RSSS - Earnings call transcript Q4 2021 | Research Solutions, Inc.

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Operator

Good afternoon, everyone. And thank you for participating in today’s conference call to discuss Research Solutions Financial and Operating Results for its Fiscal Fourth Quarter and Full Year ended June 30, 2021.

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, John Beisler, Investor Relations. Please go ahead, sir.

John Beisler

good and Carl, you, afternoon, everyone. Thank for quarter and you joining earnings us fourth Solutions Research for full today call. Thank year XXXX fiscal we With Roy today us have W. Officer. [Audio Chief Interim Financial Olivier, Gap] company After issued results the the and XXXX. quarter year fourth this market afternoon, for a release announcing closed press its fiscal full the the That on researchsolutions.com. company’s release is website, available

and Private Before risks Alan factors. company’s Research Solutions’ begin to investors. made information impact that like measures, Litigation that non-GAAP press today’s you earnings to the remind the GAAP -- of could which Roy results operating measures their future the statements for call, certain believe the condition. would with XXXX. the useful of release or afternoon. variety you of and call filings management may from some will impact discussion included this for will due today Also the made Reform Act the forward-looking differ could of be to in financial A is a issued refer to Securities those prepared measures we and remarks, under reconciliation detailed implied of Actual We I expressed materially results financial those on reference more will a provide SEC

like over call on company’s the website. the W. call would will now for link a to be Roy to turn this I remind everyone Olivier. available I Finally, via recorded and replay made to like Roy? would

Roy Olivier

to XXXX for fourth fiscal our And results. John. and thanks quarter you, for everyone us joining Thank and

as year new of customers existing or exceeded upsells platform our in continued customer well quarter met platform results churn. renewals, existing transaction our and we quarter deployments, the fourth Our the contract as upsells Overall, momentum reflect targets platform and regarding for the from business.

only like ever from I by growth. markets, described several including CEO. were complete were in when two highest deployments Solutions Interim second a update calls was past questions minutes highest to review I’d looking of few in first the in part have year. churn, included new was separate start expansive on the items deployments to Those the strategic addressing product and I value acquisition It proposition This that customers history. key XXXX. items developing quarter an during for we my conferences company’s became and review. two prior net strategic investor focus transaction of new at the taking those the terms XXX-day XXX expanding to priorities quarter Net planning the the provide the fiscal new completely Research the on platform in XXX trailing more the priority years, added accelerate most the first, how than accelerating were; deployments, new our exercise, Over growth, and addressing around strategy. a earlier to

accelerate product completed sales the review targeted the sales resources results those short-term, development. and of areas, have be efforts development to and and We our accelerate adding will of to much growth organically additional in improve each in

in well this to which of we this, to that steps costs There headwind continue decline we platform be is While material churn, transaction have the taken their for one many are see expect transaction works address reasons a our overall results. on very customers a year-over-year. to and

focus growing has in to with transaction over they are keeping recurring million our on from platforms historic markets From flat. be three revenues in today will focus years been a revenues perspective, $XX Corporate primary segment. the Our and where relatively

we vertical That much traction are product will product product offering new launching will this on with ways. From focused XXXX, we perspective, growth markets the two we segment, now it. space. we we’ll our to in be expanding also and We drives in and which mid-fiscal currently. continue focus be academic getting this our in of of area In are in serve good expanding launch the a is a soft number

reminder, to and create. discover, manage process level be As a consider research acquire, high we the

various help value fiscal functionality Those discovery So, best cycle. offering second, platform, from Document create points to fiscal phase at our better, intellectual with by the on manage in we in primary property tools improving to Delivery followed acquire and the a moving our are include good, research XXXX, in Galaxy or in and offering XXXX. first, to focus a expanding Article we’re

productive our have would more acquisitions, made in exciting that and conversations that and well we on Regarding strategy. progress opportunities good several product report later into the have business fit with had -- call. several have I’ll

toward the position Second, an eye to to reviewed efficiency the growth, integrate current business acquisitions and with operational quickly. company we

internal completed improved the in release. eliminate out of The have Those platform usage analytics. and the reporting this available to future and We productivity across developing and in usage analytics analytic -- systems a business. several and also implementing platform review be customers updating improve will XXX, CRM intended process are around silos a our accounting our in reporting rolling feature initiatives Office system, include improving to

talent indicated in I growth. review we company need and update and to we the mission values order to wanted and retain to attract Third, vision, the accelerate

on are vision, the shortly. work and to mission, updated completed values release we starting updated that and have we’ll We company complete the work

website garner working see indicated review update base weeks. our coverage. to some You on to coming other the of wanted materials plan, analyst those marketing will that IR changes And lastly, our in focus with reflected to and additional shareholder on start and and external we we a our expanding company

coverage have Solutions, it fiscal place we to walk are the implementing for this year-end XXXX over in detail. initiatives and XXXX. strategy consider pass will our in will IR the a firms our various additional set I’d to first, at many and and up we Alan forward. continue through year proactive analyst fiscal but company a give fourth completed detail pieces focus a successful on for quarter that to have Alan? Overall, executing will be moment, results you initial providing well XXXX I like Research to fiscal time with going financial to in two review I on We a

Alan Urban

good Thanks, Roy, everyone. afternoon, and

For fiscal from fourth fourth XXXX, fiscal was apologies, million, that was increase XXXX, revenue. of total quarter revenue quarter the XXXX X.X% $X.X quarter a the fourth fiscal

and Please release revenue new subscription million, platform define million primarily for net including existing continued with year-over-year, increased to other the of annual by platform upselling ended terms. non-GAAP annual and recurring recurring X% how year, in increase today’s our reflecting sales $X.X revenue low fourth net platform $X.X current Our efforts XX% upselling platform see use from revenue, customers. XX press we a The last customers. sequentially deployments XX% and quarter in and quarter and churn up and of driven

low primarily Our transactions gross Transaction platform business year quarter nil to was The in margin XX.X%, a for quarter year were the shift customer $XXX,XXX, due and The versus margin in X,XXX Gross a was higher the per $X.X relatively increase higher XXX-basis-point Gross administrative our transaction the revenue decreased costs. of to for year of compared loss academic to our XXXX. quarter, quarter compared of million, Net XXXX. quarter third to a the the in was to XX% our proportional per nil high technology, improvement $XXXX, total ongoing customers. attributable business. ago compared to due over primarily within on primarily prior decrease quarter. platform margin the to to fourth margin expenses the XX.X%. towards was $XXX,XXX prior was the quarter X,XXX in fourth recorded product margin XX%. points in share range of from share $X.X the gross for Adjusted basis in EBITDA Total labor due XX% operating also the basis, development or fiscal business costs. and quarter. year increase The quarter increase quarter. XX the mix personnel revenue $X.X of was for a is $XX,XXX to million, more count prior million basis unchanged loss in quarter the was on The

on in $XX.X $XX.X X.X% year moving full increased Total to to revenue XXXX. compared million XXXX. the Now of to fiscal fiscal million,

increased revenue $X.X million was platform were the fiscal a XXX, million, at end XXXX. increase to XX% June deployments of ARR million net and compared to Total subscription XXX $X.X year of year-over-year platform Our ago. or $X.X XXth a deployments XX% as of from

revenue transaction was million, year full fiscal Our from X% decrease XXXX. $XX.X a

to margins. on Moving gross

fiscal XXX-basis-point margin For to expenses operating platform year increase from year. costs fiscal compared XXXX was business to in copyrights increase primary adjusting for $XX.X fiscal compared fiscal in the were fiscal was XXXX the operations. positive EBITDA or The gain prior for was sale fiscal the greater $XXX,XXX due Net in $X.XX year’s year. was in XXXX last previous million primarily when Adjusted to improvement XX.X%, in behind a factors higher compared the XXXX personnel previous in the Gross our and from share. compared year. fiscal personnel decrease. the $XXX,XXX Proportionately $XXX,XXX discontinued margin XXXX. development Gross was $XXX,XXX for XX.X% XX.X%, per XX.X%, technology business was in to represents margin product full $XXX,XXX fiscal fiscal on loss the Total transactions costs. a XXXX. a were the This of $XX.X to fiscal million, and XX.X% XXXX, gross

June or I’ll There call sheet. XX, now and line $X.X our Roy. generated was increased were Roy? to attributable operating no Cash $X.X Turning to debt cash cash XXXX million under to turn June long-term credit to of million of primarily $XX liabilities. XXXX. our equivalents outstanding borrowings long-term the on versus as XX, revolving balance The we increase million no and back have from activities.

Operator

line your may be sir. Olivier, Mr. muted,

Roy Olivier

and discuss objectives. you, thinking I’d our moving Thank current operational muted. to short-term like discuss strategy terms some was Alan. opportunity our take of forward I and then this in thanks, to

global Our as continue that power immediate a knowledge R&D to intend focus tools is with creation on to the provide follows. space. focus STM We in updated

intend of our with growth are revenues our growth, growth platform or Academic SaaS and and XX rate strategy. in current strategically of will We product driving organic where business plus additional eye margin sales invest to focus consistent to on greater Rule is recurring $XX an through million north EBITDA maintaining We XX. levels ARR toward intend companies than the with Corporate from We accelerating global grow and that acquiring the markets. to

expect Article and management operating focused focus We to including sales training that intend innovation order customer a delivering business, product. for area, and human support things we an the and improving on be our areas unannounced to and the resources, Galaxy We our in to systems. continue on to new to and operating markets will roadmap, in do products, of Corporate product in In execute leaders plan, two reporting these by activity, a serve. our we Academic the improve internal version, improved service, and current need the in delivering our several specifically execution employee efforts product

a We need development will three that to $X million years. on ARR the also acquired to business for adds each year execute in million next strategy $X

that and a our with consistent include, We paying our reasonable on Those will be expectations. opportunities short-term. headwind are on which product the expectations to and financial continue strategy, executing meet deal multiple, in focus business a on a

We unless rationale the decision. an will not execute the opportunity supports financial

off will in areas, software these We in they impact engineering start in although Many are fiscal our investments being traditional additional fully EBITDA pay and of fiscal several and in product investments negatively additional and some XXXX will require underway and late to largest of sales sales, already growth beyond. will XXXX XXXX, investments the in these resources.

biggest roadmap. our product delivering us One be drivers of will for growth the organic of on future

the products. we most the to base look minimal Last positive issues to I’d and XX% has month, start up good, known for proposition foundation our very feel, tools and we Galaxy+ we as better to Article have signed search of So offers our which on will successfully an this value the platform overall several recent released our the customer major to functionality and quarter. with a X.X. of To-date as feedback. deployed new With our better, an like better customers platform. Article will best end modern user, during the X.X Galaxy versions the upgrade more on serve and update even with publishers build update Article Galaxy

one-third Between with from Galaxy+ Article and Article of open Galaxy subscription reminder, publishers about access some a STM As price. included publishers content, total content world’s the is X.X content. in those new Article the covers Galaxy+

company life purchased to actively sciences sales expanded A engage fragrance market. offering. Article large We core publishers Also sale add publishers large the to to continue the during year, Galaxy+ additional our our first beyond the provided platform, The platform we A and the platform platform company their make analytics business. about well. vertical. the informed customer managing help the very mining chose the them Nordics that as that are in large indicated engineering decisions reporting in within will a

We also our Academic with good focus to Article Galaxy’s make continue Scholar, progress product.

soft in and launch in full calendar the are a making launch XXXX. are calendar first great We progress quarter toward of

in we roughly their a a selected win Additionally, we’ll pharma signed the internally of QX developed of XX% X.X. fiscal who solution. and Article It’s Solutions. XX companies pharma Galaxy replace five top Research XXXX, Today, against competition top use company

Solutions. With time your the interest -- appreciate we in Research and

with back like again great I’d turn up I’m power morning to the knowledge leading you about research to and future and services Operator? to every speak With mission for with organizations. Operator call excited We that hope over to gets a the that, provide world’s have soon. Q&A. team our for the to creation and a tools

Operator

Instructions] Please The comes Richard from Capital. go first ROTH [Operator Baldry you. ahead. question from Thank

Richard Baldry

the curious Hey, you acquire, from the color are of think sort maybe the their looked where talk obviously, frothy, whether or market along be M&A Thanks. sort of expectations priorities pretty be high it of if sort what and of markets Thanks. discover, can a at of the whether so thinks on might that level And spectrum? extent things targets able, creates rational? reasonableness should to fairly valuations, are I’m M&A manage too for sort think about you preliminary any M&A you’re of you you’ve pipeline for any

Roy Olivier

We’ve Yeah. Yeah. list Yeah. created question. of targets. a XXX plus Good

We’ve We to with we’ve a we out, States and expectations had We’ve when difference of whose XX evaluation and face-to-face high valuation part see question, meetings pay in because conversations have only with, a we don’t may an folks expectations, would are -- reach very who those to a conversations XX to number that. to and half meetings those a break resource more Europe. In I’d we are very focused is or roll somebody are executives over to of a have get also and well XX the on team worked of that probably read Europe, historically stop however, that’s of continue and grow and they a contact frankly, business where about expectations more U.S. with, face-to-face dialogue. question valuations IOIs times that had bigger targets. that’s key nor as, terms revenue, to valuations, part me, your have valuation team it of few time. worth about start think, we have to think a some between dialogue realistic And becoming equity material role grow are good acquisitions resume the on, want article but for targets realistic with, their be dozen matter their had I business the targets the faster. have United a that some in had we’ve -- but provided of we count

help? definitely revenue seen realistic. talking I valuation when seen recurring of if which think about lot of not realistic we’ve that churn. that some a multiple expectations, team’s revenue, low primarily and or say high Does I single-digit So with EBITDA quality a multiple are extremely are And I’m realistic, overseas a it’s of

Richard Baldry

there’s after think, you Do you the conditions level of we So below sales look that, and back you XXXX think or in Thanks. or marketing getting in and is normalized, spent XXXX because with that be, million you think to what as at little a to travel out, think $X fiscal as made may $X.X XXXX would it I do trend, when normalized fiscal that and expenses you what a the current in million over about like a maybe then, years, XXXX think fiscal because and looked goes are or And not COVID investments last Yes. make fiscal it’ll marketing, in above be then about want in two about sales the do how the investments of think maybe little XXXX? I lot XXXX. you stuff? of and you’d fiscal

Roy Olivier

to the the a acquire where is direct which the many is, forgot in those. by Delivery to acquisition part opportunity somebody really the Document not of we answer Today, And question, very of way, Yeah. second any I certainly is your as competitor, which priorities? primarily that’s love business,

The area conversations segments. that manager of So area, Government those segment. are what the segments you frankly meaningful number we lot segment, When segment. do, of that think in there’s discussions a any a in we had we both are in discovery the of segment. another also haven’t a priority Academic had us have segment, and Corporate and We’ve discussions had for two interesting about now a

segment where typically So have marketing, we those or product some To much because and up. disclosed in synergy there longer they feel sales cross-sell a go our vice may it’s kind going we we segment, that and segment Government for we cross-sell really to super not us, opportunity, question looking be into at do term if can folks what interesting of your experience how versa, it we those about the have that do are and create where Academic in the like. that take

new, have only As people. I are a think, have selling there and five sales somewhere to reminder, seven between we customers disclosed, so we new

have, two speaking. think German and those folks FY and two covers continue that people more the job marketing the prospecting the adding nicely on doing We ramping effectiveness marketing XXXX to and When one it lopsided a we’re through to we you some research or of the systems we XXXX, Marketing really prospecting sales means they existing are and new think of justify -- add customers be percentage group live lead, short-term, drive we sales I which comes qualified people Qualified sale an adding Most do nice they’re Lead sell those actually there. a I buying same are are marketing about marketing that’s TAM And it’s would of there, added platform. majority try we’re MQL internal these making churn. not salespeople. the based the that sales only And either some bit investments the and And team. we intended doing you, to team can’t sales so -- not we’ve more we’ll person we on of of to And a is on plan in a a amount, into drive investments is sales leads. because in are covers And people new to look investments. also But and making team frankly, to more we’re backed qualified to of lead. have all created the at transactions sales folks same drive one to about Japan TAM as a that growth, new, that team lead. today, our today, also sales our more people but we’re is that those the little as measure very changes think or from work qualified we generated is that responsible roughly business That based which some the FY generated are that a a That data for qualified teams towards the additional making both territories. upsells remind few XX the and investments new, try part adding and we made our sales. tell people will I by in the existing, from

year. that ramp. the do to is sales a the a answer. us, management ramp to challenging accelerate things been challenge ramp, Historically going but some Our getting productive and try really be for them from less in has I’m we’re perspective to to for sorry long than

Richard Baldry

last Maybe me. for one okay. That’s

do good differentiate -- internally it. you between new cash think sort pretty about so too, an product of a You’ve balance I and am got curious, acquiring developing internally a versus how

You strongly it. -- the with the resources headcount could you pretty you’ve like if push R&D got, felt obviously you

how market how there So decision? existing about it and do make the investments come with Thanks. do think time that internal really of you we is customer it just want to for Is level more you or bases R&D up to to and support?

Roy Olivier

Yeah.

in market. mean, For does product me and was time ROI what doing over thinking it’s to the so or that it. In time looking we initiative I for would by recently it like what look I one, invest and we to market? acquiring we we’d implications be to time at, market about to there it, behind, are mean, developing the trying I then. versus and -- feel an for to us and develop kind far catch recently, frankly, would like of be other up. were words, be I war if

in I by to rather we sense. the current But model or that our of in acquire segment. needs do somebody headcount a accelerate be there, development do in financial to would because constraints so, either to that there makes order firm hiring short-term do third-party And can’t a that, what development

Richard Baldry

year. Thanks. on good Congrats Okay.

Roy Olivier

Thank you.

Operator

from comes Group. Please go Allen [Operator Instructions] from question ahead. The Klee Maxim next

Allen Klee

analysis. analysis rigorous do you know I Hello. of TAM opportunities and Yes.

could done that represent offering to new now? with good, the terms one in that, you theoretically better, Academics of So products in yet compared conclusions come terms you’ve where of what vertical as up kind what of the you best not base of they that’s did and disclosed, you’re the are

Roy Olivier

first on business. is business, research for the TAM Corporate the off core the Well, which

is years feel I I realistic -- talked the certainly think publicly have we now that for comfortable about confirming a number. XX,XXX we that several number

of frankly, there -- segment. for a is I a terms TAM larger Library in the think that academic

market, can don’t go-to-market month tell we big what lot you it a thinking think I how the there, enough -- of frankly our I It there But and ARPU give we’ve but lower. to the about is learned a what per is what market. the unit think ARPU than it we are that we is. and rate is bigger of a Corporate be, is I expect is an sales reliable learning kind to

So I similar wise prospects, the to Corporate its would say, size market. TAM in are

where the that have say, the its for some have driven is applicable would the to also cuff something pursue its But regulatory is In that matter product market, terms of forces segment law to we we world. a a but the it’s ARPU not somewhat legal I the today. TAM size verticals math. is, like is customers. is But -- it just similar some within undisclosed of there say its the similar TAM Corporate to in that Corporate it by we’re would or TAM the mining is being and to around market verticals the product, few Its Corporate that -- and applicable Tam I I’d off is to large do it’s

Allen Klee

Thank you.

this the your usage that and to other us understand you’re might Could mentioned, are analytics, try on systems, and your to then something and productivity the be what for more that related you to I reporting accomplish? to sell. of a little looking of expand on was to also things focus, what You think, improve areas data just and issues -- internal you one how what

Roy Olivier

Yeah.

to related just us help of becomes resides on productivity data data, type to issues. I is One which reports with do what’s think I I in, internal that’s and silos having exercise the where how pulling data giant data or going everything of and how there’s understand information and business, two and in an a silos, lot separate build get there. spreadsheet put core reporting without analytics a is completely any the together do

eliminate but silos. be So to pretty what to want streamline we today, to not understand number I today internal platform. we easily happening platform able customers data our smaller number. or we easily of be have in we basis, react accessible. that accounting we to is is a to Try from the of daily using want a our to our resides resides very monthly can of a quickly access, not a our able number platform think data quarterly Because data use who the basis, system, these very only systems on the also were to with transaction in of kind to do instead is want some big and And to what our

happened put only do of who their reporting. real they a relatively going them look they have, value our revenue reporting the to analytics happened our for together these we add Helps experience. internally, that et helps after articles or the what’s are two before type high want customers So We of understand That to like them invested time subscription to the like, customers, is really understand purchased, is bought, really a obvious bought be not does research what in systems also should they year cohort versus people paying to what forward, over platform, to granular think, oldest what their in present, the bought what a data things of being cetera. off transaction to done, that it who what their ago, what bought. and fantastic level or year opportunity in that them all want whether a not data and year the organization which create exists money elsewhere, use today, but dashboards us I of at for on happened terms a level being going for if

and work I opportunity -- I we see dashboards we we analytics lot I which on which on productivity about reports can systems eliminate. some act at why internal productivity, pull reporting doing. think I for external doing we can’t we’re together work, that and some do a the of internal And not our front, platform manually combination the to it’s improving integration departments when revenue is as have unless a of because ask questions So look a higher, they’re

Allen Klee

Thank you.

low have with churn You very your customers.

talk revenues a current upselling you So and also platform, importantly, you little process then like added think, way about that? and about bit with the increase are that But you more feel how to you customers. very XX. selling is I Can said customers

Roy Olivier

Yeah.

of there’s adding that the churn. one today. One functionality a really a teams think adding ARPU the job that to I are of is upsells nice do few raising for -- new year users think that’s job And and responsible team existing a each and doing platform. I by nice they

As Manager on them which the process more content to refer tools good, discovery to product as to manage Capability. best, up the they’ve better, tools Reference help delivers that more typically analytics, speed acquired, we and the discovery

We will continue that ARPU. that to drive up

I question, but teams, eliminate that well, sales because help revenue. those going want the drive -- to even reporting. your more to teams activity us time turn work to as spend together manual time and time, think of pulling a really just into I incremental those it lot So that’s previous

Allen Klee

Okay. is term, question My thinking. just but it’s like longer just last

getting So And you the organic that of of -- you to yeah, do do I said, you’d it’s that? that? think a have goes on the get the can that? of main think million drivers internal to million Where $X your recurring of a you do growth growth see you three-year acquire on top year like goal you to just where top $X revenue $XX on million. How

Roy Olivier

on. ARR bump didn’t product that’s is going main is is to new, the to more adding growth the team -- value I’m executing growth -- sales product expanding as not question, strategy by by features our a on think, the with and as turn but I in maybe drivers sales strategy. on areas Well, which that today, execute two people that’s that feature along come understand and organic organic in be strategy upsells new the of that simple in the I the the

Allen Klee

much. Thank Great. you so Okay.

Roy Olivier

you. Thank

Operator

The Instructions] next Capital. Wilk comes Greystone [Operator Please Adam go question ahead. from from

Adam Wilk

question. guys. Thanks appreciate I my taking for Hey, it.

am mostly, covered you’ve I year on a maybe ARR you think, million million commentary little. I thinking upsell look $X -- of tweak as is appreciate the inclusive was $X the the if can years next customers, and that maybe to next at growth cross over then is platform, I but it the M&A few you’re the I to wondering that And I and that’s and the going per it valuations. Delivery M&A Document about Thanks. acquire way or correctly? their business, maybe said, a competitor to the

Roy Olivier

Yeah.

I if or a number our take think were you it get rate, $X than I million to a year historic bit and a in organic rate of numbers, to growth more little of it in think, million. $XX just growth $X model million to terms our suggests you ARR out,

million I $X first is it than million, So off. it’s to closer think to $X

one or we acquire an of Second opportunity there’s very platforms. your have many yes, to Delivery not those, certainly a there off cross-selling might to second those. of and two to competitor frankly, But love be Document would question,

help driving come additional our for Same may on really discover raise and base our And to or that can has looking when take ARR target kind other side, cross-sell that manage that we on is faster. XXX the close it may that plus, So that researchers platform that set about a we and us. XXX along tools the customers customers. almost be to scientists the side. And our them ARR with that what think at now we want opportunities turn on are in and of integrate they of into discover of can platform tools

over Capability. But We of the look that some found technology Manager set customers if years. Reference certainly cross-sell take a adding of especially developed had customers, that, there, us. somebody opportunity a if both interesting We’ve have we there’s a they sides on had some we set and would have a we for at

something either that cross-sell we is scenario either in opportunity folks they likely there or the customers maybe and or primarily today, also the starting out business a not more Academic which as the ours, are would take option discovery but already focus we in the product really in play on serve into we’re infancy know, Academic, Government to is be to our There are similar think to but we other a on. Government that have, do, the there side I Government, manage or our product or Corporate. in I taking stage we’re a but which somebody side the So it’s don’t dozen it’s

on ultimately, turn segment we to underneath tools, tools, more discovery then Corporate, it’s it’s things when and and can tools manage are Corporate, raise and So, more about value platform creation which get ARR. Academic, is level, to about you that Government, then down add the the

Adam Wilk

for very That’s it helpful. you. and Thank job. That’s me. again Thanks great Great.

Roy Olivier

you. Thank

Operator

This like conference concludes Olivier closing for Roy any the remarks. turn to session. the to question-and-answer I would over back

Roy Olivier

Well, thanks call. again for forward look to quarters we everyone’s time and attention. next And during catching up the

Operator

conference today’s concludes This call.

your You have you participating pleasant and lines. for Thank may disconnect day. a

Roy Olivier

you. Thank

Research Solutions (RSSS) 24 Sep 212021 Q4 Earnings call transcript