QUOT Quotient Technology

Stacie Clements VP, IR
Steven Boal CEO and Chairman
Ron Fior CFO
Shweta Khajuria RBC Capital Markets
Tom Forte D.A. Davidson
Chad Bennett Craig-Hallum
David Gearhart First Analysis
Call transcript
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Welcome to the Second Quarter 2019 Quotient Earnings Conference Call.

During the call, all participants will be in a listen-only mode. After the presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded and will be available for replay from the Investor Relations section of Quotient's website following this call.

I will now turn the call over to Stacie Clements, Vice President of Investor Relations. you. Thank Ms. now may begin. you Clements,

Stacie Clements

call you, everyone corporate second accompany website. welcome the today's our Hello XXXX Thank the section earnings our on to and quarter slides call. to that on operator. Please of available are remarks IR note

Fior, call Ron CFO. the Boal; today with CEO me and On Steven Chairman, are and our

full expectations Before please business note for will our These statements. forward-looking include product we retail that projections you launches, our the and begin, and as forward-looking third growth our year solutions, partnerships, and privacy our quarter hear investments of for well during this XXXX, expected statements specialty generally. call, as regulations

available to that could Forward-looking risks, of the to good and uncertainties time the of known risks call and performances as actual statements differ on faith are and and materially. of are this information unknown subject to results or our based cause beliefs management team

results information filed forward-looking about contained We found information, quarterly obligation SEC factors potentially any press that on in in or could Additional May XXth, these our on information our the disclaim to and statements, XX-Q the of Form in identified whether risk can events a as otherwise. result report update today's our factors future be with release in XXXX. financial impact new

on to the posted have website. and issued adjusted financial be found net Please can today note been press that GAAP financial the with certain are company's on basis slide the the and results release operating reconciliation expenses, measures between discussed loss, and measures a exception margins and expenses. of in deck today gross non-GAAP revenues, on A non-GAAP exclude

call now I'll Steven. turn that, to over with And the

Steven Boal

everyone. Thank you, Stacie and welcome

through and and the continue success. I and Quotient growth and and as passion a to our strategic just Mir want course continued our on for a executive we take Mir changes. as management to press strategic transition release, get adviser me for for will from moment his a helping period we dedication company. to thank announced some to Before seen started, you've us chart the

the for we're I'd welcome has Directors be with Quotient's two also like as years, the of been more Raskin And our to Scott even past our us to on team have him as Board thrilled as and Scott me, President. time. thrilled full for back CEO. working I'm to to

Now, came on adjusted over second in Revenue to earnings. and XX% $XX.X was the last in $XXX.X EBITDA up year, quarter at million, million. QX

guidance specific half to things. We two also second down account for took primarily our

expect The quarter be first, what one creating we will a shift revenue. in

offers printed targeted which are half of at of technology unrelated our in Our impact schedule, has the for live go meaningful behind this QX, in instead the a checkout implementation. to one or Reasons quarter delay back QX year. will

we that decline of to of of digital half in to this our before estimates about business, which retail also change three I'll specialty decline a later. spending upward levels material said those we'll expect update in our more time, a faster time. see at by we we've CPGs, from spend and to in relates CPG than impacts seeing this. We're large second quarter abundance Their we're the projections spend an to our anticipated. second If decline coupons reflect the greater year out The of customers. in And down the back three on taking caution, national was over

offline data growth meaningful and -- adult growth other purchase platform. Outside measurement in Driving acceleration customers reaches we're almost and and of strategic our intent areas. is across all It and seeing XXX% channels online items, of U.S. those specific connects this consumers. targeting

that purchase drives transaction measurement. a data shopper between a delivers interaction each this, around context and put targeting To and

XX $XXX billion We in over annually, events purchase using already billion are capturing sales. representing and

up their results marketing. that than scaling onto data averages. more campaigns We're ever retailers and more integrated delivering the stronger brands digital As industry much than driving bring performance we are platform, are before and

a I'll with is campaigns. key only color build in Performance a integrated few QX does as media, catalyst brands is to for now it the be proving walk across promotion partner an Retail growth. highlights or some revenue and from RPM through increase Media additional RPM look platform media. around One, also listing Not networks but promotions to truly drive targeted

campaigns retail with RPM, networks Through the of drive targeted grocery created to that them. CPG and significant brands sales generate advertising for the we've largest one retailers for marketing

influencer strong Two, platform, across brands. number CPG Ahalogy, again delivered our social of revenue a growing

much in strategic to engage a more and meaningful with way. starting our are We clients

shoppers search, search product This brand and of provides retailers' advertise on live e-commerce-related and is products directly sales sponsored search where fraction Amazon, with smaller CPG Three, Google to sales alternative dollars better to media where and on aligns as brands for Companies. e-commerce a spending property an much Albertsons occur.

which Four, Quotient X,XXX carbonated as such buyer exchanges and deliver or includes where verified beverage we now adults almost provides brand ready ad buyer out marketers Audiences segments. our rolled Quotient and ads our lapsed to audience buyers brand to CPG million publishers. with segment, of and XXX use targeted modeled agencies reach U.S. XXX% audience DSP, segments, buyers through Audiences, over

partnership Cloud. strategic And Marketing just we through last Nielsen week, Audiences announced to with Nielsen's Quotient a expand

their to insights clients. In bringing third-party seamless and our measurement validation will connect to Quotient addition, directly solution,

$XXX These media of marketing of of very XX% spending be growth continues annual initiatives believe We're and pillars offline -- of to proud year. and billion there digital of platform growth help from fuel media over as digital. in transition business opportunity this QX the our to a large the last spending more are in their revenue CPGs

an mentioned in increasing media, face and national large continue that number spend campaigns CPGs digital coupons we doing to of three headwinds before. we're combine While from coupon we've

in with is digital anticipating have Had coupons would than This larger national both quarter last of and XX%. QX second and revenue impacted from paperless. in flat decline total we year, those been grown CPGs a print revenue were the

to of to decline rate of we're the out continue of before, this remainder forecast mentioned through the I year. As an of going caution, abundance

In of the total pricing costs strategy Pricing and they offline margin stop have brands effectively in follow when face takes promotion decreased commodity discounting products a these on general, consumers that of spend raising and purchase. rising up pressures. items, up online CPGs as across prices place channels

year promotions. media strategy. and demonstration combine national in promotions digital headwind We a by these of solutions this integrated retailer-specific driven ours, this revenue packages XX% of the increased that is the packaged a this QX, by in last segment from competitive Despite success of coupons, and selling in our growth continuing advantage CPG strategic started -- primarily coupons, XX% with key clear

in specialty from Another retail. promotions came headwind

been be declined in This expected QX engine the rate than of through back a QX, even it this declines is business, have business, dependent forecast. year half of flow going and projecting decline to the a larger business in mostly this we seasonally search strong though traffic, cautious, Although is to on more year-over-year. XX% we're

Last quarter, our about talked we key growth drivers.

be delayed, anything two us we the these to see don't about concerned of fundamentals. While are causing initiatives

targeted now offers printed at checkout an entering first, we business first The remains time. are the revenue existing for sizable that

more integrated and in on at will and solution, retailers which not shopper the solution unifies a the between already alongside and our to expected large believe several exist brands Our digital retailer out platform. marketing now drive aimed and fully budgets we QX directly support be live test does campaigns coupons marketing in print channel. gives fully this marketing the today integrated in It's and in market experience and mode stores spending rolled at

as search live mentioned at Albertsons. is earlier, Second, sponsored I and

the them year. balance to We needed to is work this expanding is throughout search build by forward to the additional the of additional retailers delay year. expected also However, forecast exposure, of our look remainder for to and the sponsored impact

pause to I'll Ron, and you with over call turn I'm the and be now going back shortly. to

Ron Fior

you, EBITDA QX QX an of a We Steven over of improvement and Thank margin. a over of $X.X We net was representing recorded million, XX% XXXX. while up delivered of XX% million, million, everyone. $XX.X adjusted GAAP loss slight XXXX, welcome $XXX.X revenue

from cash operations investment generate and In $XXX.X operating to the quarter continue GAAP for of of short-term us the $XX.X balance was cash. summary, second with gain cash revenue, grow quarter end efficiencies a million, flow to enabling we XXXX million. and

last Performance impact integrated noted, catalyst as from was and of for in campaigns increased shopper and in growth, up Revenues. over driving Media Steven or positive media. a year targeted Retail of key is to RPM offers revenue Total reflected growth the marketing, be use XX% proving retail-specific

revenue Ahalogy, we continue and total to platform, we these a they again market. national three spend would this continued number softness QX coupon their reducing strong growth influencer from flat see XXXX. with CPGs social over that the three us a in the to Our as QX CPGs ago, of background, year compared delivered Had have across same growth brands. again QX of kept CPG growing XX% impacted their positive spend delivered Against revenue overall

we're following mentioned. QX. from the the primarily quarter, color. year-on-year this strength from CPGs attributed were transparency promotions providing for additional Benefiting media social X%, coupons RPM, and to XX% declined in in and Revenue up revenues national primarily three For just the

primarily than over business we of coupon declined Specialty projected to the have XX% related retail, codes, rate much steady a the year, four decline quarters. higher past last over declines in,

cohorts to CPG growth the spite Looking continue in of XX-month a customers our at by on trailing headwinds. we customer across growth of portfolio basis, see three

have offset accounted above due for of larger by to second and campaigns and continued Gross increased of the XX% total marketing, three XX% margin. was revenue. CPGs the which large This gross quarter, typically by with promotions proportion revenue greater to media the revenue proportion media product associated of reflective expectations media from of quarter mix second on Moving of up the as QX. in margin was from in rate it, our shift declined decline internal shopper a in

impact higher targeted of of We margin QX at balancing QX, the the in second a year. half revenue Quotient in media from and Audiences higher checkout the printed offers of from margin expect to in generate proportion

our revenues expect to growth long-term in over strategic partnerships in and gross We increase time dollars. an margin drive

Operating expenses.

actively XX% to we reduced value expenses costs, GAAP operating escrowed lower the spend operating business, QX GAAP in and of FICA manage fair and expenses. net R&D the the change in from sales The down QX. well operating and as primarily overall. to grow we As decrease costs consideration leverage due our as expenses continue contingent costs lowered were shares

a to were XXX acquisitions several to during and compared invest absolute our year QX year. just in in products, by ago people in expenses operating dollars absorb headcount new continue Non-GAAP increased the we as slightly over up

as We from costs sales as R&D lower reduced benefited FICA overall. and well

XXXX. percentage As of in a continue QX XX% revenues in of operating expenses of to year XX% of to from revenues QX show leverage, declining revenues, non-GAAP last

compensation, ERP net intangible costs, acquired certain Non-GAAP of the amortization restructuring consideration, operating charges. our contingent value acquisition-related change assets, of costs, expenses stock-based exclude in fair implementation and

was impacted acquisition-related decline net in in and the charges, continued and operating million compensation, Adjusted amortization, leverage taxes, income the $XX.X EBITDA. by product and consideration, Adjusted expense certain escrowed Adjusted offset fair by expense, in EBITDA EBITDA was expenses. costs. depreciation gross other income restructuring the shares value margin, of mix interest excludes stock-based change contingent and

XXXX, buyback $XX a announced Stock one-year buyback. of we May stock up million. of to In program

to the X.X program, buying than of year. plan goal aggressively $XX.X transaction costs. as Our place for we move the July back in approximately last shares And completed is XXth, million million, more including put have

of million. settlements share Moving end be net for quarter operations to by repurchase of issued employees, of on of the our $X.XX paid spent to offset stock the program, attributed cash million to interest XXXX. same flow and related on effect can reduction million cash from repurchase, million on to debt stock ended QX have vesting from from $XX.X period down million GAAP of We partially operations. the stock cash. award approximately our the $XX upon which restricted The convertible $XX.X $X.X was the generated

Let's guidance. talk about now

One, revenue our on EBITDA following. We are based lowering and outlook full delays. the year retailer

search product and been quarter full printed up full delayed at was offers almost targeted checkout running late rollout a until and sponsored Our has the of QX.

guidance full We expect million. these year to impact approximately delays $XX by of combination the

these to normalize in new from revenue expect We XXXX. products

a to softer from the CPGs anticipated. revenue Two, large three originally the degree impacted than greater promotion revenue QX

marketing our by guidance $XX digital year will CPGs We couponing in. resume expect We million. strategies in their three to decline integrated full impact settle gradually continued spend national as believe approximately these their

of higher Three, in in retail over revenue much greater expected quarters. decline the was and specialty last the the rate than four QX than decline

half full year weighted to as to $X approximately the retail specialty this back is impact expect year million guidance due more We the by to of seasonality.

our mind in generally keep adjusted that adjustments margin, for impacts gross as well. are revenue full therefore, products EBITDA have expectations Four, that higher year and

million $XXX expect we revenue of range $XXX to the XXXX, in quarter to third the be million. For of

We expect adjusted range to EBITDA $XX to be of $XX million in the million.

in $XXX XXXX to million to year the last versus of range or million revenue $XXX the range for at at Adjusted year XX.X% of the the to in XXXX, midpoint. For approximately is $XX growth or revenue EBITDA million midpoint. the full approximately expected of full $XX XX.X% million expect the year we of be

As their in two Steven growth have shift demonstrated spending, timing revenue mentioned strategic reduced earlier, associated except three businesses products strong for and of the our have CPGs our growth. who the all with

turn the now Steven. will I back call to

Steven Boal

Thank you, Ron. market forward. our about our clear want solutions of to leader our business strength and the a strategy in and be I the conviction going as

fundamentals us and and the in several making our choice. in sound their partner years. We opportunity Our are shifts of growth we and our expertise apart their data sets large of for CPG believe provide customers market technology remain businesses, the remain strategic and and trusted transformational business retailers industry over

the leader have servicing all CPG delivery. and and we've one $XXX expansion platform largest paperless fast-growing One, the to by in years strategic media due our past three, of differentiated digital And retail platform partnerships, coupons data. largest million of over for we market the are the two marketplace. built solutions, the we approximately digital a Two, our built business data

shopper As use I and to shopper drive that just of our we the We're outside marketers expand rich billion over shopper services consumer our to distribution use brand transactions process promotions starting to option of our network. annually data said digital data media targeted giving measurement. XX advertising for segment, and also and earlier,

shopper importance more marketing consumer retailers lastly, and as on at shopper to has never been increasing drive these sales continue And placed data efficiently experiences. to meet for greater omni-channel and macro level, digital need The greater brands and a drive insights, initiatives the relationships is initiatives higher, center efficiency. demand a to one-to-one at of is increased

this of Our serve retailer platforms in work partners. unison together needs and all to and of brands the bring our

I'd to York New that also Day out in first will City. will on Details we announce Investor XXth like holding be sent November be shortly. our

and you up call the for I'll Thank now Operator? questions. open


you. [Operator Instructions] Thank

from first Markets. Capital Shweta Your RBC Khajuria from question comes

open. Your line is

Shweta Khajuria

-- be Steven, the expect any forward changes what will direction so, the going the do you. as please. If Thank months are or questions And Two different what company CEO? you next with over strategic if of the how? year? you not, six a

talk delay if the the was on Thank a product for bit was second, delay for of and reason And in was Could what how little big And products? you. you guide surprise delay? on the delays. not technologically a that the related, it of in both the terms

Steven Boal

Sure. Thanks for questions. the

-- okay. me that's let and end with start with start guide So, me with strategy if the let

touches implementation partners, awful other working you each towards on. of working own strategies as if lot recall integration everything regard going XXXX to their So, and very sale. of had you're But other so, implementation in an of or well And back we we're products. point large they with with have and when

when are we happened the rollouts. so their middle in to delays systemic clients product our subject own And doing are of that

printed this in heart and And in some that actually what scale store. even more that in confirmation that so are, offers are really notice We of so has is your was. at that launching coupons gone the fact, yesterday, we at out with timely, QX got of question's

even markets. implemented thinking think And lot are to the in be these effective. budget digital tie effective so we've that products. going things awful to their of is I They're our solutions. way. And there's more way that no There around existing directly change those that They're spent because an

absolutely Am parts question We're Of the being in going everything correct. well-received your look We're at about a take that we're up business. to scaling The our am. doing? strategy on marketplace. growth very of the back I course, is strategy. Going to we're I

strategy. I've all along But to so way the in material expect been not the change business any involved should and you

course. from right And we're would marketplace that we're feedback on well. that that back front as echo think I the the the getting

Shweta Khajuria

Steven. you Thank

Steven Boal

you. Thank


Your comes D.A. question Davidson. Thomas from next from Forte

Your line is open.

Tom Forte

question. taking for Thanks Great. my

So, I three ones. quick have

on is sales quarter, you one? both next visibility. the in Can visibility had Ron you're the through into current quarter and much the remind you us have earnings do one when on a So, I how heading for first general

how Steven consumers' think it and protecting represent for to on comes Quotient? increasing then about privacy? government privacy, And how investors challenge when does this should a regulation And for opportunity both

cash think How And the on then the should Thanks. lastly, million ended on in repurchase $XXX sheet. we capital the investors quarter about for potential program? an accelerated with balance allocation,

Steven Boal

the Ron, why you take question? don't first

Ron Fior

and the of is that's we it current our The first question, We have have a booked next when and conversations is. XX% percentage. between the XX% what smaller into we call typically you. generally really we So, on much quarter the -- go with conference and quarter

Steven Boal


allocation Let and me talk privacy. about capital

at number So is here, in the the I that on you're in And look, specifically, of influx. amendments that a are is privacy, -- is law mind There answer senate. least CCPA think, pending are to California. the state's referring initiative top the of

them of XXX partners. our with Is risk. recently a there closely Of course, was A.B. there's risk? We're are Some revised, working retail very being revised. a

the been the And it. here. is It settled that Again, getting into that is is ahead about have protecting Nothing discussion we're data an to privacy, and we California opportunity. an opportunity opportunity and specific. yet. But way influx. this is consumers also we And has there because have think of of influence

So, that's tell what you. would I

bit little does our when presents it a we'll now, it working settled. And it. be settles, of right California it action clearly, able We're with but risk, top it and to more also a very hasn't that opportunity. closely on an We're retailers. present And

changed the And on business. we bullish last is, you. for business, of limit really the it doesn't, Hopefully, on on that program. answers at now. the the And not If hit That tell say really has On all. allocation, the I'll all really business. capital we're bullish bullish we're question that me

Tom Forte

you, you, Ron. Thank Steven, thank Great.

Steven Boal

Thank you.


Your next question from from comes Chad Craig-Hallum. Bennett

open. Your line is

Chad Bennett

Great. questions. Thanks my for taking

I the the in second questions So, bring of the guide, guess. just down guide on half,

stuff So, best I'm coupon year, just the of point-of-sale, I question. curious, think When iffy maybe timing guidance a this probably Albertsons, the the at gave for point-of-sale midyear. quite targeted frankly, is for broader was we with

sure, discount guide is guess starting my a full year. would or that would you heavily for the normally So, in you year

sponsored secondly, an love coming not the But hear did, into just on with search, Albertsons was logic then kind to sure, considering variables scaling. And is those I'm elaboration what I'm issue I of And as behind equally early. I'd understand think, trying year. that way the guiding the you the to inside

Steven Boal

fair and outcomes. give with the a bet over contract. are marketing gotten particularly clients years better and We've the us commitments integrate We've marketplace, Contracts financial in confidence. the question. of a commitments It's the more up gotten retailers. our predicting better But we all at you one line as the can't thing, timing on with to

it's like and store Again, does that one for one are opportunity The so the of quarter when in on is example, offers particularly kind printed have I that really quarter a said impact. before, delay delay. a And to that large. digital tied

the change we're business but So, to we're there's outlook disappointed us. that for delayed, no of the

said, live, got by QX. are confirmation And already yesterday, And full just we we the in were way. that we on schedule like for release I

about going XX you you are in to way one stores, do talk live the you specifically, clear, programs X,XXX be generally you do But way program. XXX do Albertsons but these programs we and you stores, is store, generally, the work I'm do the stores, these work, do to stores. not Just

because measured high-volume environments. so very, are very are steps And these those

a it's to heavy here, quarter a it In And this late. of for things, And so go of fantastic see lot is so excited scheme it's live. I'm get lifting you been us. a the grand business disappointed really

that point-of-sale. job a that Actually, really They shopper I've a really great on was shopper paper. experience actually seen really, defining the experience. it It's come of great great. And out look

search, sponsored thing. then and opportunity. same with -- a It's So, great

everything right in the have We spinning direction.

that and that app-based, direction. these work. it And little web bit a to direct are direction directing mobile takes because you then in then things -- little traffic work, website-based a have traffic bit And takes of of in

So that's it.

Chad Bennett

a Cloud, questions couple other And specifically. Okay. maybe Audience on of then

shouldn't So, from just from a material out nobody kind of something so material -- in of they front again, a of nature gets revenue nature.

Audience Cloud for as expectations quarter? the starting as are what soon this So,

idea give next maybe they how and you of to partnership, And maybe the work behind whether for XX of, kind announced everybody Quotient how the Cloud six it's for -- general in economics obviously, at Audience partnership, months. or Nielsen kind Nielsen that structurally, expectations, an of the least will

Steven Boal

information is material that that. this. and to I impacts fingertips, but drill to into Yes. going We my Cloud I in sound like don't cop This will XXXX. at have Audience a I need out, expect from don't But say

the some to back the We've been it project that predicting we on is data, platform marketplace. the And we this given about now. very and question future. hard never we've this working into goes It before. marketplace the had into didn't Until in insight today actually forecasting it. gave to get an We call early the

But data. an now you that's Audience $XXX-something We're basis. ladders using segmentation purchases, of we're we we're XX informing using like events in that data. to And It and processing up annual Cloud. in today, think that It's heard purchase not billion I billion are warehousing. the

pillars come of Nielsen business, that of just on So, it, between own we're on is and our doesn't excited. others marketplace out our the really in relationship platform. big our the and and growth with it one our work will happen This

there's and don't But make in it I'm isn't and that mean, also, segments these there's just ad There cloud, the services, private believe scale where I available just in real to this And the DSPs, I that that's anything don't close been and anything size a marketplace. comes factor in believe we -- has scale. there as on you from. on would like exchanges I -- expect, that products, saying never as

XXXX to you be We're you're it's to transparent impact. this, going going be be going more but more so where feel to the And give about information on that. to we'll able

Chad Bennett

questions. taking for Thanks Great. my

Steven Boal

Thank you.


Your next Analysis. from from question David comes First Gearhart

Your line open. is

David Gearhart

my Thank question, first on Hi, gross for you taking minute. questions. margin to a good My focus afternoon. for I wanted

You and on where level, previous build believe, as XX% plus quarter, gross from. Mir, things mentioned settle minus could margin had a on the I or out

mix the a shifted media. Obviously, has bit toward

we on your margin of it, thoughts from trend should the mix thinking and kind a about should get how can perspective. if gross for how year especially we wonder Just be

Steven Boal

Sure. represented we do in right Thanks for for margin product asking. XX% of all Media in from gross margin stability year, our is now. story margin and revenues, the Look, up of about mix remainder to We XX% the expect in expect XXXX. QX. gross gross improve

in What And now, will But that tell focus you. I as of specific gross number improvement is you ours a can't margin a see it's right XXXX. company.

up on us light a a going go-forward -- see on us you're to shine gross So basis. margin brighter putting

David Gearhart

is Okay. they the a And together, digital their and CPGs, possibility there terms strategies ramp activity. in and about have things of then you that return those and talked come greater as three

like the additional that they've has conversations three companies? you some provide color could conversations with those what of these wondering, occurred? Just on any been that there Is

Steven Boal

you that those It's can with three directional digital. just around are promotion it give board. some information can't spend the give what across I cutting specifics, I you tell not their national you to CPGs enough is but

a of But really concern. across-the-board cutting were in they which isn't case, the as an different this spend And different were it kind is in promotion, that if pricing pose strategy. growing offline, and story. that their would a be a digital decline would So,

by So, instead price of you price raising cutting promotion. in-store, raise

isn't impact those the a And and is. it don't let in way. it back we'll national so spend we'll behaving sustainable? and half, again, the market promotion everybody of by return us that to is that believe CPGs, we The And an see revise, has We on rest if know.

we promotions, and across billion that retailer-specific talking way that's I board. runs the And up mean, that trade spend the about, talked the about, of that $XXX those marketing all that. we're On across the are numbers spend

the from retailers fabric retailers that CPGs, integrating here. to RPM consumers, of Our and between to becoming continue with proving and that strategy strong, and be building grow very is will and

So, about our just and three it's of the really hands national promotion clients. of spend really in largest

David Gearhart

Got the noticed between that the revenue breakout it. lastly, I then presentation. explicitly the were not lines And in provided various

in Just different the going end. we expect reporting the on if top a forward of business terms complexion wondering format can of the

Steven Boal

It's a very fair question.

be recall breaking in anymore. the these things you said we're to if we out past, going So, not

revising that down the the fact so growth the we've give no that Given decided concern changes, transparent of parts back half we the more to of be there management business. and had was more in the about health we're information and underlying

so basis. and KPIs, be We what next metrics with about back visibility go-forward visibility call, on next get talking you are and on the we to a here, we'll earnings on to the the call, expect

data. We down changed top We not We're giving up more didn't be revised but we want line to and we team. consistent, also want here are the any the to show today management and numbers. say,

was it more that try thought data So, out. it to was we we give appropriate thought -- and

David Gearhart

Thank right. you. All it me. That's for

Steven Boal

you. Thank


this today's does no conclude conference have questions. further And We call.

You may now disconnect.