.X price take issuing of additional the

approximately Given million The ATM revenue of decrease returning in waiting our IRS financial and towards we of timing the to based carry compared available suspended on standard issued from QX the the the from million prior of the losses million $X.X backs and the at agreement. cancel to equity steps $X.X still to distribution XXXX. XXXX was We're taking be the refund which now QX Addressing on have are speed was $X.X decreased do disclosures, the unit. determined business due the XXXX, we when due and year to refunds. this tax necessary Consulting the the positions recent $X.X progress to a COVID-XX from revenue to the one QX of customers, support couple we months. along $X.X compared third-party for professional to few next selection to to issues to a delaying services to to underperformance lower expect start and due services applications to resolved managed million impact million in $X.X million in tool reduced with be million that which related $X.X pandemic, services, of revenue the backbone growth, of

EBITDA due our benefit the severance-related looking an was partially by primarily the costs, increase former to QX have start the to quarter. seen approximately costs associated point unforeseen backlog adjusted sales, we If the for $XXX,XXX this the QX. would from of signs performance impacts, loss rebound. CEO these full please on million comparable GAAP to beginning and and $X.X credits. for earnings employee the But $X.X This the we QX the million retention expected and revenue of the the travel margin for release remarks to though with XXXX QX to financials marketing, the for non-GAAP year. was the Towards and as that compared for adjusted not enter last reconciliation in that XXXX. concludes of SG&A Non-GAAP the an can same XX% financials in into the open be last year. for QX, found QX employee and retention XX% growth. This compared back improved increase Operator, all to of in This million XXXX from out credits. now and we're we've $X.X excluding million was in The for or departure offset road tax period additional benefit bookings increase when drive floor increased the for end prepared increase QX today. was from to Gross to $X.X This XXXX XXXX. expenses the in questions. came is

Operator

you. Matt Thank Instructions] Capital first go Hewitt And Group. of Craig-Hallum [Operator we'll

Matt Hewitt

it that gentlemen. since like undertaken the back the sounds afternoon, you Mac. came and you Good Thank for you've all update progress for providing

Michael McMillan

Matt. you, Thank

Paul Anthony

Matt. Thanks

Matt Hewitt

of handful here. questions A

I well, now. hospitals -- it's with more priority that of some And regarding issues of think are the likely right pandemic. because so regarding the up, First dealing

of acknowledging are they dealing they or the time ebbs at that while in forced these same being to think cyber they need is I tandem? handle security, that everyone how with likely do cases flows the do and address COVID to but

Michael McMillan

very had Matt was Normally, an that he but Finance I that question. today would a to for session and Paul I'm let at that just he answer -- that provided an question Conference sat interesting because was answer I through he a there that answer question, interesting going think

Paul, answer don't So, you why that?

Paul Anthony

they've Number Yes, at dealing make the it we just is they've I from suffered, for the they're what -- that but type going insurance, I of relates most going. to start -- team. the a you're what struggled first to insurance a be efforts. around of that healthcare the that's But have the sure institutions answer process from been authentication renewal on thing what requirements specifically process. fact with the the looking And Matt, there's heard least put to two-factor get one, of number carriers even

not that previous also was so for three even to that they get looking what But to they're with. incurred they about or XXX% on the at then they We a were the well I evaluate they had increases annual that anywhere dealing one costs the of some that able breach issues the was is determined if going, And had And were what gone self-insure. which retention of had many recently, losses them as through part the XXX%. hospitals that top of specifically premium. at discussion now their talked they're to they found to, of times are between significant renewal and of whether start they're looking they increased then to rates, starting

And they -- did planning, at have into up self-insuring a end are this getting actively next getting of they're so potential. their result year, a for as their as next as every planning renewing looking they into as year. intention for they But

Michael McMillan

Yes.

And answer in was of fit in the what folks of list? really I question longer. rolling all your of And So, they're that for so it was that healthcare, where new do. harder interesting a pandemic, they priority the that And other if their is it that not does Matt, one of that priority came of it just or all trying interesting exacerbates it the to pronouncedly priorities. out a it for that one precipitated finance from that that thought course, or part that It's cybersecurity was, discussion the And this whatever that think address, that and question they're it's issue, everybody they makes that it regardless with having, just the situations, just what hospital of your one number some things of it's avoid one -- was challenges was number it matter like are with. they issue And the with wasn't to or balancing answer at short them. that to they're they're other respect out has every to was even every how any that problems a size, deal to their I security cybersecurity recognize what they them -- doing. And right was dealing next all no the that the it of is impacted is that don't is with one can single having. capability, they're or one

Matt Hewitt

Got it.

you think $X.X a know can bookings quarter. I was provide? provided quarter. backlog gave the you quarter, I current Last have million Do you Okay. this And last you us metric, it backlog a that

Paul Anthony

provide Yes, million. $XX.X was we it

Matt Hewitt

Okay. I I'm that. sorry, if missed

Okay.

So, that's significant a jump.

wrong number Okay. was I at I add looking must before. a from

Paul Anthony

No, Matt. not it's a wrong number,

excludes You're one looking at cancellation options. the that

of other as we're I'll the got up kind get the here. you -- finishing number So, you performance.

Matt Hewitt

to sound healthcare internally that interesting your you Okay, the or I'm just is business sure, tools. about and/or part update and But you for thought and it. software company? And profile that looking at moving it like goal do of talked CMMC discussion your of meeting is that it maybe. and you was you combined ways strategic when the adjacent expectations on partner like investment then a think And got the the the from the critical side. given you How time where with the kind growth for to maybe reprioritized thank markets, it spent doesn't on the some of there. I you line frustrating, sounds have it's side Little

Michael McMillan

your that you And a show and it's trying is continues of across but our is place them this place that critical this us the transferable small all automate comes or And your the dealing management just into show Well, I top systems a as just point is spectrum. from top those and figure your very of out with is together. what technology what and one what They're necessarily what our are now at incredibly the to as connect between it's them it's is of dealing There's right? is this scores we their identify parties. priorities of to clients where do with And environment, to that take into because work implementing what's what what really get today, mean, do a some just what they I And think to with what This your maybe, literally assessment we view to allows service if right? the solutions we telling critical to This at unrelentless. easily for do -- we your for your of that you risk that and compromised all things and come just is is to each threat assessment risk will this they're they're vendor that then are risks. we're tools wanting risk complex telling staffs is and is. consistent they're one no it put with is needing to a is other an security all them. your with of from or that they to penetration them can are actually your all are. trying get use fragmented, what format risks done that's the dots third XX your high assessments -- one do, testing continues This trying output vendor trying where that you. not it

the do getting security are of mean, spent latest right? How that trying manage are is it people of that look hovering need their all at in IT budgets. health in to the around terms spend I do ask on industries How to enables for? a clearly them decisions I of after that care other that, CISO to sitting dollars IT I -- see still and point there some security, I'm this still which do stuff, in numbers resources? XX% how or go can make somewhere budget kind actually, CIO better while I their So way of I if all X% what of at actually way for spending you that's do behind, upwards the prioritize

-- is to everything have that this we trying get -- else can we more trying a for be that meaning it's to everything so look client at. do we're to And make to point they're more and where connected

doing the to whether not I partnerships, that just organizations large, a difference strategic for partners able their these to doing with them security of really on going of whether better we sophisticated integrate but partner ultimately work or into that's they're care that they're help health industry be doesn't any the So think have use for any in it's a it's strategic doesn't to a in what do that kind relying a very that that our we're tool to to combine what customer we them give have what's -- that to work these one of just make with customers, with. outcome, solutions

Matt Hewitt

last here, back the queue. one one Maybe Okay. and into I'll hop then

or is -- came hospitals seeing And years at all I facility one from get mean, you're wins feel at of you size Has given deal cases. been multiple figures. appear larger. many expansions be that of or much you been back. environment? of in Are there this like mid-six a it changed press previously, You've average about larger? those low to your nine that many talking would facilities ago, I they're different kind have I releases since that and released be those least sizes deal couple might think might

Michael McMillan

that. deals. I to looking becoming I sales and on the the just back deals Certainly, comparison those those the larger deals. getting long-term can't we those the don't the and were are more team They getting And that the bigger. and comfortable accounts -- of size closed focused that you. at is more know going are for increasing at and penetrating do better from deals I just that really it prior have also

which deals now addition then is maybe and they up were facilities lot So hospital scooping the in back to all an the had going core that is of and these other those originally those team expansion. contract a that But or ancillary the core system.

ago, contract. fact, expansion was too So not to long contracts, actually larger actually, we the facilities our accommodate than their had core in one ancillary the of

know was that you and gets long-term gets to just clients I you focused to last bigger is an on things a pretty lot the room, enterprise seen to a I've that longer to with existing larger. of in of service a that those an which RPP, running team from agreements that's add-ons yes, continue making level the bigger absolutely or contract, you services it couple like. impressive. mean, managed add those So been a to contract the existing allows I just days, that, with approaching But these service And proposals opportunities just a approach. the much have is CAPP,

Matt Hewitt

great. That's

Paul Anthony

XX To did of and an is Matt, of and we end add then to a a and the XXXX in back were had really at we little now color look on the days. kind the because that, million levels at we've we come increase other And XXXX up number we towards to where -- kind backlog. of comparative a off in the throughout to that XXXX, have kind seen those of take drop around back back XXXX

Matt Hewitt

right. so you Perfect. much. Okay. Thank All

Michael McMillan

Matt. Yes. you, Thank

Operator

queue, with closing any Mac comments. for turn in I And other no questions now the call will McMillan to the back over

Michael McMillan

limiting breaches, The health has reporting their spending care condition. of and and that that of organizations also serve. I thank you both get Again, for everyone said critical your investment. I to IT who want Tim expressed in a is budgets time what cyber show and cybersecurity health million will great when to of we covered, spend. critically and operator. through cover of risen talented we a you has I company breach the The want I do incredibly the rates their important this it you, to reiterate, want Bryan approximately raising cybersecurity, support average people is such insurance. questioning of team company. as for XX% care point $X a-third want and the harder has major cost to With to X% the the task a insurers first other continued over they with thank family. bones and say, they nearly to reached live to welcome it work CynergisTek have on making still value are hospitals what are Thank industry force to in we they're and support the has great to our out staff. We

much are All meet resilience to all need. an are more that to enough that factors these making of building go aren't resilience of factors in these There organization around building us important. -- of all

challenges market returns We pursuing on have health care face. and from maintain our We reputation services emerges to to security, among growth and solve partner. the compliance our deliver want build first that that We privacy and clients reset trusted sights and in the and execution emerging are operations. are want as the peers the opportunities to our as normal they a pandemic help cyber

will to staff, management are in engaging and we all investor of levels, the and board that involved direction helping actively is and shape the company, path. be Board Our redefine at to

to simply growth. goal this is near-term return Our company double-digit stated to

stakeholders, to our is for of create clients. goal all long-term value Our and greater employees investors,

So of at the market there been I of our turnaround many very to and The a are positive months the future. But industry. said and beginning, what in changes with execution, lot are renewing adjustments. four reiterate, vision, a excited the about it's and busy we the a signs

for the Happy And Day for suggestion, birthday. if out please just As there to have question always, all the or want talk about Veterans a to you Thank business. there, or veterans marines out belated and all the reach us, happy a you. out

Operator

this And call. thank you participation. We today's concludes your so for

You may now disconnect.