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QUOT Quotient Technology

Participants
Christine Marchuska Director, IR
Steven Boal Founder, Executive Chairman & CEO
Pamela Strayer CFO & Treasurer
Chad Bennett Craig-Hallum
Steven Frankel Colliers Securities
Samuel Nielsen Oppenheimer
Call transcript
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Operator

Good afternoon, everyone. And welcome to Quotient's First Quarter 2021 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded and will be available for replay in the Investor Relations section of Quotient's website following the call. At this time, I would like to hand the call over to Christine Marchuska, Vice President of Investor Relations. ahead go may you and begin. Yes,

Christine Marchuska

President. on investors.quotient.com, Steven CEO Technology. you, first presentation. the quarter and of Thank Marchuska, are President corporate for operator. website, me our call I IR our Hello Strayer, our to stockholder Vice Quotient Relations Investor welcome and of on press letter of earnings today Christine the and Scott our with everyone, section am Great. And XXXX call. our company CFO; has alongside release Pam Raskin, Boal; The been posted our earnings

that those Before cause statements. the on in related we that and providing begin, uncertainties forth to the differ this information time the of and investor good risks available year, this of are XXXX. on of will please relations slides, risks to earnings from the full will our uncertainties and note hear in including forward-looking unknown to, management be call known and site. and located guidance These quarter we team actual set the beliefs, as results forward-looking during statements, faith forward-looking based you are and statements our contained are the second our could for call, and subject presentation materially These forward-looking statements

loss these information, note report letter or whether annual a information February today Please our the and contained obligation filings found and actually update issued measures on a SEC. that adjusted statements, can risk SEC be Form impact turn exclude with the XXXX, discussed having between stockholder that We an GAAP in GAAP identified financial as stockholders operating letter are could our in that, slides the any in can section non-GAAP a company's each with Steven. about non-GAAP over it the in posted in I from new to now results reconciliation gross the our otherwise. to issued certain With factors be and in today in of Additional future future and expenses, been presentation today of website. on basis, on XX-K the disclaim financial on measures to found corresponding results factors information net filed the margins expenses, result on financial earnings events will measure XXrd, and forward-looking

Steven Boal

continuation limited their or promote CPG products innovation amount price our a momentum making the Christine. of industry. each least a both transformation at and time, our the average, building run retailer new TPRs and you, have and the to year of for TPRs of same everyone, CPG to from XXXX over in vehicles call. and retailers. success as upon Hello and QX been efficient earnings store in quarter, Thank internal welcome We as platforms last strong XXXX advertisers started grocery of at the the mainstay as the demand XXXX, in sales marketing, week our price well one On the a our our drive pipeline tool, and our the number collaboration discounts shelf the and solutions our customers, promotion through into from of A for Temporary leadership consumers, example way of at given of between of current is retail and time, exciting ultimately one the TPRs products the are potential of great grocery reduce launch weeks. Quotient's demonstrating certain several of innovative market grows. and temporary customers traditionally solutions, partners a partners, amplification with generally to marketplace. patent-pending reductions

advertised. a a of PepsiCo, demonstrating statistic new noted in can a by to now targeted savings our marketing by to of sales retailer spreadsheets on or aisle remaining a past, retailer weekly or SKUs, the From TPRs and generally every desirable approximately provide success primary messaging a our awareness, take more and from Shoppers TPRs work test be current markdown I'm to circular, of their driving a the and they of solve them skews, to advantage of every well via would digital, dollar analyzing the retailers USA. participated teams, was pleased retailer's CPGs as price of TPRs saw closer of better the impact the automated be would with results to the of patent-pending of tool trade TPRs. solution for featured way effective manual of impossible to end are have weekly one the shoppers. XX% retail a shoppers, amplification to or TPRs. decades. available and bulk the This our solution solution see suboptimal aware in partners, who After that An and brands early we our up primarily created in retailers, a combination needs, it that have partners' shoppers, platform process products, of sales advantage the XX% tool efficient the need the example, of competitive a kept would be for week's customers' and There that, an are as nearly the lift without our are For and with partnership our who by ongoing but serving items announce an media perspective, Delhaize it's Only shopper much only Ahold and and inefficiencies discover more that better retail to for in preferences to solution of in at would during in X.X% and down to remained on-shelf our on brands, all not was have network promotion matters. budgets. processes has the in-store would time shoppers in launched the also walk appreciated measure and when allows thousands way communicate clearly view, challenge business more QX, be designed we for than retailers, sales retail trips. behind

with several are to of all a traditionally Also, advertisers recognized are at adding to tool already retailers have set. Quotient's us. potential with see as the solution with looking in CPG in Quotient's or perspective, and been promotional We pricing additional right retail drives right the incentives partners measurable optimally capability this amplification they door interested the results. audiences who see time industry we tool demand this target to our their work talks opening that to deployed with not the From

we continued the for driver CPGs. over long-tail in some digital will promotions. see and and A annual year throughout share trend utilize solutions. we believe as growth I'd growth or smaller customers from CPG the to focus Now, the this this segment of area National quarter. continue eager in like Smaller to highlights us, our saw we of XXX% growth additional number a CPGs QX, is

Although year. one in of we on quarter prior continue by that started with the back the XXXX pandemic, dollar a this XX% bounce areas hit last basis the saw over its growth QX hardest segment in bookings

quarter offset be this with out to something year with possible. freestanding or to QX, connection insert, to around half to face in store. this making in merchandising sources the the revenue received product alternative more by in We how we is well and to gain up the retailers of overall nationwide, XX,XXX of move approximately turn, XXX% We as certainty FSI they first becoming CPGs digital, home. our media. changes continuing forward. sold prior promotion is their In price leading screens performance to performance increase inventory platform margin momentum. CPG the easier over customers calendars. it streams, our that pressure important with events that bookings very wherever dollars to we'll RPM saw of merchandising dollars, retailers over been of line from for over that alternative year. of screens and customers advertising second Digital XXX,XXX scale something our is The an and And have of is and addition the challenging dates increasingly access deployments revenue the in this comps the end over have XXX% to using Retailer to At had repackaged in looking availability in saw CPG increase

them Our use brands spend store new Since to when of launch national XXX option, ability the primarily right continues last the this activate National the match COVID-XX advertisers offering, efficient year, combined time right measurable end to vaccination allowing online, circulars, due protocols. to offline search. at This format. shopper away time with audiences, mentioned paper earlier, sizes our channels, I to to to we provides with solutions. packaging, in on shift exclusive true seen paired measurable of ROIs, and especially a a sales screens from which spending testing when data demand and and them promotion our more to Sponsored more digital identify offering, a for this all rebate shoppers are and at customer have the drive FSI platform.

building when see look are this and demand to their as for shopping and continue ways retailers to planning more lists We consumers carts. for connect solution and advertisers

QX, customers capabilities. Quotient the opting As CPG number a XXX had growing search, of end we over our of sponsored the for with of using self-service

forward market to over be the for growth continued and sponsored this CPG innovations retailer success We look next bringing X and have several engagement we'll and search. platform in of quarters, to that

for to Finally, offer they more regional see savings grocery We continue recently Market, platform our that chain demand share promotion our to to Plum retail we growing as signed network. look to I'm pleased retail to consumers.

our and we comprehensive our Delhaize drug engagement. to our as major expanded who amplification noted tool signed added existing partnerships solution shopper promo our with to Ahold a I we and earlier, a In-Lane of for Additionally, better trade provide deployment spend USA, more optimize offering, retailers, X chain,

recently our Data of are retailers. I'm demand for continue success growing and to our key On we to hired this advertisers a market our that Quotient. data practice innovative company's that and new strategies to platform, platforms, a designed for core and Chief look We lead high to our deliver performing of clients to Officer and retail note, expanding our non-core most as brings purchase current managerial planning measurement with growing our retailers measurement a and space to experience and components strategy, XX where will our and add analytics be role, experience network, years than partners and more our to into analytics our on led and with our with activation verticals roles media Quotient with garner data-driven experience Matt Matt adding recently and attribution, shopping consumer partners in powerful marketing to thrilled more one the by at products. our Analytics behavior. they Nielsen, relationships of fueled capabilities insights leader as at he more why data-driven various of their from better In continue enable their share of analysis Krepsik we Matt retailer retail focus sales wealth consumers. to data and in

deliver it applications. He on and has him well to leader interactions we and and leading a through thrilled As consumers, his background have a into evidenced with transform some the technologies has advertisers retailers valuable to are on to ability for that more positioned by be data reputation, had is help solutions Quotient who visionary board. radar retail clear innovator to believes commercial insights and continue his the we're space, time in more Matt's and and importantly,

and Moving healthy year. XXXX, our We part first outlook and momentum for approximately believe seeing as rest latter Based of the growth for propel believe bookings of the growth in QX revenue on our execute of this ability the our of the result half as the over year. the we're in well will year. market early pipeline second XXXX. will continued QX to the XX% of us half indications, through tailwinds, the to continued in We on the quarters our upcoming strong drivers for

year remainder and demand for midpoint, I'll evolving guidance our are that to do, visibility adjusted strengthened putting the the the we represents team's our guided positioned of proud Pam. our in to the updated key XX% revenue year ability first. out confident well witnessed growth our the call, an rise at for QX growth over we what midpoint. is previously set our that, XX% Our seeing bookings deliver quarters, to at our stakeholders for now annual call and EBITDA with on pipeline We're year. XXXX and than And Quotient for approximately through Pam? over to the for solutions for doing guidance higher our upcoming to of as XXXX Both and we're future. is I'm turn growth I occasion environment the remain goals, the

Pamela Strayer

afternoon, delivered be read everyone. all on the remarks Thank financial you, you the full good to deploy shopper generate website. encourage investor Quotient our results will as letter and their their page We My posted customers of financial I effectively look relations QX, another in for strong stockholder to prepared our Steven. to them And spend focused brands. to highlights. high in help advertising, our ROI on promotion, our quarter

as and provide retail increase of better challenging experiences, Our shopper to approach their our the revenue in boost solutions some reutilize to sales, they to more partners in add Quotient-powered instances, comps alternative ahead. and streams continue quarters platforms

year. of million, prior revenue delivered and growth guidance the our exceeded we result, over $XXX.X XX% a As

up from our driven which Momentum this X have improvement revenue margins. brands XX% exclude home, revenue of share been XXXX. specialty return business and of mix, XX Consistent GAAP QX non-GAAP increased down little year, XX% offset digital GAAP XX% from to spend with growth million was employer increase increasing media from year QX gross revenue related QX prior as year. we for down bonus spend compared margin and have expenses would over by businesses media that approximately exited an in of over increase you million revenue of XX% the GAAP shopper QX over head cost variable in and levels. XXXX, historical while in gross revenue, XX%. $X of XX% portion and mix XXX to media Non-GAAP portion and from decreases to year. was revenue basis our XXXX, would shopper spend and expense. been driven compared versus national gross a higher national higher of our by year Promotion digital more revenue approximately from quarter the the significant first media were a QX we first revenues basis categories in product year, up primarily no approximately has year. the primarily quarter media continued these margin the budget costs gross you the and to due last we up Media trends, exited were from spend of QX sales the in to last the by over budget of an total points is XX.X%, margin the in margin revenue exited, leverage QX $X prior of quarter promotional category through continued non-GAAP quarter by because paperless, margins normalized solutions. QX the same decreases the to XXXX compared of count by of XX.X%, year. The points If partly to prior we growth was was margin down for lower media operating business if versus print solutions, the elimination year. XXXX QX elimination media, with carry with year XXXX business individual lower at promotions spend revenue decline in exited in share from shopper in and higher impactful, across across mix media national several Offset exclude retail The budgets and the with a also

non-GAAP of We delivered previously in travel. in primarily remained $X.X percent promotions prior came operating guided offset of due as $XX.X adjusted than revenue. partially QX fixed revenue revenues and smaller mix. to of to operating was a a the quarter amortization by a QX as Additionally, higher increase year, declined $X.X over GAAP compared spread EBITDA of of seasonality-driven by at revenue, savings gross gross Non-GAAP first driven QX, in million base, over due expenses the low of by increased costs intangibles partly margin million. to million offset margin slightly XXXX, an lower lower while percentage product expenses

However, from count, this partly year. higher than year to year increases offset $X.X was is over decrease commissions by travel in increased and revenues, a increase higher the head previous expenses. was it A attributable million in

flow $XX.X was in million Looking approximately at collections of of cash quarter. cash, end equivalents million quarter. prepaid we driven quarter deliver operations the and in was cash prior This strong first by from of cash the first the The and million from lower $XX.X $XXX.X primarily expenses.

guidance. turning to Now

positioned growth noted, for year. Steven are quarters As the in in the upcoming well we

saw believe be early to second $XXX the the expect continue million and it's XX% throughout year $XXX million QX, of XXXX. with million, the for to days the over in of of rest revenue we range although in quarter we bookings midpoint. April last $XXX quarter strong and of will a $XXX the full XXXX in growth to trend range Additionally, the at QX this revenue year in or approximately Therefore, million

As difficult mix the for revenue to predict. year we've in stated and past, margins therefore are the

expected, we some As seasonality felt media QX. in

as second where metric this processes as QX, self the mitigate of come over budgets, We service bookings see the benefit believe offerings our contributing margin year Additionally, as in in tough to higher and possible. towards other national this which comparisons to paperless this in from and to margins. gross media time. in improvement demand an automation inflation offerings, revenue rebates, such we area for back from digital felt the we'll We rising costs stay Each non-GAAP as more in in of growth normalized forecasted, we our on year. promotions of expanding move and promotions and relevant and focused mix and spend national remain half brands continue expect performance through look trend our stronger

Additionally, which gross net not higher time, certain recognition, shifting margin impact will gross gross and we expect dollars, be will result from generally product recognitions over in revenues revenue margin revenue percentages. but

product key predictability. remains variable this the remains margin However, metric a of component largest and gross and mix

QX outlook, high we shopper-based expect medium continued gross our for decreasing result campaigns see Specifically of margins proportion of promotions. and to a as

national see and and rebates, we we believe in see the of of remainder solutions. balancing start the as our year, out the promotions, more will demand expect including to trend to this promotional we for QX offerings demand media higher-margin for offerings, national our Although reversal digital paperless a

guidance to remaining expect XX $XX million our of non-GAAP is Adjusted of For for we million be the to metrics, XXXX. range XX approximately operating expected quarter in expenses be $X for QX. the to million EBITDA second million to

For million range million. is to $XX to the XXXX, year, full the expected adjusted of EBITDA in be $XX

We the to Operator? you and on year. our million will shaping questions. adjusted from take utilizing EBITDA increased customers our expect revenue to with consumer. We first to quarter positive our indications, retail and weighted streams and QX platforms growth trajectory due working partners best-in-class with half your forward We QX. us And experiences move the tailwinds propel the results early that, benefit in cashflow with XX.X our XXXX provide with to of now look we outstanding, the alternative of up future from and progress in on the for ramping forward second in as closer expanding, up of current shares strong. quarters continued From our solutions, more shopper we network updates diluted the through providing their solid finished expect The approximately XXXX. we average QX are to year us

Operator

come Bennett [Operator Craig-Hallum. Instructions]. Chad question will And from with first the

Chad Bennett

QX the looks good. for Nice quarter, certainly job on very guide the and

to think in spend, expect just levels. what of of and a in there? CPGs you maybe or of in terms kind business expect, by today that we promotional promotions color you CPG Steven, it's where are expect pre-pandemic half, are, you terms the you and moving this where pre you So when your versus a obviously of question but we Do see to pandemic, you get any target, for year, second when kind back spend

Steven Boal

Thanks, for the Thanks Sure. Chad. comments.

the period hard hard where log, grocery to levels, add the and purchasing bookings having the we maybe how prices back partners of going dollars pick and that So the at tough strong ordering are expansion by is how over look, that that pretty moved that's the CPGs the evidenced be we've partners. very discussions the developing rebate up FSI scale, talked CPG by now the platform, particular forward to exceeding very in on point promo already we started to digital. partnerships the strongly We to to moving the to going that length know moving pre-pandemic that this at got there and that one coming last believe effectively are happen been And because those We've pandemic at platform. we're back and retailers hit that. in and during and in retailer of for platform was we've even given a more work to about head as eating home that that's also allows pandemic. with half. year, We our rolled back as but that time out activity of are our promotional at going comps and into up, national going I'll half a year, is during spend versus by all year people year, we'll out,

back household objective to make the America. Our to in is, in really every available half, that platform

some allow some scale, us see at partnerships really from to the scale. exciting really announcements at continue And so CPGs to those to tuned we've the dollars stay that of developed, move on broad-based,

can we least is probably answer so half pandemic the this pre over based we'll So be that. on short spending year, and see far, back of at what at

Chad Bennett

color. then either me, of maybe you, follow-up or Pam. for great a for And Great, Steven

I over the XX% for call, the on was you year. up growth, to I in Pam think basis, it growing think media increase a you indicated on about it dollar RPM your just business? year your can me relative which normalized saw talked bookings So XXX%, you I sync think

I is do of You your two talking across we're which and more those thing, value about to the up going going know, if sync good more, rates? a bookings we dollar start growth think platform, how

Pamela Strayer

it's we to question. the of bookings the quarter, relate in can quarter that current timing to next or recognition, quarters. X I say get a necessarily the timing Yes, or don't bookings revenue a would the good And of equate so X during

So we period, bookings but RPM are be how seeing in tremendous, equates that revenue, the going which tremendous a there. into into disconnect there's space, to

why you're revenue getting So you directionally our show bookings. different and metrics provide going for that's and The color more to what's reason dollars on. [indiscernible] to on just booking

Chad Bennett

level of But would I future. would Is positive that be that think, delta, for the what…?

Pamela Strayer

absolutely. Yes,

Chad Bennett

Okay.

Pamela Strayer

Yes, shareholder our looking X really revenue seeing underscore network, is interest our I in for The signals get and across. on that strong. business, a yes, yes. good and growth, real our half of point the think that strong us. We're But on materials interest lot it's

Chad Bennett

Pam. apologize, Yes, probably it's for one from then I okay. one maybe me, And and last

margins? what in the puts are OpEx is think more the if probably or But of from improves, Pam, a margin the about think gross looking getting I revenue are the the gross an range, second at kind what of challenging. takes top and second at much EBITDA QX. range, end half you relative for What the OpEx, your care to and depends half, how to I the if I'm talk on little So of you and it to your for guided guide, missing just expectations maybe is component top end the

Pamela Strayer

Yes.

a this budgets. get we What try and and budgeting little challenging put national-based context, product gross shift complex. mix was a me can in let shopper-based margin dramatic between quarter the So this experienced and discussion in

in that those over spend lower and have a might. some campaigns tremendous So seeing we've using collaborative out about spend we're a a year, been the budgets, gross as for carry result, talking running than margins shopper demand there a for been tremendous cases and and now, national programs pickup

that spend pick a mix because big against strength just of half, collaborative back and that's to that's QX the us, program. think continue But going that's of are to in probably promo we into going opportunities So going really up. the

driver FSI only be solution in promo of towards dollars big like moving that's high margin a space, Steven lot we to going which the said, Our is dollar. think in launched and rebate a QX, of us

think us growth a that mix the before promo get rebates. pick we'll in see and we come going kind could really we on against in the product to But point going second promo the near term, up, So where of, do back half. get is this moved that we're we're in

Chad Bennett

So it real improvement like, today, sum stand range? it just June where the up your to pretty gross EBITDA percentage see a that should least to we relative in seems based at margin quarter, we in half material second on sorry, quick, the

Pamela Strayer

Yes.

year. are more very So the margin unknown was what strong now see. we bottom we're should get margin pressure did can around. pull think confident and gross bit little said, What's that of quarter because we'll with the got up on is demand to that be it I another those the gross we'll that the revenues range for And EBITDA going a bring half, we've EBITDA so OpEx much an on will network have that to through we then turn it that. low, like tends be If to I our in percentage belt but to track our numbers, manage

Operator

The next from Nielsen with question Oppenheimer. Samuel will come

Samuel Nielsen

guys Sam issues, prices Jed. CPGs more ones, is Are you maybe any large trying if or seeing qualitative, I impact Two for to raise supply from in could. quick This chain X, the of the back how the self-service the adoption number view and making given then tougher should the we it's of half progress your offering in year? comps? And throughout year

Steven Boal

Sure.

our good We've go we more could chain to up our take to question. engineering we're past teams then move of what portfolio progress. product have the made But start more On supply a of So let roadmap of sponsored spent me and includes ton a search of lining platform. area doing to nearly A perfect and the of front, area. many be take and a example Pam quarters move would promotions business effectively our we self-service in that teams self-service. effort that and all and our self-service focused self-service, and the will that Quotient's question, ahead digital so a us we've product very ahead into out-of-home our

next And year, as would we a would expect in that so, promotions platform all sometime actually be self-service our platform well.

very would made to progress say that. so would that that we've on I I on you us marks supply So Pam, the high on far chain. give

Pamela Strayer

in still the back chain be it be we customers a that we as where in still chain household talking since don't situation jump of second they felt second would And of insecurity predicted QX, has for overhang chains expect about was and on supply We've mentioned and us. do little part in it'd get they little in chain then, there is healthy there, a flexible. changed year. away been are We question. to half going bit of and that position much. Yes, we of the this to half felt back Even their pandemic while, where XXXX they about to the Yes, they that expressing have before in cleaning talked I'll the supplies supply market, the QX I a some supply and think paper this supply started. they

Operator

Colliers. with Frankel Steve from comes question next The

Steven Frankel

back its On shift theme, the of some the is the to gross self-service on list in near-term the to sponsored of in have search self-service margins own the enough half year?

Pamela Strayer

Steve. the thanks for one. good question, Yes, It's a

it, revenue, to it. is more would on high but it because an not of are self-service is opportunity part I margin it's that of to be focused and We all say get going

uplift revenue. net disclosing in still that are X% will about rebates, to margins the is due to based nice in half The revenue really growth. is but only be majority growth recognize we on that this year. our expect national revenue be still in of we like our of second to total gross The reception area in it'll I just which launched QX have self-service, that we and in a also said, We and due somewhat

Steven Frankel

is media speaking headwind still And revenue $X business that that in about Okay. recognition, was QX? the about million discontinued,

Pamela Strayer

from revenue good that gross a In question. net switched QX, That's No. to we business. in recognition actually

the QX pure QX whole So million, away. more gross $X business last of million last like then and margin, was year about QX in $X went of year about in was

Steven Frankel

Okay.

a headwind have you QX? $X So million in

Pamela Strayer

Gross margin.

Steven Frankel

those pretty pandemic say, these Yes. impressive do XXXX? year. and last QX look we if the like against benchmark stat, bookings of back compares Steven, go against RPM let's What RPM

Steven Boal

you think Pam. I meant

Pamela Strayer

have don't numbers apologize. me, I Steve. front those in I of

Steven Boal

bookings look what us are looked the back to Steve, forward at asking like? you

Steven Frankel

because guess smaller what's against 'XX saying normal That's huge in a irrelevant so tougher question. I I'm was a comp it's an much a No, comp. just period. Maybe business you're the that comping

Steven Boal

can you sure a use not basis to good as I'm 'XX. that

Steven Frankel

for you. let's out talking then, spend And about non-traditional fair. your building couple progress That's Okay. retailers just a in these minutes

kept You close. you quarter, had passed last another one one saying

We these haven't of pipeline of it category you? new the yet. look What's for seen like partners

Steven Boal

We discussed and be about announced timing. their messaging were We've category. retailers Sure. to their specific the at control want the categories. an We least automotive as in of

every live to go they it's the you when can continues announce they're more or we so, to and tell quarter. And ready when them. when case, that I marketplace, that's be can themselves so into announce the

core AND built the we've And growing of number leadership, really largely pipeline really a and in. against the Under it. for that retailers, it's of lot focused platform Scott in a and matured, of effort we beyond retailers retailers, identified when expanding just of the team pipeline we're existing long, It's expansion separate for one, on verticals outside that's because big. have there's you onto has been additional a never X effort and of our and opportunity. things. against Number this that focuses of the focused that, types out core pages a and Raskin's Our have verticals, retailers

there's getting a industry gained platform the with. to and ready with It easy standard with a to into platform tap can basically An would is retailers The to example second effort spent used of to only Plum we've where there's quarters that Markets, of be grocer, we we be a be our smaller anybody to the who's lot that in to our the larger because now platform recognized momentum live anyone. the but we lot is matured work went being of and able a implement lot as place starting connect to the it. is involved, regional thing but

to Again, announced. quite announce that can't activity team's there. to so, a ready you're before bit be capability, growing, focused on plus And them that we of see effort they're going

Operator

over our remarks. concludes any this gentlemen, question-and-answer management and like back for would Ladies closing I session. to the to conference turn

Steven Boal

joining you never inflationary quarters us again us first believe a retailers what and our as been results a and Thank challenging we you, today. And better In we're operator. could thank time advertisers for and very Thank joining into you well believe tougher years. comps, pleased upcoming for today. all be for for closing, with head environment and We're there's Quotient. positioned quarter

Operator

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

disconnect. now may You