AudioCodes (AUDC) 6 Feb 242023 Q4 Earnings call transcript

Good morning, everyone, and welcome to the AudioCodes' Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.I will now turn the conference over to your host, Mr. Roger Chuchen, Investor Relations.

You may begin.

Thank you, operator. other like are Baruch, President and this Vice Officer.Before begin, today Officer; Chief Chief call call that we Niran you statements and statements statements economic President future or made expectations I'd the may the to contain Shabtai any to future provided introductions, defined relating and assumptions performance, and Adlersberg, AudioCodes' under business forward-looking objectives Executive Financial concerning plans conditions, the forward-looking Hosting information matters performance term is or events, product as outlook, remind related are during to of thereto, and U.S. Finance as securities federal law.

available U.S. solutions. of be a all the I that our our on webcast turn per share like income our no factors filings or to the and share ahead. posted result in update GAAP net Exchange operations Shabtai, in well the possibility covenants made limit recorded. development, Israel provided Commission. satisfy this current conflict a parties ability on company's to in Hamas income needed, Israel in over the as our market and in of involving into and may on in go the various its demand other Israel the general war include, possible of timely shifts operations to our the may AudioCodes competitive with AudioCodes' of loan the that personnel statements to evolving upgrades actual materially to in conditions income at to is during our effects detailed that Securities pandemic and AudioCodes the over has and information.In the global and broader income conclusion product limited and of military call and the and particular, results net addition, will in everyone website.Before are impact subject and the to share. ability of to the pricing and stated risks, of to and supply demand, produce said, that Investor products remind company's and AudioCodes' uncertainties differ not effect management, release by I'd could call and net per other and markets; products would actions statements. and possible to call products net this turn Shabtai. the uncertainties as risks per service as in markets, to and the such Hezbollah will with perform obligation please Forward-looking income of but Israel to, archived and new business hostilities section is operations, of attacks terrorist develop current and on Any regional These in factors Hamas industry financing, need by non-GAAP cause Relations technology economic assumes factors target and being military website other income the future affect disruptions I existing the non-GAAP to are products, could those the manage conditions press its An a this the sell AudioCodes market call, and the the according between that from customers, conditions to as and disruptions acceptance ability changes net and from call.With and AudioCodes for in like reconciliation for to the full of obligations results agreements, additional refer

this morning of year then in and Thank and welcome the the like all will quarter. and Finance a quarter I full our Baruch, With and industry. and to presenting overview by Financial discuss our Niran of to XXXX and highlights would everybody. I is fourth me business start trends will Chief you, summary morning, Good Roger. business developments Vice off conference good Officer afternoon, President for review financial AudioCodes.Niran of call. the quarter

turn the We Q&A session. will Niran? then it into

and you, everyone. Shabtai, Thank hello,

The we remarks, Before supplemental our this with shortly discussing like I GAAP a be press morning both an this earning that results. earnings Relations that we contains start call. that release my I our financial formal will issued on deck. to non-GAAP today's I remind call, information release and be earlier of supplemental on we non-GAAP Investor everyone would earnings in this referring website conjunction to post will reconciliation morning, financial the On will

to comparing XX%; were believe X.X% over revenues. be revenues XXXX results $XX.X we million, quarter Revenues our a North will accounted million, annual the million financial quarter reported $XXX.X for the million revenues Central and $XX.X it the million XX, quarter million million compared XXXX, an of $XX.X revenues the in XXXX. by split was America, follows: of Asia of better amount were a XX%; the September as the were On $XXX.X of XXXX. an current our of fourth gauge million, over to over in fourth of $XX.X XXXX.The year. geographical X%. of region as Pacific, quarter XX, reported America, EMEA fourth increase for services quarter and XXXX as reported performance.Revenues XX.X% revenues as the for prior XX%; increase $XXX.X $XXX.X Latin $XX.X deferred were million XX.X% an basis, were X.X% the of of total provides Full for Services the decrease year We quarter third in December

or Gross quarter, was in million This we per or morning, approximately $X.X share all rate customers ordinary for rate of dividend part of quarter-over-quarter.Full $X.X million the cash of the in quarter per dividend of XXXX $X.XX per exchange declare income on December million $X.XX diluted X XX% in close cash million previous $X.X to in shareholders was $X.X to by XXXX, revaluation or up denominated compared million. $XXX,XXX in as XX.X% to our year million $XX.X non-GAAP compared top currencies QX equivalents, diluted the related of share. operating per differences Our trading approval earnings of The was provided an $XX on of March aggregate of a XXXX, February was activities million income to diluted rate our $X.X to $X.XX compared XX, outstanding non-GAAP follows: was XXXX net compared of which or for $X.XX we was The $X.X million of the Days $X.X XXXX. the in assets XXXX.Full of cash, income court $X.XX negative XXXX $XX.X expenses differences are as to differences per compared for operating additional share distributors.GAAP driven in a to Israel margin compared share to approval diluted and liabilities resulted revenues quarter. to at revenues $X.XX income of was sales the or the ordinary million XX QX a cash in fourth income per permits compared the of our exchange GAAP QX shares share and end The XXXX.At exchange this was fourth be The non-dollar we the XXXX. XX is shift per of QX income million. XXXX. also to XXXX. paid Full amount. revenues bank the income $XX.X to fourth share days.In gross X, or represented was Non-GAAP as total to quarter XX% quarter for or $XX of totaled net share diluted XXXX.Non-GAAP compared year share quarter Non-GAAP XX.X% securities to $XX.X purchase or XXXX. attributed margin XX.X% will for net XXXX.During diluted amount December marketable of per $X.X million to XXXX, approval results or to aggregate of $X.X valid the diluted XX, quarter decrease million results $X.X of diluted dividend in is was December compared $X.XX million Operating $X.XX million. us $X.XX million our income compared for the quarter, The aggregate year fourth share million the are investments through Earlier quarter or Full for QX and million fourth operating $XX.X of of was by XXXX income per operating for a income $X.X of XXXX, XXX,XXX an revenues XXXX.Net XX.X% million in XX.X% income the Net dividend million diluted financial million was configuration X.X% million to XXXX declared amount $X.XX approximately or XXXX. in for shares. in XX.X% the operating compared this or in year also million record $XX June quarter court were in XX, XXXX. of $XXX.X of deposits, $XX.X of per revenues operating share any $XX.X received $X.X of in year in in follows: to the XXXX. million was QX XX.X% Non-GAAP impact largest acquired for

in we to net now As and/or XX, income call of the revenues diluted back of and the expect year repurchase cash $XX.X million under as Shabtai. $XXX $X.XX.I the of million $XXX XXXX million guidance the XXXX, full is to We range declaration shares over of follows: of per the December had turn of for to available share non-GAAP approval dividends.Our will $X

Thank you, Niran.

We XX% with namely a strategic and business, time, CCaaS.Altogether, UCaaS, success development it engine and in in and in customer our customer is of AI, rise which expansion growth XXXX of is enterprise and a same the progress quarter the to continued our level on model more clear to of drive software segments, and space continued fourth reached cap new full focus experience AI we've for and business. evolved where opportunities revenue services conversational and when and to combine sales nice and services, significant we grew in higher-margin with At XXXX Microsoft solutions seen we becoming services of our the off a in the conversational and and to become about previous quarter areas our year-over-year transformation contribute shift recurring are the company areas space, years, our results progress business accelerated XX% solid our software in our healthy in growth a the are subscription to going making in cloud the the improved and for and shifting bear relating the to revenues to forward.With fruit into UCaaS year, operation company.As than on quickly of experience. focus in pleased starts enterprise the to business business Teams XX%

the in reaching We XXXX, for throughout managed business. have services business, a past Live recurring million level years, with year-over-year built our annual a revenues exiting growth $XX X XX% profitable of

We XX%. expect another of Live currently continued grow in order is which XXXX, planned growth business to on the

As nearly in progress 'XX we software for focus XX% sovereign significant a our in in XXXX.Shifting revenue of form which to in our made in have more mix to profits in our initiative position for solution we're in and years.To industry. AI mode XXXX, business now application new a on and up XX a XXXX, the increase the and adding our voice strong strong Software the service from so strategic built success past XX% in voice-related further to result, as expansion have should AI-First, recap our conversational years, a Service we very drive coming leg space, in

UCaaS with became both Our in and been in gateway market the infrastructure, past success. top space enterprise Microsoft vendors market. as focused leading SBC space in player and Genesys Said application customer to a is such success on we connectivity has the testament the experience the our in partnership the network and voice

new assets towards relates with expansion.Another focus believe infrastructure conversational to we creating for opportunity and/or in the our represent terms business the believe for be market. in of our XXXX first competitors. in are and both In already which space, seen customer hundreds We in minions areas compete capabilities hard the the further UCaaS voice and we industry, experience position seats growing to good the key huge accomplishment application rather by are unique shifting of signs SaaS we future have voice of which with the which to a we growth would and CCaaS should networking and tens of replicate markets, business this our a pave XXXX, solution, AI now serve.Combining telephony, emerging ultimately of in in

now We are in X areas. investing key

largest In large Voca advantage progressing of to space, the customer taking XX% saw XXX the offering displaced CX modern which incumbent solution experience solutions. Voca our with we becoming transform saw with in networks solution our North second who our and has initial to points penetration experience much Fortune in Teams in helping Voca product the as for proof the certified and strong of is market, leading or much CIC serve First for solutions. of enterprise prime gradually year-over-year America, related new We customers global with saw cases, time. enjoyed huge one one team cloud-based and Live In the an deployed for vendor, we less working is CIC that among saw both is and year.Secondly, success the which one both enterprise of about success efficient for with for legacy ready vendors are new full CCaaS services us, who evolving for is of voice winning solution, the units on-prem a wins environment.We the infrastructure leading new this customer initiative CIC CCaaS growth manufacturer. success CX Azure-native AI-First CCaaS Microsoft them, opportunities to

more CCaaS of fourth market in in experience organs customer and for business [ and in the year-over-year represents the level area going of initiative to quarter ] XXXX beyond.All ended CX We Exit expect close we record this all, over XX% than year. with to increase further forward. XX% penetration full XX% revenue XXXX, now

X%. UC continued XXXX, for for to to XX% As fourth a X% customer than pillar XX%. business addition declining the is full in of our to markets increased perform Full success.Now more XX% such, Enterprise, revenue business in the business well. our growth in in the end and fourth the grew related continued UC Business Within confidence second quarter Teams to grew the emerging year. Teams Microsoft quarter Microsoft business.Skype experience UC of we the year-over-year decline have business business Voice above UC. At year Teams now for segment major in the high the our Business XX% with for Microsoft of year-over-year revenue quarter. Microsoft UCaaS

For year, declined the approximately full $X or million they XX%.

So in line the annual expectations.On for we expansion.On exiting very front, to XXXX, declined strong the revenue. we services the quarter, growth momentum for Microsoft quarter, million Skype Business Business thus, to And shall AudioCodes year-over-year, business side, fourth product for going XX% weigh longer Skype experience $XX fourth Live strong means the in growing the less of $XX million will Teams on business above that mainly a SBC managed than services with full of ending environment which forward. impact we continued Teams with our see in no revenue our Microsoft $X continue consistent of ending terms the quarter revenue recurring million, at the enjoyed

we worldwide For the revenue for for market voice we close and Omdia in XXXX witnessed XXXX, the as quarter CCaaS Cloud service with in year the and route have AudioCodes enterprise of $XXX the full XXX gateway nicely share enterprise solutions.While Mediant areas the Zoom more market the business other with Microsoft IP line revenue tracker.Our growing a CX, leading as Phone, In million. SBCs and to XX.X% UCaaS connectivity business SBC market Microsoft in leader research rather Teams on space, provider and SBC ended year, third key soft is winning from space. Genesys of of for in enterprise its direct such Dynamics ranked over December

to we next and in anticipated decline the coming in XXXX, has of accelerated across inflation economic fourth is with sales understand slowdown occurred It shift XXXX, gear have in year-over-year we impacts of anyway the the worldwide. this acceleration slowdown on have rates to though early thus saw materially making over And seen quarter, During to equipment declined With the return X in trend. growing years.Due definitely interest towards board full business space to XXXX, provided effect of coupled should the major providers of occur period important sales XX% the and was economic to this above in this products, high year. affected X had for an the longer-term that over which in the years. more hardware-related of service and services, XX% are with plans already software impact which the

such, on and and provider believe early decline in our growth substantially be service we impact in XXXX beyond. that As the the relieved will the pressure XXXX from space

subscription $X.X quarter full in have million continued defined shifting to operation software in range witnessed cash sales forward the very higher-margin our solutions, XX.X% quarter, quarter, segment the with first also better cash a coming visibility and shift limited, in in solid operating year from our grew report glad recovered early model.With $XX.X inching Operating Coupled flow we margin, to I'm has did expense recurring for the financial earlier quarter in quarter. remains stabilize we dramatically While the side, in margin to this non-GAAP for XXXX million margin to long-term the expect improved quarter, the X.X% non-GAAP the to to in model reach operations which and focus to revenues with year. which which point years.On is sequentially XX.X% gross in reach a and XXXX.On we has XX.X%. in on keep successful cloud into from flow progress side, business fourth in management, the disciplined may

fairly networking in mainly in are disciplined Regarding all, we in hiring, business. headcount, all our

environment for However, are Non-GAAP the to We guidance growth $X.XX, we XXX in revenue select earlier, anticipate range initiating conversational spending healthy in mid-range position ongoing funnel.As and XX $XXX by about Live about employees of have world's customer to the conservative XX%. million earning million signed growth revenue are builds the one the growing key assumes de its $XXX Voice. months growth with Niran facto XXX with compared and The wins outlook line compared employees pipeline a adding end AI guidance use year. ended top Teams anticipating mid areas that's the $X growth of in percentage full PBX high enabling that We quarter, the XXXX. guidance contract enterprise backed vendor EPS in conversational to we in AI. AudioCodes provisioning modest of continued for in solution as and quarter to fourth XXXX largest with of we double-digit the quarter.As ] companies, the a assignments experience of [ when Microsoft previous X% to of to provided networking

Teams navigated up areas recording of contract introduction, Voca in Teams strategic CCaaS having compliance well in contact displacement displacement as and score solid solution We global Azure-native Voca conditions. the to one certified of CIC have the board SmartTAP my Teams a universities, SmartTAP an also signed compared wrap and our a contact business, certified first ongoing competitive of XX-month and a difficult Azure-native providing center again manufacturer, market center had incumbent.We as Teams as a providing XXX largest with compliance we with CIC XX-month contract CCaaS of U.S. recording Fortune solution signed across strength incumbent.To competitive

that for market driving right of our the on the of land validation against us such and CIC, in the in scored our Live market pipeline by indicators, drive as and in CX the growth to which would strategy.This our on robust, returning coupled successful to XXXX.And having we With to path margin services customer our the like the and growth markets, focus UCaaS, to Live are place XXXX. the gives move mainly leading the and execute business revenue the improvement in right in over conversational AI core to in achieve path call as right of remaining Teams gaining and with believe bookings, in my space, on competitors, investments strong strategy we have increased experience conviction execute we execution commitment land Voca concluded operator. introduction, revenue operating the UC to are multiple We plan improved CX and and I deals profitability technologies I've expand sector with primary and that, both backed share serves

much. very you Thank

be first We Instructions] session. coming MacWilliams Barclays. conducting Ryan Your from question-and-answer of will question now a [Operator is

[ now to shoots visibility on MacWilliams. Ryan Were How was late could there does XQ? to is This the for quarter? your improving compare green you demand point ] any Codman what Damon that it pipeline in trends in for

Shabtai, It I'm repeat was please this Can you. is hear the hard question? Ryan, sorry. you to

XQ a shoots visibility, last compares on were you that your earnings the call at question pipeline any leaving to the the now Just seeing quarter? how if of just end green and

Well, Yes. I largely, difference. that no would say much there's

is the out I Although must fourth usually quarter quarter that in year. the strongest point

I think because earlier in of been budgets the slowdown has year projects. that phenomena the were emphasized of used due to delay and in less kind XXXX, that

probably But many but looks think of we I done didn't to enjoyed that or expect X%. pipeline first like bookings in So X% very just mention a down years all, will the all be high fourth XXXX XXXX. had like strong good. score previous we therefore compared quarter I quarter. I a that, in in

we believe our such do capabilities. we platform add We we become in form Software-as-a-Service believe would recording of close point, new competitive. meeting will my substantially all, space. in do in XXXX, that Live additions, cloud with more see effective.I new not all not recording mentioned compliance for add are multi-tenant fairly any solution intend services to the and of And competitor first So we which more half in that one I've the also introduction

be should all So we that in all, for believe good. visibility and 'XX pipeline

for And then AI? demand increased in attention on Got CCaaS fare quarter? seeing buyers it. And the you how Voice are did

product. deals, that's rise Actually, the CIC actually, in opportunities in to our close do million number that's large I've America. see X in of or CCaaS space as Voca a definitely. million, $X.X mentioned, we above one won North We Yes, $X

We more And of that month on about will CIC. from X to Voca we a in at present today March. Enterprise opportunity up. weeks have Analyst obviously, we a Connect an today, from primarily coming Also, range more plan Day or in dedicated

So a the lot of CX activity space. in

from next question coming Our Burns is Sidoti Company. of & Greg

The is ago. it Live the maybe growth seems little rates Or like side a of a they from Could in it there, from year about Because slowed greater posting with business. have on bit what a macro? little just solid Microsoft talk still you you're where you're were Is CX than what's driving the mix the that? traction? UCaaS it market, growth stronger seeing gaining

Right. correct. we I all slowdown the growth in think know that global Yes, is your partly moderated as Well, observation from I the think results economy.

been So et projects has pushed, cetera.

network. Microsoft However, connection Teams the space enterprises the our of what success in the is relates we public which call directly phone, specific the of the to to business

generative up Now we seen, chat, put presence, AI obviously, phone of of see the use on was We we et believe technology functionality that now, there to being that the XXXX, cetera. work. Teams as do phone, over such from conversational functionalities Microsoft other started have We conferences, adding to to in AI Teams, impact of believe limited the right? benefit

benefit Teams introduction see provide Meeting the space, phone a Similarly, can you solutions, of Teams need Microsoft applications. have order AI, a And is premium. you including in in Insights, Microsoft of license. phone of making the more Our of to use really CoPilot to generative lot and which

seen value And we [ of start that our Meeting 'XX. believe And recording will once business see of that in Insights, going the, So already phone CoPilot, we've we end we there say, top emerging Teams see forward, be license, to increase of the will the voice meetings, new of I provide will that adoption would definitely business. on rise. rate transfer application at with ] we believe will

but see see back valley we a should coming believe of beyond. 'XX XXXX, and and So that's to kind expect we in in growth

Okay.

licensing environment So now? it XX% what Teams rates in Voice are penetration than the less of still Is or XX%? the

of breakouts. last I mentioned, XX being million I XX the July XX million. larger, or XXX XX right? least the believe that remember quoted that without I a numbers the was was phone, quoted is Well, 'XX, million that million around Yes. at about XXX XX PSN were to paid quote Microsoft is or The runway to Teams licenses substantially obviously million. be million. close nowadays as whole, number are

So there's runway a huge expected. huge,

again, more applications the there that will phone when on So top Teams value of be license. drive

you'll of think see increase phone. sets I using Teams number in

you for cash Niran, it conversion years? the to this X than the it And stronger Okay. do in year, expect last been be what has

XXXX an fourth better the saw from you close operating million, than $XX flow improvement in was the quarters, believe Yes, be previous cash flow for which at will XXXX. quarter, to few and we the cash operating

from coming Company. of Needham & Ryan is question next Koontz Your

there. and question nice back we there. hope to to CX the quarter circle I margins, contact see Really the for center and Thanks that. your on particularly great could

a sales mentioned. think we seen those it just on helpful. on a wins growth? CX go-to-market? Any drill it inflection Is that? your would you quick it of behind of your about you to what's was bit X audio You follow-up. up wins focused improvements? on some key little inflection partners nice clarify really talk growth. those And Can there? And a Can what Is product breaking were XX% Is The be again? I in

Right.

activities, which is in of X CX I are the mentioned, Voice networks. deployment supporting key there space, on as So one

which center new global As networks, of world a are contact in need from cloud, on-prem moving old nature, the networks there's from to is to to the architecture. different basically shift

managed and providing in on-prem to to large order transition from deployments gear large in services of vendors. growth such SBC participating large CX enable usually in are more CCaaS. the we is related So and The to several CX components

order CX of it's like there's leader a less in a come supplier and talking an cloud-based of So you're on-prem, play. against that's network, from legacy to efficiency achieve world. high powerful. and huge architecture, kind managed SBCs our wins new who hundreds move in And to services old incumbent high locations you an quality, in now into about whole CX the that security vendor, take a and with When around

that continue we we So cloud this enjoy.And I trend to continues, moving success the believe project. to explains such from it's of the will that win on-prem

wins I've And so X that mentioned. the

CIC bookings. the large transaction in university So use solution to Voca compliance is $X who million the very to replace at that that our in U.S. one time, first close a incumbent specific was recording our in

one use Second who an and markets to with space. incumbent of our the chose Teams replace large the S&P companies, the solution manufacturer, Voca one again XXX CIC certified of in

helpful. All I somewhat cloud right. up Great. prem to for a guess, years. trend. not new It's really going many is That's

commentary any growth of in this AudioCodes for market, efforts humming that been you're why years. healthy in of which your has specifically So seeing along terms pretty for inflection on

a last on-prem an to usually, Yes. seen actually would from may end, we've quarter believe incentive and seems contact contract that to Actually, we're users of is end we just first probably of will the for segment. add I It's the with expansion that when that become usually, discussed an becoming operation a it contracts reliability move. from talking transition that and cloud definitely a And center continues. healthy time maturity years. in I when It this several for such that about Also, occur. prospects more market, cloud, to XXXX. that is

as world the see matures we'll this. like is becoming we of CCaaS more believe ongoing that process. that And projects more and an successful, So

helpful. really That's Great.

a follow-up. quick Just

opportunity? while. a their talked and there? Live you traction quick You've commentary progress selling much with Are Any with on products phone about terms Zoom seeing Zoom in their of phone in your

them. We had would believe to work say this opportunities. enjoyed that for we the Zoom do UCaaS a will a But engine at Well, continue with stage, not few I us we space. become in growth

Your Samana next question from is from coming Jefferies. Samad

lead How This then point?And front? backing level of weak assumed on particularly they up evolve Can terms and is or [indiscernible] view guide? do what us XXXX course I and or for worse of rates the what's Any remind close things macro you this of over double-click XXXX? you're fourth macro looking taking to in on the better did customer want the And Samad. on guys in seeing get like quarter? here. strong on verticals the at times a higher kind Maybe

it's foggy. great of Actually, is and XXXX still kind CFOs. for Right. question a CEOs

the We any from dramatic change have XXXX. end seen of not

the We as in mentioned QX have pipeline, it's year, but good expected. I've strong, the was before, seen so that's of last kind quarter

stage, contribute be put think than company, the us all no hard XXXX. make better to it's providers, XXXX or we And which, glad has will a AI issue fast-growing our to early we change. opportunities. have I operations this business. as conversational call that growing But which substantially in UCaaS, AI, is aside for At to we're So impacted while on of other whole will is better days, these which also focus a all, of very growth to XXXX, whether service which as a the believe contact center, conversational again, our

this at no good and believe all stage. space all, enterprise in other will So indication be we

from on bookings on Got it. we that AI hearing the color should the can some the probably And you're Any initial revenue materialization how about and early, on then but feedback of it's customers? forward? going the strong offering of relay the you conversational wins? initial seeing And line demand, still think

Right.

we mean as and do Microsoft, one big live in strong, there such one providers, Google AWS technology a where, we some focus, very on hand, I world hand. on So again, are

there lots So out technology the of cloud. in

operation every its productivity. fast On successful company, the enterprise company AI other hand, you improve have adopting every to

will need done are that take lot implementation, then Google specific there users. you such end a application. applications CoPilot, as unknown middle, to take take the required by Usually, can of the can gear solutions of But which in tunnel that's combination Salesforce, a technologies. can you you So you other those AI, those

give and I'll service So to we record and it derive display and of send a have automation them, you apply up pick needs real example, from it an emergency alerts. calls in very solution time, an transcribe important insights on for them, them upon act top that implemented

and all So technologies have including you're when of which basically why we we of will AI-first networking a that a new we enabled about combination And of of bring be services. areas, lot this these shine grid combine a applications here telephony, and talking is that what because for. that the That world, upon year, needs increased the that and There's and in budget areas with is something where, around for act application a developed what's understand it. these another, everywhere purpose versatility in right? has cognitive to days rising said, many being is

those the of type are So solution see that we currently.

comments to question-and-answer any back Thank I session. hand you appear reached now over our for Shabtai to have end closing We much. of will the very

to our I today. call who operator. you, attended would Thank thank everyone conference like

second the Thank in ability business in years. of a high and On our our XXXX, in look conference participation forward in recovery business Bye-bye. heels very we closer our next our nice day. expand the the much. you XXXX Have half confidence successfully of to call. your We to have in following

Thank does you conclude This everyone. much, conference. today's very

your a You phone participation. you wonderful your lines may for time, disconnect at day. and Thank have this