Earnings call transcript Q4 2022

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Operator

Welcome to Intrusion Inc.’s Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. At this time, all participant lines are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. An audio replay of the conference call will be available on the company's website within a few hours after this call.

I would now like to turn the call over to Sam Cohen with Alpha Investor Relations.

Sam Cohen

welcome. and you, Thank

of are Financial Chief being Officer. archived Relations will today Kimberly webcast, Officer; Pinson, be section Investor the Chief The on website. Tony me Executive Scott, and and our Joining call is

of Act specific may Tony, defined future XXXX. refer Before the could remind like events Private described business this call Reform prospects, everyone under conference over company's the more plans differ the during to relating Litigation SEC made future in I'd to I include statements expected call our on as cause turn to call. for projections risk Please filings from conference the results Securities to forward-looking that to the materially today's our statements that information actual future or performance, factors

Any new or these make that that obligation believe this as based undertake are as today, statements we a to we call information no upon and future of we events. information of update forward-looking statements on result

addition In to principles. reporting, accounting financial certain accepted generally not report that we do measures conform US to GAAP

may or call, we will or investors During it believe our we we useful to the measures, investors, non-GAAP it if understand better help business believe use trends. performance is if

now that, a few over With opening me turn to let remarks. call the Tony for

Tony Scott

Intrusion's objectives. I'll Good is long-term goals performance. and year perspective call, results, understand Sam. our our cover joining that talk full today's thank think afternoon In QX about you, well us to Thank you all and And today. for useful longer-term as I as

to up not top fourth line quarter Our did expectations. live results our

accomplishments capping made important every improved strategic along Intrusion financial, significant year-long I'll operational about standard its journey full metric. the in for those we more However, nearly talk overall objectives. our later. and progress where year, an -- performance

the revenues to fourth when million fourth the a QX. macroeconomic This flat for the and We the was million Shield and of revenue were $X.X million, $X.X of $X.X to any decrease quarter quarter the of solutions of from the were understandable XXXX, to fourth quarter revenues which XXXX. million didn't decrease for million, broader sequentially Cloud fourth $X.X released in $X.X the Endpoint and QX a context contribution compared and up quarter the expect disappointing, in was late but landscape. our XXXX. meaningful third quarter in compared taken of Total

On in finish we strong positive that the for of Shield with across didn't in remains note, interest the QX family line products, larger several get pipeline. qualified remaining a our deals

flat of relatively as first XXXX, expected. quarters somewhat was the business through three consulting and Our

quarter, single margin in been impact this of revenue million, However, option XX%. and subsequently the that had impacting contract Intrusion's year-over-year XXXX. year marginal revenue during Intrusion's loss of profitability. while the fourth chose decline a renew a gross business contract. the loss as of the to the was a And experienced sponsor leadership $X.X contract contract on the this since experienced to line place had prime a final changes not top a due on of significantly result,

revenue the that referrals and development we growth course our replace a the in over year Advisory from to do hard working Board. Business of business efforts XXXX, our is of team Our our partnerships, result and reseller as expect

full FY compared nearly million, increase X% $X.X for were its results in While the financial the performance expected, standard financial revenue fourth XXXX. year every XXXX. quarter not at Total grew we Intrusion during improved overall as to metric a

a improved Our $X.XX $X.XX an improved earnings improvement and XX% loss to per margin share from XX% of XX% XXXX. gross compared of reflecting to to

in up XXXX, XXXX. contributed year Shield full Intrusion from XX% of X% Notably, in revenue just

to Shield forward. revenue larger of we move as discussed, As a portion fully significantly expect we we've become our

we has out to in Kim to have what Head, organization, step and great Duzich, an positioned the rounding as CEO, be up made space. amazing full Intrusion include management standing of Pinson, at Haloftis, set proud our been first stage capitalize the strides look a I back team technical to ever-changing opportunities in lot the year team the and who CTO to ensure organization. the year As Joe the Chris as Founder, Ross to my Doug joined and in significant is our Mandel, properly on cybersecurity We've and

progress of along In objectives short, where achieved and made we important business financial, year, an and the strategic operational our goals. our most XXXX is longer-term for significant

more our the progress in market me Let bit touch a on promising trends.

that of solution. Earlier the We recognized the our can During there XXXX, improving to in moved Shield were achieved. overall a were and milestones year, performance stability issues the successfully performance while it swiftly appliance, and service. bandwidth of some the we with reliability on-premise number product Shield, increase

cover provide we to make to both our realized capabilities to our endpoint workloads cloud addition, the expand to the devices. need appliance In our offerings to product beyond Shield to on-premise the Shield demo and and in increase hardware to protection ability easier

The result data A indications what of are points we're interest pipeline of expansion a couple our endpoint help cloud to Shield as products encouraging. seeing. and and understand of you

active currently, and our levels, proof-of-value engagements qualified XXXX QX XX pipeline the from including Xx pipeline from have our has We grown resellers.

this response our our the by of encouraged be to suite channel products. for from full continue We partners

and Store. both to capability for Mobile this Intrusion version Shield's Shield you make availability are Google in and week, increasingly INTRUSION yet easier it protecting may moving to is noticed, our to especially us value, we Play a wider earlier the announced expose to. audience another of This understand platform an As have consumers for X.X businesses the that opportunity mobile-first

suite these for XXXX beyond. full are great excited and the and new in have the products available have of entirety to confidence We

marketing partners took our several communications, and well significant and to sales growth been to shifted customers. channel-driven opportunities. align measures We and better and with focus and our a perspective, changes which product to made logos, we a messaging structure marketing sales and From our our simplify our positive more all have by toward Shield's branding, received messaging company

our clearly enhanced products. have we that our can we addition, the so messaging proposition articulate value of In

cybersecurity Recently, key take and a pioneering behavior Applied comprehensive highlights report network, of view with published aspect this history are what to what organizations empowers a threat. more ongoing message is which highlighted is technology safe of on new The to our determine technology for of Constellation a and Research, is who full those available report Intelligence. called by its Intrusion's their report examining interested. a Constellation Intrusion's The Threat approach, is of website

and new and solutions. website new our the of of our The around messaging communicate uniqueness potential enhanced suite revamping products the of launch our buyers the Shield better helped us of has and

partnership able fourth a an IT protection US In IT services infrastructures. providing reach expand we reach with in D.C. vTech sector countries managing who we've announced been their critical vTech's Washington, four Solutions, based to firm public states, our to XX quarter, in are in in the With organizations

with agencies to markets. we from are we to and its and we partnering protect help health sector industry in INTRUSION education provide critical their announced Shield and protect can Additionally, February, public With base, broad federal, Carahsoft's infrastructure as attackers. deep products customers' care local across expertise virtual Carahsoft customers help and government state, customer

as will trusted partner of and expand a well. sector been the the partnership long public have our this government reach in We federal

quarters to announced expands Shield customers new in a in as number the come. partners, total, of to provide five In we greater reach which our XXXX, protection we INTRUSION

the to our as to I advance strategic would initiatives. discipline and also on like financial efforts comment improve upon we stability our company's

suitable We XXXX. continue options of to goal prioritize in most $XX million $XX our raising the against million to

investment interest rate the operate difficult proposition. in amidst a challenging in community is strategy there feel and from growth backdrop the the and we interest Intrusion's While we environment, macroeconomic value strong

believe stood the up ourselves hurdles be we have up the Intrusion, the a path objectives. company, to a We for XXXX year achieve organization, key and will several for with clear overcome of our forward key building set

we created best-in-class to started retired majority the organization in top field, places with by of best recognized with legal the designation. our and XXXX We've XXXX in work have a the people the as overhang,

in have expanded as of this in reach, Shield and the two We and continue force of view highlighted greatly We've a call. potential partners the customers. in multiplier, Intrusion our get to to which in place, channel we internationally we've US strong both front

the solutions comprehensive data set the believe term, and continue subsegments confirmed our to grow, needed threat from an to have specifically cybersecurity a backdrop we intelligence I advanced and partners of products. market What layer for unrivaled serve. within in Long provides demand our customers, continues additional suite that is protection, of

positioned well will shift change there this the our see Intrusion As products, of trajectory positive to in and and a future of dramatic our we was that profile investment, organization of a for we growth year ahead. be Shield begin XXXX ensure market basis. of go-forward business a to the on are margin adoption tactical improvement unrivaled the for

management, such actions beyond. as surface All forward, taken a created and partnership XXXX under have and clear to forward the XXXX, product sales path we development, we look financial and momentum have marketing, and as of the in expansion

I'd our financials. Now, of fourth detailed said, quarter turn the to for with over a review that call Kim to like Kim?

Kimberly Pinson

Tony. Thanks,

focus and benefit cybersecurity reflect Intrusion on results expect intensity for of from We channel demand the suite continue our to increased partners from and our and going customers the to solutions strong forward products.

business. high-margin by new stability will to that made transformation the and model, business as into consulting well guide of existing solutions products, expect these Shield the as supported going revenue, advancements on-premise recurring We forward, our our the our software-focused

like was million $X.X of and fourth XXXX, year Revenues increase I financial the million would million decrease and December discuss XXXX. year-over-year. year sequentially for full an $X.X of XXXX. to for our to XXXX quarter million, quarter Revenue a now December the ended the for full $X.X of $X.X compared performance ended million XX, XX, $X.X period were

of were X% were of revenues XX% for consulting $X.X for million million, and a our year-over-year. year $X.X $X.X XXXX consulting XX% or million, quarter our Fourth business decrease revenues year-over-year sequentially. a Full business decrease

contract of our earlier, is due fourth the a That represented a the annual revenues. contract stated Tony consulting in As in to $X.X quarter. decline loss consulting million in almost revenues

lower our the Fortunately, was carried margin as bottom on line pronounced. impact not this so profile, a contract

a expect our to ongoing However, we development increase do business consulting in XXXX as of revenues efforts. result

to $X.X both the the months for revenues ended million, revenues and of increased and XXXX, In $X.X Shield and representing $X.X million periods, and million comparison year, for XX% December increase totaled year-over-year representing full XX year prior XXX%. quarter XX, of Shield for revenues, million a three the XX% respectively. total $X.X

new During the never of to which we churn the adopter to the quarter, deployed. signed and another renew. mitigated Shield was was solution was this quarter, case last who the early chose customer customer several experienced a not effects an the fully customers, Similar we lost where

products taken turnover. utilization monitor to We customer to have of steps improve Shield proactively and reduce retention

XX% was compared ended for the the representing the quarter margin XX% of margin of with The XXXX. and for product XX% year the improved The to in in profit quarter as the gross of percentage of fourth Shield contract, mentioned. previously fourth is both a was of compared profit The XXXX, higher and low-margin full XXXX, in margin year XXXX. XX, sales the full loss to December gross revenues mix, a consulting current our result quarter XX%

to making We investments control our are growth. structure, our while profitable prudent also cost long-term continuing in

fourth full decrease of in loss XXXX, of million from Operating $X.XX year share fourth the of a XXXX. in were a the for in per $X.X full million, comparable million million $X.X a from loss XXXX. net share for XXXX, The was loss expenses last compared XXXX. to the Operating share, XXXX $X.X XX, expenses was $X.XX XX, year. of December million, December were in fourth for million, the increase of quarter or per $XX.X XXXX quarter an quarter or or quarter per the $X.XX loss $XX.X $X.X $XX.X ended $XX.X year $X.XX per or the for net ended of share to million, The million, compared

cash Streeterville, XX, waive balance principal year, and to right we million of from whereby through down million, XX. we $X.X $X March equivalents to agreed amended to In of in debt December the Turning January agreement Streeterville the On sheet. redemptions year. cash with this their prior our had

a the a into agreement, the Intrusion in the entered purchase company related and Additionally, employee Act. under the amount new with of relating tax credits security Streeterville amendment longer the in agreements Both current we retention the and financing the in order CARES these our the $X.X security a secure provide Form agreement More million is company. into to agreement available to note X-K. and on were to February, on reports due information interest granted acceptable existing whereby terms purchase entered to the to on note agreements runway to

need we commitments. of near these through the in funds funds the obtain and We $XX million between for program. XXXX operations. additional stock financial to continue our from aftermarket full raise our plan use term fund and to offerings We registered intend need to growth the million We estimate our common to $XX direct to year sales of

While remain confident will be there can remain assurance that raise that we capital our no the able us plan, funding. markets necessary open rounds to to for be future capital we to fund of the

With the comments. few Tony closing call now that turn financial for I'd to over a overview, like to Tony? back

Tony Scott

Kim. Thanks, and to let innovative I we're with I through transformation compelling want To you moving that conclude, forward know strategies. products believe our

pipeline which we've the a progress into develop of the you, and the We investors new to and support we that steps for products, the our us in team the and result in our our has We execute strides made continued we organization, allows your right-size have look positive on great sharing XXXX journey developed momentum thank capitalize sales drive our expansion sales with this revamp marketing, to as as strong XXXX. and revenue forward all over carry of strategy. next we as further to

our operator the Q&A. to for I'll prepared the remarks. concludes now This call over turn And

Operator

Thank from with Buck today question Scott you. the of [Operator H.C. Wainwright. line Instructions] first comes Your

Your open. line is now

Scott Buck

taking Hi, these little some to hold What seeing go from those you afternoon customers breaks some my your in the finish of Tony, over allow a you good sales bit actually getting of through? potential hesitation the for and that line. guys. release do of sounds that and comments it like you're think sales from Thank questions.

Tony Scott

Great Sure. Scott. question,

So in and seen should is thing can What in cycle. address we in we've interesting much our what I'd think the sales the what can address we're an I call late-breaking seeing some process. sales that that earlier is future we questions

bit a a been of up. hang that's So

all questions IP are -- from, in like which we've back products, reasons of, so into what salespeople that we're building cycle. hurdles and process, kinds we block can things that, clear the of on addresses integration specific them the we've Things and learned we details other also block, with earlier like sales our those and much that

learning. of So it's bit a been a

the been And in to these questions then some earlier also, our process partners of well. answer training it's as channel

on. good of So we're this starting learning. news we values and and questions But the see is for we're enthusiasm I as think what proof to do do smart we so

the a not delayed cases. these noted, questions, although, of I'm as So by has discouraged in it sales number cycle

Scott Buck

Great.

and you think between of that's somewhere us give early had could I I And feedback what know has indication months helpful. the some three, or of then point at color endpoint. been on six this you cloud sales.

curious what hearing just there. you're So

Tony Scott

Yeah. people endpoint, holidays just on. because But a selling seen the increased so and distracted QX Well, cloud learning filled appliance. selling here discount it's of different we've and Again, and interest. QX, kind are it’s than with little I there's in

And customers. so conversations from we're with learning those

cloud workloads that to areas is the to to conversations of interesting moving migrating point place have, the particular One or the sort a for are good have entry on-prem that from on-prem for like cloud engage. to the to when looks from seems a us, or discussion, people in in to is of they're we'd workloads another cloud great -- kind one of us be

Scott Buck

What that should And product of that, for it we Perfect. expense last up terms sales some sequentially. these looked and to XXXX Okay. launches. marketing then expenses assume in due Kim, I newer like were expect of one, line?

Kimberly Pinson

Yeah.

plan to stay increase, you'll think as relatively terms increase won't invest flat, continuing continue the we do of the sales invest, to and in of in the see quarter. year. correct over that, to you us the or of We market but see and plan course it I You're marketing. an in And fourth expense do on

Scott Buck

you. Okay. appreciate time Great. the guys. I Thank

Kimberly Pinson

Thank you.

Operator

Your with next question Riley line B. Cummins comes Securities. from the Zach of

Your now line is open.

Zach Cummins

It what QX you're other adopted Thanks some Kim. script once a was Kim, base? in Yeah. that and Shield give within you Shield Hi, was good here outdate. monitor it of on that overall your again. that that of like sounds a situation I think legacy health initiatives my morning, our Shield customer you sense and questions. going had little the in taking customers – kind churn mentioned of us Tony to Can undertaking more one what that of for saw

Kimberly Pinson

it the appliance I Shield we're customer, the shield as and was Well, appliance. was an mentioned fully in Shield script, deployed and utilizing the early never not

there to with And Shield sure contact value so of we the actively the and taken utilization steps be have that are they're the out customers product. the seeing appliances the make that, in monitor of full

the anticipate do this to not So future. to continue in see recurring we

Tony Scott

is Tony. this And

sure of different a maybe. all using customers that, case couple of making they're product Let getting are reports or the just can either a are we are me there. how things at release like sort monitor, updates as on looked current that, not add using Things they're ways being the the

I'm where say. So months in terms a I feeling so, we're at lot or on than that six was of I'll front better

Zach Cummins

And that it's just momentum Got these partners it. in really question your just versus going building QX. closing terms even you're It's really in it. you're some in maybe final around of the to Xx coming to another Can now. get that, there you helpful. just That's what right that to take great me partner about seeing talk quarters? start hear channel customer with what qualified seeing to deals here is across up pipeline traction Got of the for is

Tony Scott

it's sport. a contact Well, view is, my

to go understand introduce out get awareness takes conversation while out you to if we it there's They for most that in to few They've a spun in the – get to takes talk got But as got little product. cycle. into a moment going. news our of got foot good there's cases. and They to create turns left got get compelling get that there, might to and us to And guess, a customers trained. So we've you the crank. rub door, And the up. shoulders when fit, and partners the all a them see of get is if the not

So in we're our happen. to with partners. in starting is door places see to opportunity foot more these our go a that And lot the stick

So…

Zach Cummins

with And Got quarter. it. taking luck remainder questions. for the of best of Thanks my the

Kimberly Pinson

Thank you.

Operator

from question the comes Capital. next with of Your Woo Ed Ascendiant line

line is Your now open.

Ed Woo

question change you My competition Have worse? is, my any pricing? especially the taking at for environment, seen environment Thanks question. have the gets macro noticed you competitive Yes. on in

Tony Scott

of that think think lots of this I is and that the under country the is the you to the more is, pressure or attention the biggest all I that in there thing is from and have I they're everyone more sort realizing is across there to I've supplier suppliers What pay overhead consolidation. you dates area, of noticed, more contract a is, CIOs deadlines get things. for more stuff. administrative have administration One two given friends the and renewal

definitely given see So of a call a products. I for set

think from of creator who I with agreement super out an is coming this see open the around you'll Netgate, end, a us announcement pfSense, popular. that's afternoon that an reached we've firewall To called source-based

a now on. to. hardware been takes or something times million specific product, I that X open-source that compare firewalls created to Plus pfSense themselves platforms so It benchmark that. is it think And the and all tunes the it's and Netgate’s downloaded like

more out of, capability into with play the I well I and I think, of want agreement that hey, that I platforms use. will our fewer want And trend vendors Netgate,

which where And now. right customers with want, are playing and timely what so in marketplace into customers Netgate arrangement we view as the this is the

Ed Woo

Well, Great. my answering question. for thanks

Operator

of with from next Partners. the Brian Global comes question Kinstlinger Your line Alliance

now is open. line Your

Unidentified Analyst

my This question. Shervin for [ph] Thanks Brian. on taking is for

great. finish Could You gave maybe be visibility three the the can next they pipeline? size half? detail two maybe about the on in And think the be standpoint, talk first would Thanks. will you deals, average do maybe you in line timeline within from a That months. few them bring You the Shield pipeline. over good deal the next the think

Tony Scott

been much Well, this don't because our I don't at point. we specific I every over mean the point this that at is and particular the plan all can. particular a averages deal map, see to say land trend they've frankly, would

What the deployment. terms of deals broader bigger I opening And once are with customers do to do us sorts smaller the then in discussion started. than to in completed the see bigger, pipeline, the they've want trial successfully kind are that a of that get of of is proof-of-value some

So, point, too don't at into meaningful, averages or those you small trend. statistically by those just this I will, to number a numbers if but the lot encouraged a am they're I be read because

Unidentified Analyst

all Great. Thanks. That's have. I

Operator

from of line Aaron comes question the Investors. Warwick next with Your Breakout

is Your open. line now

Aaron Warwick

Hey, good taking afternoon. call. Thanks for the

you of and Just they're D.C. the sort to on see guys from Carahsoft partnership little wanted in the announced. that we some My just with understanding partnership? that recently is the you respected bit might when the what's probe organization opportunity them, bearing area. a highly And plan fruit

Tony Scott

obviously Carahsoft attention I perception When federal paid it that lot lot our of Yes, think for really system large of lot of was with I us. a partners a I is key government CIO, The a federal is were integrators. the a and federal innovative technology. to was buys partner who

had terms increasingly, specific federal quite interesting for company vehicles. deals to government. some They a and But or things I clever of more together the pieces to doing the that five to They service with a were themselves of how kind of ago, on reputation customer scrappy create Carahsoft figuring was years the all of that had wanted. combine out great major They innovative when four contract was customer there was the a of in gotten interaction. even solution

long we'd wish we in think a sooner partner little to got forgotten in us I the it it go going But a so be one to markets great it, and the And first landed I than serve. for run, we when the have they're they of and gotten did. started here, was that conversations only wanted I

time. you really then for to get it's get interesting know you cycle, takes a the and momentum, of once going, long long a terms going time federal In then it

pattern Carahsoft. for that but And I that Shield be long-term going on. that a one will federal and on so all our we're we from to consulting about representing not commercial of more in a products. think to this change us meaningful commercial the bet, is traditional don't have, This mid see products, is think contracts our They're so I

Aaron Warwick

Appreciate Right. spoken talk one then you you. surprise bit me opportunities don't -- plan of I more And wondered Mobile. recall with little is that could there? kind before. Thank the that caught that. Right. you Shield the by if about that having what you a was just see I what and about what the

Tony Scott

the version increasingly is Well, the on. is traditional from and mobile moving use, platforms mobile this that X.X. there And so PCs move platforms are away people

area I it ability to So it's core to in be platform. our surface on we the to important to that the technology Android take endpoint had an needed space. felt move And and we protect.

to a run, try try going they be revenue make to don't without through little and So way to contributor, that gives even our said, suggest but I that also short the good it that potential every out it's to bit super having feedback environment helps. vehicle, a really in easy their technology customers customers, it. expect That a test sales us it huge we'll own call get from or in

a marketing least, of for ease the in the at and think us better awareness the perspective customers. conversation I it's and from perspective insertion with an run, short into

Aaron Warwick

year, macroeconomic for specific those with the progress guess, an look if and several companies, company the for just no first status partnerships What Last innovation had about was of Final well. those other one into that to might of situations me, potentially that you talked call that you. you that to have delayed. mentioned, Thank the strategic think, is was Yes. were after last kind the there of as year, were I on more That's I companies good. update. you

the you the that would What's target. those? left with just You're three on

Tony Scott

A to or this And conversation, are to on ones with one partner conversations that the thing with, best led logically things was around a were know Netgate looked calls, prior happened. those firewalls we I products I have kinds additional of it's of original that people of quite want discussed players the use partners, think frankly, with. on said, we confuses people also pfSense. So, what targeting. as An talking ecosystem conversations. who interesting to and our at with started firewall lot about I could the no we sometimes progress work and we've the we

we everyone So Netgate. and that to of tremendous conversation, synergy ourselves us would there Netgate with, of be in looked from great of Plus pfSense going talked was good Intrusion around who and when products. a said, course the family pfSense That's be their And to hey, move. a to align and Plus we for company with nearly said, good combination

So tuned. where see stay We'll goes. that

Aaron Warwick

you. Thank Great. I guys. appreciate your time,

Operator

with Goldman next Your question Jennings Sachs. comes from the Harold [ph] of line

now Your open. line is

Unidentified Analyst

magnitude much for some the and regard give could the relationship see of how With sense of this taking could you, good making combination we you. us idea as be? some to to Tony. revenues the this when could question. as my Netgate sort hopefully the some timing Thank Thank presentation, to, pfSense, very for you to you maybe from and Thank as

Tony Scott

Harold, Sure. Thanks, for the question.

been pfSense here who've extensive with good using customers, and is, for And us a we got the time. So, at news also Intrusion a as well. experience we've couple long it have of

well things together. work So, how we these know

more more So, have that integrate And to do we'll over work few more these SKU marketplace. very that in then in a specific a I products. imagine time, the we offer can fully and weeks, we'll

revenue, in for have larger a great us of that earlier. opportunity their a that looking of to who X active with. our are about with market This downloads this of portion to good talked some here to as guess other try for And of I more are a conversation things larger cost-effective enterprises terms they the for as as In audience users that million and is is great product customers at to that particular manage even some solutions. your mine think looking pretty and the is manage budgets point. I and But pfSense, significant that's

to hard point, for if this it, it particular say, to at was done this have year. but didn't us wouldn't I I So, be meaningful think I'd predict going

Operator

time, in I'll Scott. no questions the turn back there Mr. are over queue. this host, further At to Tony the our call

Tony Scott

All one to we call. make right. the as comment I do additional want close

actively Just on XX bring And additional be Kim's that on assurances a to believe financing liquidity able markets within there timely in do or the are little remarks. evaluating we'll funds to no capital remain color funds that to need options although additional such basis satisfactory next add us. can and terms, be we raise on a We our the for to open days.

said we've that well that's to the broadcast, I that, the want of couple but understood. think I is different point -- sure a ways So, in make

you, days. call and patience, I everybody, forward speaking I'm you your look follow-up very and questions time your next on to we'll sure Thanks for analysts, next have with and those thank quarter's attention and So, few in the for that much.

Operator

This call. conference concludes attending. today's Thank for you

You may disconnect. now

Intrusion (INTZ) 6 Mar 232022 Q4 Earnings call transcript