Jack Abuhoff: Yeah. So, I think, there’s a lot that’s going on. When you look at the field as a whole, what you see and what we’re starting to see is the spread of activities around languages, around domains, around what we call text to X, the different modalities that large language models are going to be requiring to support. And again, I focus on that, because it’s within the growth area of our services that is most important. So we’re doing a lot of work on those areas. We’re also doing a lot of work in terms of trust and safety and aligning our capabilities to their emerging requirements in terms of helping ensure that the models perform as expected. That’s going to be an important area. In other areas of the business, we’re releasing new product capabilities.
We’ve got some things coming out in medical data extraction that we’re excited about. We’ve got an AI roadmap that is very compelling and being received now well kind of in beta by customers in the Agility segment. So, we’re excited about that as well.
Dana Buska: Do you have any plans to do images with Agility?
Jack Abuhoff: I’m sorry, doing images?
Dana Buska: Images. Yeah.
Jack Abuhoff: So I think that the primary use case of Agility, it’s a media intelligence platform and it’s an end-to-end workflow for PR professionals that require the ability to both target audiences with messages, to craft those messages, to find out who to target best to send those messages to and then to analyze, pick up and to monitor news and social media globally. So there’s not really a huge requirement for images within that product other than what we’ve already integrated. So, for example, we’ve already integrated AI that can be used to monitor news and imagery within the news. So if your logo, for example, is contained in a piece of news, we can inform our customers that that has been observed.
Dana Buska: Okay. Great. That does it for me. Thanks for answering my questions.
Jack Abuhoff: Thank you.
Operator: [Operator Instructions] Up next is Bill Thompson with Kerro Capital [ph]. Please proceed.
Unidentified Analyst: Hey. Good afternoon.
Jack Abuhoff: Hi, Bill. Good afternoon.
Unidentified Analyst: Congrats on the quarter. I was pleasantly surprised to see that the company made a profit based on the recent performance. That’s definitely a nice change. I had a question about the Agility business. So you stated multiple times that the Agility business is actually profitable as it stands now. Is that on a GAAP basis or is that by adjusted EBITDA?
Jack Abuhoff: So we — it is both GAAP and adjusted EBITDA, but we do use adjusted EBITDA as a core metric, because we think that it’s useful. When we’re looking at adjusted EBITDA, we’re carving out, as you may be aware, we’re carving out D&A, stock option expense, obviously income tax, and then one-time severance costs that are not recurring. But it was also profitable on a GAAP basis.
Unidentified Analyst: Okay. And you’re sure about that?
Jack Abuhoff: Yes.
Unidentified Analyst: I’m looking through the announcement and it’s unclear. It’s not usually broken out. I have another question.
Jack Abuhoff: We’d be happy to separately take you through that and answer any detailed questions you have.
Unidentified Analyst: Okay. That’d be excellent. I have another question. So you had a very experienced CFO two years ago and the person resigned, I believe it was two days before the report was signed and submitted to SEC. So it was pretty abrupt. And then the company put in place an Interim CFO and it’s been two years. The company claimed that they were, well, you at the time, you claimed that you were in the process of looking for a full-time CFO. However, it’s been two years and there’s still an Interim CFO. Can you give us an update on that process of looking for a full-time CFO?
Jack Abuhoff: Yeah. So in — I think it was March of 2021, we hired a SVP of Finance and Corporate Development. And his function and his mandate was to put in place a stronger strategic finance function than we had at the time. We saw that that was an important need that we had. And what that function does is, it looks at how we’re managing cash. It looks at the return that we’re getting on investments that we’re making. It looks at and takes ownership of our budgeting and all of those functions. So it’s kind of strategic day forward, looking forward, providing leadership around how we’re managing the business and the investments that we’re making. We already had very strong talent in terms of the controllership function.
What we found with hiring this person and the talent that we have in place is that we’ve got strong talent kind of end-to-end right now in the finance function. I think arguably the piece that we may be lacking and the piece that we need to think through more carefully as it becomes more important is the Investor Relations component, the public company component. Are we spending enough time doing outreach with investors?
Unidentified Analyst: I hate to interrupt, but I know you like to editorialize a lot, but are you saying that you currently don’t need a full-time CFO and that the interim is going to continue?
Jack Abuhoff: What I’m saying is that as we think about the need for a CFO, we’re doing a lot of thinking about the Investor Relations function and the role of someone who would be working with our analysts who may be thinking about covering our company and things like that. From a perspective of capabilities for what we need today, I think, we’re very, very well covered and we’ve got very strong talent in place.
Unidentified Analyst: Okay. And then one last thing. I’m looking at the numbers from the press release and it looks like Agility had a $1.3 million GAAP loss. Can you verify that, either the CFO or yourself, Jack?
Jack Abuhoff: So we — I don’t have the numbers in front of me right now, but we had a GAAP profit, and again, I’d be very happy offline to put you in touch with…
