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Edited Transcript of KBNT.OQ earnings conference call or presentation 12-Nov-20 10:00pm GMT

·26 min read

Q3 2020 Kubient Inc Earnings Call Nov 13, 2020 (Thomson StreetEvents) -- Edited Transcript of Kubient Inc earnings conference call or presentation Thursday, November 12, 2020 at 10:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Joshua Adam Weiss Kubient, Inc. - CFO * Paul Damian Roberts Kubient, Inc. - Founder, Chairman, Interim CEO & President ================================================================================ Conference Call Participants ================================================================================ * Jack Vander Aarde Maxim Group LLC, Research Division - Senior Technology Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Good afternoon, and welcome to Kubient's Third Quarter 2020 Earnings Conference Call. Joining us for today's call are Kubient's Founder, Chairman, Chief Strategy Officer and Interim Chief Executive Officer, Paul Roberts; and Chief Financial Officer, Josh Weiss. Following their remarks, we will open the call up for your questions. Before we get started, I need to alert you to our safe harbor statements under the Securities Litigation Reform Act of 1995. During this call, we will be making forward-looking statements, including statements related to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Listeners should not place undue reliance on forward-looking statements since they involve known and unknown risks and uncertainties and other factors, which are, in some cases, beyond our control, and which could and likely will materially affect actual results, levels of activity, performance or achievements. Any forward-looking statements reflect our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or implied during the call. Furthermore, listeners are referred to the documents filed by Kubient, Inc. with the SEC, including our registration statement on Form S-1/A filed with the SEC on August 11, 2020, with the understanding that our actual future results may be materially different from what we expect, which include these and certain other important risk factors. We qualify all of our forward-looking statements by these cautionary statements. Also note that the forward-looking statements on this call are based on information available as of today's date. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements even if new information becomes available in the future. With that, now I would like to turn the call over to Paul Roberts. Sir, please go ahead. -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [2] -------------------------------------------------------------------------------- Thank you, operator, and good afternoon, everyone. We appreciate you taking the time to join Kubient's second earnings call. After the market closed, we issued a press release with our results for the third quarter and 9 months ended September 30, 2020, a copy of which is in the Investor Relations section of our website. It's been a little over 3 months since our IPO. Our team continues to be encouraged by the support and interest we've received from investors and analysts alike. Being on NASDAQ has also bolstered our company's profile amongst the industry and in the eyes of consumers as well. We look forward to further leveraging the opportunities and recognition being a NASDAQ-listed company affords us with. Since our Q2 call in September, it's been a busy and productive time for our company. We have secured new partnerships, started discussions with some large Fortune 500 companies and continued to add innovative tools for both advertisers and publishers to our tech stack. Following our successful IPO in August, Peter Bordes, who many of you know, decided to step down from his day-to-day responsibilities as CEO. This will allow Pete to devote the majority of his time and energies on his family and other professional pursuits. We support Pete's decision and look forward to benefiting from his continued guidance as both a shareholder and member of the Board. Fortunately, thanks to Pete's leadership and our collective efforts, Kubient has never been in a stronger position. As interim CEO, I will be supported by a highly capable team of industry leaders who have helped build and operate world-class organizations. A recent addition to our leadership team is Ryan Adams as our new Senior Vice President of Partnerships. Ryan brings more than 20 years of sales and marketing experience, working at companies such as Centro, a digital marketing solutions firm, where he was the Head of Client Direct and Publisher Solutions. As our new SVP of Partnerships, Ryan is charged driving demand-side revenue and supporting supply-side inventory. In this new role, Ryan's ultimate goal is to expand our partnership and further develop revenue opportunities from our already impressive roster of brands, agencies and publishers. It's key hires like Ryan that will help to accelerate Kubient's ability to achieve our overarching mission of transforming digital advertising to audience-based marketing. Many of you have heard this phrase before but for those newer to Kubient, it simply means that our platform increases both efficiency and transparency within the digital advertising ecosystem. You've also heard me use the analogy, digital advertising is a marketplace similar to the stock market. On one side, there are the sellers of digital advertising, which are called publishers. These are websites, mobile apps or any platform with an audience an advertiser is interested in reaching. And on the other of the transaction, there are buyers of digital advertising, which are called advertisers. These are brands, advertising agencies or companies that have a message they want a certain audience to see or hear. In an effort to make this process more seamless, Kubient has created a marketplace called the Audience Cloud that allows both advertisers and publishers to connect directly and transact in the most efficient way possible, giving advertisers a greater ROI and publishers more net revenue. Before I dive deeper into our strategy and operational execution, I'd like to hand the call over to our CFO, Josh Weiss, to walk you through the financial results for the third quarter of 2020. Josh? -------------------------------------------------------------------------------- Joshua Adam Weiss, Kubient, Inc. - CFO [3] -------------------------------------------------------------------------------- Thanks, Paul, and good afternoon, everyone. Thank you for joining our call. Now to our financial results for the third quarter and 9 months ended September 30, 2020. Net revenue for the third quarter increased to $280,000 from $92,000 in the prior quarter and from $56,000 in Q3 of last year. The sequential and year-over-year increase in net revenue was due to a significant amount of revenue generated from 2 customers in the quarter. Net revenue for the 9 months ended September 30, 2020, increased to $1.8 million from $162,000 in the same period last year. The increase was primarily due to revenue generated in connection with the beta testing of KAI as well as the significant amount of revenue generated from 2 customers. Turning to our expenses. Total operating expenses increased to $1.7 million compared to $1.2 million in the prior quarter and $1 million in the same period last year. Total operating expenses for the 9 months ended September 30, 2020, increased to $4.1 million from $2.6 million in the same period last year. The increase in total operating expenses for both the quarter and 9-month periods was primarily due to higher technology expenses and higher general and administrative expenses. GAAP net loss attributable to common shareholders was $5.8 million or $1.03 loss per share compared to a net loss of $1.5 million or $0.42 loss per share in the prior quarter and net loss of $1.4 million or $0.38 loss per share in the same year-ago period. The year-over-year increase in net loss was primarily due to higher noncash other expenses of approximately $2.4 million as well as a noncash deemed dividend of $1.7 million related to a warrant down round adjustment in the period. For the 9-month period, GAAP net loss attributable to common shareholders was $7.4 million or $1.72 loss per share compared to $3 million or $0.82 loss per share in the same year-ago period. The higher net loss was due to higher noncash other expenses of approximately $3.1 million and noncash deemed dividend of $1.7 million related to a warrant down round adjustment in the period and higher operating expenses, partially offset by higher net revenues. And finally, at quarter end, we had a strong balance sheet with cash and cash equivalents totaling $8.4 million. That concludes my financial summary. For a more detailed analysis, please reference our 10-Q, which we plan to file this week. I will now turn the call back over to Paul, who will discuss some of our major operational updates and provide a general outlook of our business. Paul? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [4] -------------------------------------------------------------------------------- Thanks, Josh. As we talked about on our Q2 call in September, our business and broader industry have been adversely affected by COVID-19. The pandemic caused many advertisers to virtually freeze their budgets while they focused on internal operations and evaluated customer data and business trends. However, I'm encouraged to report that we have bounced back from the lows experienced in Q2 as customers loosened their purse strings and expanded their advertising budgets beyond pre-pandemic levels. As a result, we recorded a corresponding increase in advertising impression volume on our platform to 428%. This encouraging growth is being driven by our ability to add publisher partners at an impressive rate, which leads to more opportunities for the brands that we have buying today to bid on. With the influx of supply or publisher inventory now connected to the Audience Cloud, we need incremental demand from the other side or the buy side. This is where Ryan Adams in our partnership program comes in. As I mentioned earlier, Ryan and his team will spearhead the business development and partnership initiative, focusing on attracting more brands and ad agencies to our Audience Cloud to bid on those ad opportunities. In addition to driving new partnerships, we're focused on cultivating existing ones. Last month, we completed a 2-week advertising audit for our long-standing partner, the Associated Press. As part of this process, we evaluated the AP's existing advertising infrastructure and looked at areas where we can improve efficiencies and remove unnecessary steps and third-party vendors. Our team was able to create a systematically and economically efficient ad model to support the AP's digital advertising infrastructure. More specifically, it was our job to strategically dismantle and rebuild the ad stack from the ground up in order to optimize their ad ecosystem for their new goals. In this process, we identified and removed inefficient middlemen that were slowing down the AP's digital advertising operations and putting a strain on its revenue potential. In fact, we successfully reduced 50% of the supply-side platforms or SSPs that had access to the AP's tech stack. On top of this, we unlocked the potential of AP's audience, creating an efficient market and helped to right-price the value of their audience. Subsequently, the AP leverages this information to target new demand prospects for monetization opportunities. This includes launching advertising monetization of their daily newsletter that had over 1/3 of recipients opened and engaged with their content. Not long after our engagement, the AP reported an increase of its prebid revenue by 80% and its monthly video revenue by 500%. This success story highlights Kubient's ability to provide efficiency that optimizes the problematic supply chain and empowers publishers to make more money. In addition to our success with the AP, we also made notable discoveries and findings of fraudulent activity occurring within the programmatic ecosystem through KAI. KAI or Kubient Artificial Intelligence, is our patent-pending, high-margin, AI-powered ad fraud tool that prevents real-time fraud in the standard 300-millisecond window before an advertiser spends their budget. Leveraging pattern recognition, device fingerprinting and device scoring, KAI's program to analyze via machine learning the behavior, consistency and quality to determine an audience's credibility, accurately flagging it as fraud or not in less than 10 milliseconds. Simply put, KAI can help brands avoid buying nonhuman or bot traffic. KAI was able to detect weasel IM or weasel injection, an ad fraud scheme that was duping brands and their supply and demand-side platforms into purchasing fake traffic. Some of the largest brands, publishers and ad tech platforms were unable to prevent this fraud and have been identified as victims of weasel injection fraud. After discovering the weasel injection structure and testing it independently, we learned that the fraud committed was very simple and effective, yet the sale of traffic was unable to be prevented by any other vendor except Kubient. As the industry's first prebid ad fraud detection and prevention tool, KAI is one of our main competitive advantages that we intend to fully capitalize on and scale. We recognize the immense market opportunity at hand, and we look forward to offering our robust solution and maximizing our first-mover advantage in an effort to solve the $42 billion ad fraud problem that plagues our industry. We've had tremendous early success with KAI as a single component of a fully integrated solution. This success and building interest from the market has validated our product and decision to launch KAI as a stand-alone enterprise product by year-end. We are really excited about the launch and being able to help companies around the world more accurately detect and prevent ad fraud. Another product launch on the horizon is our self-serve DSP or demand-side platform. Again, for those less familiar with our industry, a DSP is the system that gives buyers of digital advertising inventory a dashboard or platform to purchase advertising in an automated way. With that said, we have engineered an innovative technology solution that allows buyers or brands to log in, slide their own campaign and not have to go through a third-party DSP. The genesis of this new development derives from a number of conversations we've had with several global brands and their desire to quote "in-house" their media buying. Through all these conversations, we received consistent feedback that brands did not want to have to go through a long-winded traditional legacy method of sliding their campaigns through a third-party DSP or agency trading desk. Instead, they want more autonomy over the process. As a result, we've accelerated this product launch from the second half of next year to the first quarter of 2021. We look forward to sharing more with you as we get closer to product launch. As we head towards the end of the calendar year, we remain laser-focused on transforming the multibillion-dollar global advertising industry by enabling a highly efficient and transparent marketplace for advertisers and publishers alike. With the rollout of a couple of new product lines on the horizon and an increased business development initiative to plug in more publishers and advertisers into our platform, we expect to continue making significant organic growth and operational progress in transforming digital advertising to audience-based marketing. That concludes my prepared remarks. Thank you all for your time this afternoon. We look forward to updating you on our progress going forward. We're now ready to open the call for your questions. Operator, please provide the appropriate instructions. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) Our first question comes from the line of Jack Vander Aarde with Maxim Group. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [2] -------------------------------------------------------------------------------- I have a few questions here. So I guess I'll start with just a progress update on the plan to build out your dedicated sales team to attract those advertising customers on the demand side to the platform as the supply side, as you mentioned, remains very strong and you just need to satisfy demand by bringing out more advertiser customers. Good to see you bring on Ryan Adams to kind of lead this charge. Wondering if you can provide an update on, what is the current headcount of the sales team? And what's your plans, maybe, for additional headcount as we move through the rest of this year? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [3] -------------------------------------------------------------------------------- Sure. Thanks for the question, Jack, and obviously, thanks for participating in the call. As of right now, we have 3 employees dedicated to sales, with Ryan obviously being focused on the demand side or the advertiser side and the other 2 salespeople are focused on the publisher side. The real key for us now, and those of you who helped participate in the IPO process, at that time, we were about 85% engineering and data science. So we were incredibly focused on building out the product, the technology and now it's time to start to hire seasoned industry veterans like Ryan to help us attract brands and large publishers. So we have a road map this year to add a few additional salespeople, and going into 2021, we have a very, very structured rollout of the type of salespeople, the level they're at and also the types of brands and agencies that they already have in their Rolodex. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [4] -------------------------------------------------------------------------------- Got it. Fantastic. That's good to hear. And then maybe just going back to the comments of -- in the whole process of trying to attract these more advertiser customers, can you just talk about maybe what your expectations are and what you see in the market, I guess, just as industry standard for the sales cycle or time line for getting the initial discussion with the new demand customer or potential customer? And how long does that take to get them on board and then actively contribute to revenue? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [5] -------------------------------------------------------------------------------- Sure. Well, obviously, the technology we've built gives us an advantage, not only for when the advertisers are on board as clients but also before. And I'll explain a little bit further by going into our technology where KAI or Kubient Artificial Intelligence, is actually identifying fraud as we speak. So we can log into our system right now and look at our dashboard and see major Fortune 500 brands being subject to digital ad fraud. So we give our salespeople and our business development team a huge advantage when they approach a company and say, yes, we would like you to spend part of your budget with Kubient and use our product KAI. But we also come with a huge amount of first-party data that shows them, here's all the fraud that we're identifying that you're buying, so we would like to help you prevent buying that fraud. So what we found is that speeds up the conversations where normally it would take anywhere from 3 to 5 weeks to get an initial meeting. You're going to get in front of a company buyer or a CMO. But providing this data out of the gate gives us a huge advantage and really speeds up the conversation. So far, we're estimating from initial contact to actual contract -- excuse me, initial contact to a contract or actually working with the brand, is anywhere from 6 to 7 weeks right now. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [6] -------------------------------------------------------------------------------- Got it, that's helpful. Is there quite a bit of a range of outcomes there? Or is that a pretty steady average? Or is there -- are some -- is there opportunity for 2 weeks? Or is there opportunity for 12 weeks? Some maybe 3 months? Is that an average of a wide range or is it a narrower range than that? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [7] -------------------------------------------------------------------------------- The biggest challenge for us is seasonality. Here we are in the middle of Q4, which is one of the busiest seasons for digital advertising. So a lot of brands and agencies aren't necessarily looking at new solutions or talking to new vendors. So what we're hearing today is let's talk early next year or let us have the data to kind of digest it all and get back to you. But there's not many people who are looking to make huge substantial changes in Q4. But what we're finding is that with the one dedicated salesperson going out and speaking to the brands and agencies, that's the typical time frame we're expecting. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [8] -------------------------------------------------------------------------------- Got it, that's helpful. Okay. And then if I just take a look at the revenue results, revenue was quite solidly exceeded my expectations this quarter, definitely rebounded strong from Q2. And obviously, I know that the first quarter revenue was a little inflated because of those 2 beta tests, which were apparently very successful and great feedback in some of your press releases and case studies from those. But wondering specifically from the third quarter results. What drove this revenue specifically, given, I think KAI is -- you're still planning to launch by the end of this year but I don't believe it was actively a stand-alone product. And so I guess, was it all marketplace revenue from Audience Cloud or anything to clarify there? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [9] -------------------------------------------------------------------------------- So we obviously spend a lot of time plugging in unique partnerships on the supply side, which is going to be websites, app owners, connected TV owners, et cetera. We then needed to go and get the other side of that partnership, which is the demand side. So we had to go and basically bring advertising dollars in to monetize those relationships. So our industry is very much a chicken and egg scenario where we don't ever want to have a huge influx of supply or advertising dollars coming in, where we don't have the audience to fill that advertising budget. So we will obviously get a lot better as a younger company where we find ourselves to be quite honest saying, okay, we have this huge partner coming in one side. We have to very quickly go and get the advertising dollars to fulfill that relationship. So that's one of the key reasons why we are hiring salespeople and business development so aggressively, so we don't have a huge disparity between the amount of audience we have or websites we have plugged into the Audience Cloud and the advertisers on the other side. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [10] -------------------------------------------------------------------------------- Got it. And then maybe just a follow-up to that a step further is as it relates to the revenue generated by Audience Cloud. Would you say it was more of a -- the contributing factor, was it more due to adding additional customers? Or was it more increased spend or increased wallet share from your existing customers or existing MSA customer agreements that put more of their budget into your platform this quarter, but -- than they did in Q2? Or is it maybe a mix of both, adding more customers and increased spend of existing customers? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [11] -------------------------------------------------------------------------------- It was a mixture of both. We had a few demand partners who had advertising budgets who were asking us to basically plug in specific audience or supply that we were able to get for them, and we were able to turn on those pipes and generate revenue. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [12] -------------------------------------------------------------------------------- Got it. Okay, great. And then maybe a question for Josh. Josh, the other -- the operating loss was expected. It was actually more narrow than I expected so that was good to see. However, below the operating line items, there's quite a bit of expenses, and I imagine a lot of this is nonrecurring and onetime in nature. Just looking forward at the fourth quarter and beyond, would you expect that the other expense items to be kind of cleaned up more and less unexpected, I guess, major expenses that I wouldn't be able to foresee? -------------------------------------------------------------------------------- Joshua Adam Weiss, Kubient, Inc. - CFO [13] -------------------------------------------------------------------------------- Yes. Yes. I would say the answer to that question is yes, especially if you were to look at the 3 months ended 12/31/20, which would be our first -- our fourth quarter. A lot of the other expense and income items within our P&L are primarily noncash generally relate to the successful completion of the IPO during the quarter, which is really driving most of those expenses. As an example, the interest expense that we have on our P&L, 90-plus percent of it was related to the bridge investment that we did in 2019 that converted that IPO into IPO units. So again, those were noncash interest expense items that now that we're after the IPO, they've converted and we will not be incurring interest expense from those instruments anymore. So the short answer though, Jack, is, yes, for the fourth quarter, I would expect most of these expenses to not be here. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [14] -------------------------------------------------------------------------------- Got it. That's very helpful. And then maybe, Paul, if I just ask you another question, a follow-up with maybe your general outlook in terms of where you see Kubient, given all these -- the positive trends and you quoted the publisher inventory increasing significantly, over 400% just in September. So I guess, where do you see this growth heading in the fourth quarter? And then how do you quantify that maybe into what that could imply for a revenue growth trajectory? Any color you can provide? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [15] -------------------------------------------------------------------------------- Sure. So one of the key performance indicators for us is the amount of impressions that we're serving per day, per month, per quarter. And those have really increased exponentially from the second quarter into the third quarter and we're seeing that trend continue. So for us, the real key metric is, how many impressions do we see per day that we can monetize? So if we start to see an influx of impressions that we're unable to monetize, we know that it's incredibly important to go out and find more demand. So we have started to exceed pre-pandemic levels of impressions that we're serving. And for us, we look at -- we have, maybe, I don't know how many specific numbers I can give you, but we have a large amount of publishers that we're onboarding to the platform. And now Ryan and his team and the new hires on the demand side will be tasked to go out and plug in the demand or advertising dollars. What we're seeing, though, it makes us very hopeful and excited based on the pre-pandemic levels of where we are today. I don't think we're giving guidance on revenue expectations, but the trends that we're seeing are very positive and have us very, very excited for 2021. -------------------------------------------------------------------------------- Jack Vander Aarde, Maxim Group LLC, Research Division - Senior Technology Analyst [16] -------------------------------------------------------------------------------- Fantastic. And then just wanted to follow up, too, with a question on the partnership you had announced earlier this year with Zoox Smart Data. They've quite a roster of supply clients that are big players like Choice Hotels and New York City MTA and a bunch of international airports, I believe you've referenced before, and how this really adds to your WiFi audience and reach. So just any updates there? I'm not sure if this is -- given that COVID and everything and people are less out and about, the digital out-of-home may be a little slower, but any updates there? -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [17] -------------------------------------------------------------------------------- Sure. So one of the keys of having a marketplace is having something unique to offer either the buy side or the sell side. So plugging in these unique relationships like the New York City MTA, like Choice Hotels, et cetera, there's opportunities for our demand team to go out and offer something that nobody else has to advertisers. So we have another partnership in the works with a very large C-store that we heard one of the largest packaged goods companies tell us directly, we need to win that because if we win that C-store audience, we win across that entire vertical. So it's -- we're excited to have those unique partnerships because we can go directly to the brands, offer them our cutting-edge technology to prevent the ad fraud, offer true omnichannel marketing, but also the ability to plug into an audience that they didn't have before. So at this stage of our growth, we think it's a very, very good idea to have these unique audiences that nobody else can offer the advertisers. -------------------------------------------------------------------------------- Operator [18] -------------------------------------------------------------------------------- (Operator Instructions) At this time, this concludes the company's question-and-answer session. If your question was not taken, you may contact Kubient's Investor Relations team at kubient@gatewayir.com. I'd now like to turn the call over to Mr. Roberts for his closing remarks. -------------------------------------------------------------------------------- Paul Damian Roberts, Kubient, Inc. - Founder, Chairman, Interim CEO & President [19] -------------------------------------------------------------------------------- Thank you, operator, and thank you, everyone, for joining us today on our Q3 earnings call. I especially want to take this moment to thank our employees, our partners, investors and customers for their support. We appreciate your continued interest in Kubient and look forward to updating you on our next call. Operator? -------------------------------------------------------------------------------- Operator [20] -------------------------------------------------------------------------------- And with that, this concludes today's Kubient's Third Quarter 2020 Earnings Conference Call. You may now disconnect your lines, and have a wonderful day.