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WEDBUSH CONFERENCE TRANSCRIPT

March 9, 2011

To iHub: this is my own work from a publicly-broadcast conference.

http://www.wsw.com/webcast/wedbush16/

Here’s a transcript of the Wedbush conference. It was full of interesting information.

These are a few things that stood out for me:

Re TechFront: “The company we acquired had a number of different suitors and options and the key reason for them working with us was the fact that we were public.”

The success of the Farmville knock-off developers: “And a couple of companies that launched really Farmville knock-off games in on the Orkut platform in Brazil over the past fourteen months. On the back of that knock-off game, the two of them, one Mini Fazenda, developed by Vostu, the second one Colheita Feliz developed by Mentez, allowed those companies to scale to $80 to $100 run rates in revenues in about 12-month periods. So same sort of ramp that you saw in Zynga within this context again possibly because of the power of the social graph and with the interactions between people.”

I’m not sure, but he seems to be saying that they have signed other re-sellers besides Sony and Grupo Expansion: “We last year ran about five or six DSMs. These were essentially the DSMs that allowed us to win the contract with Sony and a number of other re-seller contracts that we’ve now signed."

I’m not sure if the final comment here is about Latin America specifically or whether it is about social games everywhere. If it’s Latin America, low supply would bode well for Quepasa’s games: “Moving on to social games, just some of the basic stats for Latin America on how these games are monetized. This is – the numbers we show here are the average for Orkut for last year. People who signed up for a given game, 30% of them became active gamers, so they returned to that game, of which 1.5% became paying users, and they in turn on average spent about $10 a month, which compares to maybe $15 or so on Zynga. So lower than the U.S. But the amount of conversion that you see on these is phenomenal cause there just isn’t that much product out there and people, you know, love this stuff."

We finally have some active user numbers, which he admits they have been holding back: “That’s something we’re starting to open up more, and disclose more in terms of our site retention…. people that we directly message are people that’ve been on the site for the past three months, and that’s anywhere from 30 to 35% of our total users.”

The tools they use for DSM: “So it’s really the power of you know really viral marketing, word-of-mouth, and a lot of the tools that we have for that are tools that we built to build our user base of 32 million people, so we have a lot of proprietary technology that we’re leveraging here, which is interesting. That’s why, we don’t think that – the product isn’t unique but it’s difficult to replicate.”

+++++++++++++++++++++++++

JOHN ABBOTT

Thanks so much for having us. It’s been a great day. Thanks for having us in the panel ___ as well. Great panel.

So I’ll run through the slides, try to go through it relatively quickly to allow for Q&A and maybe hone in on a couple of key issues that have been coming up pretty frequently. We’ve been on the road for the past week and have got a pretty good sense for what are some of the key issues that investors are interested in. So try to focus more on those points.

In terms of – from a capital markets standpoint, we listed on Amex about six weeks ago. Raised a financing last December. Finished the year with $13.5 million in cash. From a profitability standpoint, we’re break-even/neutral last year. And so the reason for raising the money really was to invest in our social gaming strategy. We announced the acquisition of a social game development studio last week in Brazil. And the purpose of the cash again was to invest in the development of that IP. We’ll talk more about that later. It’s a really key part of our strategy going forward.

Couple of more quick comments here. We still have roughly a large retail base and we’re actively talking to quite a few institutions in order to raise institutional ownership in our company.

Q. Hey, John, not to interrupt, you should change that slide to show that it’s significantly over100% CAGR.

A. Yeah. From 20 to, even on a

Q. On an annual

A. Yeah, On an annual rate, yeah sure. That was on a quarterly rate. Yeah. Good point. Thanks.

In terms of what we do, we position ourselves as both an audience network, so a social network and a social game development platform. We’ll talk more about what that means. We’ve got – we’re close to 32 million users at the end of February. Growing at over 2 million users per month. And that really was the real focus of all we did for the first two years since we re-launched this company in ’08 was around bringing large numbers of people to the site and being able to do so virally, really through word of mouth. So we haven’t invested any money in marketing promotions. It’s been viral, which is a great initial achievement, but that was Phase One of our plan, but really now it’s Phase Two and Three, meaning better retention, site engagement, and monetization. We’re really at the beginning of that phase. We mentioned here we’re the only – as Lou mentioned in the introduction, we’re the only known social media company that’s traded, at least here in the U.S. That’s important to us insofar as it allows us to essentially acquire companies with our stock. That’s what we did in Brazil. The company we acquired had a number of different suitors and options and the key reason for them working with us was the fact that we were public.

A couple of slides to go through in terms of the social media landscape. This is really what – Lou’s thesis, but 74% of worldwide internet users are on at least one social media site, so the power of this is undeniable. Another interesting stat is that one out of every four ad impressions served in the U.S. are now served on Facebook, so brands are recognizing the importance of being active within social media sites.

What’s interesting here is that our market is, we believe, to be underserved from a social media standpoint, but Ironically it’s the market that most over-indexes in its use and consumption of social media. Brazil is a case in point we cite here. It has the highest penetration of social media in the world. You’ve got more people on social media sites or social networks with more friends and connections in Brazil than their peers in any other country in the world. And if you look at time spent on site it’s very impressive particularly considering that broadband has just recently started to grow in Brazil. In general internet speeds are relatively slow.

We’ve talked about social gaming and the market opportunity there. Best case point, on a global scale, or in the U.S., is Zynga, they’re now a billion in revenue company, worth somewhere between $5 and $7 billion. They’ve achieved that in a period of about two years which really reflects the scale of early games that are free to play that are social in nature, so you interact with your friends in order to be more successful, and you – in order to accelerate within a given game you’re incented to engage in micro-transactions or buy virtual gifts.

Within Latin America that market’s estimated to be about $336 million in 2010. 2014’s expectation is $624 million according to a survey. I understand it’s conservative. I know people that believe that Brazil alone will be $600 million within the next 4 or 5 years. One stat, according to Social Gold, which I found interesting, third bullet point, is that the lifetime value of a Latin America game user is $300. It’s $258 in North America.

Q. Can you explain what it is that they’re spending the money on?

A. It’s really virtual gifts that allow you to level up or gain status within a given game relative to your friends and connections. And so you have cases for example in Farmville where they released a specific seed that people would pay up to $20 for that one seed that would allow them to do – you know to advance further. And I think one of the knocks that Silicon Valley’s often had on Latin America is great conversion, lot of users, use social media, we all know that, but it doesn’t monetize. We now have specific evidence that at least within social gaming, that’s not the case. And a couple of companies that launched really Farmville knock-off games in on the Orkut platform in Brazil over the past fourteen months. On the back of that knock-off game, the two of them, one Mini Fazenda, developed by Vostu, the second one Colheita Feliz developed by Mentez, allowed those companies to scale to $80 to $100 run rates in revenues in about 12-month periods. So same sort of ramp that you saw in Zynga within this context again possibly because of the power of the social graph and with the interactions between people.

Our positioning from day one has been that we see the market as being underserved. A lot of demand. And we’re really going about building a business around, to a certain degree, a fast-follower approach. We’re taking concepts that have worked in the general market and iterating very quickly and executing with an L.A.-based team with significant Silicon Valley backgrounds and then replicating or adapting those concepts to our demographic. We cite three examples here. One is social discovery, which was – the genesis of Myspace was around social discovery meaning a place to discover new people, new content. We’ve integrated some of the tools of social communication that you may see on Facebook or Twitter. And finally we cite here Zynga again, the model being developing your own IP, using – leveraging audiences on particular titles to co-promote other titles and we’re doing so not only on our platform but other platforms as well. And we’ll get into more detail in a second.

9:01
Question comes up all the time, so Facebook is ubiquitous or rapidly becoming ubiquitous. What is different about Quepasa? So we position ourselves as more social discovery, as I said, place to discover friends and content – or new friends and content, where Facebook is more of a destination or a platform where you are really communicating with existing friends, finding friends that you already know, and sharing content with them. We – one other aspect that we emphasize is that we work very closely with our partners, we’re partner friendly. And so we’ve got communities with the UFC and a number of other content verticals on our site. The graph here shows our election [?] rating rising, gaining share, whereas some other sites that I would argue didn’t differentiate themselves sufficiently from Facebook have seen declining traffic.

As Louis Kerner [?] mentioned, the user numbers that we’ve generated have been very strong. We added close to 20 million users last year off a base of about 6 million users. As I mentioned previously, the challenge for us now, really focused on is site retention and engagement. So we were initially very focused on things such as viral co-efficients and how we could most efficiently drive people to our site, get them to sign up. Now a lot of the metrics we’re looking at on a day-to-day basis is how do we go about getting them to return to the site more frequently. A lot of that will be driven by our game strategy, so we’re now going to be bringing very interesting and very compelling and very culturally relevant game content to our audience, which they haven’t had in the past.

But at the same time we’re introducing a number of other features such as first-time user experience so that user who’s less sophisticated will have a much simpler user interface where we present two or three key aspects of the site on the first time they visit.

We mentioned in our press release last week that as a result of some optimization on one of our social discovery games, page views per returning visit increased from about 15-16 last November to 20 currently. So we’re starting to see some improvement around our engagement metrics and we expect to see more progress as we introduce games.

In terms of our demographic, we started growing very quickly in Brazil around last May or June. And It’s now the #1 source of our new traffic. _____ 25 to 26% of our new users now coming from Brazil. 15% from Mexico, and the rest mix from U.S. and Hispanic.

Excuse me. Water. Apologize. Dry air here in New York.

But in terms of our user growth, one stat we show here – Lumina has better stats than we do. But the latest public information we have on Brazil, Facebook audience specifically grew by about 700,000 users in August. We grew by 446,000 users off a smaller base. It just indicates some attraction we have. Obviously, we’re still – our market penetration is still low but growing at a very rapid rate. I think that’s one thing to keep in mind.

12:40
So as I mentioned earlier, we made a conscious decision when we re-launched the site not to be a high-volume, low-CPM-type business, which a lot of traditional social networks were, i.e., Myspace, so you know massive number of users, page views and ad impressions worldwide. Very difficult to monetize that through ad networks and commodity banners. That’s _________ a business. Having a large and growing audience network is very interesting insofar as you can build interesting business models on top of that.

So two examples of what we’re doing, our two main revenue streams, the first one is what we call Quepasa DSM, which stands for Distributed Social Media. This is a social contest tool that we use to essentially power contests on behalf of brands and advertisers, You can see here on the slide here, a screen shot, this is a campaign we just completed this week on behalf of Sony in connection with the launch of a new car in Mexico, SEAT, who is phenomenally successful. And I’ll mention some of the results in a second.

And then secondly, micro-transactions again, That’s in connection with social games and virtual goods sales.

DSM, as I mentioned, is – what that entails is providing users incentives, prizes, in exchange for their participation. ______ to win they need to share their contest entry across the social web. So can share on e-mail on Quepasa, Twitter, Facebook, it’s really platform agnostic. It’s a performance-based metric, so we guarantee a minimum results of what we call engagements, which represents views, posts, comments. And as I mentioned earlier, we just completed a campaign on behalf of Sony for the launch of a SEAT car in Mexico. In this example here it was sold as an integrated package by Sony, where they provided both cable TV ads in Mexico, and we represented the digital solution to this. Their call to action was to enter our contest and then as a way for people to gain additional points in the contest, they have to go do a test drive is an option they could do. But generally they had to share their entry across the social web. We got 5,000 entrants which was the result of the spend that Sony did on TV, ____ driving traffic to Quepasa. What’s interesting, though, is those 5,000 people generated over 10 million engagements. And if you were to equate an engagement in traditional online ad terms of, say, click-throughs, which is clicking through a banner, generally across the web the average click-through is 0.2%. And so if someone where to come up to us and say, “We want banners that will generate these 10 million click-throughs”, you would have had to buy 5 billion impressions, banner impressions, which would have cost anywhere between $5 and $25 million. So very, very powerful, cost-effective, and it’s the ultimate word-of-mouth marketing. It’s your friend recommending that you interact with the SEAT brand as opposed to the SEAT brand messaging you directly through a banner or some other traditional means.

We last year ran about five or six DSMs. These were essentially the DSMs that allowed us to win the contract with Sony and a number of other re-seller contracts that we’ve now signed. They were - the one example we cite here was on behalf of a political imitative in Mexico. The results again phenomenal, 180,000 participants, about 8 million engagements. As those of you who follow us closely will know, a lot of these contracts were generally facilitated by one of our board members, and it’s important to point out that the pricing for these was essentially the same market pricing, 50 cents per engagement. And they – the success of those has allowed us to now get renewals. We’re now running phase 2 of this campaign here starting actually in the next couple of weeks. And we’re now getting actually a lot of inquiries from some of the political parties in Mexico wanting to know how they can leverage this technology. So we’re very pleased with these results.

This is just, as I mentioned earlier we signed reseller agreements with Sony and Grupo Expansion. Their sales forces actually pitching our product.

Moving on to social games, just some of the basic stats for Latin America on how these games are monetized. This is – the numbers we show here are the average for Orkut for last year. People who signed up for a given game, 30% of them became active gamers, so they returned to that game, of which 1.5% became paying users, and they in turn on average spent about $10 a month, which compares to maybe $15 or so on Zynga. So lower than the U.S. But the amount of conversion that you see on these is phenomenal cause there just isn’t that much product out there and people, you know, love this stuff.

On the righthand side we – is an illustration of our gaming model, so at the top you see “Quepasa Games.” that’s the new – TechFront Studios now renamed “Quepasa Games” and a number of third-party titles, which we will, in turn, publish and distribute onto our own Quepasa platform _______ there with 32 million users. We can market that at no marginal cost, which is one of the big challenges that game developers have today, and then we distribute onto Orkut, Facebook, and eventually mobile.

I think in terms of people evaluating us, our stock, in terms of milestones going forward, I would encourage you to look forward to a couple of our major releases. We’ll have a major release in early April on Qupasa and Orkut, and then we’ll have another major release in June and that will be Quepasa, Orkut, and Facebook. So we’ve got about 80% of our team now working on that. They work through Carneval in Brazil. But we expect those to be very high quality titles. And hopefully that will be the first signal that we have traction within the social gaming space.

19:30
Here’s some more details of the TechFront acquisition. As I mentioned, 41 fulltime game developers. The company’s been around for four years. The key members of the team have been working together [?] for ten years. So they’ve been working at a very good rhythm for a period of time. They – as part of the payment for the acquisition, part of it was stock, $3.7 million in stock, $300,000 cash. Then there’s an earn-out, and the earn-out was based on their own projections as to what they thought they could achieve connected to Quepasa and our ability to market their games on our network. It’s $9 million in revenues for this year, $27 million for 2012, and $35 for 2013. Which, you know again, this industry is very much hit-driven, so hard to predict. We attempt to de-risk that by taking existing successful concepts on Facebook that have been successful either in Asia or the U.S. and presenting those concepts, the same game play, but in a way that’s culturally relevant. So that’s one way we de-risk. The other way is that we have very low marketing cost because we’re integrated with our own audience.

Summary of our financials for last year. $6.1 million in revenues. We booked about $7.4 million in DSM revenue. EBITDA-neutral as I mentioned earlier. And then in terms of those DSM revenues, throughout the DSM campaigns that we run, we generated about 11.4 million engagements. I just mentioned 10 million on our last campaign which closed this week, so it goes to show the power this has ____ iterate on this platform _____ improve it, we connect it with traditional media channels such as Sony. And finally we added 19.6 million users in 2010, which was an increase of 239% from our year-end ‘09 number.

21:35
I’ll just – valuation, how to value these. You know, Lou I’m sure has an opinion. Facebook value on a per user basis, is very very high. $100 - $200. I’d like to just highlight a couple of companies in our space. Vostu, game developer out of Argentina. They were a $7 million value in September of 2009 when they did a raise to fund their initial game development efforts. Recently they did a raise at $300 million really off the back of that successful Farmville knockoff.

tuenti is a social network in Spain, 7 million users. No monetization but great site, great site engagement. Sold to Telephonica at $14 per user just last August.

And we’re, according to slide here, as of March 2nd, $6.75 per registered user.

So summary of the team. I’ll just skip over to, just in closing highlight some of our directors and advisors, which I think is one of the key assets of the company. As part of the TechFront acquisition, we acquired a new board member, Lars Batista. He was a co-founder of TechFront, the game development studio. He works now fulltime at EBX, which is a large holding company in Brazil controlled by his brother, Eike Batista. And he at the same time represents EBX at Ideiasnet, which is one of the key investments. It’s a publicly-traded VC fund in Brazil, I think it’s the largest VC fund in Brazil. And so he’s been very active since joining and gives us tremendous insight into a lot of activity in Brazil.

As with Michael Nicklas, who’s our most recent advisor. He was previously a Univision.com CTO, then was an angel investor in Brazil, now full time at Ideiasnet net with Lars.

And we have a set of advisors who have been really critical to us since the time we started the site, a group of guys who were all part of the founding of Paypal. And so we’ve got a mix of really great Silicon Valley expertise, both on the technology/product side, and we try to mix that with tremendous network and knowledge of the region, which I think is really a unique asset that we have.

So I’ll open it up to questions.

24:00

Q. The targets that you have with TechFront, the earn-out, should one assume that TechFront believes they can earn in excess of that, that those are sort of a minimum _____ or is that what you’re expecting in terms of revenue. Can you also address what sort of margins you think that would lead back to Quepasa?

A. Right, so it’s sort of, I guess you’ll identify with this, sort of like trying to buy an option, right? So trying to buy options using sort of a DCF so you don’t capture the volatility, and given that this is very much a hit-driven business. They – in order – those numbers, that the assumptions behind them – just like the average for the games on Orkut. So the numbers that I showed of 30% of installs become active, 1.5% become paying at $10 each. That summarizes – what it doesn’t capture is the potential for a hit. And the strategy of this year is very much focused on a limited number of high-impact releases so as to maximize the chances of getting a hit. So I think if they do get even something that would be less than a hit, they should exceed that, but it’s hard for us to make official projections or go beyond that because it is a new business. But I would look at it very much really as you would any option.

Q. _____ but if they get to the 9 million target in revenues, what would that imply for Quepasa?

A. So in terms from an EBITDA standpoint, they have a maximum cost for this year ____ I think, Mike, it’s $2 million.

MM. $2.5 million,

A. $2.5 million. So that’s money that flows to the bottom line. Generally in this industry, EBITDA margins are about 50%. So relatively low development costs, and then as you gain traction ________ invest in marketing. So if you look forward to 2012, $27 million in revenue, and I think their cost target is well below this, but if you were to say, “OK, lets assume that industry-average margin of 50%” you can get a feel for the leverage, financially, that we have on this.

Q. What is the R&D investment for this year? What is the target ____ ?

A. Well, as of third quarter last year the Quepasa.com and DSM were funding themselves, so break-even. And then on the games, the gross expenditures to fund the office and the 41 developers is $125,000 a month. If they meet their projections, they should be profitable by September.

Q. So $2.7 million or something per year.
A. Assuming our revenue.

Q. Yeah, I’m just ________ revenue _________.
A. Right. Yeah, that’s correct. Yeah. Yeah. Now if we get – make traction we would increase that budget to spend more on marketing.

Q. _______
A. Right.

Q. Do you have an active user measure? ____ how you do it, that there might be some churn, users that haven’t been around for a while _______?

A. Yeah, it’s a great question. That’s something we’re starting to open up more, and disclose more in terms of our site retention. I mentioned earlier the page views per returning visit that went from 15 to 20. In terms of our active users, the way we think about that is – at a high level is people who we send site alerts to ___ a new game or some new feature on the site, people that we directly message are people that’ve been on the site for the past three months, and that’s anywhere from 30 to 35% of our total users. Now to the extent we have something more compelling on the site, such as some of these games we’re about to develop, we can make the decision to message a broader group. So I would that all the users have value, but obviously that 30 to 35% are more valuable than the rest.

28:20
Q. _____ 2 million+ new users that you’re getting a month, are they the same as your current or are they changing, and what’s going on with your ______ subscriber base in terms of their usage of Quepasa?

A. So, we’ve observed, as I mentioned, since November greater usage. We’ve recently started drilling down a lot more deeply in who are users are, their behavior on the site, given that we’re – that’s our current focus. And we’ve learned some interesting things, so such as the – we’re 60/40 male to female, which we knew, but that the most active users are males over the age of 30. So I don’t know. I wouldn’t have expected that, but that tends to be the trend. I think it’s a reflection of the fact that social discovery is such a big element of our user experience. That might change over time as we bring a broader mix of contents. But as of now it’s you know18 to 43 with hardcore users, males over 30.

Q. What is it that they’re discovering?
A. For the most part, new people. I mean, and then they’ll be

Q. Girls or…?

A. Yeah, right. So I mean then we have a couple of games, one of them is similar to the first hit game on Facebook, which was “Own Your Friends” so you could literally buy and bid on other people’s pictures. And I can outbid you, and then you can outbid me, you can pay some money not to let anyone outbid you for 24 hours. So there are things like that that become more valuable as more people join the site because it creates more people who are in that game. We auto-subscribe all the users ____ default them into the game when they join unless they tell us they don’t want to be in the game.

Q. This is a dumb question, but if you got10 million engagements on the Sony thing and you get 50 cents per engagement, does that mean __________ ?

A. No. Yeah, that’s a good question. Yeah, well I mean the target we set out for these guys was about, I don’t recall what it was, but it was a relatively low target with a goal of really over-exceeding that as a way of then getting more business. So right now we’re pricing it very aggressively. The market in the U.S. is 50 cents per engagement. But what’s happened here is two things. One is, that we’ve got our own social network that can feed people, but for the first time we partnered with a media company to run all these campaigns, so they were bringing in people off of TV ads. And just the combination of just the traditional media with this viral tool is tremendous. So we’ll, over time, start ratcheting up that pricing.

Q. You mentioned Ideiasnet in Brazil and your relationship with TechFront ________ two new board members that are related to that. Can you expound on that. What do you think are the advntages to Quepasa from ideiasnet and how can you use ideiasnet as a base to further your strategy?

A. Right, so, a few themes. As I mentioned, the market is vastly underserved in Latin America. We’re sitting on a huge user base, and what we’re doing is going about layering businesses that are complementary to our social graph. Games being an example, DSM, their advertising tool. But Ideiasnet has great insights into a number of other emerging businesses or even established businesses that are very complementary. So we now have a dialogue, a really active dialog with them on different things they see in the market, things that we see. So I think – and then if you consider the fact that we’ve got a relatively liquid currency given our size, then you can see how you know over time this gives the opportunity to add on other very interesting businesses and to leverage our technology base in Los Angeles to bring best practices and fuel growth through our existing audience.

Q. ________ talk about your targeted audience in terms of males over 30 ___________ Match.com and incorporate that into ___________

A. We have a partnership with a company called Zoosk, and they’re sort of the modern, the Web 2.0 Match.com. So they’re really a social dating type of site. They’ve built a massive user base off of – mostly off of Facebook and other social networks. It’s targeted at a younger demographic. They don’t do – well, they do some TV ads, but Match is really more regional, they do TV ads. And so we have an affiliate deal with them. We refer them users and we get a 50% share from that.

Q. How did you get – seems a little weird – but how’d you get 10 million engagements off of 5,000 entries. I don’t understand. Seems like a large ratio _____.

A. Yeah, we were talking about that at a prior meeting. In the internet, typically in social web, it’s a relatively small percentage of users that generate the lion’s share of activity. They’re highly-motivated people. So this person has a chance to win a trip or a Sony TV, then that person will be very aggressive about generating engagements. So they are our brand ambassador. So we ask them, we offer them the opportunity to share on social networks but also share their e-mail, and you get massive leverage on e-mail. So if you, I don’t know how many contacts you have on your e-mail list, but if you were to e-mail them that you’re going to – you’re participating in this promotion for SEAT, for a car, and you’d like them to check it out, then you could potentially e-mail 500 people with one click. And all of those count as engagements. And then, in turn, on Facebook you share your feed, that’s one engagement, but then we track referrals. So people who clicked off that feed, then that counts as engagements as well because they’re [not?] interacting with contents. And we get great results on Twitter. Talked to Lou about this in the past. That on Twitter, the amount of conversion you get on links is even better than Facebook. So it’s really the power of you know really viral marketing, word-of-mouth, and a lot of the tools that we have for that are tools that we built to build our user base of 32 million people, so we have a lot of proprietary technology that we’re leveraging here, which is interesting. That’s why, we don’t think that – the product isn’t unique but it’s difficult to replicate.

Q. One last question. Quepasa, since you listed on Amex has generated a huge amount of interest from the investment public. Lots been written about it. What do you think is the biggest misconception that people have about Quepasa that hasn’t been accurately reflected in the market?

A. Right. I think the people who’ve followed us for the past two or three years, they understand that we’ve always been very clear about our strategy. It’s three steps. First we single-mindedly focused on user acquisition and nothing else. Now we’re at the retention and monetization phase. And so – you know, and we’ve always been very – made a big point of under-promising and over-delivering and I think that’s what we’ve managed to do. I think that what people [don’t?] understand is we’re still now starting that retention and monetization phase. We’ve made great progress but we’re still working on it. Secondly, I think people tend to confuse us, or our strategy, with that of some of the traditional social networks, which as I said before were high-volume, low-CPM businesses. We are not that. We’ve acquired a game development studio; it’s a proven model. The DSM, as we discussed again, is a very powerful technology. So we’re going about layering very, very compelling business models over a very large user base. So I think that – facts around that get twisted or mis-represented. And you know hopefully through this conference, and we’ve having a lot of investor meetings, we can start clarifying a lot of those steps.