DHI (DHX) 7 Feb 242023 Q4 Earnings call transcript

Good afternoon and welcome to the DHI Group Fourth Quarter and Full Year 2023 Financial Results Conference Call. [Operator Instructions] Note, this event is being recorded. I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.

Thank you, operator. to Conference XXXX Call. welcome Full Quarter and Earnings Year afternoon, DHI Fourth Group's and Good With CEO, Raime Art on Zeile; me today's and Muhle, call DHI's are DHI's CFO.

statements This I'd parties, call This release items. call DHI statements for risks financial any is that results. Internet may quarter issued securities on announcing Art constitute the turn is of and broadcast . I available few at the forward-looking release afternoon, over archived from press These actual XXXX, everyone the Please note information, I cover uncertainties. a interested the reflect results historical forward-looking outcomes that meaning concerning differ involve call current and remind website Before today's want are live Relations The views and Ray, statements the make statements. be during that for its do will like dhigroupinc.com. and risks except in and federal on all Investor contained call, a full page and laws. to the statements and performance to quick financial to events today's uncertainties, company's management management's Xth and the not webcast over forward-looking materially DHI to the company's being on of within future forward-looking website. subject year will

forward-looking from the Commission. with obligation cause actual filings and Factors and undertakes include and and XX-K statements reports discussed differ revise update Securities or Exchange results company's XX-Q that could the periodic in Form any to no on statements. these to forward-looking uncertainties risks DHI the other

adjusted can in release, which non-GAAP most turn call management of find EBITDA financial measures, with dhigroupinc.com today's at these EBITDA, the our prepared section. U.S. and share Information copy not in diluted which measures measures over will on comparable specific Relations Zeile, adjusted accordance a reconciliations the to now in you website to Art GAAP and of are be referring I'll call, per available Investor CEO earnings adjusted of Art? to GAAP. earnings about during directly are margin Lastly, including our that, Group. the DHI With

Good performance welcome today to our our Conference for Todd. Call. and everyone, Full Quarter appreciate we time afternoon, Year you, XXXX and Thank discuss Fourth and We financial our XXXX future your as outlook. Earnings

let's the This on no to in XXXX. with for increased compared U.S. off laid And discuss XXX,XXX uncertain where year, in XX%. XXXX attribute XXX,XXX coming environment. the throughout the the compared pandemic, XXXX massive caution exercised that averaged very postings postings much of Over XXX,XXX challenging were is actual job of in to in XXXX in companies along state workers a over year XXXX, BLS doubt monthly in approximately in in tech tech 'XX only decline by First, was We by XXXX tech decline with coincided in tech the of versus labor job tech from XXXX XXX,XXX XXXX. recalibration based the a and data, workers a 'XX the monthly tech XX,XXX hiring in There population a in to market. hiring. occurred that a out XXX,XXX of drop hiring

X%. believe we XXXX a X% hiring priorities will to be these to important and inside macro demand remains high technology a Having to enterprises. in which we will initiatives platforms. ahead, that, most investments said the forecasting continues And drive clear, uncertainties backlog our desired of the once rate economists between sentiment growth begin expect slowdown turn grow with for Looking GDP in customer cautious tech very in

grow efficiently XXXX our as its this as and expand ability to to operate and of by effectively revenue knock-on we as our uncertainty profitability. in continue all consequences, well our Despite evidenced

defense to the a the provides While ClearanceJobs for we started to tech in see strengthen bookings mid-December, a the have possibility of our which compared This tougher big to in us. hiring XXXX. National shutdown signing CJ, environment for creates fiscal although return, for is Defense we X% year positive government still commercial after wait Authorization sales for spending of Act increase a a

revenue, this matter back will of represents do when, Given that when so. to approximately not of We to if increase hiring a Dice that will we remains normalized X/X start is aggregate our a the tech see level. it question believe

XXXX the As I've the from a mentioned tech digitization rate of of to implementation McKinsey our before, Global of because at and of Institute continued jobs XX% grow AI. consistent XXXX will believes weeks investment released ago, is of which AI CEOs couple just priority. KPMJ's is This top of CEO say XX% that survey that a with a stated generative theme economy U.S. annual

confidence find, of All and trend hiring that collective of in secular this of supports long-term data investment to postings. need in X attract platforms once their their accelerate they economy, candidate us job technology and best and hire a the for our million tech the professionals will sense our and businesses have initiatives profiles will gives confidence our tech

for our our focus engine. While we continue hiring we overall the product environment including wait to on in industry-leading what improve, can improving we tech control go-to-market to offerings

up declined past was CJ the quarter dig Having the and while quarter, all onetime ahead in the environment excluding economic our of for XXXX. X%. what decrease revenue lower me and was year, fourth total continued year-over-year revenue Dice X% described. was business uncertain Dice performance decreased as year-over-year. recurring result In revenue lower of quarter our revenue total increased in our the revenue The XX% which let we X% over the year-over-year revenue, said year-over-year. quarter bookings the into Now for new reflection during of total several up the our recurring X% see the for transactional renewals have fourth And revenue I well X that, transactional a are full platforms. revenue, the as quarters across

performance. bookings Looking at our

X% the quarter, for new X% full the and revenue our both the quarter environment. those today's the systems, clients including recurring industries on financial as full down fourth this that industries bookings year. our and for hiring even companies in up While year, Those economic secured care, for consulting, education. Dice several are we quarter weakened Infosys and specific bookings and and Corporation remain include were X% our were Ciena products professionals total for tech health tech services business focused aerospace,

team see commercial accounts to new to intense business a difficult our continue environment, this improvement fourth business deal quarter, Dice's from the team. we Dice meaningful While teams macro third new for in scrutiny bookings including our in saw more

fourth Henkels for secured XX% government Sierra despite increased several McCoy. year-over-year uncertainty the this by Amatron and a bookings quarter clients the potential Space, and including ClearanceJobs new quarter, caused shutdown. CJ

As recent Defense through started December Act the and impact I demand positively midway National has a most the mentioned for increase X% cleared Authorization signed was tech provides to in professionals. for It earlier, spending.

As a XXXX. increased growth in expect we result, bookings for and revenue CJ

on account Moving management. to

and and renewal XX% and and Retention respectively, fourth Dice revenue XXX%, CJ were were quarter. the XX%, in XX% respectively. rates Our rates CJ for Dice

than smaller year less more Dice, attrition impacted see be by macroeconomic our These us. we a spend environment it larger with than typically concentrated While to to accounts that been accounts. smaller clients $XX,XXX continues with for have customer the continue

margins. full margin. was we the In the included a of the XX% which up structure year fourth improved our workforce that and significantly operating During ago. we from our quarter, reduction the last streamlined a year, fourth adjusted XX% saw organizational we quarter, which XX% announced EBITDA benefit delivered a team restructuring in

we some quarter, fourth team members. to the During largely made organization, smaller additional the sales affecting underperforming changes

for campaigns employment from in candidates marketing reduced new amount of we benefited candidate environment. an elevated also We this as activity weak

our will we and EBITDA targeting year margin of XXXX, focus business are full adjusted on a For continue efficiently to operating XX%.

job they consistent advertising to and feed candidate we candidates the agencies signed notifications. improved our search Dice for with to which quarter, contracts product industry-leading their continue also the listings, SMS programmatic delivered applies underlying platform offerings. allow have Dice job as During introduced with pay for opportunities into well the views company function Dice strengthen digitally job an as and clients. only

also bundles contract existing to new increase and retention new to value the initial annual test unlimited customer were page, postings, bundles, job harder-to-fill The boosts company job for this the tested have pricing our pricing selected rates. positions. customer and are positive, new potential results these and believe continuing improve We model. combined a We we

ClearanceJobs during candidate create continue to CJ to the enable to Live develop quarter. Live employers content CJ and engagement. video-based will boost deliver

temporary environment our secular In fourth more continued while impact on growth difficult recurring the trend for across summary, revenue hire right companies in We a initiatives, U.S. all tech expect in continue a believe And adding tools companies we the the as demand total attract, workers our positions. increased there rate, revenue the year. the to professionals full recedes remains grow quarter in uncertainty open had that their to has and and economic our find as long-term for and for their enable economic for investment technology industries, tech the

so that and this on capitalize a for and to doing on ready we profitable in focus efficient are will our improving continue products more while execution go-to-market then, our we Until our manner. tools so demand anticipated to increased

and and a operations, you set, that the saw to functions and us great on financial started new Lastly, tax, have. our and me call, including Raime where taking turn financials business early Raime she December F&A, let also but is is the questions Raime take most Financial Raime? our the on in will and impressed operations, job. hit additional who and her our by M&A our for addition responsibilities responsibility over in past call times about Officer. announced of running of career the with skill What ground tough guidance, strategy we'll vertical we On through earnings challenges as any then doing may in treasury you Raime, roles. Chief Levy direct sales multitude take note, us our has

Thank Art, everyone. good you, afternoon, and

like Group. a and would excited I value has industry-leading proposition offerings. begin, join enterprise I to It DHI that at is to leader its team join to an its amazing I great in product significant with Before is am the a that say very space

with couple analysts growing Directors While I better to to and terrific know months, look here a of DHI. I team. shareholders been cover this help Board a it wait the continue the that DHI can I and pleasure of team our our getting can't forward to the only Arch have you, I business, and has work to been tell

for take you results me essentially prior the through which and $XX.X million, basis Total year-over-year. bookings X%, quarter was flat let revenue the year-over-year quarter. million, a financial Now versus reported the were total quarter. We our for X% $XX.X down down of

our drive revenue X% recurring revenue total X% for full fourth up was X% our and the and recurring bookings mentioned, the X% the and quarter for fourth Art for that up year the were full As for the quarter year.

the down bookings Dice revenue sequentially. which and year-over-year is were year-over-year. was ended down X,XXX with which from million, million, was and last Dice year-over-year. XX% package $XX.X Dice recruitment X% quarter down We X% quarter customers, down XX% XX% $XX.X down

revenue customer recurring Dice annual and X% up to recruitment revenue average XX% Dice per and multiyear XX,XXX. contracts. comes year-over-year Approximately from package is Our up X% of was sequentially or annual

Dice XX% renewal our quarter, our and the rate For XX%. retention was was rate revenue

for CJ ClearanceJobs revenue million, both was which and with and flat Bookings a ended X,XXX sequential X% year-over-year quarter customers up million, the CJ on We fourth package XX% was year-over-year. year-over-year were $XX.X flat $XX.X basis. up recruitment sequentially.

and package recruitment of up contracts. customer annual Approximately Our was is up comes CJ average X% recurring from year-over-year and sequentially, revenue $XX,XXX. XX% XX% and multiyear or annual CJ per to revenue

outstanding rate recruitment For rate the cleared strong continued value retention CJ's XX% the retention renewal professionals. up XXX%. quarter, to in CJ demonstrates was delivers the CJ's was The at rate sequentially and revenue of

quarter. operating expenses. the XX% compared $XX.X in Fourth to when expenses Turning were ago $XX operating to to million million down quarter year

restructuring, to savings As third of million. reflect generate $X $XX our of operating a quarter, approximately fourth full is annual quarter associated the million with expenses with the cost cost savings which quarter the May to expected

team from sales organization, Art for fourth activity additional mentioned, are the reduced affecting some underperforming changes weak during benefiting an members. from quarter, as marketing we we in fourth largely of we the Also, smaller candidates during the employment made As this candidates quarter, new environment. elevated to campaigns amount

For $X.X taxes of quarter, expense income had million. income before on the tax $XXX,XXX of we

tax positions approximate tax XX% primarily reversal liabilities and our from due state to rate statutory quarter the of rate Our uncertain federal differed expired. the of for for as statutes

income We $X.X of recorded diluted $X.XX share. or million net per

compared per million For quarter. share Diluted share. the a prior to the quarter, $XX.X prior were $X.XX $X.X quarter earnings year compared reported net $X.XX million prior of in for outstanding year the were million quarter to we for $XX.X income $X.XX quarter. diluted the per Adjusted or shares for diluted the year

XX% the Adjusted the year EBITDA debt we to liquidity was a $X.X million quarter cash third a million $XX fourth $XX From to for million the Operating fourth $X.X margin $XX.X of debt a of $XXX total XX% to the had quarter million million prior period. quarter the and ago. the at of the at cash quarter, quarter. in XX% million, increased a perspective, million under compared margin million fourth flow outstanding the $X.X decreased of in $X end or million compared end of from in revolver. Total our for year

the leverage fourth of $XX quarter target We Xx approximately Deferred end year. X% continue from the for at revenue business. of last down million, quarter was the to the

X% backlog $XXX.X year. from at was quarter, $XX.X the multiyear the fourth $X.X fourth of down decrease at contract the end of the months Long-term million our of the million total million XX XX% end or was backlog of end quarter million quarter a year which to or backlog was the from decreased. is a of be or of X% quarter last as decrease Our that revenue length $X.X prior recognized committed the more contracts year-over-year. average the was of end at $XX.X million, Short-term in the quarter, the

share quarter, shares did the buyback purchase we under During not program. our

repurchased million our X.X program, shares vesting income X.X the million tax withholdings million under for repurchase repurchased $X.X $X.X for and of we cover year, million associated with to employee the For shares. shares

Of authorized our $X.X $XX XXXX program under the reminder, a remained XXXX. quarter the the million the quarter. and million the at $XX first As of began in end through of available million program runs February

guidance. to on Moving

return in an fourth which revenue of the We to improved our we signs single-digit full result decline environment quarter, expect we low While the not the total in bookings to our we until all of teams expect second across total half new do of saw bookings year. business growth a in XXXX. percentage for

a profitability year targeting perspective, a EBITDA From of are margin adjusted full we XX%.

first seasonal the lower costs such our impact will to margin more anticipate EBITDA quarter we payroll be quarter, due that as adjusted first taxes. However, certain heavily

a to customer improves. sustainable recovery when the and positioned We acquisition focused growth long-term driving economy remain on perspective revenue to return and its hiring well are growth from begins tech

improves. To for growth, their we we current in hiring economy our increased believe across will all while products to the companies impacting wrap environment the up, industries expect is on demand and the go-to-market And hiring. In capitalize me services investment continue our as Art. which our so offerings we technology to are initiatives, return turn call ready drive the focused improving the anticipated on to that, and industry-leading meantime, are tech of with our back let we execution

to an of all employees their questions. to absolute year. Thank take team. I'd is past pleasure It such a for happy to great like With you, your this we're work part be . that, thank hard Raime. our again of

question first is B. Riley Cummins Our from Instructions] with [Operator Zach Securities.

you Art gave new welcome about guidance based teams the to Good trends you year start for in maybe and Hi. saw QX. and how first just you're on by the talking kind forward what business across I the mean you that to both this you're of here, that progress can improvement seeing talk expecting the through we afternoon, of XXXX? month about

XXXX. for Sure. your tell in general a of it's across once to We new all voice business this, diminishment can and you I great of again. Zach, saw demand hear

expense CFOs introduction in in If we an qualitatively, pricing the most any kind But past, in of kind last about this the shift environment. scrutinized you of of of talked it saw November as have because about it, think a new we've bundles of year.

continuation that I deals but that larger teams. So a pickup were bookings the would that when close there actual amount there wouldn't our And business for say pickup levels a activity. was saw projected for the pretty we And XXXX, in was in business of of of was say shift a team new you by came but there favor the see of new we Again, to the sure. are new . with we do saw January, that a those notable there the sold performance, anywhere including in way what bookings XXXX, trends. being kind say we've cautious we in they I performance a of bit our business.

more value? board a Can you talk entice about digging more this really the deeper. just more bit some packages? with and pricing And bundling to on Understood. different testing pricing are and you to Or just a strategy little Dice? jump way going customers bundling for about how Is

Absolutely. Great question.

And by for consulting the are on dice, customers, mean, And a kind company of size each in So what of packages have accounts, gold, of cohort I we business, cohort general. is, of those of the recruiting, bronze, commercial customers. product the based standard set. platinum, in Dice staffing, also and ClearanceJobs silver, mean I set kind

companies, So on so smaller obviously, silver, be bronze, midsized so large, focused forth companies and on on gold, on. would

The way real your having companies the up opportunity technology are of the views the to they to opinion, problems of benefit, packages and of jobs It's of to a this you're with boosting bring number maximize a environment. the combination community that to for in have a we a your you jobs, company things profiles, ability my think together on for order. is search that that that to their of enhances page brand in appropriate being set professionals technology then top able bring to these of post

proposition best bear. recruiter value strong a the right to provides the really that to bring package to tight chance giving a technologists it's So the

is longer the real that And the Dice our opinion, job customers. of that not by done we transformative we've to my the in board platform really was to bundles world. limiting the past, job the slots. CJ the have that's that jobs being these fact in no the that number of X We're elements endemic are delivered Now of platform or something

to well. the packages We have bring that post to jobs all They inclusive are going the additional allow to to them as want also these recruiters ability of they package.

with in is It So part defined natural We take have a the resonating. We package, if it bundle. and us. they we certain a the for maximum professional, customers right interaction success chance value. as together to lot first their seems you taking success. of finding really XXX elements think bundles you great of place these bundles, of said, think in it's that's over already We've and will the what And started a certain creates gives these of strategy them as technology the maximum sold things a we it be saw the mid-November.

mean, to lower Got is your on the obviously, it. into the the Dice. market, Dice? for on lot XXXX? sense of for out still But question just at we around you curious a as have there And a is left go I lower especially thoughts Just really rate at really for end of the end of do much final the shake me how revenue churn market. this is -- of renewal the

which that believe we've any obviously data ones churn don't these lower have the shaken the hard a pretty projecting staffing change that environment. are revenue recruiting susceptible aren't or I of are change. really part. We in the tree in that more And to substantiates agencies a rate is smaller because large do demand the a clients, we of that's renewal rate inverse the that,

firms demand staffing firms the most declined think job have of as smaller that of it, it that recedes are previous orders postings has. -- while indicated, means . year. don't the in had when they we recruiting you job those it's and the the like tech about environment the the It suffer year, the that If they tech number over that course

presume could where shaken rates can weather of But firms forecast, you tell we have is any that the or I to the know does not all year. the tree point we our again, difference budget our in current and renewal for any stable So don't staffing remainder we've if storm the the recruiting storm.

Best rest the Understood. luck with the of of quarter.

Thank much, you Really appreciate Zack. . it. very

from Markets. is Lake Michaelis The . with next Capital Street question Max

First X bookings just on here.

growth are year the growth of Dice of point implying if bookings. was clearance you forward both back So areas just in to half any . to if half other second could I the I'm growing. that's the projecting wondering see year. we're in confidence Dice you're that the assuming to of seeing and jobs return

Sure. that I take one. can

You're right.

And renewable in factor second of brands. year think both We the Dice book. -- the biggest are our I quality half for the bookings is anticipating the growth of with

year-on-year If comparison improve. will you about think

who stabilize So book in just just terms helps the about, 'XX. of talked that us the second in as customers Art in have renewable mid-XXXX, as the churned of comparable half we

guys are Got -- well, your initiative see you any it. where and also the comfortable you we then in took last else to year. of in taken structure? the actions when guys -- at cost cost but QX Are I are structure, at at you And in you you Do look need you XXXX? -- right are guys going know as But anything now? be terms other at where

to the the in way the in of of tell spend structure place. very I in spoke that a team we you that cannot can are Canada expenses environment. that have degree confident marketing those, to terms discretionary which organization and are feel X about our that the of There we trends change I any or We that kind certain the is operate. activity. see team So we on foresee we

their to about where prospects. it, If stand wary with in you little this candidates are environment about bit job they a regard think

and a coming Dice naturally spend. sites And lot so marketing without of to the CJ they're

we distinct We're facing in to loathe of performance. because and candidate revenue change If to saw our we that, bookings realize vary activity. amount trend, very client the again, We see so on incredibly because our we spend the cut can ultimately, quarter important trend. marketing that spend continue back that's that to marketing spend the we fourth on,

been that can budget. we real presume affect we foresee We the again, So assess team marketplace. see. making that the been But trends able our spend our have our to degree has and not changes the population in structure, kind trend area budget that various as of hopefully of forecast time change conservative to of real expense candidate Again, to time in we that is do not but that's can team the we itself. or that I X in terms the our that structure again,

All right. And then last X for me.

we and of think maybe in there about around if in guys you areas it. maybe So tech market other XXXX spotted guys any the M&A you go Is can uncertainty that after? the tech, have outside that opportunities

I would say no.

has anything have seen really terms acquisition. and I would today, previous in an divested a number acquisitions. of share actionable the haven't of fact the price say We given that we meaningful that that been

we would I that's . for make high out strategy term. really it think right least long our acquisitions entirely, say there that we think we us now. and there's at found anything by bar as just a That's that a haven't actionable is that high a sense around bar, not that to pretty investors rule imposed that's to but

you guys M&A, there could and any own? I you M&A just is other market a leave Yes. in. potentially out your then guess invest areas And if Maybe think solely enter on outside we of you

that programmatic. lever. take It's it the want them of very their that's the views see our from investing very on to conservative. line. product say feed to to overplay price don't of year, a of bringing spoke brand-new that revenue and of over for they course X would but more number and is subscription, by or they to I but are importance. on postings not job that nature, of the have I to going a a or We're job agencies, receive nascent called which more be ability agencies making them, additions sophisticated on We're advertising Well, a that to and the its there applies us. is It's interesting allow the based based in number some the I we're making

-- an of future. professionals. intrigued facilitating because say would their good That's There that's are is with X potential that notable. that the So technology a I'm clients this has for transactional for it the area it's towards naturally very hiring gravitate model that still I revenue

Right .

Thank you. We appreciate it, Max.

Kyle have & -- the Company. you is from with if question next Liu Again, Kevin

from more of thing of that to behind the the just assume ask that maybe here some the you improvement in kind there steady of incremental was some to the is the periods trough rate? I in perspective. are in just first wanted level terms of half is and decline you maybe bookings in you expected First half year, improvement softness? continue fourth we growth see that Obviously, positive should bookings where Or terms could to see fair And kind a it about in to of growth of the quarter. back saw getting bookings in

to bookings Yes, that I quarter-on-quarter. fair an we think is assume in anticipate it improvement

comparables it improvement continues that narrower and Dice know Dice. was again, as And year-on-year we to bookings was note, the year-on-year. So in for bookings CJ in obviously, expect, in and for than grow you decline QX, quarter-on-quarter in smaller QX,

So the hit booking expect we to if comparables yet, improve but point. in see not market we've this sure do the based at continue trough the we on to what

then off where opportunity take Or back on year here? of to down spend in kind there you the where is of wondering, That's you're you kind some allows. at hear. going Art, level build maybe up marketing want exiting are start as to this of and comments I'm QX to just to actually pull spend further the QX of is at then and beginning the environment the able great there. marketing a your back And levers to

effects. traditional Actually, site. the X opposite. year. of And of that year. we're to for beginning theory lower spoke But December on of that seeing at our would quarter, fact more means the November any the naturally naturally the candidate in come us spend the and I the there's the fourth candidates holidays naturally the the back spend We to seasonality is having in at of a half amount effect spend

reload actually in the So our larger activity worried fourth Canada that the quarter coming they're their site much candidates about effect the we for would again, in year marketing are in a of quarter than of of first spend any kind prospects. to because because particularly job of this amount but

the Got I what seeing in customer But seen just we've it's would you're relative early days what then to historically? recruitment with it. of sort the lastly, packages, of And be respect to here. helpful. per fairly bundled still terms curious That's package know uplift price

That's the activity twice you know without the CA built take that takes that magic great customer for average they that into question. the that it. our I'll bundle. bundle if the the the features that is or of is the value of we number contract with of -- as part tell business new And kind annual bundle of bundle a itself packages of roughly that it that's comes a would different a value

as So more transaction would you with you're of pay us. getting to for natural you something pay have kind a a money, your lot more than but

Dice It's not sold lift approximately for Dice versus in sold. kind accounts the So bundle when SRC. a a a again, that we're when commercial big range. of of seeing lift is for XXX% not XX% bundle It's is

of compared a we of new studying each But that a involves And new -- for kind we're bundle many lift, so does a CJ, what a see still it's lift seeing for to -- sale sales nonbundled that. business we're There's we're category that still then CJ, sale. days. is involve as but didn't

Got it.

customers going business kind But interrupt. for willing through today, traction good these Or actually to mean you're of new to you and bundled front? didn't seen upgrade with I sales just that seeing primarily cycle to have is the sorry, bundles? renewal maybe that on those And the

been the a less customers. management, I predominantly has are Those account it well. account would so still that progress positive business it's on management are say teams, as for teams seeing we focus for renewing new -- but

. Great

you, . Thank Kevin.

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

that came Thank appreciative call to everybody to know I'm you you. let really today. want our I just conference that

for the with would DHI a day. about or Todd, arrange reach questions our interest yourself team Thanks, will As like always, a out management help please speak . everyone, meeting. you have Group, to if have and and your company in great he to any

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

You now disconnect. may