MNTN Inc. (NYSE:MNTN) Q1 2026 Earnings Call Transcript

MNTN Inc. (NYSE:MNTN) Q1 2026 Earnings Call Transcript May 5, 2026

MNTN Inc. misses on earnings expectations. Reported EPS is $0.11 EPS, expectations were $0.12.

Operator: Good afternoon, and welcome to MNTN Inc.’s First Quarter 2026 Earnings Conference Call. This call is being recorded for replay purposes, and at this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session following prepared remarks from MNTN Inc.’s management. I would now like to turn the call over to Mirza Plesche, from the Gilmartin Group, for a few introductory comments. Great. Thank you.

Mirza Plesche: By now, you should have received a copy of the earnings press release. If you have not received a copy, please call (513) 644-4484 to have one emailed to you. Before we begin today, let me remind you that the company’s remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond MNTN Inc.’s control, including risks and uncertainties described from time to time in MNTN Inc.’s SEC filings. These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for MNTN Inc.’s franchises and growth initiatives, future product approvals and clearances, competition, reimbursement, and clinical trial enrollment and outcomes.

MNTN Inc.’s results may differ materially from those projected. MNTN Inc. undertakes no obligation to publicly update any forward-looking statement. Additionally, we refer to non-GAAP financial measures, specifically constant currency revenue, adjusted EBITDA, and adjusted loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures is included in our press release, which is available on our website. And with that, I would like to turn the call over to Mike Carroll, President and Chief Executive Officer.

Mike Carroll: Great. Good afternoon, everyone, and welcome to our call. MNTN Inc. is off to a strong start in 2026, with worldwide revenue of $140 million in the first quarter, reflecting 14% growth year-over-year. We are building on the momentum we established in 2025 from new product launches, with this quarter marking an acceleration in our worldwide growth rate from the preceding quarter and the comparable quarter last year. Fueling this acceleration is our U.S. business, which drove approximately 15% in the quarter from expanding adoption of AtriClip Flex Mini and Pro Mini devices, Cryosphere Max Probe, and continued strength from our Encompass clamp. In addition, we generated $17 million in adjusted EBITDA, nearly double the first quarter of last year.

Our results this quarter once again demonstrate our ability to deliver durable, double-digit revenue growth and expand profitability. Beyond our financial results, we have made exceptional progress in our BOX NOAF clinical trial. Since initiating trial enrollment in the fourth quarter of last year, we have enrolled approximately 300 total patients to date in this 960-patient randomized controlled trial. We are tracking well ahead of our original timeline and now expect complete enrollment around the end of this year, nearly one year ahead of plan. The pace of enrollment in this trial reflects an extremely high level of engagement from surgeons who experienced firsthand the impact postoperative AFib has on their patients. As a reminder, up to half of cardiac surgery patients without preexisting AFib will develop postoperative AFib, which is the most common complication of cardiac surgery.

Because there is no established treatment today, postoperative AFib is a substantial burden on health care spending, with estimates exceeding $2 billion annually in the U.S. alone. We are confident that our BOX NOAF clinical trial utilizing our Encompass clamp and AtriClip device has the potential to meaningfully change treatment outcomes for this patient population and address the significant unmet clinical need. BOX NOAF is also highly complementary to our LEAF’s clinical trial studying stroke reduction benefit of left atrial appendage management in cardiac surgery patients without atrial fibrillation. We expect both of our landmark clinical trials to generate robust clinical evidence in support of preventative treatments for cardiac surgery patients, unlocking a massive global market opportunity for MNTN Inc.

while establishing new standards of care in cardiac surgery. We at MNTN Inc. are well positioned to realize these significant catalysts for our business in the coming years. Now on to updates covering franchise performance in the first quarter. Pain management once again led our portfolio growth, increasing 28% year-over-year. The CrowdStrike Max Pro continues to be the primary driver of growth, contributing roughly 70% of our pain management sales this quarter. Surgeons across both new and existing accounts recognize the significant time savings and clinical effectiveness it provides, leading to more patients having their postoperative pain managed effectively. Building on our legacy of innovation, we are also pleased that our Cryo XD Pro for amputation procedures is beginning to gain traction.

We continue to receive outstanding feedback from each new surgeon that uses this device, and through our registries we are capturing clinical outcomes for this therapy. We are still in the early innings for Cryo XD therapy development and adoption; however, we remain confident in Cryo XD contributing more meaningfully as we move to the back half of 2026. Within our cardiac ablation franchises, worldwide open ablation revenue grew 15% in the first quarter, led by steady adoption of Encompass clamp in the United States and Europe. Encompass is delivering growth from both new and existing accounts, even as we approach the four-year anniversary of our U.S. full market launch. As mentioned in our fourth quarter earnings call, our drive to treat AFib in cardiac surgery patients was validated with a recent announcement from the Society of Thoracic Surgeons annual meeting, including concomitant AFib treatment as a quality metric.

There is strong precedent for the impact of quality metrics in cardiac surgery, and we believe this change will support increased adoption for surgical AFib ablation and appendage management, serving as a durable tailwind for growth for years ahead. Our minimally invasive ablation franchise continued to face headwinds in the first quarter. We believe there is a role for hybrid therapy in the current and future treatment landscape and remain committed to providing a solution for the unmet need for patients with long-standing persistent AFib. Finally, turning to our appendage management franchise, which saw 16% growth worldwide driven by both our open and minimally invasive appendage management products. Our open left atrial appendage management business benefited from strong adoption of AtriClip Flex Mini in the United States, where we exited the quarter with Flex Mini contributing approximately 40% of our open appendage management revenue.

More importantly, we believe our Flex Mini device has been impactful in driving share gains in this market. Surgeons using or trialing competitive devices are impressed by the small form factor of AtriClip Flex Mini, along with robust clinical evidence and superior product performance of our AtriClip devices. In minimally invasive procedures, AtriClip Pro Mini is building upon that adoption in the U.S., providing a pricing uplift that offsets pressure of our hybrid AF therapy procedure volumes. It remains clear that differentiated innovation plays an important role in maintaining our position as the leader in appendage management in cardiac surgery, and we continue to prioritize investments in this platform. In our international markets, we are growing adoption across our legacy left atrial appendage management devices.

Following the first quarter, we received CE Mark under EU MDR in Europe for both AtriClip Flex Mini and Pro Mini devices and expect to launch both products in Europe later this year. New product launches in Europe, the United States, China, and Japan, coupled with the future LEAF’s clinical trial outcomes, provide a long runway for growth in our appendage management franchise. In closing, the performance we delivered this quarter underscores the power of our innovation and focus on execution, while the rapid progress in our BOX NOAF clinical trial reinforces the significant opportunity ahead at MNTN Inc. We remain committed to advancing standards of care, scaling responsibly, and delivering durable growth with improving profitability for our shareholders.

I will now turn the call over to Angie Wyrick, our Chief Financial Officer. Angie?

Angie Wyrick: Thanks, Mike. Worldwide revenue for 2026 was $141.2 million, up 14.3% on a reported basis and 12.8% on a constant currency basis versus 2025. Our performance reflects substantial growth driven by the continued adoption of key new products in the United States and many regions throughout the world. On a sequential basis, worldwide revenue increased approximately 1% compared to the fourth quarter 2025. First quarter 2026 U.S. revenue was $116.2 million, a 14.9% increase from 2025. Open ablation product sales grew 17.3% to $39.1 million, fueled by the strong and sustained adoption of our Encompass clamp across new and existing accounts. U.S. sales of appendage management products were $48.4 million, up 14.9% over 2025, driven primarily by increasing adoption of our AtriClip Flex Mini and Pro Mini devices.

U.S. MIS ablation sales were $6.4 million, a decline of approximately 25% over 2025. And finally, U.S. pain management sales were $22.4 million, up 29.5% over 2025, led by the Cryosphere Max Pro, which contributed approximately 70% of pain management sales in the quarter, driving increased adoption in both thoracic and sternotomy procedures. International revenue totaled $25 million for 2026, up 11.5% on a reported basis and up 3.3% on a constant currency basis as compared to 2025. European sales were $16.1 million, up 13.2%, and Asia Pacific and other international market sales were $8.9 million, up 8.4%. International growth was tempered by continued uncertainty in the U.K. as well as lower distributor sales in Asia. Offsetting these headwinds, we saw significant growth across franchises in other major geographies, largely driven by our direct markets.

Gross margin for 2026 was 77.4%, up 246 basis points from 2025. The increase was driven primarily by favorable product and geographic mix, with strong U.S. performance propelled by our new product launches and adoption. Transitioning to operating expenses for the quarter.

Patrick Pohlen: We expect adjusted EBITDA to be between $96 million and $101 million. To wrap up, we delivered another solid quarter and believe MNTN Inc. will continue to gain market share in the massive performance television market. We are confident that our future growth initiatives and the strength of our operating model will position MNTN Inc. to drive continued growth and profitability. With that, we will open up the line for questions.

Q&A Session

Operator: We will now open the call for questions. Please limit yourself to one question and one follow-up. If you would like to ask a question, please use the raise-your-hand function. If you have dialed in to today’s call, please press 9 to raise your hand and 6 to unmute. Please stand by as we compile the Q&A roster. Your first question comes from Shyam Patil of Susquehanna. Your line is open. Please go ahead.

Shyam Patil: Hey, guys. Congrats on the continued strong execution and results. Mark, I had one question for you. You mentioned in your script that the company has made some pretty significant hires with some very strong backgrounds in this space. Can you just talk a little bit more about this and maybe what you are envisioning?

Mark Douglas: Yeah, thanks for the question. What we are seeing is that we think the market that essentially we created, which is the concept of performance TV and bringing television to the small and mid-sized business sector, is starting to move from early adopter to mainstream. We added these individuals to the team—Garland Hill and Peter Blacker—and they, of course, are also adding people to the teams that they are building out in the company in order to meet that mainstream market head on. Garland, in particular, has been involved in significant buildouts in the performance marketing space, so his experience, his knowledge, his skills, and his network are incredibly valuable to the company. Same with Peter. He was there day one building out streaming at NBCUniversal, building out that team and that whole concept at NBCUniversal and Peacock.

I am pretty excited about these individuals, them being on the team, the people they are going to bring, and I am excited as the year unfolds and we see the market moving from that early adopter phase into the mainstream segment, where every company starts to expect that they can be on television as part of their marketing mix. Thanks.

Operator: Thanks, Mark. Your next question comes from the line of Ronald Josey with Citi. Your line is open. Please go ahead.

Ronald Josey: Great, thanks for taking the question. Mark, I wanted to ask about your streaming partners, and with the addition of more and more events like March Madness and NHL playoffs and the hire of Peter, talk to us about how your partnerships have evolved here and how your partners are viewing you as an additional source of monetization. Has anything changed here or perhaps accelerated? And then I wanted to ask about QuickFrame AI 3.0. We are now on version three after having been in beta maybe since the fall. Talk to us about how the sales cycles have been post QuickFrame, how conversion rates are trending—anything along those lines. Thank you.

Mark Douglas: Sure. In terms of the streaming partners question, what is really critical is that for performance marketing to work, you have to reach the consumer where they are. You cannot pick a single network; you need to reach everyone within the target group of consumers you are going after. We have built out relationships with virtually every streaming network in America. As the overall connected TV space has brought on things like live sports and tentpole events like the Oscars, we think it is important that we bring our customers to those events also. Bringing Peter on—this year NBC is covering virtually everything; they have the Olympics, the World Cup—his experience and knowledge in terms of how that content plays out, with all the relationships we already have with these networks as well as those he has, made this a role where we wanted someone with tremendous industry experience to make sure that MNTN Inc.

is giving our customers access to everything. In terms of our relationships with networks, I believe they view us as a growth channel. Ninety-five percent of our customers have never advertised on television before, so that is net new revenue to the industry, to MNTN Inc., and to our partners. His role is important: wherever the target consumer is, MNTN Inc. is there, and we are bringing our customers there with us. On QuickFrame AI, the product is new. We wanted to go beyond video clips to full-blown professional-quality commercials, so we did a long beta. Many companies have used QuickFrame AI and continue to use QuickFrame. With version three, we believe it is fully ready for anyone to use. The team is excited, and we are excited with the commercials people are building in the product.

Regarding the sales cycle, most of our younger customers—small businesses—are in some way using QuickFrame AI. We are measuring how quickly companies get live and how frequently they refresh creative once live. Those are the stats we are focused on, and we are excited about where that is headed.

Operator: Your next question comes from Andrew Boone with Citizens. Your line is open. Please go ahead.

Andrew Boone: Thanks so much for taking the questions. I would like to start with guidance. The full-year guide implies an acceleration in the back half. Can you explain that to us or talk about the confidence you have to achieve that? And then, Patrick, I think in your comments earlier you talked about throttling new customers in terms of onboarding. Can you talk about how you think about the pacing of onboarding customers—what may be a good fit versus not—and help us understand the dynamics of what you are looking for in terms of customer adds? Thanks so much.

Patrick Pohlen: Sure. I will take the first one, and Mark and I may share the second. We continue to see a lot of strength in the PTV business, indicated in both our Q2 guide and our fiscal year guide. We anticipate continued growth in revenue and adjusted EBITDA and see a long runway of growth ahead. The Q2 guide is $81 million to $83 million, $82 million at the midpoint—20% year-over-year growth. The fiscal year guide is $347 million to $357 million—24% growth at the midpoint. We continue to invest strategically in areas that will drive revenue growth, particularly in sales and marketing, and we also have initiatives to continue to improve our gross margins. The combination of strong customer and revenue growth, gross margin strength, and disciplined investment to drive more revenue sets us up very nicely for the future.

Mark Douglas: On onboarding, we think about small business and what we call mid-market. One line of distinction is size, but an even more important distinction is that larger companies have dedicated marketing teams with very specific needs. Our platform initially focused on the needs of those mid-market customers. Smaller businesses are often owner-led, with individuals handling a lot of marketing who may not have a fully developed marketing skill set. The core platform is the same, but some needs differ. Our mid-market has been consistently growing since we launched version one of the concept of performance TV. For small business, we want to make sure they come on, are successful, our cost to acquire them is where we want it, and that they have long and sustained growth.

Each day we adjust how much small business we drive toward, and we make adjustments to the product and reporting. When Patrick says we control it, he means we control the marketing investment in acquiring those customers, we control where they come on board in terms of product minimums, and we make sure we continue our success in mid-market while bringing on small businesses at a sustainable, responsible, and profitable rate. That part of our business we tune to land exactly where we want it, and it will continue to evolve this year and beyond. We have dedicated teams on it.

Patrick Pohlen: And we did grow 46% year-over-year in terms of customer growth.

Operator: Your next question comes from Robert Coolbrith with Evercore ISI. Your line is open. Please go ahead.

Robert Coolbrith: Hi, everybody. This is Rob on the call for Mark. Thanks for the opportunity to ask a question. Two if I could. First, to follow up on the QuickFrame question, are there any benefits you are seeing in the beta period that give you more confidence on go-live times, creative refresh, and matching up the product with where it needs to be for customers to have success, especially as you go down market into SMB? Does that give you any additional confidence, Patrick, to invest incrementally or press a little harder on the accelerator? And second, gross margin came in better than expected. Any particular levers you pulled in the quarter that you would like to call out? Thank you.

Patrick Pohlen: Mark and I will share the first one.

Mark Douglas: On QuickFrame AI—why is version three the version we are calling full production? We announced that today and you will see more marketing. We have been watching customers use the product, looking at their rates of starting projects, getting them live, and how much time it is taking. We are pleased with where those metrics have gotten. We have brought the effort down and the go-live rate up. We are seeing that people with less creative skills are increasingly successful. Part of that is our technology investment—savable characters (AI casting), savable locations, the ability to pick products you want in the video—all that functionality. Part of it is that the AI generative models keep getting better, and we are integrated with the best models—Sora, Kling, Gemini, and others.

It is hard to remember, but last March you could not create a usable AI video. A little over a year later, the evolution of these models, as well as our orchestration, has reached the professional-grade level. In terms of benefit to sales cycle or go-live times, we are seeing benefits, especially in small business—mainly because there are no approvals involved. A person can create an account, create the video, and go live. In mid-market there are typically more approvals and sometimes professional video people involved, so improvement is smaller but present. We are not ready to quantify those numbers yet, but we are really excited about the production release and what it means for customers and for MNTN Inc.

Patrick Pohlen: Rob, we have enough anecdotal evidence that it is what we thought it would be—an enabler to our core PTV business, particularly in small business, but we also see many mid-sized customers using it. We have not quantified the cost yet because we just came out of beta, but we are managing costs quite well. It is worth it for enabling both mid-sized customers and small businesses to get TV commercials and get on the platform. We will start to track it more now. We did not build it primarily for a revenue stream, but rather to enable the core PTV business.

Robert Coolbrith: And then, Patrick, anything you can call out on gross margin? It was a little bit better. Thank you.

Patrick Pohlen: Sure. We had a nice quarter in terms of gross margin at 81%. That reflects a mix of strong revenue growth—revenue growth drives gross margin improvement—as well as specific actions. We spun out Maximum Effort, which gives us a significant benefit in creative COGS. And for Q1, we had the full benefit of switching hosting providers. The combination is quite strong, and we think it continues. We believe the combination of revenue growth driving gross margin, the creative COGS, the hosting COGS, and discipline on other COGS will keep us within the long-term target of 75% to 80%.

Operator: Your next question comes from Matt Weber with Canaccord. Your line is open. Please go ahead.

Matt Weber: Hi, thanks so much for taking the question, and congrats on the strong quarter. As we think about the broader macro backdrop, how would you describe the health of your SMB advertiser base over the past few months? Have you noticed any changes in budget pacing or campaign duration that might reflect a tighter discretionary spending environment? And are large enterprise customers behaving any differently?

Mark Douglas: In the SMB sector, we do not think they are greatly affected by macro unless circumstances are very extreme. You can look back to COVID when business activity nearly stopped, and that was one of the biggest years many in advertising had. SMB customers do not lose their ambition in difficult environments; if anything, they are more determined to grow and outpace competitors. We are seeing nearly zero impact from macro concerns. In the enterprise space—truly large global brands—that is not really part of MNTN Inc.’s business, so I would look to others for that read. In the SMB market, it is full speed ahead. Macro is not mentioned. They are entirely focused on return on ad spend and hitting their goals—often with personal incentives tied to metrics. In a metrics-focused business like ours and theirs, these are not generally issues we have had to deal with.

Matt Weber: Got it. As a quick follow-up, is there any update you can share on your media planning tool? When are you targeting to bring that to market, and any key points of differentiation versus existing solutions?

Mark Douglas: I was joking today that I am obviously not Steve Jobs, but I usually have one more thing. You will be hearing more about that very soon. We think it is another exciting AI development from MNTN Inc. It is with customers now and getting very positive reviews. I have a tendency to talk about things before they are fully released, but you will hear more soon.

Operator: Your next question comes from Andrew Merrick with Raymond James. Your line is open. Please go ahead.

Andrew Merrick: Hi, thanks for taking my questions. Two, please. First, on the recent Pinterest announcements with TV Scientific—how does that affect the broader performance TV space and you in particular? Second, given what you saw from events in Q1 like March Madness and the pro playoffs, how are you thinking about a World Cup boost as we get into the summer months? Thank you.

Mark Douglas: On Pinterest and TV Scientific, at one time TV Scientific was a company trying to copy the concept of performance TV. I think Pinterest’s interest is driven by their data and finding more ways to monetize it. That makes sense for them. We are not seeing that as competitive in the sense of running into TV Scientific in sales cycles. For the World Cup, it is a massive event, especially with it in the U.S. this year, and MNTN Inc. is making World Cup inventory available to our customers. One reminder: our customers are always focused on return on ad spend first. We think television has the best content in the world and our customers should be on all of it, including the World Cup, but spend on our platform is driven by ROAS, not specific events. Being on all available content, including the World Cup, supports that. It is not a separate line item or driver in our guidance or internal forecast.

Operator: Your next question comes from Robert Sanderson with Loop Capital. Your line is open. Please go ahead. A reminder that you may have to unmute locally.

Robert Sanderson: Good afternoon. Thanks for taking my question. I want to talk about your go-to-market evolution. In past years, your business has really been driven by inbound leads—90% plus of new customers—but you have expanded the sales team meaningfully and seem to be focusing more on developing agency relationships. Can you talk about how these efforts are going so far and when you expect to see more fruits of those efforts? Are direct sales and agencies incremental to inbound, or are you shifting the mix deliberately? And any notable margin implications if the mix changes?

Mark Douglas: On go-to-market, this speaks to the market moving from early adopter to mainstream. The agencies MNTN Inc. works with are generally performance agencies—not holding companies like WPP or Publicis—independent agencies built around paid search and paid social that now see performance TV as a new channel. We want to power that opportunity and help them grow. That is not a shift in strategy. More than 90% of performance TV advertisers do not use an agency. Even if we wanted to shift, we could not meaningfully because the vast majority of performance advertisers are direct—direct users in our platform and in other performance platforms. There is a sizable portion—around 10%—larger mid-sized brands that do use agencies.

We want to be a great partner there, too. We announced agency as one of our fastest-growing segments and continue to see it as a big opportunity. With Garland coming on as Chief Revenue Officer, he is shaping the organization to ensure we have coverage wherever there is opportunity—both direct to brand and via agencies. In terms of mix, we ultimately count brands. Agencies are a “one-to-many” opportunity, but the brand is the financially responsible party and decision-maker on platform use, so it ultimately goes back to the brand.

Robert Sanderson: And the direct sales expansion?

Mark Douglas: As you noted, it is a bit early, but we have no concerns. We think the opportunity is large, and there is room to continue expanding our sales organization to meet it head on. It takes time for individuals to become fully productive, but we are pleased with where it is headed. We view it as a low-risk investment.

Patrick Pohlen: On margin, as you have seen, our model has a lot of natural leverage. We do not think this will impact our bottom-line margin.

Robert Sanderson: If I could do another on competitive dynamics and sustainability: larger players aspire to move down market and focus more on SMBs—Amazon, Roku, AppLovin, and maybe eventually The Trade Desk. What are common misperceptions about your differentiation, and what are the most durable elements of your competitive moat?

Mark Douglas: We are purpose-built for the SMB market. The targeting is incredibly important because the smaller the business, the smaller the target pool of customers; these businesses are often trying to reach thousands, not millions. You need pinpoint targeting, which is why leveraging AI technology early as part of our targeting engine was so important. Ninety-five percent of companies that come to MNTN Inc. do not have a TV ad, and they do not have the budget for production crews—so we addressed that. Even the way we buy ads—our programmatic bidding engine—is purpose-built to respond to performance signals and alter the ad buy to purchase the right media. We talked about media planning—giving customers a single solution that addresses their needs across nearly every streaming network in America, with premium content, not remnant, and that gets consumers to respond.

Finally, the go-to-market motion: if you have a sales team built around large enterprise customers, getting that team to pursue small businesses is nearly impossible. You need to build a separate sales and marketing organization, drive more traffic to your brand, and get them to sign up. All of this has to be built out. I respect the efforts of other companies; their interest validates the scale of the opportunity. But we are not standing still—we are moving forward and capturing more of the opportunity. You cannot just take an enterprise motion and technology and repackage it for small businesses; you have to build a whole new organization and platform. We think we have done that, we are good at it, and we never stand still. More than half of MNTN Inc.

is software engineers. We are excited about that.

Operator: Your next question comes from Laura Martin with Needham. Your line is open. Please go ahead.

Laura Martin: Hi there. I want to talk about orchestration. You have talked about orchestration, and Amazon is saying they are seeing on Bedrock that almost all companies are using multiple AI LLMs. Have you moved forward in being an orchestration layer? And on the competitive landscape, everyone is getting into omnichannel performance and adding connected television. Is there a competitive advantage for you in not being omnichannel and just being performance CTV? Thank you.

Mark Douglas: On orchestration, I use that primarily in the context of creative, though it can apply elsewhere. It means using the best-of-breed LLM and generative AI capabilities for the specific task. In creative—a 30-second TV commercial—different scenes might be using different base models. Some are better at showing products, some at multiple talking actors. To reach professional quality, you need a layer of technology that knows that and can orchestrate them, plus voice-overs and music. We recognized that early and built a proprietary layer of tech, using our own AI to do it. Others will likely recognize this need too. On omnichannel, our biggest advantage is that we have the highest level of performance for TV. We have never been in a head-to-head where we lost.

We built models and a programmatic ad stack to drive outcomes. Being the highest performer in a channel is a big competitive advantage. As to going omnichannel, we are not doing that right now. I think about it and will follow the customer. If the customer wants to hand a single bag of money to one company to spend across channels, that is intriguing, but I am not sure customers are fully on board yet. We will see how it develops, and it is an interesting area we will continue to talk about.

Operator: There are no further questions at this time. I will now turn the call back to Mark for closing remarks.

Mark Douglas: I thank everyone for their time. We are happy with this quarter, and we are excited about the rest of the year. Stay tuned, and we will keep doing this. Thanks, everyone.

Operator: This concludes today’s call. Thank you for attending. You may now disconnect.