Vroom (VRMMQ) 9 Aug 222022 Q2 Earnings call transcript

Good day, and welcome to Vroom's Second Quarter 2022 Earnings Call. At this time all participants are in listen only mode. After the speaker's presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Liam Harrington, Vice President of Investor Relations. ahead. go Please

Good Quarter operator. and to welcome Thank Earnings morning, Call. Second XXXX Vroom's you, everyone,

Joining the Officer. Officer; the website and call us at Chief be Investor Bob Shortt, on will the Krakowiak, call Relations today ir.vroom.com. section Chief company's webcast Financial simultaneously Please of this Tom note on are corporate Executive

The XXXX earnings also Investor the to second release are quarter Relations posted and earnings website. presentation

Vroom's discussion cause of differ ending XX, for obligation quarterly materially. financial no the non-GAAP our by of XX-Q Form most to the that important statements, differ factors most today's future for today's certain that update the recent company note guarantees you assumptions, are on Please within note factors XX-K we statements. also and discussion securities risks, includes forward to discussion, December a during company's management's subject factors are as discuss Form updated but please as statements limited forward-looking Vroom's XXXX materially. of assumes These Before to further additional such cause forward-looking the including to looking speak statements call. filings, other the meaning date of XX, call, that results actual on other We the only report not that including today the three the federal are promises current may XXXX, including June for Vroom and actual of may financial measures year laws, months about direct begin, based to and nor this results statements to risk operations, of performance. could the ended recent section The and number SEC and neither uncertainties and

directly over Tom now quarter I'd measures Executive the Shortt, the You conference Officer, and Tom? comparable a a earnings of those most In to XXXX hand presentation. like the can and to second measures. reconciliation GAAP release presentation of find management Chief

roadmap and Liam, Slide is midterm business who Second the joining long-term Thank introduced today you Colleagues, us adjusted X. X% Third-Party Partners to breakeven on our Vroommates, UACC to Investor I'll and highlighted which goal Vroom’s goal, long-term We you, all are in EBITDA start discuss Day thank May margin and our a Quarter of Earnings. Investors, Analysts, we our where our a XX, XX% business. to

we to means As profitability with mentioned down, improving Day, we made while to our we overgrowth. the to have our Investor live prioritize are within the we unit down plan We on experience. choice intent liquidity continue economics, slowing slow customer and

on previously As strategic announced, roadmap our initiatives. focus relies four

build a transaction well-oiled machine. First,

machine registration, and includes in marketing. and ecommerce, Our titling ecommerce transaction sale

building short-term Our is well-oiled titling primary focus a in machine. registration and the

in sell, we well-oiled Second, deliver build how recondition, move, metal a vehicles. buy, machine, price

Our end-to-end chain to we goal customer chain is cycle times, how supply reduce the by costs, deliver move, vehicles supply improve inventory turns buy, synchronizing improve optimize times. delivery and to recondition and reduce

and transportation to more nationally centers around our Third, hubs. national regional model We leveraging build sell our operating but brand. operate regionally intend reconditioning a

while to regions delivery expect chain supply and We times. drive density economics improving build and marketing to customer

which finance finance have offering travel expand unit rates improve experience. vehicles and Fourth, room conversion reduce or we economics, inbound and of outbound significant to to will reduce improving our transportation customer build our captive number We improve on believe a the also and miles captive costs. We while opportunity for the offering. customers, intend

contributes Dealer Third-Party to business also consolidated intend We UACC grow the which our EBITDA. continue to to

to X. Moving Slide

SG&A million, per or goal. by our second QX progress reduced GPPU highlights, securitization ecommerce We toward or sequentially, Our long-term the in we profit adjusted gross reflecting sequentially. was $XX quarter improve gain or adjusted excluding the unit EBITDA, $X,XXX $XX by million XX%

our roadmap on our progress strategic long-term captive on is our making point. Development on core financing are initiatives. operation of We

transaction improvements are tech driving and improvements. process processing, several registration beginning initiatives pricing made and We GPPU Our titling including bear are and to in fruit. that

anticipate us best-in-class tech in in towards We XXXX tech development of additional registration. becoming progress goal to and our deployment titling have continued and

Given the our and on currently the or forecasted units improvement for and the to year over liquidity quarter-over-quarter growth, midpoint near EBITDA adjusted focus forecasted our range. previously $XXX or an below forecasted we to million between range, are adjusted ecommerce and our better at end our expect be loss than profitability low EBITDA liquidity meaning of near EBITDA loss midpoint $XXX the million of

to X. Turning Slide

our model. drivers our This QX on we four initiatives outlined a financial by we is slide will behind initiatives During these unit Day, that an build key operational progress believe strategic strategic Investor lever. update our four business economic profitable on

transforming in since experience sale overall, $XX SG&A flexibility, as improvement maintain costs vehicle a securitization product our process. and we a UACC operation a its achieved in GPPU, sequentially. We is and logistics million of to began operations inventory even ability capital titling deploy is logistics ecommerce For and and on operation. securitization initiative, leverage were $X,XXX to captive GPPU, plan. driven by listed market. opportunistically achieved Sportif's the result logistics our reduced recently and demonstrating in by we acquisition, securitization our XX% pricing challenging Development its capital Inventory, financing optimizing captive of transaction, QX. for our that completed our all announced UACC second substantial UACC financing markets We

we droves a improving sales made transaction improvements by million new processes. our initiatives focus for launched in $X This SG&A sales SG&A reduce our began we customer Our $X We in on we and the the while quarter. sequentially. million increase costs sequentially. ecommerce pilot experience and sales, titling registration,

half closure TDA plan our focused for improvement plan, cost million better reconditioning fixed changes and per our our high and that represent is business. our XXXX. million our Bob mentioned, business site. continued opportunity a fixed $XX deployment suited facility costs business were the is Texas the as in TDA announced for to return we on our it second real reconditioning outlook. to of the saw tech reduction our cost costs complete. the SG&A quarter $XX Stafford our performance million The our our sequential variable we service reduce expect cost, Accordingly, Bob? to once marketing sequential and adjusted we we through reduced in further we I turn in estate second This transition lower $XX will I'll to that our As costs earlier. go reduced sequentially, over mentioned we costs determined forward realignment now financial and on investment SG&A we marketing, service we closing fixed channels. With business. In SG&A fixed sequentially. service marketing relocate

Thank as on you, more strategic begin Tom. executed in performance I second initially quarter May. by to we detail initiatives, outlined would our in our against the we financial Investor in presentation like providing Day our

to for performance the financial second of revenues Slide versus X XX% first Total summary decreased Let's of quarter a $XXX million turn quarter. sequentially.

As decreased XX% we chose improving our units down focus reduced as slow ecommerce intentionally on to Ecommerce quarter-over-quarter units. operational Ecommerce business to we execution.

following quarterly This doubled expansion unit will progress of GPPU the We $X,XXX. I are our per pleased to than this quarter-over-quarter gross as ecommerce a drivers discuss the detail for slide. Vroom. record we more in more on with is on profit

by sequentially and by GPPU, as our $XX This our and million loss in was long-term a excluding second initiative set roadmap. well driven record as sequentially. variable in EBITDA decreased as quarter. our forth realignment gain $XX adjusted improved the EBITDA costs And result adjusted Our plan ecommerce million of fixed securitization our improved the

issues. adjusted year second guidance a the costs customer XXXX experience EBITDA EBITDA adjusted quarter million address full in from impacts $X reminder, and As of incurred second to We quarter. approximately non-recurring costs operational and these included

XX% improved million for experience Please summary the to sequentially. excluding Our operational focus gain to $XX Slide a EBITDA on to slow securitization address ecommerce we our by non-recurring chose of adjusted second operational highlights quarter. quarter-over-quarter to transactions execution. improving costs X, as units down and Ecommerce $X,XXX to financial turn for customer decreased issues

GPPU Let's performance. dive record our further into

XXX% quarter, nearly GPPU and to During vehicle $X,XXX substantially Ecommerce an product grew the vehicle GPPU. of we $X,XXX. second increase increased sequentially

Day drive GPPU at Strategic outlined we improvement our on sales Initiatives focus transaction to algorithms in Our optimizing commitment pricing as margin, Investor to over volume. revise help

opportunities we of driven loans XX% by nearly higher quarter-over-quarter additional customers. volume higher increase $X,XXX, we UACC primarily was to to income interest of product This held move Vroom an strategy. $XXX. GPPU for pricing to our increased forward, Ecommerce a optimize As by see due

For our review of XX how statements, impact management our financial UACC financing in slide please captive first presentation. quarter to refer of

EBITDA reduced significantly While expense we decreased adjusted securitization unit performance, our and XX% gain our quarter-over-quarter. per excluding GPPU base, drove

the expected expenses in run, the units during short at rate ecommerce As decrease same did not our the second quarter. as we

strength. and titling also we our registration leverage of titling the an select support the current making registration addressing on costs, to goal addition challenges In area competitive chose and of to and fixed

Next, versus the of to provides gain a our prior EBITDA X, securitization Slide quarter. please turn which comparison excluding adjusted

with start There look Let's profit increased areas the versus prior a in in by three which $XX gross impacted a units. quarter. profit, spite were that of gross contraction XX% million main at

profit profit interest $XX gross delivered Non-ecommerce million. reduction financing segment. First, million which volume This which retail primarily approximately reduced within mostly ecommerce by driven in by $XX was gross offset additional improved by the in an unit profit. ecommerce gross was million, the $XX income by increased GPPU,

independent loans As results financing customers. from reminder, the UACC retail a third-party segment includes originated by dealership

business quarter acquisition activity benefited UACC a the having second the in in of versus results prior quarter from closed the months full February. three since Our

with Dealership We business. our are Third-Party ongoing from pleased the performance

to on expenses. Moving

during experienced expenditures expenses Our lower quarter. we our expenses marketing savings we as brand reduce campaigns and Overall, of continue units fewer prioritize lower invest in marketing expenses select ROI higher driven successfully variable largest top marketing marketing. initiatives. was the at we $XX million unit than lower to variable channels also in we a sold costs, quarter. we We during building primarily the as of rate volumes as reduction reduced by On by outbound logistics,

quarter quarter-over-quarter. results Next, Slide turn gain excluding sources million operational non-recurring million for on million year to an to forecast half drove end. excluding in quarter compensation updated address and bridge reductions $XX $XX cash first to of during with expected our and second highlight EBITDA plan with in million adjusted of from the in actual equivalents, $XXX update cash at second issues. benefit In costs the and million cost and we second to the quarter total, restricted cash delivered XX the experience customer improvement the $XXX We to $XXX liquidity. uses cash the securitization call approximately and year. and ended of We realignment continue Please

adjusted $XXX the during EBITDA million second year of $XXX million previously guidance loss year. loss to provided a of of to half EBITDA implies the adjusted million million $XXX Our for of full $XXX the

of half as of approximately and second million speed million Next, our we $XX cash restricted Vroom in million in as $XX the cash equivalents stock-based to and and operations the in financing. capital to We processing. million to expenditures the year, we million approximately million cash released the as compensation, released $XX $XXX are additional million quarter. We of the well in improve expect $XX UACC cash $XX forecast in $XX in million second half of year, second up transaction to $X

cash $XX in our Lastly, approximately at we of inventory to in improvements year. Altogether, of $XXX million processes. we million titling transaction cash implies anticipate the end this inventory, forecast the in of remainder through be year. improve the approximately to the liquidity released $XX and million We to as continue in

final back to remarks. it to for Tom Now, few Tom? pass a I'd like

Thanks, Bob.

to We gain adjusted Turning XX%, million, excluding EBITDA, or Slide sequentially. $XX securitization by the XX. improved

short-term. plan. e our XXXX significant of Development goal. made registration. improvements long-term our of titling remain focused in very We captive processing, by finance adjusted We improvement Our towards million $XX in in GPPU and including the registration operations progress SG&A on on continued reflects are sequentially. titling and We commerce transaction reduced

today. the As each for our our of pursue year, core Operators, expect liquidity quarter you forecasts. roadmap. your within and be Thank updating time ready and our we long-term strategic progress you we on look ahead we're to through we as initiatives the forward attention profitability to questions. I look for remainder our on

from Wells with Fadem Thank first Instructions] you. question comes Zach [Operator Our Fargo.

open. Your is line

we Hey, there board generally ex-logistics. look Zach wanted it's sitting pretty per significant here the a line across some unit actually step to little on Sam deeper of a dig basis, Reid those up into a Because when was in at items for SG&A.

items Just where can regain? rein some marketing, cost you stepped sequentially. you Thanks I'm other line of can That what's occupancy talking that unit your compensation, and a bit so those confidence in much. per things? up

morning. Sam, Hi is this Tom. Good

they fast, number the moving when especially costs, time levers relatively So think that remove. we're a little variable to take we of of about bit

to then analytics have have cost out you have the first the reductions. reductions. actually So to the execute you to you And figure do and

we the reduction, reduce we slide we'll to outlined that And show why So to to which of which good of and continue feel pretty decline be wanted catch rapid a Day costs. unit about each on the we mid- takes long-term in it we is the fixed just outlined good the We in targets pretty long costs, -- able up with to time X. of feel terms SG&A, little the volume. dollar bit on Investor

issue. So just as I timing this short-term view a time

million, just that, of about in down But the quarter-over-quarter. realignment $X million. it it was just $XX on you terms top the I to down the to wanted competence for add And plan, adjust about when was of benefits,

your maybe lower to where then a know units that might Day, guys you but operating kind much. have may ended that touch level. kind where of And helpful. you sort maybe of the this sold you the up given super at also you, could you first is back think on, wanted level? sort of unit this That's as just guys. unit the dialed quarter give doing Could This and one from high-level here. just unit us follow-up decision this of here. of that so and some from because at quarter sense think Analyst Thanks, trajectory not then, you thoughts have Thanks I refrained go, to

in of really the focused And primary unit end three the units, at And focus. Sam. of profitability economics, liquidity. and objectives on forecast our We're the that's year. XXXX, Thanks, the at we’ll Yes.

you, Thank guys. appreciated. Much

Sam. Okay,

question have from We a with Scott David Stifel.

open. Your line is

back were I bit go little time, Ecommerce was you. of wanted time, they to a quarter second last at I units in ‘XX. $XX level about in that SG&A the Hi, the XQ the further was that in at think back were time the in million. And thank point that

need exists? SG&A is the relative SG&A, potential been And the cost where you in to back just for like, then. to change X.X invest. the base in I speak business there's But time terms then. the to times extent was and to opportunity lot model since So lowering of of if the And a over wonder could business that framing, the

we've have way it point, Investor we to remove about hard we is It's to to Tom. and in for to all that and the that to short-term, Scott. got saw fixed QX. titling the reflect that variable sale more and back registration Yes. in us laid in on the on We're variable initiatives goals will driving costs This thinking we initiatives the you to particularly out And The believe roadmap we're now is focused we adjust units all our we get logistics from those that the outlined. marketing. of long-term Day costs that

you. Thank

with comes Sebastian Our Baird. next from question Colin

Your open. line is

all, understand, near as well, view for of couple A your higher the term, to I scale, some you're guys. the of just the to just pick, me more scale point, that GPPUs. up. you guess, highlighted scale that sustainability And Since, higher morning, as want Good sort of unable margin you've back Thanks. on down. first trend. at of of But, units, of volume sort you

bottomed know then you. you about help sort that this with we kind you're QX sort could unit out have with would help near do can be little here? think how further but a GPPUs, helpful. lower, a of units setting expectations. Thank the and term maybe of If reset or Is outlook, you of about not us of I first? sustainability And sort bit secondly, of So talking us

Tom. Colin, Hi, it's

On we've is, what the do surface Investor I feel of optimization. say on would Day all assortment on scratched just articulated I the what GPPU, levers really we we like the pricing and around that can terms in

terms are and said additional give both objectives. we a really expect we then be So, expect really in economics, or we three our short-term up gate little we about that that We that, profitability focused in some unit QX which goals three the feel good the we of and up units, down color is a lower. bit we liquidity. pretty end Day. outlined as Having Investor had little on on of update the around guidance stay long-term GPPU of on movement around right the our annual to those in focused objectives did would the And guidance, -- of units XX,XXX on low we possibly

Yes. add about announce completed quarter when that in that And securitization. did quarter third that third for question thanks to thinking of that, just then the we I you're your Colin, the wanted we to

second securitization. million a million to we UACC, are that securitization $XX in result and gain the this Our of expecting year as from an quarter third $XX

of third So the we thinking the have better and the that realignment when full third about, well. as you're the transaction our plan the of quarter in impact quarter the numbers, in better. benefit business also We'll have,

you. Thank

from comes is Seth Wedbush Your with Basham question next open. Our line

And a questions operational of of good have a lot. your Thanks around couple morning, some objectives. I

where up process, you some be Now, are pricing, can and time, you if terms provide more you average secondly, TDA, color etcetera. to helpful. etcetera. And that and what would provide color turnaround you're registration then some you're and where around doing first consolidated around what titling with in of from enhance doing reconditioning That

Seth. morning, Yes, sure. Good

noticed, days get and titles So the to faster, impacted titling, turns supply. think have you inventory titling which about has our our may registration. of On way we we're working in

driven have by them get make you'll and you for a that our of in how of status are we soon fast cars vaulted. website, sure that's if on coming so titles can lot go we our And sale, see available instead

the talked that digital in we vault recently. our Investor implemented may You Day, title recall about we

of quarter the improvements in the process to the for-sale able and by our because XX%. during titling we title titles getting improve faster, where so And were inventory

back I we we're and of titling. the drive care even improvements getting of will lot reduce in initiatives a very doing registration, I sure QX, improvements focused we on customers. But right of up faster. we're to over every tools I made the taking the a would about that's lot on job blocking we we're state systems of much would that the tech take make think improvements -- So last touches. for on and better cost. those we're lot as done a tackling processes, process what's our well have several of ensuring months type reduce behind and We working a to made steps, that the number When registrations to several which look and metrics, year, our the speed half further, additional as of hoping say

reconditioning of longer Stafford when we model we've the move well we reduce Sam's terms service exit think the the leadership the can Vroom, facility facility. the of Houston. which realized we'll that was and areas run, TDA over service and In estate, business, since looked brought on And business costs, we needs, site, the fits and that the couple reconditioning in old it with Sam's in an really at decision we our need reconditioning, real of actually a fixed wasn't Club for close we that the will into old it layout and great new building, Club a some and made inside to our Texas it

just helpful. That's thinking follow-up, And about to how understand you. a trying then just thank Yes, balancing. you're

seen on the And GPPU, is you in gross one human here do a units. basis? again, right a with units? we've here questions, in but of quite shift growth when a profit think obviously improvement sales you reduction But prior to reps forward about in this referenced material in go this the the balance ecommerce response in dollars So

Yes.

So, I think it's the right balance.

hubs feel really both that's board focused experience and when organization to hope very with excellence finalized. purchase are customer organization, passion to makes three really with to are effort the excitement that, on sharing level same is, entire the UACC started would initiatives one give the being improvements success. growing. of little each profitability further unit about an these to experience experience, on the slide we our delivery, of And part our bit obsession, of we're really that when one one and our to on hours great are customer next customer delivering Vroommates a well begin as we had after and good competing May faster updates car update and start did as that, of Vroommates we'll that outlined the started a townhall a will titling then was telling, created XX. across we I down it's UACC over deliver and hub around liquidity, last where as in the a And had customer a all to probably a improving get What lot and registration across working we Colleagues road thinking logistics. transformation really we color now in on our the that day the and the customer day And has that's economics, experience, within when giving and the Investor other. Colleagues the focused we months, stories able vehicle Now, X. to towards were And about couple sense financial of give we a of Day, the of levers customers. all made as, and customer the And outlined around we is site as really on their monthly really, cars on a an about we're they

all across to each pivot momentum and organization, our I and our as of organization to growing. start about titling we trying our about the that we'll see begin really and feel sell good thinking superior continue -- registration. and hubs, from organization month, around progress to really registration process. And when titling associates That's in the selling to this experience and the we're So levels get rallied customer

love focused that, model, model. this want able what to said proven grow time, right have the can time the at we they what we are now back that, profitability, our that we've said execute economic to confidence a it add well. we up unit to proven of really just but that highlight we've right, in point is that ramp we Tom on Tom And the customer, And and and overgrowth be just I to this ramp and when we'll we as unit in ton past. liquidity have that model that like

you. Thank

you. We Thank got a question William from Blair. Sharon with Zackfia,

Your line open. is

Hi, dueling apologize conference good morning. I in I [ph] calls. advance. had

mentioned, with GPPU the So the if you I But reached curious the $X,XXX. plus recently you $X,XXX I gave goal sorry. about was vehicle versus at midterm think range,

whether starting UACC a So Because the kind in $X,XXX, of on to know algorithms rate before to you are expect widening in see here. back about did currently achievement the I'm terms trying to you're funnel now that is then number through Vroom? something being where of mention there But versus that applicants, over the of purchase think of a capture goes to and it customers gave come helping now we subprime I obvious able pricing you Vroom And GPPU the again? lot. of kind forward is would May

on for outlined plan. we've in we our disclosed, rate vehicle loans I'll originating the capture first, not the take what just we is surface I Investor scratched in second mentioned morning, is just Good not the I've would what it UACC of indicating terms is that really Sharon, for have Vroom customers have Vroom and the GPPU, earlier can may do, heard, Day. to regard as With think we one

implement logistics we And lower levers our fees over we very for or that as especially shipping we levers vehicles. might assortment the pricing that, algorithms, you of the In fees said Having said terms network that and implement time shipping terms pricing of for that, Having long-distance of of optimization. might algorithms, we assortment did as costs. expect outlined optimization. we did our one that and we outlined is shipping one improve

So that come vehicle it down could GPPU would SG&A. potentially, out bring but of

in the long-term it that different aggregate, and be So, profit gross might a believe Investor mid- range an in dollars we line goal goals we for feel that on still in aggregate But Day appropriate for are us. P&L. our laid out we

one significant just selling. follow-up any changes you're the mix then, made you in And that Right. have vehicle

Now loans is and live that UACC originating Vroom? through

more a vehicles seen not towards to financing, We've UACC significant. shift would but slight tuned Yes. mix it's to be subprime more that

been in the that's Our move opportunity for as mix short-term, still has relatively consistent forward. us an we

Thank you.

Thank you.

Next question with John from Jefferies. Colantuoni comes

line Your open. is

understand kind lower for like it back math thanks. EBITDA the having seeing, isn't looks just Thanks XXXX some units on comfort the half with was component, variable, was the of it fixed burn, help And that a the in Thanks. second me if cost helps lowers follow-up. year. and fixed cash spreading per get just little unit to guess your the more I'm you over Hey, around kind costs strategy, SG&A get envelope costs. But variable of I and outlook. my have doing it questions. losses I that the some of a reduce lowers I trouble wondering units, where unit cutting expected because long-term less giving it given of I improve lower you you I'm could sales, implies improved per unit guess bit

Yes. John. Good morning,

volumes, of needed couple we where volume registration just with title are spend we around while in And, the quarter costs felt quarter, a those improvement. was in driving terms though X, the reducing many cost we for on need and initiatives and we make slide around we've the which network. our and to the that where of reduced short-term on Depending increased customer we and titling financial logistics that, registration our it. just we optimizing level, good incurring, we reductions we in articulated title and We're are payments. get were even started elements outlined non-recurring So also

As several XXXX. we've we significant in that tech year will expect throughout I got this very believe we mentioned, be fruit that deployments entitling registration

Great.

SG&A the unit of getting started really levers. on we're the And drivers economic on kind productivity just of

And maybe talk your outlook that. UACC. about Appreciate could you for just

gain the non-prime sale a there the environment tougher UACC Is Just market Thanks. worsens of year? a the securitizations. securitizations further second to partner, sort model curious. if avenue non-prime large for of profitability the an given And loans to for for on in the half sell

the Yes, This is John. for Bob. Yes. Thanks question.

confident I remain and the remain full $XX EBITDA. talked on about comfortable the with we $XX that very confident for it in range. guidance guidance. million last We for to year the call million So, UACC

And way thought we do that always the believe was just the will other best if we in of the it the originate going the securitization continue but in earlier, our at next mentioned model, of forward, but in overall $XX we to call, the shareholders. we in terms the complete and securitization we third million at best as I $XX we're don't excel interest makes We years the that the but it million quarter just interest during time the interest $XX transaction. QX, completed we're sense, third it a book best thought do to really executed. of and booked And securitizations to do to on will that We'll portions of And, of gain. to what's in $XX gain our a expecting economics more shareholders' that million residual in shareholders. about securitization transaction in securitizations going holding the it For $XX. in an quarter. strategy But, the follow look the well, original talk our first is

you. Thank great. Okay,

like the Thank call to turn in management any that's you. all back closing question queue. to remarks. for And I'd the the

day. today time you, fantastic Thank your and everyone a for have

for That does conference you Thank today's conclude call. participating.

now You disconnect. may