Bigtincan Holdings Ltd

ASX:BTH

Earnings Call Transcript 2022-Q3

[Jane Morgan]

Good morning. My name is Jane Morgan, and thank you for joining the Bigtincan Holdings Limited Q3 FY 2022 Appendix 4C and Quarterly Report Briefing. Today, I am joined by Bigtincan Co-Founder and CEO, David Keane; Global Financial Controller; Cyril Desouza; and Chief Product Officer, Stefan Teulon, who will discuss today's quarterly results release and provide an update for the Q&A session to follow. [Operator Instructions] David, I will hand over to you.

[David Keane, executive]

Thank you so much, Jane. And yes, good morning, everyone, and welcome to Bigtincan's Q3 FY '22 Appendix 4C quarterly report briefing. As Jane said, my name is David Keane, the CEO and Co-Founder of Bigtincan. Joining me here today is Cyril Desouza, our Global Financial Controller; and Stefan Teulon, our Chief Product Officer. Now for today's call, we will be discussing the Appendix 4C report that was released to the ASX this morning together with a brief supporting slide presentation, which we'll be using today. That presentation is also available on the ASX and at our Bigtincan investor site at investor.bigtincan.com.

Before we start this quarterly briefing, I do want to begin by sending my thanks to the global Bigtincan team who have, again, in this quarter, shown an amazing ability to execute on our vision to delight our customers and to deliver what I see as a strong result. Okay, let's get started and talk about the materials for today's result. So, I will start using those slides, and hopefully, you can follow us along or view them here on the screen.

So, I guess some highlights for the quarter. As you would have seen from the report, cash receipts increased 181% to $34.3 million from the previous corresponding quarter of FY '21, operating cash payments were $33.8 million, and that was impacted as Bigtincan made some strategic investments in the system infrastructure and new product development work. The company was about $0.5 million operating cash positive for the quarter and ended the quarter with $45.4 million of cash and cash equivalents. So certainly, what I see as a strong result for the quarter from a cash perspective.

But as important, I think, for investors is to think a bit about the trading highlights and outlook. One of the things that Stefan will talk to you today about is the SoftwareReviews report, which was published in this quarter where Bigtincan won a Gold Medal and positioned well against our direct competitors. We also conducted an event that I see is one of the best way for investors to get a direct view of what Bigtincan is building for our products. It's called our Investor Product and Tech day, that was a couple of weeks ago. And it's a great chance for investors to have a view of Bigtincan's product strategy. Now recording of that full event is also available at investor.bigtincan.com if you haven't yet had a chance to watch it.

This quarter, the company again demonstrated its strength with new wins and expansion. And we'll talk about our multi-Hub product strategy today and how that offers customers benefits in being able to add new capabilities as they expand with Bigtincan and also offers us the ability to grow revenues with existing customers through cross-sell and upsell.

Product launches in the quarter included VR Showrooms and Bigtincan for Salesforce, both demonstrating innovation and leadership in the market and offering opportunities for new revenue streams throughout this financial year and into the future. And as we talked about before, ongoing execution by the team all around the world and building on the technology and R&D investments that the company has made to build the strong results for FY '22 and beyond. And again, as we've talked about before, the company on track to meet or exceed $119 million in ARR and $109 million in revenue for FY '22.

Now if we think about those results, I think one of the things that's certainly pleasing to me and I really enjoy talking to investors about is the customers that choose to work with us and to trust our technology to drive their go-to-market motion. And we've had some interesting wins and expansion this quarter, including new deals with Lumen, Lionco, Informa Markets, Panasonic, Genentech, American Express Travel and others. And you can see there a continued expansion of some household name customers who believe the Bigtincan solution provides them the best way to address the challenges of our digital and remote economy.

I've got interesting quote here from Ed Medeiros, who's the Head of Sales Training and Development of Clarivate. Clarivate is -- you may know Clarivate was the research arm of Thomson Reuters, was spun off in 2016. It's about a $1.5 billion company. And I think when you think about what Ed talks about here and where this technology can have such an impact is on driving ROI. So, just I'll read what Ed had to say, Bigtincan provides a great user experience that we can create in a fraction of the time our legacy platforms required. It has allowed us to innovate and build at scale quickly. And we're hearing that from our customers all over the world.

The challenges of this rapidly moving economy, the impact of digitization and the need to empower remote teams means that organizations need to be able to move rapidly and effectively and deliver rapid ROI when they think about tools that can empower their teams and create what we talk about here is the buying experience of the future. And that's really what the Bigtincan solution is delivering for organizations like Clarivate.

Now to talk to us more about the market and technology update and give us a better view of some of the developments in the quarter, I'd like to ask Stefan Teulon, our Chief Product Officer, to take you through it. Stef?

[Stefan Teulon, executive]

Thank you, David. Yes, I'd actually love to share a brief update on Bigtincan's success in the market, along with this quarter's product and technology highlights. If you could progress to the next slide, thank you. So, our vision at Bigtincan is really based on the belief that buying experiences should be engaging, provide value and guide people to the best decisions. Now to achieve this, our mission is pretty simple and to create the buying experience of the future, we focus on 2 simple concepts; empowering sellers and helping them engage with their customers. We actually jumped a few -- a couple of slides there, David. There we go. Hey, there we go. Thank you very much. Yes, 2 simple concepts, empowering sellers and helping them engage their customers.

Now on the next slide, I think this really reflects this focus. Now I'm thrilled to share that Bigtincan was named as a clear leader in the 2022 Sales Enablement Data Quadrant report from SoftwareReviews, scoring 8.9 out of 10 in satisfaction based on actual end user reviews. So, how did we do this? Well, it's all based on our multi-Hub offering.

Next slide, please, David. Thank you. Powered by our Intelligent Enablement Platform, our Learning Hub, Content Hub and Engagement Hub, power the solutions that our customers need. And at the Investor Product and Technology event earlier in March, we took a walk through a day in life of a customer using Bigtincan's suites and solutions and shared that during the last quarter, we released over 50-plus new features and a few of those highlighted on the slide now, which include call intelligence capabilities, our new sales force integration, custom permissions and powerful content controls, AI coaching enhancements, accessibility standards and enhancing the search experience, along with our first, very first, and we think the market's most compelling Virtual Showroom solution.

Now to take us through a finance update, I'll pass to Cyril.

[Cyril Desouza, executive]

Thank you, Stefan. Good morning, everyone. So, as per Slide 12, customer cash receipts were for the quarter $34.3 million, an overall increase of 181% over the previous corresponding period at an increase of 30% from the previous quarter of the amount of $26.3 million. This was driven by a large percentage of accounts receivable balances from the $33.4 million that we had at December 2021, as well as all the new expanded and renewal opportunities that were closed, billed and collected within the quarter.

Total operating cash payments for the quarter were $33.8 million, an overall increase of 115% from the previous corresponding period and an increase of 34% from the previous quarter of $25.2 million. Now the increase in the operating cash outflow is mainly related to staff, contractor and infrastructure costs necessary to support the growth in North America, Europe and the Asia Pacific.

The company invested approximately $2 million, as David mentioned before, in the quarter related to server and hosting infrastructure, of which $1.2 million of that is nonrecurring going forward. In addition, there was $400,000 allocated to the integration of Brainshark within the quarter, making the total spend related to integration specifically related to Brainshark of $1 million. Within investment activities, we continued to invest in long-term software development projects as we believe these projects are essential for long-term sustainable growth with $4.4 million of costs allocated. This is a slight reduction to the $4.9 million in the previous quarter as the business is reviewing the relevant spend going forward.

Moving on to Slide 13. Thanks, David. Net cash from operating activities was $500,000. Whilst it is a slight reduction of $600,000 from the previous quarter, it is a $3.9 million improvement from the previous corresponding period. And as at the end of March, Bigtincan is well placed at $45.5 million in cash and cash equivalents.

Moving on to Slide 14. Q3 has historically been a very strong quarter in terms of cash receipts for the business as we tend to close a lot of the business towards the end of the calendar year. And you can see that as displayed in the previous years.

As mentioned before, total cash receipts for the quarter of $34.3 million where multiyear payments of $1.1 million or 3% of total receipts are backed out. The $33.2 million, as you can see in the dark blue column represents a strong correlation with FY '22 forecast ARR accounting for 28% of the total. Cash receipts growth for the quarter was driven by a good influx of medium to large sale customers that signed up at the end of the first half as well as Q3 of FY '22.

Thanks, all. That's all for me, and I'll hand back to David.

[David Keane, executive]

Thank you, Stefan and Cyril. So look, as we think about the rest of this financial year, it's important for investors to have a bit of a view on how the company sees the rest of -- the last 3 months of this year. And a couple things I'd like to call out. Number one is the company continues to release new products into the market. We have built a strong machine that is able to generate new product offerings that add value inside our existing hubs models and also as features that offer additional opportunities for upgraded dollars per seat as we continue to add to the hubs product model.

We talked about cross-sell and upsell before. And certainly, we are seeing benefits of the Brainshark acquisition and the overall growing customer base, as both Brainshark customers and existing Bigtincan customers appreciate the benefits of how they can take advantage of the different hubs and add them together to build that complete solution. And the company's operating leverage continues to be a focus as the business sees the benefits of increased scale to add to improving unit economics, which should continue throughout this quarter.

Well, look, that's it for the presentation material for this quarter. As Cyril talked about, it traditionally has been a strong cash quarter and we're pleased with the results that we achieved this quarter. But what I wanted to do now is make sure we take any questions folks have and please feel free to ask questions.

[David Keane, executive]

Okay, there is a -- there's a question here from Mark Dietrich. The question is, I might hand this one to Cyril. The question is, how does cash receipts differ from revenue in third quarter?

Cyril, do you want to give some commentary on that?

[Cyril Desouza, executive]

Yes. So basically, our cash, as I said before, is historically one of the highest quarters. And the benefit for Bigtincan was a lot of those deals that I mentioned that were new and expand, they closed towards the early part of the quarter. So, that definitely has contributed to our revenue flow. So, to summarize that Mark, we forecasted $109 million to the market and we're on track.

[David Keane, executive]

Thank you, Cyril. There's also a question from [ Mark Dietrich ] that how many customers [ turnover ] during quarter and what is the annualized impact of attrition?

Now we provide detailed MRR retention numbers every 6 months in the audited results. And what I can tell you is there's no significant change that we've seen this quarter from what we announced in January.

There's a question if cash receipts are boosted by upfront payments, what does that mean for cash flow in the future? Is it front-loaded?

So, Cyril, I might hand this over to you, but let me just start by taking you through a bit of the journey of what we see with our enterprise customers. Now reminding investors that the company has believed that there are large numbers of enterprise customers that maybe are the early adopters of this technology. We've seen this, gee, over the last 4 or 5 years as a public company, that some of those organizations will do multi-year deals and some will even pay multi-years in advance. But I will remind investors that the majority of Bigtincan's revenue is our standard operating model, 12-month contracts, 12 months paid in advance as a standard model. Some customers find it helpful in their process as bigger companies to get invoiced and paid upfront.

But Cyril, do you want to give any commentary on that?

[Cyril Desouza, executive]

Yes. So John, basically, as I pointed out, $1.1 million of cash is related to beyond 12 months. But typically, 90% to 95% of our cash receipts is front-loaded with 12 months paid in advance. And you can see that actually in the balance sheet within our deferred income balance, which as we continually close deals in terms of renewal, new and expand, our deferred income year-on-year keeps on increasing.

[David Keane, executive]

Yes, thanks, Cyril. It's one of the benefits of the enterprise-focused company as opposed to a shorter-term contractual maybe smaller business type of organization.

Okay. There's a question here from an anonymous question, it's fine. Could we get some color on the sales environment in the U.S. because we're getting some mixed commentary from other U.S. listed software companies?

Look, I can only give you commentary about the space that we operate in. So, I don't want to give you a commentary on other things that we don't work in. But certainly, what we're seeing here is a couple of mega trends that are happening. I think the biggest one continues to be the rapid challenge that companies are facing with staff replacement. People are still moving jobs and many of our customers talk to me a lot about the challenge they're facing with hiring.

And when they do hire, one of the biggest things they have to do is get people up to speed as quickly as possible and make sure that when they're working with their customers, they can be effective. And so, we're definitely seeing particularly in areas like training and coaching, being just so important to organizations that are struggling with that rapid kind of change. I think that's a reasonable commentary in terms of how we see the market here.

A question from Pete Cohen. Pete asks about what sort of operating leverage can shareholders expect moving forward from here? Are you happy with the cost base as it stands to grow market share profitably from here?

Look, of course, Pete, we will provide details in the full year results. But again, I would share with you that we mentioned in the previous slide there, we see that operating leverage as being focused.

Cyril, any just rough commentary there for Peter?

[Cyril Desouza, executive]

Obviously, as we highlighted the first half, our unit economics is key to the business. So, we'll be monitoring that as we always have over this half as we go into FY '23.

[David Keane, executive]

Another question from Mark Dietrich about the revenue and mix of revenue and subscription.

Look, it does vary from period to period, whilst we try and yes, the focus of the company, of course, is our subscription revenue. But if you look at the company historically, we have always had a couple of million dollars of services revenue. And Mark, look, let me share this with you. A lot of those services are things that we do just to kind of get customers started. It's really priming the pump for some of these bigger deals.

I would share with investors that over time, we should expect some services revenue, but it will continue to decline as a percentage of the total revenue base as the company continues to grow. But it's totally normal for a company like us to have some services revenue, we think it's helpful. And it just helps to ensure that installations are going right and where customers need particular handholding, it's done, the best it can be done.

Okay. There's a question, can you comment on when you expect to reach cash flow breakeven inclusive with capitalized R&D?

So, you can see this quarter, even when you looked at the reduced capitalized R&D this quarter, as we adjusted the programs, you can see that whilst the company was overall net cash negative, those numbers have been reducing. We haven't given a guidance yet to the market. But if you think about the company's trajectory, you can see that the company is well placed to be able to achieve that pretty rapidly because of the scale we're already operating at. And it's just a matter of making sure that we have the right technology for what we see is going to be a multi-year growth market so that we can continue to add to the revenue base by growing new customer deals, compete with strong competitors that also believe this is an attractive market. But I think the message for investors, I hope gives you comfort that the company is very well placed to adjust those levers to make sure that we achieve the best possible outcome and mix there.

There's a question from Andy Gracey, early days, but are we having success selling existing Brainshark customers, the wider Bigtincan platform?

Well, Andy, we'll provide a lot more detail at the full year. We've got a lot of work to do before the end of this quarter. I can assure you the team is incredibly focused. But that's the strategy. The strategy is to see how we can take advantage of larger customer bases and bring the multi-Hub product solution to them. And if you do get a chance to attend the Product and Tech Investor Day, hopefully, that gave you some confidence in why that combination of products is so important. I certainly believe the market is moving that way.

Stefan, any comment about that from your side in terms of what you're seeing from a product point of view and the integration within hubs?

[Stefan Teulon, executive]

Yes. I mean it has been a core focus of us since the acquisition, connecting the Brainshark platform into the Bigtincan multi-Hub strategy connecting it to that Intelligent Enablement Platform. We've certainly got inbound demand from our customer-facing teams and sales and customer success who are passing back customer sent into us that they recognize the value of the content hub. This is talking specifically about the Brainshark customer base. And I think we actually presented at the -- we did present at the Investor Technology event, what the integration - [ in the first round ], the integration looks like. So, in terms of UI, it's well underway, in terms of authentication, it's well underway. So, user experience is there and that demand is going to be there as well.

[David Keane, executive]

There's a question here about do you see any problems created by lower share price in relation to share-based compensation?

I'll let Cyril talk about share-based compensation. But first of all, I want to share with all of you, of course, it's not pleasing to see the share price the way it is. What I can share with you though is this. I think that certainly, the team here remains convinced that the market space we operate in is strong. It offers real benefits to real customers. You've seen some of those new customers signing up in this most recent quarter. We continued to be reminded by those customers how important this technology is in the future.

And I know there's questions about inflation and uncertainty and the war in the Ukraine, but the thing that centers us here at Bigtincan is our view of working with these customers is they remind us that without this technology, they can't implement digital remote practices for their go-to-market teams. And they really can't create the experiences that matter long term to drive real value in their businesses. So look, it's again, it's never pleasing to see market conditions and the share price is not in a place that maybe we feel it should be. But look, at the end of the day, the comfort that we get from the marketplace and the customers is important.

Question from Wayne [ Sanderson ]. Can you give us some comments on Brainshark progress, legacy products still holding up?

Again, look, I think at the high level, as you may have seen from our first half FY '22 results, some of the Brainshark numbers probably came in ahead of what we had expected, which was pleasing. We'll give you more detail on that in the full year, but no particular change up until the end of March.

There's a question here from [ Enghel ] about should we expect increase in cash operating payments deducting once-offs going forward?

Cyril, do you want to give a bit of a view on that? We haven't finished this quarter yet. So, we've got work to do, but any comment?

[Cyril Desouza, executive]

Yes. I mean, so as I pointed out, the $1.2 million will definitely come off in terms of the infrastructure spend and the $400,000 in relation to the Brainshark integration. But we're always monitoring our spend in line with our operating metrics. And as we always do, we'll come up with a reasonable result next quarter.

[David Keane, executive]

Thank you, Cyril. There's a question here, it's interesting. I'll read the question. It's from an anonymous person. Has there been any M&A in Sales Enablement space during quarter? Are your competitors continuing to acquire smaller players to drive scale, customers and their tech road map?

I think one of the things to share with you is that strategy does work if you can find the right small tech companies that can add to the roadmap, and maybe Stefan can give some comment on that in a minute. But nothing particularly a substantial in the space. But I will share with investors that it remains a competitive space and it's obviously attractive space for some large-scale capital providers who are seeing this as one of the growth -- on of the growth spaces and certainly, enterprise software. But look, yes, market continues to be competitive. There are some deals that happen but nothing significant.

Okay. There's a question here from David Bell, with new customers from first -- contacted first border place, is there an average conversion time frame, 3 months, 6 months?

Cyril might give some comment on that on the conversion time. Cyril?

[Cyril Desouza, executive]

Yes. So generally, our sales cycle is 6 to 9 months. But generally, when we place the order, it's usually a bill upfront, as I said before and we bill 12 months in advance. And usually, payment terms are usually dealing with enterprise customers can vary between 30 to 90 days. So, that's pretty much the planning that we need to do in terms of the cash receipts.

[David Keane, executive]

Yes, and that's payments. In terms of the time -- so it can be a -- I tell folks, it's 6- to 9-month sales cycle. It's enterprise. We're no different than other enterprise companies. We have no advantage over other enterprise software companies, but no particular disadvantage. So, I would say if you're thinking about models, it's a 6- to 9-month sales cycle on average. And it can be -- we've had some that are really short and some that are more than a year, but I think to give you some expectation to that.

The question Cyril answered about the 12-month contracts. Thank you, Cyril. Going to the payment cycles that occur. I think it's interesting talking about churn though, because, yes, look, the way to think about it is the -- in enterprise business, at the end of the contract period is the time to either churn or expect. And so it's an important time in enterprise software. And our teams have worked very hard to build programs to make sure that we're well placed with new product offerings and new solutions and ways that customers can grow at that renewal point. So, renewal is a moment to expand.

And just to share with you something that's interesting about enterprise software is, it's easy to think that a longer contract term is good for the company. Maybe you signed a 2-year contract term which can be good. The challenge with it though is that it means that your opportunity to upsell is actually now pushed out 2 years rather than being 12 months. So, I think as markets -- the opportunity for us, of course, is to make sure we continually adding new capabilities and new product value to help customers they need to upgrade.

Okay. There's a question here. Are you expecting further hires in Q4? Or are you rightsized for current scale?

Again, look, my view would be that we're always looking for good people. If we can find good people that can make a difference, it's so hard to find them. It's so hard to find them, to find quality people. So, if we can find quality people. However, I would say that the company has scaled well. The Brainshark acquisition has given us a bit more scale. And as we talked about in the results, I'm just focusing on optimizing those operating metrics, which give, I think, investors confidence over the company's ability to scale effectively.

Another question here from Mark Dietrich about the $20 million-plus ARR, which is 20% growth.

Look, we've always said 20% growth is a good number for enterprise SaaS companies. I'm not giving guidance today, Mark, but of course, that's something that we've always said is good. Also it's a competitive market and we have to make sure that we're well placed and we have the right technology to be able to win. I would say that certainly, the market space should allow for that.

Another question from Wayne about European and Asian expansion.

I think we had a pretty strong quarter, particularly in Asia. Cyril, you might want to give a comment about that for this quarter.

[Cyril Desouza, executive]

Yes. So, there were a number of deals that we actually closed in Asia Pacific. So, you'll notice when we bring out the annual report, that the composition of that percentage, as a percentage of total revenue will have gone up. So yes, it was pleasing though within the quarter.

[David Keane, executive]

Yes. Thanks, Cyril. And again, that's pretty normal for enterprise as company that U.S., of course, is a big market. And of course, it's core, it's central to our investments and our belief in the future. But if we can grow in other markets, it just can be more cost effective to grow there particularly initially.

There's a question here about scope for cost reductions. Yes. Look, of course, I mean, to be clear, we do make investments and Cyril detailed for you today into that, making sure we cannot just win today, but we can win in the -- not even short term future, in the further out future. Now some of those investments are things that we look at very cautiously. You will have seen in this particular quarter, the company did actually invest less in capitalized R&D than the previous quarter. So, always looking at that. It's just making sure that the right decision is made.

We understand how much the market is concerned about cash burning companies and I assure you of that. Everybody in this management team is well aware of the market's concern for that. We just want to make sure that we're judging that in the right possible way. But I think this quarter, hopefully, again, gave investors confidence that the company is looking at that and is making those decisions the best that we can.

There's another question here, according to Salesforce, many companies are focused on digital transformation. Oh, yes. What strategies are Bigtincan's point to increase market share?

Well, certainly, digital transformation is impacting everybody. I'm going to maybe ask Stef to talk a bit about some of the strategies. But my view would be that it's -- it doesn't matter what industry you're in, you are a digital provider now. You have to represent your products digitally, you have to engage with customers digitally, you have to service them digitally. You can't run away from that anymore. And so from a Bigtincan point of view, we believe that our products are essential to many customers' programs to go digital. Stefan, any comment on that?

[Stefan Teulon, executive]

Yes. Thanks, David. I'll bring it back to the vision statement from us, which is something which we really do focus on, which is that the buying experience, which is what all of our customers are trying to drive for their customers, for their buyers, has to be great. The changes in terms of expectations are, as David mentioned, more digital, more self-service, in enterprise software, the seller used to be the channel, now, they're just a channel. So, our strategy is about arming our customers with the tools to ensure their reps are best prepared but also give them tools to better measure and predict what the -- what that buyer experience is like and how they can make improvements. So, I think we're well positioned to help that digital transformation.

[David Keane, executive]

It's definitely well said. Question from Peter Struck, how do you measure customer satisfaction? Do you use NPS?

So, we do. We don't disclose that to investors at this point. Of course, we're the first company to go public in this space, and I know there's been a lot of uncertainty, of course, in NASDAQ recently. But longer term, this market will service multiple public companies, that's for sure. And we're just, of course, trying to make sure we can communicate to investors that you can build models and you can get insights of the company's performance. But at the same time, we're doing that in a way that protects important information from highly competitive markets.

So, Peter, it's just trying to make sure we strike the right balance there. So, the answer to your question is yes. We're pretty happy with the performance. What I would ask you to do, though, is read the reports Stefan mentioned, that is one of the best ways of giving you independent NPS. That organization looked at customers independent of us and they asked them about their satisfaction. And I think that's somewhere I'd refer you to.

A question from Adam from Canaccord. Hi, Adam, thank you for the congratulations on the quarter. We're pleased too. Any new verticals emerging?

I don't think so. Not right now. Yes. I don't think so.

Question, another question from Wayne, how significant is this Salesforce for [indiscernible]. Sounds important, are you the only [Technical difficulty]. There are certainly other vendors that are working with Salesforce and other CRM platforms. But this was a -- this was Bigtincan's first fully integrated solution, which is powered by one of our patented recommendation models.

Yes. Thank you. It actually is a very interesting technology into the future of how we think humans will work in CRM.

There's a question here from someone anonymous, any plans of NASDAQ listing?

Why wouldn't we want to be on NASDAQ, this week, I think, probably. Look, obviously, the company's job is to represent best interest of shareholders. This -- at the moment, everyone is really busy focused on this quarter. That's what we're doing right now. So, I think that's the most important thing for us to do.

Question from Johan Simone, comments about cost to acquire customers in the quarter. So, we do a CAC number, an LTV to CAC number, but really only in the 6-month audited accounts. And part of the reason for that is we talked about before, there's a question about the time frame to get customers. And because we're on a 6- to 9-month time frame, we just felt that releasing the -- some of that data in these intervening quarters would be a lot of work for the company and not much benefit to investors.

So, we've made -- the best recommendation so far has been that we get those numbers as part of the audited accounts that come out twice a year. And again, given the way the market moves and the time frames, we just didn't feel it will help investors to see and probably wouldn't have been different in the quarters anyway. So, we haven't disclosed that every quarter.

A question from Mark, yes, we're not a great price level at the moment, how do we defend against someone else thinking we're valuable to them.

Look, I think, Mark, again, we don't think about that either. At the moment, our focus is just making sure that we deliver the best we can for the company.

One question from Ross Barrows, what do you see as the biggest catalyst or catalysts for BTH over the balance of CY '22?

That's a great last question for us today from Ross. I think, Ross, that's a question I want to just -- we'll spend a couple of minutes on and give you an answer. But Ross is asking a question that we think about a lot is calendar '22, back to the time frame. We -- the financial year FY '22 is tomorrow. We're thinking about FY '22 -- sorry, CY '22 and I can assure you, CY '23. Some of the big drivers will continue to be this -- you've heard about it today, digitization, rapid progression to an ongoing remote economy, the upheaval in many organizations staffing, the turnover that continues to impact folks.

So, areas like onboarding is going to be, I think, a driver for the company. And I see that, that the combination of the technologies that you will have seen at our Investor Product and Tech Day, together with the long-term addition of the data science technologies that Debra Cancro and her team looking on Data Products group, that we continue to invest in. Those technologies will add tremendous value for our customers in '22 and I think in '23 as well.

Okay. Well, look, thank you all so much for the time today. I really appreciate the opportunity to connect. And thanks, thanks everyone for being here. Jane, I hand it back to you.

[Jane Morgan]

Yes. Thank you all for joining us to the Bigtincan Holdings Limited Q3 FY 2022 Appendix 4C and quarterly report briefing. A copy of today's presentation will be available on the Bigtincan website in the coming days, and we look forward to hosting you again soon. Thanks again.