eBay (EBAY) 3 Nov 222022 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the eBay Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. Instructions]. [Operator you. Thank my Mr. now turn call the It pleasure to over is to Joe Investor of Billante, President Vice Relations. go please Sir, ahead.

the XXXX. Good afternoon. earnings for eBay's and welcome quarter Thank you for release joining conference us, to third of call

the Chief Relations Joining me call slide website Officer. and which the eBay during today presentation Financial available section to Priest, Chief the providing and is Executive Steve's the Iannone, our commentary investors.ebayinc.com. are Steve We're Officer; Jamie on of our Investor a accompany through at Jamie's call,

Before I'd course related begin, some we like we that to measures during of will remind the to non-GAAP call, you our performance. this conference discuss

You GAAP can the this slide these measures the of accompanying measures to the in reconciliation nearest presentation comparable call. find conference

performance GMV remarks rates and statements without they growth and Jamie management from future for conference unless our comparisons including, and differ and represent materially year-over-year otherwise. make variety in forward-looking our results. and Steve's These actual In may indicate our reasons. this limitation, of risks regarding will and call, a mentioned all unknown involve results financial Additionally, known forecast statements, expected statements uncertainties, FX-neutral forward-looking revenue

our uncertainties most XX-K find about can information from today. could in release XX-Q earlier and other Form recent and results risks, more that factors affect periodic You reports Form operating our and on our earnings

any no X, that, over rely statements. information presentation Jamie. duty All on With this not forward-looking we intend update information. turn and let XXXX, November You do it and as to should of to in this me not is undertake

near company headwinds and impacted lows inflation, interest in a markets. QX for you macro higher energy is and environment. thank several have record strong Significant and us. from everyone, afternoon, challenging Good quarter rates income, confidence the for a Joe. consumer was despite discretionary rising costs Thanks, joining

once on our the reimagination, Our increased customer continued near-term to satisfaction, we growth gap higher these and investments a GMV delivered conversion resilient narrowed customer trust categories positive the marketing. more and to spent a and on In tech-led to execute focus Focus has technology non-new-in-season against experience, Site-wide more more their playbook platform. And categories on the more buyers leading in we effective on seamless rates across again, market platform through the the internationally. made headwinds. is created This platform. U.S. having quarter, impact rates enthusiast the improved commitments.

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these Steve, With turn provide of on that, performance. you. more financial to contributed I'll long-term over Steve tech-led eBay. of call to details towards the over to All reimagination accomplishments our our

Jamie, highlights earnings our Slide and all on you thank of for us the quarter with today. third begin joining you, Thank I'll X presentation. from

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balance of our QX, Turning to cash items. largely to Free allocation. due XX% sheet in and grew working capital $XXX flow the capital to million timing

balance remaining billion into shareholders dividend of `shares Our dividends, or and quarter we billion or current flow. authorization. of during cash share. billion roughly cash over repurchased approximately in debt more We cash a position September, per million our Year-to-date, $X.XX $XXX nonequity $X.X free roughly and to remains strong returned price ended we've QX, paid gross quarterly repurchasing double through million than $X.X at our have and the $XX an $X.X as $XXX investments average sheet We with of billion. of $X.X of

for repurchases share total capital of position, our philosophy allocation excess we to the a remains Earlier in of are TCG acquisition consideration elevated year Player first cash. ahead Although this due our up of cash $XXX during unchanged. our million to schedule closed the week, of our half

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of is portfolio Slide investor our XX on detailed investment presentation. Our

Our at of equity stake approximately investment provided billion the end QX. $X

QX. We $X.X million $XXX roughly for acquired in tranche warrants million of of through $XXX remainder saw was the billion. Adevinta shares at first shares the Adyen the Our valued approximately

investment remaining tranches. remaining our estimated on value calculated is the of Adyen Our based warrant

investment our always, to manage continue value. As with we maximizing the portfolio shareholder goal of

markets, strikes predict. our fourth difficult upcoming Europe lows environment the Consumer near and disruptions appears in Recent remains crisis the historic strength effects to resilient QX, Mail outlook. the consumer our demand And to and macro softening in [indiscernible]. -- during October, temperatures while to to the confidence of across In the Royal several major quarter. decades may energy during our as across the risk volume Moving dynamic slowed our Despite region fall worsen the in of on remains performance and exposed September, other has despite points [indiscernible] be U.K. growth in the the industry incremental inflation our versus U.S. XXXX [indiscernible]. workforce holiday. relative by high U.S. through

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mitigate impact hedging and quarter. the incremental operating FX Our program should much of revenue, the within fourth to EPS income

expect GMV, billion We operating we $XX.X margin We $XX.X to $X.XX billion, roughly XX.X% between between year-over-year. X% between of a forecasted generate non-GAAP spot QX, For an growth FX-neutral headwind FX X% billion billion X% decline points. to to X% decline and seven an anticipate and representing revenue to and between with between XX.X%. now of $X.X and equating

per between earnings non-GAAP $X.XX, and negative year-over-year X% deliver to expect and share $X.XX positive X% We growth. which were

into trends macro remain certain, coming our the of For represent severity it's increasingly headwind will the to the business as of a that current duration recent year. meaningful headwinds likely suggest well

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Our alternatives brand to low-cost non-new-in-season enables consumers marketplace remains face products. inflationary our in new focus And resilient to the offer pressures. of

while scaling new are with providing line Our for incremental business in services investments. accelerated capacity expectations, meaningfully, advertising payment

scale year, mitigate balance macro impact this margin cash roughly flow. to flow repurchasing and through accelerate and protect differentiated shareholders fortress dividends investments enable the our double us generate cash model investments Our core alongside of sheet, and in initiatives, inorganic financial earnings healthy we've recent durable strategic free returned our our to And strategy. pressure, to

support Finally, With I'm their during questions. of our I community and time. this your now employees will appreciative maintained incredibly have and of Jamie how focus that, challenging take our

comes first from Your of Anmuth question line Instructions] the with JPMorgan. [Operator Doug

Your open. line is

Thanks you doing categories. for the focus questions. marketing more about funnel know talked full the taking in I

well. Just curious smaller other as more the could and efforts And if there. expanded on about commentary buyback there's of materially how some Thank then you. add you've some number just seeing that recent a the can in we've comment what as there, results than any quarters. If to you well, you're those categories you seen

Yes. I'll first one. take Doug, Hi, the

this on out to of marketing well And our part strategy for our kind the just shift marketing and move lower really funnel So was of funnel optimization. approach full worked and us. from away really that's

after And MTV doing but aimed that example, around, shows, for really talked U.K. been you us in the It's has strategy seeing just look, consideration. buyers, parts see reboot, P&A, importantly, enthusiast in really why if not in driving after about, going the you going like market sponsoring buyers. it's I So at at strength we're that. and the we're we're whole what there. approaching And good P&A. We're growth rates

luxury, to it worked And P&A. playbook it some sneakers that been expanding and our and started We've with so of we well.

to what so funnel Steve, And want continuing work support funnel. Investor at get it seeing the to multiplier Day, then you initial lower the harder, categories. effect consideration we're look on easier about do at one we upper the we're is talked with for the it that plus I of those because buyback? take work changes makes the And it

extensively we'll do and been continue course, on the hi a doing continue years, shareholders. quarter-to-quarter Yes, last demonstrate our I this wouldn't to of this to We've over Doug. Yes, excess at we looking commitment number be to to basis. cash returning of so.

In while you well Day, the fact, of the we're Year-to-date, billion tracking targets laid flow. we're cash ahead XXX% flow. Investor look free of out cash year-to-date, our committed returned we've at of return our free to XXX% if $X.X we or

dividends creation completed of we component shareholders our and and continue to are. for be a with buybacks core value will So where

Steve. and Jamie Thanks

from line Sachs. is with of the question next Eric Your Goldman Sheridan

Your line is open.

questions. for if taking the Thanks two, can. I Maybe

is of one terms direction over some us in look in investments become First, range make about forward, and QX? it's to willing to willing more downward of are another the And embedded of pull where you versus did beyond macro on environment looking guidance that the economic maybe macroeconomic volatility changing buyer overall give the where elements irrespective most top of push how growth next the of volumes curious then you that months? investments enthusiast macroeconomic outcomes the range, out should to activity if as to want bottom much. you volatile, next you make margin environment versus margin sort in sense couple manage the versus them Thanks were if levers slow? focus elements year, in you're of the the some just the can of or one might end how those QX be we of impact whether or what of Are so to activity thinking the a you categories quarter

pick Eric, good up. Steve, Hi, I'll this afternoon. It's

navigating an approach balanced So imagine, through. we've to would as and It's you environment guide. taken very dynamic macro our that incredibly we're thoughtful QX a

that highlight. there's factors So I'd a of number

We've we to one to start the Europe. line pressured. And seen environment. consumer That began the in underlying be continues weaken. to first would several with for U.S. in see prepared The October, be obviously that consumer demand in comments, quarters

and our particularly and both The facing a further which particularly And challenges Europe, thirdly, expect the seeing challenges are U.K. currency. obviously who strong Royal we are do winter. the we And we the labor series against our in impact energy Mail, got is U.S. Euro impacting as the then also we're forecast enter in the strikes reported of of -- results. Sterling, Secondly, is

how of So environment, what the this the I quarter land where would given -- But given quarter, wider ultimately a potential of environment the uncertainty function say outcomes. be will really in terms macro fourth the of we goes range have the and that a in forward. of we purposely

And lean to our go think term we savings we in, the effectiveness We've in manifests think short sort model. terms in cost our eBay to itself of think that's investment, the Specifically, as architecture going in we forward durability business. about beauty of the I as and through. continued that of financial of drive operational the as

the by Secondly, and making momentum strength that the the seeing fueled quarter and the saw be that to that we're we payments. investments ad the business in we're third continues in

and we for about continue the core think going we navigate the protect to our architecture That's growth and the drive enables protect to as we will what what and done the of last we'll forward, the and us in do few continue enterprise. strategy to we forthcoming will that. As we've to do, financial to quarters, quarters for that long-term the invest it's business, continue

Appreciate the Thank you. color.

is Baird. Your Colin with next question from Sebastian

Your is open. line

having, speed market? that go the regarding in off, Europe an that's October in you are of these I U.S. suggest the and impact think, weakening? in resiliency to cross-category around just the Thanks. then will a the little afternoon. the I dig it guess, focus and And how to matter that's non-focus first non-new-in-season mentioned if that does platform it want made some respect Jamie, I respect shopping something good you could that applicable coming the timing from of a Thanks that quarters. not back that that's up more with to maybe large to trends I in Or as pick categories. maybe is that comment, with to into was of over bit when U.S., geographies you in hoping

in is seeing we versus say third double-digits that I'd It's GMV, thing that's strength up our and first our a about used. XXXX. so are and of Yes, refurbished

to of reacting So terms the the in times. economic challenging consumer

March, caps the categories are the that about in to metrics we as that. to very out see our continue terms think And across business. In we cross and helpful the we leverage of how laid we focus we category the afford can pay

and look average So if what a over handbags, of in who who other of buys handbags, spend I other at spend $XXX, just handbag buyer, pair number that buyer they'll $XXX the $X,XXX buys in $X,XXX take authentication, categories. If sneakers expanded buyer but a sneakers categories. but doing in sneakers, [indiscernible] a we're they'll for the sneakers, we on $X,XXX example of I an outside about

to non-focus, driving when our that really when think up is us a the Day we focus So bring categories. impact key that out for with that horizontal strategy Part the at of shopping addition laid Investor in of of doing, focus you about we work really categories. is into the we're cross-category the propping buyer

the we're accelerate So of we that available to doing feel there. stats buyers really to that, seeing more and good but more we're what make programs about and help

one. other the up pick I'll and Colin,

look your It's holiday U.S. the and quarter season. categories on momentum But to have to about that the categories get broad-based. Specifically, delta it's across see we're we we focus we that all look the forward, category be on versus and the the as the as based into pretty fourth we platform. as the our into I continue October, pleased non-focus pretty penetration making. between broad-based investments question

German seeing non-focus basis, I things momentum inventory we is about seeing we're on some of I category the and as get momentum on in within. this we be overall, macroeconomic concerned winter, some the the the particular, pockets into energy as an operating But we're that a platform. of of category One community Germany, reflection climate all non-focus say international think the would broader get in availability are continue to

thanks Great, guys.

Ju next Credit is the Suisse. line Your question of Stephen from with

Your line is open.

thanks guys. Okay,

a larger might know giving which about the global U.S. there's talk a tailwind? Thanks. you almost other are be I there hedge can but there, versus So activity, certain dollar guess, cross-border I or corridors or And an currencies? on generally the of outsized stronger back headwind you all categories natural

helped in things sellers. certainly impact But any of been given easing that currency the rollout is in terms buyer We And in it well. in specific and leaning the made our of expanded the with now of easier certain differences in from that of supply we've into their down, their into XX% of it's currency that, buy cross-border a of currency. opportunities -- has to depending trade. an stronger Obviously, that adoption chain One Yes, in demand a the or currency local the seller. effects, we're been some the I'd is And buyer which I'd couple say. terms on of the seen we've strength highlight of things. two performing there's One actually of currencies. make has as XX perspective come are currency for so choice corridors

making starting The U.S. exports on do that easier business. and we're the other thing with is it to business execute our exports doing

making and to easier. So Northern new the easier the sellers. it that time program attempting global America make our some of for quite make an out a product to from as But to as it we're taking enhancements really shipping shipping to Southern international to we've California for or that Central had friction ship off California

would the So a highlight terms what on those we're are the things cross-border I of doing business. of in that focus

Thank you.

Your Deepak Research. with next question Mathivanan is from Wolfe the of line

is open. line Your

Great. was Thanks if for the before. taking apologies questions. this And asked

experience, efforts like with a on maybe of With growth Sorry, focus points? do percentage was growth months some how calls. question. there few to know on now out is how color a sustainable a some these of some of of the your generic color I larger direction. second in right trends Euro of you the categories you then to how jumping rest. you a of maybe margins? But few on give sensitivity framework margin Can Is basis some on new so That's helping much. the also kind I about of Thank on categories the feel focus you a the could called key additional sort them under long-term the around outperformance think what them? can that provide on about a additional encouraging see term? versus the inside weigh you in weighs currencies And currency

across pretty with highlight performance first the we're so couple categories, a we're seeing I'd things. the that focus on board. of Yes, pleased

business consideration First pandemic. to the there. as be market around over we're and of twice billion at work that is into the was around category cards specifically driving move $XX volume and Investor towards all, rates GMV. at huge parts we coming highlighted our initial And a Day, us of look continues it's accessories, it helping I doing of fitment growth our at trading When the

from that as thing that I to the what the year-over-year if market. categories, this the at sneakers, so is seeing is growth double-digit our U.S. categories and customer we other U.S. The we we saw similar in international, we're seeing markets that as luxury saw highlight to internationally in we're in in international expanded would watches I our the we've higher saw type impact look U.S., of those and handbags, satisfaction, same playbook

to continuing we're So in. lean

over of to additional going continue $XXX. That's our already and want that you jewelry recent saw And to over out customer categories announcement we're to roll satisfaction we've focus to forward launched. You authenticating continue currency? take and categories the to led improve in jewelry and XX%. Steve, the push do

Deepak. hi Yes, And good afternoon.

First on short-term. highlights the on the

continues continue The a -- GMV hedge We And we FX an is have and from ROI, exchange. really to that at is managing insulated record in metric a great nice changes that to But EPS. eBay volatility. job. of that teams not operational be quarter-to-quarter, not track obviously, and do here is exposed revenue

de term. today about the out quarter-to-quarter minimis. the And impacts so is What rather are we've called longer

versus continues a to that U.S. at strong in much incur between a because current three and approximately that 'XX position dollar an reflection challenge And it's going So a would EPS, today, you there really, that's margins. is points that implication points out obviously, is the state Sterling. the its and we on and expect five GMV remains on XXXX, dollar that further if a headwind hedging have And product revenue to six get natural you is if of which as from perspective, it standpoint. be would the be to U.S. and through from Euro into remained because would

much. so thanks it, Got

of with Bank question is America. next of Nagle line Your Curtis from the

open. Your line is

thanks taking Good the very afternoon, for much question.

get XQ, So numbers incremental little to through and maybe advertising initiatives a Or What's I trying little it that a a you the bit And more rolled strong improvement that platform more? number that's sellers Listing few quarter. what guess into pick and with more more I just a retail to Advanced the So right? of out little promotional. things. the have Promoted a a perhaps in guys your driven was little drove dig in up wanted from the a improvement? backdrop more other just bit visibility competitive Did

Yes.

search And improved accurate So and performance, the ongoing ads Promoted our FX-neutral created year-on-year the new that growth factors. of is the increase just ad reaccelerated second the One Standard two on I'd algorithm up the basis. conversion. our look, more us XX% revenue pleased is we're recommendations performance is with say that from driven rate by we products. helped the of really Listing an optimization ad just really contribution

Our contributed double-digits products new quarter-on-quarter. three

really and had some that three ROAS, other certainly, makes new QX, from we're onetime it, portfolio is the the But thing a I external, our product about products. optimization the me it healthy ROAS. that when in from our product the of step-ups having think bullish on So when still expansion advanced and products, I about think

is to sellers healthy. And so -- the be our benefit of to continues --

on meet by track So doubling stated ads to our business we're goals XXXX. of our

Okay, it. thanks. Appreciate helpful. It's really

with line is Squali next Truist. the from Youssef of Your question

is open. line Your

you for One, Analyst Day, presented questions please. some targets. at me, guys you very thank Hi, much. Two

it mid-single-digit happened bps growth XXXX, of GMV was to expansion total already. a in margin XXXX, XXX XXXX and about since XXXX. I think know I lot then

into wondering, given that there. use depressed expanding guys from apparel have any think sense sit further a sitting M&A, right performance, now still second, the achievable? just Jamie, those back maybe players to some maybe you I in was seen this of of M&A, valuations get for some if out the are on on we've if you wanted And you targets the of luxury Just guys, interest where the you through

doing Thank the if fulfillment TCG, order you of could through the -- guys be some luxury apparel to have capabilities. Wondering thing acquisition now fulfillment in attractive same you. think I you?

the long-term Investor we than remain one. The stronger in strategy the continued is went clearly that we deliver. investments enterprise has focus GMV our categories heard in to laid our in The $XXX remarks, a you've our well we it. make. goals coming at our to very laid Hi, million out out We much advertising the to Youssef, strongly. the March. moving in we by on out continue And into from business confident pandemic we're back within as is in position prepared track We're I'll up first And of be March. pick the continued is fueled event for back that working. payments our entity

really in So the we're we executed. of the goals that's long-term getting strategy and I'm making encouraged that in function impact severity of of the very, it's going the continue the macro It's to of us by operating which timing investments how headwinds very be is delivery clear the very environment terms the The to we're in through, out likely laid a in of to that in. XXXX. are going

that into that year. those we timing imply when As But it's we've duration, the in. targets really, to get to severity talked long-term that be go about, sort around of next of confident the and continue to that we expect we will

trust of so collectible us by quarters Fitment, about hobby about and the and framework Fitment, been really now trading a And importance that core has and one. collectibles us part Partner have. strategy. one. in and By TCG continue new Yes, access noted, tools in category, let excited And parts Player also the helping specifically talked we Build My the two cards, local take accessories point which category to to you giving I've to as shops. a capabilities of M&A I'd and be just and in the of that me talked for key I've our will was building M&A about

that to should expect Build capabilities. return opportunities to we best tech our vertical By key at us framework and strategy, core continue shareholders. the expansion that as Always our expand it look or for I've outlined areas has and to you boosting then to overall such doing the in So Partner talent think

Great, thank you both.

the from with comes Your Blackledge of John Cowen. question next line

is line Your open.

Two questions. thanks. Great,

and it, a of up XQ any how you question, think on then the saw into quarter? we grow challenging or that call the the macro will kind in in buyers current XQ? 'XX, environment? XQ ads third noticed in the versus you. XQ advertising macro to And Have second strength business. the holding these First, Should versus sequentially, through enthusiast changes are the follow-up headwinds similar that Thank we

so QX. QX, Yes, we which buyers, buyers. flat was had million relatively on enthusiast XX enthusiast to In

And about way quarters a active dynamics. environment. it, the our But some current healthy is count very as is lapping the you enthusiasts the enthusiast on no coming facing from movement for the mid-value just we spend. to But expect we It's look of between of a tough when vast us, that longer so enthusiast And the buyers. remain comps macro in result a COVID that and related buyers majority at do think we're the pressure buyers.

membership the about of average year, that level spend. $X,XXX up think like spend a to you If being that's

the over to expect execute and buyers continue on So we to years, enthusiast continue few next we spend more our grow to strategy. as

versus As so double-digits healthy. I talked 'XX, about, their spend is up really

products. the about thing to talked the quarter-over-quarter new So other business ad our don't we've we it and adding be I linear growth I'd been enhancing say that in But on the new is quarter-to-quarter. we're products. expect seeing

So on to we're billion. track $X

one that we that in product which As I we now have ad the at the call listing, ROAS were there have things on overall, their QX. onetime healthy. healthy. two statistics step-up our saw who is million in is I But mentioned least sellers some purchased said,

in back track outlined Day. on right Investor we feel that we goals the So with

Thank you.

of Richard Your with next question Research. is Arete the line Kramer from

Your is line Kramer, open. Richard is open. line your

recent in sense these sellers that on players. competing bit track in was to the incremental FT just about not directly material GMV new you invested Jamie, way? some made I would $XX GMV have mentioned? gets able and algo of Are of interview, million that, you what the then ads flag you Can advertising a is lifting your in proportion business basically Thanks. of as represents some still that And this of your the GMV mute. you see goods quarter? give talking us changes also, white about with investment led to category what transitioning the and the to you you Sorry, a bigger raised in-season in-season, Can or you're as little enthusiast-focus quantify made acceleration resulted advertising. sort that the in on dig the to from in

on platform. think non-new question, sell about the when in about represents we so season, XX% what Yes, the on the first we it of

used white those minus label of N So all refurbished X goods, fashion, and types think that's both last of and year's things.

the non-new-in-season faster our is given of the on see. sell one-third in platform. majority earlier business we we have talked ties about and we is that the of that The that what is that actually the about and of used -- our accelerating So stat that's business actually refurbished, I GMV is one-third

In are majority money direct Promoted spending, we program, sellers our of CPA-based terms our program. advertising is of a via is Standard, which what that attribution the collect Listing which the is

monetize incremental we're able them, So that. as sales drive to we for

true is seller products, market with same new to our which I our what really listings the other GMV. But added partnering places traffic is on their for to said their especially the we've CPC-based So that standpoint our a would the we're say has sellers are sellers CPA to like direct drive to can as which they tie Listings from in Advanced. on Promoted program, products ROAS before, doing a external a relative seeing eBay, products. good platform, I

Okay, thanks.

Thank you.

time Operator, more. we for have one

final Morningstar. from Dunlop line the with comes Sean question Your of

Your line is open.

in. thanks me Great, for squeezing

have think questions trying been but little and potential a of consumer bit a So asked, about GMV down. sensitivity to trade just my lot

be I'm on and you that's how the ASP? that us platform bit basis? for goods relative see. improves XX% marketplaces, have would little a talked eBay if held sometimes the potentially the can of much curious on appreciate But about, in up from I'm could you a GMV XXXX in it downturn if taken then indicate second if proposition for refurb be about I So last truly value that just it. And to Jamie. the tougher to XXXX? XP sellers big question wondering eBay pricing that And my just used maybe even how

Yes.

immune not impact. to in So general, the we're macro I'd say

there'll earlier in into moving 'XX. have of likely about Steve headwinds in we refurbished. model more be a so the towards his we and business because But resilient talked focus of meaningful shift think And non-new-in-season remarks do

massive we're I for cetera. efforts And site, and And say in to than to that for would of we've our we push growing that into much re-commerce we're saving as so we the have consumers of the products value From willingness the ESG part et on Z of and and buy a really to tent-pole a where that double trend. e-commerce, that the pushing et win I we're is I'd faster the buyers is pioneers and the more just being value, goods, it. The And platform Gen want a seeing so rest think XX% purchase last from is site. inclined been to pre-owned because is now general, perspective, say, some continuing key pre-loved thing cetera, this our leaning on real us and is there. landfill, love,

we importance of quarters. But the from into coming we'll of that has to the value ESG of terms role would it like I think in should ESG the I'd play great great where and it's that core to every the be also so business. to and fund the impact see It's it in we that we re-commerce. see characterize is are of in that eBay the say today, So kind because in what ESG standpoint. how I that's

helpful. Great, thanks. Very

Sean. Thanks,

Ladies conference and This today's gentlemen, concludes you for call. thank your participation.

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