Verb(US:VERB)2020-11-17 01:38Financial Data and Key Metrics Changes - Total SaaS revenue for Q3 2020 was $1.5 million, an increase of 16% from Q2 2020 and a 55% increase from Q3 2019 [74] - Total digital revenue for Q3 2020 was $1.8 million, up almost 10% from Q2 2020 and up almost 28% from Q3 2019 [74] - Total combined revenue for Q3 2020 was $2.86 million, an increase of almost 8% over Q2 2020 [65] Business Line Data and Key Metrics Changes - The company executed 16 new client contracts in Q3 2020, which is a 46% increase compared to Q1 2020 [66] - The base value of new contracts was $834,000, representing $474,000 of annual recurring revenue [66] - The number of user downloads increased to 1.65 million, up from 1.49 million as of August 15, 2020 [67] Market Data and Key Metrics Changes - The company reported a backlog of over 460,000 users from clients signed up for verbLIVE during pre-launch [28] - The expected annual recurring revenue from capturing 10% of the backlog is projected to be over $5 million [94] Company Strategy and Development Direction - The company is focusing on hyper growth initiatives, including the launch of verbLIVE and verbTEAMS, which are expected to drive significant revenue growth [34][46] - The integration with Salesforce and Microsoft Outlook is a key strategic move to enhance product offerings and user engagement [57][58] - The company aims to transition to a self-service model for verbCRM to facilitate faster scaling and revenue recognition [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth prospects despite the ongoing challenges posed by COVID-19 and economic uncertainty [10][11] - The company is confident in its ability to deliver on its growth initiatives and has a clear vision for the future [26][70] - Management emphasized the importance of socially conscious initiatives and their relevance to investors [71] Other Important Information - The acquisition of SoloFire contributed minimally to Q3 revenue due to GAAP accounting rules affecting deferred revenue recognition [49][52] - The company has been actively recruiting talent to support its growth initiatives and product development [22] Q&A Session Summary Question: Is the launch of verbLIVE official and what is the revenue model? - Management confirmed that the official launch of verbLIVE is imminent and it will operate on a SaaS model with a monthly recurring fee [91][93] Question: How many clients have signed up for verbLIVE? - Management reported that there are over 460,000 users from clients signed up for verbLIVE [94] Question: What is the traditional churn rate for SoloFire? - Management indicated that SoloFire experiences very small churn, losing only one or two logos annually [102] Question: Can you provide trailing 12 months revenue for SoloFire? - Management stated that SoloFire's cash flow was just north of $1 million and all revenue is SaaS-based [101]