Reis, Inc. (NASDAQ:REIS)
Q2 2014 Earnings Conference Call
July 31, 2014 11:00 AM ET
Lloyd Lynford – Chief Executive Officer
Mark Cantaluppi – Vice President and Chief Financial Officer
Kara Anderson – B. Riley & Co.
Russell Mollen – Nine Ten Capital Management, LLC
Good day, ladies and gentlemen, and welcome to the Reis Incorporated Second Quarter 2014 Financial Results Call. At this time all participants will be in a listen-only mode. But later there will be a chance to ask questions and instructions will be given at that time. (Operator Instructions) And as a reminder, today's conference is being recorded.
And now, I would like to turn the program over to your host, Lloyd Lynford.
Thank you. Good morning. This is Lloyd Lynford, President and CEO of Reis. Joining me on our second quarter 2014 conference call are Jonathan Garfield, Co-Founder and Executive Vice President of Reis; Bill Sander, President and COO of Reis Services; Mark Cantaluppi, Reis' Chief Financial Officer, and other members of Reis' senior management team.
First, I need to provide our 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 our 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 latest Form 10-K and 10-Q.
This call is being broadcast live over the Internet and will be available for replay for a period of time following the call. A link to the webcast to this call, as well as information on the replay is available at www.reis.com/events.
Our earnings press release and Form 10-Q, both issued earlier today, can also be found at the Investor Relations portion of our website.
Today's call will include my comments on Reis' financial results and our most recent product enhancements and strategic initiatives. I will then ask Mark to review our financial performance for the second quarter. After Mark's comments, we'll open the telephone lines for your questions.
All companies strive for revenue growth. CEOs everywhere enjoy reporting to their boards and their investors and to the markets generally that they have posted gains in sales, evidence that their market opportunity is large and addressable, but their business plan is well far out and being effectively implemented.
I'm pleased to report based upon Reis' performance since the end of the economic slowdown in 2010, and especially in the first and second quarters of this year, but Reis belongs to that select cohort of companies that are attaining [ph] and more importantly sustaining truly outstanding growth, all organically generated. We are in the winners' circle of superior performance.
In the second quarter, Reis grew its revenues by 20%, following our first quarter growth of 20.8%. For the first-half of 2014, revenue growth was 20.4%. Quarterly revenue topped the $10 million threshold for the first time in the firm's history at $10.2 million, exceeding last year's second quarter by $1.7 million.
We have now posted revenue growth over the prior year's corresponding quarter for 17 consecutive quarters. Further, our second quarter results represented dramatic acceleration [ph] from last year's already strong growth of 13% during the same period. Reis' future appears exceedingly bright as well, especially in light of the fact that our total contract signed during April through June exceeded every previous second quarter in the firm's history, as did the entire first-half of 2014.
Of course, revenue growth is optimally accompanied by strong EBITDA growth and cash generation. I'm also pleased to announce that Reis continues to perform extremely well on both metrics. EBITDA for Reis Services totaled $4.1 million in the second quarter, a record, the second consecutive quarter in which we have surpassed the $4 million threshold and a 14.8% gain over the prior year. EBITDA growth for the first-half of 2014 was 19.3%.
Reis Services continues to post an EBITDA margin of approximately 40%. We have grown EBITDA over the prior year's corresponding period for 15 consecutive quarters. We're extremely proud of our revenue and EBITDA performance and if all of the innovation and discipline of the operations, product development, sales and marketing and finance units necessary to generate consistently strong double-digit growth. Other financial measures reinforced the ongoing vigor of the Reis franchise. We generated an additional cash of $5.8 million in the first-half of the year, after paying our first ever quarterly cash dividend totaling over $1.2 million.
We are pleased to have accomplished multiple key objectives on behalf of all of Reis' stakeholders. Another metric that confirmed that we are executing on a daily basis attending to those tasks big and small that undergo our top line performance includes our growth and Aggregate Revenue Under Contract to a total of $39.9 million, up 14% from a year earlier at a record for second quarter. This metric together with our 19% renewal rate provides us with exceptional visibility on future revenues.
Mark will discuss all key financial metrics later on this call. Reis' growth continues to be fueled by our new product initiatives at recent years, including, of course, our flagship Reis SE, the industry's most widely adopted tool for market information and analytics. Reis supports our small business and prosumer oriented product, as well as Mobiuss CRE, our portfolio monitoring solution.
We expect 2014's annual revenue growth, will exceed our 2011 through 2013 compounded annual growth rate of 12.8%. In fact, based upon our most recent performance data and current sales pipeline, we have increased our estimate of 2014 annual growth in revenue from the 16% range we discussed last quarter to an updated estimate of 16% to 17%, while sustaining an EBITDA margin of approximately 40%.
Let me dive a little deeper on recently launched eminent initiatives that we believe will sustain Reis' strong financial performance well into the future. Even as our account management and sales teams continue to project vital Reis product deeper into the workflows of existing clients, the operational infrastructure responsible for the relentless improvement of Reis SE continues to speed ahead.
Since our last earnings call in early May, Reis' launched coverage of the four primary type of seniors housing facility; independent living, assisted living, memory care and skilled nursing, the landscape into which we have introduced our new product is characterized by burgeoning interest in this sector among investors as the nation's baby-boomers age inevitably [ph] into the need for assistance in their daily routine.
The seniors housing department within our institutional clients tend to be specialized units that’s without the Reis option had to rely upon uneven or biased at data sources, including personal contact whose perspectives tends to be isolated to local areas. Our seniors housing offerings gives our account managers the opportunity to introduce to these departments the same Reis methodology, that adjacent department covering the office, apartment, retail, flex/R&D, warehouse distribution, and self storage property types have depended upon for years.
Seniors housing is being sold to existing Reis' clients as an optional add-on module and the prospects as a standalone module whereas part of the larger subscription. In fact, and we experienced with the addition of self storage in 2013, this new capability also allows us to expand our overall addressable market to include pure play, seniors housing investors, REITs, and other market participants, a market we did not historically pursue.
Today, the market has responded favorably to our newest property type and we have already signed contracts for seniors housing within our existing client base, as well as with new subscribers. Now that has become routine for Reis to introduce whole new property types, let me elaborate on the announcement that I made last quarter that in early 2015, Reis will begin publishing information on the student housing sector for more than 50 major universities.
In fact, these universities on the housing needs and choices of their students determine the boundaries and characteristics of these micro-markets, often in smaller metropolitan areas. Examples would include Madison, Wisconsin or Athens, Georgia, where the demand for units is generated by students who attend the University of Wisconsin or the University of Georgia.
In addition to the market performance data, property level rent comps, new construction, and sales comps. Our coverage will include the unique local demographics of each school, such as enrollment projections and a break-out of on-campus versus off-campus housing options.
As the senior's housing in this sector too we will be entering a new line of commercial real estate investment that to-date has traditionally worked without the methodological rigor that Reis supplies for all of its properties and market coverage.
In addition to sector expansion, we continue to make strategic improvements to our core product, addressing both the constant global interest in the U.S. real estate market and the needs of our many international clients to communicate more seamlessly with their local customers. In August we will roll out Reis SE translated into the following languages: Chinese, Japanese, German, French, Russian, and Spanish.
Each of these languages will get its own Reis website and its own suite of traditional Reis reports. Of course, we already served major institutions around the world, so it would be accepted to expect that Reis's market opportunity will multiply dramatically. So we believe that this strategic event will strengthen Reis's position worldwide as the lingua franca of the U.S. commercial real estate market.
Last but not least, on the subject of Reis SE product development. During our call in May I stated that over the next few quarters we would apply the know-how behind our new executive briefings module to our other reports, continuing to lower the interpretive threshold required for the digestion of the vast amounts of information Reis offers. Having begun with metro level executive briefings and having already moved onto sub market level executive briefings, we are now far along in a game-changing mission that projects this capability all the way to the property level.
In an instance a Reis SE user will be able to generate a detailed property level narrative report that will include current and historical performance at the property, (inaudible) (12:19) and sub-market levels.
Sales history, including the local market context that influence the negotiation and property economics between trades, a discussion of comparable sales, the local sub-market outlook and the outlook for the property. Such a report will take a well-paid analyst a week or more to create. We expect the availability of these reports to multiply our client's analytical productivity placing them at a competitive advantage for all who are still spending time conducting primary and secondary research, punching numbers and finally laboring over writing a concise yet detailed investment analysis.
Of course, property level executive briefings will also amount to an enormous competitive advantage for Reis.
Also in the second quarter we continued the roll out of Mobiuss CRE, our web-based portfolio analytic solution developed in partnership with Opera Solutions, a leading provider of big data predictive analytics.
The regulatory environments and increased emphasis on loan-level analysis of best practice have continued to generate strong interest in Mobiuss, particularly since the platform supports stress testing requirements issued by the Federal Reserve and other regulators.
And in keeping with the culture of continuous innovation at Reis we introduced important enhancements to the Mobiuss Solutions during the second quarter. These included the development of credit and property analytics for construction and non-stabilized loan portfolio that leverages Reis's long history of data on construction project.
The addition of an underwriting tool for single loans that enables credit risk scoring and origination, and further investment in our interface which features interactive real time credit analytics tied direct with the changes in market conditions as monitored by the Reis database. In the second-half of 2014 we expect Mobiuss to capitalize further on momentum gained in the first-half of the year with both Reis SE clients and others, as well as making additional contribution to Reis's revenue growth.
As we look to the future, Reis will accelerate its relentless drive to widen the chasm between our products and services and those of our competitors in providing market information and analytics. We look forward to introducing coverage of the student house sector early next year and we are already working on the early stages of our ninth property type that will follow late next year or on early 2016.
We are moving on several fronts simultaneously in order to seize more market share. The next one to two years represents a particularly sufficient time, as our competitors tinker with their marketplace and advertising model for Reis to focus intensively and exclusively on expanded market information by property type and geography, offering ever more sophisticated and highly quantitative analytics, deepening narrative coverage of markets, submarkets and individual properties, enhancing sales comparable with data not heretofore available from any other source and penetrating small enterprises by offering Reis report subscriptions at cost effective rates that allow users to focus intensively on the market of most interest event, typically in the neighborhoods where they invest or provide services.
On the other end of the spectrum, we will continue to embed Mobiuss at lending institutions struggling with managing their balance sheets, reporting requirements, measuring risks, making new loans and engaging with regulators. Let me close as I began, by reflecting on the exceptional growth that Reis is posting, we are pleased that Reis is capable of accomplishing multiple critical paths simultaneously, grow revenue and EBITDA, generate significant cash, remain debt free, invest aggressively in several new endeavors including sales force and marketing expansion. And now with the inception of our regular dividend program, to return cash to shareholders each quarter.
Of course the board and management will remain vigilant to ensure that we retain a balanced approach for all of these initiatives, for our liquidity remains strong and our investment sound.
Now is the time for bold and disciplined action, for a recommitment to the fundamentals of our business plan. Our key competitors have multiple business lines to compete for resources and management attention. We have one business line, to extend dramatically our dominant position as the preferred provider of market information, analytics, evaluation and transaction support for all practitioners of commercial real estate in the U.S. market.
Regional and national real estate markets continue to strengthen. Debt and equity capital from multiple domestic and international sources continue their inflow. Securitization is up as is the need by many owners to eminently re-finance their assets. Against this backdrop Reis continues to execute. The balance of 2014 and beyond look extremely promising for all of Reis's stakeholders.
Let me now turn the call over to Mark Cantaluppi, our CFO.
Thank you, Lloyd. Good morning, everyone. I will be discussing our second quarter 2014 results this morning which are more fully described in the financial results press release and in the Form 10Q we issued earlier today. In the second quarter of 2014, subscription revenue generated by the Reis Services segment aggregated $10,194,000, an increase of $1,696,000 or 20% over the second quarter 2013 revenue of $8,498,000.
For the six months ended June 30, 2014, subscription revenue aggregated $20,140,000, an increase of $3,408,000 or 20.4% over the 2013 six month period of $16,732,000. Consolidated income from continuing operations for the second quarter of 2014 was $915,000 or $0.08 per basic and diluted share, a 75.3% increase over the reported second quarter 2013 amount of $522,000 or $0.05 per basic and diluted share.
For the 2014 six month period, income from continuing operations was $1,962,000 or $0.18 per basic share and $0.17 per diluted share, 112% increase over the 2013 year-to-date reported amount of $924,000 or $0.09 per basic share and $0.08 per diluted share. The company had consolidated net income of $822,000 in the second quarter of 2014, or $0.07 per basic and diluted share, a 69.8% increase over the reported second quarter 2013 net income of $484,000 or $0.04 per basic and diluted share.
For the 2014 six month period, consolidated net income was $1,491,000 or $0.14 per basic share and $0.13 per diluted share, an increase of 103% over the reported 2013 six month period, net income of $734,000 or $0.07 per basic share, and $0.06 per diluted share.
Management utilizes and monitors performance measures such as revenue, deferred revenue, aggregate revenue under contract, EBITDA and adjusted EBITDA. EBITDA is income from continuing operations before interests, taxes, depreciation, and amortization expense. Adjusted EBITDA is EBITDA before expenses related non-cash stock based compensation.
Please take a note to the cautionary language included in the MD&A of our quarterly report on Form 10-Q and in our earnings release which was issued earlier today about the use of EBITDA, adjusted EBITDA and aggregate revenue under contract of non-GAAP measures and the reconciliations of income from continuing operations to EBITDA and adjusted EBITDA for the respective periods and deferred revenue tagger [ph] revenue under contract as of the respective balance sheet dates. These cautionary statements and reconciliations apply to all references made to these measures on this call today.
Reis Services revenue for the 2014 first quarter – excuse me, Reis Services revenue for the 2014 second quarter is the 17th consecutive quarterly increase in revenue of the prior year's corresponding quarter. As I stated earlier, the increase in revenue over the 2014 comparable period was 20% for the quarter and 20.4% for the six months. Revenue also grew by $248,000 or 2.5% on a consecutive quarter basis, first quarter 2014 to second quarter 2014.
Our revenue growth reported today reflects additional new Reis SE business, revenue growth from Reis Reports and revenue growth from Mobiuss in 2014, these results reflect not just the single strong quarter but the continued momentum created from sustained contract growth in 2013 and during the first-half of 2014.
Both new business and total bookings for the three and six months ended June 30, 2014 were at record levels compared to those specific periods historically. Subscriber count for Reis SE grew to 1,024 enterprises at June 30, and renewal rates for the trailing 12 months ended June 30, 2014 from 90% overall and 92% for our institutional customers.
With regard to EBITDA, in our press release as well as in the MD&A section of our Form 10-Q we have provided and will continue to provide information on EBITDA and adjusted EBITDA both for the Reis Services business and on the consolidated basis. As we have discussed on prior calls we believe that these metrics for the Reis services business provides the financial statement reader with valuable information for evaluating the financial performance for the core Reis services business excluding public company cost 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 Reis Services business. EBITDA and adjusted EBITDA on a consolidated basis including the expense of running our public company and excluding discontinued operations which is disclosed in our press release and in our 10-Q provides the reader additional information to make assessments about the current trading value of the company's common stock.
EBITDA of Reis Services for the second quarter of 2014 was $4,091,000, an increase of $528,000 or 14.8% over the 2013 second quarter amount of $3,563,000. This was the 15th consecutive quarterly increase in Reis Services EBITDA over the prior year's corresponding quarter. For the six months ended June 30, 2014 EBITDA of Reis Services was $8,157,000 or 19.3% over the 2013 six month amount of $6,840,000.
EBITDA increases are predominantly influenced by the revenue growth that I described earlier. Our operating expenses continued to grow at 23.7%, then 21.1% over the second quarter and year-to-date 2013 periods, a pace that resulted in EBITDA margins of 40.1% and 40.5% respectively for the Reis Services segment. The slight reductions in these margins were the results of an increase in personnel related costs and our investment in maintaining our databases and new marketing initiatives.
Adjusted EBITDA on a consolidated basis, excluding discontinued operations was $3,406,000 for the second quarter of 2014, growth of 20.1%. The adjusted EBITDA margin on a consolidated basis was 33.4% for the second quarter of 2014, consistent with the 2013 second quarter margin. Adjusted EBITDA on a consolidated basis again excluding discontinued operations was $6,763,000 for the six months ended June 30, 2014, growth of 27.1%. The 2014 year-to-date margin was 33.6%, a strong improvement over the 2013 six month period of 31.8%.
Investment in our business remains a priority including developing new products and functionality, introducing new or expanding existing databases, and adding resources to grow our customer base and generate more revenue. Accordingly we continue to hire in many departments including in sales, both new business and account management, as well as in our operations including our data collection department.
As Reis's business continues to grow, we are devoting additional resources to expand our sales pipeline through marketing efforts and sales force expansion. The expectation of such additional spending in 2014 may result in margins for future quarters being up or below the 40.1% 2014 Reis Services EBITDA margin we have reported today for the second quarter.
Following are some consolidated balance sheet statistics of June 30.
Total consolidated assets aggregated $116 million. Cash and cash equivalents at June 30 aggregated $16.4 million, an increase to our cash of over $5.8 million since December 31. This cash accumulation has occurred through strong receivables collection, while at the same time growing our operating expenses and making investments in our databases and website.
During the six months we had capitalized expenditures of nearly $2.1 million related to the expansion of our databases and website.
Also in June we used $1.2 million of cash to pay our first quarterly dividend at a rate of $0.11 per share. Customer receivables net of allowances aggregated $4.5 million at June 30. Our collections remain as strong as ever with nearly $2.2 million being collected on that balance through July 28. Total liabilities aggregated $21.6 million of which deferred revenue was $17.7 million. The deferred revenue declined of $2.6 million at June 30 from December 31, 2013, follows our historic pattern.
With 37% of our contract signings occurring in the fourth quarter, coupled with the fact that our first and second quarters historically produced the lowest volume of contract signings during each year, deferred revenue during the first and second quarters is not replenished as quickly. This pattern of decline in deferred revenue happens every year.
Note however, that our deferred revenue is approximately $1.5 million greater than the June 30, 2013 deferred revenue balance and more appropriate comparison.
Aggregate revenue under contract which is deferred revenue plus future revenue under non-cancelable contracts for which we do not yet have contractual right to bill, was $39.9 million at June 30, 2014, an improvement over the June 30, 2013 balance of $35 million. Reis's strong levels of deferred revenue and aggregate revenue under contract continue to provide the company with a predictable and growing base of actual revenues to be recognized in the future of the $39.9 million of aggregate revenue under contract approximately $26.3 million relates to amounts under contract for the forward 12 months period through June 30, 2015.
Stockholder's equity was $93.9 million at June 30. The company had approximately 11.1 million common shares outstanding of which our directors and senior management beneficially own approximately 24.6%.
This concludes my comments on the financial results for Reis's second quarter of 2014. At this time I would like to open the call for questions.
Okay. (Operator Instructions)
We'll take the question from Ian Corydon, please.
Yes, we'll go ahead and open up Ian's line. Ian, your line is open.
Kara Anderson – B. Riley & Co.
Hi, good morning. This is actually Kara chiming in for Ian. Could you talk a little about what you're seeing in the competitive environment?
Sure, good question. I think that we're seeing frankly in the world of information analytics the lessening of the competitive tension that you might have seen through 2012, and probably note with lot of the M&A and different activities that has been announced in the real estate information based generally and even – and specifically in commercial real estate information.
A lot of firms seem to be turning our attention to other activities such as marketplaces and listings and advertising models. And fewer of our traditional competitors are really focusing on deepening the databases and associated analytics that help with the decision support around allocating equity whether in the form of debt and equity to individual property.
So the competitive landscape has changed, I would say in the last 18 months to 24 months. And I think favorably in that, fewer vendors are really focusing in the same space that we're focusing on, and I think that has also favorably impacted our results.
Kara Anderson – B. Riley & Co.
Great. And can you talk a little bit about what percentage of your Reis SE and Mobiuss contracts are annual versus multi-year?
Virtually all of our Mobiuss contracts are multi-year. As far as Reis SE, I don’t have specific numbers on single year versus multi-year. The only thing I can say is, I would say over the last two to three years, an increasing proportion of our contract has been become multi-year. I would say if we went back three, four, five years, the dominant percentage would have been single year. But I would say that probably if I take a rough shot, probably I would say a quarter of our contracts give or take might be multi-year and the balance would still remain single year, but I don’t have that number specifically, but that’s probably ballpark.
Kara Anderson – B. Riley & Co.
Great. Thank you.
Okay. Thank you. (Operator Instructions) All right. And I do show just one more question coming from Kevin (inaudible). Kevin, please go ahead.
Hi, thanks for taking the call. The – if I remember correctly, one of the potential segments to expand your customer base was the – or is the banks and trusts that are under regulatory pressure to basically provide more credit related data, more due diligence around their loan packages for both new and existing loans of the portfolio. Can you talk specifically about what kind of traction you’ve seen there?
Yes, and I would say that that traction breaks into two, I would say breaks out into two areas. One is that over the last 2.5 years with our core Reis SE product, we have been penetrating significantly the banking sector.
Traditionally, we've had many of the largest U.S. money center and regional banks for subscribers to Reis SE. But over the last two to three years, we have been driving down and seeing that banks frankly with that small asset base of 700 million to $1 billion have increasingly become Reis SE subscribers, in large measure due to pressure on them from their regulators whether that would be the Federal Reserve, whether that would be the OCC, they have been taking Reis SE subscriptions. So that they can demonstrate to their regulators and to other key constituencies, that they have a inflow of market information that allows them to make sound decisions in origination and to monitor their assets.
So that would be the first point I would make. But second and more importantly, I think what your question was alluding, it was more specifically to our Mobiuss product line, which is focused directly on helping institutions quantify measures of – key measures of risk in commercial mortgage portfolios. And that’s a product as you know that we've developed in conjunction with offer solutions that takes a look specifically that allows banks, for example, to upload loan by loan in their entire mortgage portfolio, which can be hundreds of mortgages, it can be thousands of mortgages.
And then (inaudible) washes over them on a consistent basis, highly granular Reis market information to update underlying cash flows, collateral values, and to address and to quantify unique metrics that banks need to know about reports and our key to capital allocations, those being the probability default with an individual loan, the losses the banks might incur if there is a loss and ultimately what the overall – what the expected losses that allows them to tie that capital allocation.
So I would say, we've been extremely effective on both – with both product lines, Reis SE and Mobiuss in terms of penetrating that opportunity. I hope that was helpful.
Yes, I appreciate the color, and nice job in the quarter.
Thank you very much.
Okay. Thank you. And our next question is from Russell Mollen from Nine Ten Capital. Mr. Russell, please go ahead.
Russell Mollen – Nine Ten Capital Management, LLC
Hey, guys. How are you doing?
Good. How are you?
Russell Mollen – Nine Ten Capital Management, LLC
Good. Quick question for you, you had mentioned this language sort of translating the website and reports and things like that into different languages and I hadn't heard that before, I don’t know if you had talked about that in prior calls or anything. But can you sort of walk me through that, what your sort of thinking there, what kind of incremental capital do you need to go out, do you need like boots on the ground, things like that in foreign countries to try and fill the information analytics to prospective customers wanting to do deals in the U.S. or how are you looking at that?
Which of these six languages would you like me to answer in? No. I would say we talked about it a number of quarters ago that this was an initiative. I guess we haven’t really continued to talk about it in subsequent quarters. Any expense – there was no capital expense associated with this initiative was – it was quite modest, it’s really a – it was really an initiative to make the all of the language, the explanatory terminology, as well as the language that explains the individual data fields within the reports accessible to users within these individual languages.
Right now, we do sell our reports to institutions, based on those countries, but the reports are been primarily used by English speaking analysts. This really makes it much more available and accessible to broader swaps of analysts within institutions. And we think therefore we'll make it – we'll make the product of more values and more institutions and also raised usage within our client base. And as you know, our basic business models from our usage are report consumption. And therefore that allows us to monetize the usage at a higher level, but the cost will low. It doesn’t really dramatically we think change things. We don’t need boots on the ground. It may well be the sales and marketing. Allocate more of a budget to visiting some of these countries and talking to some of the institutions and introducing this new capability to them. I wouldn’t say that that would be a meaningful expenditure among the overall sales and marketing budget, that’s responsive.
Russell Mollen – Nine Ten Capital Management, LLC
Got it. Yes, helpful. Thank you.
Thank you. And I'm showing no further questions. So I would like to turn the program back to your host for any concluding remarks.
Thank you, and thank you all who listened and participated in our call today. As always, Mark and I are available to speak to both current, prospective stockholders of Reis and we would be happy to answer any of your questions, but then of course the parameters regarding selective disclosure.
Our next call is expected to be in late October 2014 to announce, discuss our third quarter results. We appreciate your continuing support of Reis. Thank you, and have a good day.
Okay, ladies and gentlemen, this does conclude your conference. You may now disconnect, and have a great day.
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