Health Insurance Innovations, Inc. (HIIQ) CEO Gavin Southwell on Q4 2019 Results - Earnings Call Transcript
Health Insurance Innovations, Inc. (HIIQ) Q4 2019 Results Earnings Conference Call March 4, 2020 9:00 AM ET
Company Participants
Mike DeVries - Senior Vice President of Finance
Gavin Southwell - Chief Executive Officer & President
Erik Helding - Chief Financial Officer
Conference Call Participants
Colin Johnson - B.Riley FBR
Mike Grondahl - Northland Capital Markets
Steven Halper - Cantor Fitzgerald
Mark Argento - Lake Street Capital
Richard Close - Canaccord Genuity
Brian Hoffman - Canaccord Genuity
Operator
Greetings and welcome to the Health Insurance Innovations' Fourth Quarter 2019 Earnings Conference. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mike DeVries, Senior Vice President of Finance. Thank you. You may begin.
Mike DeVries
Thank you Donna, and good morning everyone. We are excited to have you join us today for discussion about Health Insurance Innovations’ fourth quarter and full year 2019 financial results.
By now you should have received a copy of the earnings release. If you do not have a copy and would like one, please visit our website at hiiq.com. On the call with me, we have Gavin Southwell, HIIQ's CEO and President; and Erik Helding, HIIQ's Chief Financial Officer.
As a reminder, today's conference call is being recorded and a replay of the call will be available on the Investor Relations section of our website following the call. We will be making forward-looking statements on the call. All statements, other than statements of historical facts, are forward-looking statements. Such statements may describe future plans, objectives or goals. Forward-looking statements are subject to future risks and uncertainties, including the risks outlined in the company's Form 10-K.
These risks and uncertainties include among other things, the company's focus on Medicare and market, ability to maintain relationships and develop new relationships within health insurance carriers and distribution, and its ability to retain its numbers, the amount of commissions paid to the company or changes in health insurance plan, pricing, practice, state and federal regulatory compliance and changes in the United States health insurance systems and laws. Actual results could differ materially from those projected or expected in these forward-looking statements.
Listeners are urged to review and consider the various disclosures made by the company on this conference call and the risk factors disclosed in the company's annual report on Form 10-K as well as other reports we have filed with the Securities and Exchange Commission. The company expects to file its Form 10-K tomorrow after market close.
Copies of the company's SEC reports are available on our website at hiiq.com and the SEC's website. The company disclaims any obligation to update any forward-looking statements after this conference call.
And with that, I'll turn the call over to our CEO, Gavin Southwell
Gavin Southwell
Thank you Mike, and good morning everyone. I have been looking forward to reporting our fourth quarter and full year 2019 results, as well as providing an update on our continuing transition towards an emphasis on Medicare related business. On the call today I will provide a few key updates regarding our company, and I will spend the bulk of my time discussing the progress we've made in growing the Medicare segment, and building out our capabilities.
I'm excited about the progress we have made so far, and I am optimistic for the future growth, what we anticipate lies ahead within the Medicare segment and what that means for our company and for investors.
To that point, we view this transition to Medicare related business as a key point in our company's history, which marks the beginning of the company's next phase of growth, while becoming differentiated from its legacy business.
To mark this period as a launch pad into a new era for our company, as well as a new strategic focus for our business, I am happy to announce that our corporate name will be changed to Benefytt Technologies Inc., effective this Friday, March 6th, 2020. Our NASDAQ ticker will accordingly be changed to BFYT at the open of trading on the same date.
The name change is intended to highlight and emphasize the company's go-forward strategy to be a premier technology focused company that offers a range of Medicare related insurance plans, as well as other health and life insurance products that meet the demands and needs of consumers.
As we have previously announced, we are engaged in an on-going process to explore, review and evaluate strategic alternatives focused on maximizing shareholder value. And the company is meeting with interested parties including both strategic and financial institutions.
While this review continues and remains open ended in both duration and potential outcome, it is important to note that our name change and our shift in emphasis towards Medicare is being undertaken in an effort to build shareholder value regardless of the outcome of the strategic review process.
Now, onto our results. We are really pleased with results in the fourth quarter, particularly with our success in the Medicare annual election period. Medicare revenues represented approximately 35% of total revenues in the quarter and full year adjusted EBITDA and EPS were in line with expectations.
We are excited about the potential momentum and the opportunities to continue to scale on Medicare business in 2020 via enhanced digital capabilities, captive distribution and strategic outsourced relationships. We believe that our fourth quarter results reflect initial success in our efforts to build out and execute on our growth strategy in the Medicare space, with more than 50% of our net income in the quarter coming from our Medicare segment, in what was its first annual election period.
Additionally, we recorded 48,500 submitted applications in the Medicare segment in the quarter, which we believe is a strong start to build from. As a reminder, our entrance into the Medicare sales and consumer engagement business was marked by acquisitions in the second half of 2019.
This marked our strategic shift toward Medicare as the core product line. And during the fourth quarter, we concluded that we require a two segment reporting view to better measure performance and profitability of the two segments of business. Therefore, we are now reporting results by our Medicare segment and our legacy IFP segment.
So far we believe, we have only started to scratch the surface on our Medicare segment, and we will continue to build out our Medicare segment for our 2020 and 2021, and we will provide additional updates on our progress throughout the year.
In the IFP segment, we are seeing the effects of intentional de-emphasis leading to a decrease of submitted applications in the segment. We expect this to continue and for the IFP segment to become a smaller part of the overall business as we shift more towards Medicare.
As we have previously announced, we are deemphasizing the segment. What this means is that we will continue to bring new policies within our existing book of business, and that new product distribution will be concentrated on a smaller number of high quality, e-commerce focused distributors.
By decreasing our focus on the IFP business, we are able to use the strong cash flow from our existing IFP book of business and remaining IFP business to invest in accelerating growth of the Medicare segment.
I'd now like to take a moment to provide a brief update on our operations, so investors are better informed as to how we are progressing in the transformation of our business and the execution of our strategy.
Our Medicare business is centered around two activities; consumer engagement and Medicare related insurance enrollment. The consumer engagement business operates through a direct-to-consumer platform, which connects individuals with licensed insurance agents serving the Medicare insurance market through inbound live telephone calls via third party telephony platform, which transfers inbound calls in real time.
In the Medicare insurance business, we route inbound calls to both our internal capital distribution channel, as well as to our outsourced BPO distribution channels, who provide Medicare related health insurance plans on our behalf. Medicare products offered include Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans.
As we generate more demand for Medicare related insurance products through the consumer engagement business, we are increasing our capacity to internalize a larger amount of inbound calls in our Medicaid insurance business by expanding both our outsource BPO and captive distribution channels.
On the BPO side, we're working with our existing partners to increase the number of agents at each location, and we've added additional BPO partners in both the fourth quarter 2019 as well as in early 2020. We intend to continue evaluating and adding BPO partners as necessary to handle the increased demand being generated by our television print and digital marketing efforts in 2020.
As I mentioned in the Q3 conference call, our capital distribution was fully integrated significantly ahead of what we plan, which gives us additional strength and ability to grow throughout 2020. Our captive distribution is becoming larger and more efficient and is anticipated to be much more impactful as we move towards, as we move through 2020 towards the next annual election period.
In addition, we've recently expanded the physical footprint of our captive distribution channel by moving into a much larger office space with more capacity for growth. We're also expanding to a different location to increase our captive distribution capabilities and also increase the percentage of Medicare business that is submitted through the captive channel.
Previously, we announced that we had acquired what will be anticipated could be an important digital asset and domain name. I'm excited to announce our new digital asset will offer seniors and Medicare-eligible consumers the ability to access powerful online comparison tools and educational resources that will enable efficient self-guided navigation and the enrollment of available Medicare health insurance options.
This has the potential to become a significant growth driver within our Medicare segments, generating a large amount of consumer demand, which will flow through all distribution channels, while also significantly contributing fully sales guided online enrollments.
As we continue to build out our Medicare business, we'll be leveraging our digital assets to seek to increase the percentage of Medicare applications, submitted online. To supplement our digital assets and technologies, and support our Medicaid growth, we've added a number of management hires with vast experience in the Medicare market. One example, as we continue to build our digital marketing and e-commerce teams, is our new VP of eCommerce, Travis Ledwith, who joined us from AO. We are continuing to recruit top talent as we continue to expand and ramp up on this front.
In conclusion, I've highlighted some of the exciting progress that has been made so far in our initial strategic shift towards Medicare, as well as our name change and repositioning of the company. I'd like to note that this is just a beginning for us. We are proud of what we've accomplished in such a short period of time, and excited about the opportunity ahead. We believe the company's business is now in a much stronger position with an excellent foundation for growth, and as we continue to develop powerful technology, focused on the fast growing Medicare market, we look forward to keeping you updated.
With that, I'd like to hand the call over to our CFO, Eric Holder.
Erik Helding
Thank you, Gavin and good morning everyone. Fourth quarter 2019 financial results reflect what we consider to be a successful rollout of our Medicare distribution platform, as well as a continued deemphasis of our individual and family planning business.
Revenues for the fourth quarter were $161 million representing a 22% year-over-year increase. Our Medicare and consumer engagement segment accounted for $56 million or approximately 35% of overall revenues.
Our IFP segment including supplemental revenues were $105 million. For the year, total revenues were $382 million up 9% over the prior year. Medicare and consumer engagement was $68 million and IFP and supplemental revenue was $314 million, which was down 11% over the prior year as expected.
In the quarter, adjusted EBITDA was $46.2 million compared to $21.6 million in the prior year and GAAP diluted net income per share was $1.77 compared to $0.40. For the year, adjusted EBITDA was $82 million, which was in line with our previous guidance and up 38% [ph] over the prior year.
In the quarter, adjusted earnings per share was $2.48 compared to $0.97 in the prior year. For the year, adjusted earnings per share was $4.24 in line with prior guidance and up 63% over the prior year. We ended the quarter with cash and cash equivalents of approximately $4 million, had $146 million outstanding on our term loan facility, and having drawn a total of $34 million against our revolving line of credit, which leaves $31 million undrawn and available.
During the quarter, we used approximately $23 million in our operating activities, consistent with our expectation to increase media and advertising spend to fund lead generation in the Medicare annual election period for which we do not receive commission payments until the first quarter of 2020.
Looking ahead to 2020, we are expecting overall revenues to be in the $290 million to $350 million range with Medicare segment revenues being in the $190 million to $210 million range, and IFP segment revenues decreasing year-over-year to $100 million to $140 million.
Adjusted EBITDA is expected to be in the range of $65 million to $80 million with Medicare segment profits of $70 million to $80 million, IFP segment profits of $50 million to $20 million and corporate expenses of approximately $20 million. A few comments on seasonality, because we will be ramping up our Medicare captive distribution as we go through the year, in order to be ready for the annual election period, we expect 8% to 10% of Medicare revenues to be realized in the first quarter with that number growing to be approximately 50% to 60% in the fourth quarter.
As we recently also made changes to our IFP distribution agreements, we would expect approximately 35% to 40% of full year revenues to be realized in the first quarter of the year for this segment.
From an earnings perspective, we would expect overall adjusted EBITDA to be in the mid-single digit millions in each of the first three quarters of the year, and increasing substantially in the fourth quarter. Lastly, adjusted earnings per share are expected to be in the $3.10 and $4.15 range for 2020.
With respect to cash flows for the year, we expect to be break even as approximately $100 million of cash inflows from our IFP net contract asset are expected to be collected over the course of the year, an additional $85 million is expected to be collected from Medicare related production and approximately $18 million of tax refunds are expected to be collected.
These anticipated positive cash flows would be used to fund growth in 2020 and our Medicare business to cover SG&A and to service our debt. With that, I'd like to hand the call back to Gavin for concluding remarks. Gavin?
Gavin Southwell
Thank you, Erik. We're excited about what trajectory we are now on, and as we continue to execute, we'll continue to invest in what we consider to be attractive growth opportunities throughout the year. So with that, we will now open the lines for Q&A. Operator?
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Our first question is coming from Randy Binner of B. Riley FBR. Please go ahead.
Colin Johnson
Hi, this is Colin Johnson on for Randy at B.Riley FBR. How are you guys doing?
Gavin Southwell
Good, good morning. Thanks for joining.
Colin Johnson
Good morning. So the first question we have is just kind of you have like 47000 applications in the fourth quarter and open enrollment or it would be kind of like a bull and a bear case perhaps for enrollment in 2020.
Erik Helding
Yes. This is Erik. Let me let me take that one. I would say, I'm not going to comment on variable cases there. I think we’re going to comment specifically on the guidance that we've provided. And so I think you can do the math yourself based on the midpoint of the range being $200 million of Medicare revenues. That's about 170,000 to 175,000 submitted apps. And again, referring back to my prepared remarks, we're expecting 50% to 60% of the production to be in the fourth quarter. So you can do the math from there.
Colin Johnson
Okay. Thank you. Appreciate that. And then with respect to the captive workforce build out. Could you just maybe walk through the 800 person, the build out you know how it's gone and kind of discuss some of the sequencing of the hiring and training process?
Gavin Southwell
So we've moved in to a bigger location, also as we commented on we're opening additional locations as well. 2019, we added a lot of the infrastructure and in the first part of 2020, we added some really powerful technology into the captive. And so really now for us in 2020, it's a process of creating and adding the number of agents. We feel like a lot of the hard and set up work is -- has been completed. And so now, we're really in sort of you know day-to-day, week-to-week ramp up. And we've got plenty of time between now the next AEP. So we feel we're really well positioned to keep growing that side out.
Erik Helding
Yes, and this is Erik. Just some follow up comments there. So we haven't we haven't really talked about an absolute number of total agents. So -- but we have sort of directionally spoken about how we're thinking about that. So we're expecting to grow the total number of agents with special emphasis on growing captive distribution such that, I think in the fourth quarter last year, we had mentioned that we were about 80:20 BPO captive. And so, as we move through the course of 2020, we're expecting that mix by the fourth quarter AEP to be a little closer to 50:50.
Colin Johnson
Okay. Yes. Thank you, I appreciate that. Could you perhaps walk through the new eCommerce, platform health insurance.com a little bit?
Gavin Southwell
Yes, happy to. We acquired the asset in 2019, and we've been working on a build out. There's two parts about it, which we're excited about. One is, as a domain, its ability to simply just generate demand. So from a consumer engagement demand generation side. But secondly, of course, to build it to be a comparison and an enrollment tool is something we've put a lot of time and effort into, and that's a really exciting thing for us to have. So we're going to talk about it a lot more as we go through 2020. But I think having such a powerful domain and the ability to build on it and having this comparison and enrollment capability is a really exciting thing for us. So we've been investing not just in the assets, but in adding resource around it. We've leadership and key hires. So it's something that we're going to talk a lot more about as we go through 2020. So, yes, thanks for asking.
Colin Johnson
Thank you.
Operator
Thank you. Our next question is coming from Mike Grondahl of Northland Capital Markets. Please go ahead.
Mike Grondahl
Yes. Thanks guys. At a high level, can you just walk us through how the Medicare business sort of triples or quadruples in 2020? What's kind of the easy way to think about that?
Gavin Southwell
So, just to remind everyone, we came into Medicare in the second part -- the later parts of 2019 and so this year we benefit from having a full year. We started 2020 in a similar position to how we ended 2019, and 2019 was about scaling up. So there's a big benefit simply from having the full year. I think what we could learn a lot of important lessons from 2019. We always describe 2019 really as best efforts. And in 2020 we're able to really build on what we achieved in 2019. I think that expanding out our outsource relationships and our captive relationships finally being able to bring out our digital assets. There's a number of tailwinds we have there. But a really nice part of it is simply having more time. We have -- it's March now. We've got plenty of time before the important fourth quarter in AEP. Last year everything was really best efforts.
Mike Grondahl
Got it. And could you talk a little bit about together Health. How that did for you kind of number of leads in 2019 and what you expected to do in 2020?
Gavin Southwell
It's been a great asset for us. I mean, those guys have been in the Medicare market for a long time. They're used to dealing with a lot of the large and important players. So, we knew it would be a great asset when we invested in it. And it's proven to do that. It outperformed our expectations in the fourth quarter and we're excited about its potential for 2020. So really there we did get a lot of experience in demand generation and now taking out experience and demand generation, consumer acquisition and being able to increase our kind of enrollment capabilities, our abilities to consume that. That's our execution challenge for 2020. And that's something we feel really good about. But yes, they continue to outperform and we're excited to keep building on that success.
Mike Grondahl
Got it. Then just lastly, what are you assuming for LTV for Medicare Advantage, your Medicare supplement policies? Can you kind of talk about that?
Gavin Southwell
Yes, we can. I mean, we look at over comparable people in the market. We use various professional advisors when we do evaluations. So we certainly try to be consistent. Each quarter we get additional information which builds into the valuations which are there. We certainly try to provide a lot more information in the notes to allow people to pick out some key metrics of their modeling.
Erik Helding
Yes. Mike, this is Erik. So, I think our assumption for 2020 is going to be pretty comparable to what it was in 2019. Now, from quarter-to-quarter it moves around a little bit based on who enrolls. But overall, over the course of the year it should be pretty comparable to what we saw mainly in the fourth quarter. And so, there's a lot of assumptions that go into it. And as Gavin mentioned, we really went out of way this quarter to enhance our disclosure around Medicare, because we know that's top of investors' minds. And so, we've done that and you can see some of the assumptions that we're using such as the constraint which we have 10% which we think is a very reasonable number if not slightly conservative are approved to submit is about 92%. Again, is based on historical activity and other comps out there. But again we think that might be a little conservative. So I feel like we're in a good place and we're being judicious about the assumptions that go into LTV.
Mike Grondahl
Great. Okay. Thanks guys.
Operator
Thank you. Our next question is coming from Steven Halper of Cantor Fitzgerald. Please go ahead.
Steven Halper
Hi. Good morning. When you think about the guidance for the IFP business, it's a pretty wide range. So can you just walk us through the puts and the takes in terms of the low end versus the high end?
Erik Helding
Yes, Steve. This is Erik. So this is a little bit of an unknown this year, right, because you're really sort of making the changes to the IFP segment effectively last week. And so, in essence what we did was to remove all advances all about a select few strategic distributors as Gavin mentioned are focused on e-commerce and technology. And so, we expect production to be down. And I think we took our best efforts to how much it's going to be down and just to kind of let you know. I mean, we're basically assuming that in essence, there's no production from anybody that's not getting an advance, that may be the case, that may not be the case. And we're expecting production to be down slightly for the partners that we continue with. And that may be the case, may not be the case. So only the time will tell whether that number is conservative or aggressive.
Steven Halper
Thank you.
Operator
Thank you. Our next question is coming from Mark Argento of Lake Street Capital. Please go ahead.
Mark Argento
Hey, good morning guys. Quick question around the captive distribution or refocus on captive distribution. So when you're sitting captive distribution, they're only selling for you guys, I'm assuming. And are they are wholly-owned? Or are they full employees or what's the economic arrangement with the captive distribution?
Gavin Southwell
Yes. I'll try to take that in part. So yes, they'll only be doing enrollments for us. It's fully owned, which is great. And then with the staff there, it's a mixture between full-time employees and others as is consistent with other people in the space. As we're scaling up, we're looking at it as a lot of our key hires in terms of sort of infrastructure whether it's training or quality control or whatever else. We've done a lot of that already. And so this year for us is really scaling up. So there's a number of agents available and having more people available to answer phone calls.
So there's is a very detailed plan around ramping that up. There's an infrastructure we've built around this. So it should be a really exciting year for us as we watch that scale over time.
Mark Argento
And Erik, as you've kind of looked at the business now, more familiar with the numbers and everything, what -- can you quantify kind of the CapEx investment into the Medicare business. And kind of differentiate that kind of the build out CapEx from kind of run rate CapEx in terms of just better thinking about what this model looks like at scale?
Erik Helding
Yes. Steve, I think -- thanks for the question. I think most of our CapEx has largely been spent already. So when you think about the dollars that were used to acquire the three assets in 2019, that was the vast, vast majority of what was going to be needed from a CapEx perspective. So I think, most of what we're doing now really is -- really funding SG&A on an operating basis.
Mark Argento
Understood. And then lastly, in terms of the insurers you have on the platform, where are you at with the roster of insurers. Do you need to bring additional guys on, how you feeling about that?
Gavin Southwell
We're feeling great about it. I mean, people can see on healthinsurance.com., and carry is available to a lot of very well known brand names and we've been really encouraged as we move from 2019 to 2020, the type of contracts we've been able to negotiate. So we feel really good about that. It's a really exciting time for us.
Mark Argento
Thanks guys.
Operator
Thank you. Our next question is coming from Richard Close of Canaccord Genuity. Please go ahead.
Richard Close
Yes. I wanted to go back TogetherHealth, how you said it outperformed expectations, but did it necessarily give the number of leads in 2019? And what you're expecting in 2020? So if you can give some specifics there that would be great? And then I think and TogetherHealth when you did that transaction there was some sort of earn-out or performance goals that led to an additional payment on that acquisition. And just remind us what that was and whether that's been met?
Gavin Southwell
No. Thank you. Great question. So, in 2019 is it two kind of key parts of the business. One is the amount of demand you can generate. The amount of consumers you can acquire. And then the second part is how many agents are available to help those people enroll. So in 2019, we did very well at having the demand, the amount of consumers that we wanted and that site outperformed. But yes -- we didn't have enough time. We weren't able to get as many agents as we would have like to be able to meet that demand and that's a good thing. It gives us a nice runway for 2020. So in 2020 our challenges and execution challenge of adding more and more agents in order to meet that demand and being able to consume more of it, then that gives us a nice visibility over runway, it gives us a significant runway for expansion in what is a growing Medicare market.
So TogetherHealth is about creating demand and our challenge for 2020 is around increasing the amount of agents to be able to consume that demand, and then now it's complemented by our digital asset, something that we didn't have until very, very recently available. We've been working on it for some time. So I hope that answers the question. And then the second part around the earn-out, the way the deal was structured, if certain performance targets are exceeded then they may receive additional payments essentially out of a profit that is made. So there's great alignment of interest and we're happy with how that is playing out.
Richard Close
So what is the specifics on that? Did they earned to achieve the targets? Or is that something that is considered in 2020? What is the level of the payment -- the performance payment?
Gavin Southwell
So the payments are each based on each year. We believe that they'll hit the targets for the first year, and that's good. We want them to hit each of the targets. Yes. In terms of the specific targets, I don't have those to hand. We can follow that up later. But I believe that as part of the disclosures that might be something that its available, but its not something I have in front of me. But again, we do believe we'll be meeting the targets which is good. That's what we want. We want to have good alignment.
Richard Close
Okay. Thank you.
Operator
Thank you. Our next question is coming from Brian Hoffman of Canaccord Genuity. Please go ahead.
Brian Hoffman
Hey. Thanks for taking the questions. If you take the revenue from the consumer engagement piece which is about $7.4 million and you assume that you're selling the leads for $40 to $50, that implies that about a 166,000 leads were sold. So then, if we compare that to the number of Medicare approved applications that implies that you're keeping about 20% of the leads in-house without the BPO or the captive distributors. Is that accurate?
Erik Helding
I don't -- this is Erik. I don't believe so. I think we -- in dollar terms I think for the year, we ended up sellings about $13 million to $15 million, which believe was actually closer to 20% of the leads that were generated. And so, that's something that we would look to improve upon as we go through 2020. To Gavin and my remarks, right, we want to build out our BPO relationships and our captive agents, so that we have more agents who are able to consume more of the calls. And so, I think that was -- on Gavin's point was we just didn't have enough agents to consume those calls in the fourth quarter. And that's something that we would love to improve upon in 2020.
Brian Hoffman
Okay. And then in 2020, do you expect TogetherHealth to grow the number of leads that they're generating?
Gavin Southwell
We do. Yes.
Brian Hoffman
Okay. And then lastly, can you give us an update on the Spanish-speaking market which you've been targeting?
Gavin Southwell
Yes. Obviously, we've completed the full translation of the technology. We have a small number of products which are ready to go. We're working on several right now. So it's something we continue to work on. There's -- remains a great opportunity in that space particularly on the e-commerce side. So it is something we continue to work on and we'll keep building out. But the main focus initially was on the technology piece and getting the right mix of products.
Brian Hoffman
All right. Thank you.
Operator
Thank you. At this time I'd like to turn the floor back over to management for closing comments.
Gavin Southwell
Thank you. And thank you everybody for the questions. We appreciate your interest in the company. Now, we're in 2020 and we have what we believe is an excellent foundation in the Medicare segment to build on. It's satisfying for us to be able to update you on our progress and the successful conclusion of our first AEP. We look forward to being able to provide you further updates on this as we are able. Have a great day and thank you very much.
Operator
Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time and have a wonderful day.
- Read more current BFYT analysis and news
- View all earnings call transcripts
Recommended For You
Comments (3)
