Stride (LRN) 10 Aug 222022 Q4 Earnings call transcript

Ladies and gentlemen good afternoon. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Stride, Inc. Fourth Quarter Fiscal 2022 Earnings Conference Call. Today’s conference is being recorded. you. Thank Instructions] [Operator now of conference Investor will Casey, to Vice President Relations. turn I over the Tim And Mr. Casey, you may begin.

With for Thank you and year are call quarter Financial Chief Blackman, Executive Stride’s to today’s Officer; XXXX. James fiscal and Rhyu, and good year afternoon. end Welcome me call on Chief Donna fourth Officer. earnings

discussion Stride of by this of measures. advised can be that also a today’s call conference presentation may be be results reminder, financial found A release can is Please and on our website. a in Investor the include As that financial issued website. the earnings and today’s webcast these are accompanied non-GAAP provided Relations Relations found our on afternoon certain measures reconciliation Investor

this forward-looking basis to and obligation due company’s in call. to historical we forward-looking also could made the latest no make may These assumes of time are made results actual SEC to during company statements described our statements. company’s them important the materially future addition from forward-looking the assumptions events update business at involve differ filings. views on the factors as and In information, performance any The several and this regarding any statements call statements

will have. any the may James? Following turn our prepared remarks, we will I James. answer now questions you call to over

Thank everyone. and you, afternoon good Tim

and rate for school have And not market for over a rearview is a of XX Employment labor mirror. we COVID not uncertainty of strong a is uncertainty. its many, And into with geopolitical macroeconomic remains years. is entered inflation year tough seen decade. that highest the at period we pacing is extremely in of are All the another school completing to and while up is in the economic the tight. our shaping we what have This over of be yet throes sense challenges. backdrop pandemic in heels of the the broader On heightened in year already third

politicism faced can And like dilemmas I extreme uncertain increasing violence, ongoing cater see provide of education. of in. we and the solutions live companies to we happens also We the yet, to set for the world gun ours. The environmental hazards opportunities

of skills set to tools in our light to provide for the younger increasing broad generation practical gain Our college alternatives and offerings without burden of the debt. succeed

do unique markets we our a end moment to been have to to to products not us in that, our evolution we And to have education may who of tirelessly pre-pandemic. available history an grateful in new shape to and our So I mission want am in employees an and help the we are behalf invest for of we behind and students that believe at our in on and landscape evolving order these customers here believe that serve. future. work incredibly that and in amazing all of build team partners folks, services Stride invest

some from year. Now this past highlights

this see to as strong by year. accounts continue our enrollment We demonstrated demand

X% higher. in-year In acquisition below year strength saw the levels, in-year almost We enrollment ended X% while year’s fact, and we the year particular began both in prior we retention.

skills. be translates are students Meanwhile, In they in XX% graduates and in now manage, high-demand churn trends higher of learned if we real-world are straight clearly students taught say have programs more in-year from lower X high years. pre-pandemic. learning for than employers. Awareness conversion. better employers improving fact, and retention we for both the That programs our school dramatically high likely seen have into hire to skills the career to continue satisfaction,

million approach demonstrate This the students. are right from The over in and students. than and very supported core as high those we topped our up continues data the revenue programs effectively business, our XX% results. that in we strategy seeing last career $XXX year skills school remains Our XX,XXX deliver to our to and more middle education efficiently year, to we

We seen annual tribute run-rate XXXX also all well pleased K-XX the innovation revenue seeing I I that see continue learning and of exited to to XX%. have the reset this as $XXX Stride. year. improved over above we of those this for result. mentioned the Award am behind of business. Stride Courseware the the update teams last incredible million year we recently an also Year to Solution with for the success at the new tell and adult an We this obviously, earlier a year on Provider EdTech the previously programs growth gave finished with satisfaction rates great curriculum you a I Breakthrough our our in And of won curriculum, quarter here

Now, front current in season us. remember fiscal important to for the it’s majority of we still this have year, of the that

So, it’s formal too early for to us guidance. provide

this there year. However, a for are highlight want I things few to

levels. Education pace impact has and believe the demand pre-pandemic ahead remains in-person have the pandemic well education as students General to We returned virtual even classrooms. to business the robust continues of Our for lessened from underlying

new career For West application continue upcoming to programs, than In year. lead all program business, our stronger the last robust are we year, and learning volumes across of and see our demand. we in Virginia, seeing opened a we

our are learning that significant there have we growth for program opened programs. new in in career continued Georgia believe existing We a opportunities and

expect enrollment this We business growth year that will ‘XX. in strong fiscal have

students on is number. last a Our ever, starting lower surpassing of largest the enrollment pre-registered year overall cohort

to the to because country. we the support scale unique indicating these across students programs be satisfaction leverage in to point student for able family and and remains. often our shortage nationwide impact, can data Another the teacher a the is mitigate strong position Stride

we relatively support to large lag environment a the and in pressure began And year earlier this We upcoming hiring muted its positive some of funding our programs. the immune the percentage Inflation year impact ensure past inflation but we we had to year. student be somewhat can of largely costs of the of the also locked in, will to magnitude are continuing seeing. impact. we were feel We will all given while real this are not is a

beginning to introduce We will educational services online these provide and new and market into the options to group we believe a to allow of are products learners. us offerings also broader new

few platform. high me probably of products the over offerings, heard have mention a K-XX a including tutoring students teacher You development a these professional for and of past suite career year, platform a school

us these distinct products to competitive assets our and large All enter position. have or of where quickly a on we allow markets, and new build existing advantage

for largest looks to Our going fall. they teacher like of school by engaged this are districts be development one service the professional five

will have Our XX with including shortage the to ways handful piloted this to our teacher of mentioned a while the new of school we advantage. existing try going And use I and district find learning be largest platform clients, is acute, country. that previously in career the to districts and another top are

part offerings. fact, these the reach our and product The to build In in come products efforts teacher coming we fast. engagement. is larger their of districts a to learn our end with seed overall multimillion core sell also capabilities shortages we and wins leverage we launched market I with the that to a to into on strategy for months leverage have scale our to our will to won that teacher and markets just market the traffic model more shortage to enables here help our us expect dollar

our past are with into The few and us is year, reach to our products education that online to goals markets services. for long-term while expansion have particularly Our strong. of years tumultuous us taught solutions and also also I in uncertainty opportunity remains, and remains trends but to digital begin The significant. live believe continue in to of customers more advantage K-XX, for grow fiscal we the end the take this environment

targets grow. the transition turn achieve targets the of us Our Stride’s options in possibly he in unchanged over it important a remain is retirement with Tim Blackman, his Donna us most to front new could, Medina legacy I’d CFO. long-range to left know to now summary and and continue in I those joining has he to she short me this a I’ll opportunities. more Donna. over you. hand She proved already exciting And call seamless. the has and than is CFO me company capable to will has an help new that to the of guide to Thank a new some Donna to Donna? task partner become invaluable time. been like

education I opportunity afternoon James to to CFO. power recognized off always have thanking and everyone. James and the the serve to entire want of incredible good lives. you, change start Stride’s this Thank by Board for I as Stride

Learning will on innovative for both accelerate opportunity the was over and right the wider learners believe Stride’s when to here has professionally. incredible next across on that am believe The tremendously X excited with my Stride to trajectory. choice I of our me, the career nationwide. an both of company chapter and knew investments it was and General on Education drive impact learning, Career coupled products So us Chief growth. I a new I as our years I help is me, grown to personally focus in allow Accounting Officer range presented

to provided Revenue results fiscal future $XX.X as of the met billion, year in an XX.X% capital million $XXX.X to $X.XXX over case, operating beat new XXXX Now, X.X% each products reported the increase increase expectations we growth. was last let’s results. we and million up invested year. in our million, quarter. prior our guidance turn drive Adjusted and an of $XX.X these for services the was income fiscal expenditures or was In full

return proud as We to learners year even of as this results are fall. options we our in-person education incredibly last grew

year. revenue enrollment to enrollments per billion Education by $X.XXX General Ed partially at the year finished last decreased X.X% offset enrollment. slightly down to due higher from or XXX,XXX, year, the For revenue X.X% lower Gen

$X,XXX. beginning However, talked this driven strong previously. acquisition the was have per about over enrollment an increased improvement X.X% the by we to the in-year year, Revenue of

fiscal it state of policies, revenue the Enrollments than open in next was but came per school in Given school what were school ‘XX awareness at XX,XXX, year. as by in expand enrollment did strong high to continues up revenue. Revenue budgets we new revenues to for $XXX.X to about know in strong line per more reaching XX.X%. today We our enrollment we and last from learning year, year as middle revenue efforts. this the for and year. see year programs $XXX.X believe improve expect up high have the continue million million. much not Career year, as learning growth will XX% we growth, this Career XX.X% and business and middle up $X,XXX,

We organic grow finished fourth revenue, growth adult quarter, we We enrollment learning on we this $XX.X the compared were with strong line believe year XXXX expect Education. million of gross in the increase up XX.X%, year per inflationary we margin in with $XX.X finished our XX% basis year, In a up revenue, business. able to seeing posted still million track target. with in General the year. of indication we to in and are this are from XX revenue We gross XX%, outlined in last Adult year. pressures points achieve margins fiscal to also learning of last to a long-term to another mitigate the XX%

expect compensation a grants million, the million, tied driven fiscal Adjusted expenses significantly improving Career We $XXX.X learning, SG&A Learning we X.X% to million. the year $XXX.X of to in $XXX.X $XX.X XXXX. year, were the our last business. exceeding timing For expense of by was increase by year year stock-based Profitability the currently growth, was enrollment increase for quarter. selling, enrollment million, operating issued $XX.X marginally the gross annualization increases for in income The margin. expense decrease fiscal driven down expense. Adjusted per totaled for expenses stock-based due Career was Stock-based was from compensation and in year-over-year was and by mitigated expense guidance Interest XXXX. EBITDA the Learning from general million. administrative million primarily and continued debt stock-based revenue in partially up $X.X last to compensation up

XXXX. interest similar expect expense for fiscal We

provided we Our full XX.X% line guidance was in and year quarter. with last tax rate the

expect saw year. earnings totaled from this tax from $X.XX with be fiscal our $XX.X year fiscal we up Capital this ‘XX For line up million, XXXX. fiscal what $XX.X fiscal year. million rate expenditures XXXX, last we in will totaled Diluted for $X.XX,

This cash ourselves long-term totaled Free behind cash from for we increase in continue million. of addressable operations last is our reflecting as growth from position million organic as less markets. invest year. to We large business. incremental flow an defined CapEx, the of strength $XXX.X core growth $XX.X

cash that organically believe businesses million. Finally, strategic equivalents and to disciplined generation with ended position and both free we acquisitions. reinvest and year cash We the provide financial cash our to pursue of and our cash strong $XXX.X flexibility

I XXXX are provide upcoming on information fall some on more to year. know to to Now commentary our turn to high-level fiscal get year investors the eager want I enrollment.

is still have is to our refrain fiscal enrollment. providing from some the first much predict each and year, However, year it fiscal case Nevertheless, our XXXX insights guidance in year. quarter early Therefore, do XXXX too results report the we to will we into October. as

increases. As we believe continue XXXX. grow be and continued James will we to fiscal growth strength Learning revenue in in by will Career said, driven per pupil our This enrollments

headwinds a our labor impact business. continue to tight ongoing market However, inflationary supply pressures, are chain there as and issues

year ‘XX. instructional inflationary some impact expect We to both and in SG&A costs fiscal

made for decision will margins consistency we will of the increases and remain by tightening a offset in teachers result the in short-term. pressure ensure the to fund efforts labor some and market. competitive our increased While and efficiency fully to This of salary funding employees be in the continuing

is education for we options, believe behind. students investments both Education be as our expect about for long-term Career in the XXXX these programs Learning be success. approach in and full-time the right However, market. decision the we our products Therefore, believe long-term taking online be at deals at we introduced talked We select year minimal launch demand been other that growth revenues we of deliberate employees districts. over fiscal and longer-term. these these note benefit many will this programs have General over and important We investing into a and and strongly are the new the us for to the products first year ensure the It’s to few past as first will a are pilot will will

I incur We we investments and However, products will Stride. anticipate efforts. costs mission want and product summarize, will And more for and for cannot learning investments beginning new by is build sales now new these these in to To off of momentum make and the anticipate XXXX. execute we’re our career in these addressable services exciting opportunities to impact efficiency Stride time company. for much in all marketing success products, the success of be more of confident speaking Stride to strong another for look with This these largely ensure an adult market. employees so be was to and mitigated on to forward we additional ongoing year XXXX who long-term the proud the future. will and you and fiscal the I you contribute our expand the these we Thank our and fiscal your time. continuing to financial

Operator? it I’ll the over operator Now for Q&A. turn to

And you. Instructions] from Thank [Operator first with Markets. Capital question take BMO we our Jeff Silber will

open. is line Your

Are be larger you. remarks, ever. just just Or are the and than clarify Were so you wanted what to would I you being said and specifically if think period few I you education Learning? me Thank talking much. ‘XX? cohort Learning? misheard something your just currently a talking was prepared about in the things about James, about overhaul fiscal said talking forgive it and you time general And total the Career Career we cohort, we which I

Yes.

fiscal ‘XX. So reregister is fiscal to meaning total ED cohort that was eligible both I’m and cohort Career for referring cohort, ending and ‘XX the the to that Gen overall

seen. tell you can by as be flattish what us that. expect used thank we just percentage the appreciate What if the Should I just mean in Okay. just we then we’ve you I to not terms short-term. up as Should it or you margins. exactly? does And previously margin expect go the think you. clarifying that, of that also you meant tightening Again, down? to

probably Yes, on give I think guidance to we’re margins. ready specific not

us doing is across inflation, Don to really impact I we to trying think impact. industries. the the time, we’re i.e., somewhat all obviously think of comment I the indicated, at offset Inflation efficiency. that drive and impacting And of as is – this seeing uncertainty to its both are still degree things same and

not short-term, labor some to of impact two-thirds And the compensation we to base is now that so inflation related could cost have in But I in clearly, some on quantify the of going impact on it’s and everybody markets inflation, think see the our obviously, in we tight ready knows marginal country, us. when it’s think do and right going

you and General Okay. I’m could long-term In you Fair I that be show low you which that X the revenue your results more. Slide for do just low already not to fiscal Would presentation, I enough. If line, incurred look just over But at great. down financial going curious Thanks. in your target? why it the sneak is you’re outlook XX fiscal flattish? one not, of ‘XX ‘XX. Education If If above years? target, of you the increase your end it the of be why the you’re just think next end compare

Yes.

sort So the will point, going range, in whatever given for caution. update lot just that the moment, the sort of extra at we And these today, growing to just our this. uncertainty market think appropriate current we given to where obviously range it’s want that be and we we them indicated we means that going And they we all to our Education in will here. we the trajectory, I over of range. But now, the better to that on trend be out and we’re continue fact X I already go in think marketplace time within be to where we’re the The think we’re Jeff. in to the that uncertainty I to November in of a clearly, for objective a want and both great we And Career see just clearly put keep is now, are General think continue Learning.

understand. I the it. back Thanks will I much. so Got in queue. get

We take our William will from question next with Sheldon Stephen Blair.

open. is line Your

at this you the you’re role, from? thanks. success hiring than Any still channels about how on on are anticipated ask demand. Or maybe the in to said that much as detail where the recruiting same teacher commentary, year? teacher results you the the some normal Hi, point Congrats Are side? And in you’re and some on is recruiting Wanted where up widening relative historically? on the you’re sense new you of to and of last you to kind have kind having recruiting capacity think rough earlier hiring Donna. I your more

Stephen. Yes.

– think existing is each sort way is to at recontract each we’re looking of year facets would full what I so with higher say group first, the of I end onboard teachers our we I it and the teachers. that important and of that is multiple probably most has – to think year,

real we that – stress of, on play year of enrollments that created the previous years going think, first at system, the the in happening when Now particularly greater had in in time of because do. sort late up how uncertainty our saw COVID, I of, some the that around and few and catching say, lot to hiring I’ll was a had we a spike fairly to our season, are happened out, spike

team same. use in of some I still terms year, the level think, to our successful And around higher base year, won’t us. a difficulties. serve. on ongoing hear, This the students we we’re the in of not been think things that teacher that opportunities we’re satisfaction offers started is it’s shape I and a team, teacher of, different make where that we we in may strong, more – just that say, practice largely intended still the are overall think we the to have think customers the season just more way, that options. overall culture largely across environment, to helped or exacerbate towards for them. they shortage some but correct broadly sort disparaging and help we of they of serve in you opportunity trying we are can within trying of in it’s we like community But same. be we drive flexibility no get with, that the to than that great the And want think the and credit use the this second parties teacher any The we general to the to I this use opportunities I and build want I’d But type think, as a channel past. and earlier a I sort have who – would some to, the had we hiring, channels than all too much And different that to we I teachers other third teacher teachers also, certainty more a within do but U.S., offer have. current of the different form, much type offer about of we’ve the Obviously, teacher

sort And for trend the over advantage and that of to some next so the the us, think think may real marketplace several still long-term have I our hire. we opportunities I while take acute be shortage position, to nice in teacher continue teacher years, of the is

just Got revenue helpful. in And on learning side, there. That’s really a sequential follow-up nice step-up adult the it. then

growth I business few different growth assets puts thinking some as So, next takes And then we the about between years? the you the on there? to that would what’s about love and guess that in detail think more in are you and get the driving potential how

listen, I learning. pillars Yes. two our we I mean, of mean adult generically speaking, have

the skills first into have the experienced to then and know Healthcare nice side, past year. you the little be And have technology the this both of half end the bit sort of And have skill a careful Allied of I We accounting mess the heading side. year. because we up growth

– saw But actual than of higher because you accounting the of as year-over-year back think We skills skills in in well Allied happen. growth where both much the does is Healthcare the actual every year think our type XX% growth trajectory, we are Donna I just I of technology organic that the saw and training reported half in this as see normally So, seeing training. you work. the strength organic growth cycle, true mentioned, the and way growth,

this, providers in is see periods want get to that re-skilled. talk to about You people recession, of other tend will

I cyclicality those economy. think strong in see some that this are of to those we unemployment year And going for XX% a demand and those areas, healthcare I technology. within And demand two think nice seeing of verticals. what think of we to both I saw because the are X north we was, continue earlier of million, good when

So, I think in we people those areas in are areas. well positioned within ongoing they areas career of be demand strong the filled and to see marketplace those that and have want trajectories

think So, we well I we to positioned, are looking actually pretty expand. and are

of There expand Healthcare We certificates our could offered. try sphere. is to terms example, have certificates for offerings the be in going are about Allied types of we footprint in in Healthcare, XX Allied to that

the And bit always that see do sort And at we acquisitions the on present I are our good expanding to of if so you for balance will as us mentioned, Donna over they footprint high think a sheet little time. themselves.

Great. Thank you.

Instructions] next will Greg our [Operator Stanley. Morgan question from Parrish take with We

line is open. Your

you is just above the for Thanks that same on up, of it framework magnitude we both strong sort roll very the a X maybe we Congrats I will right you be Good long-term and not guess I little per years the but XXXX to unpack question. inflation. about that does as Hi. it bit, my have, revenue to the then? talked are at about but but sort going enrollment, way evening. results. I taking want forward of think to have mean guess below inflation? current And to the I

Yes.

to high business revenue per for across that will of capture for students is But sort of you which obviously with into tricky do essentially There yield reporting I environment, little of overall obviously, a that of the enrollment, that a every ensuring yes, funding educate different meaning get number is a element, those the mix. So, third bit other that which their to hundred a this is here. number that bit it, is a our for for unpack that states the of capture funding. factors little reasons yield try or states, you was had way one the you of element has XXX play

And that pace opposed focus also there funding trying there inflation ensure we certainly with obviously the in funding at meaning our with convince least we that to are And and policymakers is keeps sort three, of improving to it. yield on mechanisms. program across so other all to out

with We are are doing to always optimizing looking In dynamic people does inflation. we be see in year, to growth fiscal coming generally seen years many environment to year. couple What the fiscal obviously, Again, other many, lag, the for a things of funding is we growth prior that obviously, consistently component this over yield our take that on per we programs reported revenue in mix, overall long-term the we ‘XX, will average continue we advantage funding continues percent engagement, And actual mix – may are higher mix. to increase that environment, the at percent, yield. funding that i.e., to short-term of trajectory the within change a but can consistent improve everything years, which and have a particularly, year our which couple amount. leads for strong,

Now, up. it’s belief our catch over that will time

and However, it is caveat big there each state state to the in subject sort at of funding discretion that, the a as to base which of flow. is each a tax is

the still pressure, legislators pressure to that tax those disproportionate into education, become And going if allocate XXXX. put funding under enter on so environment prolonged state funding will we of we amounts if some recession, and a but bases believe to as it could

revenues negative those that tax but really prolonged there understanding of we believe the where type So, to coming going lag, absent and this without be any we share sort pressures, for because of catch-up way. way be recession. will of will will do why our some that’s it’s into that obviously, we enter will we of will hard I to programs that. tell sort that come with will for as should, educate But it in are year that the we And generally hit just rightfully hope climb education fund that think see legislators also to a it like funding any and inflation other, best a we and

very mean the about of That’s of guess you of Great. these and Career sort helpful are macro haven’t sort Okay. color. really are recession you. it, talk just you both assets – And about them? then to I And sticking of businesses, Learning sort I newer talking since can we with

bit a them how perform the perform, and what Ed, in We so well little think are there? What differences? recession? different and as a to up that’s really you puts these Gen dynamics. as hold are Do expect takes they would the seen haven’t you funding How

Yes.

think you I I do think technology know and sort we earlier the hold actually I that adult operate, am referenced which on about side, I they Healthcare going three of the And And Allied in I the particularly the talk the in mentioned two, So, verticals the recession. in correct. will career things. well up to pillars.

I up particularly think employers we, recession need get programs, not and school that where school technology, high and speak ladder while just the with past I hot, providers, in to on up well our year I we I pretty trajectory an be the think high enable of of will, our we other fact, which skills on that, for And expect increasingly up. looking not increasingly is the lateral also am sort those first now previous hold opening the about or goes high I markets is points talk student high trained if to will debt factors, see for And kids you that talk be also labor we prolonged bullish recessions, tight which really and looking agrees get really kids may is And to employment. in while think another generally I would about kit, I to really is of going school well. increasingly the to I to everybody in doors think allow skilled in certainly so years, bandwagon or I graduates, program. employer-driven for our the think looking healthcare most think long-term, their on seen And of couple to I I to high sort a career because tipping career generically markets session that in over for have high skill actually And recession, re-skilled school combination and crisis school. see head third of think to high up sets get past being people think employer. And hold into their of recessionary really the be times. over see but opened marketplace. here, getting school that unsustainable. going eyes that that school the it’s the you holds in pillar, about if programs that graduates I but

a past few And these career think over had of with school coming have see that really comments, been going very is not I you as play and we factors. think with be have school great one platforms. launching which that of got just to that the have going country. confluence that factors, XX that And you the in additional well the I So, years. current the programs years, successful, are I in get we that that top going are mentioned platform pilot we we programs to confluence of we in the I are new well district, over fall will districts and has large in to into we the think here very my traction

all three there of strategy or recession if are you is not. those they current a well will, if prolonged bode of do well or if So, think to colors do I elements, our

I about just can. one want I M&A. to if more I here, And just ask in sneak will Great.

the to you And a there sort aspect what’s then still the couple you when chest sort have of you you come and I ready the of or plan? a aspect, Are are bit of of war of up, sort here. will from guess what are I see second I investing sort in last made external over guess attack are an of sort able two market your down sort the of acquisitions of of a they pretty still built opportunity? in You and ask the disconnect? digesting years, enough? Is you aggressively that is seeing Have terms you valuations? ways, internally

Yes.

piece are come right back we able valuations. see So, first But I marketplace. think address the now one to deal second a and of we I ready in that will if do the and to attractive

So, I think that we on are always hunt. the

to and I diligence around want a discipline retain of do we how level think them. we

well. past goes expectations part deals Clearly, from the have come and actually have valuation effects see valuation. metrics that look to the of what your on And we that we we least performed the very would for always into [indiscernible] are of couple question But first and looking. in model, ilk, of at continue I down. think

their and looking they we the career-related valuation talking weeks somebody that to third-party And over pay. were down price expectations expectations frankly, – a I were asset. that a of to that which It have point I in have in think not we marginally profitable about growth, there. Xx valuation Donna and The to couple was around But willing come were XXx assets. process was ago and have is the revenue. are I market. busted a an They to about come actually asset However, at and down Xx was

come think them enough the am they I to make sense do to for seen, while So, to we have far down in started I that assets us. financial down, of sure that come have have not they types

look. still but disciplined I are careful continue very I to overwhelming an still look, we will – be some be elevated we we still want be how in have active search. overcome there think continue So, to about strategic marketplace in to to opportunity just – I our will to be be prices we but will will today, what the

Great. and Thanks congrats again.

Thank you.

[Operator Instructions] And time. questions are at there no this further

So, ladies and we for your and call, you today’s participation. thank conference gentlemen, this concludes

now may You disconnect.