BKYI - Earnings call transcript Q3 2021 | BIO-key International, Inc.

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Operator

Good morning, ladies and gentlemen. Thank you for standing by. And welcome to BIO-key International’s Third Quarter 2021 Conference Call.

During management’s prepared remarks, all participants will be in listen-only mode. Afterwards listeners will be invited to participate in a question-and-answer session.

conference recorded this XX, Tuesday, reminder, XXXX. a is today, being November As like call turn Johnson, would to I now the President Product. BIO-key’s of over Vice Kimberly to Please proceed.

Kimberly Johnson

on morning. you Chairman BIO-key’s CEO, Carlton Mike statements. those on Officer, our or Thank Jeje, call such will Revenue believe, and for Chief of Corsentino; the Securities of Such and from and on available today’s materially differ thank call statements. expect, made you beliefs this plan, Fred With these currently information think, DePasquale; basis similar Managing Words words Act me are of joining statements Akintunde Director subject assumptions conference to I’d to Private provisions call that to actual using CFO, are our the remind to estimate, and statements anticipate, project, uncertainties Harbor projected like forward-looking that XXXX. risks Ceci pursuant forward-looking certain Welch. the based are webcast management’s and Litigation may and typically results Reform or that of identify Africa; may may Safe as, contain made forward-looking express today’s and everyone cause

over that DePasquale. disclose today. undertakes Securities description place performance Exchange to in report to to statements, that Mike risk that, statements and these which occur affect obligations the such and on Commission. forward-looking Form as circumstances or XX-K the will Risk today’s not may on filed Listeners turn With cautioned events filings The future undue only revisions complete other the the other or after reflect a call of For with see of I no reliance to please annual of are BIO-key, factors Factors date. company’s in to and revise speak company forward-looking

Mike DePasquale

by initiatives, to and some I Fred who current prepared our our you sales call call, Good Managing for After Director turn highlights. Kim. provide and everyone, again Africa morning, will discuss of Tunde, to the of financial discuss to status African Kim QX will our remarks, of review followed the business on call. Thanks, some will Ceci joining is the thank our my over and marketing, he then

with very driven business demand IDaaS the identity core in our pleased control of QX, cloud-based are for by growth our access increasing solution. We PortalGuard

Referral We Fred out which as also believe Alliance continued substantial building with Channel contribute including Partner momentarily. to Intelisys, Agent Master Program, speak a can Program market our new we opportunities, will

on provide as invited scale why Director future in Africa, the As speak an our call and other projects, these I about throughout to on opportunities as mentioned, well Managing to our update of optimistic remain very I’ve Africa. Africa today’s Carlton of large we and Jeje Tunde contribution projects ID

margin going success to our a optimistic achieving plan we position, financial XXXX along our expanding from next revised this in profitability for strong over building provide of of million forward we’ve of hardware the million. high Africa XXXX, full revenues represent reviewed release, guidance $X to are very to and timetable we year a of from material XXX% The goals revenue, for our our of range by On million we our with Considering our to $XX of supported recurring prior revenue. base and about a million estimated XXXX XXXX. are range $X.X our solutions, our would range $X call, revenue our prospects software-as-a-service revenue base midpoint As of growth with QX push to forward. outlook

while company and for the while to of management teams, we engineering opportunities boost turning call growth a recurring to also be did want acquisition providing I to parent transformational company, solutions. proven our Pistolstar biometric revenue, truly last opening for our to Before Fred, major that and year’s our -- our mention has cross-selling base PortalGuard’s of

it valuation margin very the pieces a greater access past the continues I to revenue the business our segment focused to the multiples over place have accelerate in rapidly We in markets in authentication are am and we in garnered the any ensuring especially razor momentum business, multi-factor in high have and identity than XXXX. quarters technology of The far other general. management on

patented beyond. upside significant Our team this technology and strong provides balance management quarter the company sheet, and for experienced

potential With to to Fred. I’ll continue tuck-in further that, the opportunities and look We growth performance. turn to call enhance for over favorable our financial

Fred Corsentino

Thank you, Mike.

potential a we year is our have identity-as-a-service past our low our recent launched the model model IDaaS we upfront leverages of year model. that We that growth been cloud the cost started in recurring of really for What customers the about quarters our we refer in a version strength. offers. IAM For real more, revenue the PortalGuard that ago or to see it’s It’s new strong our focused to business. software-as-a-service this performance. Most prefer out technological a revenue and solution building as IDaaS on been driver have just or

on-premises variety about increase and XXX continue wide and on-prem core supports options, authentication IDaaS PortalGuard customers to XXXX. active MFA to of priced forward to cloud year be will a -- migrate cloud existing the to biometric multi-factor this in this solution. going expect to about capability. software attractively We we solution of migrated customers also percentage Approximately BIO-key’s the or patented including continue PortalGuard XX%

deliver our We representing that far solutions. Channel year, so significantly our Earlier control access well or strong of dramatically home and Alliance new enterprise demand with We by partner ecosystem verticals more our potential XXX this revenue challenges county security of ever, are over expanded a firewall, have to related year. XXX% education, the studying we are CAP access opportunities. an that higher Partner, organizational now creating see range to governments dealing in and from Today seeking security and challenges remote demands. Program, outside increased uses to working partners, global served this growth continue broaden than

reach established and leveraging about new Program markets, the specialization both existing CAP and extends into relationships expertise unique Our and partners. our

they Given to if and with incentivize close and going results BIO-key easy make in our end it excellent This to forward. and introduce we driver it particularly their are value-added an customers, program and of is products, security them. believe we resell BIO-key starting for is deliver important partners position long relationships really many an growth

We’re particularly the solutions. services Master Partner Referral we technology in Program Intelisys, quarter excited of within during the with and largest the third provider Agent place nation’s put

IAM now Our that first Intelisys solution provide substantial of agreed network to such partners. is has very to their the platform

as BIO-key social to to we QX, our commerce enables mentioned, substantially uses, opportunities positions In MobilePOS banking, products, is transactions. Innovation ideal partnership new our of for believe The a our for for core mobile we across biometrically development providing access of aid ID growth enabled, strategy. customers. Mike increase Intelisys free terminal. product the As remain us, tenet broad customer workers, new and a Pro, several a variety major Point-of-Sale a milestone it healthcare in-person including secure durable device launched and handheld, Android fraud verification end

multi-factor our keys, all FIDOX expanding We compliant also security further an new of BIO-key options. authentication of line range cryptographic introduced

mobile scanner QX This registration touchless positive uses camera, our device’s mobile embedded enrollment enable Our scanning equipped palm we for devices. technology algorithms convenient image and is biometric USB which iOS with app MobileAuth, with and scanning, sign a experience. EcoID called our compact was user factors capture third launch next-generation app BIO-key for and NIST-tested and capabilities. in secure launched palm fingerprint secure latest including with single improved that our This significant new Android fast technology, on II year

participate is to Place new On Great honor to recognize Xst, great for BIO-key satisfaction October and because growth. based our in certified employees growth. stock employee upon Work, employee Finally, we and recently we current which launched award by success opportunities additional a is to purchase offer the was plan is employee feedback that critical to

the Kim recent call to Johnson wins to Now, I’ll turn initiatives. review and over marketing other customer

Kimberly Johnson

Thanks, Fred.

files Supervisor state’s our to Elections As county, Office the secure had BIO-key’s Florida’s on significant IAM builds FIPS-compliant solutions. of largest mentioned, to deployment QX. data voter announcements fingerprint and PortalGuard in offices customer we’ve County of authentication earlier Orange fifth selected multi-factor the platform access provide several scanner which in

and sector, control addresses PortalGuard significant to and for of working IT access and PortalGuard IDaaS PortalGuard by education challenges security remotely. University applications. higher efficient Wesleyan enterprise-wide also the secure University added the Denver studying selected Within Oklahoma posed

workstations announced allows required solution customers the from from in and to of IT BIO-key’s Auto growing platform. public to IDaaS service IDaaS move based enhance delivery host cloud. to Auto PortalGuard secure U.S. fastest of auto Texas we company dealer security America’s one a off-premise authentication Our Auction resources applications a that the Auction the cloud desktop and benefit to and end, and is in their of support quarter auctions maintain selected CapEx system. Subsequent BIO-key complete and selected access the and elimination America’s

ramped our NACo Washington discussing panel three importance Conference Connect:ID quarter, up off-site Annual Conference In events, Counties XXXX of and third activities, in in multi-factor sponsored National a and the and other authentication speaking s During and with and where participate higher XXXX or the sales Association we Channel Conference the and attending including Seattle. EDUCAUSE Partners of we had PortalGuard expertise Conference National CIO industry at D.C., XXXX at events, Intelisys. the We Chief engagements. several Annual Annual Forum Association we XXXX we showcase in in the marketing of Officers where Information in including Expo, participated we education where weeks, recent State BIO-key Philadelphia exhibited we the

working industry. Association. fighting legislative Security with biometrics offering to pro group support groups Homeland we In four with and generating addition educational participate events, working a in support these to webinars. This Biometrics and of is engage of for Identity in marketing recent fraud IBIA policy lead met the group International and our staff has The other groups include + industry. Other efforts also security targeting

try We also Engine Alliance our our clearly Program. more increase partner the I cybersecurity for that resources, partners Channel customer recently syndication on business, we’ve initiated Ads focused and training awareness. govtech.com will a of location website, brand and deal been like and traffic. to We yielding continuous Optimization on Partner on for covered paper analysis optimize our and our content we’ve Program a rankings to retention process. goals just registration the Through our Program, efforts and launched support offer but government, ROI web also defined central keep portal and Search we driving able Fred CAP program. with white to with give these marketing quarterly to mention new to new efforts, other quality Google a and higher the This

doubled leads continued these recently, for to lead our this conversion BIO-key maintain we a to improvements and increased positioning an process leads and and overall brand hand Africa. will example, our made engagement. inbound For success. other I by exploring overview the in strategies, and At growth we’ve believe Tunde call Through progress high sales solid XX%, making generation for BIO-key are we time, of into

Akintunde Carlton Jeje

Many thanks, Kim.

software ID began projects National slower The over Our start, Social the that across overcome business, fingerprint in the unbanked country support and BIO-key’s point-of-sale help using the Government and inclusion from large at with progress, providing create hardware for of company. month the in enrollments Investment nation, is to jobs rural, mobile finance civil scanners October, Africa and see of financial just populations. services would published across and BIO-key’s gotten and of X,XXX million allowing hardware the which have NSIP just and its scale has for technology agents ID in a now off Nigeria a tremendous for terminals Nigerians finally I National of Federal than scale X,XXX the is projects providing underserved remain Program, youths time. contracted to opportunity anticipated the ID on first equipment young for adoption large huge Nigeria’s and mobile Having dailies banking X beginning. sector through training to -- related for provided services our to

QX in us and would the fees. units, for in XXXX. expected delivered this revenue this are hardware now had to planning XX,XXX to points-of-sale US$XX with which from million in quarter, represent We transaction of initial recurring shipments year expect gain more traction project We shipments supply

close to Sustainable in widespread our have Nations We assurance relevant with guaranteed our have contracts and by with agencies supported sector government Goals cash the and receiving World that and payments commitments and our the strong financial inclusion. programs of Bank by the thus are remain been for the national co-funding Development through initial deliveries private partners support contact United

revenue. pleased business to terms We finally the are traction be getting in activity of and

region. experts largest financials. civil you turn government we other enterprise the represent contacts partners pursue and opportunities updates These for socioeconomic and of BIO-key regarding related now In strongly to regions the to for to continue believe other prepared World positioned and in to will world that addition to Africa significant which are the will one business the Bank through both projects, identity-based and Africa, in we other Africa. these Welch, ID all. these services according opportunities and We developments. projects, opportunities BIO-key’s in in our are growth Ceci most Thank review call the my who I payment

Ceci Welch

Thank gained from The prior attributable XX% increase increase revenues. BIO-key’s Sequentially core revenues QX $XXX,XXX XX% a QX is increased $XXX,XXX you, to Tunde. has to quarter fee increased million XXXX achieved as primarily XXXX, business revenue momentum. XXXX. our in in in our QX from $XXX,XXX $X.X license

first QX in the QX much margin at growth strong to increased $X.X are a less from at the $X.X engineering as research reflecting with software and BIO-key’s XXXX. products. revenues the months XX.X% XX.X% coming Operating gross COVID-XX acquisition, development XXXX. XXXX, is which fees, of the higher and software million margin to QX license than grew to a reflecting well comparable as XX% disruption to at in $X.X Gross the revenue. The in due the simply onset to of revenue. and due the in QX from or increase QX XXXX months in in expenses of versus nine license XXXX, XXX% hardware of to the $X in XXXX of $XXX,XXX invest tends majority million new For costs, revenue pandemic. and carry slower coming XXXX million nine million remained in in months commitment increased QX profit revenue mainly with pace periods nine The XXXX XXXX, first from

in QX BIO-key to year, growth, the had and any company of first are result business $X investments for million an inventory, operating These $X.X XXXX, company’s and to first about for $X.X BIO-key, in which compared that, the period, Supply stockholders net no specific loss growth. the are months general we compared during $X.X net We reduced call quarter end s We’ve of cash supply including $X businesses of a the certainly million million a and comparable nine sorry, Through throughout back million of first XXXX $X.X current XXXX stockholders months our and $XX.X $X.X try but as ended loss to and prepared June also XXXX, to as to improvement cash million, capital we $X cash primarily improved the invested The net to working issues many XX% company’s of the increased rather $X nine also assets reported XXXX. QX the when imports available economy, net the million $XX no to XXXX for investor a and of chain reduced We ended XXXX any was outstanding. loss common impacting million to loss million, equivalents, from components. have outpaced million, the versus XXXX. with $X expense XX, interest As in a $X.X available million revenue support And outstanding. operating prior can QX we the loss. Operator loss nine of debt in in to with million debt turn XXXX issues. reduced the QX growth not mitigate XXXX in $XX and expense common the months of of with nine operating business of XX%. chain in months reported is quarter due also questions. volumes the current to assets million September, had through Through

Operator

Please Our Maxim Instructions] go [Operator Group. will ahead. with Vander Aarde come from first question Jack

Jack Vander Aarde

update. quarterly the Appreciate guys. morning, Good Great.

a me. third your is I of this a of last about inventory think, chain supply the were I’ll you. is see I where that Wondering this you the which for Just guys quarter. if end start quarter, questions Michael, couple environment. at double you of from million -- because with exactly $X.X doubled levels, I question for to imagine

if Thank the could your you. and just wondering having on just quantify every thoughts on having you any impact also that your share you supply hand business, So, could chain industry? in is inventory your if like it’s the company on on

Mike DePasquale

Yeah.

So, inventory. first to with start

certain Africa obligations our will and to to minimum timelines in to believe our had order for commit we’ve required required were to particular. product sure, contracts that fulfill a be get of on it we For in the

part. demand. one scanner be where -- personal significant. device think we’re a back quality, fingerprint new very, that’s we read Now, demand high II the as part there’ll will an well, believe product a be as EcoID very launched very It’s It’s building last the called inventory retail, -- in and that we and enterprise another well strong There’s the new and for updated, as in both we fingerprint reader. quarter

we’ve So quarter to some to the sure, business that be plan need into that seen, chip we’ll generate revenue we’ve products and XXXX. given our shortages investments that for we the this the made have

So issue. that’s sure for the

least revenues us, right? on Africa, to impact hardware expect the hasn’t As the that The our we significant of for well, yet. majority turned the business, are it relates business really software, in at hardware

relates want that just and to not software resources described, the hardware certainly, be a are, to the issues on as prepared If have we certainly, be shortage, service business, not we’re it obligations requirements grow our and perspective, fulfill in full regard. our ship But it’s we side, we to from we’ve I as which the have to going us to we it’s that got be So, exact have continue and able have impacting to supplier, exactly do that. any we product our the to to to forward. feeling

Jack Vander Aarde

makes color. obviously, to XXXX guidance, the Then, was lowered it to That Appreciate sense. turn significantly. Okay. I want

rest Just had that? the -- from the then, did that it expecting. But again, was, previously -- less you thought this so, not Obviously, maybe or did or guidance. that I the Africa portion also relate were to could underperforming that expectations? your you with not that wondered Africa color imply Africa of But you the line related could any a Just just drivers does around business and the you talk so there’s contribute what from was revenue clarify in if is guidance, significant then if contract, mentioned of that please?

Mike DePasquale

Yeah. business, It’s line past for our continues significant identity well. to core providing very, grow the year this our includes And we us PortalGuard well very, our doing which year-over-year in quarter-over-quarter. and very we Actually, provided, the that year business, with I biometric as expectations It very well. it’s believe it’s that access so our year. we growth business, is and IAM very combined much guidance management again, as started the as business and doing around

deliveries coming very the where right both That short, Africa product we’re the think up very, in now. I and software that’s on is shortfall turn services is and quickly. could for where

to are It up so Tunde now it the that to in forward. business think I able is as move everything to seems relates be as lining to described, financing, processes place.

IAM on very doing side. we’re expectations very, meeting So the our now well,

in going at I And revenue you shareholder exceed bit multiples multiples approach in In particular, fact, provide color prepared the in produce. tried I look just the high as to security. call level in grabbing company in comments. that and the beyond potential where to recurring space comments, today, expectations the that to my XXXX a margin in of valuation our and high really the in little business. we’re value the It’s if of But is my clearly technology I’ll most in software-as-a-service think, software, real, it, that industry has space especially we

place think at time. right the we’re the right in I So

think I meeting we’re our expectations.

expectations, think into have this exceed of the end we to I as year our march to we XXXX. the opportunity and

Jack Vander Aarde

are to shipments up relates for going quarter hear playing follow these it’s a as these then -- to XXXX, to a And on, good. that, related your small you definitely early fourth still contracts does I in Africa. -- traction. kind hardware just this people, as hardware to going amount Are over in definitely just relates Is fourth What just one It’s ship of see just to guess contracts? or to there’s maybe is good Great. quarter It’s XXXX Okay. year? but Africa it there definite, mean by training of this encouraging that it’s

Mike DePasquale

to this of conservative our Africa We’ve for taken very the year. shipments a approach remainder

you guidance considerably As can account. we that into see, lowered take our to

it We end could payments shipments. the long of quickly. very certainly is So the and the significant there not relates financing have ship as year very our that But, the are available. are as expectations for to very, the We product, quickly. as again, can change

We have financing some once the place. in to reserves ship the in inventory, ready some East again in Africa Far is and we have in

Jack Vander Aarde

speaking next Okay. I quarterly forward I the Great. and appreciate to Thanks. Well, time. look update

Mike DePasquale

Thank you.

Operator

Our [ph], Instructions] Commerce Please Private from question will go next Dan Investor. [Operator ahead. a come

Unidentified Analyst

This that of still $XXX,XXX no original, Guys. the was I Hey, mean guess, first it Hey. there’s quarter? the I think, was in shipment, payment

Mike DePasquale

good morning. Dan,

Unidentified Analyst

morning. Good

Mike DePasquale

No.

that in cash. I prepared are fact, his mentioned In Tunde we remarks collecting think,

question to that mean does no. It that. not answer So the is,

Unidentified Analyst

you the whole Did small collect $XXX,XXX number… just or

Mike DePasquale

but entire on, amount, the weekly the I will almost distributed cash by basis. being Not the banks call it, a No. is

Unidentified Analyst

see. I

and quarter, those working think with and so you bank guarantees, And I you’re the place they those? in are in last happy mentioned

Mike DePasquale

happening Slowly, second answer expectation that’s is, certainly as the quarter That we the Yes. the into quarter but now. third was Absolutely. our yes. ended and

Unidentified Analyst

$X.X million of inventory much How is that? say in Nigeria, can for the you

Mike DePasquale

quarters about of Probably three it.

Unidentified Analyst

Nigeria? is -- much AR how from the for And of is

Mike DePasquale

revert maybe I’d can numbers. color. Ceci, you AR QX on Ceci add some to have the AR, back to

Ceci Welch

Yes.

Mike DePasquale

Certainly not all from Nigeria, for sure.

Ceci Welch

third. a About No.

Unidentified Analyst

about margin looked The hardware XX%.

that it reading Is right. reasonable So forward? going I’m

Mike DePasquale

answer it on the product. can We think that. Yeah. I think I depends

be EcoID about ourselves our that high So, for higher. manufactured, manufacture -- be example, designs, will and we develop, will build

some be and we that the resell of that third-party Some range. for in of may products buy and the contracts integrate

a So good range. we that’s probably think

Unidentified Analyst

Should revenue was I here. housekeeping XX%, just take questions doing up some a good indicator? Deferred as that Okay.

Mike DePasquale

one. Again, I’ll let handle Ceci that

Unidentified Analyst

right. All

Ceci Welch

Yes.

a You should take good indicator. that as

recognized a it doing differ and similar to licenses. the recognize ratably are the first part the we BIO-key the perpetual of we our over last We lot bulk what year, of of but ARR the we

just So, support revenue. the yes, the That’s of is of factor the recurring the deferred good. a continuation

Unidentified Analyst

Okay. I Ceci, tell long $XXX,XXX I can as you an for? you, what prepaid got as noticed expenses, in that was me increase,

Ceci Welch

of just a that’s of forward. that some That’s deliveries prepaid that last hardware have ensure the bit to the going we

Unidentified Analyst

see. I

that’s on So top of the inventory, I think?

Ceci Welch

Yeah. but Yeah. it’s It’s last the actually.

Just that, those We it. right Mike works. couple the fairly last have EcoIDs, of for to And some quickly. some have expecting that the sell we’re is like off said, again, of we in X,XXX now of just a

some have kitty. in we So the more

Unidentified Analyst

Okay.

Let the WEB-key -- is platform expanding I about payment the that PortalGuard remember some expect Nigeria add for a expect Nigeria name? this me questions you mobile name, talk maybe into The to actually forgot your here. ask would type type to -- system? sorry. Jeje? last some when MobilePOS, first like But about you am would you I’m of

Akintunde Carlton Jeje

That’s that certainly at. looking something Absolutely. we’re

the via and agents things at and access we’re the that. we to Absolutely. security PortalGuard agents, deploy via terminals across aggregators these layer for like As definitely adding as transactions looking Yeah. nation

Unidentified Analyst

or $XX that is of million that’s already of I the was -- that? that part mentioned, transactions. that a mean, that -- of on lot you What the top astounding, contracts sort in announced Is million $XX of for number,

Akintunde Carlton Jeje

that. of part That’s

Unidentified Analyst

competitor’s than selected? I that offers PortalGuard what’s other can see. the Like chance or a be And product which I system? see. WEB-key

Akintunde Carlton Jeje

again. question your Sorry,

Unidentified Analyst

the such product a chance be selected a operate PortalGuard other What’s competitor’s to could system? that in than

Akintunde Carlton Jeje

looking supposed with with PortalGuard be terminal I am pre-installed possible, -- absolutely so we’re but we’re -- we’re is, deploying, come that that’s will for that solution agents do -- what the that. what there’s to the to that’s using

two-factor suppliers, So, that using belong a on chance will that, of solution installed for a another that, terminal as authentication they lot security. there’s them have to for remote other are

definitely that’s yeah, So, possible.

Unidentified Analyst

you is BIO-key is for see? something will entire see. I that or that $XX like million the expect ecosystem Then might transactions

Akintunde Carlton Jeje

from no take just deployed? they But terminals, are suppliers. a we lot factoring guarantee terminals that terminals be at That’s BIO-key the being solution to certainly to this from It point. our PortalGuard want once there’s of that could more start the will from us a

So our that’s terminals. just for

Unidentified Analyst

[ph] a me of the first round I to Let guess, IAM to obligation couple Intelisys Kimberly, platform? ask Is routing contractual here. offered any to cool questions kind there be

Mike DePasquale

That’s probably a question…

Kimberly Johnson

I…

Mike DePasquale

But Fred. him for -- a take relationship. kind at of But Fred. That’s really Intelisys that. let the Fred a is it. But I go I’ll probably of managing ahead, didn’t kind question shot understand I

Unidentified Analyst

first IAM Oh! do Intelisys some Well, the to do question you is, do contractual is pay have have what or be or to to obligation it you there the offered platform is just…

Fred Corsentino

No or contractual we like anything the that? into remuneration expand just No, are or identity-as-a-service. to obligation first

Unidentified Analyst

going talked and for there quarter? fourth in of that you And last How’s be about last on is time. XXX center that guess user purchase would any chance I I the that Good. call question Kimberly pilot, some guys mentioned? think kind that is that

Fred Corsentino

be well. might question That as a Yeah. from me

Kimberly Johnson

Yeah.

Fred Corsentino

And year in on fourth rollout, the whether it’s ongoing it going it’s well, target, and there. expect will be next Yes. we for quarter

Operator

go Our a Investor. ahead. Arnold Please will from next Richard come Private [ph] with question

Unidentified Analyst

Richard is business. satisfied This with the I’m very core Arnold.

on is get several to clarification. I you it six wondering Africa. I’m called lotteries? can Africa company over particularly, its betting times still However, Africa, And months, whole in and it the tell trying if for Nigeria, goose last the a and chase me. going wild someone are Is

Mike DePasquale

over Tunde. going is make I’m it to Well, and I’m to comment going Richard, turn to -- to a first going I’m Mike. this

in around awful of added why I we a prepared color an opportunity. Africa think remarks we and lot our see significant it as

business to at on has significant core betting more continues the entire business. far see, and our not from the because We grow, than African it our core company business as all Africa, valuation perspective, expand by are upside a will far dramatically our business you core

on the believe, sense the taking given mover in planet the given being balance our what a first kind a the of right opportunity we our of position including see fact leadership, there that sheet, we’ve got for in largest However, lot and do given makes a us. is leader resources, market today Tunde Africa, we

but goose one is And betting on company it we by no a And means any our so, not business. entire component wild of single are chase. no, the

So I that helps. hope

Operator

the ended. has DePasquale remarks. time, I for turn Q&A back this At to over session Mike the will now closing call

Mike DePasquale

your everyone look thank want our today’s you I as we’ll in developments the forward joining updates time call. call. We news you to updating and always, Again, interim earnings for next thank And significant for provide you. on in occur. continue participating Thank to today. and as to

Operator

presentation. The attending conference is now concluded. Thank today’s you for

may now disconnect. You

BIO-key International (BKYI) 16 Nov 212021 Q3 Earnings call transcript