On Wednesday, Fluent (NASDAQ:FLNT) discussed first-quarter financial results during its earnings call. The full transcript is provided below.
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Summary
Fluent's Commerce Media Solutions delivered exceptional growth with revenue of $25.9 million, marking a 104% increase year-over-year and contributing 58% of total consolidated revenue.
Despite a 19% decline in total revenue to $44.9 million due to the divestiture of Call Solutions, excluding the divestiture, revenue was down only 3% year-over-year.
The company reported a net loss of $5.4 million, improved from an $8.3 million loss in the prior year, with adjusted EBITDA at negative $3.6 million compared to negative $3.1 million in Q1 2025.
Strategic initiatives included partnerships with Wyndham Hotels and Squire, expanding into new verticals like travel and barbershop booking.
The company expects double-digit revenue growth and improved adjusted EBITDA in 2026, driven by continued expansion in Commerce Media and operational discipline.
Full Transcript
OPERATOR
Good afternoon and welcome. Thank you for joining us to discuss Fluent's first quarter 2026 earnings results. With me today are Fluent's Chief Executive Officer Don Patrick, Chief Financial Officer Ryan Perfitt and Chief Strategy Officer Ryan Schulke. Our call today will begin with comments from Don Patrick and Ryan Perfitt, followed by a question and answer session. I would like to remind you that this call is being webcast live and recorded. Additionally, there is a slide presentation that accompanies today's remarks which can be accessed via the webcast and is also available on Fluent's website. A replay of the event will also be made available following the call on Fluent's website. To access the webcast and slide presentation, please visit the Investors relations page at www.fluentcall.com. before we begin, I would like to advise listeners that certain information discussed by management during the conference call will will contain forward looking statements covered under the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Any forward looking statements made during this call only speaks as of the date hereof. Actual results could differ materially from those stated or implied by such forward looking statements due to risks and uncertainties associated with the Company's business. These statements may be identified by words such as expects, plans, projects, could, will, estimates and other words of similar meaning. The Company undertakes no obligation to update the information provided on this call for a discussion of the risks and uncertainties associated with Fluent's business. We encourage you to review the Company's filings with the securities and Exchange Commission, including the Company's most recent annual report on Form 10K and quarterly reports on Form 10Q. During the call, Management would also present certain non GAAP financial information relating to media margins, adjusted EBITDA and Adjusted Net income. Management evaluates the financial performance of the Company's business on a variety of indicators including these non GAAP metrics. The definitions of these metrics and reconciliations to the most directly comparable GAAP financial measures are provided in the earnings press release issued earlier today. With that, I am pleased to introduce Fluent's CEO Don Patrick.
Don Patrick (Chief Executive Officer)
Good afternoon and thank you all for joining our call today. I'm here with Ryan Schulke, our Chief Strategy Officer and company Co Founder, and Ryan Perfitt, our Chief Financial officer. We entered 2026 with a clear strategy, strong momentum and a commitment to deliver. Our strategy is to aggressively invest in the high growth, high margin commerce media industry. Leveraging the competitive advantages of our owned and operated marketplaces. As our foundation, we've built a leading highly differentiated Fluent brand with a clear and compelling purpose delivering superior, measurable performance outcomes for our Commerce partners and advertisers. We are establishing a leadership position in our industry and we are just getting started. Q1 is proof that our strategy is winning. Let me take you through the quarter. Commerce Media is the lead story of this company and where we will deliver shareholder value. And Q1 gave us another powerful and strategic validating chapter. The consumer and our partners are verifying that. Fluent's Commerce Media Solutions is redefining the industry performance standard. That is the foundation we can and will build upon. Commerce Media Solutions delivered revenue of 25.9 million 104% growth year over year. Gross profit grew 78%. Commerce Media now represents 58% of our total consolidated revenue, up from 23% just four quarters ago. This is especially encouraging given that the first quarter is seasonally our slowest of the year. The first quarter marks our ninth consecutive quarter of strong double to triple digit Commerce Media revenue growth in a market defined by an incumbent with a decade head start. Not an easy place to establish your equity. Yet we are doing just that. The consistency of that track record is what gives us confidence and what should give you confidence that this is not just momentum, it is the trajectory. Think about that for a moment. In four quarters, Commerce Media went from less than a quarter of our business to more than half. That is not incremental progress. This represents strategic transformation. Moreover, this is just the ground floor. Our strategic plan is revealing business adjacencies that our partners are leaning into because we are solving for unmet consumer needs that sit at the top of their boardroom agendas. That is the road to long term strategic partnerships. During the quarter, we entered into partnerships with Wyndham Hotels and Squire, a barbershop booking platform, two new verticals that validate the breadth of demand for what we are building. The platform is working, the partners are growing, the numbers prove it. And now we own a differentiated leadership position in the Commerce Media space. On a consolidated basis, our Q1 2026 results were as follows. Revenue of 44.9 million. That is down 19% versus Q1 2025. But that figure includes 10.9 million from call solutions in 2025, which we divested in January. Excluding the impact of the divestiture, revenue was down 3% year over year. Importantly, Commerce Media Solutions continued its strong revenue momentum in the first quarter with 104% increase year over year, representing 58% of total consolidated revenue compared to 23% in the first quarter of 2025. Gross profit of 10 million, a decrease of 12% compared to Q1 2025 and representing 22% of revenue. Our Commerce Media gross profit grew 78% year over year. The growth engine of this company is performing. Gross profit on our Aggregate continuing businesses declined 7% year over year. Adjusted EBITDA of negative 3.6 million compared to a negative 3.1 million in Q1 2025. Our cost discipline is holding. Excluding a 2.4 million benefit from the divestiture, operating expenses are down over 1.4 million year over year. Slide 4 helps to visualize the growth of Commerce Media Solutions revenue over the last two years. As you can see in the graphs on this slide, Commerce Media revenue in the first quarter of 2024, one year after its launch accounted for just 10% of our total revenue during that period. Fast forward to the first quarter of 2025 and Commerce Media Solutions contribution to total consolidated revenue increased to 23%, representing an increase of over 100% in Commerce Media Solutions revenue when compared to Q1 24 in the fourth quarter of 2025. Commerce Media Solutions broke the 50% threshold as the primary driver of total consolidated. revenue in the quarter and as of the first quarter of 2026, Commerce Media Solutions revenue accounted for 58% of the total consolidated revenue. Our Commerce Media growth has been encouraging, to put it simply, and we expect this trend to continue as we scale. I'd like to take a moment to reiterate the market opportunity that we're seeing for Commerce Media and why this offering is at the core of our business and growth strategy. The US commerce media market is expected to reach 100 billion by 2027 and is expected to grow at a compound annual growth rate of 21% from 2023 to 2027. Our commerce media Solutions business demonstrated triple digit growth in the first quarter and is currently operating an annual revenue run rate of 110 million, positioning us well to capture new opportunities and market share as the Commerce media market continues to expand. At the core of our Commerce Media platform is our Post transaction solution and Q1 demonstrated we are entering a new phase of maturity and scale. Post Transaction is structurally one of the most valuable moments in a consumer journey. The consumer has just completed a purchase, they are engaged, their credit card is out and they are receptive to relevant offers. That moment is premium real estate for advertisers and Fluent through our Post Transaction platform has built meaningful scale at that moment across a growing network of commerce partners. What makes our Post Transaction Solution increasingly powerful is the network effect. At its core, more Commerce partners means more consumer touch points. More touch points means more value for advertisers. More advertising demand means stronger yields and performance. For Commerce partners. That flywheel is turning and each quarter it turns faster, earning Fluent real market credibility Q1 commerce media performance is the financial proof that our post transaction platform is scaling correctly. Revenue more than doubled, gross profit grew 78%. The trajectory into Q2, Q3 and Q4 and the second half is our strongest seasonal period gives us strong confidence in the full year outlook we have planned. As our post transaction platform continues to scale, we are making targeted investments outside of traditional retail and in the commerce media adjacencies that deepen our value to the partners who know us best as well as well as those potential partners that are seeking a differentiated outcome. During the first quarter, we welcomed Wyndham and Squire as new Commerce Partners, two well recognized brands that chose Fluent because of our proven performance and the quality of our platform. These partnerships are in line with our broader strategy to expand beyond traditional retail platforms and we look forward to penetrating new verticals to expand our addressable market. As demand for commerce media offerings grow. Our commerce partners are asking us for more and we are responding. We are currently developing and piloting adjacent opportunities that extend our commerce Media platform beyond the post transaction moment and into new stages of the consumer journey. These are demand driven extensions validated by our existing partner relationships, not speculative bets. Our pipeline is strong and we look forward to updating you on the new opportunities and partnership wins in future quarters. Before I turn the call over to our CFO Ryan Perfet, I want to provide an update on our owned and operated business. Our owned and operated marketplace business has faced persistent headwinds, an uneven competitive landscape and inconsistent industry compliance standards that after three years we are treating as a structural reality rather than a temporary condition. We are not managing to those headwinds, we are managing through them. What I want to focus on is how we're responding strategically. We made a deliberate decision to reposition our owned and operated marketplace as the core enabler of our commerce media platform. The first party consumer data, intent signals and audience relationships that flow through our owned and operated properties are the exact assets that differentiate Fluent's Commerce media offering in the market. That infrastructure takes years to build and it is proprietary. We have it and we are putting it to work. Our owned and operating marketplace is operating under two mandates. First, it is a disciplined gross profit contributor. We are managing it to margin. Second, it is a live test and learn engine that feeds consumer intelligence directly into Commerce Media improving targeting attribution and yield across the platform. Bottom line, Owned and operated is directly contributing to our aggressive Commerce Media growth. We are consciously redeployed owned and operated demand to Commerce Media. The growth we are driving in Commerce Media is not just expected to offset owned and operated pressure is expected to more than replace it at better margins and with stronger long term durability. With that, I'll turn the call over to Ryan Purfet to take a deeper dive into our financial results in Q1.
Ryan Perfitt (Chief Financial Officer)
Thank you Don and thanks to everyone for joining us today. I'll now provide a deeper review of our first quarter results. Total consolidated revenue was 44.9 million in the first quarter of 2026 compared with $55.2 million in the prior year period. The year over year decline primarily reflects the January 2026 divestiture of our Call Solutions business. As Don noted, revenue from our aggregate continuing businesses declined approximately 3% year over year as Commerce Media Solutions growth largely offset the expected contraction in our owned and operated business. As Don also noted, Commerce media solutions represented 58% of total consolidated revenue and in the quarter, compared with 23% in the first quarter of 2025 and above 50% for the second consecutive quarter. Commerce Media Solutions revenue of 25.9 million represents 104% growth compared with the first quarter of 2025. Revenue from our owned and operated business continued to decline in the quarter, which was in line with our expectations as we continue to prioritize. Commerce Media in the first quarter, owned and operated revenue decreased 49% to 15.7 million compared to 31.1 million in the first quarter of 2025. Media margin in the first quarter was 14 million, representing 31% of total consolidated revenue compared with 13.7 million or 25% of revenue in the prior year period. Commerce Media Solutions media margin in the first quarter of 2026 was 7.7 million, or 30% of Commerce Media Solutions revenue, compared with 3.1 million or 25% of revenue in the first quarter of 2025. Commerce Media Solutions gross profit was 5 million in the first quarter of 2026, an increase of 78% compared to the first quarter of 2025 and representing 19% of revenue. As we said last quarter, we expect our gross margin on Commerce Media Solutions to return to the mid-20s over the course of 2026 as our newer partnerships and placements move beyond early term incentive periods. Total operating expense in the first quarter of 2026 totaled 12.3 million compared with 16.1 million in the first quarter of 2025. The reduction in operating expenses benefited from a $2.4 million non cash gain on the sale of Call Solutions and a reduction of other operating expenses of 1.4 million. Reflecting our continued cost discipline, interest expense in the first quarter decreased 31% to 605,000 from approximately 880,000 in Q1 2025 reflecting a lower daily average outstanding loan balance on the new facility with Bayview. We reported a net loss of 5.4 million in the first quarter of 2026 compared with a net loss of 8.3 million in the prior year period. Adjusted net loss, a non GAAP measure was 5.9 million or a loss of 19 cents per share compared with an adjusted net loss of 6.7 million or a loss of 31 cents per share in the first quarter of 2025. The acquisition related line in our non GAAP Reconciliation reflects the $2.4 million non cash gain on the Call Solutions divestiture which is excluded from adjusted net loss and adjusted ebitda. Another non GAAP measure, a non recurring item, we recognized adjusted EBITDA loss of approximately 3.6 million in the quarter compared with a loss of 3.1 million in the first quarter of 2025. As we stated on our fourth quarter call, we believe that we are well positioned to deliver double digit consolidated revenue growth on aggregate continuing businesses and improved full year adjusted EBITDA in 2026 supported by the continued growth of our Commerce Media Solutions business. Shifting now to our balance sheet and cash flow, we had $10.3 million in cash and cash equivalents at March 31, 2026 compared with 12.9 million at December 31, 2025. Accounts receivable declined from 46.7 million at the year end to 31.8 million at March 31, reflecting normal Q1 seasonal collections and the divestiture of call solutions. AR collections drove positive operating cash flow of 5.1 million in Q1 of 2026 compared with 2.1 million in Q1 of 2025, a $3 million improvement in over year. That operating cash flow funded a net $6.3 million pay down on our revolving facility driving a reduction in net debt from 30.8 million at year end to 23.5 million as of March 31, 2026. To recap, our first quarter results were in line with expectations and continue to reflect the ongoing transformation of our business mix. Commerce media solutions grew 104% year over year and represented 58% of total consolidated revenue, up from 23% in the first quarter of 2025. Although Q1 is our seasonally softest quarter, operating cash flow was positive and the continued growth of Commerce Media Solutions coupled with OPEX discipline will drive adjusted EBITDA improvement as the year progresses. With that, I'll turn it back over to Don.
Don Patrick (Chief Executive Officer)
Our view on 2026 has not changed. First quarter demonstrated strong execution against our plan and it gives us confidence in what the rest of the year will deliver. We entered Q2 with commerce media at 58% of revenue and growing and we see Q2 revenue similar to Q1 with improving margins. This will represent fluence returning to year over year revenue growth from aggregate continuing businesses in the quarter. And the strongest seasonal quarters of the year are ahead of us in the second half with an adjacent solution pipeline that is responding to real partner demand. For full year 2026, we expect double digit year over year consolidated revenue growth on our aggregate continuing businesses driven by Commerce Media acceleration in the second half. We expect expanding gross margins as our highest margin business becomes an increasingly dominant share of the mix. And we expect an improvement in adjusted EBITDA as that revenue growth and margin expansion flow through the P&L. Q1 is our seasonally softest quarter. The story of 2026 is written in Q2, Q3 and Q4. We are confident in what those quarters will show. Q1 delivered what we said it would. Commerce Media grew 104%. Revenue was nearly flat. excluding Call Solutions Cost discipline continued. We are planning conservatively around strategic repositioning of our owned and operated marketplaces while we focus our resources against our strategy and growth. Nine consecutive quarters of strong double to triple digit year over year commerce media growth 58% of consolidated revenue and climbing. A post transaction platform that is earning more partner trust every single quarter. Adjacent solutions being pulled by market demand. The strongest part of the year is still ahead. The strategy is right, the platform is built. The numbers are beginning to show what this company is becoming. We are energized by what lies ahead and we look forward to demonstrating it quarter by quarter. With that we can now open the call for questions.
OPERATOR
Thank you. And at this time we will conduct the question and answer session. And as a reminder to ask a question, you will need to press Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. One moment for our first question. It comes from Mariette Rips with Canacord. Please proceed.
Mariette Rips
Great. Good afternoon and thanks for taking my questions. I just wanted to ask about some of the pricing dynamics within your commerce media segment. I think you mentioned sort of extending price incentives to some of the newer clients. Can you maybe just talk about if those sort of incentives have been stabilizing as clients sort of mature on the platform and is that one of the key variables for the segment to return to the mid-20s sort of gross margins or what are some other points puts and takes for you to return to that level of gross margin?
Don Patrick (Chief Executive Officer)
Great. Yep. Thanks, Maria. Thanks for the question. So we did talk about that in the last earnings release and the answer is yes, we did put incentives in place early on as we were scaling the commerce media business and started. Once we built up our brand, we stopped using those as part of our sales sales initiatives. So they have stopped in terms of how we win business. But we are seeing them roll off and we'll see them roll off throughout 2026. So what you're seeing as part of the margin is really three things. Some of the incentives that are left. You're also seeing some of the investments that we're making in those adjacent commerce media solutions that haven't scaled yet and obviously are at lower margin while we get to scale. And some of a very small amount are some of the new partners that are coming on that have come on later in the quarter that we hadn't yet brought to the projected yield yet. So those are the three pieces that are in play. But you're absolutely right. We use those incentives when we started launching in 2023 and they are not part of our sales strategy or portfolio right now.
Mariette Rips
Got it. That's very helpful. And then secondly, you mentioned several newer verticals in addition to retail. Can you maybe talk about sort of the timeline of scaling those verticals? I know you mentioned that you added new clients across two different verticals here. I guess. Is that largely a function of expanding your media partners or there are maybe other factors there? It just would be great to hear sort of your thoughts on how you see sort of that developing over the next couple of quarters.
Don Patrick (Chief Executive Officer)
Yes, great. Thanks, Maria. So as you know, retail has been our primary focus and that is where we obviously spent all most of our investment in terms of sales and marketing and winning those great partners. And you can see the proof points and how we've been able to scale that business. We've gotten into ticketing, we're in early stage of grocery and with the Wyndham, that is our entry into travel and Squire obviously into a more of a marketplace platform. So we're Excited specifically about Wyndham and Squire, not only because they get us into new verticals, but which is strategic and obviously proves that our platform can get outside of retail and start to scale. But equally important, these partners already were in post transaction and they chose Fluent. So that was very much a performance story that then coming over to us. So our strategy on the sales side is very similar on retail. We land a premier partner like Wyndham, we prove out and demonstrate that we can provide superior results that exist in the market and then we leverage that into broader wins across that category. So you'll see us as we expand into 2026, you'll start to see see the winds coming specifically around those other two verticals that we're in. You'll also see groceries starting to pick up also. That will also diversify a little bit of the seasonality that we have. We'll still for the next couple years be heavily seasonal towards the second half. But as we expand down in other verticals, some of that seasonality will go away.
Mariette Rips
Great, that's very helpful. Thank you. Domestic.
Don Patrick (Chief Executive Officer)
Thanks, Maria.
OPERATOR
Thank you so much. And our next question comes from Patrick Sol with Barrington Research. Please proceed.
Patrick Sol
Hi, thanks for taking the question on some of the comments that you made around expanding the number of partners and how that kind of contributing to a flywheel on expanding, I guess the roster of advertisers. Could you maybe talk about the additional scale you need and maybe the categories of advertisers that are maybe not spending as much as you think would warrant for the type of inventory that you deliver.
Don Patrick (Chief Executive Officer)
Hi Pat. Yeah, thanks for the question. Heavily in the retail is obviously cash back, streaming services, things that we've talked about before, credit card offers, etc. As we start to expand in these other verticals, some of them are very much like retail and they play into the retail bucket. Travel is not, which is one obviously we're very excited about. You're going to start to see different verticals based on that audience and also we'll have additional placements with Wyndham outside of the transaction. You'll also see us in other areas of their commerce platform. So that will also bringing diversification across that on the squire side, you know what's exciting about that is that it's very much of a very specific age and demographic audience which will open up a number of different verticals that we are just really sort of testing and learning right now. So we've been as you know, our advertiser base is diversified across. There's no one specific advertiser that has very high concentration that we have to report against. But we do from a retail perspective heavily into cash back offers and into streaming that we'll start to diversify away from.
Patrick Sol
Okay. And then I guess just on the turnaround in the Commerce Media margins back into the, to the mid-20s, I guess are you kind of seeing that shift in strategy away from the promotional margin kind of affecting the I guess client acquisition or I guess maybe just the general, maybe any comments on the general competitive environment customer acquisition? Yeah, yep. Thanks. It's a great question, Pat. So specifically, and I think this is what we're most excited about, we and you see a little bit on our investor presentation, we have, we have proven our ability to drive superior results for our partners and advertisers compared to the competition. Right. So companies that have partners that have left, our competitors that have come to us, we've been able to do head to head testing, we've been able to prove not only do we provide superior revenue to the media partners we're working with, but we'll drive better quality audiences to those advertisers and better return on ad spend which in turn brings them back to buy more onto the platform. So now that we've proven that out, as you guys know, we started in 2023, we have great results around case studies around proving that. And that's how we lead. We lead specifically we're looking, we can drive the best results across the industry. And if you're looking for a commerce partner that can drive results and also help manage other places across your commerce sites and also help you drive the strategy, we are the right partner for you. If you're looking for more of a tech play or a SaaS with a SaaS type play, then obviously there were other competitors that are out there that are better in terms of how we position ourselves regarding the competitive environment. And this is where I think the adjacent solutions play significantly. Our partners are asking us to get and it's a demand driven helping them get into other pieces and other adjacent sites and the more we can get there, the stickier we are and it becomes a much more strategic relationship and that is why we keep talking about those adjacent solutions and the importance to that. So we have, you know, we have a very big competitor that is very aggressive. We have smaller competitors that sort of compete on price. We feel great about our brand and how we compete on results and can win when we, when we're on our
Don Patrick (Chief Executive Officer)
playing field and we're with someone who matches up to our solutions and Our capabilities. Okay, thank you.
Patrick Sol
Thanks, Beth.
OPERATOR
Thank you so much. And as a reminder, if you do have a question, simply press star11 to get in the queue. Our next question is from Eric Martinuzzi with Lake Street Capital Markets. Please proceed.
Eric Martinuzzi
Yeah, congrats on that terrific triple digit growth rate on CMS. That 104% was ahead of where I was modeling things. I wanted to ask a couple of questions. Partners in particular, to the extent you can talk about it, the Wyndham implementation. Just wondering if you're any lessons learned sort of hot takes from your diving into travel hospitality in helping that partner ramp up.
Don Patrick (Chief Executive Officer)
Eric, welcome. It's exciting to have you here. So thanks for the question. You know, this is where I'm going to go back to our own and operated strategy and why it's such a competitive advantage. So if we didn't have that owned and operated business, I think my answer, Eric, would be there'd be a learning curve to understand that audience, understand how they behave, understand how we build a meaningful relationship and be able to provide the right, you know, the right to offer at the right time. That having that owned and operated business and having 15 years of understanding how to curate audiences, you know, we were, we assumed that Wyndham would take a little bit of a time to scale from a results perspective and actually it launched right out of the box, very strong. So it is a different audience. It does react differently than a retail. But that's where the owned and operated comes to a huge competitive advantage to us. I'm going to stay on this topic for a second because it's so relevant. If we start to work with a partner like Wyndham and say we want to start to create a testing, we want to start to do different offers. It takes time, right? It takes time for approval, takes time to get the offer in. It takes time to get the results back on their own and operated. We can test within hours and we can have results in days and we can use those results to inform how we move our commerce media strategies. That has been a huge competitive advantage as we get into new verticals there.
Eric Martinuzzi
And then, you know, penetrating a vertical. A lot of times people in the industry in the same vertical know each other. What's the dynamic as far as, you know, maybe using one account as a reference to, to penetrate another account. Is that sort of, hey, these people don't talk to each other or is there a potential opportunity?
Don Patrick (Chief Executive Officer)
It is spot on, Eric. That is our best sales strategy is to have our current partners talk to our prospects and Partners and that is absolutely why we like our land and expand. We make sure we get results, we make sure that partner is incredibly satisfied and then we use them. And actually sometimes they're willing to talk. So yes, they all talk to each other. You know CMO market, retail media network heads of that they, you know they can move around and they do move around and it is a very tight knit group in terms of how they talk.
Eric Martinuzzi
And then you talked about some of the. As far as the. The artificial. Not artificial but the pressure on the current CMS gross margins. You talked about some incentives haven't run their course yet. Some subscale adjacent solutions and then some new partners later in the quarter. I was wondering the rebuy was somebody that just signed up in 2025 and they're more of a kind of a reseller type margin. I was wondering if that also is a factor in the pressure on CMS gross margin.
Don Patrick (Chief Executive Officer)
Yeah, you're absolutely right Eric. We do because of the partnership and strategic partnership we do have a lower margin with what we're doing with rebuy but it hasn't been. It's not a major factor. We're very happy with that partnership. It continues to grow and we think there's a lot of opportunity and and road forward to continue to grow that relationship in revenue in both strategic position. But that is not a big factor on the margin. The major factor in that margin was the fact that these incentives rolling off and the new adjacent solutions that we are getting and we have a specific number of adjacent solutions that are out there working with our partners. They're lower margin as we scale up the business similar to the way post transaction was when we launched in 2023.
Eric Martinuzzi
Got it. Thanks for taking my questions.
OPERATOR
Thank you. Thank you so much. And as I see no further questions in the queue, I will conclude the Q and A session and conference for today. Thank you for participating and you may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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