Uber (UBER) 8 May 242024 Q1 Earnings call transcript

Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uber Q1 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Deepa Subramanian, VP of Investor Relations and Corporate Finance.

You may begin.

Thank you, operator. you Quarter us XXXX thank to and and First Uber's Earnings morning, for today, joining welcome Good Presentation.

On Uber's the Mahendra-Rajah. CEO, have Dara Khosrowshahi; call and CFO, today, we Prashanth

financial present GAAP will we call, today's and During non-GAAP measures. both

call Additional and disclosures a GAAP and forward-looking press non-GAAP to are to which our the statements measures, on filings are this in SEC, supplemental investor.uber.com. Certain reconciliation is each included of of measures, release, these regarding non-GAAP this including slides presentation with in statements. the posted

You place risks reliance and forward-looking may required any forward-looking on differ not as law. statements, except any obligation by do should forward-looking statements undue not today, statements. we to update materially Actual from we make undertake these

actual statements, issued and from results to For recent information the well our our made more differ website earnings and most earlier filings please release XX-K Relations haven't we to in to Form we and cause release, today forward-looking the Investor prepared review quarterly press today press as described and other if in ask risks as with about slides factors our uncertainties may refer already. you documents, remarks you SEC. We materially supplemental to those the published that

We from over let brief me the to to hand Dara. opening will open Dara. questions following it call remarks With that,

Thanks, Deepa.

XX% with up scale. currency basis. growth Our constant off results trips this growth quarter consistent to in once rate ability gross to Uber bookings is at XXXX a solid again consistent, profitable with demonstrate deliver on our a our start year-on-year,

another over million billion cash on and on trailing we that, last grew platform. strong. we XXXX Demand laid hit XX in making growth for QX. With of drivers remains many last just progress XX%, year-on-year for earnings operator, and we record Uber $X.X XX% week year-over-year, -- currency of we constant up while frequency billion gross of ever a you the initiatives months. We're open couriers last can flow At And for another Our to generated adjusted X%, for our time, over week, grew by bookings, call. by quarter deliver $X.X trailing the free the audience questions? X.X EBITDA in on underpinned basis good over of expanded best the out XX% same our and expect

Bank question Your Instructions] the [Operator from of of with line Post Justin comes America.

Anything to the second in on Dara, teens excluding like outlook new potential low or AV press guess, about your and think you the on the quarter, efforts in about quarter? second And bookings and growth How Uber impact maybe, in of a lot stable Tesla FX. high competition? And bookings robotaxi for as lately. XXs outlook, you are on to changes looks mid- headwinds it to then I tailwinds? Prashanth, growth, call any thinking out

Prashanth, to you second first... to want question talk the

Yes, why way, of you out that thank don't I -- for the one question. Justin, let the me get and

the of So course, which users XX%. up the X%. just pricing. audience folks strong as pricing well, Great that frequency, growth product; frequency our had measure is we'd we they and up to audience, Remember, about often for gross Dara flattish. of quarter, using very mentioned relatively the first the growth, then, in for just And bookings. how are a of product; how like a growth think is how recap algorithm many

strong. that's in in growth the guide algorithm. similar second quarter, and the terms see of implied remains for expected what's of products Demand that the composition we So for trends the

both gave QX, that what range midpoint almost -- gave to we another we gave it's quarter consistent I the scaled the identical, we're at over of growth top expecting you of think of what pretty line XX%. and if you for the think Actually, at for QX. guide

where the exactly February. Maybe want guide. color we're CAGR on consistent respect we headwinds. a of We some you outlook just gave be very in bit the performance, with QX press that little to on FX and X-year included we to So the notes release in

-- Mobility's we that out. percentage primarily points want call Argentine about I peso. from booking want got did gross of headwind year-over-year We've X the coming to So growth, to

here be same not that quarter-over-quarter still So we back I some also do that a the prepared to investments said about we given this, currency a would margins did we another mid-XXs QX way, constant we remarks, expect grow adjusted expect in EBITDA basis. I'll made the Mobility range comment QX. at down the for to slightly hold in and highlight Mobility's in

AV let he Dara, me So with pass question. and to the that, can take

Justin, in our of strategy, AVs and really same. it the terms remains

see you of certain Uber, AVs loads the lowering think I side with place. safer fulfilling happens. would deliveries It think has a -- mobility, make prices and swath see to period tech we as a population. fully It of you'll we usually, to is that wider kind long of marketplace promise that of technology when in there say from take or jump time, the a going be to you're going on adoption thing on the trucking be industry. human service, see There's And a a And drivers to well. for going by of see service, time, we time framework period example, is AV AVs along rides expanding actually put really regulatory for human a It of that to think a that to over delivery maturity -- at the or great penetration making kind human of it the of promise drivers any to for same drivers rides. for that combination is the be during Where the Obviously, even Uber. the prices a holds promise lower transition develops, a the available higher And one develop. that and lot increase. relatively technology as of have to very is you going now, not AV. At technology AV. the will be of good a holds you period, we for for First

I on very that systems what payments Tesla matching, to global of very fleet car, developed assets, it's owner and difficult Uber that's money individual basis are we going return the is you in that another a kind demand. the been plug have of just we long And the in owner partner over that more of make that's or bring their the if of into think that a as routing kind or drive an well higher predict put algorithms, car, an whether these we AV to period as a providers us Uber you're we tech pricing, systems time. But is bring utilization place, this demand expensive time. and really, into to enables AV that you with investment make you're if a the AVs of to on ecosystem your a your really

partner think, we're bring will see of Wayve the technology will newer lots looking kind AV we it the allow more that these think classic with in and technologies do of table. And lot of that the same the we we you partner to it's AV of eaters a kind also, we a promise think promise you over of amount period in $X and I we of that players funded well. investments Tesla's And players more example, time. in big as like AV. And marketplace. with terms learning to U.K. and and We're that looking going billion, riders ourselves saw of we for imitation to imitation with will heuristic-based see a there's lot develop going great the It for these And players. amount a long again, FSD. some models And over over the be industry. got to smaller of it, in and we the to product. of a We reduce good as it benefit So benefit have it's promise that, the AV. small that's systems we and excitement a with Waabi to ultimately, see into looks players, develops, required models you players who think a have that development a capital whether think in, think partner this big

Your comes question next Nowak with the from Stanley. Morgan line of Brian

have X. I

of of hone bit drive There's some potentially Day durable investment strategies What the America competitors wanted there. on Latin of want year sort go pulling growth? Then do to from how referenced about one, help unpack little about of think Can just areas the or to course one be I February? in to And ROI. back outlook the a on? about your America. to America driver-versus-rider incentives to go Latin little the I'd you case seeing for second the sort as the bit? One, it been of back you in the that hold did comments the -- Latin prepared what just some a you're hear we your curious back that we Latin you America. in was base Prashanth, in throughout what lower of investment one, in you got guidance sort first about that us remind -- investments us, back with in And comment Analyst intentionally The just remarks holding investments

Thanks, Brian.

then. me start Let

investments quarterly as to to basis bring to then can investments across lastly, when do merchants what can we couriers reminder, do on a encourage consumers. need to helpful do And as about the what what the be on market, to maybe So platform, platform. drivers about think encourage come to we and we the we do to we to a think

operate. we in So based different those a trying basis which what the in quarterly to X on we are among drive rotate we markets on

the of as lower other of For patterns. see on is lower, as the sense in quarter, of put it And we return in seasonal first just first ROI make get investment much some didn't in because Mobility, dollars quarter the quarters. would tends we in to seasonality that than the we quarter into quarter first be us because the later trends for because those the

back We us keep up XQ. in Mobility folks with on from purely see you'll called enthusiasm too out running margin So to it ahead ramp far that improvement.

lumpiness wanted confident continuous you to just a the from we timing are that But likely that we see. acknowledge are is margin to some -- for still trend a standpoint, improvement. want didn't We of great very Mobility to on

Yes. And assuming say, America, and mid-XXs. terms very seeing you're Mobility, America thing first think growth volume about Mobility the we're I healthy asking Latin there, competitive Latin in environment in I'd I'm of in

the investments like volumes aggressively. responding just we say in into, efficiency, see not response, we position have but we And marketplace the a a to we're and have defend P&L, our discipline, but the efficiency, the we they seeing DiDi terms for And that might like in speculate we're it be effectively could efficient not around of there. our while typically, slowed The with that seen It for like world. signaled strong We yet. competitors this network at to be the we're Listen, competition are the to I same more before, to as referring when the going I'd their us seeing bit into that driven quite thing, China think the prep increase, as -- very record is it's out. we market, capital behavior you growth be being we spending that. And marketplace leaning do the so see So a spend DiDi, in, you're strong certainly I in bit news do to and leaning our cetera. of and continue competitors would financial markets much very highly a as IPO, by margins we certainly lots as DiDi temporary. have all we've category this point, up competitive international down we good desire other of our for reach more But and on of Brian. leaning say, a are difficult we we pockets us to et see to show aggressive. of have than

market, the shout week, it that this out the very last for better And nice. everyone. more the with note thought Brian, in for was public we're much is just aligned to I participants

JPMorgan. question next Anmuth the with Your Doug line from comes of

decel XQ. back I in MAPC you saw just monthly wanted the go trips to to for in that

you holiday success think impact levers Just hoping bit the to the some LatAm well? just how what then you that then, that Delivery Dara, in about a little the in and as of talk can fits there? And the and terms you more in key XQ. And strategy unpack of Instacart could in there your suburbs, means partnership

Yes.

first Let that. me take the part of

at bookings Included deconsolidating of that that was results. Mobility's out, Mobility Remember XX% currency included portion but first it us that the the from And was the X came it December. sequentially XX%. look is used again, point, business our non-ridesharing quarter have in or growth basis on in -- about for basis, in constant we year-over-year the a whether it So Careem a be gross in have you split you to that don't in you QX. when compares, on

that's call about out seasonal point. And X more So roughly from we'd a X then items. impact,

the this America, standpoint, we Brazil QX in see recur Easter in that Ramadan demand around between from year, quarters. last timing both And we stronger on a First, did saw in Latin of and Carnival us not shifted year. then

I that very Mobility business. growth at QX. that constant comp a Again, year-over-year for currency overall, confident would mid-XXs on -- the again, much creates on remain say But the some are lumpiness. we of So basis,

Sort the the at mentioned the Dara's what QX. as of Uber opening very LOB level strong very in remain overall was both done and individual consistent frequency -- in are at with levels. audience And strong and we remarks,

it's XX% quarter in our Yes. suburban rates global constant in business Doug, rates about strategy strategy here, growth general growth for very Delivery a of We're similar currency to our happy for our second our for Eats, basis. And on row. the very terms a

audience, generally, have making quite be are pricing Our growing sure basics right. are the have, Eats highly targeted a we U.S. rates to about. got the to than Uber and our really deal ecosystems we And and getting we and the in quality audience, penetration. And that where an Building that to And with service Canada higher are in increasing we're demand Instacart addition think right of growth we selection, suburban which and high. the high-quality destinations, it's higher our urban higher sure very additional represents going about -- the Domino's than in merchants welcomed a And merchants. example, bunch continues to the the is other than we happy time, that consumer suburbs at continue penetration audience of same by high-end faster the increase, brand, and we've and this to making suburbs. merchants. a for rates that, from be of And growth are our actually U.S. we with the

well we positioned in definitely continue So and into forward the Instacart we puts going that suburbs. in suburbs, growth to think that grow we're a think deal to the the us better position for

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

see internationally markets? And Uber Maybe some have markets respect has continued they've sort some anything longer to Uber evolve overseas more a what to One begun also terms Uber revenue scale learn to second, to some to spaces X-parter develop but that layer at subscription of of the you biggest on with continue to adoption? you in do out value you've revenue, One. drive around as Would more available rate, as those One rolled have prepared in out to subscription and depth the the the and of been remarks subscription the white the of love and more call add One incentivizing the Uber run in of

prepared now the jumps One what $X announced Dara everyone in is on fees referred just to -- membership being into remarks in to. We want of Uber Before our the that, billion. I remind are that excess

continue a it's that's on way called big out, for a driving that. the that's our first we've So -- that waypoint time us to but

terms of much Mobility It's per and over in where One were product. Uber domestically it's that XX% remind of internationally. of of bookings, Delivery and as globally. our up the consistently Members -- in kind nicely bookings, now We strategy And are year-over-year. as and as It's highly a the U.S., more Canada X.Xx penetration gross internationally, our global XX% for generating in spend Eric, nonmembers see gross folks penetrated. increasing largely Yes, which generally are members strategy month. One Uber same I'll Delivery

and attachment great is as our to really us well. it various So with adoption vehicle drive drive for a services

We on Mobility continuing of back are to the on On Mobility exciting fee, -- would call a from on initiatives. Cash as bunch when on Cash your on the new that Business we're XX% One And get get the we XX% on get on discount which also benefit. that's Uber discount the optimize the of seeing Uber a being cool. redeemed working is don't up kind often. Cash. over on originally use you Delivery, on well. of Cash earned U.S., that's And Mobility, for of you side. pretty actually, I mid-teens riders and Uber Delivery redeemed rolled get you of example, Uber Delivery, out pretty Cash, the have earned delivery in a a you With Mobility out actually food is is Uber

our we lever membership of as Delivery the terms Cash using is in general terms in frequency Uber to lever penetration seeing, of users think marketplace great into the well. we're a a also powerful our it's that of benefit introducing growth and but and So more that

product we carry premium can Mobility, as can cash-back where of like but think more terms accelerators, Mobility that to introducing a products deeply amount we're product users trying we're for or higher In increase encourage that drive penetrate you now to cash-back into us. the and to the more for margins do any quest extent well we that use

actually say rates. global moving pass basis would our coming of You to and and in on members exclusive lastly, And pass. that annual results we now will a Annual retention higher our up I significantly to surprise members of see events experiences, kind have more delight will which access where more exclusives are then member members.

the cut to we'll XXX see points are money, our And -- basis to on has benefits. in speak, increasing resulted retention so and the in basis March, in we So example. retention nearly able save for year-on-year it members that a

of more to We So lot ton revenue, and in billion there's terms in very a there but there's lot that as we our going think $X with a in revenue. membership space it a relates generally -- product. are think there's we on. membership white We're of membership growth pleased

comes line Your next with Nikhil the from Devnani question of Bernstein.

to growth. I about ask wanted Dara, rideshare U.S.

with pace is more the talk keeping anymore. First, coming can is not growth where the about a new overall second, for Obviously, mid-XXs growth And you service it from? your then bit business? the is

like So still frame it's acquisition feels -- finding or be to healthy healthy it your that this you're new you maybe of just sustains led demos, more smaller a on cities But is growth there still frequency overall it's or suburbs but new however how want helpful. very customer or thoughts funnel, supply sorry, it. would

and very, disclose XXX don't of Yes. quarter by But in basis on slowdown kind on high growth, U.S. that very terms was See, we a is to compared U.S. our of overall Mobility gross comparable of are because you and in see basis of versus bookings. basis. Careem non-U.S. XX% largest numbers These market points last in of U.S. year-on-year XX% the terms terms obviously, of growth growth, Mobility the rates, a our

be at being grow wouldn't healthy. able very, the very to these growth so rates, to speak, we without U.S. So

is part -- growth significant Mobility the the audience. from from, significant I'd where growth coming most say of of terms In coming is

on up year-on-year Mobility basis, XX%. a was XX% overall, in Our MAPC growth

at of area product from year-on-year. new new time, the actually is kind one our you But growing growth growth look that our particular customers coming bets, growing business, XX% UberX are faster. Share, So product, Reserve, for the new When products, we're of our seeing new our audience new Health are UXB, Mobility products. Hailables And is our as all this category growth over of well. at same XX% of these

et our think a whole to growing it's add cetera, thing who but is audience it's were commuting. I work, that stopped would business. very, kind also I introducing of So It's quickly, the marketplace. Last people into a good very commuting lot new that pandemic, with of a

customers. case strong to being lost people coming particularly see We are have some commute use weekday most We the of frequent work. our as back

Some to to that, Uber, here like getting folks people not the and may we back work at back office. but getting love it

And frequently who kind So and they daily see in as hopefully, that there using that of will strong. as the come terms used stopped we were is audience of an of weekday kind audience being we're of We seeing to. us volumes a back, evidence habit. super

from comes with the Ross question next Sandler of Your line Barclays.

a advertising remarks prepared The features features. the flagged of in business, new Great. enterprise bunch

with advertising Instacart your are of against change with guys how partnership non-restaurant of in that kind update engagement? economics just then how the we advertising as the sell you partnership, the on us grocery? an related, in And can partnership? efforts where give And I advertising we the to a ARR? And are own does can guess new percentage So going somewhat unit just U.S. work the this O&O Instacart your -- total

Prashanth. it's Ross,

just couple data me start Dara. of with a off to points then Let and hand

discussed $XXX million -- then First, that and XXXX. and We Eats that's monetize. to everyone, those as our that of yesterday, and arrangement, -- between ads when our hit to use break are mentioned had Dara come the Mobility. And we and a rate as not we Uber was our a do Instacart for Delivery space WebView in click advertising on QX run through they app, folks the down Instacart to reminder and

So let comments. pass off with me more some that, to Dara make to

Yes.

it's nascent listen, in In really still advertising, terms the of non-restaurant stages.

percentages markets about And we X additional in and items, it that talked launched bookings. the priority the scaling now we're our higher X% that. advertising XXXX. bookings. example, items of product, for and think a of example, the think, mid-Xs fully in Canada, in U.S. is We of Instacart, terms we So for sponsored can sponsored of to grocery, getting actually percentage restaurant as gross we in advertising out our gross get in

space. terms you billion start We this to restaurants revenue, a growth that X beat map and items we sponsored similar grocery in sponsored like going ago. moving in we where of So we really, underlying nonrestaurant-sponsored quite to of strong gave very We're the as in brands, we're going expand. very And and XXX in year. the active platform. about grocery to items listings as already with direction a we're retention $X the top I'd it CPG years for confident to And growth be can relates is about we're say clear seeing were it's

As we last a -- year-on-year audience increase of grocery up from this on monthly Eats XX% actives about bought nicely That's quarter grocery. on our basis.

As rider more that out about audience can increases, restaurants, advertising and with we well. I an think to and we a that base can industry think of than monetize can -- But also enormous X.X%, we've X%. that than would business. done bullish we as engagement riders, be it's a audience strong ads. be high-margin rate average We're as opportunity X.X% with of a with the just on less from we're quite click-through very compared seeing it point it opportunity, an

we're happy a and So promising be continue see tablets there. the quite us, to and video growth ads to very for area progress

comes Your of the question next Mark line Evercore. with Mahaney from

Two questions, please.

drag impact impact remarks, you for grocery segments, that's on a why what you X a there about it's you? the when X MAPC Delivery, growth in go then segments those but about delivery, and talk already MAPC secondly, or profitability? maybe into Can just accelerating unit or overall the segment you growth -- think margins the I delivery, those of having in on path the the -- And talked do markets there much economics yes, U.S. for see are there? are can profitability. what you talk accelerated And of Delivery's to retail like about Or in how the prepared like

Mark. Yes,

audience has year of growth closer the been of to most well, this So consistent, year. early growth growth and It's which the XX% accelerated improving teens. is last right? was pretty as that It in is rate in And terms the business. last price. nature We've of now of on growing think was delivery Delivery the we growing growth, growth our

largest the right. price about Now a and basics is merchants growth great are year-on-year having Delivery. portion about small about of is selection, and it up getting on a XX% having audience actually, the or is of selections. the service, basis. It's the just And relatively a frequency in Active pricing. growth, portion improving a significant It's

pricing basis merchant-funded year-on-year So drive lowering are effective for XXX put And into Again, quality. the promos, points -- about Those to marketplace to promos, are then order these price on up a volumes. basis. the it's promos merchants example, in in consumer.

the Delivery top that brand on that, of business then got top to platform grow out And of business. our Mobility We continue rates. We benefits defect terms of our there. audience. to continues the audience, retention frequency, a our course, of some to aggressively up spend higher improve to to in Eats is our we've continue And unique throwing higher over that adds audience of we of All marketing brand. that think Uber brand

structural because so So that have this we're journey of all we this that past couple we that see years. want do We're to we've formula and benefits of to efficiency, efficiency while of platform brings, the that we able margins that do kind the of because of the getting our the marketplace, in of been about is slowing signs no Prashanth, the talk in the you grocery, are over part retail? down. on increasing

take Yes. part last the of that. I'll

The profitability quite there. on basis. XX%, very XX% and top margins still our expand grocery in growth, able that we EBITDA were despite improvement XX% by the line are retail. remain Once growth positive so Delivery about currency business. constant strong. of remains again, business strong sequentially, on And grocery a strong very to we very by and was about that up GBs partly the to So contributed

we the to getting both about So not sequentially, profitability but to it at a it going EBITDA is to still on good want and we feel improving path It's we items. have a very year-over-year come is still to it not grocery. It's and of positive where margin, from be. couple

on that's power up users to XX% frequently quite ordering which left we on are here. where QX. for are of have. our set us groceries, we lower players the consumer opportunities About Continuing are First, for the CPG promotions which see -- Being those grocery and platform, of to bring the of the we some we margin into as accretive Delivery able refer ordering from to platform great ads, advertising.

drivers. think grocery that, strong So be for of we different overall, a operator. final a part eventually time portfolio. With that very think we question, of I the our number overall will have And

So if that. we to go could

final Your Mizuho. of James from comes line question Lee with the

we the attention the get the pay we European New us EBITDA? of Two give of labor here do side, you on we gig impact on how U.S. guys going of to, on an implication minimum on Seattle maybe update plan GB economy And mitigate and costs? about how York and what and impact wage in should think Delivery. to a guys maybe policy should Can you maybe sense forward? can And regulation,

Yes.

bring a couriers, along we with to for should And that that we As lawmakers EU directive, the and countries. continuing to which same, marketplace, states protections work brings on in think major situation to have of a to of on status quo the status until gig believe we bring is local our maintain Member flexibility far worker view mid-XXXX the essentially unlikely we there, the kind country-by-country And deal in vast drivers have discussions current that. kind is of to as the basis. remains that majority basis. to EU the works us, certain implement voted EU talk decided the platform to with with to platform really that be a changes

don't really terms we any coming EU. see So the of changes in

and that of unpopular some with couriers, the we've seen -- New customers. regulation York, of restaurants been Seattle think In terms I and actually has the very

Seattle, which in for courier in us, year-on-year basis. actually saw XX%, is decreasing which we on wait a market Delivery a resulted by example, order XX% has small increasing volumes for time relatively So

So couriers actually which more may I which active Council the resulted but has City getting be certainly mind. they're order, in lot not of think is making a less leaving what per platform, in the XX% had couriers orders,

been York because place And it's But happens yet. there actually platform have and customers, -- to XX% a XX,XXX I had for there. been -- a Seattle a lower in Seattle the close the the regulation, positive couriers in reduce that reform over certainly, of what We're example, we'll platforms. positive number that a it's actually make and Unfortunately, there's to waitlist Seattle, place. coming essentially regulation of bring has in on who think we much platform. the we're have in more hurt viable in the poor for has slot But of important and standard up think on a New outcome for because seeing So York it's Seattle restaurants clearly not has in and the had that outcome the got to City, tomorrow, since Council in forward went New couriers we to that in again, vote couriers the by couriers, to standard we've and want the we've they're be City. regulation see supposed that protect. We'll people the to City

earn a to good think get that's thing. New in people York, we So less don't

been absorb we in different able of regulations the hit again, financial all Now our have these platform. to

is up a XX% on Uber Eats profitability, over in seen our in year-on-year basis. which You've

So we're a big company.

have diversified. quite a markets. lot of We We're

Our who regulations. I to technology continues But these work, City to to New effective absorb want more marketplace York us allows who couriers to in think that regulations, going want people supposed the has see regulators and drive to that hard we're because, in forward path by kind couriers a these hit work, of right definitely hurt getting it's protect. regulation hoping far, the that so they're Seattle

Okay.

togetherness. up, it not products of addition I GO-GET. week both York. in is new fireside Delivery. but great everyone piece, and product we're ahead announcements, Obviously, wanted and Uber features a the in the we've our got next chat remind our across is theme our Shriver. which And get showcases the and be Mobility to This wraps Dara event to will is This New Dara going with Before to annual Maria

can space see So looking reach what out we have. if any are please the get to of and we to you office, out Deepa of

Dara do up. you me us, Uber. join you let And by If is travel wrap only with have request that, my it

for it. that of goes all on CFO everyone, into teams. and thank There's joining you, you ton huge of in and the like work And the is that upselling. My Uber the that we're GO-GET, the seen the talking a thank a the products I call, past Uber for us and be profitability from years. couple into kind into over new products we'll we've about that launching, delivering of growth of

the big thank team for quarter. you this a So for to continuing deliver

everyone. to Talk Thanks, you next quarter.

This concludes for joining. today's conference call. Thank you

now your You disconnect may lines.