Manhattan Associates (MANH) 4 Feb 202019 Q4 Earnings call transcript

Good afternoon. My name is Jessie, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the Q4 2019 Earnings Call. [Operator Instructions] As a reminder, ladies and gentlemen, this call is being recorded today, February 4, 2020.

I'd now like to introduce Eddie Capel, CEO; Dennis Story, CFO; and Matt Humphries, Senior Director of Investor Relations.

Mr. your begin may you conference. Humphries,

turn and Thank Manhattan our everyone. to then to afternoon, XXXX you, cautionary Capel, Fourth CEO. and review Jessie, Associates will Quarter Welcome I over good Earnings our call the language Eddie Call.

the including we session, future call, statements performance of may future or the this financial forward-looking Manhattan regarding question-and-answer During make events Associates.

Associates from forward-looking future the uncertainties and may guarantees XXXX filed of from performance You cause forward-looking that those for refer the and in discussion differ and XX-K annual contained factors materially actual projections, statements. are are our that Form you particularly reports projections risks our materially cautioned in our risk factor with to statements could involve the report. that SEC in Manhattan report results that differ and these actual year results fiscal I to on important not the for

update obligation these no under are to We statements.

comments certain reconciled an addition, to In been accordance measures GAAP to provide the have additional with in to related effort measures include All measures rules. information in our investors. non-GAAP SEC non-GAAP financial

site You'll manh.com. Form schedules in Web submitted we the earlier reconciliation today on our X-K SEC and find to the at

Eddie. I'll the over call Now turn to

Well, afternoon, quarter Matt. Manhattan Associates’ And and for thank XXXX full you us Thanks, Terrific. good fourth as everybody. joining we review year results.

reported record plus you We has revenue, record year, cloud software and revenue. a will. been kind license, record all time reported Manhattan what as time of to strong record all another firsts, year up So time revenue, record cloud expected, if wrap quarter of services revenue all

in cash profit second year flow. IPO highest XXXX, year marked XXXX Additionally, best operating operating our and for for adjusted since fifth our

shares program management calendar we by in repurchase continued by year million X.XX the buyback Before the $XXX XXXX. million more to investing share our discipline

for to into of this meet when five and growing consider transformation, years a advance rapidly in We’re headcount later that growth And our record will as we’re X.X Dennis pleased with guidance revenue investing you major detail another market year. calls business demand. about performance year XXXX

to our the XXX all the XXXX operating and points with XXXX margins Cloud, and we a positive XXXX revenue moment, $X.XX. exceeding by fourth margin adjusted quarter total grew EPS $XXX giving basis back revenue XX.X% targets, $X.XX delivering Turning on maintenance us and we respectively. for operating adjusted as adjusted their X% revenue expectations fourth and momentum EPS million, Year-over-year, of services QX total exceeded focus quarter of adjusted of and exit reported and beyond. in

the we as decline revenue we first the than to just further into our to we million company. quarter. And true customer quarter. transition the rapidly is go becoming a for demand So details increasing expect X going more financial cloud in to when continue announced little license forward, revenue of a We anticipated license recognized in to cloud

Cloud, turning revenue $XX QX for Now the XXX% year. XXX% our over million, prior to and growing year full totaled nearly

which reviews in solid supply WMS, few January. management inventory, deal strong QX, of slip but market company. our transportation, continue subscription a We strong demand inbound Cloud and for we in have activity receive chain omni-channel future interest up solutions, growth into sources a models indicator did was pent including scale, of our for and to deals

operational following And performance to reflecting expect demand company. a rapidly than more trend and we the we drive And key pillars focused marked of growing surpassed as financial license remain I quarter, ever mentioned. for as past, license quarter is further pipeline that discussed in cloud the we to software revenue the in And strong to revenue be cloud market million the on end in growth first our $XX our of year. a Total time this the permanent revenue.

R&D in million $XX higher invested We innovation. prior which in product is about than XX% XXXX, leading year. market First,

our in inventory focus And manifest deliver us delivery to to into innovative through supply market And to while cost solutions. growth. on R&D of success in in size our innovation in to of reducing and to of pipeline business landscape. rapidly our turn, our the And ownership expand commitment global million expect customer market, increase omni-channel invest continues a provider and differentiate us total $XX these and highly a solutions to success of itself our as we time that as about segue new revenue to XXXX, to evolving consistent we pipeline and of lower offerings record total the allows positioning this chain market, innovation commerce and leading customer customers pillar and have competitive second drive plan the for is leading the leverage growth, great innovative addressable solutions which

factored for still continues while global And are WMS, and we WMS into deal high guidance. license while solid market Our demand activity, activity, strength WMS seeing takes pipeline license to pipeline, for increasing we and and the early, strong cloud. indicates bookings preference for cloud And remain our services. regarding shift market and tied which the pipeline

our net to signing over continue new of opportunities ideal pipeline concentration new logos. potential global We our in customers be by new XX% the of with representing very customer and the encouraged by

Our third pillar, our services business.

for near omni solutions. services chain Manhattan inventory at teams continue with or our channel, ongoing active to across supply and market leading consulting global demand Our capacity operate

business demands meet growing due increased upgrades, aggressively product that customer system delivered satisfaction. and million demand services And XXXX and new capacity ensuring global Our X% for to strong to to revenue XX% XXXX, comp. strengthening the while we recruit sales in to versus XX QX’XX, in a continue in

focused product With win coverage new XX% XXXX driving XX% coming the licensing goods XX% beverage. and X% retail, against on we and remain of than pillar, brand competitive up and revenues for to food as more approximately and sales recognition, head head And our licensing XXXX, Investments fourth with on strong consumer marketing. a cloud globally. were competition. rates at and quarter customers cloud In further in driving marketing sales of verticals sales in nearly and final awareness from

across updates provide provide to Manhattan like during a recent suite a performed I'd how the product innovation season. on couple you few and comments product holiday they the peak of on brief

start let’s point of with sale. So

We native our for offering. market technology. about and solution make because industry really point of on solid to differentiated grow we're NRF around highly to continue the enthusiasm awareness this cloud and we leading sale market great progress the year’s At throughout a building retail event, found that's continues

the with With landscape. true that omni-channel a of for challenging to the point only retail agreeing approach work sale will us market

drive area. leading of post journey. and And serving interest in the to for retail are further capability an of shoppers, recent service OMS, themselves. initiations experiences lives applications shoppers successful Our seeing today's our sale. consumer digital purchase vision go recently on depth that purchase validate in profile channel emphasis uniquely project this aspects portion increasing today's many to highly we're several our speaking the released support capabilities. an we the point And of capabilities of of are in class end experience brands native self best of provide native of And These in provide influx we're digital high to chains omni placing digital because of that buyers’ ability the post positioned think

was note, the warehouse order was holiday performance measured most our And on and ever. share that management management by related a successful to the our of happy I'm That recent period systems. peak

Given well direct board, pretty portions businesses consumer increases percentages. customers’ the of the up much the double most were digit our across with into

spikes volume. Manhattan pretty Active some Omni dramatic was able in to smoothly handle

our times their processed provide XX fact to functional of advanced application another types we one capability solution orders architecture of of fulfillment and ship Monday, Cyber average XX% their only that for customers. us customers that Manhattan both our leading with direct-to-consumer the nearly In their volume to from them generate and on source. believe allowed outcomes daily shared our Omni Active And can these

by future duration. The streaming believe support outcomes warehouse report higher I'm WMS. less similar generated new record indeed WMS, as Shipment particular, dramatically using particularly employing all time saw for customers picking In and productivity Manhattan strong that results streaming were outcome. And strongly volumes for an lower is customers capabilities with order generated highs a order the of productivity processing operations. to as our levels click-to-ship wave happy I

European community. objectives. large expansion the I'll of addition prior a in shared TMS And on TMS with our note And calls in comments noting is QX business. positive help TMS our noted that factors to Europe calls my the that while for And is here very you quarter one grocer I've of close deals Many Western by close past of nice continue into closed of business of additional to was another quarter. some that product-centric businesses us the particular our market prior the strategic Americas, TMS we I’ve

existing So has relationship a it's TMS be heartening to customer pre with Associates. by Manhattan who particularly selected no

broad that provide with covers summary. performance, and a prepared guidance with I'll out more an remarks in So full discuss and quite close business year XXXX the on you brief to Dennis bit going a update. update detail, our is then our financial

So Dennis?

million Thanks over organic growth X% Eddie. organic was revenue quarter Full the year. prior growth total XX% Fourth revenue year $XXX.X with XXXX. million, was $XXX.X over total

and was share of with impacts earnings up based the was GAAP compensation adjusted per accounting the $X.XX, stock per total between year. for share the revenue XX% $X.XX FX, Excluding on EPS. was Adjusted earnings difference GAAP

discussed which quarter, previously. year-over-year WMS and XXXX million the to license $X.X attributed XXXX, cloud. as was revenue is in is From increasing License XX% sequentially we've the our down demand for on in

for continues $XX about with to of year the as midpoint. continue expect We at attrition market full to cloud $XX a the to license and million, grow, XXXX down range estimated XX% million WNS demand

million are the we revenue. first targeting in XXXX, quarter of $X to license $X million approximately For

year-over-year, customer solutions. up $XX.X robust driven our cloud up cloud revenue million, revenue, cloud For XXX% by demand for was

midpoint. year to full of XXXX, estimate $XX we growing range million revenue the at $XX about cloud For XX% million

on us to run versus revenue Just for business, cloud to pace $XX million XX in took context, X.X it grow $XX rate is license generate million our only which our nearly some years. to years

the are $XX revenue roughly to quarter be first For to we year. of estimating the million cloud million $XX.X approximately XXXX, double prior

estimate XXXX, to For which over million while license total year year another million software decline in million, revenue $XXX record XXXX. we be be absorbing performance to $XXX will full our $XX

XX% shift XXXX XX%. expect about license XX% cloud license XXXX, cloud, our XX% to and mix software cloud in was license. dramatically be In Our mix to to we

as obligations bookings, RPO otherwise we've performance, performed, unearned bookings as required our remaining the and revenue obligation value of cloud to or Regarding represents the leading proxy referred is to bookings. performance for or discussed be contractual

XX% the $XXX for and million, sequentially. RPO over XXX% Our year prior quarter up totaled to

we $XXX to XXXX, a to XXXX. year estimating range are million, over totaling $XXX million XX% up XX% end For RPO

excluded are For bookings non-cancelable amount. than less under term Contracts non-cancelable contracts from disclosed value one reported revenue Manhattan, this unearned the with of value year. our cloud year of greater represents one or

last One point licensing on cloud.

As large any our the continues number and performance to value you relative quarter. depend closes in on know, we of deals

towards markets While deals been important, shift large license our continue historically models. subscription have to

While slightly this is positive, may as be smaller subscription deal recognized is overtime. sizes revenue

customers year-over-year revenue with and associated ramp some large which can implementation growth. subscription requiring model, have sequential Further, a longer distribution impact cycles footprints,

retain appropriate some We geopolitical potential that by also particularly slow retailers decision business prospects, events clients and macro and caution cycles. could and impact around global making investment

for quarter revenue prior or maintenance, on strong at XX%. X% rates $XX to the year shifting Retention versus collections. the greater strong million than remain totaled cash So

convert will For as to on XXXX license more demand combination our and to revenue WMS cloud to importantly, begin over from the revenue XXXX, decline our lower we based subscription. maintenance of believe against install gradually

be to revenue maintenance about for versus million to $XXX our expect year. slightly be down the XXXX We

estimate QX million. $XX approximately XXXX, maintenance $XX revenue to million to we be For

services. X%. to Consulting $XX.X Turning up revenue totaled quarter the million, for

services over managed to apples-to-apples contract Excluding agency conversion our the growth X% XXXX. services QX in cloud was government large QX,

the As down in expected QX as focus services on peak and to discussed revenue holiday retail season. idled call, customers order implementation on due selling was sequentially to our seasonality X% work

the apples-to-apples XXXX are QX representing growth million in contract QX X% services large X%. approximately of to XXXX government revenue $XX year, our of X% growth conversion, to $XX targeting X% QX of approximately prior million We to over factoring so

to revenue growth with a be of of $XXX full $XXX XXXX million, $XXX X% X%. range to and apples-to-apples million, growth year, within to million to we X% about are services For X% estimating of

was XX.X%, by Our and consolidated subscription, increased quarter driven maintenance for headcount services. and and services the consulting largely cloud margin

XX% services these be due We subscription, to about and maintenance to expect investments. QX XXXX ongoing margin

operating Turning million, an XX.X%. margin income adjusted adjusted with to totaled margin, QX of $XX.X and operating operating income

operating a income million an with For full-year midpoint XXXX, are we estimating $XXX of to $XXX range of million. million, $XXX

XX%. For margin income we QX estimating XXXX, to to are and million of operating $XX adjusted $XX XX.X% adjusted of million, operating

forecast license and services in driven reset. by XXXX consulting and decline from sequential margin business is sales in QX and XXXX, compensation across including increases continued and our R&D, people marketing, cloud for annual with facilities, investments Our growth taxes ops, QX combined FICA our

in our was We expect our rate tax full-year adjusted pardon me, at QX rate effective QX, income XX.X%. XX%, and

effective our approximately expect XXXX XX%. tax QX We rate adjusted be to

Regarding structure, XXX,XXX approximately Eddie repurchased XXXX, we $XX capital QX our million. as mentioned, shares in worth

full repurchase total million. the our we a authority shares X.X And $XXX our last year, for And million. $XX million week, replenishing of board approved to worth limit repurchased

For are no diluted XXXX, shares share the of million shares outstanding, which we million XX.X first XX.X outstanding estimating quarter and buybacks. assumes in diluted

the with $XXX of cash debt. million quarter and Turning investments zero to cash. and We closed

prior flow $XX.X XXXX, over $XXX to million, Full-year flow from totaled December QX accommodate from business reflecting Our $XX XX% year. facilities on with totaled operating totaling and million, cash current our cash significant deferred operations million, revenue up $XX expenditures XX, million, maintenance billings. balance growth. X% cloud up capital totaled full-year investment

estimate we XXXX, $XX investment about million million. CapEx to be For to $XX

updated Now then up his remarks. with and guidance I'll it to XXXX wrap Eddie closing turn back our full-year for

revenue, is X%. to $XXX to XXXX revenue of million, range guidance representing growth For year-over-year $XXX X% million our total

we at into success the license percentage points. our masking decline our XXXX, which over $XX head XXXX, million we a is of growth X estimate As underlying midpoint about by revenue,

we As to targeting of approximately year-over-year XX% license, for X% revenue. are total excluding such, growth XXXX

million we for $XXX revenue up XXXX. range are with total second-half revenue QX to First-half, our QX splits over to X% be XX%. total $XXX XX% million, And $XXX XXXX, million to estimate midpoint,

X%. underlying impact, growth was decline license Excluding

continue for margin, For expect trough operating XX% investment. full-year the timing view which we as margin to be the business progress subject of in as we approximately transition, to to adjusted to business business XX.X%, XX% operating our we our

a For be expect with split. guidance will $X.XX XX%, first-half, second-half earnings share our to per share, EPS $X.XX we per range that adjusted XX%,

second first and in the it's XX% in So XX% of half EPS the half.

$X.XX. Our range GAAP to is EPS estimated $X.XX be to

EPS QX $X.XX range expect we adjusted to our XXXX, for And to $X.XX. be

as are into to outlined relative two in XXXX. we're of is transformation you know, to as late goals those years a and context aspirational Lastly, many a helpful how we provide to half business and major performing we some

cloud. events, definitely exceeding our to total expect of macro Barring is very First, decision our to growth a revenue expectations. pivot any would strong we affirmation continue, major our this to

perspective, which a From goal even light faster accelerated growth of target much CAGR. to originally we for have than on are in declines of XX% our is been This XX% assumed. license cloud revenue

with If dollar and you reference cloud how our progressing. RPO growth our RPO is value, we're very comfortable business

the of XXXX. of our business, long-term sustainable result growth, revenue a As behind margins with timing our in target declines our are the combining drive operating in aspirational to license accelerated investments

business continued will the We than and lower increases leverage fully the such of moving expect pace forward, initially in incremental slightly be modeled. but operating

are long-term margins In Our progress record to forward, revenue we and favorably year focused cash delivering our our growth. summary, revenue of total these remain free revenue, very goals, self-fund continuing targets to continue we aggressively in to and growth business going flow innovation. to transition. to and we guiding in progress strong, enabling remain to growing would sustainable expect another our as on drive on invest We delivering our quartile top while operating cloud while us

to positive globally on expect. and that very continue our discipline business shareholders grow the and expand remain our the rigor with to We opportunities

closing So Back comments. thank financial you for update. very much. to That covers Eddie the some

progress to chain pleased position strong you, as our Well, solutions. cloud further year, and foundation, we further to we journey. our extend omnichannel market-leading performance results driving thank on With in and past commerce a very financial focus within business expect supply with continue operational on the Dennis. and Overall, we're our we

market continuing expand do them leveraging market our in our our no innovate we We position changing in technical we're customers and rapidly provide the advance addressable to so, as to And expertise opportunities to of order for of demand, each while wrap domain provides the dynamic engagement see and validates customers, a our our on To in success further strong world. shortage which a very wanted win of competitive all real-time employees this and with every globally. we time, positioning. rates, with strengthening make Ongoing to, competitive and our day. thank feedback decisions I further up, combined strategy our solutions

dedication our in success customers' a differentiator commitment our and growth relentless customers all ongoing company is and Your our and for of driving sustainable our key to long-term for shareholders.

So thank taking questions you. Jessie, we're to open now.

Thank you. [Operator question Your Yun first instructions] with Rosenblatt. from comes Kim

Your is open. line

line. there number lot subscription it's there's WMS contributing number? Active just how of the but a most first, to seems cloud kind even So the that I'm revenue of your you in update assuming what's Omni, beyond big on like it components or is us like -- Can driving transportation of

Active Yun. So Omni the of is driving XX% Manhattan roughly about number,

Yes.

WMS solutions. and And is is other balance then about XX%, the

then, management gaining it transportation the TMS, business, And of like lot seems a is system Eddie, momentum.

prepared targeting Are business instance? that You customers? customers, go-to-market TMS to view mentioned TMS it Omni your Thanks. with your remarks. your you're for something verticals existing we there you Is specific primarily directly TMS in selling Can product? to How sold from should a Active be perspective?

year, market our solution do not from North to and to able automotive, there. TMS pleased solution. you benefit internationally. some expansion we're We a And internationally. up our from focus any to for retail, generally opportunities primary last solution products open be on we verticals, see our Certainly, sure. go-to-market to begin have to own CPG great got to growth Manhattan We've TMS TMS America And perspective. reflected The started certainly, other starting and

market, same roughly the you as interesting is that, market. of reports speaking, if you'll forth, so analysts is industry WMS look TMS the and at size is the all about the thing the Now see what

smaller. is much our share However, market

between a great TMS as and efficiencies. for So opportunity is additional there symbiosis real there operational see obviously WMS we

bullish finally, solution. pretty driver know, capacity this would we're need of And shortage, I shortages ad all a think bit nauseam little say, we we've optimization. sophisticated of kinds things frankly, for all So the are talked about on driving I that those and then us and

question just on RPO, the you'll much deals of quick, every Real quarter, the in subscription just get show that Question Thanks. changed has in that last contract stuff. housekeeping up length quarter? the Dennis, new

it has not. No,

Terry next Your Robinson. comes with question Suntrust Tillman from

open. is line Your

XXXX. an end I is interesting to I hear guess, guess the first is, of of bogey kind question for, it RPO the

the I'm So is because any of I that kind guidance. curious recall think, time, first I

know promising kind follow-up. But of you level then just I'm visibility confidence your I under over these curious, I a that had historically, considering idea parts And still on the have, delivering. RPO of business this and target for and of emerging are

put if feel confident. wouldn't out didn't it We we there

And Well, I license time. the us with the half cloud, think close we're of in the see the considerably customers. indicated confidence, is we're the to gives the solid first of it pipeline to in that, cloud seeing that We've the want conversations to pipeline, lead having And when again, course, you start our us sure. we're the back than to we, thing faster license momentum then, cloud is is that growing our including number, a XXXX for customers WMS for revenue call and while our momentum inertia surpass pipeline Terry, if of for that and the particularly cloud. anecdotal, that our that that believe revenue

go working, pretty having to register, had for speaking point-of-sale store miserable etc. another the like here, terms in to not just some I in and follow-up a maybe And experiences myself of

launch just the market so the And for in into POS? look a we and some in do early cloud and and I of know had you've now, had for how XXXX targets And some subscription, then but the we think the ramp about POS, lot of old I there's as Dennis. follow-up RPO technology here customers for

So a for ramp from perspective an there's point-of-sale RPO not big expectation in XXXX.

that say we're the definitely would gain I flywheel to begin feeling However, momentum.

about All out selling a customer of platform strategic experiences, clearly you the aging omnichannel there. need the said is poor that real things for technology,

really for. secondly, brand is of prospects, market driving awareness, it that, market more like the we're feels and is As bringing to conversations what we're differentiated, customers with all having what looking is and first

is this enterprise here. customer and adoption class Now selling

is, RPO solid a flywheel, and of expect definitely that but the it again, feels XXXX, beginning consequence the is in to So that see momentum. to build would I good don't big impact I say

is potentially to that Thank think about of And related then just cloud ratio -- just anything just Dennis, question conversion and that last see of how commented starting to we might to about maintenance 'XX? looks you deals see the how to much you. in some

this of it's and I is, of of XXXX, a there the half the lot our that's side time, or what side at the estimates, of business. look in we lot the as at share intel back when a Not would What guidance Terry. whether revenue think to we're basing bookings go-forward point

Raymond Peterson Brian Your question next with comes from James.

is open. line Your

guys So on And from continue of Dennis, investment about mode. Should curious pretty should some marketing, longer-term we I be investments in call R&D, to comments hear sales that continued your objectives. into in fair forward? going growth XXXX? etc.? margin about the I'm thinking wanted It's clear are just you that about how the it to think that Is and

think sales in it's point the and as that of leverage, is, significantly greater in get you organization. marketing drive I innovation our to as drive demand for talent going one, top-line we imagine, to leverage, investing can view if

we're and forward. margin the some organization So create looking to to in going incremental continue invest

there. clarification, I down to just you. a reason think And maybe parts. Dennis, just I catch that went want the guidance little I XXXX didn't versus make the prior for the bit moving sure a services understand expectation? I your Thank

of is bit being services impact coming out FEMA little Brian. a there, conservative it of the Part and

instructions] next question from Schappel [Operator with Mark Your comes Benchmark.

open. is line Your

quota carriers for the have if year? I the just Eddie, you just was coming could address wondering you in outlook

of You carriers, number Mark? the of terms mean quota in

yes. right, That's

very organization effective, perspective. said a sales we've got So very world-class that as we've from and efficient before, tenured that highly are

We're XX% the objective do XX% currently range be XX. quota-carrying somewhere in XX would we increase about However, reps to to to of XXXX. XX for the at expect kind --

high by the XX the XXs or year. at maybe the us end see touching of to look So

that, coming given last force organization to major sales to aspect addition the so, realignments on? in or the sales growing or of sales territory your the year over any significant then changes force And big like

No, but adjustment. one adjustment. wouldn't change, of a it's we say I sort was a just modest the it have

bringing in the system domain been have store onboard experts We order. retail

We're So WMS as deep bringing know. omnichannel particularly -- brought on on international continuing system the and we've the on then already side, pretty pretty you side. experts. TMS also store We're we growth. on we're some deep side, the But with

And remarks, your wondering then you your mentioned that feature? relatively real-world you using in if prepared WMS new product-wise, are example your or how auto could two streaming us was capabilities. a I customers give just of

theory of It's And the a still work, has the fulfillment the true. can big then that's now, process. big, generally more And the the the take frankly, you can tough drive. chunk you the do but drop has more to been, optimize generally orders, optimization the down several of simple process bigger and and the one, real warehouse efficiency those a been, is, for chunk example decades

of I building behind fact very except here for that where get huge out, particularly great world direct-to-consumer for of going individual batched amount order individual when you've the works you're through got out to can't It an got an quickly order the it course, a same-day you've extremes in up delivery, of mean, work. to be get a

and times of warehouse automation stream ever-growing of So the the human efficiency, ad is version. that center, system a and amount also and of is a click-to-ship for what but able the continuous the thought, the inside of inside we're work consumer, robotics. longer and capital sort productivity the which little short shorter The do waveless replenishment essentially to customers I optimizing develop distribution batch-less we've efficiency a much result that's ultimately, a than but is greater driving required, and allows our or been much picking is

through a strong throughput the Mark innovation that lot and for Greater capability… demand of facility,

I this the call There further are presenters. no questions turn time. back the to at

the everybody, were We're full-year and pleased that of very and particularly thank Well, pleased momentum XXXX. for results. we're very the joining proud us we're XXXX We with into carrying QX you, results. for

look for three your to we'll speaking you about months So thanks, forward again, support, and from now. to

conference today’s call. concludes This

now may You disconnect.