INOD - Earnings call transcript Q2 2022

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Operator

Good afternoon, ladies and gentlemen, and welcome to Innodata's Second Quarter 2022 Earnings Call. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Amy Agress. The floor is yours.

Amy Agress

Thank you, John. everyone. afternoon, Good joining for Thank us you today.

then today Innodata; of speakers who our provide business, results Abuhoff, review second with from take CEO Marissa Espineli, will your and the about We'll Jack for and perspective will Interim of first, follow a Our Jack are Marissa quarter. CFO. then the hear We'll questions.

Section forward-looking being XXE during the harbor statements are made First, Act to as made provisions the of let Securities amended. call. amended XXA of are of of me Securities Exchange and statements that XXXX as qualify of safe pursuant the Act the XXXX These the Section

employee the are limitation, market Digital potential imply potential and current at-will inability our Ukraine; the segment or contracts and resulting conditions, the from our expectations, of based of our Forward-looking and without factors on segment; our any canceled or and nature terminated and with development filings XX-Q of in or difficulty customers statements service Solutions are various Digital Securities or goodwill that the and assumptions a interruptions; materialize; use Solutions external and cast, companies downturn future strategy; prospective plans risks on estimates revisions attacks, projects may the include, markets such effects particularly and results willingness expectations. acquisitions, of and of synergies projects; our and privacy you. growth number to breaches delay competitive that for no the to risks of acquire; or businesses or primarily impacts support; as factors; and and requirements limited predict, other evolving a our between X-K that of customer, changes from our Exchange differ conflict deriving intangible and of dependency are changes work in market, growth of solutions undertake committed continued coronavirus the undiscovered liabilities and current actual the except and result new governments, of strategic in forward-looking Jack. our to a otherwise; to of performance the whether number or rapidly company announce business or contracts any continuing completed, companies will consumer, that over now potential to in concentration of of on information thereto; required update and may potential securities replace population, We ventures from obligation to likelihood segment and may that amendments business and data COVID-XX time breaches, projected in to reliance joint Russia our limitation, general forward-looking carrying technological expected XX-K, of indicate and the on recent information technology solutions; our statements or reduce, businesses impairment existing or we give and in Agility these materially acquired results on turn reliance or results, a acceptance investments; Thank execute by indicated and cancel laws, and disclosure by federal subject be the uncertainties, company the uncertainties pandemic providers novel unauthorized the Commission, to new statements, pandemic, the thereto. continuing services time to management's statement I volumes and These that without of or including, in systems, responses capabilities; customers including that competitors; Data our customers project-based our the emergence customers; could Data as achievements. of depressed not content the ability services the of work in market information value including of to may assets revenue ability and call rise emerging in or Form integrating breaches customers reports and or new reduced; acquire; or and from other of security and the that global we other most potential customers; cyber any continued

Jack Abuhoff

Amy. Good you, thank Thank and afternoon, joining call. our for you

from significantly up for deal October included $X.X and our us. a million for of recurring record was made deal year both expansion the per perspective. growth. customer with beneficial medical a the due the component and is in per the a new to annual medical our $XX will mutual customer's data was exchange customer a work increase ongoing revenue to new This anticipate project Our year, and $XXX,XXX ramping a million, XX% X The revenue original expectations that a after representing revenue for both from brings principally us below better in market extraction configuration. QX million goal significantly AI X annotation we recurring systems We our data was slightly $X.X services extending The revenue. long-term We margin deal we revenue begin year-over-year we recurring to onetime about for decision complete to replaced believe onetime platform. record that project The value longevity services of segments.

approximately have customers and and renewed on believe activity prices. change customers QX little AI So in economic the many several it was and it significant for spending vigor. of on revenues in we saw in prospects our put re-embark their these prospects volatility did however, seen initiatives and bit past a us, this a these through as and the few environment with but of resulted From weeks, largest stock business customers priorities. really July, slowdown reevaluated projects no-brainer budgets a a their mid-May new few by hold in and million. a rapid of being their $X.X and QX reduce In We prospects

by probably low on the experiencing heartened the encouraging QX in July through were expectations, contract that and at based this indeed AI is to from We our in QX. increase with initiatives, in but decline That $XX nature we QX million critical mentioned, coming the are somewhat customers' revenues on to the significantly revenue It change over the I anticipate of these activities, the together signs current terms, QX, see anticipate our about economic momentum year is we just validation dynamic will mid-May we environment. the notwithstanding early with of that provided said, returning.

the these we currently changes Given XX% have this be in opportunity. long-term None of expected growth trajectory the targeted. this QX issues, QX, of XX% growth or market year versus range to our is our XX% to

of our average the XX landed months we either expansions. signed to for Indeed, recovered in from ball the fourth company that to some X have this hundreds the we and haven't ago. increase temporary consider the other business we we contracts. And quarter, important we've any believe have XXXX. date segments. XXX measure, that conglomerate, quarter the and past revenues business the delay down across recognizing moved we're information on the one of fact on field XX our per on Our what spends world, of a We with second With sign AI-related several We In we in our customers, of dollars or new engagements big we progressing. of customers SOW largest first continued we in added got pipeline won over business time new we the This American activity companies, and as is a in first the with a new added despite believe just the stems initiatives. new companies multinational weeks, one a confidence significantly customers our company XX% largest few from lost their by a we manufacturing of millions X technology the logos engaged engagement.

fraud big companies we an for we an discussions late-stage we're or And engaging AI-powered AI expect X and a Valley of now call, customer, to which, X.X decreased game for of were leading that this Just we our in Similarly, hope American million we QX commerce guided of with video technology new AI moderation new the mentioned QX, experiences seeing with XX and customer. credentials landing revenue and new will give X a with program a that significantly uptick what in development monthly our million metaverse. media of in seeing social marketplace and both what moving users. started for the years more another spend to life gaming as spend detection final us this signed the relevant we on current Silicon expect from opportunities in leading over forward. information social interactive at large of expectation We're week our I million in us content $XX year. ago million this $X end has pipeline with reiterated program of We're programs, engagement will stages expanded its be insurance the last company

become point our serve to at AI an value. customers indispensable companies is strategy highest to to and partner Our their of embracing

data, companies cycle delivering solutions. companies services there they life models. life matter For AI means require AI, and the to to when QA quality advanced we is solutions, collect many data real-world support in to build, sets cycle annotate high even to synthesize complex the data provide and need data at AI expertise and that our this embracing With and at and data, insufficient scale manage services subject

cycle achieving through is the specialization. which life about AI data-centric capabilities are AI our paradigm, data with performance Our engineering, AI aligned all

over revenue expected multiple proprietary customer AI our have contribution We the made coming to AI industry to deeper AI do from early textual this Goldengate will spending of believe from enable drive enable in in platform, CAGR solutions with documents result in time XX% people. data SaaS that to analytics shareholder greater expansion that and intelligence of technology and commercializing us AI have as annotation data an which value document in utilize we We XXXX. We're investments innings also the of our to an customers as stack a platforms. fewer is form in transformation, platform the AI higher-margin result XXXX to and

land-and-expand and a future or strategy, accounts to review our strategy, significant segment. platforms. is spend, and job well via I'll our strategy investments as with growth marketing both with To drive platform and great revenue AI expansion current significant do we've development. drive by product sales made penetrate investments a execute as in Our services

the for momentum its a leader consecutive against the the competitor as heavyweights fierce a is Agility was by platforms PR recognized for XXXX AI-enabled Agility. that billion sales review Agility named PR Insider, software market. dominate quarter XXXX, summer Let's industry beginning public report. From in GX fifth relations. Agility Business platform we start month, last of and software just with in Agility software And an $X.X substantially invested site a marketing.

took quota carrying. Of sales investment at form to the this XX XX headcount, Our are XXXX of the headcount from increased XX of beginning presently.

investment, As a a the grow ARR, total return for revenue, XX% represents ARR on recurring annual contracts at its time. targeting year. value or this agility we point are in this to approximately subscription of

and with the the Tech. while side, expanding will media both expansion of our additional in market exciting officially accelerator customer be an subscribers PR launch product total serviceable expect this On enable believe We to product us fastest-growing will existing further to analytics, that prospects. we shortly compete Agility growth new an social segment

two to March our care services invested planned. increased $X million financial utilized and segments Now meaning AI-enabled new to to AI let's from these we our marketing in and We platform $XXX,XXX a year, Theano to in have Initial complex platform Synodex entertainment, annotation in late be and several introspection to opportunities, health launched combined our continues pipeline. expect extract segments. from data iterate essentially Torch the have domains, and in from the as shift and product TensorFlow, our last launched It stages we pilots any in complementing in annotation algorithms. improve. and and late complex It intelligence uses In XXXX, business to across we spend documents. customers or addresses challenges, can sales DDS are media and manage and We we've we development. positive, have platform read and document AI which automatically documents. people Goldengate feedback customer-facing This to technology be that by curation, to employs the others continued with late data

tools and data annotate order enforce more to accuracy Our augment next while maximize learnability, includes consistency tools and platform annotation select bias efficiently, minimizing noise, tools blind and to tools data cost. to data to to and system data to collect in best analyze spots, the

platform initial our We XX. banking new of version also launched industry March the on

the Our charter plan AI-enabled giving wider us the year. augment how excited and customer, very to through is The to already XX largest banks next by our able one using bring leadership this has world's product feedback. product people market to of their work product. bank's is valuable The a current team's we're

has committed revenue are spend from by Synodex XX% this ramp year-over-year with expectations, cases. X the growth cases. anticipate We cash are Synodex, us year product customer of million over current investments next serve use and to year. exceed upon years. to end abilities QX assumptions X up. investments we these charter Our positive to insurance subscription flow product broadening the Based budgeting to our focused $XX support as be use on our additional We now In

that months often us from turn macro that labor. ensure to then over we be for the business few we're investments the been go and well-positioned. on companies what now that lower open hard-to-recruit more, the less next What's fundamental Marissa by left are are While the we're to to promise necessary to seeing costs the believe revolution. not hard-to-retain behind as and AI not dependency immune increasingly investments on AI we'll line technology cases last justified showed over environment, and numbers, predicted call the questions. they're has operating I'll

Marissa Espineli

basic for results. million XX, share a of everyone. XX, million, equivalents same year-over-year. second Revenue $X.XX XXXX quarter the X the to loss $X.X basic was same Net was June EBITDA loss afternoon, ended net XXXX, year-over-year. million recap the $XX.X Adjusted compared year. June $XX.X $XX EBITDA in million, $X.X same $X.X adjusted at June last in XXXX, the me quarter and was months EBITDA Good Revenue $X.XX $X.XX year. months per period the XXXX, of to ended to June XX, the $X.X $X.XX in XXXX, for XX, million million same was the ended loss and share quarter December financial year. in cash $X.X for the XX, loss last compared lastly, EBITDA million per up ended period Jack. XXXX, diluted $X.X you, and for in year. up XX% $X.X XX, basic period million compared for share million Thank second was or was income to months X diluted Okay. ended the last diluted per $X and a $XX.X million per the of June XX, period diluted our compared last of quarter XXXX, or or Allow of at million X June and Net share loss XXXX, net was XXXX. adjusted Adjusted And the cash XX% basic or to and million

you I thank will thank everyone. to now John. again, So

ready for are questions. We now

Operator

Instructions]. [Operator

is Sutton with George coming from first question Craig-Hallum. The

George Sutton

place if clients vigor and walk seeing renewed some back suggested any that examples to Can is wondered thought that you you? I give you means their of had processes on on us you spend. specific pulled from vigor you're as renewed that mean they'd their why Jack, it taking or back by spend what for through the pull or could the what

Jack Abuhoff

that named of of we've excited about. the I'm closed a few couple forward. we few weeks, Sure, are and George. a last Yes, in There particularly move I significantly things that that the those

it's important is a break those -- the very each us potentially -- U.S. on companies, to We those. and attractive. we So initiatives. dollars that at think really is opportunity really into AI spending look very, for big And land-and-expand large it's if of you tech lucrative tremendously

that's $X one big just X So down. ago. QX another we million decisions, got likely the we're companies. stopped making of few very software with at that moving years people fourth similarly. up signed People with Things very to to pick improving. Coast large We've now was glad a people forward. with of to We companies, in that's started a company, one significantly big SOW see that the But we're West that them U.S. weeks, those They're X now last pipeline be X.X level a back, tough. dialed growing, seeing small pace. seem now scaled seems our

The other company. seeing improvement good continuing that large social our work we're on we're with media thing is to do

to now attenuated, efforts. their up was ramping the in those some more coming that time, guided we're year. last going they're but through levels. down we a to seem become that, As of end us QX ramp as spend around continuing seeing developmental continue our will function call expect moving to the Decision-making from up guide to And of be some to

technologies. new new think pronouncements, to prioritize that fundamentally I feel isn't they moving new alter hiring we're the we're to kinds seeing momentum, of from momentum lot forward. that and our well, it's a that of business and say our a why toward downturn not we've I we're need it's that time making evidencing commitments. Companies moving are make signing when things think And So that they been -- use is rank much these we to businesses. not before guess other we're momentum or through those and inevitable of the that you the companies not do. in these things business, we period renewed a we're it deals, through asked, And been seeing that our oftentimes in pipeline, then going I've customers very economic they people, toward do from also

we're they lower too moving improve process reallocation product things took in And the to analytics, improve is substantial. what that that are opportunity they're too is to that forward with place, bring cost, that to I our technologies after believe to benefit. order -- seeing think I The important.

George Sutton

could, banking the significant we you. attractive that and size is first to of on Got One The customer as platform. could be that going I that well? the question, by other if obviously program. significant something size very banks see and When the GA is deployed other of

Jack Abuhoff

And It's going And us one for feedback focused and focused we're them most we're to need. right else or important is need useful question. their this sorts very this very One all now need critically they're customer. subset it's what get a Right several on to big to be reasons. on need, they're would of what they everybody needs. else us that they very would be everybody of providing on what would so a great

for So also that internal one. if they that are number have we And for this. right, that positioned us participants, interested we're well Number would opportunities for represent expansion to internal GA other get groups in that market that -- two, bank. other within

be half to We're terms doing. opportunities formal first them in now discussions letting these something and and discussions In in could to we're a We're other they're with more next forward what be banks, GA-ing of but their understanding couple. there formally needs are of move the year, We'd and technologies the capabilities. know a happening what early are how about launch. we're relationships probably these thinking with prior

Operator

Clemens. Clarkson next we Up Okay. Van have with Tim

Timothy Clarkson

details So I couple was of just now. a just wondering, on

quotas, XX So people would Agility consider or with we people of working are how salesperson. salespeople we you many what I do and do for on-the-phone-type have said, have them XX

Jack Abuhoff

That's correct.

expansion, are they things We're the of platform, people once XX Agility, like tells they it. have are managers, work the well, that accounts. but from XX terms using in to someone XX we way, us it in expand account very by account more sales basically in which and get want people quota-carrying. they doing we also So

an we're to social about That's to of sell customer that very opportunity reason, launch the analytics For the more product existing our excited platform. base.

question on butâ€¦ So I'm your a elaborating bit,

Timothy Clarkson

that's fine. No,

So DDS -- how intelligence many and salespeople on? the in artificial we do the have and

Jack Abuhoff

have area, that Xâ€¦ in So we

Timothy Clarkson

Okay.

your million utilization spend from moderate plan I so. far is? mean, to expect? accelerate the $XX to what's or as business you Okay. $XX as Obviously, much million a Or there doesn't is down thinking about there if as cash is as cash backup

Jack Abuhoff

Yes.

we're have levers that flow to revenue we few cash quarter So is breakeven. we'll first we that targeting I exit anticipate One process. think dials pickup. and that a work And in

margin, is terms revenue very incremental Our remunerative of margin. contribution in incremental contribution

there. the start in is A right down. So that soon the or is that part will that to enjoy to us, gives be dialing developments. we're now of these us behind behind and terms Everything be of lot relief expensive able we'll development us of platform able

So we're don't is trouble of just sales to guess, And know then X. doesn't that it's a do what investment And a Even and reminiscent because we was sales like year like lever what said of I much which it know everything what lot position we the scale, we double and half. this said in in wasted, eliminate. my works, do lever learn X that. marketing is that of, kind Marketing Wanamaker hit number sales what kind is that. of now about John marketing. work, we down number is the I is advertising what at half spend on, very heavy, But have to

So us third a that gives lever.

the working do think opportunity those be have all I it important we'll to it's we monitoring that and I that. so. we do very carefully because And levers think So of

Timothy Clarkson

a these that some bottom producing aren't or XX% is where as mean of I there Right. maybe scenario XX% you the well? eliminate guys of

Jack Abuhoff

sales think -- forces. I the I of -- will part everybody that the way especially companies we're be manages mean and way it's

be different So regard. no that we'll in

as I those for at use think us. the a of investment-intensive And optimizing and achieving product way where looking we'll all of most those development our goal. of is looking marketing growth, are we'll sales what investments, a be combination behind managing revenue be aspects to levers,

Timothy Clarkson

Right, right.

-- sales agility the you be on seeing seeing people of the should that hired? amount of based terms you've think you're at growth you do In that

Jack Abuhoff

to We're think in results, sales But results we new So problem seen terms terms that in a acquisition. much our results seeing much as less stagflation expansion. up. seeing better results a relative threatened better the ramp targeted account logo salespeople We've need that is to better We've to expecting back our I were as than relates than environment of of to goals. endemic kind force again, not that are job, reasons of bit mid-course continuing causing or to I the whatever more underlying we we've conservative. do a got ability good as iterate move correcting are, the become businesses But to to a forward. think We've result do that from We've that. is got spend the I levers quickly. to will that. the good got so variablized, able we've do that come think got we're to a pretty -- And internal

Timothy Clarkson

it affected No, like the insurance the the looks Synodex, by that's economy. end, less

Jack Abuhoff

everything So I think affected. is

Our often that decision-making capabilities than business the that the cases pretty frankly, news, can healthy got costs we in -- ambitions the for we've Synodex, promise But We're so for by less slow for there. been very be people. operating last that And and were especially significant. as well. that better or have quarter support ones a But again, or we business are by good entire dependency that's think and looking are are on the at hold our rate it The I you technologies -- lower slowed looking that. affected the see programs, clearly. of growth much in very

to ranking and think this So come kind people investments, them do as achieve prioritize helping those analysis around outcomes. they as see I highly relative their their and they'll of

Timothy Clarkson

the out that long there to enough valuable? been Has it's technology and it's Synodex prove working

Jack Abuhoff

our that of we spend, a them a on much mentioned higher in I efforts. from new supply to -- customers shift our terms was We for that going one were them moving spend a yes. of in is recurring answer own Away feed the with data platforms. -- of there that development think their I toward from and So

is and new accounts. over, management new coming One of of from that that took existing large our the one was reasons occurred that management

Synodex we're So platforms the what that accounts over managers existing how at on grown you this trust who to essentially and work our with double down working know to for, are well said, the new let's this went and doing us large platforms. have customer

it a is And work development our really all fully In I'll We're we of of think that think not I market that various lot that improves continued them that continue kind to in got spend improves are good. the that. serviceable improve to platforms. time Synodex, and of think and widen AI, that our now. significantly. standing weeds, -- on of more of also grow ability our opportunity reasons won't doing a So opportunity I We've our for integrate to we still. we're on to But margin lot lot

Timothy Clarkson

You mentioned for a know Microsoft I exact the that added don't technology. as you what it. term was

things all You formed Facebook the committee. that I or they kind they committee joining artificial to Amazon? different they they're the than, is is people intelligence, be first stuff say, and -- does, mean, are a that Microsoft of on the that doing? similar Are different? Is of really that does Are something relatively in terms

Jack Abuhoff

Yes.

on spam are identification, are of customers around on more able analysis, cases social safety. are A seeing identification, they customers are ad others detection toxicity got who we geospatial use customers, focused cases, some we've that. manufacturing. who very document more cases, think of the as on anomaly we seeing approach that intelligence in we're concerned content got robotics. about people fall use chatbot into When robotics, and look interested So categories. large tech, have these very We've across and in lot portfolio focused we if things. People people acquire media we're in across do around creation. look I use visible the space, especially The to use to new things Lately, and in we We're cases is good credibly like clearly news moderation.

there. then that and so we further developing focused different on We're out stuff penetrate can market. cases of very referenceability lot the that a there's So use further within take

Operator

is Advisors. The Buska from question coming with next Dana Feltl

Dana Buska

just have one main question. I

little made the You some talk announcements think your the be a about opportunity will market of you bit data. addressable what space that? guys with Could have and in synthetic you

Jack Abuhoff

Yes.

I opportunity. think important it's a very

So as with sufficient exist. fundamentally data The we've trained talked about before, always problem AI doesn't algorithms data. is are

recognize They to need anomaly you're if large may example, be for rare. The manufacturing, algorithm very you an in in that defects. detection exist not So algorithm volume. to may building defects however train

how the do algorithms. problem the well, about So you to synthetic that training then go is data. answer is, The

problem will You the defects that of to that they're And business for then large are identify also doing defects to can who simulate We're whom customers doing us a companies come they're -- actually line. the examples like solutions like. actually we're in defects AI increasingly get data look right want fact to real-world or who building real-world from doing applied be in that in of recognizing capture my well. tech the we're need doesn't what create that the the I for now to U.S. with for manufacturing by anticipating starts clearly want morph order algorithms to the algorithms, and in that shift they for cases performance perform data that edge virtue the the surplus able order exist data data synthetic they in they're to to but either sufficient

it cases. don't very a have third-party data, of many So universally number. a program don't a important synthetic any to analysts opportunity. be reliable who seen there's but I for great part a is put AI use that of on these considered I know number I've -- an

Operator

[indiscernible]. The question is next from coming with

Unidentified Analyst

organized. about question First is you're how

you you leverage able the have trying are to also in structured people through employees. so to companies full-time from how with resources that trying that better to inside know, I'm the the you data data understand company. numbers As and you're freelancers, and outside large people of Innodata industry, crowd-sourced retrieve is just combine annotation in-house

Jack Abuhoff

great a question. That's

answer. step and take kind back I'll into an from a of that So lead

The the preparation Firstly, of includes highest our very is that to terms is when in makes services, very, annotation, been able that? do of ways good at cycle and DNA, life And what projects. in competing successfully very we're data us of We've which curation, information we're large X compete makes providers is data AI data collection terms in one manage We gotten good good well what directly part quality we've influences of better algorithms up, that us quality. that. technology of work work how the or we Part up work our than do competitors. decades. is for that of answer now the serving of And been data our quality now data perform. we to for many How most data that do decades. we've ends business how the the

also on us experience us to basis ability sourcing crowd given primarily where companies that flexibility We're for who are internal just people find projects. compete have mentioned. a to I appropriate it that's has that on very We not because people But carefully. a crowd freelance the against managed effectively the rely sourcing we're able use that company. has very, given I everything to think we

Unidentified Analyst

U.S. can others, other and determine follow-up All technology annotation on And best you're realize, and are yourself you about companies, these on bringing trying going these of war, it like companies all question. you data they the into How providers clients getting that data ones but right. speak. XX call it's they're As X the The which a big quality are data most? on depend like to a that so companies. about they to

really about they're their their fact data brag other the proving primary the these than better are you're who customers who to sophisticated that versus show you to people go go-to you do that among or good. same you are be not to quality? of deserve How in -- customers providers need You others

Jack Abuhoff

Yes.

as to work to and We possible can as as opportunity. XX get certainly is because we to get our why don't for quickly in literature work is land-and-expand concept, for the X. find regularly -- consider we or speak get any into soon run possible salespeople us. competitive we proof of that's What competitors. What as some X rather and run quickly ourselves try we we'd than do situation speaking let marketing into as So have we as

to as things get can and more, we a we to POC, we as we to more ourselves. that one from there. ourselves, to door the our get as in soon can X progress foot as begin X soon distinguish leads leads As SOW distinguish and and And

these expand opportunity that think POCs, work, increasingly large of I into very to So wallet then ourselves of and to to there's claim build an lot large of portion and a significant begin share with customers. a to distinguish doing

Unidentified Analyst

Okay. question one subject. about the last And

-- winning with Let's is assume going you're that's customers give to excellent, forward. and your let's new going be you that quality data business why

of to XXX trying obviously company quality triples are employees or from especially quickly. you to up and the hire not size, work to you going how in As this you maintain easy, do you're potentially be XXX doubles today? know, employees, the work to able going scale you doing if Because is as

Jack Abuhoff

Yes, that's are. absolutely true. say would is we I We've -- I think who what back I'd go to

for decades. a to and we've error intolerant who down. annotating are been for up We've scaled use at companies X case. sometimes of scale been we've annotating And we've had So for different scale data data

and see you scale you where look very up around performance down. In to growth had fact, would had projects we at scale many large over if our years, we to

that. the able from among our order we the was be more X able we are and do market, we're to in large. fast-growing now Every Now And larger dynamic regular there And a rally now that. wasn't technologies scaling and going bear. sinew project, be up then down, distinguishing the we'd large today. we're those to basis. to that this for and to the as was that on in But up and was moment vastly, very muscle against now to in up us It X scaling market and do and We able to problem to be think that. built would a those the competitors I capabilities built bit around exercise. gym, like approach the or that had market we're was to leading underlying the it bring a little We that lining us more

Operator

any floor to back to I'd now remarks. for closing Jack like the turn

Jack Abuhoff

Thank you, operator.

our slowed, discussed piloting is it I'd And engagements. of absolutely customers we were which as pace more midyear I call decision-making the customer renegotiation that good guess actually a though and a today, more very weren't lull potential -- QX of is even result for us. in deal committing So just we

weeks, largest tech firms, X and Now news are relationships American the us. for few the that AI again. top in moving again among are both new that the moving relatively things is are companies good Two past big spenders on

though we're year and a the we're contending in the earlier with So closing from anticipate we midyear lull, the regaining of the strong head clearly even with now steam. year, momentum

all will with to forward look and otherwise joining I us So sharing today. you for our progress. next thank you call our

Operator

and This gentlemen. call. conclude today's ladies Thank does conference you,

phone at your and may day. you You this wonderful lines Thank have disconnect a time, for your participation.

Amy Agress	SVP, General Counsel & Corporate Secretary
Jack Abuhoff	President, CEO & Director
Marissa Espineli	Interim CFO, VP, Finance & Corporate Controller
George Sutton	Craig-Hallum
Timothy Clarkson	Van Clemens & Co.
Dana Buska	Feltl Advisors

Innodata (INOD) 12 Aug 222022 Q2 Earnings call transcript