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Executives

Lloyd Lynford – President and CEO

Mark Cantaluppi – VP and CFO

Analysts

Ian Corydon – B. Riley & Company

Kevin Casey – Casey Capital

Kevin Casey- Casey Capital

Ross Taylor – Somerset

Reis, Inc. (REIS) Q1 2013 Earnings Call May 2, 2013 11:00 AM ET

Operator

Good day ladies and gentleman and welcome to the Reis Inc., First Quarter 2013 Financial Results Call. At this time all participants are in a listen only mode. Later we will conduct a question-and-answer session with instruction to follow at that time. (Operator Instructions). As a reminder, this conference is being recorded.

I would now like to turn the call over to your host for today Mr. Lloyd Lynford, CEO. Sir, you may begin.

Lloyd Lynford

Thank you. Good morning. This is Lloyd Lynford, President & CEO of Reis. Joining me on our first quarter 2013 earnings call are Jonathan Garfield, Co-Founder and Executive Vice President of Reis, Mark Cantaluppi Reis’ Chief Financial Officer and other members of Reis’ senior management team.

First, I need to provide a Legal Disclaimer.

Today’s comments may include forward-looking statements which involve a number of risks and uncertainties and are based on currently available information and current management outlook or expectations. Actual results may differ materially from those in the forward-looking statements. In addition, we do not plan to update any forward-looking statements to reflect subsequent events or circumstances or if expectations change. For more information relating to the risks and uncertainties involved in our forward looking statements and the company generally. Please see the risk factors and forward-looking statements section of our recent filings with the SEC including our first quarter Form 10-Q and our earnings press release both issued earlier today.

This call is being broadcast live over the Internet; will be available for replay for period of time following the call. A link to the webcast to this call or information on the replay is available at www.reis.com/events. Copies of our quarterly reports on Forms 10-Q and our earnings press release can also be found at the Investor Relations portion of our website.

Today’s call includes my comments on Reis’ performance, I will then ask Mark to review our financial results for the first quarter of 2013. After Mark’s comments, we will open the telephone lines for your questions.

I’m pleased to report that during the first quarter of 2013, we sustained its track record of enviable growth. For the 12th consecutive quarter revenue increased over the prior year’s corresponding period. In fact 2013’s first quarter was the strongest first quarter with respect to revenue growth in Reis’ history a public company.

Revenue grew last quarter by 12.8% compared with a 10.3% rate of 2012’s first quarter and the 10% rate of 2011. Our robust top-line growth is the result of the careful execution of all components of our business climate. From the disciplined introduction of new content, functionality and analytics, as well as to the powerful approach we have taken to implementing our sales and marketing strategies.

Our revenue growth spurred a corresponding increase in EBITDA. During the first quarter EBITDA totaled just under $3.3 million rising by 12.2%. For the first quarter growth rate also exceeded last year’s performance when our EBITDA growth from 11.5%, our EBITDA margin remained at the 40% level during the most recent quarter. Other key financial metrics reported solid improvements in the first quarter over the prior year. Deferred revenue as of March, 31st, totaled $16.9 million., up 14.4% from the previous year.

Our aggregate revenue under contract which totaled $34.5 million as of March 31st was approximately $8.5 million above the total as of the end of the first quarter a year ago. Our deferred revenue and aggregate revenue under contract speak directly to the reporting nature of our business and the revenue and cash flow visibility for the Reis business model. Reis’ improving performance for the respective contracts, revenue, deferred revenue and EBITDA are all directly tied with a consistent pace of our new product innovation and the aggressiveness of our sales force in bringing those products into the marketplace.

Compelling evidence of our product innovation and excellence it was recent as yesterday when we published our first quarter market data and launched 3 major enhancements to the company’s flagship product Reis SE including the addition of 75 to apartment markets and promotion of the self storage sector to the full coverage status with market forecast for 50 metropolitan area and 279 submarkets and with rent and sales comparables reports.

We also introduced downside market scenarios, which respond to increased regulatory scrutiny of lenders ability to manage market and portfolio risk. These three enhancements continued the relentless product development initiatives that made Reis the leading provider of market information and analytics to U.S. commercial real estate investors.

Let me spend a few moments addressing the significance of each of these three launches. Recent apartment expansion Reis’ coverage to a total of 275 apartment markets. Commercial real estate professionals operating in all of these markets turn to Reis for the most reliable rent comparable, sales comparables and market trends. There is no significant apartment market in the U.S., which is not currently monitored by Reis, the comprehensiveness of our coverage, the scope of our data collection, our deep history of property and market performance, all support by industry leading apartment market research and represents a formidable barrier to any future potential competitors. This is the company’s 12th major expansion of coverage since 2007 and followed closely with September 2012 introduction of 58 new office markets.

Yesterday we also dramatically operated our coverage of the self storage sectors a $22 billion industry. We add to the market and submarket forecasts, sales comps and rent comparables to our self storage market information and analytics. All of these capabilities will promote more accurate market research, due diligence and cash evaluation excellence, cornerstones of sound real estate decision-making. Until Reis entered the self storage market last fall there was a distinct possibility of market data on this key property type. With yesterday’s enhanced offering debt and equity investors and service providers can now rely upon Reis. Just it has been for many years for other commercial property types, we are making acquisition, disposition, lending and property management decisions. Detailed data on self storage market can now be accessed with a few key strokes on Reis fee.

Our sales force has begun to call upon our subscribers and prospects to (inaudible) who are self storage module. The third major enhancement that we released yesterday, after many month of development by Reis’ economists, it is a feature our subscribers have been asking us to develop. As the economy and commercial real estate markets have become more volatile in recent years. Investors and regulators have been thinking to stress test performances assumptions and like incredible scenarios, it capture the potential effects of the moderate and most severe economic downturns on a commercial real estate performance. Reis has now responded to that specific need. We are publishing in addition to the company’s baseline market forecast, two additional scenarios that reflect absorption, construction and vacancy and rent performance in 100s of the markets and 1000s of submarkets predicated a quantifiable and more conservative assumptions of economic and demographic activities.

With the recent economic crisis still fresh in the minds of investors, lenders, developers and regulators. It’s necessary to forecast the potential impact of rapid economic reversals on market conditions. Reis’ deep historical databases representing over 3 decades the performance trends on the supply, demand and prices of commercial real estate support rigorous scenario forecasting that other firms simply cannot match. Our subscribers will now have additional analytical precision in anticipating and managing the type of volatility that has characterized the economy and commercial real estate market over the last 5 years.

Let me provide you with some color on the recent launch of our portfolio and analytics product Mobiuss, developed together with Opera Solutions, a big data and predictive analytics firm with a worldwide practice. As you may recall, Mobiuss is designed to quantify cash flows, collateral value and default risk at the loan level from the bottom up. And an approach that is now considered to be optimal methodology to be implied by all banks, CMBS investors and other institutional lenders.

Since we launched the product in mid-February, Reis’ sales team have been focused on meeting with prospects participating and banking and risk management related trade shows and demonstrated Mobiuss at Reis client events. At one institution where Mobiuss has been installed as users strength, the system has been utilized to generate and maintain a highly granular assessment of the health of its commercial real estate loan portfolio. We have completed other initial meeting and many demonstrations largely with existing Reis bank clients with a billion dollars or more in commercial real estate assets.

We have also met with the regulatory agencies and government sponsored entities. Initial feedback has been extremely positive, our Mobiuss competes with a few existing third party modeling products as well as with internal solutions at banks. Reis clients and prospects view the Mobiuss platform at a substantial step forward and allowing them to access the risk in their commercial relating exposures of its loan and portfolio level. Mobiuss has received especially favorable responses to its advantage visualization tools as also the transparency and flexibility of its analytics.

Another strong advantage of the product, for many organization is the fact that it stems the use of Reis data throughout the real estate asset life cycle from originations, underwriting, appraisals and credit review where we Reis SE is already heavily relied upon. The portfolio and risk management where Mobiuss completes the cycle. Our recent dialog with Reis clients confirmed that there is a significant demand at the portfolio and risk analytics that Mobiuss offers. We will be working hard in the coming months to build our pipeline of Mobiuss prospects, with an eye towards the product making a meaningful contributions to Reis’ revenues in the latter part of the year.

We believe that the defining components of Mobiuss transparency advance technology and Reis expertise in brands would generate traction in the market as loan level analytics have emerged has the priority in response to regulatory pressure and more lenders have embraced mortgage portfolio monitoring as a best practice.

Our small business product, Reis Supports continues to make gains and contribute to our revenue growth. We recently launched version 2.0 leveraging many of the improvements we made last year to Reis SE. We have begun to make our monthly market data available on this platform. Increasing the products relevance to subscribers with geographic and property type focus maybe more limited than a typical at SE users. And we will soon begin proactively pushing monthly report update to subscribers. We have made impressive (SEO progress and linked on it) which is elevated up significantly in terms of Google, Bing, and Yahoo searches. We have the databases, reports, brand, technology, and a growing body of experience in Internet marketing to become the first vendor to capture meaningful revenues from selling market information and analytics to commercial real estate prosumers and small businesses.

Again, I want to make the point though with every quarter that goes by Reis further distinguish itself from the competition and provide incremental and meaningful value to our subscribers. We will continue to commit the data collections, market analysis, product development, and econometric resources to unlock the enormous value of our multidecade investments in property databases. By doing so we will continue to wind and lead every competition monetize our competitive advantages and sustained revenue in EBITDA growth under Reis franchise. Let me now turn the call over to Mark Cantaluppi.

Mark Cantaluppi

Thank you Lloyd. Good morning everyone. All the results I will be presenting this morning are more fully described in the financial results press release and in the Form 10-Q issued earlier today. In the first quarter of 2013 subscription revenue generated by the Reis Services segment aggregated $8,234,000, an increase of $936,000 or 12.8% over the first quarter 2012 revenue of $7,298,000. Income from continuing operations for the first quarter of 2013 was $402,000 or $0.04 per basic and delusion share. An increase over the first quarter of 2012 amount of $136,000 or $0.01 per basic and diluted share.

The company had consolidated net income of $250,000 in the first quarter of 2013 or $0.02 for basic and diluted share, whereas the first quarter 2012 had a net loss of $14.2 million or a $1.34 loss per basic share and $1.29 loss per diluted share. Management utilizes measures such as revenue, deferred revenue, aggregate revenue under contract EBITDA and adjusted EBITDA. EBITDA is earnings before interests, taxes, depreciation and amortization expense. Adjusted EBITDA is EBITDA before expenses related to non-cash stock-based compensation. Please take note of the cautionary language included in our earnings release list and Form 10-Q about the use of EBITDA, adjusted EBITDA and aggregate revenue under contract as non-GAAP measures and the reconciliations of income from continuing operations to EBITDA and adjusted EBITDA for the respective periods and deferred revenue to aggregate revenue under contract as of respective balance sheet date.

These cautionary statements have reconciliations also apply to Lloyd’s earlier comments on these metrics. Reis Services revenue for the 2013 first quarter is 12 consecutive quarterly increase and revenue over the prior year’s course on the quarter. The increase in revenue was 12.8% over the 2012 first quarter.

First quarter 2013 revenue growth accelerated over the 2012 first quarter growth improving from 10.3% to 12.8%. Additionally revenue on CDCM basis for the trailing 12 months as of March 31, 2013 grew 15.4% over the corresponding PTM period from March 2012. The 2013 revenue growth reflects additional new Reis SE business. Revenue growth from our small business product Reis reports and revenue growth from our database distribution initiatives. These results reflect not only just a single strong revenue quarter but also the momentum created by sustained contract to growth during 2012 and into 2013.

Subscriber count for Reis SE continues to grow to 873 at March 31, 2013 from 844 at December 31, 2012. Our renewal rates remain strong for the trailing 12 months at March 31, 2013, these rates were 91% overall and 92% for our institutional customers.

Regarding EBITDA, in our press releases and in our 10-Q, we have provided, and will continue to provide information on EBITDA and adjusted EBITDA both for the researches business and on a consolidated basis. We believe that these metrics for Reis Services provide current and prospective investors and financial (inaudible) readers with valuable information for evaluating the financial performance of the core Reis Services business excluding public company costs and to make assessments about the intrinsic value of that standalone business to a potential acquirer.

Management primarily monitors and measures its performance based on the results of the researches business. EBITDA and adjusted EBITDA on a consolidated basis including the expense of running our public company which is also disclosed in our press release and in our 10-Q, provide the reader information to make assessment about the current trading value of the company’s common stock.

My comments now will focus on EBITDA of the Reis Services business. EBITDA Reis Services for the quarter ended March 31, 2013 was $3,277,000, an increase $356,000 or 12.2% over the first quarter 2012 amount. The first quarter was the 10th consecutive quarterly increase in Reis Services EBITDA of the prior year’s corresponding quarter. Additionally, EBITDA on a TTM basis grew 17.8%. The EBITDA increases are primarily driven by the revenue growth that I described a few moments ago.

Operating expenses also continued to increase but at a slower pace than revenue growth. The net effect which kept our EBITDA margins for the Reis Services segment at approximately 40% for both the first quarter of 2013 and 2012. Regarding consecutive quarter performance, revenue and EBITDA both declined on a consecutive quarter basis. Revenue decreased $347,000 or 4% and EBITDA decreased to $266,000 or 7.5% from the fourth quarter 2012 to the first quarter 2013. As I described on our March 7, 2013 call, we expected a decline in both revenue and EBITDA from the fourth quarter of 2012 to the first quarter of 2013 as the fourth quarters result including incremental revenue of $427,000 from one specific custom project and that there would be no comparable company project in the first quarter of 2013.

I also stated that on pro forma basis by reducing the fourth quarter reported revenue by $427,000 that both revenue and EBITD that would grow and both did. The exclusion of the $427,000 of revenue from both the actual fourth quarter revenue EBITDA result in increases again on a pro forma basis of $80,000 or 1% for revenue and $161,000 or 5.2% for Reis Services EBITDA.

Regarding the consolidated balance sheet at March 31, total consolidated assets aggregated $94.9 million, cash and cash equivalents aggregated $6.7 million, an increase of $1.7 million over the December 31 balance. This growth occurred as we continued to invest in our databases and our websites, investing nearly $1.1 million in the first quarter. The Reis Services business has a proven history of strong cash generating ability and we expect to continue to make proven investments while at the same time accumulating cash in the future.

Our customer receivables, net of allowances aggregated $5.9 million at March 31. Total liability has aggregated $20.7 million, of which the deferred revenue was $16.9 million. Aggregate revenue under contract which is deferred revenue plus future revenue under non-cancelable contract for which we do not yet have a contractual right to bill was $34.5 million at March 31 2013.

Reis’ strong levels of deferred revenue and aggregated revenue under contract continue to provide the company with a stable and predictable base of actual revenues to be recognized in the future. Of the $34.5 million of aggregate revenue under contract, approximately $23.3 million or 72.5% of revenue for the TCM ended March 31, 2013 relates to amounts under contract for the following 12 months period through March 31, 2014. A strong indicator of a significant revenue visibility in the core business.

Stockholders’ equity was $74.2 million at March 31. The company had approximately $10.9 million common shares outstanding of which our current directors and senior management beneficially own approximately 23%.

In summary, we are very excited about the first quarter’s results including our strong growth rates for revenue, EBITDA and deferred revenue. Our balance sheet has further strengthened as we have accumulated cash while remaining debt free and with the continuation of the investments in our databases, websites and new products. This concludes my comments on the financial results for Reis for the first quarter.

I would now like to open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions). Our first question today comes from the line of Ian Corydon of B. Riley & company. Your line is open, please go ahead.

Ian Corydon – B. Riley & Company

Thanks. Mark first can you just talk about the product development expense run rate, had those expenses were up pretty significantly year-over-year but down a bit on a sequential basis. How should we think about those expenses as we run through rest of the year?

Mark Cantaluppi

I think that the first quarter cost for product development is a good number to continue on for the rest of the year.

Ian Corydon – B. Riley & Company

Okay. And then Lloyd could you just talk about the competitive environment today and how does your pricing power feel today versus the same time last year?

Lloyd Lynford

I think that, as I try to reflect in the call, I think we have put some distance between ourselves and our competitors, you know, particularly with the addition of self storage, the expansion of apartment and just be incredible releases that we have had over the last two years. That said, competition is always there at some level. Usually that takes perform more I would say, it’s trying to undercut it on price. I don’t think anybody legitimately particularly among institutional investors are a large players would suggest that our service is not, it’s clearly that is strong, the stronger product in terms of the coverage, in terms of number of property type and all kinds of features and analytic.

S, I would crystallize my statement by saying there is competition out there and it mainly now take the form of trying to undercut us significantly in price and we deal with that I think pretty effectively.

Pricing power I would say is over the quarter is not, I think meaningfully changed, I think that we are kind of in a level of mid-single digit type of pricing power and obviously, you should know our model depends on usage and report consumptions so it can vary significantly from the subscriber to subscriber, generally there is more pricing power then there was two years ago, but we are still not back to where we were let’s say in 2007.

Ian Corydon – B. Riley & Company

Got it. And a final question on Mobiuss, as you go out, with your sales force and try to sell that product. How are you figuring out within your base of existing subscribers, what might the best prospects be and then what are kind of the hurdles you are seeing that you need to get over to drive adoption?

Lloyd Lynford

Okay. The first part of your question will be answered, you remember, you have a chain of account managers who really remain on top of all these clients. So we start with, we are staring since as I noted it’s oriented I would say, not predominantly but significantly towards the debt side so that, we can begin to take a look at banks and other types of institutional lenders. Our account managers from there will know what the needs are, (inaudible) objective data such as the amount of real estate exposure on the balance sheet, where it’s located, and from there we begin to have dialog with anybody who has got any significant exposure to commercial real estate assets. With respect to, what was the second part of your question again, Ian?

Ian Corydon – B. Riley & Company

The second part was just what are the hurdles you need to get over in discussions to make the sale?

Lloyd Lynford

Well, I said one that is historical and it has really got to do with product, the quality of the baseline information of the institution maintains, the system runs more smoothly more easily to the extent that some prospect or client has a very clean or clean long file, we will keep back the altered information such as the geographical location of the asset, the outstanding balance of the loan, so one thing that does help, I have to say, is when you are dealing with that institution that has a good systems and good underlying data on their own portfolio.

As far as anything else, you know, I don’t think right now there is any major hurdle to the dialog, these are more sophisticated sale as I tried to point out in my comments, you are talking about more constituencies that need to buy in terms of both real estate and on the credit side and the risk management side. There will be more dialogue around the credit models and risk assessments. So, with all of those things, I don’t know but I would use the word hurdle, that’s more process that you need to go through then it is when you are selling a pure market information solution at this Reis Services.

Ian Corydon – B. Riley & Company

Got it, very helpful, thank you.

Operator

Thank you. Our next question is from the line of Kevin Casey of Casey Capital. Your line is open please go ahead.

Kevin Casey – Casey Capital

You guys talk about the decline in deferred revenue and aggregate revenue under contract, is that seasonal or sequentially or is there other factors playing into that?

Mark Cantaluppi

Hi, Kevin. It is Mark. With regards to deferred revenue probably looking at it from the standpoint of the December 31, balance versus the March 31st balance, is that correct?

Kevin Casey – Casey Capital

Yeah.

Mark Cantaluppi

Okay, well, and as we talk about in the past, the concepts here is really the timing of when the preponderance of our contracts get moved to record it. Historically, yeah somewhere between 35% and 37 or 38% of our contracts are both in the fourth quarter. And since most of our contracts are annual subscription in nature that creates a larger deferred revenue balance at December 31. As you role into the first quarter which traditionally has been a much slower quarter with regards to contract, renewals and new business, yeah, what you are getting is the effect of the third revenue burning off into revenue during the first quarter. So, that is a normal pattern and you would see from every December 31 to March 31.

Kevin Casey- Casey Capital

And then is there a, to the customers, they want to up sell or add to the contract, do they wait till it expires to do that?

Mark Cantaluppi

Yeah, I mean typically there will be an annual cycle that runs into the Mobiuss contract there can be, but typically a year will go by. I mean sometimes we will have, you will have a sufficient upgrade that we are launching, where we can sell an additional module, but both of our contracts are predicated on usage which we measure annually, so you wouldn’t have a bump in that feed typically until the later year.

So, I think on a comparable quarter basis, I mean to you your question, there is a seasonal aspect to our deferred revenue and that’s why one other way of looking at it is March 31 to March 31 was up I think, it was up 14.4%.

Kevin Casey – Casey Capital

And then a final question. As the cash built what level of cash do you feel comfortable to start returning it to share holders?

Mark Cantaluppi

That’s something Lloyd and I, we talk about a lot, again we first and foremost what to make sure that we have adequate cash not only for working capital purposes but also to continue to reinvest in the business, like I said in my comments, you know, we spent about $1.1 million during the first quarter, last year we spent just about $4 million in total. So we are going to continue to reinvest and do those things that allow us to have a releases like we had yesterday.

At this point, I don’t think that Lloyd and I have identified the bogie with regards to what that numbers going to be before we go back to the board. Yeah, with some type of recommendation, , but we still want to get a couple of quarters more of cash accumulation on the balance sheet in order to make that type of assessment.

Kevin Casey – Casey Capital

Okay, great. Thanks.

Operator

Thank you. Our next question is from line over Ross Taylor of Somerset. Your line is open. Please go ahead.

Ross Taylor – Somerset

Yeah, good morning, gentlemen. I was curious if you should go into and you might have done on the call, but I have been bouncing to a couple of calls here. More into the market opportunities and the time horizons of some of the new products, you could cash some exceptionally large numbers to them particularly when you consider what our current levels of sales are. Yes, I’m intrigued on what kind of time horizon one should expect to see meaningful penetration into this markets and what would you define as meaningful, whether it’s, when you talk about a $400 million or $500 million market is that, a market you think we could be able to see in actual sales over time or it’s that the potential and we hope to get 10% of that or 20% of that.

Lloyd Lynford

All right. I will bring it down, what I was trying to address in the call was I guess specifically the portfolio analytics opportunity on the Mobiuss product. And then what I suggested was that there would be a meaningful impact on revenue in the later part of this year, it’s already made a contribution, but a more meaningful impact by the latter part of this year. I think when you are talking about that market size with the number that you just referred, it wasn’t obviously, specifically for that product it was for all of commercial real estate analytics. Yes, we are not, I don’t think that would be implication that we are going from roughly $32 million company to a $500 million company, based upon the launch of Mobiuss. I think that there can be to the expect that we’re successful, and acceleration of the type of historical growth rates that we have enjoyed under the last couple of years.

And with respect to, I think the other significant product that can contribute what I described a little bit with our Reis SE small business, which I also think have with it. That we have been, we have been over the last couple of years there has been a contributor to our, for example just under 15% growth rate about last year which went up from 12 point something in the previous year. So that has been making a contribution. I think that we are doing and can make Reis for small business more significant aspect of our revenue base. But, I think both of those things together with the growth of the core Reis SE business can take that meaningfully from where we are. But I do think that, I wouldn’t necessarily correlate that directly with a $500 million individual company revenue opportunity.

Ross Taylor – Somerset

Okay. And so what kind of time horizon do you think we should see it as we – for traction, when we want to benchmark you and how these products are doing. What should we be using as a bench mark?

Lloyd Lynford

I think you should be listening to my discussion of individual accounts and whether we are making penetration. As I said last quarter, we are not going to break out Mobiuss into separate product revenue line item nor we will do that with, now we do that with Reis for small business. So we are trying to be based on my discussion as to whether or not. Just that I have got in recent years, I always talked about to the extent that our January distribution initiative and Reis for small business, well, it’s been a meaningful contributors top line growth I noted that and let me talk about that with all of our shareholders in prospects.

Ross Taylor – Somerset

Okay, great. Thank you very much.

Operator

Thank you. And with no further questions in queue. I would like to turn the call back over to Mr. Lynford for any closing remarks.

Lloyd Lynford

Thank you to all who have listened and participated on our call this morning. As always Mark and I are available to speak current and perspective stockholders of Reis. And of course, we will be happy answering any of your questions within the parameters regarding selective disclosure. Our next call will be in August to announce and discuss our second quarter results. We appreciate your continuing support at Reis. Thanks. And have a good day.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference. This does conclude the program and you may all disconnect. Have a great rest of the day.

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