CYREN Ltd. (NASDAQ:CYRN) Q2 2020 Earnings Conference Call - Preliminary Transcript

Aug 12, 2020 • 10:00 am ET


CYREN Ltd. (NASDAQ:CYRN) Q2 2020 Earnings Conference Call - Preliminary Transcript


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Greetings and welcome to Cyren's Q2 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Mr. Eric Spindel, General Counsel. Please go ahead.

Eric Spindel

Thank you and welcome to Cyren's second quarter 2020 financial results conference call. This call is being broadcast live and can be accessed on the Investor Relations section of the Cyren website.

Before we begin, please let me remind you that during the course of this conference call, Cyren's management may make forward-looking statements. These forward-looking statements are based on current expectations that are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. These risks are outlined in the Risk Factors section of our SEC filings including our annual report on Form 10-K filed on March 30th, 2020.

Any forward-looking statements should be considered in light of these risk factors. Please also note as a safe harbor any outlook we present is as of today and management does not undertake any obligation to revise any forward-looking statements in the future.

Also during the course of this conference call, we may discuss non-GAAP measures when talking about the company's performance. Reconciliations to the most directly comparable GAAP financial measures are provided in the tables in the earnings press release issued today and available on the Investor Relations section of our website. These financial measures are included for the benefit of investors and should be considered in addition to and not instead of GAAP measures.

Joining me on today's call, we have Brett Jackson Chief Executive Officer; and Mike Myshrall Chief Financial Officer.

With that, I will now hand the call over to Brett.

Brett Jackson

Thanks Eric. I'd like to thank everyone for making time to join our call today. Cyren is now two quarters into the implementation of a new strategy that touches many areas of our company. Fully implementing a new strategy is clearly a time-consuming endeavor which will span multiple quarters.

While we have much work to do and it will take time, focus, and some patience to deliver the results we are aiming for, we are on track through the first half of our fiscal year.

Before I comment on specifics of our second quarter, let me remind everyone what we have set out to accomplish. We are focused on creating and driving growth as our top priority. And our new strategy gives us multiple avenues to do this with an emphasis on growing enterprise revenues.

We have reprioritized our core threat intelligence services business. This business has historically focused on an OEM market providing threat detection services and threat intelligence to major e-mail providers leading cybersecurity vendors as well as MSPs.

We have been very successful in this market, but we will expand beyond the OEM market into what we believe is a larger