Green Dot (GDOT) 8 Aug 242024 Q2 Earnings call transcript

Good afternoon, and welcome to the Green Dot Second Quarter 2024 Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded. to President, conference Finance. like Willi, to now Vice Senior would turn over the Tim I

and Thank we Dot's financial are and discussing results. you, good Green second afternoon, quarter everyone. Today, operating XXXX

open Following the our remarks, call your questions. for we'll

accompanies Our call can and ir.greendot.com. this most at release found webcast earnings recent that be

Securities earnings include filings reminder, Please from cautionary the that the refer forward-looking may and Exchange to release in results regarding Dot's forward-looking and the Green and a differ the our cause could for As Form comments future including expectations with to and language statements materially actual XX-K factors our additional most results performance. Commission, in and concerning information recent statements. XX-Q

that conform principles. the accepted accounting generally do not During will financial we call, with refer to measures our

information clarity, financial the Quantitative Green comparable For The subject call basis. a of property non-GAAP on otherwise similar non-GAAP by the today's GAAP is will content numbers Corporation data of our calculated and than noted, non-GAAP release. protection. in appears today about we differently reconciliation to to of presented Dot unless companies. is press sake talk of be Information information this financial be may directly all other copyright the

over like to turn George. Now I'd the to call

to pleased with have agreement including these would the our And Good fronts, requirements several within and order. which relates with all order, order call. come regulators our related many line our of that expectations, working have to afternoon, our contained you would address to years an It of we to progress with joining prior the have much generally finalization ago. as we diligently am I now. we and arising been on earnings was the resolved that expect, issues. and seen to matters disclosures, thank second Consistent our was in you quarter you for quarter a solid the make by consent continue

make regulatory the these our company experience, our believe will landscapes. payments being the of but prove we job continue customers' ensure top This transparently across the important Security, for are better compliance of priority our be us I money will money responsible capital. stewards while good are and of funds and customers' standards the customers' and and to constantly our of our our a shareholders' stewards uniformly applied I one aspects seriously. most of mission not very of management and stakeholders, take advantage. we and Ensuring and being all to is forward critical our a investments to our finance to look competitive safety only embedded also risk

XXXX we line navigated quarter, we results focused regulatory elevated of compliance with in variety remaining and that and internal fronts. the expectations and deconversions first second delivered the on half headwinds our on our our spending progress a as on We of initiatives. were stayed kept with down, saw associated continued During in heads goals

to been regulatory addition work, have In we doing. the

and return and are forward growth. Green to performance to plan improve pragmatically We our moving continually progress Dot's making on steady

needs that good Our state-of-the-art implementing remain, management have technologies customers' compliance, stewards demonstrated customer priorities driving we compliance-focused and as most and ensuring our first. risk capabilities, building and urgent are a funds exceptional first, stewardship, by been, and culture compliance partner of puts

improving low lost and market onboarding product margins our to margins. revenue, Bank to healthy can come years bringing capabilities Green managing revenue Second, partners marginal prior Corporation and predictable for years and both sustainable and funds and remain in for good stewards by third, Green at our to streams Being replenish building and of Dot financially Dot investor business cost. pipelines costs,

comments over hand Let regarding make additional before comments some for his it I Jess? Jess to now these me priorities.

everyone. in last Non-GAAP segment. year-over-year, compliance million growth we've afternoon, sunsetting good deconversions in EBITDA our non-GAAP At with primarily XXXX. in Adjusted and our retail, from processing in from in headwinds expenses moving conversion. channel and while growth segment of you, regulatory revenue ongoing expenses and to due partner secular processor last program of incremental our in and EPS money the same incurred direct early investment our in Thank continued portfolio grew modest from both decreased reduction benefiting year associated time, initiatives and $XX a BXB from year's XX% George, $X.XX

previous million Our the final quarter for for order incremental reflected established of million the results the reserve $XX $XX reserve GAAP top the year. in consent on

that on and I'll you results key for to and our refer quarterly press release our performance influence segments deck of the segment metrics. our Now the factors touch and will slide

is is segment, of channels. which retail and Consumer Services First comprised our direct our

Consumer first impacted the to segment deconversion by of the XXXX. program impact number remains that a been has pressure revenue due on section retail in the in platform. half our the under growth Year-over-year principally to continued also headwinds channel of accounts active

program, segment low was we've revenue for improvement stability bit and per volumes generally a XX%, this Excluding in and in active of decline revenue in the seen active.

year. de-converted program with Looking begins forward, half the towards and ramp, our revenue as latter decline moderate PLS of to we a more new program lap we the the anticipate

sequential channel in in out signs Our revenue brands is year-over-year direct phased direct showing following progressing of headwinds. repositioning channel Nevertheless, XXXX, the multiple legacy QX persistent stabilization declines. of is years resulted well. which We

while the In in continue revenue, GOXbank attrit. portfolios growth continued to quarter, legacy see to

approximately currently active a active faster on the per makes of as quarter continued channel than the pace grow at per basis, to up channel whole. the direct a at revenue. revenue XX% GOXbank Looking direct a GOXbank

of in direct in from mentioned likely Profitability this under reaches providing the call, we segment when will consumer stop discussed. product. the XX% quarter remains commentary separate declines GOXbank on first our channel, the revenue previously I pressure As

conversion the of single balanced deconversion Excluding to thanks declines. positive year, processor that effective low program some profit control, expenses in the division consumer of the risk declined the the reduced last and expense out on digits, impact revenue

partnerships BaaS growth from which our this channels. growth of segment, that PayCard BaaS driven Revenue the the from partner. to mentioning grew and comprised worth major revenue of a time quarters, is half navigated partner, XXXX. impact even remains deconversions by the lingering other several as the of for It's the aside that we turn first significant in rapid first partner occurred I'll through Now BXB year-over-year the BaaS in

the channel. In growth purchase key year-over-year momentum optimistic of will volume positive new partners. metrics, the I'm terms of BaaS the continued and partners actives growth of our we launch have seen should that and anticipate persist, entire and following momentum existing from

year, retrenched and initiated growth headwinds said, X.X boost industry, the as over continue to has several versus and improved active years. That one verticals employer has which of business face the designed continues employee had strategies activity the The to Our retention. enhance revenue to sales is pressure on channel we've last staffing engagement, activations rapid as improve pricing year-to-date PayCard offset accounts. largest programs the and last

BXB the growth BaaS the profits in time while had saw expansion. several For in quarters, growth despite we solid modest in margin headwinds PayCard first segment. in profits growth from The saw profit division and the modest deconversions, rapid

processing had muti-movement Revenue tax our which of Business, which as business is our Network our growth segment, refer GDN. comprised processing a tax to we to strong season. division, our Green tax driven Turning which remains and by

decline continues our in Our base. GDN business from own face active stem to the headwinds account that

in due and on weigh the existing of partner quarter, the our new transactions third-party headwinds saw those business continued to While launches. growth to growth partners

The from its processing Profitability as both the benefiting solid Network technology Other tax base. quarter segment some in administrative well business reflects while on as as salaries, continues Dot cash in processing remained our to Corporate share and intercompany expansion expense the our costs with earned saw revenue of managing items, to GDN and partners segment the interest some at net on income margin our the Green paid smaller adjustments. and focus a BaaS bank, we timing-related interest and we

Revenue reflecting offset associated last and the year slightly last reduction lingering Expenses of year, are were impact as rate a ongoing regulatory seasonal up with deposits initiatives investments. the from by compliance rising environment was costs the elevated in from bank. and expense at declines down

Now let guidance. me turn to

$X.X may million non-GAAP are investments. and non-GAAP guidance our their headwinds million associated range low in of $X.XX end $XXX billion of adjusted to We on We to $X.XX, EBITDA retail raising results compliance the the of and to billion. $X.X $XXX and expenses to at of our ranges and EPS continued be respective revenue timing a regulatory believe based with

unchanged. or As normalized a At outlook from cadence growth we we increase in QX QX to comparisons largely and anticipate level, QX expense relative due noticeable more projected EBITDA PLS a basis year. XXX the more program. in new XXXX, and to QX in the think be to consolidated ramp for year, of half We earnings revenue expand favorable about improved the a to of QX margins and last margins acceleration of to is similar modest growth adjusted on moving to revenue believe to points our while back compared are the to XXX comparisons our slightly

We the the year. in anticipate segment declines percentage mid-teens segments. full briefly consumer to for Turning the revenues

in PLS half, in and of mid-single-digit mid-teens to in sunsetting deconversions coupled the and moderate new to half the XX-plus XXXX, shift-to-low Following of percentage QX to the expect the point QX with portfolio we growth first as our decline ramp in we program lap declines first revenue program.

transfer flat to and growth digit the of about are digits Margins QX. Anticipate the segment. expected year from our points expected to third-party mid- be quarters XXX expand compared in to XXX In movement in basis revenues year money expect revenues BXB to new some but QX the second with improvements growth to there from expansion and to with year-over-year as are XX%. XXX business revenue revenue XXXX, of in business, risk growth improvement and volume PLS in our revenue increase both half would from single XXX the modest in and Margins in result sequential tax in I year-over-year. the mid incremental basis closer QX Dot year range improved from expected the cost forecast of for in XXX single the continued be management the Green still and QX growth fourth high should timing to the XXX expected be Margins are we basis to QX the a segment, revenue third the growth program. Network to QX high in in to efforts. of mid-XX% control and full to down the cash points to points Due

be In regulatory the our on investments. our Corporate expect reflecting tax Expenses our increase bonus an the and to share be the with efforts accrual to and to cash in as Other and diluted on segment, digits, expenses should the QX $XX be spending year. mid- single our in outstanding. to in mid-teens XX.X% infrastructure rate lower upper revenue fully of up optimize in a should count yields of million in I a shares result prior a related

George. Now turn let it to me back

Thank you, Jess.

your of this are questions, would taking X some to Before taking the priorities discussing at I outset I we the mentioned the to address actions like time spend call.

front, compliance infrastructure. in the in on making investments substantial been First, very we our have busy

our our after with had We consideration and have taking allocating feedback into have that built dollars the plan investment our identified these initiatives. aligning are regulatory own internally stakeholders and with conversations we

addition of made compliance $XX in Our this deliberate $XX in our and a which base. to audit, BSA/AML us area XXXX, management systems, anticipated personnel. attrition verify compliance of million risk face are company that than better enhanced we systems material spending smaller regulatory management fraud been in infrastructure onboard systems to and include acquired and a in the areas help improved and million newly is on and is to of investment active and and enhanced XXXX in higher partner monitoring account the reporting accounts, investing has be internal and reported The

changing been one have on the risk culture many to we invested, that prioritizes these and are dollars the investments management. Beyond focused There benefits actions. to highly

remaining which an important, financial most deposits and a is obvious institution. imperative and the enhancing for safeguarding First financial transactions, strong customers' of our

enhanced key a more our efficiently enhance in our resulting profitability. us us retention, to grow regulatory improved they management. comply with scale customer our Second, and for at to allow an Also, improving lever with these obligations, investments allowing effective experience, risk end-to-end customer

bank. priority, sustaining strengthening next critical our revenue generation our and is The to company and

period ended total various and of resulting BaaS to As of changes active cash sunset have downward as intentionally partnerships on with you as a key reductions transfers several know, and we out channel. These our volumes partners exacerbated factors by been streamline COVID, well partners pressure account sustained on coming retail focus key basis led These purchase and consumer to accounts, metrics, since in including profitability. our GOXbank, brands several declining in our XXXX.

However, growth. we and easily investing powerful actively functionality build have and have simplified invested as serve customers for long-term simplify our to improved steady, scalable, in they I in to revenue-generating we a or streamline efficient else doing been partners product What us business are We as direct enabled have our features and, us to priming platform capacity? more more our products. mentioned, we our our and also building and and

We have importantly, fruit. and also we the partners development efforts investing their capabilities. with strategies. and onboard in standardize to business bear required to our are infrastructure Most out These have starting been built evolve

pipeline has doubled example, probability-weighted For our than year. last the more over

off which extensive preparation, start. a successfully after we PLS and strong planning is Just program, plus the launched very last expectations card debit to month,

introducing Tax year. is Group, Barbara product Santa a Products after market-leading platform division, tax performing and well technology exceptionally Our last

and We renewal and very partners largest terms. some of of we extended improved contracts period partner, with a extension the most to BaaS revenue with announce are financial for have multiyear largest our our importantly, and renewed pleased by

group in early lender have and in expecting our BaaS these We partners an large a to and XXXX. merchant launch signed new are processor auto

finance our to partners access its the platform we Green Dot their embedded enable signed and In that Network, offers. customers capabilities its wanted strengthen have leading Green to a and Network Dot convenience that to

value and demand continue of asset. including digital and also variety the demonstrating banks, FinTech a We and sign this to partners, renew for differentiated of

the and a have PayCard add revenue done in and position than have. now and am our I is of total greater win we lost tremendously the business product, EWA the our work to with rapid partners technology That count us retain to get success support to partner replace with lot continue pleased and and X,XXX. in teams We revenue partnerships a

us cause of partner down we this regulatory they enable reputations. leverage with to and turn on also we perspective increasingly and each important are will with our take opportunities. It's out risk very to focus their intensified services capabilities. partner financial working to and of us companies however, risk power profile Understand, work and in to focused them companies seriously account finance while compliance are want choose pipelines the have will ensuring their The their a be and each with, the embedded associated managing on risk deliver point base to that to customer that

are this in together. and partners We our

have a forefront. interest mutual our in a experience We shared serving customers with high-quality the and compliance at

of The eroded discussed was unconsolidated another obvious previous focus, approaches our acquisitions, risk made I multiple third point for and processors, complexity disaggregated margins. functions compliance but management priority multiple high and and service margins. Again, customer

to catalyst more enables us this our and we So, in a the First, which process what customers. are we our ultimately better as Undertaking and how savings, to simplify doing undertook a front? company, convert to on complicated operate manage lengthy processing platforms. serve project this resulted we has but served risk substantial importantly,

a embarked simplified partner is manage simplified resulted has fewer simplification and we process not result in product or brands technology, I will as consumer have alluded standards. a to company-wide footprint, to on acceptance Second, work This earlier, higher done. that

We to strong while financial optimize Green that Dot institutions. working ensuring Corporation are Dot remains Bank Green profitability and

of it remain reality of in primary the our business sustainable ensuring basis In stakeholders. enables our critical the that as of we we the scale, a all that addition goal to financially invest to drive for strong is of on us benefit components

to through rush need down We margins. have expanding leverage the scale today, scale significant that to path and we

and in partner compliance million regulatory to EBITDA alongside a management brand COVID considerable approximately adjusted Nevertheless, $XX economy, profit effort. the complex post stimulus $XX in Keep of and technological nearly reduction post our setbacks and has company, increased upgrades, costs since totals roughly amounting million. This discontinuations, rise in XXXX seen mind a from stabilized million. amid of team regulation turnaround mitigated of these a losses $XX impact that and backdrop we've

isn't this us growth. challenging and of proud groundwork more the work extremely reliable for future team robust, I'm the for laying While steering through for finished, a time

there's years diligently X year on ago better ago. years work to that priorities, than we our a doubt were continue or we my in We company a are and X no mind ago,

making we opportunities which remain not value are they but hold the will and we FinTech our for differentiated, of We all towards that, the serve going that not strong most from well-managed and transition emerge pathways of we be this build I the as ensuring in believe as anywhere, that markets asset-rich compliant The competitive only goal a the organization, our space. serve progress company upon a are stakeholders. we will will that advantage creating

your now your questions. Green Dot. Thank happy in Operator? to are for interest I Jess you and take

Instructions]. [Operator

question from Ramsey first with is Our El-Assal Barclays.

of growth you My I'm of question model. an revenues, segment? the BXB disaggregate much on Could segment? the from was idea remainder how of of versus that the trying segment largest you by get about in of mentioned in ahead just is which came to the segment's partner growth the sort BaaS our the the driven balance

Jess. it's Ram,

year, from that existing some So, out Key partner, partnerships aside, remarks the if the we call including came from we predominant we had the that newer and of partner partnerships BaaS took growth to growth prepared in that BaaS but Dayforce. the the key put you even launched note last

So, although but we programs grew. partner driver, break was other the primary the those BaaS also out, nonetheless, the certainly, don't key

pending? now things unfortunately. XX terms what like some stable of apologies next Are are Or Got months? of this missed there in other it. feeling of you prepared are the if discussions? contract already, the of just follow-up, that any relatively sort And large remarks, sort of XX -- Could are and to about a covered I quick sort you renewals you

our the given the of our This asked say I answer. would to as And extended year, sit pointed we would we're important thanks. new today, last a have reasonably BaaS of if onboarding year of in renewed under key BaaS I 'XX, contract, current a have over question here, revenue. But as a also that that that is majority in are be in you very this year ago, different you currently I prepared we've would BaaS George. course launched out mentioned BaaS couple partners partners probably relates it Ramsey, the -- signed and and XXXX. will I our and we've early-ish remarks,

our say referring which within to that BaaS I let And PLS our this been summer is in earlier I beyond which business partners retail, of generally mentioned and Jess has contained also largest very stop on, very, BaaS well. healthy consumer been rattling performing the contain have growing the relatively although have was group, that very July last, year-over-year and within don't have our we opportunity, launched before trends. our that partner, And partners me the been that, is performing in just well,

excited we're So, super about that.

you your So, me but see follow-up. I probably over-answered any pause have if question, let and

from question Switzer is next Tim. KBW. The Tim with

My on the here. outlook first question is growth

we year, the above the and or as a BaaS mentioned year-over-year accelerating through all acceleration the the level It for guys the the that broadly of some seems should kind other move implying you we in end areas? have XXXX, given company, of assume XX% of of in higher continued You momentum year. by growth back the we're like half growth,

And the chime you I'll at part of don't that of in the kind the why take Jess, tail. question. first guidance

upper I your mid-teens think in to ZIP back code area. of year the rates of implied Yes, the the in growth teens half

the throughout growth accelerating year. So,

Yes.

Tim, if to -- et Underlying sunsetting ago, mind, cetera. years this prior initiatives course, bit. role don't now of some retirement X respect some of brands are of started I'll with to that, expand the the you brands, the a some my migrating just portfolio, off having So underlying even partnerships,

off of we elevated For cetera. associated the activities migration on rolled last had back ACI, in have the very with will those half of most costs part, And year, some back platform half year. through losses, the by the of dispute-related our processing this et

overhang position Then as we to expect success last Obviously, and had those do not give question guidance, even obviously, of those order. partnerships, current replicate that we've midst believe contracts we to we're extending the in don't the XXXX of costs. renewing think, in we of a the consent pending but our in a lot the

very though shrunk free I years. has if about So, future that. out it's I'd core cash bit. we're comparable even us at business the also that with underlying good pleased our makes you point prior to look That about a think flow feel year-to-date, year,

But high generating flow we're really free nevertheless, yields. cash

the make X was contribution made 'XX. have years, the in also to $XX million we TailFin a year last last in for contribution Now this

but investment similar all Now that's we right the treated for be making not will a next reasons, as year. an contribution

optimistic better cetera, business. flow about irrespective So et the feel of in million cash our $XX at of activities, business trends we which will irrespective least pretty underlying be

I'll but again, So, can. maybe stop got question, take to I I I've where your over-answered my opportunity

that question then side is the No, my great. Yes. on of other expense was things. And

guys Should where right guys spending And already continue that investing has you peak for You infrastructure then to to expenses be of now? peaked. is redeploy Or or to would on just opportunity you on like else mentioned regulatory you should as flat an top lower or there that now elsewhere? staying maybe continue for expect that? we investing the

of business Dot arbitrage. Okay. expand partners. We, follow I you It's and want to the It's Great. your follow talk to and intensity. consumers in We're opportunity on think, companies integrated of the obviously and again some BXB of I'm going are I regulatory We vertically of, environment good. question. other operating building a set regulatory to something a the not about. for analysts in the are take business solution Green our in

not manage as within And mentioned, BaaS have our those, I'm improving capabilities. walls. that good invested, can regulatory because in I've can have we the the our within that control chain the X of happen to majority, activities value so, happen we we considerably all, activities. And if those that's discussing And

guidance, of 'XX the we're have invested compliance giving in not operating significantly platforms. Now we our buildup again, caveating that both

et et year But we've a doing in not some compliance invested department, of BSA/AML, internal people to lot repeat. been the et in the will costs. probably, those in I backwards also be added contemplation So, that And look consent of cetera. audit, in work the ongoing that we've cetera. expect way cetera, activities and order, We've this

don't those to X I out simply not break costs. of I costs want regulatory would elements of our So, But those put, repeat. some to expect

last excellent -- The of have to to we eradicate. is invest what your what in important. an That's part of is question, which question are investing continuing want we in we debt. some would We're portion this technology year very is

have time. product, retail Jess than of has not and declines the product refresh in unit are the our investment As we a mentioned, Walmart Dot year, complete received we seen some persistent user business experience investing material in the That expectation. product for materially distribution our This product. GOXbank MoneyCard for Green greater the

So those investments are underway.

ability X importantly, new inhibits which our technology to X legacy of run products launch those features. platform, a on And

much platform. is by made legacy investment that investment joint So to And that being also of off TailFin invested migrate of the venture. being that is

entity's pool. it's coming So, directly of out our not capital

to the those our our So, in finance accelerate and making investments. BaaS we're embedded product capabilities. for business-to-business onboarding featuring I And future, capabilities hope significantly

to We But we this to would are relative making those I investments like would of characterize as some what investments modest year. do. those

to through in into and of spend that like capabilities and BXB areas direct we as gain So, and acquisition direct some reduce again offer our growing that retail capital primarily some a our would lesser and features we capital and create other new channels. consumers we growth functionalities and the we start extent, enhancement the hopefully availability, accounts

is with Craig-Hallum. from The Sutton George next question

George. for on James

consumer the question to sounds getting out to First it their changed expectations? I return prior bit. is Jess. probably relative in a the But for what's pushed like is growth guess, your segment

Yes. principally it. alluded business, George in retail I the of sort would say, to

enhanced pressure in continued digital accounts. note management we also risk competition, value processes. risk, lower And pushes have cetera. out so, But some et executive our that trends, offerings, doing from higher that We

trends our active on an account have impact some does on that profit. and So impact segment has

that's think of I expectations. some slowing our

we So, the as would are not -- moderating retail necessarily as the declines quickly have.

in the partners. share new then sort of pipeline? then, of you adding any on great side. to I new what guess there or on on pipeline do do couple growing those And Congrats the anecdotes with you you And led what driving the can the partners the added, couple and the service banking is whether wins? think you of think growth on a

been address, them where disparate types that team pipeline the right efforts in and the they had before. it Sure. done Well, led in the And Ruppel the to a on I them CEO, has things and pipeline. that the is to Chris Revenue under of growth a to environment. our focusing couple purpose nice standardize was job I asked of a and became of One very doing opportunities contracting go-to-market getting of Chief consolidate to when the the under Officer, relatively become challenged

course, and job on, FinTech providers. and Also, them in FinTech to to there's banks broader disruption disruption And they've that. gratitude great the been express I and a that's a lot so my of sponsor done of with job, want for industry,

churn the well stories to positioned The churn. market, we're within the You creates that on opportunities best a that within capitalize think and churn. best I know these that all and of

to a important we to and X compliance I for since think regulatory landing be is very all of to we're well some now. our devoted now those years in have and oversight, significant enhancements been prospects positioned this safe for companies

So important that's factor. an

important relationships. They overarching companies up. trend, third, waking have are And secular which the customer

more nature, to want depthful be and can financial a in them more so meaningful, provide that might of they financial they have solutions Some longer relationships. more term,

far. been our have success of factors so in working favor our X those think I and to all So, some leading

the that share? partner. or And Any to then something changes be you lastly unit for up curious in if bank that also, as this of is I'd me on process. that the renewal the economics a service of large a in went renewal relationship And competitive know can

prepared in Sure. initiatives towards a I than substantial did I agreement of partner. allude it important, and provide -- allows latter part remarks other amount outset past, They're that solutions to question, don't have a my of of which the but response to to been the guess, my term in or the your us the problem-solving I is has runway of great. for this that's and longer the to end

been economics, in static. talked the we've past think the which have And I relatively about

So, linear, lack And revenue dollar account margin, to quite allow for some generally thereof I growth of as and was been the have by before, the not it grows. the order to that we revenue margin pleased in we're us mean or call has with but account. growth that relationship. opportunity adjusted wouldn't that, it's in relationship impact that does than it the better

session. This like I would the closing question-and-answer concludes conference remarks. to turn Gresham back George for over any to our

Thank you, operator.

from challenges some take sure. would that to in the Dot. to contributing couple the I I to my time As world deep gratitude around company express some Green and members been an to has much want do gone I to we've opportunity are the team of over our say, years weathered last who a We've for journey downs closing, through time had so

of story. you appreciate a work of our those course, appreciate have team their in our hard all people And interested really great of We investors and and and effort.

all of We've ahead company. you future Bye-bye. us swinging. looking interest So, Thank got a really going keep to we're your the there. forward getting to and great for in

The for today's attending conference you concluded. has presentation. Thank now

may disconnect. now You