Emerald Holding (EEX) 3 Nov 222022 Q3 Earnings call transcript

Good morning, and welcome to the Emerald Holdings Inc.

Third Quarter 2022 Earnings Conference Call.

Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include remarks about future expectations, beliefs, estimates, plans and prospects. In particular, the company's statements about projected results for 2022 and 2023 are forward-looking statements.

by to could of differ cause those or subject other uncertainties materially are indicated that factors actual implied statements a risks, variety and from Such statements. such results to recently and other and Form forth company's on are Such filed Form risks reports XX-Q factors periodic and filings. in set the most subsequent XX-K the company does forward-looking such statements. not The undertake update any duty to

presentation management believes or the call, today's U.S. company's isolation will this The can company's useful during measure measures, the in it as a substitute can measures for these discuss GAAP results should Additionally, in prepared found which information earnings evaluating in release. GAAP. be in accordance reconciliation performance. to with be considered not comparable The the of additional most non-GAAP non-GAAP of be

reminder, XX, this Investors on available replay through XX:XX Time being will recorded, p.m. company's site is the call this conference Web XXXX. and Eastern of November As a be section the of a on

turn to to Please like Chief Mr. go ahead. now Officer. and President the Executive I'd Sedky, Hervé over call

live on content Thank progress core good business towards produced everyone. to morning, another I'm results. to all quarter, to third you with and today strong commerce, focusing be as and of discuss of We alongside you, services our pleased event continues Paul, connections, quarter our our pre-pandemic levels.

to e-commerce adding and which are shows, offerings, trade complemented customers' is story events investment. content industry-leading we simple, and our business-to-business Our return SaaS live produce by on our

mergers satisfaction, always on exhibitors, participants; our taking and which tool investment. two, with about opportunity generate is four, pricing, helps post-COVID balance sponsors high-quality returns the future of our and that's recovery live our toolkit; sheet growth a on and our centricity place; e-commerce from SaaS retention to new We cash which multiyear three, attract five, exciting acquisitions; and at Combined flow focus complementary higher live unrelenting levers and ahead. our disposal, difficulty] platform event has launches; customers [technical that in and including: tremendous drives have six, the been one, free growth continued our and new to several our events events strong customer characteristics,

the further to begin, $XXX liquidity, to we for total outcome I'd the and that me focusing we to suffice like proceeds million. bringing CFO, the and in insurance significant final David in that during the But say, by $XXX will business. this of XXXX that note litigation XXXX, looking financial we our million proceeds contributes to received forward we're quarter, events Doft, the COVID-XX with related pleased were impacted for pandemic-related section. insurance growing pandemic our to discuss the Before settlement are on

York and and iteration we pleased with that revenue pre-pandemic levels. results. X,XXX exceeded days June, XX XX,XXX also over Week both attendance of New event brand together over that included X first want in world-class to brought from pleased the the we attendees month's The edition show couldn't speakers countries in I This and were more be the Emerald's Advertising since of is last say with how City. of acquisition

consumer with to the extraordinary biggest flows see type the was marketing This into plugged business growth included opportunities as some stable and broad the of of becoming, also as audiences the Emerald platform. a far well of went attendees is cash that example great events companies means is of traditional It generate Emerald premier beyond when in the tech breadth space and world. in that the the brands

we from The work industry Week the Week to and team Advertising business. a connections to grow forward pleasure been we to more and their as at work together has enhance Advertising and look with, expertise benefiting

our highlights. quarter Now third turning to

you, Remind more were took shows off-schedule that than slots returned regular with exhibiting many for levels for year-to-date. XXXX those of third companies. XX at as comps, of These earlier QX that XQ in quarter quarter activity XXXX. place XXXX events, this of to of first were shows, year-over-year have saw live their scheduled because elevated year a looking shows in We timing COVID-related of pushed last business attendees delays. Adjusting our we X,XXX nice reflects the acceleration when of originally in-person you're XX,XXX date our into and the and half

of recovery and we Importantly, we as counts continue attendee exhibitor continue pre-pandemic the with be levels. expecting close pleased gap increasing to to in-person eventually and surpass the events and

revenues. year in-person expected shows and will almost shows. this trends These pre-pandemic of validate of certain in well with already with expect sector ahead. one substantial This brands value go, others consistent we exceed meet others while experiencing. what are positive are our or We our And what to the continue quarter our is to [indiscernible]

their an business contrast many In trade budgets. a high customers' travel We on and remain shifted investment to units, to virtual essential BXB of part have return of new offer shows permanently formats, generate with marketing our consolidated Trade in-person provide are which and customer grow peers new products, offer to often and network -- a and shows biggest-selling leads relationships. year. the events of space single sales, introduce

of this purchasing unit feel tens touch Consider there validate be or the in the thousands of to your to buyer compare and is surveys suppliers to events value. average talk at counts that these products, one thousands, continue essential. Post-pandemic ability and to alternatives hundreds, the in-person even is

from XXXX. BXB Media recent grow for a XXXX in will projects Outlook rate report the market Entertainment PwC Global the compound to high annual growth And that at trade shows & the teens

we Given our pricing events. for these business through embedded show growth revenue have space rentals to core trade drive industry our at opportunities in trends, positive

power shows value, maintained on delivering are are are return They're able long pricing high to as the an as reason our our spend we for deliver that that a value. to able simple generates investment laser We've and customers. for greater we focused

in of space two are and the drivers exhibitor pre-pandemic near-term. capacity, attendance the growth shows went rates biggest our As revenue organic back to our

of dive these of three we we that daily. now. pillars XXX-day customer executing have value are each creation These optimization, on portfolio into are engagements. said, centricity and That I'll

creation first is of portfolio optimization. Our value on pillar focused

want Here, about M&A talk opportunities. and to both growth organic I

with more at shows, to New an Decentralization It's digital the Emerald including growth. an come to recently, or new continue group held to with NFTs year as technology launch our for we metaverse. X, DX. Deciphered conference several our of leverage assets, Starting edition and Web This inaugural in in October next organic blockchain, exciting been show and C-suite held executives brought on Xcelerator year. financial together educational we York Most

a hosting are innovators to Expo be forum discuss of the will and professionals psychedelics. of researchers, mental And health platform for edition next In year, between corporate reMind, the and hosting X connections care fostering we health growing weeks, business industry and organizations leaders in a employees. partnership with inaugural to seeking and MJBizCon we Mentera, connecting dedicated their Conference, solutions policymakers our entrepreneurs,

In apply per are X contribute where flywheel. each targeting growth component revenue opportunity we Emerald's Over we new points a significant of expect event time, cases, these organic incremental we year. to X to of with to see percentage high-growth industries BXB launches

operational portfolio optimization efficiencies opportunity live in significant acquisitions. pillar the Another and leverage part States. a scale BXB of Emerald's to of consolidator a We United events leading to made continue being is

the fragmented only Even estimated an as market of Emerald based shows of highly in trade mid largest U.S. the single-digit for country. the operator shows, represents percent trade

to substantial acquisitions complete have revenues We to tuck-in audience. and runway our additional grow

made In quarter the professionals content XX,XXX the to mentioned more end and in event in addition the event just later together to than at fourth Las cannabis York, Week we acquisition month. MJBizCon, alone, leading XXXX, I Advertising slated of Vegas is this in New a bring

From $XX to million tax us a in a assets. present structured excess of our perspective, been financial also value acquisitions of returns way, in tax-efficient expected provide have deferred

Looking continue opportunities. our to of pipeline ahead, build we acquisition on

allows We ensure other exhibitors believe for key Not we're technology can operate we we to efficiencies, greater enhanced and with matchmaking platform and over can Emerald's as events. SMBs scalable floor returns and acquire us capabilities. gives scale more us generate advantages experience only but with we building that bidders

also we've that serve the platform. capabilities added all Emerald's to will of Beyond increase roll-up parts value the show trade of opportunity,

In our customer engagements. By that our gift home wholesale builds the established while the events value that we and Bulletin, we show and e-commerce platform are like Bulletin, third of with offerings core adding NOW space leading services Elastic. business with York acquired XXX a e-commerce day of quarter, aligns compounding goals New on trade in our centricity the we and furthering

events of Our optimization helps industries. a us spanning slate maintain on multiple focus diverse portfolio

countercyclical means that as entering be experiencing industry a uptrend. diversification industries may headwinds, others Our are

within base highly with event percent base revenue. And remains in single Our a of than representing with X% single-digit customer no customer show largest revenue, of itself. trade diversified our highly more exhibitor the is likewise diversified, the

consistently our of and per customer Our centricity, per revenues is second which increase pillar value should to customer creation revenues serve event.

build first database to improving consolidated are customer value. We and of technology to investing a our party in experience dedicated

portfolio amount Our and seller and Emerald. that side has e-commerce untapped both platforms data resource generate trade been substantial shows, previously the of a for media of the buyer on an

data, find content increase into our shows this generate gain activities, centralizing customer. other customer more we By better relevant ultimately helping helping insight revenue within leads, and Emerald and network them the higher-quality and them to per

with data very technology course, our of developing are, customer consultation are to protect close of and need the our We mindful in customers.

while to putting always clients' is first. service Our end goal the provide better privacy

improves rates easier it our space customers early events. of offering attend losing benefit to next greater their of also and into avoid XXXX almost on-site XX the XXXX only floor. on but to giving revenues, the has making our Another way shows the customers retention us all by preferred our for the for we is not at to months visibility events are it Emerald rebooking of events of This rebook incentivizes

Emerald content our The shows conferences, means our pillar XXX-day of value software. e-commerce from engagements. our with to is This strategy to and webinars, points media providing platform multiple creation third entry customers trade

engaged effect customers is round. sellers industries Emerald stay goal flywheel where multiple here and Our drive offering avenues to and a their is to year with buyers

trade higher per opportunity to cutting our to and at sales on lifting make customers thus one pipeline stay rate, the leads In a to connections, two brand their amplifying between attending our build or of we a want shows industry edge year, and the value. to actual changes, offer sales convert

board with the the the placing ultimately things questions a They through pin on how message platform can environment. virtual for order at leads. then Emerald the For generating time Suite. help e-commerce scan example, our items Elastic shows first buyer there, and trade of new attending platform, engaged come can From items we through their will shop to and may leads in see and show they and them seller to those products and go keep a home A the can Elastic our customer look the one the by in platform.

the them Emerald content, attendees In straight can insight on the to have shows annual drive to those engagement for of use cycle. best data lead have they to the on meantime, generation. We gathered even advertisements them cross-sell can offer we show outside where the further events, our potential and Emerald other relevant newsletters

powerful to we've to and very these most years. benefits X realized I we is near as flywheel, the productize advantages in that the for be the technology want begin This that been will building future past emphasize of data and

as expect We next share on front updates year. more we have to progress to into material this

delivering revenue. with through the rates fundamental we industry our higher our space trends and To attendance pleased flows and are very ultimately conclude, in that are the

of we've larger that start If before a through investments add the the revenue you made since than we pandemic. much the our recovery business COVID, all are

supports above our generation. we enhance cost drive advance, top in a invest we for efficient negative cash sheet business collect profile, have we up growth On a growth for our free working capital flow that, structure that a and substantial to capabilities, industry we where business of and our highly events ultimate believe rates. And model year with Emerald strength beyond and to and balance have in should revenues

the turn me over to let that, call With David Doft.

Hervé, you, and good Thank morning.

space. event and are to Hervé quarter year-to-date recovery believe results the robust with very our earlier, pleased they this As we point in and a live mentioned

Jumping our results. right into

$XX.X quarter. as the $XX.X million year quarter in prior revenue compared Third was million to

of staged important half the an events COVID-related into many mentioned, as their Hervé quarter context for originally year, in third This comparison year-over-year year the year. pushed for than were we given were slots, last during faced first significantly scheduled As first that timing half that more that is staged year piece of delays normal which in our of last of XXXX. year time affected this in the uniquely shows shows means were that usual back events XQ QX the

breakdown as the and in organic account also includes impact To the businesses. of have we It well our e-commerce earnings that our takes revenues, of a the better a comparison, given software provide release. acquisitions shifts measure into timing non-GAAP subscription as content

mismatches XXXX, of in On million, million compared were that to organic scheduling and the the revenues year. XXXX period as basis of for and million XXXX adjusting quarter between $XX.X for organic an third or $XX.X revenues last increase of same the $XX.X XX%

Ultimately, year-to-date somewhat, commerce the the recovery in earlier largely is the the we reduced best of issues has quarter while software content XX% business. growth, growth technology the continued and to the business mid-XX organic contribute due our growth overall our in to of year. organic continues XX% the And indicator business discussed

proceeds insurance million in the the $XXX.X was impact EBITDA Adjusted to million prior $X.X in September. in quarter, reflecting the the quarter as year of received compared third

negative million to million the compared have the decline trade of as timing year, the prior $X.X previously insurance been million described. I in with adjusted Excluding $XX.X EBITDA $X.X shows, as attributable proceeds, to would of

for discussed, adjusted Therefore, we QX first year year. generated positive issue, of EBITDA the million normalized insurance of as compared excluding to of bulk negative $X.X which $XX.X of EBITDA, would been quarters a a in absorbed shifts on $XX.X last last basis million adjusted of proceeds, three just the scheduling this million. Year-to-date, loss calendar the have in

improvement the X XXXX. So through a million months $XX of first

other the of insurance total Hervé third is As million. million received we the proceeds noted, million $XXX.XX litigation bringing million, recognized received from as in income. to final $XXX.X our $XXX.XX settlement Of proceeds quarter, $XXX.XX

the earned that have notice we profits balance million a tax relates $XX for on the tax received. insurance to the sheet. payable This the expected will payment You from proceeds

as $XXX.X $X.X the flow, million Free to cash year quarter. was million quarter, in the including insurance in third compared prior

the million quarter, insurance million would $X.X year cash again, of free the to prior XXXX. Excluding as by events $X.X have and other timing in been compared flow items, in impacted

flows for the working bookings, we the quarter, revenue from swing capital the move a meaningful we to a of events quarter, back received As our during varied toward capital heavy working fourth deposits up in of recognize that our which booking normal event staged. given through ahead Historically, the of year we has given cadence in a quarter-to-quarter in we’ve the favor flow. events seen first calendar cash when

in We generating continue strong to benefit business light free from cash flow. our model CapEx

our in a million, on and expect to as insurance that now rising rate one-time generate note cash of debt, interest million versus of due $XX floating between our I However, flow rates free excluding to we impact result our prior items the $XX interest estimate XXXX expense million. of $XX and and

side, prudently continue cost inflationary our environment. manage the On expense in structure to we this

to to is full-time increases, efforts, on-site Our ability at combined us contractors procurement protect FTEs pricing with through events. margins. either our largest to the maintain own exposure our general, should or via cost cost, or our offset we expect labor In allow utilize to value-based equivalents, which,

exposure. currency to ahead Looking

be U.S.-based to currency exposure to we fluctuations. While fortunate company a are our brand globally, minimal operates portfolio with

some in course figures impact have strength. if dollar net year which generates euros, six low of over in the maintains revenues a U.S. Elastic had the could the business Our and its expenses some the

begin Turning to to year. maturity bank cash We interest continue as income rise, sheet. cash interest $XXX some as the this balance securities of and of and to XX XX million as marketable cash versus To of hold of $XXX rates had June million longer September optimize in we products. equivalents

shifted quarter, days, all they However, to securities any have we cash. XX longer balance are noted none marketable on sheet the this so have no over as been

capacity on million. revolver not our liquidity And on was $XXX our in near-term. expect $XXX end, We of draw facility. our do million We full to the as have total credit revolving quarter

a to sheet, economic our us strategic should have any sought historically growth strong our cash flow We funding continue generation, balance which by supported maintain scenario. allow to in initiatives

these since X.X beginning price been our We of shares levels. at common our average will attractive total the stock shares. between investments million balance continue in our have of own an buybacks, the million $X.XX, at opportunistic capital in reduction, repurchased repurchases our XXXX of and bringing which thoughtfully share quarter X.X acquisitions, business We to to debt allocation

Board We expansion and that the of through to common to our are allow $XX program XXXX. for an share million repurchase pleased approved repurchase has December XX, also announce stock our extension of of

$XXX had and of debt As net in quarter a million, of end, X.XXx million we consolidated leverage ratio agreement. EBITDA of our net of trailing credit defined XX-month $XX.X our as

million who had we stock briefly that common like story to I'd At to XX.X so this our at those X%, shares end, quarter have quarterly. accreting preference as annual as a capital compounds new structure can the shares as of of The $X.XX share while shares of XX.X At outstanding. easily liquidation time, XXXX, of stock our rate more preferred outstanding, value million are per XX, well preferred business. of review which convertible convertible September an

as price that convertible September of divide XX.X initial approximately of shares already convertible an outstanding preferred XXX.X of into When preference you total to XX, shares of has total shares XXX.X on of stock to common When XXXX. X.XX a common by an preferred the being as-converted it liquidation stock. of million stock common shares Add of outstanding by stock per equates number equates share outstanding, stock to share, then that of of each on convertible the as shares it $X.XX conversion of September common the Emerald million multiplied million as-converted XX, basis. basis

our $XXX As market common this of approximately price stock, a on to closing converts million. yesterday's cap of

asset treatment $XXX This tax of million net on worth sheet to outstanding. contingent an debt to based an the given value have for the a our of well present tax our acquisitions. leads value of made years discounted X enterprise certain in consideration of million over our $XX.X past on million deferred balance acquisitions estimated as We as $XX

preferred if price As of common we $X.XX a trading year the stock starting have XX June to reminder, right consecutive our the days. of exceeds conversion force XX stock convertible next on for

Concluding with our guidance.

We of the beginning of track continue as $XXX revenues to the at XXXX excess year full be million, in first guided for year. on

expect the is million, flow of SaaS to on new of consistent rates. now expect million free show verticals, of cash $XX initiatives, over also due largely our in our to with new expectations. launches in $XX the Elastic of be projected original range We of net higher investment We and to over million interest which growth adjusted EBITDA in $XX impact product million, $XX

reminder, a the event proceeds from cancellation the as litigation year excludes As this settlement. well received guidance as insurance this

Our reconciliation. flow EBITDA other guidance free line items cash several also the included items excludes onetime our of in

Looking to $XXX our improved million. EBITDA we to progress over of adjusted ahead of against and meaningfully XXXX, continue objective margins

With that, to the turn I will back Hervé. call now

Thank a in pleased with States. investments for make content to advantages conclude, David. across for trends the attendance in as rates our are space we provide seeing solid events. we BXB in United very our continue you, in on and strategic leading the the expand we to as growth revenue acquisitions our These foundation platform To events are and business

balance gives strength, these funding from sheet insurance the economic to Our scenario. settlement, supplemented any by in continue litigation the ability proceeds our us investments

and drive promising and our we onto and large opportunities a set more can growth to evaluating are brands scale the We where events external of more operational platform. Emerald efficiencies leverage

and further and margin expansion to our forward the on initiatives heading we shareholders. for pleased to into year, are value drive of the positioned we very end delivering with We look are how our

we you questions. with the much line for Thank that, open your time today. very for And will

Klee have from And a Instructions] we Allen [Operator [ph]. question

open. Your line is

on Greenberg sponsors Derek could of My level pre-pandemic and color a you maybe Allen. on and basis, the a if further little provide maybe first on percentage just is there. for you more if potentially compared see question recovery to is This presenters

like XX% feet And our revenues tracking to to the square to Well, XX%-ish and I overall it at think increases, of while more best exhibitors or sponsors speakers. tracking way XX% are of of look opposed is to events at events we from two-thirds the our at because price pre-pandemic, probably the net pre-pandemic. NSF as is because bulk generate revenue

means there's relative versus is a to looking amount significant incremental to of leverage that us So recovery actually for what at revenues just pre-pandemic. the

Ad Okay, great. Bulletin, with just impact expect if and you the your maybe acquisitions you some financial recent And wondering, I from provide on those? of was color annualized Week also could

at impact for and think the -- We I disclosed into give as the XXXX, haven't, color forma of year of we XXXX time, acquisition. The this guidance impact formal go the on full the more present we that. will pro

newer from those maybe of that. sponsors And interest scratch events and Okay. areas, building in difficulty with and the how for from just process attendees, the just in are emerging progressing some your involved

the largely Yes, to the last Xcelerator launches creation the of due unit, which we business announced of events is really year.

have announced, of a enter. launches So and we are And team opportunities for be not announced dedicated team, number that with under and very very, we to will are for but performance a only we've the pleased in identifies that that that sectors already the consideration the others future. us of

see the Okay, great. do shows, show you With how to segments between the scale two? compared at your margins trade non-trade

year end optimize don't versus to make show prefer think margins, is over expect on And growth. we've run reasonable XX% in historically, is equivalent of And the really trade we X we at powerful in the higher depending XX% to that for really business financial historical will we in the we year that margins model. the margins though time Emerald, don't money EBITDA X that because trade The incremental as lose be to range invest launches, money. or and added show offerings new year, margin that the of business, example, margin a we

So -- but building our long-term the for and it's business to key shareholders. value for

margins to other XX% towards equivalent that. operate should that, need impact the in We think to be XX% to we business. back offerings And pandemic given have we course, So of the the build time. could we on

you're if grow to year? the taking helpful. Okay. you That's rates just X% of then X% growth And actions could to a very maybe by some organic discuss

or the rate growth are we once growing to normalize Obviously, we would much from this at faster organic next X% new we as initiatives the and And much The in by other talked expect leverage can to customer which single that the driven value-based be rate at organic about centricity other pandemic. driving X% will launches. growth us components retention and and as digits to gives on clarify, fully of year. expect pricing, we both of means and for we year, events, for is strategy, a want recover is square the we grow to providing XXX our to mid our addition just in footage net a you value see, on better faster to which Well, to provide grow other event Emerald. monetize I engagement customers and thus

that. for two I have just Thanks Okay. more. clarifying

done. to just the The just related deal areas look how to add just And you environment, financial criteria you then how the M&A And first to. those is maybe apply. view once integrate you maybe potential would acquisitions you accretive acquisitions in some valuations is the maybe

competitive talk many where So that's not I to about are looking we M&A prefer we think cases. at in because

looking we announce active position are given scale we incremental resources, our the can data will that, and acquisition, provide our we marketplace our the come. to fact sheet balance our But and an and and and the given So our strong in platform open given technology are about opportunities. value them at we that as they

be we to for keep clear we to prefer But now. about where, So will that. ourselves

looking once single-digit there's we But synergies we given mid the business, which, a But growth think range value, that. incremental looking high profile. on of In types wide businesses size we're we the can bring seems driving and businesses. the are would multiples, own EBITDA down terms potential that to and of of it the we our a is really range those warrant at opportunity depend of marketplace. it at initially that to for does Generally, multiples quickly because that be wide multiples,

integration, is of benefits operating areas we terms real have live the Emerald of do one In like platform of scale events. in the

across customer we marketing sectors all allow our bring base to have in businesses our in areas bring and in data We And scale sales in. us and value around technology, businesses to those like organization. things

incremental great our always and not the of margin. scale service drive something are somewhere all utilization offer. things. we there's at resources every Some where practices, from leverage we But value better those them best could And of have can and get less we

consolidating based on we contracts by cetera. incremental vendors into And our have scale, our vendors, surely, We et often better most. can get savings than

of and number ways ultimately a incremental add business growth can value that and shareholders. our a we there's So as drive for value

The look we can we have benefit, two to opportunities, important comments to review quickly benefit some are and can portfolio. look are how also, and at, to the one, impact companies across database proprietary that from practices acquisitions, are Emerald able there best things Emerald really platform add acquisitions. integrate acquired that grow benefit the the entire through we and what are, David's as invest And is I'd building we which of a reverse of

color. my [indiscernible]? cash use insurance they question is to how you on for hand. And Okay, plan great. I your reimbursements, the just what from And last maybe Thanks think the proceeds

Sure.

are and we from we really that with. an a cash at trading and buy whether the the surely, four active As areas debt lot expect have sense, but it's our arrow that stock, reduction share makes our indicated the levels given to environment, our given of we've proceeds liquidity hard quiver. And that the on we it is of in a front, use the, strong program buyback been in generate to balance there in debt Well, script, that current with business. looking frankly, the we

in really acquire. We areas to and in about. Xx Xcelerator, we from great business, of But that if attractive we use investments the creator ourselves. build can our looking last high a at in into now, is And like that opportunities before, build for be we at assets terms said said of sure, the as the to yes, which return business, organic it in paying are are can for might X businesses Xx we capital the if or at value. do of acquisitions, And as for surely those mid years more the to We single we X, can short-term, literally, find be that. but shareholders digits successfully would a we looking the we EBITDA will are deliver

definitely we've allocate that. so allocated, to And and continue we will some to capital

we in further queue. Instructions] no [Operator have And questions

look you wanted quarter. and speaking interest, for I joining, to all thank with day. next forward a very for I Have your you Okay. good to

today's Thank and concludes day. pleasant for attending, you have That conference a call.