Snipp Interactive – Conference Call Script May 1 2024

$SNIPF

my highlights

Atul Sabharwal - Chief Executive Officer 

Good morning, everyone. Thank you for joining us for the Snipp Interactive fourth quarter and full fiscal year 2023 earnings conference call. I am Atul Sabharwal, Founder and Chief Executive Officer of Snipp Interactive. Joining me today is Jaisun Garcha, our Chief Financial Officer. 

Please visit our investor relations site at Snipp.com for a copy of our earnings press release and detailed financials, which have also been filed on SEDAR. We present all financial figures in U.S. dollars unless otherwise indicated. 

Before we proceed, I’d like to remind everyone that today’s discussion may contain forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.  

2023 Year-End Summary and Key Developments: 

2023 was a transformative year for Snipp. We’ve implemented strong controls following an extensive audit at the end of 2022 which notably concluded with immaterial changes. Our stock is actively trading again, and we are back on track with our fiscal 2023 audit completed on time.   More importantly though, Snipp achieved over 24% growth in our top line, thanks to continued investments in our people, markets and in our products. We experimented with new business models, creating industry firsts with our Loyalty gaming platform as well as invested in a new line of business - SnippMEDIA. As we approached the end of 2023 we also were able to exit out of some of the low margin proof of concept partnerships, that we inherited with the acquisition that gave us a lot of learnings about the Gambit platform and its user base.

While this rate of growth is the highest ever achieved in the Company’s history and is the product of the hard work and execution of our entire team. 2023 was a year of investment and now that we have made those larger investments, we are well poised to return in 2024 to profitable growth. The, early signs are evident in our performance in the back half of 2023 which was EBITDA positive. It is worth pointing out to investors that Snipp was consistently EBITDA positive through financial years 2021 and 2022 and the back half of 2023, so we know our model has leverage and we can generate positive cash flow. Now that we are a quarter into the new year and as we have previously stated our gross margins profile has returned to its historical norm of being higher than 50% and we will be  excited to share our first quarter information in the next four weeks.

Expansion and Innovation: 

Our strategic focus in 2023 was on investment, innovation and expanding our management teams to set us up for the next growth cycle. We made key hires such as our first Chief Revenue Officer and our first Chief Marketing Officer. We built a sales team in Europe and are now adding a deeper delivery capability in the region as our book of business continues to grow. These additions have strengthened our leadership team and are pivotal in driving our strategic decisions going forward. While the margin impact will be visible immediately with our Q1 earnings that we will announce at the end of May, the real revenue impact of our initiatives will start to become evident over the course of the second half of this year. As previously indicated investors should expect a decline in revenues for the first quarter but focus on our margin story to appreciate our strategy.

I will now briefly touch on each of our business segments starting with the core Snipp division.  

The core Snipp business has been focused on deepening and extending our client relationships, which has led to significant milestones recently. Notably, we recently announced record bookings of over $9M during the first quarter of 2024. This achievement is a result of the groundwork put in place during the prior 12 months. We feel that we are in the right place, at the right time, and with the right people. Companies are choosing Snipp over our competitors due to the strength of our platform and our strong value proposition. Our pipeline is robust, and we are optimistic that the current trends being observed will continue during the quarters that lie ahead. This is evidenced by our recent announcements concerning renewal business with some of the largest household names in global consumer goods. 

On Gambit, while our pilot programs have been very successful, we decided to end our primary legacy contract due to unattractive economic terms. This will allow us to reposition the platform moving forward to focus on higher margin opportunities. This decision is one of the main contributors to Snipp's margin improvement year-over-year but will put some pressure on our top-line in the short term. This business is still in its very early stages – creating a new mechanism of engagement in the loyalty industry takes years and our team is working hard to build awareness amongst a variety of use cases.   

On SnippMEDIA, we launched SnippMedia with Bank of America in March. Early indications show performance metrics significantly above industry standards. The conversion rates and engagement levels amongst customers confirm the strength of our platform. This flywheel allows us to offer SnippMedia placement to our CPG customers who want to get in front of BofA’s 40 million loyalty users. 

Earlier this month, Walmart-backed Ibotta raised around $577M in its IPO at a $2.7 billion valuation. For those who are not familiar with the Company, Ibotta is a free app that gives users cash back rewards when they shop. Ibotta partners with over 2,000 brands and retailers to offer cash back on groceries, clothing, electronics, wine, and more. Users can earn cash back at the grocery store or when shopping online. We think the success of Ibotta’s IPO is evidence of the growing value of direct consumer engagement and interaction platforms. Ibotta has 3 million active monthly users and 50 million users overall. By way of comparison, Snipp’s partnership with Bank of America alone exposes Snipp’s platform to 40 million users. 

I will now hand over the call to Jaisun Garcha, our CFO, who will provide a detailed overview of our financials for the quarter and the full year. 

Jaisun Garcha – Chief Financial Officer

Financial Results

Thank you, Atul

Revenue for 2023 was $30.55 million compared to 2022 when we reported $24.66 million, an increase of 24% year over year.

Revenue for Q4 2023 was $7.96 million compared to Q4 2022 when we reported $7.04 million, an increase of 13% year over year.

The Company recognized negative EBITDA of approximately $1.9 million during the 2023 fiscal year vs. positive EBITDA of approximately $22,000 in the 2022 fiscal year.

The Company recognized positive EBITDA of approximately $32,000 during Q4 2023 vs. negative EBITDA of approximately $694,000 in Q4 2022.

Our EBITDA significantly improved during the second half of 2023 where we recognized approximately $65,000 of positive EBITDA compared to negative EBITDA of approximately ($413,000) in the second half of 2022.

Bookings Backlog stood at $13.6 million on December 31, 2023, an increase of 14% from December 31, 2022 of $11.9 million. Bookings Backlog represents a number of different signed contracts and with multiple types of revenue representing the Snipp product portfolio. Every contract signed each quarter will add to this growing backlog. Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today. This revenue gives the Company better revenue visibility each quarter.

Cash at the end of 2023 stood at $2.9 million, with accounts receivable at $2.1 million and the company continues to be debt free.

I would now like to hand the call back over to Atul for some closing remarks. 

Atul Sabharwal - Chief Executive Officer  

Looking Ahead: 

Looking into 2024, we are optimistic about leveraging our investments from 2023. We anticipate these efforts will begin to materialize prominently in our financials, starting with the upcoming quarters. We are excited by the breath of opportunity in front of us. We look forward to sharing information in multiple areas from an upcoming partnership with one of the world’s largest retailer, to launching new clients in new industries to our onboarding in SnippMEDIA of an additional large bank towards the end of Q2 as well as a non-bank publisher. This will further increase our potential audience size for that new business line making it an even more powerful solution.

As we continue to innovate and expand strategically, our commitment to driving sustainable profitability has never been stronger.  

You should leave this earnings call with three key takeaways.  

1.    Snipp revenue mix is shifting back to its historical higher margin profile. While our top line will be somewhat pressured from the ending of the Gambit proof of concept pilot, our gross margins will exceed 50%. This level of gross profit contribution will enable the Company to generate positive EBITDA and add to our solid balance sheet over the course of 2024

2.    Snipp’s backlog and pipeline of new business is the strongest that it has been in several years. This is based on the industry mix, quality of customers, and types of revenue we are signing up. We are winning meaningful deals with some of the biggest names not only in consumer brands but also in diversified markets like construction.

3.    The industry in which we operate is finally gaining traction and momentum from an awareness and valuation perspective. The continued acceleration of technology into the global loyalty and promotions marketplace have helped transform rebate and couponing companies into highly sophisticated scalable platforms with loyalty engines that detect and discern meaningful data in real time. The attractiveness of this multi-billion-dollar industry grows more apparent each year, and we expect consolidation amongst players, both large and small, to pick up steam.   

 [Q&A Session]  

Before we start the Q&A, I want to express our gratitude to our shareholders, customers, and dedicated employees. Your trust and hard work have been integral to our success. 

Jaisun Garcha | May 01, 2024, 7:15:05 AM

Just to let you know if you are logged in via the URL link, there should be somewhere on your screen where you can see a reaction section. There is an item in this section that says raise hand. The other option if you are also logged in through the meeting weblink, you can type your question into the chat and those are the two mechanisms that are available to you.

I have one question from a number starting with 546.

546****** | May 01, 2024, 7:16:10 AM

Here to all this is Josh from breakout investors. Just wanted to see if you can give a little bit more color commentary on where you see things heading from a Snipp Media perspective in terms of the opportunity size and maybe trying to reference that in terms of what that mix of revenue will look like compared to the core business and the in the coming months and years.

Atul Sabharwal | May 01, 2024, 7:16:23 AM

Right, so a few different questions. Thanks for that. Let me start at the top. The opportunity for Snipp Media actually is more think of it this way, the world of couponing and in the US is all it's one of the few industries that is analog based. So one could think of it as hey. Can you actually digitize the world of couponing just to give people a sense of how that works? I think it's a 30 billion dollar market where people print out pieces of paper and walk into retailers and give it to them who then put it in a bag ship it to El Paso Texas it gets weighed and then there's a third party that actually settles in between the brand and the manufacturer and the processor. So a lot of inefficiency, ah fundamental solution is hey, you get a apple wallet or Google Wallet barcode that you just scan it check out and settles in real time. That's it. Now Snipp Media’s underpinning is that technology platform that we've built right?

the world of advertising today if you think of so now the second the second piece of this to Think Through is like  Banks like Bank of America PNC Bank Chase Wells Fargo have massive audiences. Why because we all have banking bank accounts, right? But these audiences have never been tapped into by the Coke and Pepsi and Kellogg's and Procter & Gamble's of the world. Why because a bank only knows that you walked into a store and bought something at the store. They fundamentally don't know what he bought inside that store. Right? So,  I would have Kelloggs or a PNG try and Target the audience of the bank. If they can't tell them that someone bought their product very simple hypothesis, right we can snip and that's the technology platform. Right? It's solves for two different things one is it solves for bringing the couponing industry in America into the digital age, which is a market in itself. Forget Bank of America any of the banks, but that same solution also solves for a manufacturer all of our Fortune 500 type clients that we've been working with for a decade to be able to Target an audience. They've never targeted before with an offer that they would love to talk with them with so the size of that market is undefined the revenue opportunity there is undefined because we are the first in the market to do it and bring that audience to this group of advertisers who are the highest spending. It's a trillion dollar industry to at Tech market, right?

So that's what we are sitting at the intersection of and hoping to explore it. I will give you a better sense of Revenue and you know for this business in the coming in the coming months only because we just started we have one distribution partner, which is Bank of America, which is still a massive audience brands are trying it for those of you who are Bank of America clients.  Please open up the Bank of America deals page in the app and have a look.  And that will evolve over the over the course of this year as we get better targeting capabilities more Brands try it and like it but guess what this business is hedged in itself because we also launching we already in Market. Actually we can we can you know, I can send you guys a link of an example of a Cheez-It coupon which is all digital now and the and it's the same infrastructure. So sorry long answer, but I hope they gave you some color on the opportunity here.

546****** | May 01, 2024, 7:20:06 AM

That helps Atul and then maybe just to expand on some of the other comments you made about you guys kind of being the first to Market with this type of product when we look at the other competitors in the space. Ibotta, Cardalytics, etc. Is it still your firm belief that those guys are not approaching the same level of kind of skew level based opportunities that you guys are going after right now. And is that kind of what differentiates you from them at this point?

Atul Sabharwal | May 01, 2024, 7:20:31 AM

Okay, so let's let's talk about Ibotta and Cardalytics separately. Ibotta has an app. They own the user of the app the success of failure of their business comes from people using downloading the app and using the app that's 3 million active people

On an audience of you know, 30 million probably registered profiles, right that is not of competition to us. Why because I'm not trying to Target their users. So for a manufacturer like staying with the Kellogg example, if you went to three million two and to the Ibotta app to talk to those three million people those three million people are in the I bought a app looking for coupons. They are couponers by definition couponing is margin Destruction for people who are anywhere gonna buy a product. So our audience is a banking audience. They're not in the banking app, you know looking for coupons then banking in the banking app to operate their daily lives. The bank wants to be a value to them. So it's a very different audience. It's very different quality of audience that we attract right in through our distribution partners.

And that is the audience that cartilage is going after but what cartilage does is they only provide offers in those apps which they have been for years. So we know it's an established market and people do use offers inside banking apps. Why because cartilage is who cartilage exists and Carlitos provides offers from retailers. No one has provided skill level offers. The simple example is Carlitos and the bank can say you walked into Walmart and  300 bucks at Walmart. They can't tell you what you bought inside Walmart snip can so very different businesses and I wouldn't even call them competitors actually.

546****** | May 01, 2024, 7:22:27 AM

Thank you, appreciate it.

Jaisun Garcha | May 01, 2024, 7:22:29 AM

Atul we have a question from Sam

Sam | May 01, 2024, 7:22:37 AM

I can hear me.

Atul Sabharwal | May 01, 2024, 7:22:38 AM

 Hey Sam. Yeah, we can.

Sam | May 01, 2024, 7:22:40 AM

 Okay. Brilliant. Yeah, I saw my Colgan also from sorry for breakout investors again. I had a quick question as well about snip media and you mentioned in the press release that you were pleased with some of the promising early results. So it's just wondering honestly, I know you can't go into too much detail, but that's helping you could give us some color on. You know, what kind of metrics will you kind of hoping for in the sense of you know, a pleased with kind of the number of active users there are or is it more like the users are active? All right, you know engaging, you know more deals than you expected or something like that. I was just wondering if you give some more color on on you know, what type of results you are pleased with with in regards to that.

Atul Sabharwal | May 01, 2024, 7:23:35 AM

Okay, let me a great question. Thank you Sam for asking that  So let's start at the top first question to ask ourselves when we launch a new business. The reason why we call the media business Mars within the company, right because we're shooting from ours not the moon anymore will people choose to snip offers or select offers to keep it simple when they see them, right? Are you interested in seeing a bounty or a tide or you know Ely coffee offer for buck off inside your banking app? That's the first hurdle to cross. Hey, are you interested right in the same user experience that since we've brought up Carla's offers up within their banking Partners apps. The first metric was to see how many thousands of people will actually clip an offer at the SKU level versus the retail level. So that has been a sounding success so far based on the exposure of the offers in the app, which is that one tile inside Bank of America.

Among maybe 20 30 different retail officers there that when you click on a skew level offer tile, it opens up the bunch of you know, a bunch of offers, you know at the SKU level.  That was without any marketing from Bank of America Bank of America should start marketing skill level offers over the course of the next few next few weeks actually as well as it's a function of the number of offers you have in there. So on day one we launched with a few generic industry offers by any sort of by any cookie package. Why because we also collecting data. Oh and by the way, we own the rights to that day. So very very interesting negotiation that resulted in that but the idea was hey, let's launch with some generic offers and you can go into any store and buy any sort of go into a store and buy any, you know milk, right. So for the number of offers that we launched into just a handful it was six or seven offers to start with, you know, in the in the live roll out to the entire audience and it was placement of one little tile in the corner with no marketing. The number of people that actually clipped that offer was beyond that expectation. So that's the first

metric the second metric was how many people actually did the Holy Grail of walking into a store and actually redeeming it right and that level of redemption right which is what the industry calls attribution right? We actually at double the amount of traditional coupon from a Redemption rate perspective. So I'll have more formal metrics for you guys as we roll in more offers. So part of the color here is that it's a chicken and egg thing as we get more offers from Brands using. Oh, this is cool. We're gonna  You know throw some of our couponing budget at this and some of our Media budget added because we can hit two different budgets. Right? And as those offers start rolling in Bank of America will start marketing them because revenue for Bank of America to to their to their user base through the same way. They Market Bank of America deals and that'll result in. You know, we need to get to some steady state of offers and steady state of marketing in these distribution channels before the metrics really evolved. But what we see today is I think we are double a physical coupon industry Redemption rate, which is huge if you think of Alaska's or somebody sending in direct mail coupons to that you go redeem versus this media, right? We're doing really well.

Sam | May 01, 2024, 7:27:21 AM

Are useful color? Thanks. Thanks very much for the

Atul Sabharwal | May 01, 2024, 7:27:24 AM

 I'm just thinking we have something on that. Let me yeah, okay. So question number one from break our investors from Florida and gross margins going forward continue to climb to exceed historical highs, you know on the call business level, I would say yes, and that's so let's let's let's let's break it down by Mother Earth which is called business right the more we sell long-term recurring loyalty rebate, you know promotion hubs. So to speak type of deals the better margin is on those right? What's the short term, you know, you put up a program for two weeks three weeks and it goes down right but this the simple way to understand that which is

Jaisun Garcha | May 01, 2024, 7:27:25 AM

There's some questions in the chat as well Atul for you

from Breakout Investors wasn't able to jump on but did want to ask a few questions:

Gross Margins going forward? Could it continue to climb to exceed historical highs?

Any thoughts on moving towards a Nasdaq listing?

How does opex scale with revenue?

What does the market for strategic acquisitions look like?

François:

           What about the Bally's relationship. How is it going? Any exciting development to be announced soon?

Andre:

           Congrats on Q4 and YE2023. Can you please contrast SnippMedia with Chase Media Solutions specifically?

Sam:

           Google recently reported increased ad spending in Q1. Have you seen a similar kind of increase in spending in your core business?

Atul Sabharwal | May 01, 2024, 7:28:21 AM

Flipkart that impacts my margin but it's more business for us, right? So on a you know, I think one of the things that the accountants made us do last year was what was calculate our Revenue recognition in a way that was more SAS based as opposed to you know, when you deliver a project you recognize the revenue, so I think our gross margins going forward. I mean, there's always potential for it to see historical Highs but then if I have one program say back to school that goes crazy in a year, you know margin could get hit because certainly the redemptions really high but that's a good thing because then the clients are gonna be happy and they're keeping back to us. So, I don't know it's I guess I'm not giving you a straight answer you because on a product mix perspective on a product mixed perspective. Yes, but on a promotion's business perspective on programs that do actually catch fire know because we don't control

So that's the way I just summarized that okay and he thoughts and moving towards and as that listing. Yeah, you know, I think it was unfortunate what transpired for us in 2020 to with the order. We had these great plans to take it forward.  Into the NASDAQ so we now you know now that we've had a two-year run with this auditor and we want time this year and I think we will, you know, we've never been late in our life except for that one time and it didn't result in any material changes. I think now we will plan I don't have plans as of right now. There are many balls in the air that we are exploring. But the minute we do find a efficient and economically feasible mechanism to move to the NASDAQ. We will the intention is there for sure. Okay. Next question was how does Opex scale with Revenue?

So that's interesting. That's where the leverage comes in, you know our biggest operating cost. If you look on on a financial statements is really people the platform in itself is not is not a huge cost anymore. We've made those Investments we bought Gambit, you know, we took some of bali's investment and like put it into into the product. Right? So now it's an incremental, you know delivery capability as I mentioned in my in my formal notes right that we do have to add, you know delivery capability in different markets different regions as we grow more business, but we've got a model there that skills pretty nicely with a lot of a lot of a lot of Leverage so I'm not really worried about Opex cost scaling with Revenue scaling. What is the market for strategic Acquisitions look like, you know, I'm not even thinking about the right now only because we don't have a currency other than

Some of the conversations that we've been having that we had to put on hold when asked stock stopped trading. And again, it's a question of like currency right? I bought us trading at eight to ten times their revenue or something like that. Our stock is trading at probably less than one time. So Revenue, I don't have a currency right now, but the market is there for to taking you know, our Core Business is growing well, but our acquisition is not you know, if we do any Acquisitions right now just biked customers and get customers and new industries that we don't.  So service, you know customers in like take for example, the media industry have one big media client and that's a whole world of like promotion marketing loyalty marketing. So it's an exciting Market to add an inorganic strategy to a company is very feasible actually have a nice list of companies that we keep track of but I don't have the currency right now and we don't want to do stupid deals that dilute us for no reason.

Yeah, so that that's the questions.  Okay, I think the next question is from Francois. What about the bali's relationship? How is it going any exciting development to be announced soon? So bali's sits on a board on the relationship is great. I think Bally's company is undergoing a lot of change. I think they had a privatization offer recently that came out and we've had a few good deployments with them. We really don't, you know, we're Tech vendor to them. So when they decide to do something they will call us, right.  So far they've rolled out I think three four properties. They've been quite focused from my last catch-up meeting with them on their Chicago business and their new casinos out there. When they decide to do something, you know, they will call us and again from a client perspective Bali is one of our smaller clients if you think about it, right it's not it's a strategic investor. Absolutely. It's a market that we don't really operate a lot in there. They deal with us expires in they have a three-year deal with us that expires next year in April. They also have the option to with no no equity changing hands to actually for us to we've already built out a platform for them so we can build operate and transfer it within this next year if they pay us 10 million dollars, you know, it's really up to them to make that decision. We had done a similar deal with the large Bank in your Europe like maybe four years back where we build operator and then transfer over the assets so they could take it in house. So that's if they want to you know, it'll be a nice event for us because it's a non dilutive financing in some ways but

Is great the you know, they they're paying client right now, but we're not one of our largest clients. But yeah, they're one of many big, you know important Clans for us.  So Andrea, congratulations you for can you please contrast nuclear with Chase Media Solutions specifically? Ah, good question. So Solutions is a really nice press release that I read. I have no other information about it. We know they're not doing SKU level based offers at least what we found  Snip media, I think guys. I'm going to repeat this but fundamentally what you need to understand is a bank only knows that you went to a store to buy something. They have no idea what you bought inside the store Chase Media provides today. I'm a big time Chase Card user.

All of their offers in their app today are no different than the offers that Bank of America will start go any other banking or credit card company provides you they all from Ecom and retailers Chase Media their announcement is interesting because all of these Banks as it gives you an indication of what the industry of the banking industry is thinking have realized that they have these massive number of users. That is an audience that they can monetize. So everybody is going to start thinking about how do we monetize our audience you have offers in the app, which all retail offers and their media solution is it's not it's not it's not a threat to snip it's a potential client, but just media would compete with Bank of America's media which would compete with all of the other Banks media, you know to go out and get as many advertisers to come and

Advertise to the audience not something that we are, you know involved that's their media business going out to to you know, the world of advertisers now if they wanted to go to manufacturers they have to use someone like us and we are the only ones who have the solution as far as we know today in the market which allows them to attract into their Media Solutions clients who are manufacturers that sit on a shelf. Otherwise no catalog would go to Chase Media Chase can't tell them that someone bought that product they go to Walmart. They get office from Walmart from Ecom clients, etc. Etc. So snip media essentially just  simplify this we offer up the ability for the banks to go open up a market of advertisers that traditionally they could not talk to because they don't have the ability to resolve a transaction of the SKU level or know what you bought when you went to a store to simplify this all the news you went to a store which is not enough information for the largest advertisers of the world who need to know if you bought their product which is sitting inside the store. So if you go look at your credit card bill, you'll only know you'll only see I went to say when I bought so much of stuff no idea what you bought. We enable that second piece of what you bought which allows them to then attract advertisers are question.

If you think of snip what a snip do right snip takes your ad you might place, you know, if you think about traditional media television print and radio if you think of Google Facebook Instagram clients are spending all this money trying to get awareness snip does not operate in the world. Our traditional business does not operate in the world of

Our traditional business operates post awareness. Did you actually go buy something right? So that's what we enable. So Google's add Google's announcement of clients spending more money on Advertising is actually not linked to our business in any way because we work off advertising now, of course, if people are spending more on Advertising you could make a case that hey maybe they also want to track purchase but there are many reasons why people go spend money on Advertising when the ad markets declined our business also does not decline. So, you know, it's just depends on what the use cases for why people are creating awareness for their product many reasons for it.  So, you know when when the economy, you know a business is kind of hedged because even when the economy turns clients spend a lot more money with us in some ways because now they need to Market their product and tougher environment. They might reduce the ad spending but increased their shop a marketing spend, right? So yeah.

um any more questions  Okay, I think.  We don't see any hands up and no more questions on the chat look. Thanks everybody. We look forward to talking to you in about 31 days to be precise 32 days. And yeah, thanks for calling and have a great day.

You guys are very sweet man. You clappers. Take care guys. Bye.

Author’s Disclosure: I have a beneficial long position in the shares of SNIPF either through stock ownership, options, or other derivatives. I wrote this post myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. I am not a licensed securities dealer, broker or US investment adviser or investment bank.

Breakout Investors’ Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Breakout Investors as a whole. Breakout Investors is not a licensed securities dealer, broker or US investment adviser or investment bank.