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Pivotree Inc. reported its financial results for the second quarter of 2025, revealing a decline in revenue and a strategic shift towards profitability. Despite the challenging macroeconomic environment, the company continues to focus on innovation and operational efficiency. According to InvestingPro analysis, the stock, currently valued at $5.36M by market cap, appears undervalued based on its Fair Value estimate. The stock remained stable post-announcement, with no significant changes in its trading price, demonstrating relatively low volatility with a beta of 0.14.
Key Takeaways
- Pivotree’s Q2 revenue fell 15% year-over-year to $17.3 million.
- Adjusted EBITDA stood at $1.7 million, representing 10% of total revenue.
- The company is investing in data solutions and AI-driven projects.
- Sales and marketing expenses were reduced by 60% to improve profitability.
- The company added over 10 new customers in the past year.
Company Performance
Pivotree’s performance in Q2 2025 reflects the ongoing challenges in the tech industry, with revenue declining both sequentially and year-over-year. The company is adapting by focusing on data-driven solutions and reducing operational costs. InvestingPro data reveals the company maintains strong financial health with a FAIR overall score of 2.2, and notably holds more cash than debt on its balance sheet. Despite the revenue dip, Pivotree maintained a strong cash position and improved its margins compared to last year, with an impressive current ratio of 14.95x indicating robust liquidity. Discover more insights with an InvestingPro subscription, which includes access to detailed Pro Research Reports for over 1,400 stocks.
Financial Highlights
- Revenue: $17.3 million (down 15% YoY)
- Adjusted EBITDA: $1.7 million (10% of revenue)
- Net Income: $2.5 million (boosted by a $2.3 million asset sale)
- Cash Position: $8.6 million
- Margins: 46.2% (up from 44.2% last year)
Outlook & Guidance
Pivotree is targeting an EBITDA margin of 7-10% in the coming quarters. While not currently profitable, InvestingPro analysts forecast the company will return to profitability this year, with revenue expected to grow by 332% in FY2025. The company plans to invest more in sales and marketing if efficiency remains consistent. It expects continued growth in its professional services and managed infrastructure services but anticipates a decline in legacy managed services. For comprehensive analysis and additional ProTips about Pivotree’s growth potential, visit InvestingPro.
Executive Commentary
CEO Bill DeNarco emphasized the importance of quality data in AI applications, stating, "AI only works with good quality data." He also highlighted the company’s efforts in data cleaning initiatives, saying, "We’re elbows deep in a lot of that data cleaning."
Risks and Challenges
- Macroeconomic Uncertainty: Ongoing economic challenges could impact customer spending.
- Legacy Service Decline: Continued decline in legacy managed services could affect revenue.
- Competitive Pressure: Increasing competition in data solutions and AI technologies.
- Sales Efficiency: The need to maintain consistent sales efficiency with reduced spending.
Q&A
During the Q&A session, analysts probed Pivotree’s strategies for acquiring new customers and the impact of AI on e-commerce. The company also discussed the trajectory of its legacy services and the challenges of data preparation for AI adoption.
Full transcript - Pivotree Inc (PVT) Q2 2025:
Peter, Moderator/Call Facilitator, Pivotry: Good morning, everyone, and welcome to the Pivotry Second Quarter twenty twenty five Earnings Call. All participants are currently in listen only mode. Following the presentation, we will open the line for a question and answer session for analysts. To ask a question, we would ask the analysts to click on the icon to raise their hand. Before we begin, VIVITROU would like to remind listeners that certain information discussed today may be forward looking in nature.
Such forward looking information reflects the company’s current views with respect to future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward looking statements. For more information on the risks, uncertainties and assumptions relating to forward looking statements, please refer to PIVOTREY’s public filings, which are available on SEDAR. During the call, we will reference certain non IFRS measures. Although we believe these measures provide useful supplemental information about our financial performance, they’re not recognized measures and do not have standardized meanings under IFRS.
Please see our MD and A for additional information regarding our non IFRS measures, including for reconciliations to the nearest IFRS measures. Now I’d like to turn over the call to Pivotry’s CEO, Bill DeNarco.
Bill DeNarco, CEO, Pivotry: Thank you, Peter. Good morning, everyone. Thanks for joining us on our second quarter twenty twenty five conference call. With me today as usual is Moa Shure, our Chief Financial Officer. And as we normally do each quarter, we’ve published a CEO letter in conjunction with the earnings results that’s available on our website and filed on SEDAR.
I’ll be covering a lot of that material today. Start with the, the high level, continued strong bottom line as we’ve committed to with green shoots in the go to market. Gonna work backwards from the right. You know, we’ve continued to deliver, in and around that million 5 to million seven at 10% margin on EBITDA. Our adjusted EBITDA is 1,700,000.0.
If you’re looking at our financials, you will see that there are the the benefits from the onetime gain. Just keep in mind the adjusted EBITDA is more reflective of our run rate. The, MIPS and PS revenue continues to to hold. It was down about 5% on a trailing twelve month, but the green shoots for us was really the bookings. The MIPS and PSTCV bookings over the last trailing twelve is up 15%.
We’ve talked a lot about MIPS in particular being a little bit volatile just on the the the nature of the contracts we’re signing. It’s lumpy. So we have really been focusing more on trailing 12, and the trailing 12 has really healthy signs in the bookings. So overall, we’re we’re quite pleased with the results from this quarter. As I noted, MIPs and and PSTCV bookings, reasonably flat in q two versus the previous quarter.
And, but but compared to q one, but, up 19% versus q two twenty twenty four. MIPS bookings were up 15% compared to q two twenty twenty four. And we’re starting to win longer term deals in this category, offering improved line of sight to future revenue contribution. PS bookings rebounded to 11,300,000.0. Again, you can see the trend.
We’ve broken the LMS off, so it’s it’s really broken out from the stack bar. And as you can see there as well, the the PS bookings were up 15% sequentially and 20% compared to q two twenty twenty four. The LMS bookings were down to less than a million dollars in q two, and we’ll continue to only have modest contributions to total TCV bookings as the number of customers in this category continues to decline. While we’re still finding momentum in our go to market, I’m encouraged by the quality of wins we found in our in our most important categories, that being MIPS and PS. And and really that stack yellow and dark blue bar chart is, you know, what we keep talking about.
Pay attention to that. You’re not gonna get revenue growth without bookings growth. So this will be the leading indicator on how things are progressing. And, again, we saw some nice lift on the PS, and we’ve seen some good trailing twelve month indicators on the, the MIPS. Just some general observations I wanted to share with everyone as well.
Since we’ve rightsized the business for for profitability, we’ve been focused on a return to revenue growth. So we we did spend a lot of 2024 getting the right sizing right, settling in. We did some some transformation in the go to market. And and, again, as a result of of last year’s focus on right sizing, it didn’t get the same investment and effort around the new logos. We did hire a CRO.
He has been implementing a lot of changes, and we are starting to see again those green shoots. Now we we aren’t demonstrating aggregate growth across the entire business, but there are encouraging pockets of momentum worth highlighting. We we added just over 10 new logo customers during the trailing twelve months. I’d like to see that number increase by the ’25. And based on what I’m seeing in the pipeline and the commitments your team is making on some deals, I feel really good about the new logo progression.
New logos really are what deliver the long term continued growth, and and we did have an air pocket of that over twelve months ago. So you’re seeing that reflected in the results. These new logos are are inspiring some confidence. Our ability to deliver quick wins and and value to new customers, with some of the new entry point solutions is really what’s allowing us to get these new new logos, into the mix. Look.
Over the the same trailing twelve months I keep talking about, approximately one third of our customer base expanded their annual spend with us, representing over 50% growth. So, you know, I get a lot of questions about what are you seeing, what are you hearing, is there any evidence that, you know, the market’s starting to gain confidence. To me, this is one of those. I’d like to see, you know, more than that number, more than a third that are expanding. But seeing that expansion in budget and spend, I think, is an early indication.
Folks are starting to get on with business. I really am confident we’ve got a strong mix of offerings and and winning additional new logos. It’s gonna set a strong foundation to begin to step towards delivering that aggregate, top line growth. Some of the data highlights that I think are are really important. It’s one of the most exciting areas, the data category, where we recently launched our dirty data campaign, and I detailed that last quarter.
Data remains a central theme in nearly every client conversation. As customers prepare to, adopt the latest technologies that rely on accurate and complete data. And no surprise, commerce systems rely on accurate and complete data. So these things do go well together. This this quarter, we secure we secured four new logos in the category, including some of those new entry point solutions like initial dataset, assessments.
We did a a SKU build POC, a data cleansing project, and a control tower, beta. So while there’s smaller deals on contract value today, you know, what we’ve seen, as I just mentioned above in those those one third of our logos that expand, once you get customers in and the quality work we do inspires them, we do see those new logos expand. And so we’re really excited about getting more of these new logos and entry point solutions and then doing more for them over time. So there’s some really good leading indicators again, in our client base doing more with us, new new logos joining the client base. And, really, some of the clients’ profiles and some of the sales agility we’re seeing, again, helping us identify segments that are resonating with what we’re doing, and we’re getting better and better with our go to market team in refining our sales process.
So one of the things our CRO loves to point out is we’re spending 60% less than we did last year in sales and marketing in in some of these areas, and we’re getting better results. So we’re seeing sales efficiency. We’re seeing confidence that by spending more, as one of the capital allocation decisions we have to make, that we have more confidence we’re gonna get better returns. Two of the distinct customer profile segments that we’ve we’ve seen emerge are tech enabled customers and tech like customers. And it really is changing particularly our data business.
Tech enabled customers are really interesting in our tools. They have teams that can use our tools that are, again, highly automated AI and ML oriented. Tech like customers don’t have teams built out. And so as a result, it’s starting to look more like a BPO where we use our tools to help them deliver a complete solution. Does change the sales process a little bit, so it changes what you’re selling and how you sell it.
But the team is getting better and better at identifying who those customers are as we go into these conversations. So we are adapting our sales playbook accordingly. And we’re again, we’re very confident that we are starting to see light in the end of the tunnel that those bookings are gonna keep moving the direction we need them to. With that, I’ll pass it off to Moe to take you through some of the financial highlights.
Moe Shure, Chief Financial Officer, Pivotry: Thanks, Bill. So we got the revenue charts here in a similar view to show PS and MIP separate from legacy managed services. I mean, I’ll start talking about total revenues. It was $17,300,000 in Q2. It’s down 10% sequentially and down $3,000,000 or 15% year over year.
And again, the primary driver continues to be the expected decline from our legacy managed services, which is down 2,000,000 or 40% on a year on year basis. So when you look at the PS and MIPS, the area we’re focusing in on in some of the key areas that Bill was describing, we’ll be looking for the leading indicators in bookings. PS and MIPS together totaled 14,200,000. That’s down a modest 4% sequentially when excluding the again, that’s excluding the legacy managed service. This sequential decline is largely driven by foreign exchange.
As many of you have seen, the U. S. Dollar has been quite volatile from Q1 to Q2. On a constant currency basis, PS and MIPS revenues were relatively flat versus 2025. MIPS revenue was $3,700,000 in Q2.
It’s 2% growth on a sequential basis, again, to 2025. It is down 7% compared to last year where we hit a high watermark of 4,000,000 with specific requests for additional short term volume around our SKU build. But in comparison, again, the most recent quarter, when you look at MIPS at a constant currency basis, it grew 5%, which is again the ramp up of some of the strong bookings stronger bookings that we’ve seen in MIPS reported over the last couple of quarters. PS revenues were $10,500,000 It’s down 5% year over year. But we are seeing demand and we are seeing the pipeline and opportunities to support that there continues to be demand for the support of technologies.
And we continue to see focus and increased activities with new customers as well that there are, again, are strong leading indicators for us or that there is still demand in the professional service spaces that we serve. Moving on to the next slide. Q2 margins was 46.2%. This was very strong for us. It’s up from 44.2% last year and is outperforming our recent results with PS margins being specifically strong.
Looking at the chart on the right, Q2 adjusted EBITDA was 10% of total revenue. That’s $1,700,000 It’s up nearly $1,500,000 compared to Q2 of last year, which also in Q2 includes a $600,000 FX loss as well. So absorbing that loss, we’re still at 10% profitability adjusted EBITDA profitability. Not included in the adjusted EBITDA was the 2,300,000.0, which was the gain on the sale of the WMS asset in Q2. Unadjusted, it would have been a $3,900,000 EBITDA.
But again, we adjusted it out to show a more normalized EBITDA for the quarter on operations. Net income increased due to the 2,300,000.0 gain on sale to $2,500,000 in Q2. So I’m really pleased to report that the delivery team’s performance through the margins they’ve been able to deliver in Q2, the continued disciplined approach that we’ve applied on our operating expenses, even while handling the legacy managed services decline and their gross profit associated with it, we still delivered a strong quarter from a bottom line profitability. This is the third quarter of strong EBITDA. It has continued to strengthen our balance sheet.
And again, sustainable profitability will continue to receive focus and priority, same that we’ve executed in the past quarters. Net income continues to be positive with the strong performance EBITDA, and we’re expecting net income to benefit from reduced depreciation and amortization in future quarters as we’ve pretty much reached the end of amortizing some of the capital expenditures that we’ve
John Chao, Analyst, National Bank Financial: had over the past years.
Moe Shure, Chief Financial Officer, Pivotry: So turn to the balance sheet. We ended the quarter with cash of about 8,600,000.0 You can see within there our core operating activities generated 1,500,000 of cash in q two. We’ve had a working capital impact of about million dollars. The driver being the recognition of we had some deferred revenues where it was prepaid in advance that we recognized in q in q two, again, collected prior to q two. And then we’ve had some AR invoices that we typically collect in the quarter.
We shifted into q three. There isn’t concern we’ve collected it. These aren’t any kind of indication of any concern around our ARs. We continue to manage a healthy aging on our accounts receivable. So overall, no real concerns on the working capital front here.
And then finally, we recorded a 1,900,000.0 cash flow from the benefit of the sale from the WMS business during Q2. The business was operating cash flow positive and we continue to make the necessary investments to support the growth of our business. And again, as a reminder, as I’ve done in prior quarters, we still have a line of credit, 8,000,000 that is untapped. We have not used it with National Bank and we have room to increase it through an accordion of up to $50,000,000 So I’ll turn it back to Bill now for a closing summary.
Bill DeNarco, CEO, Pivotry: Thanks, Moe. The team continues to find ways to operate more efficiently, and we’re seeing good leading indicators work with our new solutions. So, you know, again, I’m really pleased with the performance of the team. They continue to execute on, the tight controls and how we manage delivery on a day to day basis, and that’s reflecting the bottom line. And I’m really, again, excited to see some of the new logo initiatives that are starting to bear fruit.
We continue to invest this year in in the growth of our managed and IP solutions revenue. More importantly, some of that is really reflected in the delivery methodologies that we are using that are becoming more and more automated. We do expect to see that reflected in the in the go forward quarters in margin improvement around mix. And, you know, I’m gonna leave everybody with that final thought of we made it a priority. The team’s executed on it, but we’re generating EBITDA and cash flow.
And I think this is just another good quarter and demonstration of the team is focused on maintaining that bottom line as we crack the, the growth, the growth challenges that we’ve been, facing for the last couple of quarters. So, again, optimistic about the team, optimistic about the leading indicators, excited about the state of the business today, and looking forward to seeing everybody in another quarter. With that, I’d turn it over to, Peter to manage our analysts with their questions.
Peter, Moderator/Call Facilitator, Pivotry: Thank you, Bill. We’ll now take questions from our analysts. Our first question comes from Daniel Rosenberg of Paradigm Capital. Daniel, please go ahead.
Daniel Rosenberg, Analyst, Paradigm Capital: Hi, good morning, Bill, Moe and Peter. My first question was just around the new logos that you mentioned. I was just curious if there’s anything to say around sector specific wins or product specific wins in terms of signing on new business.
Bill DeNarco, CEO, Pivotry: Yeah. I think there’s a bit of a mix, but the one that’s got me most excited, Daniel, is the direct to to client. So we’ve often in the past benefited from new logos with our our go to market partners in in the channels. A
Peter, Moderator/Call Facilitator, Pivotry: number
Bill DeNarco, CEO, Pivotry: of these new logos are are across a variety of the ICPs that we focus on, but the fact is the campaigns that are attracting them really focus on dirty data. So that seems to be resonating. The the consistent theme is people are coming to us with they know they have data problems. It’s resulting in different types of solutions. A lot of them are how do we clean their data, but it’s also about where they house it.
It’s the infrastructure supporting it. So we’re finding PIM projects. We’re finding data cleaning projects that are coming through on these. I would say our industrial goods, tends to be fairly strong, although we’ve we’ve seen, again, some retail starting to show up in some of these numbers too.
Daniel Rosenberg, Analyst, Paradigm Capital: Appreciate that. And, it’s good to see you guys holding the line on profitability, and I think you mentioned more effectiveness from the sales and marketing. So I’m curious how you know, what you need to see, in terms of investing back in towards growth. You know, do you wanna see a year’s worth of sustainable profit levels? Are there any targets you’re thinking above thinking about in terms of, you know, how you allocate resources and when you make those decisions?
Bill DeNarco, CEO, Pivotry: Yeah. I would say that, you know, we’ve been fairly consistent about our desire to remain in the seven to 10% EBITDA margin range. And I I think the reason we give ourselves a bit of flexibility is as Kyle and team continue to prove effectiveness, I think some of the data they shared with the board recently shows a really high return on, you know, LTV CAC or or lifetime value of customer over cost of acquisition. As we get more confidence in, you know, that ratio being maintained, I think we would be inclined to start spending some of that EBITDA on accelerating more of the sales and marketing spend. So, again, maybe we would move down from 10% to the 7% in pursuit of, you know, perceived consistent closed deals.
So pipeline’s building. We’re seeing good activity. I think what we’re really looking for is the closes. And as the closes start to come, I think you’ll start to see us, get more confident about the spend in that area.
Daniel Rosenberg, Analyst, Paradigm Capital: And I guess, this is a follow-up on the, you know, customer, dialogues that you’re having. I was wondering how much, you know, does the macro picture play into those conversations? Is there uncertainty in terms of budget spend? It sounds like you’re seeing green shoots, but, just curious what the dialogue is around tariffs, etcetera.
Bill DeNarco, CEO, Pivotry: Yeah. I would say the one thing that hasn’t changed is people aren’t racing to sign million dollar contracts when they don’t know you. And so one of the things we’ve changed is getting those entry point solutions, smaller contracts to initiate this relationship build, and and then build confidence we can help guide customers through digital transformation decisions. That hasn’t really changed. I I wouldn’t say that, you know, we’ve magically seen multimillion dollar projects just land on our desk.
I think we’ve seen more let’s get started, and that’s where we’re starting to get some of the wins on the new logos. And we are starting to see expansion from those new logos three, six months into the relationship. I will tell you one of the consistent themes, and why I think dirty data is working is I would say there’s two types of macros. There’s the economic macro and the uncertainty, geopolitics. And then there is this, other macro, which is the recognition of AI as a transformational technology and, what it’s going to do to change our economy.
And I think a lot of people right now are very concerned that they don’t know what to do. They don’t know what comes next. And I think this is where we’re starting to see these initial let’s get to know you and your data problems and help guide you through that discussion. They’re smaller projects. They’re helping give people some confidence on where and how to spend.
And I think we’re we’re seeing that macro trend picking up momentum, people getting ready for this long term AI disruption. And we’re in the really early innings, but I think we are seeing a lot of fear and uncertainty, and it’s it it’s being overcome with, let’s get started on helping you map some of this transformation.
Daniel Rosenberg, Analyst, Paradigm Capital: Understood. Lastly, for me, I think it was mentioned that the professional services margins came in strong in the quarter. Was there anything specific to call out there? And how should we be thinking about that margin profile going forward? And then I’ll pass the line.
Thank you.
Bill DeNarco, CEO, Pivotry: Yeah. I I think, you know, Moe’s probably in the best position because he spends almost every day looking at it with our, our our our our head of delivery. So, Moe, if you wanna chime in on what’s going on with the controls there?
Moe Shure, Chief Financial Officer, Pivotry: Yeah. In in q two, specifically, we did have some projects that have been delivered successfully, went live, and we’re able to kinda generate good margin for us. We’ll continue. I think the discipline that the PS group has has in place should help at least sustain the the the margins there. So within each of our segments, PS, MIPS, there’s room to improve.
There’s visibility that we do have levers that can improve and deliver strong. I think just the overall with, you know because the weighting of legacy managed services is gonna go down over time, the blended might still be somewhat similar to kinda what you’ve seen. So they’re improving within the key segments, but we’re having less and less legacy managed service, which does generate over 50% gross margin. That weighting might impact the overall margin. So that’s probably how I’d describe it.
Bill DeNarco, CEO, Pivotry: Okay. I think the other thing too, last year, we highlighted we had a couple of projects that were some issues, and it affected our gross margins. We got those projects behind us. We we said that was going to happen. It happened, and we’re starting to get into more normalized ranges.
And the teams that are are leading and managing now just really disciplined. So we’re we’re just not allowing those kind of projects projects to occur again. And so I I think what you’re just seeing is really good operating discipline out of that group now. And we’re we’re really pleased, and and our board is really pleased with how that team has performed.
Daniel Rosenberg, Analyst, Paradigm Capital: Okay. Thanks for taking my questions.
Peter, Moderator/Call Facilitator, Pivotry: Yeah. Thanks, Daniel. Our next question comes from John Chao at National Bank Financial. John, please go ahead.
John Chao, Analyst, National Bank Financial: Good morning, guys, and thanks for taking my question. I heard some of the large ecommerce players like Shopify are actively using AI to cut costs. I know this is still probably early stage, but, as the AI related automation becomes the new normal in ecommerce industry, I’m just curious what its implication is to your business from a revenue standpoint. Do you think this is going to be a net positive to to Pivotry?
Bill DeNarco, CEO, Pivotry: We do because, you know, I think if you look at our vision statement going back even five years, we were really clear machine learning and AI is the enabling technology for frictionless commerce. We’ve been investing in it in very practical tactical ways. There’s going to become, I think, an expansion of ways that we can apply the skills we have as more and more companies are looking for how they apply and use it, whether it’s for efficiency gains, whether it’s for better customer engagement to drive top line revenue. But most of what we’re seeing right now, being candid, is most of the customers we’re working with, their data isn’t really ready for truly leveraging AI. Fundamentally, AI only works with good quality data.
So I think we’re at the heart of the storm right now. Most people are realizing they want to be able to take advantage of the promise of AI, but what they have today in terms of of accessible and clean data is is not really ready. So I I think this is gonna be multiphase, John. There’s there’s the aspiration of all the things you could do with AI in the future, and there’s the practical reality of what it’s gonna take to get your data to the point where you can use it. I think we’re we’re elbows deep in a lot of that data cleaning, which is exciting for the team because that’s more of what we’re seeing coming in now, help clean the data.
John Chao, Analyst, National Bank Financial: Got it. Thanks for the color. And I also wanna ask about the your legacy managed services booking this quarter, which is at a much smaller scale now. Is this just a one off quarter and you expect some rebound going forward, or does it kinda represent the longer term trend as you actively move away from that business?
Bill DeNarco, CEO, Pivotry: Yeah. I I think I highlighted at the end of last year that this year was going to be a big transformation year on the LMS. We’ve been seeing a slow, steady decline. This this year was gonna be a bit lumpier, and I think it’s as we’ve always maintained, watch the bookings because they’re the best indication of where things are heading. So I think that’s a a really good indication of what we’ve been saying starting to manifest in bookings.
You will still see some stuff come through even this coming quarter. There’s still some customers that aren’t moving yet, and so there will be some additional bumps in some of the LMS contracts. But this this is indicative of what we’ve been talking about for a while. It’s why we’ve broken all of those out so everybody can see what’s happening in that. And it’s really why we wanna continue to focus on people’s attention, what’s going on in the PS and MIPS business.
That’s really the long term indication of how we’re doing. We’re just giving you some visibility into the runoff on LMS.
John Chao, Analyst, National Bank Financial: Good. Maybe my last question is more to Moe. Given this booking this quarter’s legacy managed service booking number, how should we model this revenue line for q three and maybe q four?
Moe Shure, Chief Financial Officer, Pivotry: Yeah. I mean, this is, the booking is an indication that that line is declining. And we’re gonna give any specific guidance on this call, but it it is gonna continue beyond a downward trajectory because the bookings we see there are the renewals as the renewals need to you know, essentially are come up and customers essentially make their choice whether they’re gonna continue or come off. But that will be a a declining line, and that’s why we like to look at PS and MIPS revenue growth because that decline is gonna be unique and at some point become a smaller portion of our overall revenue.
John Chao, Analyst, National Bank Financial: K. Thanks again. I’ll pass the line.
Peter, Moderator/Call Facilitator, Pivotry: I see no further questions, Bill, so I’ll turn it back to you to close.
Bill DeNarco, CEO, Pivotry: Yeah. I’m not sure if Daniel’s hand is back up with further questions. Do you have another question? Nope? Okay.
That’s it for us for this quarter. As I said, I’m I’m really pleased with the, the way that the team is operating and the results they’re delivering on the bottom line. I’m excited to see how these new logos start to to close and and turn into customers and start to grow with us. So a lot of good things coming in the future. Really, again, cautiously optimistic and not gonna use the, macroeconomic state as any excuse.
I think our team is discovering, good companies figure out how to, work through those things. So, I I think we’re one of those companies. Thanks everybody for attending, and we’ll see you in another quarter.
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