UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 9, 2020

INUVO, INC.

(Exact name of registrant as specified in its charter)



Nevada	001-32442	87-0450450
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)



500 President Clinton Ave., Ste. 300, Little Rock, AR	72201
(Address of principal executive offices)	(Zip Code)



Registrant's telephone number, including area code

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 9, 2020, Inuvo, Inc. issued a press release regarding financial performance for Q3 2020 and held a management conference call to discuss the results and the outlook of the Company. A copy of the earnings release is being furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K under this caption and accompanying exhibits are being furnished under Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The Company made reference to non-GAAP financial information in the press release and a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release.

ITEM 7.01 REGULATION FD DISCLOSURE.

On November 9, 2020, the Company held a management conference call to discuss the Company's financial results for Q3 2020, the outlook of the Company and certain other matters.

A copy of the script for the conference call is attached as Exhibit 99.2 and is incorporated by reference into this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and accompanying exhibit is being furnished and shall not be deemed to be “filed” for the purposes of Section18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Exhibit No. Description

99.1 Press Release for Q3 2020 financial results.

99.2 Conference Call Script.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	INUVO, INC.
Date: November 9, 2020	By:	/s/ John B. Pisaris
	John B. Pisaris, General Counsel

EXHIBIT INDEX

99.1 Press Release for Q3 2020 financial results.

99.2 Conference Call Script.

Inuvo Announces Financial Results for the Third Quarter Ending September 30, 2020

LITTLE ROCK, AR – November 9, 2020 – Inuvo, INC. (NYSE AMERICAN: INUV) (“Inuvo” or the “Company”), a leading provider of marketing technology, powered by IntentKey™ artificial intelligence that serves brands and agencies, today announced its financial results for the third quarter and first nine months ending September 30, 2020.

For the three months ended September 30, 2020, Inuvo delivered $9.2 million in revenue, $6.2 million of which came from the ValidClick Platform and $3 million from the IntentKey Platform. Sequentially, Inuvo grew 21.4%, driven by growth within both the IntentKey and ValidClick of 53.4% and 10.5% respectively.

Richard Howe, CEO of Inuvo, commented, “While COVID-19 continues to impact our business, current trends suggest our recovery is underway. The IntentKey has grown year-over-year despite COVID-19, now up 16% through the first nine-months. ValidClick revenues in October are expected to be up 120% off their May lows. We are actively recruiting beta clients for a SaaS version of the IntentKey platform.” Mr. Howe added, “While COVID-19 continues to make forecasting difficult and unpredictable, based on the revenue run rate coming out of October, we would expect sequential growth in the fourth quarter between 25% and 40%, which in turn should improve Adjusted EBITDA heading into 2021.”

Financial Results for the Three and Nine Months Ended September 30, 2020:

Net revenue for the three and nine months ended September 30, 2020 totaled $9.2 million and $31.7 million respectively down 33.2% and 26.7% year-over-year respectively.

Lower revenue overall during both periods year over year was attributable to COVID-19.

IntentKey revenue year-over-year for the third quarter and nine-month periods increased 16% and 16.5% respectively. Sequentially, IntentKey revenue grew 53.4%, second quarter to third quarter.

Gross profit for the three and nine months ended September 30, 2020 totaled $7.6 million and $25.6 million, respectively, yielding gross profit margins during each period of 82.1% and 80.6%, up from 64.1% and 60% in the comparable periods.

IntentKey gross margins were approximately 48.9% in the current quarter as compared to 28.6% in the prior year. Gross profit within the quarter was up 98.5% year-over-year.

Operating expenses decreased year-over-year 10.8% for the third quarter and 1.9% for the first nine months of 2020.

Net loss for the three and nine months ended September 30, 2020 totaled $2.4 million and $6.6 million, respectively. During the three-month period ended September 30, 2019, net income was $787,900, benefiting from certain one-time other income items.

Adjusted EBITDA for the 2020 third quarter was approximately a loss of $1.3 million as compared to a loss of $769 thousand for the same period in 2019.

At September 30, 2020 Inuvo had approximately $9.5 million in cash.

Conference Call Details:

Date: Monday, November 9, 2020

Time: 4:30 p.m. Eastern time

Toll-free Dial-in Number: 1-888-394-8218

International Dial-in Number: 1-323-701-0225

Conference ID: 1612093

Participant Link: http://public.viavid.com/player/index.php?id=142166

A telephone replay will be available through November 23, 2020. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 1612093 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin.

About the IntentKey^TM

Inuvo®’s IntentKey^TM is a patented, machine-learning technology designed to mirror the manner in which the human brain instantly associates ideas, emotions, places, people, and objects. It creates an accurate, high-definition picture of consumer intent and sentiment related to a particular topic or item. Inuvo harnesses the power of the IntentKey to discover and reach high volumes of incremental in-market and relevant audiences that are hidden from typical marketing approaches. The IntentKey enables pinpoint media execution reaching consumers throughout the purchasing funnel all the way to conversion.

About Inuvo

Inuvo®, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product & brand messaging strategies online based on powerful, anonymous and proprietary consumer intent data for agencies, advertisers and partners. To learn more, visit www.inuvo.com.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. These forward-looking statements include statements made with respect to expected performance of IntentKey and ValidClick and the the future impact of Covid-19. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed on May 12, 2020 and our other filings with the Securities and Exchange Commission. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo, Inc. and are difficult to predict. The information which appears on our websites and our social media platforms is not part of this press release.

Inuvo Company Contact:

Wally Ruiz

Chief Financial Officer

Tel (501) 205-8397

[email protected]

Investor Contact:

KCSA Strategic Communications

Valter Pinto, Managing Director

Tel (212) 896-1254

[email protected]



INUVO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS



	Three Months Ended					Nine Months Ended
	September 30			September 30		September 30			September 30
	2020			2019		2020			2019
Net revenue		$9,214,350			$13,789,754		$31,737,520			$43,302,230
Cost of revenue	1,645,392			4,955,508		6,154,921			17,310,496
Gross profit	7,568,958			8,834,246		25,582,599			25,991,734
Operating expenses
Marketing costs	5,668,707			6,940,772		19,148,925			20,013,117
Compensation	2,462,693			2,186,252		6,925,239			5,730,297
Selling, general and administrative	1,870,258			2,081,547		5,710,221			6,672,115
Total operating expenses	10,001,658			11,208,571		31,784,385			32,415,529
Operating loss	(2,432,700)			(2,374,325)		(6,201,786)			(6,423,795)
Interest expense, net	(26,143)			(143,642)		(251,335)			(511,558)
Other income (expense), net	53,763			3,305,867		(136,483)			3,305,867
Net (loss) income	(2,405,080)			787,900		(6,589,604)			(3,629,486)

Earnings per share, basic and diluted
Net (loss) income		($0.030	)		$0.02		($0.090	)		($0.100	)
Weighted average shares outstanding
Basic	92,110,881			46,218,413		70,652,630			37,079,457
Diluted	92,110,881			51,019,631		70,652,630			37,049,457



INUVO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30		December 31,
	September 30		December 31,
	2020		2019
Assets

Cash		$9,528,214		$372,989
Accounts receivable, net	4,038,737		7,529,785
Prepaid expenses and other current assets	463,507		243,888
Total current assets	14,030,458		8,146,662

Property and equipment, net	1,172,773		1,374,152

Goodwill	9,853,342		9,853,342
Intangible assets, net	9,052,465		10,451,593
Other assets	1,180,751		865,178
Total other assets	20,086,558		21,170,114
Total assets		$35,289,789		$30,690,928

Liabilities and Stockholders’ Equity

Accounts payable		$3,228,285		$7,520,567
Accrued expenses and other current liabilities	3,754,379		4,057,340
Financed receivables	-		3,381,364
Convertible promissory notes (net)	-		536,806
Derivative liability	-		182,250
Total current liabilities	6,982,664		15,678,327

Deferred tax liability	107,000		107,000
Other long-term liabilities	2,373,629		452,051
Total long-term liabilities	2,480,629		559,051

Total stockholders' equity	25,826,496		14,453,550
Total liabilities and stockholders' equity		$35,289,789		$30,690,928



RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA
(unaudited)

	Three Months Ended					Nine Months Ended
	September 30			September 30		September 30			September 30
	2020			2019		2020			2019
Loss from continuing operations before taxes		($2,405,080	)		$787,900		($6,589,604	)		($3,629,486	)
Interest expense, net	26,143			143,642		251,335			511,558
Depreciation	335,769			412,660		1,053,802			1,286,086
Amortization	541,630			381,924		1,690,628			1,012,878
EBITDA	(1,501,538)			1,726,126		(3,593,839)			(818,964)
Stock-based compensation	258,430			447,937		660,615			594,630
Non-recurring expense:
Costs incurred during the Terminated Merger	-			104,014		-			991,158
Merger Termination Fee	-			(2,800,000)		-			(2,800,000)
Retargeter fair value over contractual value	-			(958,288)		-			(958,288)
Adjustment to derivative liability accounts	-			460,800		168,364			460,800
Settlement of class action suit related to Terminated Merger	-			250,000		-			250,000

Adjusted EBITDA	(1,243,108)			(769,411)		(2,764,860)			(2,280,664)

Reconciliation of Loss from Continuing Operations before Taxes to EBITDA and Adjusted EBITDA

We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should

not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

Operator Comments:

Good afternoon, and welcome to the INUVO’s 2020 Third Quarter Conference Call. Today’s conference is being recorded. Mr. Valter Pinto of KCSA Strategic Communications. Please go ahead, sir.

Valter Pinto (Investor Relations) Comments:

Thank you operator and good afternoon.

I’d like to thank everyone for joining us today for the INUVO third quarter 2020 shareholder update call. Today, INUVO’s Chief Executive Officer Richard Howe and Chief Financial Officer Wally Ruiz will be your presenters on the call.

I would like to start by letting listeners know that as a consequence of the COVID-19 pandemic, our office in San Jose, California has remained closed. In our Little Rock facility, we are rotating teams in and out of the office, on a voluntary basis, in a manner that limits the potential risk of infection through interaction with colleagues.

We would also like to remind our shareholders that we anticipate filing our 10Q with the Securities and Exchange Commission tomorrow, Tuesday November 10, 2020.

Before we begin, I’m going to review the Company’s Safe Harbor statement. The statements in this conference call that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to risks and uncertainties and actual results may differ materially. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to INUVO, Inc., are, as such, a forward-looking statement.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

Investors are cautioned that all forward-looking statements involve risks and uncertainties which may cause actual results to differ from those anticipated by INUVO at this time. In addition, other risks are more fully described in INUVO's public filings with the US Securities and Exchange Commission, which can be reviewed at www.sec.gov.

With that, I’ll now turn the call over to CEO Richard Howe.

Richard Howe (CEO) Comments:

Thank you, Valter, and thanks everyone for joining us today.

For the three months ended September 30, 2020, we delivered roughly $9.2 million in Revenue, with approximately $6.2 million coming from the ValidClick Platform and $3.0 million from the IntentKey Platform.

Sequentially, INUVO grew 21.4%, ValidClick grew 10.4% and the IntentKey grew 53.4%.

These sequential growth rates are a strong signal that we are coming out of the COVID-19 related downturn that hit us hard in the second quarter.

Year over year, while we are still down 33% this quarter, the decline has been significantly curtailed from the 46% we experienced in Q2 and we anticipate this will be further reduced in the fourth quarter. For the nine-month year over year period, we are down roughly 27%.

As we have mentioned on previous calls, Covid-19 impacted both the IntentKey and ValidClick. The pandemic resulted in significant reductions in advertising budgets across the industry.

However, we have been able to continue to grow the IntentKey through these difficult times and that platform is now up 16% year over year both within the third quarter and through the first 9-months of 2020.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

For the IntentKey, the consequence of COVID-19 has been more about a slowdown in 2020 expected growth that was forecasted to come from new accounts. The existing IntentKey clients have continued to grow in spite of COVID-19.

On an Adjusted EBITDA basis, while we lost $1.3 million in the quarter, both the revenue and margin trends heading into the fourth quarter are pointing towards improvement here.

As a result of progress in the third quarter, we have recently started hiring again with active searches underway for campaign managers, account managers and sales professionals. We currently have 66 fulltime employees up from 57 in the prior year period.

The ValidClick platform had its lowest revenue month of the year in May. Since then, we have experienced steady sequential monthly improvements, with October revenue expected to be up roughly 115% when compared to this May low point within 2020.

Our largest clients within ValidClick are Yahoo and Google. The ValidClick team has used this downturn to rethink the overall strategy within this marketing services component of our business, concentrating on diversification with a focus on cash generation, which in a pre Covid world has historically been strong and consistent.

In the third quarter, revenue from Yahoo contributed roughly 33% of ValidClick, Google roughly 43%. The remaining 23% of ValidClick revenues came from a collection of other clients.

These same two clients accounted for roughly 22% and 29% of total Inuvo revenues within the third quarter. This diversification represents a big change in our historical revenue dependencies as a company.

We were also recently successful in renewing our Yahoo agreement for another 2-years within the quarter. We believe all other client relationships associated with ValidClick currently remain secure.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

The objective within ValidClick has always been to deliver high quality consumers to our major clients. Media buying and the technology to facilitate optimized Media buying have always been a component of this business model.

Scalability within the business has at times been delayed due to limitation of credit lines with Media partners. We have recently been successful at expanding these credit lines, a direct consequence of our stronger balance sheet.

ValidClick Net Margin, after including these media buying costs, has continued to improve following a low in April.

The IntentKey platform has continued to deliver exceptional results for clients where on average in the third quarter, that performance exceeded client goals by over 30%.

Gross margins for the platform were roughly 50% in the quarter and we had over 30% more active campaigns running within the quarter sequentially.

In the third quarter, we have been successfully expanding existing clients and onboarding new clients within education, Automotive, Tourism, Insurance, health, retail and non-profits.

We recently put out a press release related to political campaigns and while this was a small budget, we learned much from this campaign that should prepare us to capture a larger share of advertising dollars the next time we go through a political cycle.

As mentioned on our second quarter conference call, we ran an important and significant connected TV campaign early in the third quarter. The results were strong, and we were able to prove that the IntentKey AI and Data worked equally as well within this Media placement as it does for us within Display and Video advertising.

This in turn not only allows us to offer this capability to existing and prospective clients but do so in a manner that unifies the data and insights we can bring to those clients across these three different choices for Media placements.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

In the coming quarters, we anticipate the launch of a Software as a Service version of the IntentKey. We are actively recruiting beta clients now for that product.

This product is designed to expand the IntentKey’s market reach by packaging the core technological components of the platform in a manner that allows clients to use their own resources, marketing and campaign platforms. This is particularly important for our Agency clients who prefer more direct control over these services.

Concurrently, and because this strategy allows for greater distribution of the technology and data, we expect to be disrupting what is currently a $19 billion-dollar annual third-party marketing data market with a product designed and compliant with expected future data and privacy constraints.

When fully deployed, this capability will be available to clients across the various demand side or campaign platforms they may be using with an initial launch integration through the AppNexus DSP.

We recently signed an amendment to our current agreement with AppNexus for this purpose.

The IntentKey is already a technological marvel, adept at generating custom AI models capable of continuously evaluating in excess of 20 million different audience features while simultaneously now capable of evaluating up to 2 million requests for advertisements from publishers per second.

This version of the IntentKey platform will put the power of our artificial intelligence, the data created by that AI, its sophisticated modeling capabilities and these audience insights directly in the hands of our clients.

I would now like to turn the call over to Wally for a more detailed assessment of our financial performance within the quarter.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

Ruiz (CFO) Comments:

Thank you, Rich, good afternoon everyone. I will recap the financial results of our third quarter of 2020.

As Rich mentioned, Inuvo reported revenue of $9.2 million for the quarter ended September 30, 2020; this compares to $13.8 million reported in the third quarter of last year.

The decrease in this year’s revenue is due to lower ValidClick revenue partially offset by higher IntentKey revenue. ValidClick revenue in the third quarter this year was $6.2 million compared to $11.2 million in the same quarter last year.

This lower ValidClick revenue was primarily due to reduced advertising budgets associated with the COVID pandemic. In spite of reporting lower year over year revenue, ValidClick’s recovery began in June following May’s low, and as of October, was up 115% off that low. IntentKey revenue was 16% higher in the third quarter this year compared with last year.

Inuvo Gross Margins increased in the third quarter to 82% compared to 64% in the same quarter last year due to the IntentKey where gross margins increased to 49% in the third quarter compared to 29% in the prior year.

The IntentKey represented 32% of overall third quarter revenue this year compared to 19% last year, resulting in its higher margin having a greater weight on the overall Inuvo gross margin this year.

ValidClick revenue is generated predominately from ads served to web sites and therefore has a small associated cost of revenue.

Operating expenses were $1.2 million lower in the third quarter of 2020 compared to the prior year.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

The largest component of operating expense is marketing costs. Marketing costs are primarily traffic acquisition costs associated with ValidClick. It is the largest expense associated with this service.

Marketing costs were $5.7 million in the third quarter this year compared to $6.9 million in the same quarter last year. The lower expense this year compared to last year is primarily due to lower ValidClick revenue this year compared to last year.

Compensation expense was $2.5 million in the third quarter this year compared to $2.2 million in the prior year primarily due to higher employee salary cost. Our full-time employment was 66 at September 30, 2020 compared to 57 at September 30, 2019. We expect compensation expense to remain relatively flat for the remainder of the year.

Selling, general and administrative expense decreased $211 thousand in the third quarter this year compared to the prior year due primarily to lower IT costs where we completed our computing facilities consolidation program earlier this year.

Interest expense was $26 thousand in the third quarter of 2020 compared to $144 thousand in the same quarter last year. The interest expense in this year’s quarter is primarily related to the outstanding debt on our line of credit which was paid in full in by the end of July.

We had other income of $54 thousand in the third quarter of this year associated with the recognition of deferred revenue from a contract to license ValidClick technology. Other income in the third quarter last year was $3.3 million associated with the breakup fee received for a merger that did not consummate.

We reported net loss of $2.4 million or 3¢ per basic share compared to a $788 thousand net income or 2¢ per share in the same quarter last year.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

The adjusted EBITDA for the quarter ended September 30, 2020 was a loss of $1.2 million compared to a loss of $769 thousand last year. This quarters adjusted EBITDA loss reflects in part the lower margins that occur within ValidClick as the platform begins to recover and scale. Those margins continue to be up in October, and should they hold, we would expect adjusted EBITDA to improve in the fourth quarter.

Our balance sheet at September 30, 2020, had cash and cash equivalents of $9.5 million and outstanding financing debts of $2.3 million which includes a PPP loan of $1.1 million, an SBA EIDL Loan of $150 thousand and financing leases for IT equipment. In September we applied for forgiveness of the PPP Loan as made available under the CARES act. We expect to receive a decision from the SBA by year end or early January.

In the quarter we completed our capital raising activities with an underwritten follow-on public offering of 21.5 million shares of common stock, raising gross proceeds of $10,750,000.

Now, I’d like to turn the call back too Rich for closing remarks.

Richard Howe (CEO) Closing Comments:

Thanks, Wally, we’ve seen a steady upwards trend in our business since its Covid impacted low point in May of this year.

Strategically, INUVO has been using this time to develop the technologies necessary to facilitate our transition into a technology enabled services and ultimately SaaS based business model.

While Covid continues to make forecasting difficult and unpredictable, based on the revenue run rate coming out of October, we would expect sequential growth in the fourth quarter between 25% and 40% which in turn should improve Adjusted EBITDA heading into 2021.

I will now turn the call over to the operator for questions.



Inuvo, Inc. Third Quarter 2020 November 9, 2020

Richard Howe Final Comments:

I would like to thank everyone who joined us on today’s call. We appreciate your continued interest in our company.