QUOT Quotient Technology

Stacie Clements Vice President-Investor Relations
Steven Boal Chief Executive Officer
Pam Strayer Chief Financial Officer
Shweta Khajuria RBC Capital Markets
Steven Frankel Dougherty
Ralph Schackart William Blair
Elliot Alper D.A. Davidson
Nat Schindler Bank of America
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Welcome to the First Quarter 2020 Quotient Earnings Conference Call.

During the call, all participants will be in a listen-only mode. After the presentation, we will conduction 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 on the Quotient’s website following this call. I would now like to turn the call over to Stacie Clements, Vice President of Investor Relations. you. Thank

may you begin. Clements, Ms.

Stacie Clements

you, hello, first Welcome our and XXXX Thank earnings everyone. quarter call. to operator,

On the, Raskin, call Boal; with of presentation. been me today are IR the press Strayer, company’s letter section CFO; release posted The earnings on and corporate the our and our President. Scott website, our our stockholder has alongside Pam CEO, Steven and

Q&A. time, letter forward interest of we into for to call the the stockholder have In posted look today’s and jumping summarized

Before and that forward-looking the brands effectiveness will include investments or paused and we in note recessionary during on liquidity CPGs’ hear capture later importance the dollars in growth forward-looking to projections our as campaigns of investments second-quarter and e-commerce, generally. delayed well of we begin, our to the cost ability this call, and marketing FSIs, year, of ability expected during please reduce during and our as our to our CPGs promotions measures growth and operating statements. statements full-year plans our pandemic, and plans spending rebook business the to COVID-XX manage to expenses, to business after leverage These XXXX, for periods, in control the

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

exclude We a X, obligation identified filed with on the and then be of impact in financial on disclaim as new update these gross factors been whether can found results certain to release information expenses, with slides release in on forward-looking XXXX, GAAP filings could the the loss reconciliation found today’s measures website. the margins, potentially that non-GAAP factors result future risk a report with have and press financial Form and note issued and discussed our financial operating the exception our on March the can future today annual about our today be of in contained A company’s adjusted revenue, otherwise. that any press information Please between and Additional information, are XX-K posted expenses. SEC the and measures events, or net statements, to basis results on non-GAAP the SEC. in

With that, now call I’ll over Steven. turn the to

Steven Boal

challenging is abbreviated bring drivers, our workers, to I and healthcare help These to moment staff, Q&A technology take and welcome want given work leave earnings QX people, many be of other we interruptions and times. and are to been everyone the that acknowledge staying all have hope food and everyone, and to these a essential remarks community to during grocery for responders, will Hello, working that needs healthy and by call. first I everyone. most prepared XXXX remotely. safe to time so more prerecorded dedication services members delivery hard any all avoid

continues to any business incredibly priority the Since I’m remotely employees, continuity been I under from shoppers. partners, want customers, proud be we global working and has well-established team. don’t our one program, operational remotely. that of XX, our of saying to and safety by team number working foresee impact a start our March significant our

and short of inspiring. agility been focus, dedication, has Their nothing

in the Revenue by below of end the brands of $XX.X our of or release, low weeks from changing COVID-XX COVID-XX, million, the and first to the a began in it situation. campaigns few in due seen last X%. as guidance was quarter the rapidly delaying result you’ve pausing As quarter, came

with higher proportion a delivered above focus top due promotions, coupled the XX% million end controls operating total quarter to EBITDA, revenue we expenses. of side, guidance cost $X.X that plus on adjusted within a the the from On lowered of of

sharper and margin offerings to promotions rate be at the and a as offerings, recent focus media partners and shoppers something as and self-isolate levels, January its unemployment continue grocery have prepared carry the as and past highest shoppers cooked shoppers unprecedented Many CPG foreseeable for sales on CPGs impact time, healthy. expect Quotient historically significantly sales, these with gross engagement, and the mandates an mid-March than our weeks more digital extended memory, At our with uniquely a even a focus shopper COVID-XX e-commerce, delivered February at to for. expected, periods is component for we stocked putting higher promotions of that began for in stay small higher surged future. to retailer retailers for to Our starting pantries, level same in over of to overall shelter-in-place experienced from revenue time. prepared home,

starting Early QX. signs now are been appearing, bookings May are campaigns into QX worst are seen to and stabilize, is in paused mid-March Already, are and to this our June the impacted most. point starting chains and than we’ve Supply QX higher at that rebook believe or trends through have for will brands for and delayed the we strong. early pipeline historical

of new on last today, more two are announce and have additions. excited retailer mentioned I healthy earnings As retailers, call, our to a we we pipeline

retailer or largest an through XX-plus to bringing retailer onto iQ, week, alcohol shoppers. network. launched And initiatives. coupons and sales Quotient digital recognized X-Eleven X-Eleven network brands as innovator X-Eleven convenience vertical, adding digital last loyalty directly to is been States, the sales across its beer widely savings XRewards new has their X-Eleven beverage the of our millions stores adult Shipt solution digital to program. national Quotient to Retailer paperless signed in in C-Stores of utilize drive the and have United now a rebate can We shoppers

growth Retailer value now to have This members the increased first and Quotient comes we delivery website on and significant cities time same partnership through represents demand. grocery service network in CPG delivery seen and Through unprecedented Shipt our at retailer online bring the app. retailer marketplace X,XXX same-day consumer their an when services and iQ,

of Quotient, with network we several an next the and announcements and active are to We and expansion over additional to forward welcome Shipt to pipeline additional look months. excited both retailers the verticals, X-Eleven

to growth grocery I been As earlier, unprecedented grow e-commerce, was COVID-XX in alluded in predicted which to already for catalyst has the XX% XXXX. approximately

data out shift, likely But even today’s retailers this higher e-commerce growth environment is Quotient the existing new rate future. will platforms benefit push uniquely incorporating and and from as to promotions build foreseeable grocery positioned media their for this retailers, e-commerce informed their that starting analytics we Offline more coupons with digital more engage the shoppers are finally shoppers. reach and of grocery, by life. paper have opportunity provides. Quotient end to connect CPGs, and The to

from freestanding leading over to are and or inserts, offline the coupon their expected The XXXX. of of XX% XXXX over CPGs FSIs, lose course distribution

a the As FSI value of diminishes. result, the

We shift expect will to other these CPGs dollars will follow, a portion digital. and of

Quotient market we promotions, benefit shift. expect in leader this As digital the will from

a programs. Some stopped also coupons. shoppers It’s grocery coupons accepting of directed accepting the usage, important Many believe paperless note adoption delivery these measures another historically recessionary will We growth. to and higher to has a digital has further digital tailwind that coupon services retailers, of also as paperless result digital have altogether paperless for experienced period coupon COVID-XX, their accelerate paper coupons have stopped paper coupons.

three In and decades, XXXX, XX% the coupons any XXXX. redemption distributed more over rates CPGs than in preceding increased year

redeployed. media to on the to is from benefit planned will digital ideally we the Quotient believe spend specifically, CPGs had expect events, and dollars events professional millions of we that that campaigns rescoped Olympics. now and working dollars shift that those be those have to sponsored sales. to With help marketing Lastly, positioned dollars canceled, drive sports, will

built needs on today. shopping and from The turn immediate-term accelerating business the provides rise to And strategic shift opportunities behaviors and shift and consumers Pam. keeps retailers to We’ve CPGs call large the tomorrow. to I’ll environment faster focused current meet their of us around Quotient this ever of The with than differentiates our change the that, and as secular long-term value challenges the over both a digital. others is industry us

Pam Strayer

all keep XX% revenue prepared was Steven, you, total of and afternoon, million, website Steven grew XX% additional year. mentioned to over $XX.X I’ll financial year was QX Thank that and Revenue our detail. posted Media full guidance good the results read for revenue encourage below everyone. my on brief in you remarks earlier. and the

of an year in our intangible GAAP year. over margin together acquisition. and declined XX-month effects and top the revenue of media XX% our to of year all impacted for was X% XX% primarily of XX.X% year. assets $X grew COVID-XX of Promotions XX% a XX increase The business. year, cohorts due QX three cohorts trailing included total On was Ubimo the XX% of over year, grew basis, year revenue gross expected million retail amortization and includes which XX% QX and digital over in print year over specialty in declines

higher from revenue quarter higher investments Non-GAAP in primarily margin gross a in headcount offset made quarter, proportion benefited was of Gross the revenue. of promotion costs, in in delivering an XX.X%. fixed increase by from the anticipation margins

continue the quarter, to margins focused highly gross on we year. be we last noted As through improving

a XX% initiatives us are year, with the toward and the end on step a As we of track help gross goal improvement, get we we to in the February of outlined set non-GAAP by margin there.

expenses over by up million quarter non-GAAP declined and over year operating $X roughly GAAP but year were quarter. slightly

the invest and greater business. to in where manage costs driving continue We while appropriate efficiencies

our revised structure. For more a commission go-to-market and model example, we implemented efficient

We hiring reduced quarter. and slowed also the in spend marketing

a GAAP lower As and we result, anticipated. expenses were non-GAAP than operating

as to with QX costs into revenue lower continue QX, COVID-XX. to operating a QX roughly be expenses we on result of expect manage consistent we For as

overall operating total at as line intended growth. the beginning feel spending, support our confident scenario, and the expenses for operating growth As be to In plan our would in CPGs hiring our expectations of mid-single-digit we year resume to year. in the with long-term resume originally and this

$X.X not to but as our Given this have for EBITDA COVID-XX, from expectations the expansion the in in adjusted year revenue mix QX and the the back the as we due expansion up. we product in as quarter. EBITDA range, anticipated, due we’ll year will of are primarily originally revenue impacts top down total much gain operating be XXXX, come above that adjusted XXXX to confident million of We for expenses lower delivered picks end

cash cash we in Ahalogy associated quarter spent used for million award million, approximately to the first the million Ahalogy year from was of ended $XX.X the approximately in the the cash, at but included We quarter $X.X and operations with the related it acquisition. $XX earnout. $XXX with cash equivalents overachievement million, Looking

for million. cash positive Excluding QX this, would $X.X flows have operating been

portion adjusted Turning to or impact forward. media to on change April has to income change we a guidance, as opposed Revenue a margin no our media of from gross as business, revenue EBITDA. certain X, reminder, basis made growth on net This which media going products and business rate our on growth. will is our now a our impact being recognized in net a

However, year-over-year does it our impact growth rate.

We’re adjusting COVID-XX. forecast of as result a our

to April, We time CPG customers COVID-XX. marketing them affected have were spent that in working with reschedule campaigns and plan by the our impacts of with

on our bookings. now delays campaigns put delayed April, While hold were we in and seeing or fewer stabilization are more during

up plans as the expected most are the to campaigns again campaigns quarter effective or July. with Marketing half show June of in start QX again and are starting and to the campaigns to growth back be continuations We year generally starting believe redeployed. up get of start existing new will

benefit shift we around and from CPGs retailers’ cautious should pace the we believe we remain of accelerated digital, timing. to Although

our we As widening guidance a range. are result,

of million range the full-year the XXXX, $XXX now at approximately revenue to growth million For to we the midpoint. $XXX in or expect X% be

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

million. when growth. While a we there is return again, reflect up full that back about still year-over-year year will Adjusted business XXXX be the the believe some is to range $XX QX $XX million EBITDA to expected uncertainty in the for revenues of to will pick of

adjusted For of expect EBITDA be to $X range the million the second quarter in of to XXXX, $X million. we

be investment Given we the flow our cash current levels of negative business, in QX. could in

business measures cost place. has control in leveraged the have and we However,

revenues climb of be flow in or investment $XX slightly we business, million. positive current our above level if breakeven to expect the Given cash

business the would impact COVID-XX longer the preserve structure, long-term impact from return and harder a QX. although flow balance for look we we the to need expected, cost opportunities agile and the would our than make expect our in take have we at We If on is preservation, changes than the focused we remain to to grow opportunity that summary, cost a we cash that, cash. Given believe greater have and positive cash the long-term we business. we In persists structure short-term it’s been. ever would XXXX, on between

amplifying position. is call given for questions. now environment the turn we operator current excited over to are our about need I’ll for market-leading The opportunities the the digital-first and strategies, our growth


first RBC ahead. Your the [Operator go of line Markets. instructions] from from question Please Shweta Khajuria Capital comes

open. Your line is

Shweta Khajuria

questions, Okay. Two Thank you. please.

recent just May the positive you First, but if said and can And changes and you said at headwinds, environment, Ibotta please the then And talk how all? news is about potentially on that will the the Walmart? see overall through just from QX. – you’re you second mid-March seeing market, advertising ad for June landscape, signs you

to been I you your of of And have end the what mid-April seen CPGs? X the so the improvement guess, April talk they from with have about late conversations how you – far? been can have have trended conversations what top to around? What March kind

Steven Boal

Great. Shweta, thank you. It’s Steven.

the but don’t about question. was Generally, first there other that. of industry, by generated folks the I’ll So we address confusion some talk

go that this Walmart of Grocery. there’s is by visit affiliated to and now, Ibotta’s a it powered not you If app program Ibotta notice actually with

confusion was some marketplace that I sort think there just the in like Walmart-sponsored some connected was product. or of

So I a just announcement. think vendor that’s

ad the Yes. question. On market

of both hard CPGs or situations. to they working paused supply marketing the retailers out-of-stock make and delayed we of just needed, promotional they March, they and as activity. with lot and as the could April, could a sure middle certainly people So that effects necessities of felt May, really

its either that, going I no you’re situation QX, them budgets ordering a delayed said paused product out-of-stock it or sense. mean, own. a is make Right? to or in are turning there’s about, budgets, talked on or being If store Having on. are now promote a doesn’t the an the shelves off and shopper QX flying programs that reason online, and back into

bit a get the because it’s spring in deployed of later So a year. those compressed budgets will

other confusion out around and The some been place clearly the events year. got Sporting media on unfortunately spend. of a postponed a addition, year. have hold. There’s this put taken In have events Olympics lot

that and so and this with about airways, and the are advertising over year, And dollars election shoppers recession with in like of lot continue maybe rates those to worse. how where that an support into a talking this, are particular deploy take retailers partnership in they are support so Unemployment to clear, an awful in year to dollars working in year. dollars high, going talking CPGs us need CPGs

what we’re So that’s seeing.

spring and it of QX QX. We’re and the seeing of the compression the release in

with our partners are now. Those we’re the having conversations

Shweta Khajuria

If I the add What please. one expected from Okay. could more, is guidance? QX the impact in the accounting change

Pam Strayer

this that Shweta, answer is Pam. question. I’ll

to in our gross. for in QX, $XX that we’re was revenue to of February, estimated you’re going in net X, accounting did as services that year, referring change so going the we we media million. be it instead about we we April earnings yes, business that impact different that So that leads in a a delivering When answer way, are be beginning certain media to different to of our booking made release an the now where

going provide information provide will today. level forecasting challenging. environment, product I but updated that an detail, is do on some try and at and What this We not historical line specific of forecast it, haven’t one updated I’m that to is forecast, in

I’m So updating today. those numbers not

Shweta Khajuria

Okay. Pam. Thank you,

Pam Strayer

Thank you, Shweta.


next the Dougherty. with Your ahead. Steven line from question Please of Frankel comes go

open. is line Your

-Steven Frankel

comments start by supplied. the you text Good Pam. Maybe afternoon, clarifying of a in Steven couple and

XX%, you a or to about year, comment? XX% back for going talking QX the full that mix revenue the that about talked You media. Are is

Pam Strayer


Let me a that little expand on bit.

the this about forward, product way. mix put think way I think I’d going the to it

experienced business relatively on XXXX. consistent marketing. promo close the XX%, stay mix mix revenue fiscal because CPGs an would to empty What that expect the to that year. around that heavy was COVID-XX, economic I in of quarter what be we through XX% shelves media when would the to off before pull back revenue like I dropped to media to saw at first store and return were that one end toward a were last wanted was the the expect that’s we we If we product then situation

for looked So strong in happened back XXXX, environment, a and a environment highly recessionary XXXX, we’ve in promotions. it’s what at

environment, QX, it something higher only a I closer in expect be be like XX% would we So recessionary saw which media. XX% was to the revenue a and in and promo mix, promotion to what would

point, I to So and jobs predict think we more lost mix concerned it’s as be into hard income, run at about but do this that promo. toward people there will

Steven Frankel

question. going gave Okay. to Last for quarter, annual an adjustment, ask And question before I this then you gave apples-to-apples Steven one a guidance, more back number. previous the accounting you question us about number when you

would at So that guidance for be X% the change? what this now if plus midpoint, the current is adjusted accounting

Pam Strayer

And business the We part really the $XX going range to in year we’re update million my of guidance forecast business, our I out. Right? sure that a for we’re where specific to range be overall at given this just which guidance. challenging expanded give of not that require our part just where forecast would for Yes. that turns to a because a is

to So to that I’m right it’s not numbers update those difficult now, to me so too and be forecast today. going going for

Steven Frankel

Okay. after then Can’t opportunities for the fault C-Store different me trying. might you could about you have category. talk going the Steven, And

excites what something ramp And does like take that? about X-Eleven long it so you to relationship? how the And

Steven Boal


It’s program. to be very beverage so great question. opportunity when if X-Eleven well-regarded they’re excitement. So important of a lot comes you It’s our foods, think large leaders snack has and category, such And clients. it great of beverage loyalty adult I’m to it’s a They’re with there. to digital. giddying real a really categories, about channel. an got But CPG awful many considered

X-Eleven. from first of lot A

the a out of hours, brand. things X-Eleven of lot XX first The grew

beverage beer in U.S. reseller largest excited the the adult particularly is category. I’m the about So X-Eleven

during I out a about environment. reading It’s current been immune we And say just to I’ll so reputed consumption have you will announcement. alcohol the – that the system. public service lot a like, loud. say it’s weaken

super excited. I’m It’s interested very long vertical time This and great. more there’s been that a is I’ve come. But actually to a for in

Steven Frankel

couponing been about, going product? then, the paid other you put the And like what’s search point-of-sale had have plans the with on your hold uptick, obviously, the How for Okay. e-commerce with year on given situation.

Steven Boal

at we’ve So, Retailer is launching with of There’s days things can what focus. are includes one pipeline there about and on a that beginning I time that this a heavy got look, retailers talk than iQ. say focus had I very And We’ve engagement robust. very unannounced, before, that never now we’ve sharp but the can’t ever e-commerce. is had more a

for But e-commerce e-commerce over, the be integrate as established E-commerce store is not experience. experience the there really is, just will channel, some a have whenever you experience of want to return to new how a when the baseline stand-alone it’s mirrors all sure. that that that this so do a will physical Because normalcy.

e-commerce accelerant. So anemic real the sort been of traditionally growth a of given has

And I the you hold. couponing couponing that happens how it the actually really it list But synthesize an a decisions on they in do or by it’s the happens about been an paper in-store shopper in real search, split can week think transaction make transaction e-commerce have decides quick, or shopping product said their retailers too something discounting. to Also week, or discovery. opportunities hold. when for so It’s same it about building, on happens has in put that discount POS

you what meant, that’s be clear. I sure just to but I’m want

Steven Frankel


Steven Boal

hold. put the not acceptance been paper couponing It’s retailers. been on by of has Digital hold put of on that bunch paperless has a couponing

Steven Frankel

to. I was what referring That’s Yes.

Steven Boal

Thank you.


Schackart ahead. William Your line comes next with the Ralph Blair. of go Please from question

open. line is Your

Ralph Schackart

start Steven, with afternoon. Good I’ll you.

XXXX faster then could your potentially decline XXXX. comments situation the I think or maybe in about industries environment? if in going circling customers unfortunate said declining XXXX how impact back your XX% from and the and just maybe COVID, industry that forecast same conversations Just where hearing to believe, partners what’s are And in so, in at any about with XXXX? But the a given FSI, you rate your business further perhaps on current there you’re the given perhaps I FSI in rate, to

Steven Boal

Sure, Ralph. hi

So – us. talking we’re we and to over XX%, telling we actually who projected are clients

of So Over we in start have XXXX the in will that data. some XXXX. value gone will in of the XX% and FSI be

some not So the to CPGs But said XX% actually that, year. take events have caused recent each action. earlier having

out do itself FSI the we of cases know entirely. has not And know the but do sustain That people so of we whole where may year, have happened. for that come that

here. vehicle that I expect the now store, when a not that accepted dollars And having in longer or heat would will really down means or lead have would slow from something the allocated that it’s Because is has not summer accelerate continue resurgence. to in got whether that to cycles uncertain again, virus a

give should a said in thing you of And just up your so the for And it – is kind state now. it around to the having have dollars locked people. I vehicle, a real-time risk move doesn’t probably other I’ll it ability but earlier,

to those of the to in These retailers to think their this really something something redeploy reallocate they about or like like during think opportunity this budgets. season, but Thanksgiving obviously, happening budgets. brands was there’s back-to-school, events, how When unprecedented, in gives no November, time to year first about September, of types an how part October, and the

sorry, elsewhere. from really quotes some shareholder not be can letter, about we’re during actually, some year thinking those stuck being available our in moving about so now good course what in of working the And move that there’s dollars – hearing and dollars, the into to our think media, how stockholder dollars. on they it dollars CPGs working we right going put that And and may shoppers I vehicles

And that’s are that swim exactly the lane we in.

Ralph Schackart

during Pam, that were talked prepared then is color some commission Pam. structure. reading, you one extra about revising remarks you for believe And That Okay. the helpful. maybe I

you that. on Just could color curious extra if provide any

Pam Strayer


efficiency revenue the and is and say would processes. all into company how the ops, those success. So our what model some customer new SVP go-to-market and efficiency go-to-market Raskin in about Scott the came changes, of we’ve of there improving past this hires We the key new in talked really was some With I manager on has QX, focusing of a other overall improved. new talent for did

more heavily do and consolidating inside a the with new of more around we’re marketing approach And all the marketing. done sales, in a in that by customer support team. We marketing resources more the effective investing to VP, we’ve heavily got company investing

things those us all are the So management and helping go-to-market streamline of kind reduces model base. commission overall that account our reduce

Ralph Schackart

Okay. Thanks, Thanks, Steve. Pam.

Steven Boal



line Your next Davidson. Alper question from Please comes Elliot the ahead. of D.A. go with

is open. Your line

Elliot Alper

Thanks. Great.

higher we annual You mentioned how it historical and bookings about that QX cadence differ your the think than are trends guidance may from booking from the delays. should How past? of

Pam Strayer


me let bit. So that a about little talk

visibility We pipeline have pipeline the and that go done on, today than have bookings. I about better a before. lot part market, really better work into got like We we’ve think of and visibility we of is getting talked to ever into

other that at can compare we and have we for prior strength to wouldn���t QX time point the we’re in that, pipeline seen we’re quarters. doing with how a seeing And quota this in relative plan quarters. to And relative in

it million. the So about year. would about of say confidence came we had guidance with guidance for for some $XXX revenue When us gives XXXX the just a midpoint half of year, original I out the revenue the second

come guide, half take and on a where look you between from for QX what were the million down our first we’re expectations number. $XXX that of if actuals And we’ve really year the at QX at

or and on million, originally midpoint, delayed forecasting, might of restarted of than existing again of campaigns of million and We paused will even for CPG the half these Q million, plans low us just fact marketing $XXX that June, $XX there’s that. August million $XXX range at $XX top had, higher midpoint, you $XXX million would but Just we because end which possibility accounts are guide like the in be something like were bring for the down customers the down done the that maybe do the a timing. the put in more know top to campaigns we be the don’t a which end think half, July, we in will result a we’re all reasonable that first

right what so to that be with we QX would it’s and going expected a is quarter think to have very strong going And now, pre-COVID-XX. consistent we be

But as longer. or possible this on and it’s there’s thing for we maybe little come doesn’t originally that anticipated more uncertainty it fast bit as bit back also a drags a little

accounts scenarios. the kinds end So of of that bottom range those for

Elliot Alper

And then kind how contracts they thinking Could the they off differently? their better other on rebuilding about shorter-term campaign of of the Great. reduce You signing are side that visibility? CPGs visibility. pipelines, their about talked could Okay. marketing be COVID, contract

Steven Boal

It’s Steven.

we – up most our of annual on plan So, of fiscal an no. Remember, the planning lying do lining clients. basis to years our

And and is have then a pre-allocated. booked been so that’s budget the business budget they already allocated that against

little bit long came just add, add stepped for So time. been away and I’ll just the a for Pam other back. to a thing on to what said I’ve before. business I in this

accountable understanding our pipeline, today. are been Our understanding they holding better have forecast, for systems, than our people never

made at, a And lot do I’ve And really do forecast, us since historical, how changes so joined. we’ve on the gives company since been been more little a structure bit lot as back since we hard how it’s look and you’ve Scott comfort to a of that in seen, of the we’ve whereas – pin management down. back we been

So I to that. add just wanted

Elliot Alper

Great. Good. both. you Thank


go last from Nat of our America. Please with ahead. Schindler Bank the comes question of line And

line open. Your is

Nat Schindler

up Hi, higher of of we’ll you end said they the will FSI lose to I’m go the sure that probably death share being XX% numbers their guys. of given distribution. Steven, Great. coupons. a digital papered as portion

would where in Is interest change discounted if in rest going not a promotions? the changing? dollars it’s CPGs the total But is go number to digital? Why there of

Steven Boal

discount of total year. at much over dollars Nat, all This very number year doesn’t no. really change

that the that But one XX, macro you see of range of without promotions a – rates the redemption a in it in XXX. period. saw anywhere to went huge of being was happening things amount because from and XXXX, recessionary portion a were zero that and could up, say right, You deployed lift or the like XXXX, we portion

style a mean, of comment basis than I analog more portion like-for-like digital to think would substance think is We provided large I a that’s comment. a think portion a digital. I a so And from – shift move to promotions on large it

Nat Schindler

as see and items at everything that least quickly closure weeks Did with have and shelf. talking they you that the to any of opposed reacted six the how budget anything been their to you really which to would did of be to also, immediately see time And FSIs you’re with ahead stores they flexible shopping eight being hoarded and kind your grocery off CPGs platform, promotional – spent is seeing the changed people change able and make else in how happened the restaurants of on decisions? have to where

Steven Boal

absolutely can of a We react our of ours, want particularly platform you certainly Yes. one is to market. nature, And you that’s right. quick deploy the of platform its back. and Yes. because pull integrated the and make like you to did. that happens that if And or decisions Look, to want benefits very

we’ve situation it that say, and or And allowed CPGs we where to difficult, things currently pause that or to, platform we will have that so that’s program, delay a relaunch we when the our stock. program pause launch of started it running, when really returned mid-March, to get will launch program

and And against that sometimes a from favor our works basis. economic sometimes so to us pure

to that CPGs run, dollars, them something thing a comfort deploy important to the the that that as long that’s shopper, the can the of day, satisfy ours respond. type to start can long needs in. of X of platform gives platform of this at they the end type going Ultimately, as quickly you a need make environment, on number this and retailers in interested knowing decisions they stop as people the shopper. capability But and are be like the and is most to it’s And ultimately

Nat Schindler

Great. you, guys. Thank

Steven Boal

Nat. you, Thank


There are no management further I any questions for back at this now the turn will time. over closing remarks. call to

Steven Boal

and for us operator, you, Thank all thank today. joining you

well-positioned more sales and ever the for retailer this believe into digital-first and cross own with Quotient, than and next change we As largest working the with strategies, phase safe Thank grocery we network of growth. e-commerce on CPGs in stay is enter their its coming CPG again, you of everyone. closely before U.S., retailers


this conference call. participating. gentlemen, you and today’s Thank for concludes Ladies

disconnect. now may You