NovoCure Limited (NVCR) 25 Jul 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the NovoCure Q2 2024 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ingrid Goldberg. ahead. go Please

and thank available Second and by joining to leadership Asaf us Executive members Cordova. Good the Q&A. of XXXX you performance. NovoCure's executive Danziger; CEO, our Quarter Bill will morning CFO, I'm review Ashley Chairman, Other be morning, team Doyle; for our for joined our this

Investor can our website. on your slides Relations under For page found reference, accompanying be this quarterly report. on earnings our release www.novocure.com

risks any are our do as filings. like of results number would our We law. statements. this to from of I discussions start, time that forward-looking forward-looking actual beyond during involve required intend call by our you are and those control described update to we could statement, include SEC uncertainties, not and will except a Before These publicly statements these and to conference some which from remind materially projected statements in time in differ

to to material We it believe items, before impact is non-GAAP amortization attributable and business. the compensation. interest, value share-based Where earnings capital earnings appropriate, important the tax our metric and structure, an financial reflects to taxes, of of business, we our evaluate specifically adjusted and EBITDA, measure financial measures removes refer depreciation, a adjusted rate as our best EBITDA noncash generated by

the X-K accessed with are Relations our be release, press Investor of filed and today. can in our financial included website. Reconciliations page of to Form measures the GAAP non-GAAP earnings slides These on in our also SEC materials

Bill turn will our for today, your Following to the I Doyle. open Chairman, over call remarks line our prepared Executive the now we will questions.

good and morning. Ingrid, you, Thank

Treating of development survival is aggressive Fields. NovoCure of through Tumor our to and the at cancer some innovative most in therapy, of mission Our extend the commercialization forms

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morning, We progress and review this the active -- since we on our therapy, line will We review on ended for the operations. commercial commencing performance open number X,XXX with questions. active patients patients quarter objective, our our highest second each of then financial

French Our continues in successful employing in GBM tailwind. X EU synchronized be a leverage a expansion big now will our France to quarter its serves for markets. as commercial a launch fifth blueprint, launch the we structure across future new blueprint

progression-free survival outcomes of In prescribers. is trial. the examined newly corroborating survival leading months and TTFields at Bahr diagnosed for Bahr TTFields Dr. TIGER GBM patients Hospital in the EF-XX to with a trial. median the trial reported of in months non-interventional Dr. in survival clinical our date. key of Germany. top completed General Phase XX.X benefits evidence presented XX.X of TIGER of largest therapy therapy data overall prospective is at III TTFields June resource routine Real-world engaging of observed median TIGER the the line ASCO, the from a Olivier care Aschaffenburg-Alzenau

and EF-XX that from published of safety population, over XX,XXX confirmed signs the Mrugala's the well TTFields of Mrugala the post-marketing of Dr. the in TTFields Mayo Dr. were systemic detected analysis tolerated patient the findings in findings updated toxicity Journal patients. Clinic trial. month additive no a Last of corroborating that therapy analysis Neuro-Oncology was safety of

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focused patient also on the We to product experience. improve development are

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cancer. objective the the filed, and engaged second Regulatory are Lua with all submissions of key year Optune this approval in is and markets. for treatment major of Our non-small cell we have our metastatic of launch authorities lung been

XXX-day May our our that panel. recently completed to earnings will FDA indication to a prior PMA referred report, reminder, be we with the meeting no had the a As with

The CE lengthened unchanged. has requested decision not process been Mark continue to MDR at TUV lines, and notified we time a with We Europe, this date, body. later EU await To remain and Rheinland, our we eagerly approval. Europe engage waiting year. In reviewers FDA's new the has expectations new our panel in are for

originally XXXX. the the process While a of review taken anticipate half and final decision outcome changed, we in has expected than longer has second projected, our not

possible to and with NovoCure preparing are we the reimbursement treat We patient plan Germany as expected following launches -- cell are We eager U.S. process forward this following German next immediately in to are year. named approval lung patients additional approval. U.S. Internally, our pursue cancer and launch and country lung and the teams Non-small represents hired story next soon as in opportunity. to a major step regulatory using the

review will in Asaf our clinical now quarter. progress the

this is As key our promise on to deliver mentioned, of third year objective the Bill our pipeline.

quarter, lung we clinical GBM, cancer. that This cell our made and progress towards goal achieving non-small pancreatic across significant programs in cancer

our cell have key cancer reached program. a in We non-small milestone lung

cell is Health Baptist Last TTFields Florida Minesh the Phase care of METIS the Annual therapy METIS presented with Dr. the in demonstrating a use met its trial METIS from intracranial months endpoint, control for time progression compared to TTFields ASCO metastases XX.X primary month, brain of the Mehta lung III to treatment of non-small arm. Chicago. supportive months from data the in cancer. evaluated best XX.X arm in median Meeting at the South of

TTFields later additive therapy of scales prior there trend We trial was intend and also systemic assessed Final of the tolerated journal well in no in majority toxicity. clinical the the quality peer measured positive trials, in the year. of METIS of worsening analysis data evidence review Consistent to data a was this function arm. with cognitive life no with A was TTFields publish is ongoing.

and first-line our Phase is clinical focused sites, TTFields trial, include expanded pembrolizumab disease. enrolling non-small another will open III at explore are LUNAR-X and have LUNAR-X. chemotherapy metastatic cell registrational with This cancer footprint. and We we program trial expanding on clinical initial in use lung to platinum-based the

trial also cancer. non-small the are lung We trial pilot immunotherapy cell opening retreatment of Phase metastatic a will in process II LUNAR-X. evaluate This in

Turning to KEYNOTE-BXX.

this trial, steps focus next for are enrollment given appropriate We evaluating our and pace of LUNAR-X. its on

in we work Phase registrational DXX. III If KEYNOTE includes successful, prescribe physicians after expand TRIDENT read our use rather is Our is complete. and Gio chemoradiation of to enable will trials, is TTFields involved additional indicated than with GBM earlier today. chemoradiation. several and Optune months once XXXX TRIDENT fully exploring program therapy is chemoradiation to follow-up as the TRIDENT is X out and label concurrent TRIDENT will with

DXX. preparing are We open also KEYNOTE to

builds conducted DXX David Phase by GBM to the addition pembrolizumab promising Dr. the temozolomide results Tran. TTFields of will in and X-THE-TOP explore trial II KEYNOTE of and upon

to we TTFields an PANOVA-X trial with for are together important of starting the paclitaxel locally our Phase In from an treatment quarter, nearing data fourth Finally, cancer the and line we the in is pancreatic advanced which III first-line announce pancreatic program. gemcitabine expect readout the top cancer.

rates treatment PANOVA-X in We the II benefits are currently of Phase of learn survival trial. of is also And cancer in diagnosis eager trial to of X-year we the XX%. potential exploring disease. pancreatic about devastating -- using a metastatic atezolizumab in TTFields nab-paclitaxel the aggressive use This Pancreatic and is our patients enrolling more TTFields, with gemcitabine this are cancer. with

second in in X successful this far are have So reached hopeful a Phase METIS readout and year, for III we PANOVA-X.

business potential awaiting additional lung approvals commercial cancer continues in fuel our are R&D solid initiatives. We to and regulatory GBM

expand several We this to are new trials TTFields launching potential clinical use the that dramatically. year have

with pleased progress the later this are are deliver our to eager clinical year I continue We our goal further look and updates pipeline. of to promise to year. the pursuing providing forward this

quarter. now review performance will for Ashley our financial second the

Thank you, Asaf.

was execution as period key a drive quarter we objectives second The of towards consistent XXXX. for our X

to quarter turned Our the GBM in date. business best

non-small the launch product in innovation. invest We to purposely and lung research a laying continue clinical cell to groundwork cancer, and are we

on The the Walking million tailwind P&L, therapy, revenue, a and active quarter net increase French market continues increase be X,XXX to of active XXX contributed $XX we XX% this in in patients. XX% year-over-year. quarter net million QX an ended $XXX generated down patients year-over-year revenue and of with an the with growth to

selling United X to revenue want on benefit I price the also to rates the We States. model. improved attention average continue a call approval in important in points everyone's see from to

from approval million Beyond QX benefit rates $X the benefit prior in in a U.S. period improved the claims. net in generated revenues period,

In and when addition, not United a do from where these We payer we from expectations to the Kingdom, X are revenues not received $X million yet would projecting QX them in private future remove in benefits net expect totaling baseline recur routine. $X revenue. payments million

in by our of ahead was totaled functions, X% continued which a Gross second support of the a the expansion was investment force decrease in sales lower cell expenses driven personnel decrease cancer margin million than year-over-year. This SG&A XX%. watch. and quarter, quarter expenses lung offset more for $XX non-small primarily

totaled with in line and the same clinical XXXX. in development quarter, million in expenses $XX the trial Research, period

the ended with per We was investments Our $XX net of million. short-term loss quarter for $X.XX and second $XXX cash quarter or million, share. the

from same of This quarter, period increase we $XX million, XXXX. an EBITDA in adjusted of positive $X saw million the

contributors, part XXXX. the was this we due expenses resulting undertook the strategic from While revenue of we from at also restructuring in onetime benefits material saw to operating the reduced end

Marino DiRienzo. remains like would of and to driving I using we and Gio close invest we XXXX something Optune debulking sons us towards. a Gio morning A users. our As critical Marino actively following father highlighting at growth surgery. NovoCure for this adult for of began one goal actively a profitability grandfather feet and Field by was on active Optune daily Tumor soon get January in are of to GBM eager activities X, on golf therapy was son the with soon diagnosis. to quickly as Treating an life baseball possible his field Marino as on prides and playing himself back Marino after and with his friends. his integrate into living back able was his twin

a each fulfilling able and the us is is his like to and Marino for living patients. of great be of extending so survival be Marino and stake day allowing to to I'd a personally Marino for at what's journey. help colleagues to the thank family, for his reminder fullest our in of our part to embodiment It

we that, open questions. the call With for your will

[Operator Instructions]. moment. One

comes Jonathan from Leerink Partners. Chang of question first Our

you U.S. us an the update the on LUNAR Germany Can in and process give regulatory

on could in Could that I Europe You process believe. your additional in both U.S. mentioned confirm the front? on finally, current you Europe, color give thinking you And lines new a and just us time

Jonathan. Bill. is Sure, This

to So will prepared and And panel. the not still in approvals not time expectations The in -- changed. the a believe FDA our Europe and as line remarks, also U.S. the there be have importantly, respect we with unchanged. stated remains we in U.S.,

to the that received we we as mentioned, any will that not go the have panel. had meeting or We in PMA subsequently indication XXX-day

with everyone a Europe for the for process degree, some In for medical again, lengthened Europe, device we process expect MDR in the new half, second projected to that in notified an interacting in first occur now our we it's to us. a approval new It's the timing approval actively not had the and space. body, mentioned, the process submission that half. called we we're as has, to Initially,

So that's the only change.

to you process? there elaborate be the MDR are on that what Understood. Are need boxes Or checked. -- able are like to the

Yes.

in we don't than We later other a to talk be it's constructive. And second So the forth -- half. we and about outcome. expect specific expect expect little back we same to never the again, the say it just still

Understood.

Sandler. Jason of comes question Piper from next Bednar Our

quarter active wanted maybe for questions I talk think to the improved of first side. you on of Nice commercial X,XXX from that patient good type focus of us. remain everyone. to the year. sequentially this number a number forward? time first sustainability improvement? in couple A to start How the going Can about That patient so The U.S. more simply we do you forward? around should going patients upon build see. of this was Or or active

term term of or said And rates how about that would patient then, model Does continue have us in comment? you and out? Ashley, and algorithm the you per revenue approval that near your the think that to also U.S. calculate revenue change payer I revenue think your in near U.S. context we improve change How

the Jason, us. commercial come U.S., for Thank Yes, on worldwide, globally now looking the -- to note performance. a the the pleased that and this high Frank. I watermark is really we you first, on X,XXX therapy patients before question. that is are appreciate we've approached we're just for I

as prescriptions With have really the able to did reminder, so the return and -- to have our have to of a year-end, the we year, to not respect to is we you through of full in, realign driving just then convert the a to focus comprehensive prescriptions have starts active sequential end the growth measured coming benefit can that therapy a ensure patients a do plan demand the enjoy our last on teams as what our commercial to at focus then noted. been organization patients And U.S., that teams but on stay as therapy. from

do maximize tighten the really So quarters numbers to to in ensure benefit the I prescription operations to coming ability patient. and the each seen is we value X the think what and maximize of last our the you've up that through

guidance As future. you give don't the know, out into looking we

you, of comment So we that in won't therapy. number are our as most patients drive always, I number going, specifically an who committed where this of patients from benefit all remind And we're I'll help ensuring can markets organization, we see the the we as on that believe there growth but and more do possible. to

the I'll jump this with in commentary net patient. revenue Jason, And per Ashley. some on Great. is

the quarter, which this approval call we from clearly are I us nature term heard in million You out recurring, in-quarter give benefit X and $X fundamentally, the believe essentially quarter's in benefit. improvement net because like don't both the the but revenue, we capture this the in rate is benefit

take then is of out per revenue, We improvements improvement active get forward. And the do for benefit it there will revenue and million which that you $X sustainable. million U.S., is specifically can from improved in the you but year-over-year, you don't the that every see points that out, projecting QX the net XXX that both take in you'll number $X believe use where the you approval catch-up If you the net that moving model. improvement, endure, if the the basis quarter rate, it's and about see the patient

Got it.

target. One that That's question. fourth quarter now from Bill, that in X implying -- clarifying it's is Okay. so follow-up half, prior helpful. second did CE the basically the Mark a you expected the later say

wanted just heard I if So that, to that check I right. on

see METIS, if have regulatory how you on to going or then the there? just And you're to wanted proceed thoughts path updated just any perspective for

Sure.

for submission. then half late for in did the the Mark. you comment So to next And Asaf, METIS on maybe not steps CE want say second the I

Thank Yes. you.

and now the do finalized submission, exactly preparing and are are to we in and future. but which back knows the it FDA, the planning all everyone for analysis will we we're come on. near we let So And in and evaluating right we'll working department

Is just where follow to out this up a pencil standpoint, something we land? mean a of before year-end? things to I METIS milestone 'XX trying is expect -- kind quick from any we Maybe to going understand this Just submission is dynamic? as should

finalize year. try to So our this is goal to

comes Biegelsen Wells Our question Larry next Fargo. from of

Just on response. last a follow-up that

our Asaf, this maybe METIS to you I you're plan this Europe. of when application what you a by when year? bit assume a that you meant in saying XXXX say finalized, in submit this is little finalize to say goal just language barrier, just is we the the and U.S. but Is year? finalized

Yes [indiscernible].

Okay.

do follow-up. from what hearing they How Tumor just I follow-up And Okay. are a METIS, had Fields maybe see Treating clinicians? paradigm? the on a fitting guys treatment into And you

we METIS I interest Frank. say the we is the that in And unveiled board this in really Larry, data. Thank can the you June. from for the across What question. understanding ASCO is data saw at Yes. strong

I'd that think just we've this of Fields year, I at broader awareness saw released data. we ASCO of where all Treating anecdote the just also Tumor shared indications across the

that interest focused strong radiation the fact in think I but delay meaningful strong terms oncology the is to endpoint helping the with And both medical in oncology clinically brain progression really mets. attendees, from on also really interest, of attendees, a time that the from patients seeing

So clinicians to saw with patients. year, we forward ASCO and what we're at to encouraged help really I'm with move these this pleased

you the hearing? treatment what paradigm, And are

the available. some fully exact specific the what I'm in But of I drugs update think as question. becomes it I on not sort . sure or we'll you used terms patients, trial, concurrently from still understand that's may the analysis and of Sorry, be of details that's the ongoing

it's options the is I for steps? the to Okay. you that bit How an of you What long LUNAR-X. a been patients And remarks enroll there. about then take of to you update the provided a taken equally does prepared the enroll many impact in it's are And little can BXX, how -- enrolled? guess on have long how LUNAR-X? concern enrollment going time guess, that I think to BXX. next

that. very you question. Thank Nicolas. for Larry, is This Great much,

something that appropriate tool said very we important of what evaluating aspects. next I ] go BXX And different that's very, is that think BXX. not is for in just a are to [ we steps lot

Now let again, a pembro. in U.S. with you, of first-line it's and And Phase pembro patients in non-small a And X% It's in is cancer trial. Phase me to just a cell II monotherapy remind monotherapy run you being what U.S., remind just is. it's BXX the trial lung the study II

Phase trials how we Phase to lead run the to us need II III III and characteristic have us inform Now for trials Phase trials.

a we is pivotal that and very, patients LUNAR-X very, is one is here. Now of at foundation least, in trial so Phase are having a III different chemotherapy, pembro XX%. platinum-based TTFields very exploring U.S. and the which main situation

it. I got

Just in sneak I one, could maybe if Ashley. for

financing the now beyond meet the the financing, using of uses convert multi-tranche now? are the more likely more be you specific convert? With the to Can cash on XXXX you planned

we're we the to Yes, now quite need that vote have pay strength of down you confident the convert. that

anticipate . don't I any challenges So there.

of Our next JPMorgan. question from Jessica Fye comes

France XQ. contributor what of contribution France us growth You sales first its nice half? broke you in Can talked out tell talk the in is and were it we a about back how about think for the quarter should and

run of and basis will much? comments eventually year-over-year it so, and that be done? heard I selling U.S. on room net And Is that to then point think U.S. how if on net Or U.S. XXX following annualize the over price? net is selling sort price there up price, more in on And earlier improvement a sustainable. is clean I

Frank about the is ]. It's up this then that follow milestone quarter, Joe, saw France. million, modeling a there a on color Yes. nice material In you you can [ was with million and always specific $XX.X second market. into questions quarter $XX being any and France the with let first cross when I in jump Ashley.

And So to awesome France on. really will entire be for broken It's out again, milestone. that. French the from here congratulations team an

market growth now, and as see will move so but continue market to growth forward. continue and moderate But German it there life-sized we as to matures, we that do our is we a approaching expect to perform

patients I I'll there focused on are price, U.S. almost the that's to now. know to challenge always growing over approaching move it, team the team I get we on a better, U.S. all that have we approval in market on but and If we're

a after a moving there can U.S. model So in sustainable bits we're very kind manage that but price more to price reasonable is incremental This grow that much to can I of we improvement. commercial payers. want is expectations in our forward. the we hold not think We get, net is room to it, always net now

medical is This in during in the just bit is we prepared of advance a in had getting getting add team market said of We business the business what the a teams, and teams. actually the both success repeat of blueprint with open I'll clinical is launching. on the remarks, reimbursement. prepared France market France We which approval in and color our for really trials Frank. the

very be quarters, it's little X think frankly, And ahead year more in bit to coming over clinicians a our the the a bit a now we're into -- where patients we the seeing pleased therapy. It's into little launch. the of from excitement now out who from also I And and quite still that penetration. of exciting over we schedule more are expected with of year market the than a we're crossing terms in are results, and France

our So future. for blueprint success the really it's in

of from comes Evercore ISI. next Our question Vijay Kumar

-- of opportunity? couple France this north a this -- was for France, like the that revenue how modeling-related sequential in in in -- fiscal that It's -- expected you year to what A do is Right questions. million, is base of is $XX continue? 'XX? market trends next annualizing comparison, strong size

years sizing, add its bring those be which do largest we upcoming be Yes. in will you Vijay, like then to And markets, to begin as our to revenue. I look I expect to expect we markets. European we anchor more X mean and ahead, to able German say, big and on and France additional would X

is German like opportunity. in it So its

to size. I a we Germany will up. say, solid ramps our out to it a And growth growing in is expect to continue that mind. off we course, we It's like as of expect markets, of all have yes, base. of in market keep it of But And be

the fiscal sorry, And 'XX, 'XX? fiscal was revenue France on what base in in

don't you. Q, mean look do we tell that in out EMEA at think other if out Yes, break is I we would our Vijay, [indiscernible]. 'XX, which in you broke I the I markets,

Understood. And at that's how rates France? revenue think then at And payments work about once is reimbursement look I kick cut. look patient in that in EMEA net like the when When in, other region, Germany, we tracking I Germany., you had national got

France risk done? is of and future -- said there is is this Or rates? for updates So any reimbursement all

Yes.

So the short answer is Vijay. non-expected,

the at is Germany, an go are and of hear Those we where lung. is a on U.S. X basis named Now important is have and long in you answer That's patient markets reimbursement we launch. where us we will that on that, distinction risk this launch.

And and the other until markets, launch it's we have reimbursement secured. national reimbursement, we not do

that is how we how is outside handle all and that the U.S. Germany revenue is markets other so that of handle will stable France, and we So durable.

you've compare Understood. how That's this you pancreatic sets look when early when the others? other on disease side, that versus there opportunity state trials, states, question And different anything for you several metastatic pancreatic apart helpful. at compare like disease early the at that anything you you guys? PANOVA does versus brain experience, high-level look When you data a on Maybe pancreatic pancreatic contrast, cancer, GBM, NSCLC. cancer, Can is cancer. about maybe had last

Sure.

Bill. it's Vijay, So

best to the As the true extend survival cancer Treating Fields when early cell past, this in lung the way non-small the trial of it's evolved journey. case opportunity that provides just the in has start Tumor are in cancer patient later need we've trial. designed our PANOVA-X was In In the many and sicker. as was used types, in first-line lines of that when to field we trial because and the noted patients a

that So to one, respect with Fields Tumor is number therapy. positive Treating

we treat when that are that that a regional and locally. data can disease, the local this know we -- therapy in the has we we PANOVA it full only the extent means earlier when Phase and II saw and spread that we Secondly, diagnosing it of

We outcomes. have the best

trial receive in the XX% diagnosis therapy. advanced locally a who pancreatic this was PANOVA-X, about again, And cancer the in trial, patients this who of have

first the same is So it we design. would in because it it's was we had the locally designed. -- designed because population, the if trial have we designed advanced and And it's line with think well today,

the we're forward reporting all this out really later So year. results to looking

helpful one as last on -- -- does it's patients. regional That's stage when ], stage mean say follow-up XX% that needs that extremely stage cancer comments, [ I, treatment. when Is say Maybe be a fifth you of II on tumor stage, early given in local to that against III, you

So cancer diagnosis the are II? of time in at Stage Stage the of pancreatic I, XX% cases

Yes.

of And patients diagnosed accidental surgery. has is when understanding numbers, of are some, cancer remaining it's that our those, that me XX% operable. let XX%, that So are pancreatic body. when for scanned every year. And when already but usually they remaining . The pancreatic operable, is by XX% the and and we're in is and U.S., diagnosed about have findings past will pancreatic cancer -- remember, throughout the when not locally. it are, all they XX%, diagnosed expanded point XX%, XX% systemic metastatic different again, receive it the they're and the being

two, PANOVA-X that are those So on the operable, but into pancreatic -- not the bones not and has one, where cancer body. of the the patients and the not rest the focused spread is brain --

That's helpful.

XX%, those the... local, or in cases, accidental the XX% That's diagnosis looking So correct? at the we're criteria, the XX% enrollment

XX% to XX%.

that here is advanced. were So on patients again, and not who term locally . the where of operated the arc disease the is --

Our Emily comes next H.C. Wainwright. question from of Bodnar

study. KEYNOTE-BXX follow in in more in seen so far the enrolled kind Is that to confidence of that on you've wanted anything patients study up gives you I there you've the LUNAR-X? that

on following kind what so other France Germany of think other up market at, to for like looking are countries then far? markets kind similar the -- you in there Are and And you of just be Optune. size which could

usually we of not the I I'll findings do take about part first take on -- trials. the running I'll think question. And comment

as I question, your As far I misunderstood. maybe understood

if that you wondered . the on confidence just in seen LUNAR-X you have anything today? gives based I KEYNOTE-BXX

not, and said way, BXX that I does LUNAR-X. are And confidence As different any I trials. in before, X LUNAR-X have completely change in the

it's our approach making up Excellent. a progress payers, to have with on hospitals before Italy we horizon, markets, are are commented gaining of as each markets. in Spain new both and And reimbursement a terms working being And we're -- region-by-region and which of to we in in next together respect the with Spain, think country, market. that next Italy and and in potential both France we

it no this showing I'd to like to at turn Bill questions remarks. closing Doyle for back further time. I'm

to forward very of XXXX for promise X X. to deliver year the progress to to non-small GBM Those we year, to and . We're we ahead. key pleased balance grow and our And objectives future. the position were growth to entered business on all U.S. cell significant lung be this the in in where and look us across to the cancer to indications catalysts We the pipelines. our launch in and for our with return and clinical report product the development of have morning also able Germany

an here all you. continued your for exciting the who for be and we QX. Thanks you thank employees NovoCure. listening It's interest Thank dedication. are for So your NovoCure time, will in for

now today's you concludes you may disconnect. Thank call. and This for conference participating,