Jack Vander Aarde: Okay, great. Appreciate the update guys. Encouraged to hear your pipeline, Rich, I believe, is the strongest it’s ever been. I’ll get into my questions with that kind of opening statement. So Rich, can you just talk about the pipeline in a little more detail? Or how granular you can get with it? Can you just help me maybe understand if you provide a breakout of how — what you point to indicate that as the strong as it’s been? How do you calculate that? And is it really on the IntentKey side or, I guess, direct and indirect and maybe consulting as well? Anything you could provide regarding the pipeline.
Richard Howe: Well, yes, sure, absolutely. I guess like most companies, maybe it’s a stretch to say even that. But we track our pipeline quite meticulously, which means that every opportunity that we think exists, gets entered into, we use Salesforce. And then that opportunity is — has a cycle to it that we attribute some probability in terms of where it is relative to its cycle to a likely close. And of course, the probability either goes up or down depending upon how much we’re advancing within the sales cycle. And so there are literally, I don’t know how many of the — Jack, there are in that pipeline, but I’m trying to think in my head because I do look at it on a regular basis, but there’s at least 40 things in there. And so — and many of them — and they canvass a lot of ranges.
I mean they can be as small as $20,000, and they can be as much as million, right, is probably the biggest one I can remember just thinking about it that’s on the pipeline. So the answer is we track it. We track it very carefully. We’ve always tracked it. So we know relative to other years where we stand relative to that. And right now, there’s a lot of really nice opportunities.
Jack Vander Aarde: Great. No, that’s helpful. I appreciate that. And maybe just in regards to kind of what you’re talking about with there’s an overall industry kind of buzz or market appetite for AI technologies in general. Obviously, ChatGPT come into the marketing causing quite a stir. I imagine is a benefit to you guys. You’re ramping up your headcount, added some more salespeople. How much of your pipeline is growing now from your own sales efforts and headcount expansion versus maybe word of mouth of just more educated market environment where people are coming to you now? Is that pipeline coming from a mix of both your own headcount and also word of mouth?
Richard Howe: Yes, that’s a good question. And I think it parlays into what I said as an answer to the last question, it’s more of the former and less of the latter. It’s all of our pipeline, for the most part is — well, maybe other than — I shouldn’t say all because it’s not that black and white Jack. But I’d say less than 10% of the pipeline is inbound from somewhere that there’s nobody really was talking to the person. So that means, of course, we’re in the field talking to people with our salespeople, and that’s where most of our leads come from. It’s this awareness piece that we’re trying to improve. And I think as I alluded in my script, we have a construct for this. And I guess, to some degree, it was designed and is designed around the huge success we’ve seen with ChatGPT.
So if we accomplish what we would like to with this initiative, coming soon. And by soon, I mean, maybe before the end of the first half of the year, you’ll be able to go online and going in an interface, much like you do with ChatGPT. And instead of asking general questions, you can ask questions about audience, tell me about my electric bike audience, tell me about a home mortgage audience, tell me about the checking account, mortgage, checking account product market, anything. Tell me about German Shepherd audience. There’s really no limitation to what the IntentKey can do because it doesn’t think in those contexts. And we think that could be a powerful way for us to build awareness much in the same way we’ve seen ChatGPT be successful with it.
Jack Vander Aarde: Okay. That’s helpful. And maybe a question for both Rich and Wally, just in terms of — I see your current liquidity. It seems like you guys are confident you have at least 12 months of runway. You have a lot of new products that you’re in development and planning to launch and you’ve also made some headcount ramp as well. Can you maybe just talk about, I think, the prior quarter or maybe two quarters ago, you had comments around how you were thinking about managing growth versus close to adjusted EBITDA positive. Can you just provide an update on the puts and takes there? I’m sure some of it is in your control, how fast you want to ramp up development or certain expenses to drive growth. But I don’t know, can you just help us understand where we are in terms of setting expectations for revenue and EBITDA in that trade-off?
Wally Ruiz: Yes, absolutely. Yes. We do have capital at the end of December. We are — the focus — and I think what you’re alluding to, the focus for us has been to be — grow as quickly as possible and yet maintain a breakeven adjusted EBITDA or as close to it as we possibly can. That pretty much still sums up the — our strategy. We’re going to grow at a rate — look, if we had more capital, we would try to grow even faster. But we’re going to try to grow at a rate that makes sense in terms of capital preservation. So we have no plans of going back to the capital markets right now. We do have a line of credit that we have that’s been unused. And so it gives us some leeway. So it’s going to be a balancing act to how fast can we grow and at the same time, have adequate cash to fuel that growth.
Right now, as you said, we do have sufficient capital to get us through 2023. So, it’s something that we watch. We’re being very careful with our expenses and our hiring. I think we’re pretty excited about our pipeline. Our sales force has been doing a very good job. As Rich mentioned, the pipeline has probably never been as strong as it is now. There’s just a lot of new names on it and increasing budgets on some of the existing names that we think will come to fruition over the next several quarters. And our business development efforts also have been producing nice results in terms of new customers and new revenues. So we’re very excited about ’23. We’re going to have to be careful with our capital. We’re going to have to grow as quickly as we can see that this pipeline gets turned into revenue.
Jack Vander Aarde: Excellent. And maybe just one more follow-up from me. Another analyst asked about the Google relationship and something I just want to touch on another key partner of yours is Xander as well as Yahoo. Can you maybe just provide just a quick update on how those relationships are going today and.
Richard Howe: Yes, there’s no issues associated with either of those. The relationships are strong in place, have been, obviously, for many years. I can tell you, Wally and I don’t lose any sleep over thinking about those relationships we’re executing — they’re making money off of us. That’s why they’re partners, right? So it’s not something I spend time too much time worrying about.
Jack Vander Aarde: Excellent. And maybe just one more, actually, Rich, just if you were to look two years ago, put yourself back in your shoes two years ago or so and you look at where Inuvo was. And now today, when you look at the technology you have in the current market environment. A lot of things have played out that no one could predict in the world. How does kind of your outlook for Inuvo, the products you have, the team you have in the market environment that we’re in. how does it kind of compare in terms of, I guess, how you see success going forward relative to where you were two years ago? Are you on track? Are you ahead of schedule? Is it a different game than you were expecting? I’d just be interested to hear your thoughts.
