Executives: Dennis Becker - Chief Executive Officer Christopher Meinerz - Chief Financial Officer

Analysts: William Sutherland - Emerging Growth Equities Jeffery Porter - Porter Capital Gregory Berlacher - Emerging Growth Equities

Operator: Greetings and welcome to the Mobivity Holdings Corporation First Quarter Fiscal 2016 Financial Results Conference Call. At this time all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Chris Meinerz, Chief Financial Officer for Mobivity. Thank you Mr Meinerz, you may now begin.

Christopher Meinerz: Thank you and welcome to Mobivity's Q1 2016 financial results conference call. We appreciate your interest in our company. In order to be more efficient with your time, we will be reading Mobivity Safe Harbor statement following the Q&A session at the end of the call. On the call today is Mobivity's Founder and CEO, Dennis Becker and myself Chris Meinerz, CFO. It is now my pleasure to introduce Dennis Becker, our founder and CEO.

Dennis Becker: Thanks, Chris, and thanks everyone for joining us on our call today. I'm pleased to report that we achieved a record quarter where revenues increased 96% year-over-year. For the first quarter of 2016 Mobivity generated more than $1.8 million in revenue and gross profit of approximately $1.4 million. We also delivered 76% gross margins in Q1 which is an increase from gross margins of 72% during the same period in 2015. We are also pleased to report that net cash used in operating activities decreased 57% from the same period a year ago. But before we go over the details of our financial results, I want to highlight some of our achievements and milestones over the last year or so in order to give you a sense of what we're building at Mobivity and where we believe we are headed. We have the ability to disrupt commerce in everyday life thanks to our proprietary and innovative technology. I'm going to explain how everything we've become accustomed to when purchasing goods and services online such as products from Amazon or music from iTunes is far more advanced than what's possible when transacting commerce in the brick-and-mortar world. We believe we have the wherewithal to change that. Our technology has already resulted in engagements with some of the world's biggest brands generating millions of dollars of recurring high-margin revenues. We believe our business model has the potential to scale beyond a $100 million annual run rate. While much of our business model is highly technical in nature, I'm going to reference everyday examples where we're changing consumer behaviour and creating meaningful results for our customers who operate off-line businesses, the part of our economy that [does] [ph] online commerce. We've been working hard over the last several quarters to capitalize on our acquisition of SmartReceipt in mid-2014 and transform Mobivity from a SMS marketing company to a pioneer of data-driven technologies that bring personalized, targeted marketing solutions to the off-line brick-and-mortar marketplace. Unlike e-commerce where through various tracking strategies such as cookies, off-line marketers have been challenged to craft their marketing messages in a personal and targeted way that has become common amongst e-commerce brands such as Amazon. In the online world consumers experience display advertising, such as banner ads or social media posts as well as direct marketing such as email, all of which is personalized and relevant to their interests and past purchase behaviour. This is made possible because online marketers have full visibility of the consumer shopping cart from the time they land on the website all the way through the point-of-purchase. It may be hard to believe, but as successful as e-commerce has become it still only accounts for about 7% of all commerce in the United States according to the U.S. Census Bureau. Through our acquisition of SmartReceipt combined with digital and mobile marketing channels we believe we have cracked the code on achieving the same shopping cart visibility to off-line brick-and-mortar marketers traditionally only afforded to e-commerce brands to bring personalized, targeted marketing to the other 93% of commerce carried out in the United States and our vision doesn't stop there. We believe our solution is applicable globally and we already have customers operating in Canada, Ireland, Switzerland, the United Arab Emirates and UK. The core of our growth strategy is leveraging our proprietary SmartReceipt technology that connects our cloud infrastructure into the stream of purchase data flowing through our merchants' cash register. Once implemented we are able to set up our portfolio of solutions called SmartSuite where we can utilize real-time purchased data to help merchants better understand their business and improve performance. In mid-2015 we released our first application leveraging SmartReceipt's unique ability to track off-line purchases and drive targeted marketing messages to consumers’ mobile phones called SmartSMS. We quickly attracted SUBWAY as an early adopter of this solution and following a successful trial in the summer of 2015 proceeded to a national rollout of our SmartReceipt and SmartSMS solutions to all SUBWAY’s more than 27,000 U.S. locations. SmartSMS utilizes SMS text messaging as a communications channel for targeted awareness and offer messages to consumers leveraging purchase data to measure and target those messages much in the same way an e-commerce operator like Amazon uses online shopping cart data. For example, a consumer might receive a text message near lunchtime offering a special discount to purchase a 6-inch sub at their nearest SUBWAY location. Once the consumer shows that text message at check out our SmartReceipt technology kicks in to match that customer's purchase with their offer redemption, thereby providing the ability to assess the effectiveness of the SMS offer. It also builds the purchase history of that customer for more targeted offers in the future. In addition to SmartSMS SmartReceipt is also capable of controlling the printed receipt to print targeted graphical messages including offers and coupons on the front of the receipt consumers receive following a purchase. With SmartReceipt we can also transform the underutilized printed receipt into a targeted messaging opportunity. As an example, say a consumer purchases a sandwich but doesn't purchase a beverage. SmartReceipt sees the customer's purchase information in real time and as the receipt is being printed it can automatically see that the consumer didn't buy a beverage and dynamically in real time add a strong beverage coupon to the printed receipt in an effort to influence that consumer to add a beverage on their next visit. Our SmartSuite portfolio of solutions is rounded out with SmartAnalytics which provides a set of reporting and analytics tools enabling brands to better understand their sales data across what could be a disparate collection of various point-of-sale devices. The development of our smart analytics solution was greatly accelerated by our recent acquisition of LiveLenz. In the future, we will be expanding our solution offerings to include applications that will leverage off-line purchased data to provide attribution and better power mobile and online ad networks, shape marketing from real-time inventory and sales data and apply emerging machine learning and artificial intelligence technologies to the massive purchase data sets we're accumulating to drive predictive and automated solutions. We are extremely encouraged by the results our customers are currently seeing using SmartSMS and SmartReceipt to change consumer behaviour. One case study we performed with a major national brand showed that consumers participating in a SmartSMS program increased their spend by over 180%. By leveraging purchase data combined with targeted mobile messages to consumers we were able to almost double the amount of money those consumers spent. This translates to millions of dollars in incremental revenue for a brand and an incredible ROI when comparing these revenue gains against the cost of licensing our technologies. This example highlights an important aspect of our technology and business model. Because we are plugged into our customers' point-of-sales data we're able to immediately measure efficacy and substantiate the value of our solutions. In the marketing world this is called attribution. In fact according to a 2015 study released by the Global Alliance of Data-Driven Marketing Associations in partnership with the Winterberry Group and sponsored by Accenture, improved attribution is the most important factor marketers think will provide more value from data-driven marketing and advertising. This study continued to support our value proposition by further revealing 81.3% of global marketers describe data is important to their efforts and 90.2% of global marketers say they are focused on predictive analytics and segmentation to better target and engage key audiences. Since launching customers at scale such as SUBWAY in late 2015 we are increasing efforts to produce the case study information required to validate our value propositions. As we accumulate more marketplace data, we believe proven and substantial results from our existing customers will not only accelerate sales efforts aimed at new customers, but will also drive existing customers to increase spending by incorporating our other technology offerings. Beyond measuring our growth from licensing revenues, we also track several key performance indicators that reflect the usage of our products. These measures show a healthy trend of expanding programs being executed by our customers. Primarily we look to see growth in areas such as the number of messages delivered to consumers on printed receipts, the number of mobile messages processed between consumers and our national brand customers, as well as the total consumers subscribed to our customers' mobile marketing programs. We are proud to report the following growth in all these categories. Over 60 million receipt messages were printed in March 2016 which is an increase of 152% over March 2015 and over 32 million SMS text messages were processed by our platform in March 2016 which is an increase of 259% over March 2015. And finally, over 5.1 million total mobile subscribers are on our platform as of March 2016 which is an increase of 143% over March 2015. The growth and success driven by our innovative technology, coupled with a great corporate culture is also attracting top-tier talent, where we've expanded investments in leadership, sales, engineering and analytics. In early 2015 we brought aboard Deena McKinley who formally managed national brand relationships as Chief Client Officer at Zimmerman Advertising and Omnicom Company overseeing over $3 billion in annual marketing spend. At Mobivity Deena leads our client services and marketing teams tasked with retaining and growing major brand clients such as SUBWAY, Baskin-Robbins, Sonic Drive-In and others. Earlier this year we also appointed Doug Stovall as Chief Revenue Officer. Doug most recently served in executive roles at Hipcricket from 2010 to 2015 beginning as Senior Vice President of Sales where he grew revenues from $4 million to approximately $27 million selling solutions to brands such as Arby's, Chipotle [ph], Macy's, MillerCoors and many others. Prior to Hipcricket, Stovall held management positions in mobile sales, product and services units with Acuity Mobile which was acquired by NAVTEQ which is a Nokia company, Merkle, TeleCommunication Systems, Aether Systems and Xpedior. Our Doug's leadership we have significantly increased our sales and business development headcount focused on growing new and existing business on the heels of the high visibility created by our nationwide launch with SUBWAY. We have also recently announced that Rick Muldowney has joined Mobivity to head our analytics team. Rick is a highly experienced analytics professional with extensive domain expertise having spent six years leading the marketing analytics team at SUBWAY. Prior to SUBWAY, he was Vice President of Marketing Analytics at Toys "R" Us as well as VP of Analytics at GE Capital. Rick will be leading our pursuit of leveraging the data we collect from our customers point-of-sale networks and applying it to improving ROI, shaping product development and expanding customer investments in our services. In addition to expanding our management team we have also added talent through our acquisition of LiveLenz based out of Halifax Nova Scotia. The LiveLenz acquisition brought with it key talent in the areas of marketing, engineering and client services and provides an efficient operating environment to expand our technical team and serve Eastern United States and international clients as our business grows. I'd now like to take a few minutes to comment on the overall market and touch on the topic of cognitive computing which we believe is an important part of our future and upside potential. While we are monetizing SMS messaging and receipt advertising today, we think mobile advertising and broader technology industry trends will open additional revenue opportunities for our technology in the future. By now it should be readily apparent that marketing budgets are flowing into mobile. According to Adweek mobile advertising grew 65% last year into a $32 billion market and eMarketer estimates that this figure should more than double by 2019. Almost as quickly as advertising is migrating to mobile, advertising is evolving towards the concept of programmatic advertising, which refers to the use of software to purchase digital advertising as opposed to the traditional process that involves RFPs, human negotiations and manual insertion orders. Also according to eMarketer, mobile programmatic display ad spending will account for more than 60% of total U.S. programmatic display ad spending for 2015. This is an area where our unique approach to processing purchase data from point-of-sale machines in real time will be a growth opportunity to drive programmatic ad buying in new ways that leverage of the real-time sales and inventory data we can collect from point-of-sale systems with our SmartReceipt technology. An example of this would be say if a brand was marketing a perishable food item and inventory was high, then we could use that data to programmatically control targeted ad units on mobile devices to stimulate consumption. Beyond mobile and programmatic advertising there is also a rapidly emerging field of cognitive computing where computers are becoming intelligent. One of the key drivers to progress in the field is called machine learning which aims to give computers the ability to learn without being explicitly programmed. This could open up entirely new possibilities where marketing becomes not just automated, but autonomous and entirely free of human intervention. One of the key requirements to machine learning is collecting massive amounts of data that can train machines to think on their own. Maybe you've heard of Facebook's plan for the automated assistant M or IBM's Watson which beat the human Jeopardy champion a few years ago, or more recently Google's successful defeat over a human champion of the game Go where there are estimated to be more moves possible than there are atoms in the universe. Mobivity is amassing millions of real-world purchase transaction data daily and marrying many of those transactions to consumer identification points such as mobile phone numbers. We are well on our way to process more than a half billion off-line purchase transactions this year and have a goal of applying cognitive computing techniques to the proprietary data we're accumulating to develop even more paths to monetization and value delivery. As an example, we have learned that one brand estimates that the inability to predict product inventory needs can lead to a 6% loss in revenues which equates to hundreds of millions of dollars. We imagine fascinating possibilities where we could accurately predict sandwich sales and solve this problem to optimize marketing and inventory processes that could generate millions of dollars of value for our customers. In wrapping up we believe we have a lot more upside to realize that our current Software-as-a-Service licensing model comprised of fees related to the number of locations deployed and volume of services directed at brands that combine for hundreds of thousands of locations. But beyond our current suite of products we will continue to innovate new opportunities as the relevance of our core technology applies to emerging industries such as programmatic advertising and cognitive computing. Now I'll turn the call over to Chris for a more detailed review of our financial results and then I will come back for a few summary comments. Chris?

Christopher Meinerz: Thanks Dennis. For the company's first financial quarter ended March 31, 2016, Mobivity recorded record revenues of $1.85 million a nearly 100% increase over the prior year quarter and more than 40% sequential growth over Q4 2015. This improvement is attributed to significant continuing growth in our SMS and SmartReceipt revenues contracted with large enterprise customers. Gross margin increased to 76% in Q1 2016 as compared to 72% for Q1 2015. The increase in gross margin is principally due to management of cloud-based software licensing fees, short code maintenance expenses, personnel related costs and other expenses while leveraging growth in revenues. As we continue to experience growth in our current recurring revenue base, gross margins should also continue to increase through our ongoing management of costs. General and administrative expenses decreased $113,000 or 10% during Q1 2016 compared to the same period in 2015. The decrease in general and administrative expenses was primarily due to one-time nonrecurring personnel expenses that occurred in the prior year. Sales and marketing expenses increased $85,000 or 8% during Q1 2016 compared to the same period in 2015. The increase was primarily due to higher personnel costs as a result of the LiveLenz acquisition and trade shows. Q1 2016 engineering, research and development expenses increased $218,000 compared to Q1 2015. The increase was primarily due to an increase in personnel related costs to support the company's growth and a lower capitalization rate of research and development costs versus the prior year. Non-GAAP adjusted net loss, a non-GAAP metric which generally excludes non-cash expenses such as stock-based compensation and depreciation and amortization was $794,000 for Q1 2016 compared to $985,000 in Q1 2015. Net cash used in operating activities decreased to $428,000 in Q1 2016 a 57% decrease as compared to $986,000 in Q1 2015. Cash and cash equivalents totaled $2.1 million as of March 31, 2016. Finally, I'd like to provide some commentary on several transactions we completed during the first quarter of 2016. On January 15, 2016 we acquired all of the outstanding capital stock of LiveLenz Inc. in consideration of our issuance of 1 million and 15,000 shares of our common stock to the LiveLenz stockholders. The LiveLenz stockholders have agreed that 100% of the consideration shares will be escrowed for a period of 18 months and subject to forfeiture based on indemnification claims by us. In March 2016 we closed a fixed-price private placement of our restricted common stock and raised net proceeds of approximately $2 million of which $1 million were subscribed by our Board of Directors. Management conducted the offering and no commission or other selling fees were paid by the company. Also in March 2016 we entered into a working capital line of credit facility with Silicon Valley Bank to provide up to $2 million to finance our general working capital needs. There are no financial covenants and as of the date of this report there are no borrowings under the facility. I would now like to turn the call back over to Dennis for his closing remarks.

Dennis Becker: Thanks Chris. In review we've spent much of 2015 completing the integration and technical work from our SmartReceipt acquisition to prepare the technology for scale and the launch of our newly developed SmartSuite of products. In that short period of time we've attracted world-class management and launched what is likely the most widely deployed SMS marketing program at SUBWAY, the largest QSR brand by locations in the world. As we've proven the efficacy of our solution, our customer spend has increased we've kicked off 2016 with nearly 100% revenue growth. We have an intense focus to build upon what we believe is proprietary technology capable of creating entirely new marketing applications and we look forward to delivering the level of innovation that continues to attract major brands to rely on Mobivity's technology and accelerate their business. We appreciate your continued interest and look forward to sharing our ongoing progress with you. Operator, you can open up for questions.

Operator: Thank you. [Operator Instructions] Our first question is from Bill Sutherland of Emerging Growth Equities. Please go ahead.

William Sutherland: Thanks, so Dennis, I was just thinking about the SUBWAY rollout and whether kind of can you give us a sense of where that program is, I mean because it was so integral to the first quarter and kind of how to think about the further progress on that for that client?

Dennis Becker: Sure, thank Bill. So SUBWAY launched in December and it is a national rollout where we are deployed now in all 27,000 United States locations and also some locations up in Canada. And the way the program works is, our opportunity with SUBWAY grows not just as the deployed location count is rolled out as it is fully rolled out now, but also as their campaign grows and attracting more consumers to participate in the program. So we're really excited with the progress they've made to date and we see further growth into the future as the program expands to reach more consumers. And then we also work with SUBWAY at the local level helping their local markets activate the program in a local context that is relevant to the geographical areas of those specific markets where we get additional opportunity to expand our revenues by designing local programs. And we've made a lot of great progress adding to the national rollout a number of local campaigns and that's another big growth opportunity for us as well.

William Sutherland: Did – so as far as the national program goes, I mean how much impact does it have on the first quarter just to give us a sense of how to think about the next, the rest of the year at least with that customer?

Dennis Becker: Well, with this customer, I mean I think that it is – it is probably obvious it had a big part of our growth story for this quarter. We haven’t publicly segmented our revenues on a client by client basis, but also with the growth that we've benefited from having just launched in December we think there is more ahead of us.

William Sutherland: Okay, so basically the national program we should think about as being kind of fully reflected in the, except for the expanding subscriber base and programs?

Dennis Becker: Right.

William Sutherland: Okay.

Dennis Becker: Yes, you may have seen they did some television advertising, you may have seen various channels where they've promoted it so far and we're very hopeful that they expand and amplify that promotion. I know that like for example one of our other customers' right now with Sonic if you go into really any Sonic right now you'll see now the calls to action for their mobile program being promoted on their cups and other in-store accessories such as napkins, we would expect and hope for the same with SUBWAY. So we think that the national program has a lot of upside just in accordance with how aggressively they promote it.

William Sutherland: And the SmartSuite, the bundled offering what percent of revenues is that at this point?

Dennis Becker: Well, it is all of our revenues are currently in the sense that we've repositioned our services into the SmartSuite. Certain customers have various features of that suite turned on and others don't have all of the features activated. So we've repositioned the products and we refer to our product now as the SmartSuite and then it depends on which features of that the customer has activated. We haven’t currently though broken out what percentage of revenues are really to which specific products such as what percentage are using SmartSMS versus SmartReceipt and we haven’t done that yet, but potentially in the future we will be able to get clarity articulated out as the business grows.

William Sutherland: Have you seen significant uptake of the entire bundle by certain customers?

Dennis Becker: Well absolutely. I think that like for example with SUBWAY we have all of the features at play. We use the SmartAnalytics features to help them understand how to continually evolve and tailor their marketing programs and then if you walked into just about any SUBWAY of course you are going to see receipt promotions on the printed receipts and the SMS programs also activated nationwide.

William Sutherland: Last one from me, it was good to see the tight control of OpEx even with the expansion of sales. How should we think about that going forward as far as just managing that line as you keep expanding?

Dennis Becker: Yes, I think that we've just brought on sales leadership this last quarter and started to expand our sales team, while at the same time clearly having gone from a few thousand locations to several thousand with the deployment at SUBWAY the product and the technology platform is built for scale. So I think that also highlights why our gross margins have continued to increase. So we think we've got a lot of operating leverage given the current economic model of the company and given the technology and product infrastructure that we've built we think that we're very much poised for scale and the ratio of top line growth to OpEx should continue to increase.

William Sutherland: Okay, actually I'll sneak one more and the ad sale line I guess was down a bit for the quarter. Can you give us a sense of the outlook for ad sales? Thanks.

Dennis Becker: Yes, lastly with ad sales I mean that is still something that is relatively opportunistic for us. We're really devoted to the SaaS model and getting customers paying a software licensing fee that gives us you know I think we believe higher revenue quality, commitments, term agreements, et cetera. So we're still not - we still see the ad model as early and opportunistic. So as we see opportunities of course like what we did with Uber and SUBWAY here early on, we'll take advantage of those opportunities. But the majority of our business development investment is pursuing licensing agreement with brands at this time.

William Sutherland: Okay, thanks Dennis.

Dennis Becker: Yep.

Operator: Thank you. [Operator Instructions] And the next question is from Jeff Porter of Porter Capital. Please go ahead.

Jeffery Porter: Hi guys, I was hoping you might be able to elaborate on the announcement today with Zimmerman and specifically is this a partnership that you see resulting in customer acquisitions for Mobivity or is it primarily driven towards getting more revenue out of our existing customer base by providing them a higher level of data analytics and what might be the revenue shares of the partnership agreement, if you can just give me some sense?

Dennis Becker: Yes, sure, thanks Jeff. So the partnership is aimed at very specifically new customer acquisition. I think if you look at Zimmerman's customer portfolio currently there really isn’t much if any overlap. So we're really looking forward to working with Zimmerman to bring more new customers to our technology platform. In terms of the existing visibility I think it helps us there too. Zimmerman has a lot of awareness in the marketing industry and so we think that that alignment is going to bring a lot of air cover to us in terms of getting the word out, not just with new customers but our existing customers just further bolstering where we're at in the food chain in the marketing world. And then lastly, we haven’t disclosed what the specific rev share arrangements are with Zimmerman. However, we think that a combination of the gross margins that we have that give us that kind of leverage coupled with the fact that we're also - the value proposition in reference to the example I used in earlier in the narratives for our earnings here with regards to a brand that we were able to prove 180% growth in consumer spend with that brand, we think that we've got a lot of upside in increasing our licensing fees relative to those results and still maintaining a really strong ROI case. So even as we start to work with partners and have to share a little bit of the pie in terms of rev share agreements or commission agreements, we think that we will be able to expand the revenue profile per customer and that we will be able to absorb those costs very effectively, so that they'll look a lot as if we were making those direct OpEx investments in direct sales resources to win those customers anyway. So it should be similar margins to had we won those customers through direct sales efforts versus paying commissions to partners like Zimmerman.

Jeffery Porter: Okay, that's helpful. Thank you.

Dennis Becker: Thanks Jeff.

Operator: Thank you. [Operator Instructions] Our next question is from Bruce Evans a Private Investor. Please go ahead.

Unidentified Analyst: Hi Dennis. You mentioned a $100 million number, what was that in reference to?

Dennis Becker: Thanks Bruce. So when we look at the revenue profile of customers that we've been winning such as Sonic and SUBWAY and you start to factor that into like for example, this recent quarter and the growth we were able to achieve largely because of the SUBWAY rollout obviously, we're trying to make it apparent that our technology licensing with these brands is high six-figure to seven-figure annual recurring types of opportunities. So we've got to look at the world and in that our aspiration is we can 20 or 30 of these brand customers with that type of revenue profile that is a $100 million business.

Unidentified Analyst: Oh that's not necessarily a cap on what you think you can generate, but just a number you are looking at?

Dennis Becker: Right, it is neither a maximum nor a minimum, but it is just to help further I think frame the types of customer relationships and the licensing opportunities that we are consummating with these brands, the magnitude of the revenue impact that they can have as we win those relationships and so we're just trying to help give a better idea and framework of the type of company we're trying to build and the economic upside that can come from it.

Unidentified Analyst: And what the multiple revenues to similar companies trade at?

Dennis Becker: You know in a situation I think SaaS based companies that have a growth trajectory can get upwards of 7 to 12 times the top line and it always depends on that growth trajectory. But obviously we're trying to build a company that models the SaaS type evaluation opportunity.

Unidentified Analyst: Oh so you have got a pretty good trajectory going here.

Dennis Becker: Thanks Bruce, I appreciate that.

Unidentified Analyst: Thank you, Dennis.

Operator: Thank you. Our next question is from Greg Berlacher of Emerging Growth Equities. Please go ahead.

Gregory Berlacher: Hey Dennis.

Dennis Becker: Hey Greg.

Gregory Berlacher: Can you address a couple of things? First of all with Doug Stovall, I know you guys have got the QSR market really covered well with your current personnel and so forth. So Doug's expertise if I recall is to kind of expand that the whole market over and above the QSR market. So if you could give me a feel for kind of what he's targeting maybe along with the QSR market? And I got on the call later, I apologize, I also did not hear anything about the Salon business kind of where that stands, if that's moving in the right direction? And then lastly, with the new analytics gentleman, I believe it's Rick is his name, Rick Muldowney, what is he going to be doing in terms of taking data from the QSR market, overlapping it with let's just think the Salon market? I mean just give us a sense for kind of what you're doing, what the plans are to do with all this data and to build more value for the organization?

Dennis Becker: Sure, so Doug was brought on very, very specifically to expand on the SUBWAY success and hunt for more major brands. Really regardless of vertical, if you look at his background he has experience in arranging from selling to iHeartMedia, to MillerCoors, Alaska Airlines, a number of brands down to retail and to QSR. So that was really his recruitment was to kind of take the foundation that we've built here and expand upon that, it kind of dovetails your second question, our partnership with super SuperSalon, their relationship with Regis Corporation and our migration from the food and restaurant space into other verticals such as services and retail personal services like light Regis. We're very bullish on that specific vertical. We also see a real – a bunch of upside in cross promotion and integration where a brand like SUBWAY or Baskin-Robbins can work alongside a Supercuts and vice versa and our ability to bring those brands together and create new opportunities. So that is really his mandate is to expand us from not only within the food and restaurant industry, but to leverage our beachhead into the personal services and get out into an expanded set of verticals such as convenience stores, grocery stores and other retailers. What we believe is going to be a big catalyst to that of course is one thing that we're uncovering as we are launching these campaigns at scale is a number of data insights that provide value proposition opportunities for us that we hadn't seen before. So for example, finally being able to launch something at an empirical level of scale like we did with SUBWAY and really show them definitively that we are able to do things like increase frequency of certain guests and things like that which has been really hard to figure out what the current state of point-of-sales systems and data and we're able to do that. Rick brings really a broad set of experiences in performing that type of analytics, not just in the restaurant space, but having been at Toys "R" Us and within the retail space along with having spent time as a VP of analytics at GE Capital as well. So what we're finding is, this has been a little bit of a chicken and the egg in terms of really making a value proposition to brands and then getting through some of the trial processes to prove it out, but also to do it with the type of empirical evidence and the depth of analytics that a guy like Rick Muldowney and others can implement to show these brands in a way that gets them to invest more. We've had a lot of the products and the upside has been kind of a thesis, but now we've been able to not just deliver on at that thesis improvement, but also bring in a level of expertise like folks like Rick Muldowney, who can validate that proof to the extent that the brands really buy into that and we start to attract additional investments.

Gregory Berlacher: Great, thank you.

Operator: Thank you. That is all the time we have for questions. At this time, I would like to turn the conference back over to management for closing remarks.

Christopher Meinerz: I'd like to thank you all for your time on today's call and your interest in Mobivity. Before we close, I'd like to read our Safe Harbor statement. On this call management personnel's prepared remarks contain forward-looking statements which are subject to risks and uncertainties and management made additional forward-looking statements during the Q&A session. Therefore, the company claims protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those contemplated by our forward-looking statements as result of certain factors and not limited to general economic and business conditions, competitive factors, changes in business strategy or development of our plans, the ability to attract and retain qualified personnel and changes in the legal and regulatory requirements. In addition, any projections as to the company's future performance represent management's estimates as of today May 23, 2016. Mobivity assumes no obligation to update these projections in the future as market conditions change. The company has filed its 10-Q with the SEC on May 16, 2016 and also issued a press release on the same day announcing financial results for Q1 2016. Participants on the call who may not have already done so, may wish to look at these documents as they provide a summary of the results discussed on this call. Today's call may include non-GAAP financial measures which require a reconciliation to the most directly comparable financial measures which are calculated and presented in accordance with GAAP and can be found in last week's press release which is also available at mobivity.co. This concludes Mobivity's Q1 2016 financial results conference call. Thank you.

Operator: Thank you ladies and gentlemen. This does conclude today's teleconference. You may disconnect your lines at this time and thank you for your participation.