Greetings, and welcome to the Datawatch Corporation’s fourth quarter and fiscal year 2012 earnings conference call. [Operator instructions.] It is now my pleasure to introduce your host, Dan Incropera, controller for Datawatch Corporation. Thank you, Mr. Incropera, you may begin.
Thank you, and good afternoon, everyone. Thank you for joining us today for the Datawatch Corporation fourth quarter and fiscal year 2012 earnings conference call. I am Dan Incropera, vice president and corporate controller at Datawatch. Joining me today is Michael Morrison, our president and CEO, and Ben Plummer, our chief marketing officer and senior vice president of business development.
You can obtain a copy of our earnings release, which was distributed at 4:00 p.m. Eastern time today by emailing us at firstname.lastname@example.org. This release is also available on our website at www.datawatch.com.
Let me first outline for you this afternoon’s agenda. Following a reading of our Safe Harbor statement, I will provide a summary of our fourth quarter and fiscal year 2012 financial results. Michael will then provide an update on our business initiatives and operating results, followed by Ben, who will share with you our perspective on market dynamics and the opportunities available to Datawatch. Following our prepared remarks, we will open up the call for a question-and-answer session.
Before we begin, I’d like to review our Safe Harbor statement. While we do not share projections of our future performance, we do need to remind you that any statements we make that do not describe historical facts may constitute forward-looking statements and are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such statements are based on our current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations.
For more information, I refer you to the descriptions of these risk factors found in our earnings release as well as the company’s annual report on Form 10-K for the year ended September 30, 2011, its quarterly reports on Form 10-Q for the quarters ended December 31, 2011, and March 31, 2012, and June 30, 2012, and other publically available documents filed with the SEC. Any forward-looking statements should be considered in light of those factors.
Now for the financial results. Datawatch’s total revenue for the fourth quarter of fiscal year 2012 was $6.02 million, as compared to $4.84 million for the fourth quarter of fiscal year 2011.
Revenues from the sale of software licenses in the fourth quarter of fiscal 2012 were $3.62 million as compared to $2.8 million in the fourth quarter of 2011. As a percent of revenues, software licenses accounted for 60% of revenue, as compared to 58% of revenue in Q4 of 2011.
Revenues for maintenance and services in the fourth quarter of 2012 were $2.4 million, as compared to $2.04 million in the fourth quarter of 2011. As a percentage of revenue, maintenance and services accounted for 40% of revenues in Q4 of 2012, as compared to 42% of revenues in Q4 2011.
Excluded from revenue in Q4 of 2012, as mentioned in our earnings release, was a seven-figure enterprise license sale, with a worldwide information technology company that was closed in the quarter, but due to the structure of the transaction, was not recognized in Q4. This sale is included in deferred revenue at September 30, 2012, and the total license and maintenance revenue from this sale will be recognized evenly throughout fiscal year 2013.
Gross margins for software licenses were 85% in the fourth quarter of 2012, as compared to 79% in the fourth quarter of 2011. Gross margins for maintenance and services were 79% in Q4 of fiscal 2012 as compared to 71% in Q4 of 2011. Overall gross margins were 83% in the fourth quarter of 2012, as compared to 76% in Q4 of 2011.
The net loss for the fourth quarter of fiscal 2012 was $277,000, or $0.04 per diluted share, as compared to net income of $201,000, or $0.03 per share, for the fourth quarter of 2011. Despite the net loss, Datawatch generated positive cash flow during Q4, and our cash position at September 30, 2012 is $8.72 million, an increase of almost $900,000, or 11%, from our third quarter ended June 30, 2012.
As a result of this positive cash flow, during the fourth quarter the company paid down $600,000 on its working capital loans with Silicon Valley bank. Our cash position subsequent to year end was further improved by the collection of the seven-figure enterprise deal previously mentioned.
Our fiscal year results were as follows. Datawatch’s total revenue for the 12 months ended September 30, 2012 was $26.01 million, as compared to $17.89 million for the 12 months ended September 30, 2011. The revenue increase of $8.12 million, or 45%, was achieved through increases in sales within most of the company’s product offerings, including significant increases in Monarch and Report Manager on demand product sales.
Revenues from the sale of software licenses in fiscal year 2012 were $16.8 million, as compared to $9.86 million in fiscal 2011. This represents an increase of $6.94 million, or a 70% increase. As a percentage of revenue, software license sales accounted for 65% of total revenue, as compared to 55% of revenue in 2011.
Revenues from maintenance and services in fiscal 2012 were $9.21 million, as compared to $8.03 million in fiscal 2011. As a percentage of revenue, maintenance and services accounted for 35% of revenues as compared to 45% of 2011 revenue.
Gross margins for software licenses were 86% in 2012, as compared to 77% in 2011. Gross margins from maintenance and services were 73% in 2012 as compared to 68% in 2011. And overall gross margins were 82% in 2012 as compared to 73% in fiscal ’11.
Net income for the 12 months ended September 30, 2012 was $1.034 million, or $0.15 per diluted share, as compared to net income of $132,000, or $0.02 per diluted share, in fiscal ’11. Datawatch continued to generate positive cash flow during the year. Our cash position at September 30 was $8.72 million, an increase of over $300,000, or 4% from last year.
This increased cash position was achieved despite several large cash payments during the fiscal year, including a $3.04 million cash payment to partially fund the purchase of the company’s Monarch intellectual property in the second quarter of fiscal 2012 and a $600,000 paydown of the company’s working capital loan with Silicon Valley Bank in the fourth quarter of 2012.
To supplement our financial results, presented in accordance with generally accepted accounting principles, the company will discuss certain non-GAAP financial measures that we believe are helpful in understanding our past financial performance and future results. Our non-GAAP financial measures are not meant to be considered in isolation, or as a substitute for comparable GAAP measures, and should be read in conjunction with our consolidated financial statements, prepared in accordance with GAAP.
Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and make operating decisions. Our non-GAAP financial measures include adjustments based on the following three items, as well as the related income tax effects and adjustments to the valuation allowance: number one, amortization of purchased software related to the acquisition of the intellectual property surrounding our flagship product, Monarch, on March 30, 2012; number two, share-based compensation expense, which is a key incentive offered to our employees - however, we continue to evaluate our business performance excluding share-based compensation expense; and number three, the restructuring costs related to the reorganization of our sales and marketing operations in fiscal 2011 and similar actions in fiscal 2012, which were principally related to selected headcount reductions.
We believe it is useful for investors to understand the effects of these items on our total operating expenses and net income. Excluding the effects of the noncash amortization associated with the purchase of the Monarch intellectual property, noncash stock compensation costs, and restructuring severance charges, the company’s non-GAAP net income for the fourth fiscal quarter of 2012 was $526,000, or $0.08 per diluted share, and the company’s non-GAAP net income for the full fiscal year 2011 was $3.019 million, or $0.45 per diluted share.
At this time, I will turn the call over to Michael for his comments.
Thanks, Dan. Good afternoon everyone and thank you for joining us today. The just-concluded fiscal year 2012 represents an important turning point for Datawatch. At more than $26 million -in total revenue, we had our highest revenue-generating year since 1999.
Full year total revenue growth of 45% and full year license revenue growth of 70% were both all-time records. Net income for fiscal year 2012 was more than a million dollars, with the highest since fiscal 2007. We generated more than $3.4 million in cash, which as Dan mentioned we used in part to fund the purchase in March 2012 of the intellectual property underlying the Monarch platform. From just about every financial metric, fiscal year 2012 was a banner year for Datawatch.
Just a few words on our just-completed fiscal fourth quarter results. While total revenue growth of 24% and license revenue growth of 29% are well ahead of market growth rates and Datawatch’s historical growth rate, our ambitions for this company are much higher. The seven-figure license deal which we closed in the fourth quarter but which will be recognized over the course of fiscal 2013 played a factor in somewhat moderating the growth rate we delivered in the first three quarters of fiscal 2012.
Nevertheless, we began fiscal year 2013 with a talented and experienced organization in place, and with a high level of optimism about our prospects to continue growing the company, as well as our promise in the market.
If I can take you back just over a year ago, to Datawatch in the summer of 2011, that Datawatch was a company on a multiyear progressive decline in revenue, market share, and prestige. That Datawatch was a company whose market cap had never exceeded $45 million, and that Datawatch was a company that was trying, with little success, to establish an identity in a rapidly growing market segment.
A bit more than a year later, the new Datawatch is a company growing its top line 45% and growing its profitability by 750%. The new Datawatch is a company that’s growing its employee base, growing its international presence, and growing its partner ecosystem. And the new Datawatch is a company that’s increasing being recognized by industry analysts and financial analysts as an exciting player in an emerging segment of the business analytics and big data marketplaces.
Among the key accomplishments in 2012, beyond our financial results, with the intellectual property purchase mentioned earlier, the establishment of an office in Singapore to service Asia-Pacific, and the expansion of our senior executive team, Datawatch’s significant turnaround in fiscal 2012 is a testament to the talent and the work ethic of the global employee base at Datawatch. I personally am extremely proud of their efforts, and thankful that I get to work with such a capable group of individuals each and every day.
As I look at our current opportunity within this rapidly expanding segment of the market, I’m more convinced than ever that we are at a confluence of market dynamics that create enormous possibilities for Datawatch. Shortly, Ben Plummer, our new chief marketing officer, will share with you the Datawatch perspective on these market dynamics, and the opportunities they create for us.
This past fiscal year, we put the foundation in place to position ourselves to deliver on our strategic goal of driving aggressive top line revenue growth. We established, and are continuing to build out, a first-class sales and technical organization aligned to our market positioning and capable of representing Datawatch globally.
We’ve introduced strategic partner programs and lined up several foundational partners to begin to develop a world-class partner ecosystem. And as the year came to a close, we reintroduced Datawatch to the market with revitalized business positioning and branding as well as clear messaging that we can deliver compelling business value for organizations of all sizes.
We launched a cloud version of our flagship information optimization offering to address the needs of organizations that can’t, or don’t want to, invest in on-premise solutions. We’re in a very good position as we begin this new fiscal year.
That’s not to say that we don’t have a lot of hard work ahead of us, and we can anticipate that there are challenges all along the way. We continue to invest in our go-to-market organization to capture the opportunity, and as you saw with our successful entrée into the northern Asia-Pacific market in the summer of 2012.
These investments require a discipline, and we remain focused on demanding a solid return on the investments we make. We’re confident that we will be attacking the market challenges with a vastly superior team, a compelling message, better partners, and a unique technology solution that addresses critical customer needs.
Throughout fiscal 2012, we shared with you four key operating metrics, against which we measure our performance. Turning now to these operating metrics, in Q4 2012 our average deal size was $54,000, as compared to $29,000 in Q4 of 2011. For the entirety of FY12, our average deal size was $66,000, as compared to $29,000 in FY11.
We had two six-figure deals in Q4 this year, compared to no six-figure deals in Q4 of FY11. We had 16 six-figure deals in all of FY12 as compared to only two in FY11. In Q4 we signed eight new enterprise customers, compared to seven in Q4 2011. New enterprise customers this past quarter include Volkswagen Canada, Audi Japan, and NHS Bedfordshire in the U.K.
Lastly, in Q4 we signed six new partners, compared to four new partners in Q4 of fiscal 2011. New partners include WorkCentric in the Philippines, [Xilisoft] in Japan, and Brainchild in Hong Kong.
These metrics will continue to be important as we measure our performance going forward, and we will provide you with updates each quarter throughout FY13. We will also be evaluating additional metrics to disclose, partner-assisted deals for instance, that can help you better evaluate our progress in the market.
As we enter 2013, our operational focus will have four main themes. First, selling the information optimization platform. We have a singular message from the individuals in the enterprise, and have aligned our go-to-market organization behind this imperative. Second, continuing to aggressively build out our partner ecosystem, both geographically and to form key domain areas: business intelligence, big data, mid-market transaction systems, and enterprise content management. Third, delivering on our product roadmap, including two important integration releases that are planned for later this fiscal year, and fourth, positioning Datawatch as the information optimization leader and capturing increased recognition from customers, industry analysts, and financial analysts, as the de facto thought leader and market leader in this space.
Let me now turn the call over to Ben Plummer to share with you more details about the new Datawatch.
Thanks, Michael. Thanks, everyone. First of all I want to let everyone know that I’m very excited to be a part of the Datawatch team. Over the past year, Michael’s done a great job bringing the sales and marketing talent to the organization and I personally look forward to helping him continue to execute against the tremendous opportunity that we all see in front of us.
You heard Michael allude to it at the beginning of this call. There’s a change going on in the market today, and it’s being driven by a confluence of factors. Let me take just a moment and explain what we believe this change is, what the factors are that are driving this change, and what we are doing here at Datawatch to position ourselves as leaders in shaping and benefitting from this opportunity.
First, what is the shift in the data analytics and big data market that we believe we can take advantage of today? Well, simply put, it’s the requirement of organizations to use more types of information to evaluate and change their businesses. In today’s world, information is simply not just in your internal corporate databases, structured in a manner that’s easy to access.
Rather, it’s coming from a wide variety of sources, coming from inside and outside these companies, and being delivered in a myriad of data types. Social data, machine data, external reporting systems, document management systems, PDF files, and yes, even the good old relational databases, are all collecting and presenting data to organizations to give them a better perspective on what’s really driving their businesses.
This desire to optimize the use of all types of data, not just traditional data sources, has created a new segment in this market, a segment we’re calling information optimization, and that Datawatch’s customers have really been doing with our products for years in an unheralded fashion.
So why is this market shift occurring now, and why does it matter? This is where that confluence of factors that Michael mentioned comes into play. As with most shifts in the market, some technological changes needed to occur to make it possible, and the three major factors that are contributing to this shift are the maturity of the cloud computing model, especially in the area of analytics, to allow companies to be more comfortable with their data, and to ensure that it can be more securely stored and accessed by a larger number of people.
The second is the personalization of the business intelligence application, or what you hear me and industry analysts calling personal data discovery. This leads users to the development of applications where traditional data sources like data warehouses are much less important.
And finally, the advent of big data applications where data variety is as important as the volume and velocity of data in understanding a complete 360-degree view business are the factors that are driving this. And these factors together have started to cause organizations to reevaluate their strategies around how to design and deploy analytical applications so they can incorporate data variety into these applications - whether that data be structured, unstructured, or semistructured -and be able to deliver it from the individuals all the way to the entire enterprise.
With our recent release of our cloud product, and our history of delivering the greatest variety of information, especially that semistructured data, Datawatch is positioned to leverage these trends and allow our customers to optimize the use of all information to them to help them understand their business opportunities better and change the business processes to take advantage of them.
This new market represents a tremendous opportunity for Datawatch. Let me take a moment to describe what we’re doing to take advantage of this opportunity here. First, we’ve relaunched and rebranded Datawatch. After conducting an in-depth market research, and meeting with several industry analysts, who validated and helped refine our position, we decided to relaunch Datawatch as an information optimization company.
So in October, at our sales kickoff meeting, we announced this new positioning and unveiled our new branded messaging that is really designed to present Datawatch as a modern, more visionary company and to enable our customers and our prospects, and our partners to more easily understand the value that we bring to the market.
This work, which included developing a completely new website and developing new supporting collateral and sales materials, has been extremely well-received, right out of the gate. It’s also helped our sales teams deliver a sharper message to our customers, and it’s clarified our position, both in the big data and business intelligence markets.
This clarification has helped us reach out to some of the leading companies in the business intelligence space, and we’ve started developing strategic and mutually beneficial relationships. So far, the feedback has been very good, and many important partnerships are starting to take shape, which brings me to the second major change in our strategy, and that’s our approach to partnering.
In the past, Datawatch has cast a very broad net when attempting to attract partners. We’ve changed this approach this year to allow us to focus more specifically on the vendors that are closest to our space: the big data, BI, smaller ERP CRMs and ECM vendors, and to drive more deeply into their partner ecosystems to develop stronger reseller and consulting partnerships so we can ensure that not only we bring the right products to market, but our clients are also able to get the domain expertise necessary to deploy these products.
This approach also allows us to normalize our enablement to these partners and perform joint partner marketing programs that we can expect a more solid return from. This really means we have a more scalable model to increase our sales and capabilities within the company without necessarily increasing our headcount.
Our initial recruitment work, which started at IBM’s IOD conference last month, has yielded some very strong initial interest from several partners who immediately saw the value to their existing customers and how they could extend their business practices to include information optimization.
Of course, this is just the beginning of what we are calling the new Datawatch, and over the coming months we’ll continue to train our sales teams, reach out to the industry analysts, and recruit partners to deliver this message.
As I said initially, this kind of opportunity is truly a sea change, and I am excited to be a part of it. Our ability to consistently deliver this message to the market will elevate Datawatch’s position in an emerging market, and will enhance our ability to deliver products and services that provide our partners and customers with the ability to optimize any type of information to deliver the whole story about their businesses.
And with that, I’d like to turn it back to you, Michael.
Thanks, Ben. In closing, I believe Datawatch is in an enviable position in the market. Our solutions have the unique capability to harvest the vast troves of data locked into a variety of semistructured data formats, from both inside and outside the enterprise, so that organizations can extract maximum value from their information assets. We operate in one of the hottest areas of IT, where secular growth trends are strong, and expected to increase.
On top of this, Datawatch is the only pure play solution to support the semistructured and unstructured information needs of big data applications. We remain bullish on the market opportunity, our exceptional solutions, and our growth strategy.
With that, I’ll turn it over to the operator for any questions.
Thank you. [Operator instructions.] Our first question comes from the line of Noel Atkinson from LOM. You may proceed with your question.
Noel Atkinson - LOM
I was wondering if you could talk a little bit more about the Q4 order, whether it’s a new customer, or whether you’re deepening a relationship with an existing customer.
It’s an existing customer, and in the past year and a half, as many folks know, we’ve undergone a significant transformation in our business in terms of how we approach the market, how we price our products, how we bring the products into the market. And this particular deal, which has been paid for here in this first quarter of our new fiscal year, was one that was a first of its kind in our new model, as we transitioned to the new model. And because of the accounting rules, was one that we couldn’t book in its entirety in Q4. So that’s the background on that particular deal.
Noel Atkinson - LOM
But it’s not a cloud deal, it’s an on-premise solution?
Yeah, it’s a perpetual license. The uniqueness of it was an existing customer. It was a BPO-like transaction. They’ve been a good partner of ours for many years for the end user. It’s a very strategic application, and we’re transitioning from the term license to a perpetual license, which is, today, in large, our model. And because of that, we had to recognize it in the manner that we did.
Noel Atkinson - LOM
Could you talk a little bit about your outlook for opex growth in the coming year? It sounds like you’re going to be doing some more initiatives in sales and marketing?
We’ve had a significant investment in opex in sales and marketing this past year, and a large part in Q3 and Q4. We’re going to continue to grow that, not nearly at the levels, relatively speaking, as we did the last couple quarters. So I would not model the same level. We’re in a good position entering this fiscal year in terms of opex. We will add to that, but not nearly at the level we have in the last couple quarters.
Our next question comes from the line of Brandon [Austin] from [Venator]. You may proceed with your question.
Brandon [Austin] - [Venator]
Sorry, I really hate to do this. The contract, you guys are obviously fairly conscious of the effect it’s had on your Q4 numbers. Obviously, it sounds like a big win. When you guys signed this contract initially, and I hope this isn’t getting too sensitive, were you conscious of how it would be accounted for? Is this something that just sort of came up and the nature of the structure means that it’s accounted for for four quarters after it’s paid for? It just seems kind of unusual to me.
Before we even had a meeting of the minds with the customer, we knew this was going to be different. And so it’s nothing that surprised us. We worked to structure the agreement in the best interests of Datawatch long term. We don’t look to manage this company on a 90-day interval. This was a very good deal, with a longstanding customer, and the nature of this particular transaction extended the value that we provide to them. And while we would all love to have been able to recognize the entire value in Q4, the right thing to do was what we’ve done. So from an external perspective, you have one look at it, but it’s a good deal, and it was properly accounted for, and it didn’t come up and surprise us at all.
Brandon [Austin] - [Venator]
So can you guys sort of give me a little more color on what makes this contract different from an accounting perspective, because it sounds to me as though you guys have already collected the cash for it. So that’s part of looking in. It doesn’t sound like, from a payment terms perspective, this is in any way unique to the customer, but in terms of how you guys recognize it, it is unique to you. So I’m just trying to get my head around that.
It’s a different structure of the agreement, and I’ll give you a little bit of color on it, but caveat that by saying that I’m not an accountant, so I’m not going to get too detailed. But this is a longstanding customer that we have had as a customer on our old business model. It was for a product where we had term licenses, where we no longer have those term licenses. We were converting them to the perpetual license model, which is our standard model today.
This particular customer actually acted as essentially a BPO provider for the end user client, provided first and second level support. And it was a first of its kind, in our new selling model, environment. So the accounting rules were such that we need to recognize it over the term of the maintenance contract, which is first year - perpetual license plus first year. That’s what we’re doing. Like I said, it’s a good deal, good business, and while it would have been great to post the entire revenue in Q4, it’s not a bad outcome how we ended up here.
Brandon [Austin] - [Venator]
Right, but I understand that maintenance gets recognized over the term of the contract. I’m just a little confused why the license is recognized… Usually the license gets recognized up front.
I could answer that, but it would get so deep, and I would be a little bit out of my realm. I don’t want to do that. But worked very closely with our auditors before the deal was even consummated intellectually, as it was being done, and post the deal being done.
So it’s something that the rules are very complex, there’s a lot of nuances to it. And again, it’s something that we knew, as we moved this company to our new business model, this was going to be different from how we used to run business, and worked with our partners at [Markham] to make sure that we did things properly and accounted for properly. Like I said, it would be great to have had it recognized in the quarter, but having it recognized as we’re doing is not a bad thing. It’s just the nature of this business.
Brandon [Austin] - [Venator]
So in terms of your other contracts going forward, are they going to follow this generally? Would they follow the same structure? Or is this sort of unique because of the nature of the customer?
This is a first of its kind deal. I can’t tell you there won’t be more, but it will be the exception, as opposed to the rule. As we move our existing customer base, who was used to dealing with Datawatch as we were a different company, a declining company - as we move them to dealing with Datawatch as a high-growth company in an exciting market, things are going to change. By and large, there won’t be these types of accounting issues, but there may be one or two going forward that fall into the same boat.
[Operator instructions.] Our next question comes from the line of Mark Gomes from Pipeline Data. You may proceed with your question.
Mark Gomes - Pipeline Data
Looking at this deal, if it was recognized as a traditional deal, would you find that the growth rate for Q4 would have been a little bit more in line with what we’ve seen in previous quarters? And what can you say about your long term growth target and operating margin target?
You can do the math of the seven-figure license deal and figure out what the growth would have been had it all been recognized in Q4. And to the second part of your question, while we don’t provide guidance, we do talk - especially when we go to investor events - about our long term business model that this company, long term, should be able to sustain 25-35% top line growth numbers. And these types of transactions, you account for them as you will see fit.
Mark Gomes - Pipeline Data
And your long term operating margin targets, whether or not you feel that the pipeline is such that we can start seeing kind of a resumption of the growth track that we’ve seen in the short term? Or is it going to take a few quarters for some of this rebranding to take hold?
In terms of the opex, as I mentioned earlier, we’ve put a sizable investment in the last couple of quarters into the sales and marketing areas. You’ll notice that that’s where most of our investment has been. Our pipelines continue to grow. The pipelines today are at their highest level since I’ve been here. They’re not as high as they want them to be.
Ben has come on board and repositioned, rebranded, the company, new messaging, bringing us out to a much broader marketplace. There’s going to be some level of churn as we move to that, but we haven’t seen it in the pipelines yet. What it will do for us is open up the opportunities to a much broader marketplace. And our expectation is that it will drive pipeline growth at a higher rate than we’ve seen in the last six quarters.
Mark Gomes - Pipeline Data
And final question, if you could just give us a sense as to what you see in terms of the opportunities for follow-on sales into the new enterprise accounts that you’ve been signing.
Most of the new enterprise accounts that we’ve signed up have signed up on sort of a departmental level, even the six-figure deals. So they all hold great potential for expanding. And it’s too early to give you any call out on expectations for what we can achieve from these customers eventually. But none of these sales and opportunities are the last bite we’ll have with these customers.
Mr. Incropera, there are no further questions at this time. I would like to turn the floor over to management for closing comments.
Well, again thank you everyone for being with us today. We’ve got a great team executing on the strategy. We’ve got a lot of work to do. We are excited about the opportunities and we are taking steps to better communicate with the investment community about Datawatch and the market space.
Over the next few months we’ll be participating in a number of investor conferences and events. We announce them all in advance. We are actually going to be at the Canaccord Genuity event in New York City tomorrow. We welcome the opportunity to meet with any of you at these events. If you’d like to speak with us, phone in. Call investor relations, call myself, call Ben. And we appreciate all your interest in Datawatch. Thank you.
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