Methinks
2 months ago
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WidePoint Corporation (WYY) Q1 2024 Earnings Call Transcript
May 15, 2024 7:49 PM ETWidePoint Corporation (WYY) Stock
146.79K Followers
WidePoint Corporation (NYSE:WYY) Q1 2024 Earnings Conference Call May 15, 2024 4:30 PM ET
Company Participants
Jin Kang - President and CEO
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Conference Call Participants
Barry Sine - Litchfield Hills Research
Operator
Good afternoon. Welcome to WidePoint's First Quarter 2024 Earnings Conference Call. My name is Kelly, and I'll be your operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.
Following their remarks, we will open up the call for questions from WidePoint's publishing analysts and major investors. If your questions were not taken today and you'd like additional information, please contact WidePoint's Investor Relations team at wyy@gateway-grp.com.
Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding the future events and future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the Company's Form 10-Q filed with the Securities and Exchange Commission.
Finally, I'd like to remind everyone that, this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.
Now I would like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please proceed.
Jin Kang
Thank you, operator, and good afternoon, everyone. Thank you for joining us today to review our financial results for the first quarter ended March 31, 2024.
Before I begin, I wanted to share that, this earnings call will be relatively brief, given that we provided an extensive overview just a month and a half ago. Nonetheless, our team has been very busy executing our corporate mission, and we're excited to share some of the recent development with you all.
With that said, let's dive in. We concluded the first quarter on a strong note, slightly ahead of our forecasts with encouraging sequential quarter-over-quarter and year-over-year improvements across revenue, adjusted EBITDA, and free cash flow. Our revenue, adjusted EBITDA, and free cash flow were $34.2 million, $573,000, and $566,000 respectively. Bob will provide additional details on these remarkable improved financials in his financial summary. Additionally, we achieved our 27th consecutive quarter of positive adjusted EBITDA. These achievements are largely attributed to the success of our sales and marketing initiatives, which we outlined in the previous earnings call and intend to aggressively continue pursuing throughout 2024.
In the first quarter, we saw over 18 contractual actions totaling approximately $22.7 million in contract value. A majority of these contracts consisted of federal government agencies, including the U.S. Department of Homeland Security, U.S. Customs and Border Protection, the National Science Foundation, and the Transportation Security Administration. This success underscores our commitment to delivering integrated solutions tailored to the unique needs of our customers. We have strategically positioned each of our solutions to complement and enhance one another while leveraging our as-a-service business model to ensure a seamless approach to secure mobility management.
As a result of our laser-focused approach of a more proactive sales and marketing strategy, we have more recently conducted advanced talks on several potential contract deals that could contribute to significant growth for the future quarters ahead. First, we recently were awarded the Spiral 4 contract by the U.S. Navy to provide wireless and telecommunications services. WidePoint was selected alongside six other companies, which includes the U.S. Big 3 wireless carriers to provide a full range of wireless and telecommunication services. This indefinite delivery indefinite quantity, or IDIQ contract has a one-year base period valued at a total contract value worth approximately $267 billion, and nine option periods with a total contract value worth approximately $2.7 billion if all options are exercised. This award is a testament to our commitment to providing superior, secure, managed mobility solution to large enterprises, both public and private. And to give you a flavor of how significant this deal can be, we are creating a program management office to ensure, there is ample bandwidth to capture more than our fair share of work under this contract. We are honored to be included in this group and look forward to providing our services to U.S. Navy personnel and civilian team members.
Second, we are in active negotiations with a California city to provide managed services. Though we are unable to disclose specific details at this time, we are very optimistic about the direction of these discussions and anticipate sharing further details when appropriate. Outside of these contracts, I just mentioned, our pipeline remains robust with additional deals and opportunities currently under negotiation. This pipeline of new deals serve as a testament to the effectiveness of our sales and marketing team that has positioned us favorably for a promising 2024. Investment in these initiatives are ongoing, and we are actively looking to add resources at senior staffing across the D.C. area to bolster our capabilities to attain higher margin contracts.
Furthermore, our $350 million contract backlog serves as a potent catalyst in our back pocket to propel our financial performance to even greater heights in the foreseeable future. With additional deals currently in the pipeline, we are well-positioned to potentially increase this contract backlog total. I also want to point out that, we are beating our competitors, especially in the managed mobility and interactive billing arena with several recently announced contracts where we displaced our competitors. We are actively targeting our competitors' clients, as we believe that our solution sets are superior in technology, performance, and cost.
An area I want to spend a brief moment addressing the impact the carrier services revenue have on our overall gross profit margin, which has generated a sizable misconception in our equity story. As many of you know, a notable portion of our revenue and cost of sales contain our pass-through carrier services revenue, which relate to carrier invoices we process and pay on behalf of our DHS customer as part of our overall service to this customer. These carrier payments do not include any margin and when looked at as part of the total revenue, lowers our gross profit percentage. This has resulted in some people believing that due to these margins, WidePoint isn't a technology company. I wanted to dispel you of that misconception and reiterate that though we certainly do have a blend of margins, our aim and focus looking ahead pertains to growing our higher-margin businesses. By investing into our promising sales and marketing team that has been executing our strategy of securing higher margin managed services revenue and SaaS contracts, where the bulk of our profitability comes from, we aim to secure higher margin contracts similar to our flagship DHS contracts, which is our only carrier pass-through customer.
Beyond securing new contracts, our post-COVID customer retention rate continues to improve, bolstering our top-line performance and reaffirming the trust our value customer place in our solutions. As an update to one of our newest contracts with the Federal Emergency Management Agency, we are delighted to announce that the implementation process has now been completed. As a reminder, this contract is valued at approximately $60 million over a three-year period of performance with a one-year base period and two, one-year option periods. Our solution remains as a top-tier trusted security provider, and we are confident in executing our services to unlock the full scale and potential of this contract. Our identity and access management pipeline continues to grow. We've been able to add new digital certificates to an existing contract that will have a material impact once it's fully deployed. Like the mobility side, we have been displacing our major competitors due to our reputation for providing excellent customer services continues to gain awareness. Additional customer implementation and integration is ongoing and remains on track, as we maintain our commitment to delivering our secure mobility solutions.
Moving to the progress on two investments made in previous quarters. We continue to await final approval from GSA for our FedRAMP certification. As mentioned last quarter, we are confident in attaining the full certification by the end of the first half of 2024. We recently received communication from GSA that they are actively reviewing our FedRAMP package. Also, our Continuity of Operations Plan or COOP site enhancements are also moving in the right direction with testing scheduled for the end of May. We look forward to announcing relevant updates once the time is right. We continue to make significant headway across all our initiatives and remain on track to meet our guidance numbers announced during the last quarter's call.
We are reiterating our guidance, and we expect revenues to range between $120 million and $133 million, adjusted EBITDA range between $2.1 million and $2.4 million. Additionally, we expect free cash flow to range between $2 million and $2.3 million. As we have shared during the past several calls, we have concluded materially all of our capital investments, as reflected by our growing EBITDA and free cash flow figures. However, we will continue to invest in our sales and marketing to ensure that we keep our momentum in growing our top-line. The future remains extremely bright for WidePoint, which is why several Board members and executive leaders of our company acquired shares of our common stock in the open market. Our executive team remains very confident in our corporate outlook and remains committed to driving and unlocking sustainable growth for our valuable shareholders.
I will now turn the call over to Bob to discuss our first-quarter financial results. Bob?
Robert George
Thank you, Jim, and thanks to everyone for joining us today. I'm pleased to share the details of our first quarter 2024 financial results. As Jim mentioned earlier, we delivered a strong quarter, being slightly ahead of our internal forecast, recording the second consecutive quarter being free cash flow positive, a trend we anticipate carrying across 2024 and beyond.
With that, I'll now give a breakdown of our first quarter 2024 results compared to the first quarter of 2023. Total revenues for the quarter were $34.2 million, up 35% from the same quarter last year. Our carrier services revenue for the quarter was $19.3 million, an increase of 44%. Our managed services revenue for the quarter were $8.7 million, an increase of 27%. The revenue was due to new federal contracts signed in the third and fourth quarters of 2023, which recorded a full quarter of revenue in 2024 but did not have any revenues in the first quarter of 2023.
Billable services fees through the quarter were $1.2 million and remained relatively constant period-to-period. Our reselling and other services revenue for the first quarter were $5 million, an increase of 38%, primarily due to an increased variety of products we offer for sale. I do want to highlight that reselling and other services are transactional in nature, and the amount and timing of revenue could vary significantly from period to period.
Gross profit in the first quarter was $4.6 million or 14% of revenues, compared to $3.8 million or 15% of revenues in 2023. The slight decrease in gross profit margin percentage is related to increased amortization expenses, as our delivery platforms are placed into service and increased reselling revenues, which carry lower margins. The more significant metric of gross profit percentage, excluding carrier services was 31%, compared to 33% in the same period last year. The lower gross margin percentage excluding carrier services was due in part to increased amortization on our delivery platforms and due to increased reselling revenues, which have lower margin. Accordingly, our gross profit percentage will vary from period to period, based on our revenue mix.
Sales and marketing expense for the first quarter of 2024 were $600,000 or 2% of revenues, compared to $500,000 or 2% of revenues in 2023. The increased period-over-period is the result of our increased investment in our sales and marketing capabilities. General and administrative expenses in the first quarter were $4.4 million or 15% of revenues compared to $3.7 million or 13% of revenues in the same period of 2023. The increase primarily relates to increased share-based and other compensation expenses compared to the same period last year.
Our net loss for the quarter decreased by $298,000 to $653,000 or a loss of $0.07 per share compared to a net loss of $950,000 or a loss of $0.11 per share in the same period last year. The decrease in net loss is due to the relatively higher gross profit dollars in the first quarter that was only partially offset by increases in sales and marketing and general and administrative expenses, I previously mentioned.
Our non-GAAP measures of adjusted EBITDA and free cash flow are as follows. Adjusted EBITDA for the quarter was $573,000, compared to $20,000 in the same period last year. Our free cash flow, which we define as adjusted EBITDA minus capitalized items was a positive $566,000 in the first quarter compared to negative $340,000 in the same period last year. The reason for the EBITDA improvements are related to increased gross margin dollars relative to operating expenses compared to the same period last year. With respect to free cash flow, the positive period-over-period change was related to the increase in EBITDA, I just mentioned and cessation of our material capital investment activities in the first quarter of 2024.
Moving to the balance sheet. We ended the quarter with $5.3 million in cash compared to $6.9 million on December 31st, 2023. The primary driver of the change in cash from year-end was due to typical delays that occur in invoicing activities related to new contract as the invoice process gets worked out with our customer. We believe our forecast for positive free cash flow and refinements to our invoicing of our new customers will provide sufficient liquidity for our operations. For additional information related to our liquidity and capital resources, please refer to that Section of our Form 10-Q for March 31st, 2024.
We are in a strong position to execute our growth strategy, and we look forward to meeting our guidance that Jin previously reiterated. This concludes my financial summary. For a more detailed analysis of our financial results, please refer to our Form 10-Q, which was filed prior to this call.
With that, I'll turn it back over to Jin.
Jin Kang
Thank you, Bob. As evidenced by our remarkable improvements in our financial performance, our healthy contract backlog, new contract awards and a growing sales pipeline, our future is very bright. I look forward to providing additional contract award announcements and other positive news about our company going forward. That concludes our prepared remarks, and now we'll take questions from our analysts and major shareholders.
Operator, will you please open the call for questions?
Question-And-Answer Session
Operator
[Operator Instructions]. Your first question is coming from Barry Sine with Litchfield Hills Research. Please proceed with your question. Your line is live.
Barry Sine
I think I was muted. Can you hear me now?
Jin Kang
Yes, we can hear you. Hi, Barry.
Barry Sine
Good afternoon, gentlemen. First of all, on Spiral 4, congratulations on winning that contract.
Jin Kang
Thank you.
Barry Sine
A number of questions about that. Obviously, government contracts are not as straightforward for investors to understand and you can't really take them at face value. So, here's what we know, $2.7 billion over 10 years. Does that equate to $270 million a year? And then you're one of seven participants. Does that mean you get one-seventh of that or how does that work? And then finally on that contract, would that include any carrier services, zero margin pass through or is that all managed services?
Jin Kang
Very good question, Barry. So the answer to your first question is at $270 million per year. The first base year is funded at $270 million, but I think that that could change depending on how many task orders that can come out.
Your second question is about, there are seven winners on the contract. Does that mean you will end up being you will get one-seventh of the revenue? No, it depends on how successful we are on the various task orders that will be coming out. So, the way the contract works in these IDIQ situations is that, they will be issuing little tiny, sort of small task order RFPs, as the contract period of performance continues, and each vendor – each of the seven vendors will be able to bid on these little task order RFQs that come out and whoever has the best solution for that particular task order will be awarded the task order. I think I answered your question. Does that answer your questions?
Barry Sine
To what extent does it include zero gross margin pass-through carrier services in that contract or is it all managed services?
Jin Kang
Right. For us, we will be bidding on all of the managed services task order and sometimes the customers may wrap in the carrier services and merge the managed services with the carrier services. But this contract is a little bit different than the DHS contract, where the carrier services must be all passed through. This contract will allow for some fee on top of the carrier services. It will depend on how the task orders are structured. We don't know as of yet. There's been a lot of speculation around this contract and we will provide some additional color as some of these task orders come out and we will know a little bit more, but it will be very difficult for us to gauge that, at this point but we believe that this contract will be more profitable because the managed services is merged in with the carrier services.
Barry Sine
Okay. And last question on this contract. You mentioned that there were seven winners of which you're one and that included the three big wireless services companies. I don't know if this has been publicly announced by the Navy or not, but who are the other managed services companies that you'd be likely competing with on each of these task orders?
Jin Kang
Yes. There's AT&T, T-Mobile, Verizon, a company called MetTel, who we partner with from time to time. There was Hughes Telecommunication, then there was one, a small mobile device management provider and I don't quite recall the other one, but it is published along, it's in the Navy release. So, you can just do a quick Google and you should be able to find who the other vendor was.
Barry Sine
Okay. The next question is, you announced a $350 million backlog at this point. Could you kind of define or give us a definition of how you include that? I assume that's not just one year, that's over multiple years. And then, you've talked about some things like FEMA is already out there with $60 million. I assume that's in there. What's when you say $350 million can you better understand what that means?
Jin Kang
Sure, sure. The $350 million does not include any of the Spiral 4 task order that is contemplated but our contract backlog includes contracts that are signed and some of them are multi-year contracts. And so, these are contracts that we -- the $350 million includes only the contracts that we've already executed with the customer, and that's what's included in our contract backlog.
Barry Sine
Is the FEMA that you mentioned $60 million over three years, is that fully included or not included or how does that work in?
Jin Kang
FEMA, the $60 million is included in our contract backlog. Yes. I just did a quick look-up on the Navy release. It's the three main wireless carriers, Hughes Network Systems, Real Mobile, and us, WidePoint. That's all of the seven carriers.
Barry Sine
And then, shifting gears again. Over the last year, you've made a number of significant investments in and technology and it's starting to show in terms of new contract wins. Could you tell us, where we are in that process of those investments starting to bear fruit in new revenue? You just had a very good quarter, but I assume there's a lot more, as a result of those investments in the pipeline.
Jin Kang
Yes. We have made some significant investment in capital and refurbishing and enhancing our delivery system, our IT system, and all of those are materially completed, as you've seen the improvement in our profitability. And so, in terms of our investment in sales and marketing, we have made some key hires and we're continuing to hire, especially we're looking for resources in the DC area. We have several folks that we are courting right now that have some significant network and Rolodex to use an old terminology. And so, we're looking to hire some additional folks, but we have higher sales and marketing and account management ranks. And those are the folks that are filling our sales pipeline, and that's going well.
Barry Sine
And on the same topic, but maybe for Bob, on the new hires, sales and marketing expense went up about $90,000 year-over-year. Is that a result of some of the new hires, Jin just talked about? Do they show up in that line or are they also in the G&A expense?
Robert George
They're in the sales and marketing line. There's a tick-up of $100 million roughly. It will be higher when you get a full year of salaries in there.
Barry Sine
Okay. And then the impact on capital spending. If I look at the delta between your EBITDA guidance and your free cash flow guidance, CapEx looks like, it's to be pretty minimal this year. So, it looks like the capital spending part of those investments is largely complete, correct?
Robert George
Yes, that's absolutely correct. It rounds to $100 million. I think it's maybe a little higher than that, like $120 million, but that's what we plan to spend on just regular IT items and refresh.
Barry Sine
And then my last question, again for Bob. You've given guidance on several key line items. How does that translate into the impact on GAAP, net income, EPS? I know you still have parentheses around your EPS numbers, and I know it's a lot less relevant than EBITDA or free cash flow. But how might that translate into the march towards positive bottom-line net income?
Robert George
It translates pretty linearly in terms of whatever the delta is in D&A and stock-based comp subtracted from EBITDA to get to net income. We are not booking tax expense for all intents and purposes. So, if you look at D&A and stock-based comps, that's really the difference to get into net income.
Barry Sine
And you are not comfortable giving EPS guidance at this point or you are not giving EPS guidance at this point, correct?
Robert George
Not at this point. I just don't have it right in front of me, so I don't want to just go off the cuff on it.
Barry Sine
Okay. Just want to make sure I have my numbers right. Those are my questions. Thank you very much, gentlemen.
Jin Kang
Thank you, Barry. Thank you for joining the call.
Operator
[Operator Instructions]. There have been a lot of speculation around your new contract with the U.S. Navy, namely Spiral 4 contract. Can you provide any additional color on this new contract and what it could mean to WidePoint?
Jin Kang
Thank you, operator. I think we covered this question, but I'll cover it again. It's been approximately a week since the award was made to seven winners. We are the new kid on the block. However, that gives credence to the quality of our solution and business model to be among the awardees, among some of these larger competitors. We are busy putting together a program management office for a full-court press so that we can put a full-court press to capture work under this contract vehicle. This is a $2.7 billion contract, so capturing even a small portion of the contract would have a large impact on our business.
Operator
Thank you. The next question, can you give us any additional status on your cyber security solutions, one that is quantum computing resistant?
Jason Holloway
Thank you, operator. This is Jason Holloway and I'll provide that answer. So, I'm excited to say that, WidePoint continues to make progress with our cybersecurity solutions. For example, WidePoint recently began issuing derived digital certificates on the smartphones for a major federal agency that will no longer require a mobile device management or as known as an MDM solution. So, the MDM solution was not secured because the credentials were issued over the air onto the MDM container on the smartphones. So, although we are in the early stages of adoption, this is still a testimonial that WidePoint is progressing and eliminating the good enough solutions. So, I encourage everybody to stay tuned for additional information.
Operator
Thank you. Your next question, on your last call, you mentioned in your remarks that you have won another contract with the federal government that may grow into one of your largest government contracts. Can you please provide additional details?
Jin Kang
Thank you, operator. We can't mention any end customer's name at this time, this particular one anyway. However, we can mention that this award was attained through one of our strategic partners and our strategic partner program is going well and we displace one of our main competitors. I won't give out the names, but it's within the telecom life cycle management. I don't want to give them any credit or credence, so I won't mention their name here. The implementation is ongoing and we are optimistic that this contract will grow beyond this initial awarded contract value and we'll rival our DHS contract in managed services revenue, hopefully in the near future.
Operator
Thank you. And the final question is, you mentioned in our comments that your sales pipeline is large and growing. Can quantify or provide some additional color on this front?
Jin Kang
Sure. At a high level, the sales pipeline is absolutely growing and it's at a level that we haven't seen in recent memory, if at all. I will not comment on specific opportunities. However, suffice it to say, there are material opportunities in the pipeline and we look forward to providing updates of awards through our press releases. I cannot be more definitive because as you can imagine, it is difficult to predict when or if we will receive contract awards for any particular opportunity. But again, stay tuned.
Operator
Thank you. At this time, this does conclude our question-and-answer session. If your question was not taken, please contact WidePoint’s IR team at wyy@gateway-grp.com.
yy@gateway-grp.com
I'd now like to turn the call back over to Mr. Jin Kang for any closing remarks.
Jin Kang
Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions that we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again and have a great evening.
Operator
Thank you for joining us today for WidePoint's first quarter 2024 conference call. You may disconnect.
Methinks
3 months ago
https://seekingalpha.com/article/4680599-widepoint-corporation-wyy-q4-2023-earnings-call-transcript
WidePoint Corporation (NYSE:WYY) Q4 2023 Results Conference Call March 26, 2024 4:30 PM ET
Company Participants
Jin Kang - President, CEO and Director
Jason Holloway - Chief Revenue Officer
Robert George - Executive VP and CFO
Conference Call Participants
Scott Buck - H.C. Wainwright
Operator
Good afternoon. Welcome to WidePoint's Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Matthew, and I'll be your operator for today's call. Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.
Following their remarks, we will open up the call for questions from WidePoint's publishing analysts and major investors. If your questions were not taken today and you'd like additional information, please contact WidePoint's Investor Relations team at wyy@gateway-grp.com.
Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding the future events and future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-K filed with the Securities and Exchange Commission.
Finally, I'd like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.
Now I would like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please proceed.
Jin Kang
Thank you, operator, and good afternoon, everyone. Thank you for joining us today to review our financial results for the fourth quarter and full year ended December 31, 2023. This past year was a pivotal one for WidePoint, marked by successful execution of our financial and operational plans and initiatives. We closed out 2023 on a strong note pertaining to both our financials and operations with approximately $106 million in revenue, positioning us at the higher end of our full year 2023 guidance.
Simultaneously, we achieved 26th consecutive quarter of positive adjusted EBITDA, and demonstrate a sequential quarter-over-quarter growth in 2023. Additionally, and more notably, we concluded the fourth quarter free cash flow positive, a trend that we anticipate maintaining throughout 2024 and beyond and something that is vital for the company, especially within this high interest rate environment.
This momentum we anticipate carrying into 2024 is backed by multiple initiatives and developments made throughout fiscal year 2023. First, a robust demand for our solution and services remain evident with the fourth quarter alone, witnessing more than 30 contractual actions amounting to more than $70 million in contract value. These wins include new awards, contract renewals, expansions and extensions in all of our solution lines. As you know from the news headlines, the federal government budget battle is and will be an ongoing issue.
However, we continue to successfully mitigate this risk by proactively engaging with our government counterparts to renew contracts early and ensuring that they are fully funded. Currently, all affected contracts are successfully awarded and carried over into the new year. With this, a significant catalyst for our anticipated growth in 2024 lies in our substantial contract backlog totaling $359 million as of December 31, 2023.
Furthermore, WidePoint continues to solidify its position as the most secure premier choice for trusted mobility management solutions, evidenced by our strong contract renewal and customer retention rates of over 90%. With these initiatives driving our momentum, we confidently forecast double-digit percentage growth in the teens for top line revenues and double-digit percentage growth in the high teens for managed services revenues, in addition to achieving positive free cash flow for the full year 2024.
Another factor driving our growth is the recent completion of the majority of our capital investments made in 2023. With this, we anticipate having minimal capital expenditures for 2024, strengthening our balance sheet, enabling us to concentrate fully on various operational growth initiatives.
More specifically, I'd like to emphasize two previous investments that are in their final phases nearing completion. Last earnings call, we mentioned our Intelligent Technology Management System, or ITMS, was in the FedRAMP in process status. We continue to see positive news on this front throughout the quarter. With ITMS now nearing its final FedRAMP authorized designation, we anticipate certification in the first half of 2024. However, the time lines may change based on general services administration's workload for FedRAMP processing. The good news is that we already have all the necessary authorization to operate or ATOs from our current customer agencies, which attests to our strong cybersecurity posture that places us ahead of our competition.
As a reminder, attaining full FedRAMP certification will uniquely position our ITMS platform and grant WidePoint a substantial competitive edge and competing for new business with the federal government and large enterprises. This certification indicates that our solutions align with federal cybersecurity standards for protecting our customers' data.
Moreover, it will showcase the robust security levels offered by WidePoint solutions to both existing and prospective customers, particularly in commercial sectors and industries where data and system security are paramount. We look forward to announcing the completion of our FedRAMP process and anticipate this to be a significant factor to continue differentiating our solutions and serve as a catalyst to fuel new wins in the near future.
Another investment near completion is in our delivery system, more specifically enhancements to our continuity of operations site or COOP, which we also anticipate completion by the first half of 2024. These COOP site enhancements will further differentiate us from our competitors and provide additional resiliency to our delivery systems. Our enhanced COOP site will have automatic failover capabilities and data replication such that if there is a system outage of our primary operation site, the secondary site will immediately come online to greatly reduce the system recovery time, ensuring that we meet and exceed all of our service level agreements with our customers.
In addition to these investments, we are excited by the potential for artificial intelligence to streamline our everyday business operations. And we are developing a strategy aimed at leveraging AI. The potential to improve our customer service experience by reducing response time, increasing the accuracy of those responses as well as increasing our overall capacity are all being explored.
Furthermore, there's potential to enhance our IT as a service by integrating AI to detect cybersecurity vulnerabilities and enhanced behavior-based security measures. There are other areas of our business that could benefit from the implementation of AI, such as software development, responding to proposals, invoice audits, and leveraging our knowledge base to serve our customers' requirements better.
We are in the process of shifting out the noise from the real AI capabilities. We will share more on this front as we evolve our strategy to meet our business needs. With our investments out of the way, I'd like to highlight just a few of our contract wins achieved recently that we believe will have the potential to grow into substantial revenue generators over the coming years.
At the federal level, we saw roughly $60 million in governmental contracts won in the fourth quarter alone. While we are bound by nondisclosure agreements and unable to disclose specific government clients, Jason will talk to one of our recent federal contract wins, which has the potential to grow into one of our largest federal contracts, second only to our contract with the U.S. Department of Homeland Security. On the commercial side, we have won contracts with a nationwide professional services firm and a major Florida attraction and Research Center, both of which have the potential to grow into a material IT as a service customer over the next 12 months.
On the sales and marketing side, our strategy to expand market presence has proved to be fruitful, especially in a year with challenging macroeconomic headwinds affecting the whole market. Jason will dive deeper into this topic shortly, but we are proud to say that these efforts contributed significantly to WidePoint's success this past fiscal year.
Lastly, the sales of WidePoint's business solutions have maintained their momentum, playing a significant role in the company's growth and reach. WidePoint has shown year-over-year growth, and we anticipate this positive trajectory to persist in 2024 as we continue to grow our sales pipeline. The potential for cross-selling and upselling within WidePoint's comprehensive suite of trusted mobility management solutions creates further avenues for business expansion and advancement. These business solutions remain pivotal in our sustained long-term growth and in fortifying our competitive advantage.
I will now hand the mic over to Jason, who will dive into the progress made on the sales and marketing front. Jason?
Jason Holloway
Thanks, Jin, and good afternoon, everyone. As Jin stated earlier, our concentrated efforts on capturing additional deals within the sales and marketing front has contributed significantly to WidePoint's performance this past year. This past quarter alone, WidePoint was awarded over $70 million in contract wins, approximately $65 million of which were considered new business wins. This showcases our commitment to continuously drive new business into WidePoint and the trust our current and new customers have for our solutions.
Recently, we closed the deal with a commercial entity to provide a full range of managed telecom solutions on behalf of its U.S. government end customer. This deal is approximately $20 million with a 3-year base period and two 1-year option periods. As Jin mentioned, although we cannot disclose this client's name, we are proud to state this contract can become one of our most significant. Additional information can be found in our SEC Form 8-K filed January 2024. We remain committed to advancing these sales and marketing initiatives into 2024. The strong results this past year have prompted us to develop a new internal plan to allocate additional resources and budget towards enhancing our staff and capabilities to secure additional high-margin contracts like the one mentioned just now.
Specifically, we look to add an additional senior-level commercial sales resource and established federal business development resource with a proven track record within the D.C. area and a vendor partner manager for the expansion of strategic partners. With ample funding and guidance from new senior staff members, we are confident in carrying this momentum into fiscal year 2024 to garner more contracts.
On the K-12 side, we continue to accelerate our market penetration. We recently engaged with an expert within the K-12 sector to facilitate our partnership program aimed at integrating WidePoint's IAM solutions into existing offerings for numerous sector entities. I also want to note that our identity and access management pipeline is equivalent to our managed mobility pipeline in terms of the number of opportunities. As Jin mentioned earlier, we have a robust contract backlog of $359 million in value. A large part of this backlog and success seen this year can be attributed to our flagship contract with DHS, the cellular wireless management services 2.0 contract.
Based on our current contract run rate, we are nearing the contract ceiling of $500 million. As such, we are working closely with DHS to review options for continuing to perform under this contract. With the additional resources and staff, we will increase our investments in the sales and marketing efforts as we look to win additional impactful contracts like this for WidePoint's financial growth.
Lastly, I wanted to recognize the IT authorities team. As you know, we acquired IT authorities in 2021. Even though the integration took a little longer than expected due to challenges faced during the COVID pandemic and external macro headwinds, the team has been closing deals at a pretty rapid pace. They have been working extremely hard, and we are excited about their tremendous momentum in 2024.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason, and thanks to everyone for joining us today. I'd also like to express my gratitude to the entire WidePoint team on how they executed in 2023, a year where WidePoint saw significant improvements in both top line revenue and free cash flow. Now I'm pleased to share the details of our fourth quarter and full year 2023 financial results.
Revenues for the quarter were $28.3 million, up 21% from the same quarter last year. Revenues for the year were $106 million, an increase of 13% from last year. Now I'll provide a further breakdown of our fourth quarter and full year revenues. I'm pleased to say that period-over-period, we saw increases across all our revenue categories. Our carrier services revenue for the quarter was $15.7 million, an increase of 14% from the same quarter last year.
Our carrier services revenue for the full year was $58.3 million, an increase of 9% from last year. The increase is due to growth in contracting activity with our federal customers where we pay carrier invoices on their behalf, the telecommunication devices that we manage. While pass-through, Pan Carrier invoices is a federal customer requirement in an area where we differentiate our services and provide editable savings to our customers.
Our managed and billable services revenues for the quarter were $4.4 million, a 23% increase from the same quarter last year. Our managed and billable services revenue for the year were $31 million, a 10% increase from last year. The increase in fourth quarter and full year were related to increased professional services being utilized by our TLM customers and new projects in our identity and access management customers.
Our reselling and other services revenues for the fourth quarter were $8.1 million, an increase of 37% from the same quarter last year. Our reselling and other services revenues for the year were $16.8 million, a 33% increase from last year. The increase in both the quarter and full year was a result of selling third-party software for recording and storing text messages to our federal customers, which is now required under an expansion of the Federal Records Act and also selling an identity management solution to a new federal customer.
I do want to highlight that reselling and other services are transactional in nature and the amount and timing of revenue grew very significantly from quarter-to-quarter. Gross profit for the fourth quarter was $4 million or 14% of revenues compared to $3.6 million or 15% of revenues in 2022. Gross profit for the year was $15.6 million or 15% of revenues compared to $14.6 million and 15% of revenues last year.
In the fourth quarter, the more significant metric of gross profit percentage, excluding carrier services, was 32% compared to 37% in the same period last year. For the full year, gross profit percentage, excluding carrier services, was 33% compared to 36% in the same period last year. The lower gross margin percentage, excluding carrier services in both the fourth quarter and the year relate to increased depreciation and amortization related to our delivery platforms that have substantially reached completion and are beginning to be amortized and the previous noted increases in reselling and other services, which have a lower gross margin profile.
Accordingly, our gross margin percentage will vary from period to period based on our revenue mix. In the fourth quarter, general and administrative expenses were $4.2 million or 15% of revenue compared to $3.6 million or 15% of revenue in the same period of '22. Much of the dollar increase relates to an increase in noncash share-based compensation expense compared to the same period last year. General and administrative expenses for the year were $15.9 million or 15% of revenue compared to 14.7% and 15% of revenue in 2022. We expect to see general and administrative costs as a percentage of revenue to continue to trend lower in the future.
Our net loss for the fourth quarter was $1.3 million or a loss of $0.15 per share compared to a net loss of $8.9 million and a loss of $1.02 per share in the same period last year. The difference in the net loss between the fourth quarter of 2023 and 2022 is predominantly related to a noncash valuation allowance placed on our net operating loss carryforwards of $8.5 million taken in the fourth quarter of 2022. Our net loss for the full year was $4 million compared to a net loss of $23.6 million in 2022. The principal difference in the net loss from 2023 compared to 2022 was the noncash goodwill charge of $16.3 million taken in the second quarter of 2022 and the noncash valuation allowance placed on our net operating loss carry forwards in the fourth quarter of 2022.
Moving to our balance sheet. I am excited to share the successful results of our cash management efforts over the past year. Although during the year, we invested approximately $1.1 million to substantially complete our delivery platform we still finished 2023 with $6.9 million in cash and no bad debt. Further, we reduced our days sales outstanding, or DSO, from 83 days in 2022 to 76 days in 2023. Our free cash flow, which we define as adjusted EBITDA minus capital investments was just over $200,000 in the fourth quarter, and we expect to continue to be free cash flow positive throughout 2024.
Additionally, we have entered into a new revolving credit facility with Old Dominion National Bank, which is further described in our Form 10-K filed prior to this call. The facility provides us with an additional $4 million of potential borrowing capacity. We believe our cash on hand, credit facility and expected free cash flow generated in 2024 will be sufficient to fund our anticipated growth and allow us to pursue the strategic initiatives outlined by Jin and Jason earlier.
This completes my financial summary. For a more detailed analysis of our financial results, please refer to our Form 10-K, which was filed prior to this call.
So with that, I will turn the call back over to Jin.
Jin Kang
Thank you, Bob and Jason. Our efforts and results this past year show significant year-over-year improvement seen, and we anticipate carrying this momentum into 2024 and beyond. As Bob mentioned, we are well equipped with ample cash to pursue the different initiatives Jason and I mentioned earlier. Additionally, I want to reiterate that AI will be a big disruptor for the foreseeable future, and we are taking careful aim to shift through all the noise and hype to implement elements of AI that will have the greatest impact on our business. We look to forming strategic relationships with leaders in the field of AI and especially those with existing tools to deepen our solutions and operational capabilities. We also continue to look out for strategic M&A opportunities that provide synergistic opportunities and value to WidePoint.
Given that we are well funded, we have the resources necessary to pursue any opportunities that arise. Though as of now, I do not have any significant development to report in this front.
On a separate note, I'd like to touch on our ESG initiatives. Specifically, WidePoint has developed a robust device recycling program that includes conserving precious resources and minimizing electronic waste, while committing to reducing carbon emission through energy-efficient practices.
WidePoint is also participating in efforts to preserve green space by converting unused property around one of our office locations into a revolting area. Through these ESG initiatives, WidePoint is dedicated to environmental stewardship and sustainable business practice for a greener future. Looking ahead into fiscal year 2024, we expect revenue to range between $120 million and $133 million and adjusted EBITDA range between $2.1 million and $2.4 million.
Additionally, we expect free cash flow to range between $2 million and $2.3 million. We are proud of the significant steps taken this year to enhance our financial health through a series of strategic initiatives and investments made this past year. As evidenced by our positive cash flow in Q4 2023 and improving margins projected for 2024, especially with our managed services. WidePoint is at a turning point and with a solid foundation and clear vision in place and the management team to execute our growth plan, we remain steadfast in our commitment to driving sustainable growth and creating long-term value for our shareholders, employees and communities we serve.
With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions.
Question-and-Answer Session
Operator
[Operator Instructions] Your first question is coming from Scott Buck from H.C. Wainwright. Your line is live.
Scott Buck
Jin, I'm curious with the 2024 guide and the contracts that you guys have in place, can you give us a little idea of maybe what what's already in the bag, I guess, for '24 versus what you might have to go out and still earn to reach your guided revenue level?
Jin Kang
In terms of our guidance on the top line, I would say, 60%, 65% of that is in the bag. And we also have things that we have a fairly high confidence in. And so in terms of what we call percentage win RP win, and so 65%, 70% in the bag, and we have the other portions of it at a very high win percentage. So we feel pretty confident to be able to hit within the guidance provided.
Scott Buck
And how should we think about the cadence of revenue through the year?
Jin Kang
The cadence of revenue should be like it was in 2023, we should see sequential improvements as we had throughout the year. There may be some lumpiness in like the end of the first quarter, beginning of second quarter because there are some onetime value-added resale stuff that comes in. And depending on the timing of that, it could be lumpy, but we still see sequential improvements in revenue and profitability quarter-over-quarter.
Scott Buck
And then turning to OpEx. Besides the -- some of the investments you're making on the sales side, can you support the growth you're expecting with the existing cost infrastructure? Or are there other places where you need to spend a little bit more to help support that?
Robert George
Scott, this is Bob George. In terms of infrastructure, we don't see a whole lot of more spending. I mean we do have inflation adjustments in our forecast, but no significant spend on anything in the OpEx side, a little bit more on the sales and marketing side, which I think we talked about in terms of strategic hires, but nothing significant.
Scott Buck
And then last one for me. Jin, you talked about M&A a little bit in your prepared remarks. I'm just curious if we could dive in there a little bit more, and you could talk about what kind of criteria you would be looking at to potentially get a deal done?
Jin Kang
Yes. In terms of our M&A and potential acquisition is that, that's kind of on back burner, I mean we're not -- we're spending most of our priority and our time in growing organically. But we are, every now and then out there kicking the tires, looking at opportunities. And what we're looking for in terms of capabilities are companies that either do the same thing that we do and essentially buying their customers and moving them onto our delivery infrastructure and eliminating the redundancies and making those deals immediately accretive or looking for companies that potentially can deepen our capabilities like those companies that have specific capabilities in artificial intelligence that could help us deepen our capabilities. And so those are the types of capabilities that we're looking for, and we are also looking for companies that are stable and profitable. And we don't want to look for companies that are sort of pre-revenues, if you will, because that may endanger our financial performance.
So we're looking for safe bets, singles and doubles. We're not swinging for the fences when we're looking for these opportunities.
Great. Thank you. Operator, any additional questions?
Question-and-Answer Session
Operator
[Operator Instructions] While the queue is being populated, I'll proceed with previously submitted questions. Question on the U.S. federal government budget. Now that President Biden has signed for the fiscal year 2024 budget into law. What does that mean for WidePoint?
Jin Kang
Thank you for that question. As you know, the ink is barely dry on the budget bill. And so there are very few details on the federal budget and especially the department homeland security budget. However, what we do know is that our contract is considered essential services and contract funding was approved by all of our -- approved for all of our current task orders. And as such, we expect our contract to be fully funded, and it will be business as usual for us. We will inform you of any material changes to the status of our contract with the Department of Homeland Security and our federal government agencies by issuing press releases as necessary. The status of our contracts with all of our customers are essentially very similar to that of our DHS contract. And again, we'll keep you all informed we have press release as if anything material happens.
Operator
A follow-up question on the U.S. federal government budget. There has been a lot of discussions specific to the Department of Homeland Security budget and potential budget cuts to. Can you provide some additional color as to how the new budget impacts WidePoint and specifically to your contract with DHS?
Jin Kang
Right. And as I said, the ink is barely dry. But we have heard in the news that the budget of the DHS 1 was 1 of the sticking points. We have very few details about the HSS budget. However, we can tell you that all of our current task orders with DHS are fully funded. There is also some good news on our DHS contract front that we can share. As you know, the contract has a ceiling of $500 million. And I'm happy to report that based on our current contract run rate and funding commitments on our task orders with DHS we are nearing the contract ceiling. So we are in communication with our counterparts at DHS to chart a course forward for the remainder of the contract period until the end of 2025. The likely course of action will be to raise the contract ceiling or recompete the contract earlier or maybe even extend the contract for a few more years. These are all potential options that will help WidePoint as we learn more, we will provide additional detail. But suffice it to say that it is good news that we are running up against the contract ceiling.
Operator
You mentioned in your remarks that you have won another contract with the federal government that may grow into 1 of your largest government contracts, except for your DHS contract. Can you please provide additional details on this contract?
Jin Kang
Sure. We did talk a little bit about that, and Jason talked about it as well, but we can tell you that we did win a material new contract with a Quasi federal government entity as we -- and we also mentioned that we team with one of our strategic partners to win this contract. I'm happy to report that the implementation is going well, and we are already in talks with the end customer who is interested in the optional services that we offered in our proposal. As we upsell these optional services, we should see a material increase in the contract value. We will provide additional details as they become available. But suffice it to say that we are very excited about this opportunity as well as our new strategic partnership, and we will name the end customer and the strategic partner as we are allowed to, and we should be doing that through a press release coming up shortly.
We also have identified several opportunities that we are already pursuing with this strategic partner. And I will mention that we displaced one of our main competitors to win this Quasi government organizations business. And so we feel pretty good about our future prospects there.
Operator
You mentioned in your comments that your capital investments are largely completed and that WidePoint will be free cash flow positive. If so, what is your plan for capital allocation?
Jin Kang
Yes, I can confirm that our CapEx was materially completed at the end of Q4 2023. Also in Q4, we experienced free cash flow of approximately $300,000 and see this trend continuing for the foreseeable future. We should see our cash balance grow throughout 2024. The management team is weighing various options, along with input from our -- input and guidance from our Board to including increased investment in sales and marketing, strategic hires stock repurchase program, among others. As we validate our forecast and analyze our options, we will be forthcoming with additional information on that front.
Operator
You mentioned in your comments that your sales pipeline is large and growing. Can you quantify or provide some additional color on this front?
Jason Holloway
Yes, sure. I can take that. So we've seen a substantial increase in our pipeline due to recent wins and material contracts. So those closures, they've created new opportunities in the IAM and MMS arena within the same markets. Specifically, our IAM pipeline has filled up tremendously due to recent -- due to the recent transportation sector win we announced in Q4. On the MMX front, with our recent wins and displacing our direct competitors, as Jin mentioned earlier, that has paved the way through our systems integrator partnerships to get a number of new opportunities.
And lastly, as I stated in my prepared remarks, IT authorities has been on a role of closing new deals, and this is largely due to a successful channel partner program created to help supplement boots on the street while keeping overhead costs at a minimum.
Operator
At this time, this concludes our question-and-answer session. If your question was not taken, please contact WidePoint's IR team at wyy@gateway-grp.com. I'd now like to turn the call back over to Mr. Jin Kang for his closing remarks.
Jin Kang
Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again, and have a great evening.
Operator
Thank you for joining us today for WidePoint's fourth quarter and full year 2023 conference call. You may now disconnect.
Read more current WYY
Methinks
5 months ago
WidePoint Shares Strong 2023 Preliminary Results and Announces Strategic Priorities for 2024
https://feeds.issuerdirect.com/news-release.htm
FAIRFAX, VA / ACCESSWIRE / February 13, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), today announced positive operational and financial results for 2023 and shared its priorities for a robust 2024.
Preliminary Fourth Quarter and Full Year 2023 Results
Based on preliminary, unaudited financial results, WidePoint anticipates meeting its revenue guidance of $103 million to $108 million for the full year 2023. Highlights and preliminary financial results for the fourth quarter and full year 2023 include:
Full year 2023 Revenues of approximately $106 million
26th consecutive quarter of positive Adjusted EBITDA
Sequential quarter-over-quarter growth in Adjusted EBITDA for 2023
Cashflow positive in Q4 2023 (Cashflow is defined as Adjusted EBITDA less capital expenditures)
Ended 2023 with approximately $6.9 million in cash and cash equivalents, with no bank debt
2023 Operational and Product Development Highlights
In 2023, WidePoint strategically enhanced its product development initiatives to strengthen and broaden operational capabilities. Milestones and achievements include:
The Intelligent Telecommunications Management System (ITMS) has reached the In-Process status under FedRAMP
Opened two new locations for issuing Identity & Access Management credentials
Offered credential issuance for ECA and NFI PIV-I Credentials and ECA Medium Hardware Credentials in Columbus, Ohio, Fairfax, Virginia, and Hampton, Virginia
ECA credentials issued at more than 18,000 unique enterprises including Fortune 500 companies, small businesses, colleges and universities, private and public research organizations, healthcare organizations, and banks and financial institutions
The Unified Communication Analytics Application is now in the Microsoft Marketplace
2024 Financial Outlook
Building upon a robust fourth quarter marked by material new contract awards in Q4, WidePoint sustains its momentum with a substantial federal contract backlog totaling $359 million as of December 31, 2023. Fueled by this backlog and strong demand, WidePoint forecasts double-digit percentage growth in the high teens for both top-line revenue and managed services revenue, in addition to being cash flow positive for the full year 2024.
Management Commentary
"This past year was pivotal for WidePoint, as evidenced by our strong financial performance and strategic operational achievements of organic growth," said WidePoint CEO Jin Kang. "Not only do we expect to reach the higher end of our revenue guidance, but we also achieved cash flow positivity by the year's end and anticipate continuing this trend throughout 2024. Our continued focus on sales and marketing initiatives has yielded fruitful results with a robust pipeline. The consistent renewal rates of contracts underscore our unwavering commitment to protecting our customers' privacy through our enterprise solutions. The performance seen this past year prompted us to increase investments in sales and marketing efforts to sustain our positive momentum into 2024. Additionally, pipelines for all our business solutions have created synergistic opportunities for cross-selling and upselling, further propelling WidePoint's overall growth trajectory. We also see customers reengaging with us as the COVID pandemic recedes. Customers are focusing more resources on mobile security and increasingly, understanding the value of WidePoint's most secure IAM solutions and our zero-trust security model. The prioritization on security and a growing understanding about the differentiation of WidePoint's solutions are providing additional tailwinds for our business."
2024 Outlook and Strategic Priorities
WidePoint's capital investments made throughout 2023 have for the most part been completed and the company does not expect to see material capital expenditures in 2024. The completion of key capital investments, including establishment of hybrid issuance capabilities, and the successful deployment of the Unified Communication Analytics Application, now in the Microsoft Marketplace, are pivotal drivers anticipated to fuel the company's long-term growth. Additionally, the investment in the Intelligent Technology Management System continues to yield positive results as ITMS nears its final FedRAMP Authorized designation, as well as our hot COOP site nearing completion; both projected for completion in the first half of 2024.
In 2023, WidePoint made significant progress in strengthening its sales and marketing efforts, deploying a robust strategy to expand its market presence. Despite facing challenging macro-economic headwinds, the company strategically maneuvered through these obstacles by concentrating its efforts on capturing higher margin contracts. This targeted approach enabled WidePoint to sustain its competitive advantage while mitigating the effects of external economic fluctuations.
In 2024, WidePoint remains committed to advancing its sales and marketing initiatives, with plans to allocate additional resources and budget toward enhancing its staff and capabilities. Specifically, WidePoint will seize the current momentum gained in Q4 2023 by adding an additional senior level commercial sales resource, an established Federal Business Development resource with a proven track record within the D.C. area, and a Vendor-Partner Manager for the expansion of strategic partners in 2024. WidePoint remains dedicated to safeguarding its customers' right to privacy through the application of its TM2 solutions, notably the IAM solutions to uphold the highest standards of security and confidentiality for its customers. Cybersecurity has never been more critical and WidePoint is positioned to tackle this epidemic of security breaches through the convergence of WidePoint Managed Mobility Services (MMS) and Identity and Access Management (IAM). Adoption of a Zero Trust environment for the B2B and D2C world is not an optional feature, it is a must, and WidePoint's IAM solution is the basis for Zero Trust.
Within the K-12 sector, WidePoint continues to seize opportunities, having collaborated with various school districts conducting pilots across three states. The company recently engaged with a subject matter expert within K-12 to facilitate a partnership program aimed at integrating WidePoint's IAM solutions into existing offerings for numerous K-12 entities, accelerating market penetration. WidePoint remains committed to enhancing the overall solutions provided during the pilot phase to ensure readiness for market launch through this partnership program to protect the most at-risk demographic of our population.
All of WidePoint's business solutions continue to contribute significantly to the company's overall success. As such, all of the business solutions experienced growth year-over-year and see this trend continuing throughout 2024. Each business solution is an integrated layer in WidePoint's full set of TM2 solutions that provides opportunities for cross-selling and upselling to spur on additional growth. These business solutions continue to play a crucial role in strengthening WidePoint's competitive edge and unlocking additional pathways for business growth and development.
Further details and discussion of operational and financial results will be included in the fourth quarter and fiscal year 2023 earnings release and conference call.
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