Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Mattersight (NASDAQ:MATR)

Q2 2013 Earnings Call

August 07, 2013 5:00 pm ET

Executives

Kelly D. Conway - Chief Executive Officer, President and Director

Mark Andrew Iserloth - Chief Financial Officer and Vice President

Analysts

George F. Sutton - Craig-Hallum Capital Group LLC, Research Division

John Weidemoyer

Operator

Good afternoon. My name is Jeremy, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Mattersight Q2 2013 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. Kelly Conway, CEO. You may begin.

Kelly D. Conway

Thank you for joining us on the Mattersight Q2 2013 Earnings Call and Webinar. Joining me today is Mark Iserloth, our CFO. Before we start the call, Mark, I'd like you to review the Safe Harbor language.

Mark Andrew Iserloth

During today's call, we will be making both historical and forward-looking statements in order to help you better understand our business. These forward-looking statements include references to our plans, intentions, expectations, beliefs, strategies and objectives. Any forward-looking statements speak only as of today's date. In addition, these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those stated or implied by these forward-looking statements.

The risks and uncertainties associated with our business are highlighted in our filings with the SEC, including our Annual Report filed on Form 10-K for the year ended December 31, 2012, our quarterly reports on Form 10-Q, as well as our press release issued earlier today. Mattersight Corporation undertakes no obligation to publicly update or revise any forward-looking statements in this call. Also, be advised that this call is being recorded and is copyrighted by Mattersight Corporation. Kelly?

Kelly D. Conway

Thanks, Mark. We are very pleased with our Q2 results. We really made very significant progress virtually on all fronts of our business, which we'll review on this call. We had strong bookings, which Mark will review. We closed 7 new pilots. We have very encouraging progress on our Predictive Behavioral Routing, which also continues into Q3. As you'll note, we streamlined our expenses significantly and this showed in our P&L. We achieved record gross margins. We increased our -- what we call our business run rate, which we're now calling our book of business, by 10% sequentially. Mark's going to review that metric for you in detail, but we're very pleased with the progress there. Looking forward to Q3, we expect to increase our total revenues by approximately 5% sequentially, and we also expect to achieve approximately adjusted EBITDA breakeven in Q3. So again, virtually across all fronts, very pleased in the progress we've made.

I'm now going to ask Mark to go into some detail on our bookings information. Mark?

Mark Andrew Iserloth

Thanks, Kelly. Overall, in many respects, this is our strongest quarter ever. I'll give you a couple of metrics on this page and then when I get into our book of business definition, you'll see progress there as well.

So overall, we had $3.7 million in adjusted contract value or ACV -- I'm sorry, annual contract value or ACV, which is a 50% quarter-to-quarter increase from where we were in Q1. I also have some history in a couple of pages to help put that in context of business from last year. We also did $14.6 million in TCV. On top of that, it was excellent -- it was broad. It was broad and deep. So we had 6 deals over $300,000 in ACV and no deal over $900,000 in ACV, so less than 25% of the book of business that came in, came in from one client.

We also converted 2 major performance management pilots, both were new logos and non-existing accounts, one with a top 5 hotel chain and the other one at P&C organization that we're getting aligned with. We signed several significant add-ons with our existing accounts and we grew our pilot base by 7 new pilots, including impact analysis pilots, which Kelly will talk in a little bit more detail in a moment. And we ended the quarter with a record of 22 active pilots. We also added 6 new logos during the quarter.

We have, in the past, talked about our backlog as a metric that gave guidance for future revenue projections and as an early indicator for growth. We are moving away from that because, while useful in part, it can be misleading due to a variety of factors. Renewal and new contracts both add to backlog, but only new ones add to revenue. Small changes in user assumptions are magnified over multi-year contracts and can result in small swings in quarterly revenue, but large swings in backlog and thus, potentially give an indication that it is misleading. Large multi-year contracts can have a disproportionate impact on the size of the backlog as well. So we're implementing a better metric to be used in the context of forward-looking guidance.

We are calling this our ending quarter book of business. So what this chart shows is 2 lines. The first one, the red line, is our incremental annual contract value or that -- the revenue that we would expect with the booking over a 12-month period. So for example, if we had a $3 million total contract over a 3-year deal, it'd be $3 million in TCV or total contract value and $1 million in ACV. We think that ACV is a better indication of future performance than TCV because it puts everything on a rolling 4-quarter basis. And as you can see, it went from $1.9 million in Q2 2012 to $0.4 million to $1.9 million to $2.4 million to $3.7 million. So over the last 5 quarters, Q2 2013 was our strongest quarter by far. Nearly twice than what it was in Q4 2012 and up substantially from Q1.

Now our ending quarter of book of business in the table below and the blue line above is worked at this way. We start with the ending quarter revenue, and I'll work through Q2 as an example. So at the end of -- so we had $7.9 million in revenue in Q2. We added approximately $3.7 million in ACV, which equates to approximately $933,000 on a quarterly basis. So everything on the table is shown on a quarterly basis. The point is that we ended the quarter with a certain run rate, we will add to it, we'll subtract from it and then end up with a new book of business -- ending quarter book of business.

So we added $933,000 in incremental ACV. We took a look at deployments and consultings that were ending, which is part of the normal process with respect to pilots, and approximately $200,000 will not be repeated in Q2 -- I'm sorry, in Q3 2013. And then we look at the known adjustments to our subscription, which is nothing more than accounting for increase or decrease in the fees, and there's approximately $23,000 there. So our ending quarter book of business is the run rate that we have starting at the end of the quarter, we add to it the sales that we had during the quarter, we subtract from it known fall offs and at the end of the quarter, we have $8.6 million in our ending quarter book of business.

Now if you take a look at each one of the columns between Q1 -- Q2 of 2012 and Q2 of 2013 and compare the ending quarter book of business with the end of quarter revenue, you'll see that it's not entirely in line. And the reason there -- for the next quarter. And the reason there is because the timing of rollouts of the deals. So for example, we don't expect $8.6 million to be the revenue in Q3, given that Kelly already said that we're expecting sequential revenue to go to 5%, you can get a sense that we still have -- we have a backlog, if you will, of revenue that should hit in periods after that. So we think this is a better metric to help folks at least one quarter, if not further in advance, look at the run rate of the business and get a sense of how it is going up or down.

Let me talk for a moment on our overall quarterly performance. So Q2 revenues were $7.9 million, which was consistent with the guidance we gave at the end of the quarter. Total revenue is down approximately 7% and subscription revenues were down approximately 10%. We had record gross margins, so overall gross margin of 66%, was up 20 basis points from Q1. And our subscription gross margin was 74%, up 50 basis points from Q1.

In the Q1 conference call, we talked about the actions that we had taken in Q1 to more rationalize our expense base in line of our -- in light of our revenue forecast. And you can see -- and we said you'd see it in Q2 and where you can, in fact, see it. So we are showing a 10% sequential reduction in our cost base, looking at cost of sales, development and SG&A for approximately $1.2 million. And that dropped to the bottom line, so our adjusted EBITDA of negative $400,000 was an improvement of $1.1 million from Q1.

Spend a moment on our pilots. So we ended Q1 with 19 pilots and we ended, as you heard Kelly say, Q2 with 22 pilots. We've broken that down a little bit, so you can see how they come relative to routing, performance management and what we classify as add-on or other, which tend to be expansions and things like that. You can see the biggest movement was in our routing pilots. We've started the quarter with 3, we added 5 and ended the quarter with 8. And of the 5 that we added, 4 were new logos. So we expect that when we roll this out or show this in subsequent quarters, the largest change will be in the routing side. That is where we're seeing the majority of the activity right now, and Kelly is going to talk about that in a moment.

On the performance management side, you see we started with 6. We added 1, converted 2, dropped 1 with 4 at the end and 2 of those new logo pilots and then added on another. We started with 10, added 1, dropped 1 and ended the quarter with 10. Relative to the 2 that were dropped, in one case, we lost our sponsor and in one case, it was a small project that, while it proved valuable, they allocated corporate resources elsewhere. As -- the other point I'd like to make on that is we are now, frankly, busy enough with the performance routing that we are taking a harder look at our existing pilots and not letting them drag on, meaning we have resources that we are using to deliver where the activity is. So we're taking a little bit of a tougher line with our clients to make sure that we can move these forward and we can move on.

With that, let me turn it over to Kelly for our routing update.

Kelly D. Conway

Thanks, Mark. The -- we are extremely pleased with the progress we've made in the last 60 or 90 days with routing. The take-up rate in the last 3 or 4 months has been very significant. We saw this towards the end of Q2 and candidly, this has continued strongly into Q3. Let me highlight some of those points. In Q2, we signed 5 new pilots, of which 4 were new logos and importantly, 2 came from our partner channel. In talking about increased pipeline, we increased our routing pipeline 60% sequentially in Q2. And just to push [ph] out a little bit in Q3, through the first 5 or 6 weeks of the quarter, we've increased our pipeline 33% sequentially Q3 to date.

We are seeing strong activity across numerous verticals, whether it be health care, property and casualty, tech and telecom, cable, education, as well as in small and medium businesses, SMBs, if you will, where we were never able to serve them before efficiently or cost effectively with our performance management. We are also seeing broad interest across multiple applications, sales, customer retention, cost reduction and we helped also sign a collections pilot this quarter.

I mentioned our -- building our channel partners. We were very successful in Q2. We signed 6 reseller channel partners. We're up to 7 in total and we would expect to sign 2 or 3 more here in the third quarter. So really, across all measures, across the top of the pipeline, we're seeing exceptional receptivity to our offer and are very, very excited and pleased with the progress to date.

And I'm now going to have Mark explain to you kind of our sales process and what we expect to see going forward as we get a lot of this routing activity. Mark?

Mark Andrew Iserloth

Thanks, Kelly. We have 4 steps to our sales process with our Predictive Behavioral Routing or PBR offering. And we've identified the steps and we've identified the revenue impact and then we've talked what happened in Q2 to get a sense of momentum in the various areas.

So the first step is fundamentally adding prospects to the pipeline. We go out, either our ISRs or sales reps go out, test the market and see if there's an interest in the offering. We think 2/3 of that is going to come from partners and about 1/3 of that should come from our direct team. Those will obviously have no revenue impact because it's just priming the pump, if you will, and getting a number of deals into the pipeline for conversion down the road.

As you heard Kelly talk about, in Q2, we increased our prospect pipeline 50% and you just heard about the progress we've made quarter-to-date in Q3. So once they hit the pipeline, the initial target is to close what we're calling an impact analysis pilot. So this is a short-term analysis of the data. It takes approximately 2 weeks to complete, and we expect that approximately 80% of those will convert to what we're calling an appliance pilot. This is essentially a 2-step process for a pilot to ultimately convert to a revenue-producing client.

In both cases, minimum revenue impact, you can see that on our impact analysis pilot, we signed 4 of those in Q2. Once an impact analysis pilot shows the value -- and essentially, what the process is, we go to the client, they are convinced of the opportunity, they give us a set of data, we can perform an analysis on it, this is where they show the benefit of using Mattersight's PBR offering and then we expect that to convert to an appliance pilot 80% of the time. What that then means is we install a routing appliance, which takes approximately 6 weeks to complete, we let it run for a bit to show the benefit using the realtime data and then we expect 80% of those will convert to subscription, and that's how the contracts are largely structured, meaning they have to opt out.

Both stages of the pilot, impact analysis and the appliance pilot has minimal revenue impact associated with them, so you can then sort of see in the column marked Q2 sort of how the funnel works. We increased the prospect pipeline significantly. We had 4 impact analysis pilots in Q2 and we had one convert to an appliance pilot. We then expect later on this year, most likely in Q4, we'll see these in the Q to convert to revenue contributing deals, which is the last step, which is turn out subscription. We think that'll take approximately 2 months to complete. And we expect the average annual subscription to be about approximately $400,000.

Two other points I'd like to make. We do think that the addition of the partners, which I mentioned in the first one, right in the -- adding prospects to the pipeline, certainly opens up a new market for us in the SMB side or small, medium business side. And then at the end of this, there's also the upsell opportunity, because once our appliances are in place and we turn on the subscription, there is the possibility to sell additional add-on work based on the infrastructure that is then in place.

So there are a number of steps on this next page, but essentially, routing simplifies our entire business model, right? I mentioned the partner aspect before but now, this is something we can take to the SMB market that we didn't have an offering for before. So whereas performance management is targeted to large enterprises with greater than 1,000 seats, routing is essentially now all call centers greater than 200 seats and we could even go below that. The partners open up this opportunity for us and we're starting to leverage, as you heard Kelly describe it, our entrée into the market there.

The initial pilot sales cycle is approximately a month versus 6 to 9 months on the performance management side. In fact, the last 2 routing products have literally sold in one phone call through the impact analysis. The impact time, which I described in the prior page, 2 weeks for routing. The impact analysis probably doesn't exist for performance management. You go right to the larger one. And it persuasively convinces people of the potential benefits, such that we expect a large percentage to convert to the appliance side. On the technology side, there's a multi-benefit to it. The initial implementation for routing is an appliance without a call capture server. So it's a smaller footprint, easier to install and the client effort is extremely low versus a larger footprint with longer time and longer effort or higher effort required for performance management.

On the security side, minimal concerns with routing versus the higher ones for performance management. As it reduces the number of client touch points during the sales process, there are fewer data sites or points to be concerned about. The time to prove business case, as I talked about in the prior page, is much shorter, so in 2 to 4 weeks versus the multi-month path for performance management. The results, more routing offering are immediate, visible and very convincing.

And our standard contract term is also much shorter. So we think this is a compelling enough offering that offering shorter-term contracts is a good entrée to the market. We'll see what the market will like. They may prefer a year, but we're going leave it 90 days versus typically a 3-year engagement for performance management, which typically has much higher costs associated with it. So we also think that the advantage of shorter contracts, it should simplify the approval process within our clients' target organizations.

Let me turn it over to Kelly to talk about sales.

Kelly D. Conway

Thanks, Mark. Last week, as you probably may have seen, we announced that Karen Bolton would be leaving Mattersight. Karen certainly contributed a huge amount to Mattersight and very much appreciate the work she's done in a number of accounts and the dedication she's had to her role here. At the same time, we're very pleased for her that she's moving to a position that -- at a large consulting firm that will enable her to get back to her home in Australia from time-to-time, which is something that she has, for a long time, desired. So we are, again, mixed feelings, we're sad that she's leaving, a valued colleague and we appreciate all that she has done, at the same time, certainly, are glad that she's going to a position where it serves her personal needs and desires as well.

Going forward, I will oversee the sales organization and we'll have 3 major teams. We will have 2 large enterprise teams focused on vertical clusters, one team focused on large telco cable technology and travel and hospitality companies where we either have or are building very strong qualifications and then a team focused on areas where we have -- we do have very strong qualifications, which are large health care payers, PVMs, property casualty insurers and financial services companies. We will also have a team that is focused on leveraging our partner channel to penetrate small and medium businesses primarily with our routing offering.

Mark, I'm going to turn it over to you to talk about our Q3 outlook.

Mark Andrew Iserloth

Thanks, Kelly. We currently expect total Q3 revenues will increase by approximately 5% sequentially in Q3 and we also currently that expect our adjusted EBITDA to be approximately breakeven in Q3. So as Kelly outlined initially, what we're starting to see is the impact of our successes beginning to make its way to the income statement in Q3. And we expect that to continue going forward. Kelly?

Kelly D. Conway

Jeremy, we're -- now like to open up the call to questions.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of George Sutton.

George F. Sutton - Craig-Hallum Capital Group LLC, Research Division

Relative to your comments that you're going to take a harder look at your existing pilots, I'm wondering if you can just give us a little better sense of what you mean by that? You're suggesting that you're busy enough with the Predictive Routing that some of the older pilots you may force to move along quicker, and I wasn't exactly sure what you meant by that.

Mark Andrew Iserloth

Well, George, it's Mark. What I meant by that is we have increasing demands on the organization. And we want to make sure that we use our resources as best we can. It by no means suggests that we'll walk away from potential clients. It just means that we may have to think about -- a little harder about a sliding model, for example, that says if a client is interested in working with us, but they have internal priorities to consider as well, which happens frequently, that we then acknowledge that very reality and say that's fine, recognize that our resources may go to do something else for a period of time and then come back and then see how that works. The idea being that we'd like to have, in conjunction with working with these customers, a bit of a better understanding of the timing and the usage of it. And if it means we have to come back to it a little bit, we will.

George F. Sutton - Craig-Hallum Capital Group LLC, Research Division

Okay. Relative to your Predictive Routing appliance program, can you just walk us through how that might have impacted some of the potential deals in your pipeline? Did that accelerate some opportunities? And how significant has that shift been?

Kelly D. Conway

Well, I think, George, there's -- we've looked to really streamline the whole process. I think one is doing these impact pilots has really accelerated the demand and we're seeing a tremendous upsurge in activity. We also make it easy once people -- the point of that is to show people with their data, how much value we can drive. We then make it quite easy for them to put in our appliance. So we really see both of those things kind of going hand in hand to accelerate the interest level. Candidly, to date, we are ahead of where we thought would be on pipeline development. Our pipeline development, you kind to think about the top of our funnel in terms of total number of prospects and new pilots. I believe we are going to be ahead of our most optimistic internal expectations at the end of Q3. Certainly, there are -- and that's great. On the other hand, there are things that we don't yet know conclusively about what percentage of those will ultimately convert into subscription, how long that will take and what the size of those deals will be. Obviously, we have assumptions built into our models, but that bottom part of that revenue conversion, we will get more data points late in Q3 and in Q4. But at the top end of our funnel, frankly, the combination of the offering itself, the impact analysis and the appliance pilot is driving greater demand and interest level than really our best case assumptions, George.

George F. Sutton - Craig-Hallum Capital Group LLC, Research Division

So you mentioned you have 6 reseller channel partners and I wondered if you could just somehow quantify for us the opportunity with those groups. I don't know if that's in the form of an effective number of feet on the street or just a sense of the size and the scope of where they cover.

Kelly D. Conway

Yes. So I -- those, in total, the 7 we have, I would guesstimate, would have an installed base. So we are targeting -- we are choosing those reseller partners to get coverage around the major switch area -- switch providers with whom we interface. So that would be Cisco, Avaya and Genesys. And in many cases or in most cases, their installed bases are probably going to be on the small and medium sized businesses. I would guess that they would have installed base of somewhere on the order of 500 -- 400 to 500 installed accounts, which we would certainly want to go to first as a target. And probably have effectively each of them -- effectively would probably have on average between 5 and 15 people that are in each of those organizations that are focused on selling call center applications. So if we just took a midpoint, George, and said, let's say, 10, you might have something on the order of 70 people who -- feet on the street, if you will, that are out there when they're fully trained, representing and -- our application to their installed base and the new customer prospects.

Operator

[Operator Instructions] Your next question comes from the line of Jonathan Ho.

John Weidemoyer

This is John Weidemoyer for Jonathan. We're in multiple calls this evening. Can you give us an update on the -- your ACA initiative, how you're doing there? And just an update on any impact going forward for you?

Kelly D. Conway

Yes, we did get a small order in the second -- small ACD order in the second quarter relative to ACA and as a subcontractor to GD IT, the major -- the general contractor there. And I think as everyone is aware, there is still a lot of uncertainty about the Affordable Care Act and how it's going to roll out. And we continue to work on a daily basis with our partners there to understand what the longer term looks there. But as you can imagine, there is still a lot of political and funding uncertainty relative to that whole program.

John Weidemoyer

Okay, sounds good. Another question, trying to get a sense of your capacity. With these new partners, as they introduce leads, you mentioned about George's prior question about being more efficient with your opportunities. Just trying to get an understanding of the capacity. It seems like you have so many more leads coming in now with the partners. Can you talk about your expectations for growing the capacity that handle new deals as they come in?

Kelly D. Conway

Well, we are starting to rehire on the sales side. And in particular, to work with those channel partners. We currently have a sales team of 3 in there, and I would -- we hope to have by early Q4 a sales team of 5 to working with those channel partners and the leads they produce. So that's the first immediate way we're going to be dealing with the upsurge of that. Depending on the success, we would potentially add more of those people to the sales team in early 2014.

John Weidemoyer

Okay, that's helpful. The -- when you mentioned the sales departments, the breakout, is that a restructuring that you had intended on affecting the vertical by verticals and then with the partner work as well? Was this something that you had in the works for a time?

Kelly D. Conway

Yes, those are really independent streams. Karen and I had been working on designing this sale structure for the last several months. And I think as this opportunity emerged for her, which was preferable for her from a personal standpoint, she went through the agonizing process of trying to figure out what was right for her and what was right for her family and right for Mattersight. But the basic strategic thrust was in place. We serve very large prestigious companies like United HealthCare, like Allstate Insurance, like Progressive Insurance, Caremark, et cetera, Wells Fargo, who -- HCSC who really come to us because of the consultative approach to use our analytics to affect business transformation. That's remains a major focus for us, and that needs to be served by very senior account executives and behind them, very strong analysts to help people understand the data and drive change with the data. On the other hand, the routing product really opens up a market where, frankly, in many cases, we are just going to sell routing as a SaaS application. And so we've built our sales force to really serve both of them, and we'll be adapting our service model to serve both of them going forward.

John Weidemoyer

Okay, that's helpful. I'm curious of the reach of the partners. You talked a bit about it on -- answer George's question. How do you -- are these all national players? Or do they focus in certain verticals? How do you go about kind of seeking these relationships?

Kelly D. Conway

Yes, it's a good question. I mean, you have -- you probably have several dimensions of it. One is ultimately, the ultimate goal is to leverage relationships to get into accounts. And so a major relationship entry point is going to be the telephony infrastructure. So we want to get coverage. One access of the grid is the telephony infrastructure support, so that would be the 3 primary players there are Avaya, Cisco and Genesys. And then the second access has been the regional coverage. So we want to have strong coverage across the whole country. So in many cases, these partners will be either regional or will be national, but have strengths in certain regions versus other. So as we're building out the partner map, we really have to take both of those into account. What is the expertise they have as it relates to the telephony infrastructure and where are they strongest, and kind of lay those puzzle pieces together, we estimate that we'll get through about sometime early next year or mid next year to about 20 partners. We'll fill out that map of giving us the appropriate coverage across all regions with all of the -- with the 3 major switch providers or the people that support those 3 major switch providers.

John Weidemoyer

Okay, that's a very useful explanation. One last one, do you have any large contract renewals in the next 12 months?

Kelly D. Conway

There's a couple that are coming up this quarter that we are working on, that are coming up for renewal this quarter that we would expect to renew are the major ones that are coming up in this quarter.

John Weidemoyer

The next 12 months. So you don't have any other as large -- any other large ones in the next 12 months?

Kelly D. Conway

We have 2 that I know are coming up for -- that we're working on renewals in the third quarter, most notably. And we have -- we can -- the work at GD IT, that will come up for renewal early next year.

Operator

And there are no further questions at this time. I turn the call back over to the presenters.

Kelly D. Conway

Well, we appreciate everyone's interest and support. Again, we are extremely pleased with the progress we made and our performance in Q2. We had a very -- as you know, a very strong bookings quarter, record pipeline activity, tremendous progress with routing, significantly improved operating performance, both in gross margin, expense performance and P&L and we see a strong opportunity in the market and frankly, a better competitive position than we've never had given the full breadth of our offering. So again, we feel like we made great progress and we're looking forward to continue that in Q3. Thank you very much. Have a great day.

Operator

This concludes today's conference call. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Mattersight Management Discusses Q2 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts