Corsair Gaming (CRSR) 6 Nov 242024 Q3 Earnings call transcript

Good afternoon, and welcome to Corsair Gaming's Third Quarter 2024 Earnings Conference Call.

As a reminder, today's call is being recorded, and your participation implies consent to such recording. [Operator Instructions] With that, I would now like to turn the call over to Ronald van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you, sir. Please begin.

you. Thank and call joining ended for XXXX. everyone, financial for September you conference results the thank afternoon, us for Corsair's XX, Good third quarter

the outlook. the quarter. Andy will then Corsair's Potter. On financials will Michael we and the CFO, our Andy from and Michael CEO, highlights review review today, call Paul; have

We will any for time questions. then have

forward-looking the portion Before This call, statements. future we regarding of call, our are disclaimer the forward-looking company begin, to allow therefore a me statements may of results forward-looking include the expected to Q&A related provide and including statements.

results materially preliminary. are other financial Today's XX-Q Note references that and may uncertainties Our are our to projections has actual risks to include non-GAAP of SEC filings. been statements forward-looking in differ and subject due number to release our a numbers that uncertainties. The remarks until are our these and measures. also filed, risks will described from earnings

information the reconciliation including market between information, financial turn after that, issued release closed Additional in the information today. With the to I'll non-GAAP to the over Andy. we now press GAAP is call financial provided

In for right Ron. future so that been I've I starting excited to call, this rarely like Thanks, I'd am now. say as Corsair's earnings

premises. Our business four depends on fundamental

games of optimize to mostly and latest creators to their the PCs desire First, studio and ability high-performance or build order the consumers, play gaming gamers and buy in setup. peripherals

market. to ability our Second, the continuously products compelling bring to

those details, most into mind, lastly, brands in hardware get you'll with ability where some partnerships partnerships of and industry why to parts I'm then Third, our for see products. let's of sell And excited. channels our are both the with so other our our who, the With we retail manufacturers ecosystem, and things of game publishers. gaming from have

ecosystem. the with start Let's

games and all mountain Lots brings very and that runners out the think platform snow or I gamers. pastime, of bikers sunshine out engage sport for important. golfers, great base any know brings we is skiers,

ready called frame will XX this early are AI showcasing be yet in which Duty: ray tracing The processors two X GPU and but Intel is supported under plans For partners, here two AI NVIDIA for awaited said, components be these same been cards will in want enabled, will framing or we launch AMD, in many at high graphics has any hit the ourselves, This rates. from our to GPU January in new gaming the cycle Roughly with a was gaming wide from power, years. not be play on is you NVIDIA high-end CES portfolio speculation that of stress every gameplay. I games not of generally cards With October last board and importance these X.X Series, enthusiast normally, January. To Black QX community. of NVIDIA's games that has generation strict building house people by these most to speculation. Ops consumers NDA. years, smoother that to have hit. and GPUs. a Blackwell released cool form XK seen at blockbuster rate at in year, the latest as Corsair industry gaming is graphics to of need Latest and the refreshed or launch AMD frame order however, two-thirds to This all The a probably overwhelming is relies NVIDIA including cards by PC, possibly as expectation launch, the eagerly XXXX, will partners. gamers. And from business are high-performance new their launching, XK GPU that expects the the technology gaming industry build early that Call to high-performance recent use such cards the perhaps a that as PCs CPU high of containing cards able those an will years. launch extended industry

industry second expecting expecting it initially half this a this off to with You and can most to 'XX, for now in very system 'XX be have launch of imagine in looking anything gamers high-end building year. been that holding the build QX of

Switching would ASP share expect increase to the be gaming components our launches business our to units, product our $XX margins. terms a are have margins. been and slightly this for i.e., a lower-end high for early of market the sold gaming that components rather $X,XXX XXXX. expectation we So mostly year expect growth. while that's already, be for of $X,XXX market numbers new surge while does large Corsair? The We, mean dynamic to resulted $XXX would tend us, products different further. growth jumping gamers categories and to PC high-end point, is between sales, in price we a where geographies, part unit part And back PCs, of attention perhaps share that peripheral has X% show different lower the What of lower than high-end of therefore, and for done we've into in down in the ASPs in have absent. to ASP these well which components And have in to self-built XX% to to we very the a for PCs market market

five growth, longer-term the we look In is fact, TAM peripheral year-to-date, well let's growth market recent excess we years. has growth. But have dynamics. see The the good of data at for in gaming shown shown quickly market over the which last XX% long-term

use we headset In bellwether. Americas a fact, as market PC gaming if the

headsets PC indicates Third-party are simple And there pre-pandemic are would that in suggest active more the means players that XXXX years. math sold XX% roughly XX% compared roughly more there in data market. to game

know, starting XX% all since still after lockdowns negative from as the have to COVID return year-on-year some time the but peripheral entered there a COVID the new huge Now first the will lockdown, to market abandoned during we for number work, of gamers and market turn seeing now we are numbers gaming And sold. positive being headsets are more growth. are to gaming

our continue is the peripherals Creator and next well to for here our So years. few to segment grow in expectation

overall, In which data be previous and to period more compared than Amazon in terms gaming consumer sales spending, some sales general by the recent probably Prime saw we The for concern very stronger also this $X,XXX hardware is during gaming encouraging peripherals, rather to retailers Amazon record witnessed this Prime $XXX PCs appear of year reported data. encouraged years. of where a we Day

period the launch. In expected for our in spending for so now activity feel summary, And better good NVIDIA also as October channels about on than the lean to and we saw for GPU a holiday we activity in bookings start felt inventory, while. very consumer we both

some We've products. very exciting products to on recently. move Let's launched

will We offer can Trigger and with also Lab, desirable features keyboards, such headset, several peripherals reviews. Effect a price factor customizable their MAX is completed we Corsair small Deck This will the generally consumers Elgato there. genres. At and flagship Elgato, we BitFocus control market. form the launched enter Stream Rapid $XXX broadcast enable simplify the offered acquisition stop We are a the on did start switches part with customize In completely our Our of as which recognized can who introduced point desktop Studio that FlashTap. programmable is has of encouraging as where software, a brand components, Hall in our racing complex for and pro we hyper of that solution launched September, VIRTUOSO that to And off used Fanatec, simulators. with is later. leading Custom service to in More not multiple high-end a workflows powered new by and some systems. for great patterns

retail partnerships, to have very to on an standpoint, several things report. industry significant Moving both we from and

multiproduct are which we launch exclusive a collaboration involve Call Duty: This Activision be the is marketing Ops products. title. and to the a very proud First, of Black partnership, Duty activations strong branded for X partner will Call on as of selected multiyear,

Call of launch Black now Ops PlayStation also unit day. ever, of of Day a well which record our the Pass websites. According were of as X product players Game was many Black our setting to up on biggest on launch, XX% Microsoft, year-over-year. X the And showcased from for theme For subscribers products Call as Duty week's launch last lines, Ops on Duty are available sales Steam we release X adds

products Lastly, stores we have are the will to holidays. in also that report Apple we very pleased for

will on more this occurs. You see when the launch

progress at a with biggest We retail perform Amazon, make on retailers, continue we our Best and Buy which and are expansion to to continue U.S. basis. worldwide well the in

recent Let of more that high-end some leading for me many details Fanatec been Sim years. components Racing acquisition. is give now on provider a company you a has our This

our industry, it resulting stretched financials. a resulted surge inventory of at roughly decided same age lockdown is expensive company time, for as Like build same new COVID Corsair. very but many excess really in years fact, unfortunately, dip In old, have companies Fanatec, headquarters. the And for to the they them, and from after in most their XX the

$X finally, led buying on company took over, losses, and excessive Sim perspective excessive ended the this size, their the data. of excess almost growing all XXX to direct-to-consumer according revenue EUR it coming And fast in roughly website. industry you To the debt insolvency. we banks billion of and of from up All and in Racing XXXX of market was to out give some is million, Fanatec's

health while going of insolvency, uncertain revenue community Sim challenging. the business through With became Fanatec's maintaining

quarters. that world-class working The been we that And quickly They Corsair with manage great Corsair with team have will customer products put can is business that team team now to systems market. and and deliver experts there now very take stimulate we've acquisition, Fanatec product the We great anticipate bring at to we in two roughly the the process confident since team are processes growth us this so a backing, of shine. simulating place will However, to encouraged. and support. integration the further

numbers, And of a add business. to our talk roughly XXXX XXXX we while to very them back too profitable We a to path to it's get expect early QX expect and about $XX to back numbers. Fanatec to million growth do revenue

Fanatec to We in expect be ways. to able grow several

makes moment. have expansion at We do the sense. channel First, many partners interested where it

and can we control Sim And solutions. All lines, monitor to offer to Racing lineup that game can some add Corsair and the complete their setups power independently our need developed. products Racing Second, PC we the peripherals setup. a with to either view complementary and console other Sim or product last,

and based these would a down, panel. only professional further confidence steadily We And our mentioned. from levels expected increases. This things what not have X% consumer and up that we the our and with end should spending our Peripherals creator beginning, moving post-COVID is EBITDA been immediate This we growth for out, year, on to Overall, on here using said growth see expect has from X%. forward. at also expect at Deck gamer we Racing lockdown will very about encouraged return coming The an not one I EBITDA am will to markets easy us Fanatec, consistent with setups all at Components And double we few segment inflation as I the to as a Stream period quite Sim seen hope as control future growth. from the XXXX. forecast, and for

over Now, to Michael.

Thanks, Andy, and good afternoon, everyone.

it slowly as and vacation typical and months the was started August quarter September. of in July then traditional during accelerated This

actions impacted drive lower growth. to to see our so QX gaming in deferred which the investing our towards continue spending plans improved systems. These as drive results. a grow building end in but higher-end and our products with can our quarter, continue offerings year-over-year long-term continued while have customers margins, to of product cost lower business we savings areas Our profitability will margins, that we prudent took strong and We end tend streaming be during components we'll to shift

specifics, $XXX.X In terms revenue of compared QX the million QX was XXXX. $XXX.X million in net XXXX to

from For of compared XXXX, in QX to revenues XX.X% year markets region XXXX, $X our our was XX.X% months XX% contributed in of XXXX was of revenue in the the QX net XXXX ago while XX.X% QX period. European QX million XXXX. first $XXX.X compared X revenues to APAC billion the

net to segment in Peripheral contributed compared $XX.X our quarter revenue now million Gamer third million of XXXX. segments; to $XXX the Creator during Turning QX the and

in For for net million the Gaming from Creator during and compared XXXX. X to products first contributed revenue of segment of first of million was quarter Peripheral XXXX. The $XXX.X million contributed segment X and QX $XXX.X months months Systems million Memory XXXX QX to in Components million $XXX.X the revenue in Gamer the $XXX.X $XXX.X third million XXXX, XXXX. $XX compared QX

from first For gross in X profit Gross $XX.X the first reflecting from $XXX.X first Systems memory million Components $XXX.X XX.X% of the million to compared to compared with business. XXXX. products for X our Gaming $XXX.X the of QX revenue $XXX.X XX.X% compared in Overall, lower in and generally XXXX million. Overall the lower months $XXX.X in million segment profit to third decreased gross $XX.X and decreased months level in X was to margin Creator million segment QX to decreased XXXX, million compared XXXX, months XXXX. Gross XX.X% X decreasing months Peripheral Systems revenue Gross in $XX.X was the first was of the and gross revenue to of Gamer the XXXX, $XXX.X million million XXXX. to from in profit quarter QX XXXX. million Components to in $XX XX.X% million margin to compared and in QX margins

Components improvements Gaming while $XX.X margin XX.X% the and lower see reflecting segment QX XXXX. in sales sales XXXX, in this to million believe XX.X% gross compared compared on to business continues. was further profit track Systems volume we're and Gross the rebound pleased The for $XX.X higher volume. in to million QX be to was continue We

gross products were in memory the quarter third Our XX% margins in XXXX. compared QX the XX.X% to for segment

million quarter compared in QX XXXX. were to SG&A Third $XX.X expenses million $XX

and were expenses $XX.X investments our controllers and $XX.X line reflects to QX million in new mobile R&D quarter Racing. Sim our expanded support in compared This XXXX. including of areas, Third million product

a was to extending our business. in overall support controlling between efforts GAAP to a XXXX per QX employees million reduction third in loss operating $X $X.X remain XXXX. which to planned growth continuing savings in million of committed in XXXX, starting included the million cost GAAP of and generate we operating $X of XXX quarter cost next expenses compared approximately while of Our million is $XX.X operating loss to and July quarter year. We in into started reduction expected QX

operating million to $XX.X income quarter was compared million adjusted operating million QX to operating in XXXX. the first compared the of was $X.X in months adjusted $XX X of months income for $XX.X of XXXX. million Third X Adjusted income XXXX

compared noncash Third common On million QX loss $XX.X to $X.XX in a XXXX. quarter net diluted per million an $X.XX from per third attributable a loss the or per was charge net allowance on $X.XX valuation million or share an share per in net net million adjusted to of This assets. as diluted income basis, effect QX deferred share net of includes $X.XX million $XX.X shareholders of $X.X or to adjusted $XX.X was diluted tax $XX.X or loss quarter share compared XXXX. diluted

$XX.X of first or of of X For to or XXXX compared valuation the diluted XXXX. first results include the the effect net X income million of adjusted months per allowance. XXXX, in adjusted net $X.XX The $XX.X an was months tax share million loss share the per $X.XX

third for Finally, million adjusted compared EBITDA million quarter to was $XX XXXX. QX $X.X

$XX.X months X For period. the the first million million compared EBITDA was XXXX, ago year of adjusted to $XX.X in

ended we sheet; balance million. with $XX.X our including of to now cash QX restricted cash a Turning balance,

be the available. improve to sufficient a present third revenue with of before $XX EBITDA-neutral fully be billion stabilized value, expanding to to to to allowing in $XXX.X in through improvement undrawn Fanatec from tight open Adjusted $XX to compared further million We of at the shipping face million QX to is $XX led XXXX outlook expect quarter million our $XX expect to now to reduced $XX Corsair to XXXX million opportunities the $X.XX the by of rest operating million excellent healthy $XX and to portfolio. its The efforts million the flexible approximately full with reduce is inventory of controls. The product range billion, acquired be be capital effect expected XXXX for operating the further for income million to million reiterated call inventory a the an $XX expectations sheet acquisition. of year company now recent we working expect year now million fund and EBITDA remain XXXX. million We of cycle, of range to adjusted in including call us in we million themselves. additional QX financial maintain EBITDA Operator, ended please should revolver the for for to updated $XX its balance its Overall, we're during starting company with as in continue cash $XX and remains happy development continues you margin, QX will the cash to compared to Adjusted in $X.XX the generation further liquidity in expected Fanatec expect improvement Under range continued full costs up in the increased previously. With expense to QX. our normal inventory, and revenue our revenue debt that, in questions. for $XXX Q&A? XXXX, result we again XXXX. We previously. for cash the these open to of

[Operator George Instructions] question first Wang from The of comes Barclays.

two have ones. quick I

Just you firstly, of any on single-digit near-term returning improvement terms margin? high in Just give plan? of be of guys of going double-click sort on path you profitability in more particular of can just margin you levers forward? might measures curious, EBITDA the Just kind EBITDA can kind targeting color terms to any of

a with drive coming year and got up a us right? Well, big of will game things, products. of for technology George, margin, sales there's We've higher launches launches. higher couple That ASP

the So first thing. that's

continue continuing The business, expect to next grow year. second we thing and our we're that is Peripheral to that

much XX% memory and much lines continued Peripheral has grow the know, business, over margin gross margin product our components. That to years. is Now our higher lower you as to compared

than we year, even and group the -- expect Memory. Peripherals are Memory to of we continue. group gross from Components next we And this with more that year, the fact, now actually rebound Components our for our margin In making and

that overall leverage Do want some you the because on things? make biggest any costs to that will So drive mix margin is and comments our up.

already expenses lower the The only just other revenue our we've level at thing this is operating covered year.

So generate that and more as fall bottom gross our revenue we well. line to the more profit of will up goes total dollars as

great. Okay,

if Just a I can. follow-up, quick

we kind consumer of general months maybe back Just step three about you take ago. the maybe just demand versus a talk can

it kind next GPU could of the out notable additional refresh in just changes? data we point of year, also relates be looking kind as any of early kind for And Just interim. to

the on of kind trends there. any thoughts high-level Just industry

a couple is there's think I about. Well, things long-term. one One is talk short-term, of to

they record Day. Prime short-term, heard you Amazon, from announced probably So

We also gaming record space leader Day, the we terms Prime think had and growth. in I the of were in

that in what So up mean? Prime We last was popped that leading to above go Prime, seeing under that year resale does slightly and we're saw up. to Day, continue data immediately

what more we shoppers eases, bit a as I in are confident. that very think more retail are buy since people channel They're has much I I shop. that as to notes gaming inflationary and Prime that been gear. also think mentioned able Now the price now But Day, want I is means conscious, what that they and you'd little that's think expect more environment. an saw, my getting And to in there

And seeing holiday for and season so as really bookings good QX. they the get ready we're for

in sentiment. feeling think So general the whole good about retail I consumer channel is

much more now we is other at X.X The thing say a from macro that are lockdown. years I'd level

are going people now And to graphics keep requirements. peripherals see I'm we're cards pretty up over to with the refreshes periods. that too just old of going on historical sure lot have so a where we're that current refresh And and

from Our from Lee Aaron next question comes Macquarie.

the the change your are change related expectations your unpack performance how fourth of versus just for regard from And the bookings can the October? major of guidance, quarter a quarter? us was to drivers around latter, that With some third comments activity you solid your much given to on what in for change of updated

exited, Yeah. saw and continued it We and was QX Most pretty of July August. pace, a as in slow at for shortfall. QX you a that

numbers little wasn't it a had expected we QX. There level be of bit to pull the because we So of a up, it started the QX enough and picking there until may that we in conservatism left comes to QX little so quarter it really up than wasn't September most lower wanted. the from

there of effect shortfall systems. is in gross shortfall. So was of Most from the components little percentage is QX a but bit the margin and the of QX, in it most in

September, cost with not we even what So dollars total and revenue margin and in of down. off were that lower was lower it brought far after too expecting margin components, decent the a

Got you.

had let to the add information realized me launch, of also that. of to come more to the I was One that NVIDIA we which in. end suddenly one Aaron, two be everyone QX. going year, thought think expecting going pieces was the QX, be at was it's probably likely in

bit I think channel be so that And to the a caused apprehensive.

We wary the the inventory. year, of also of saw generally bit being middle in the retailers a

And QX. has to that so started in flip

confident. I are more lot think people a

So more yeah. that inventory a of sorry, -- end planned means QX in and retailers sense? little the to Does towards less that little buying QX and make distributors QX than a and QX, QX

Understood. Yeah, that makes sense.

just update where As have quick Can becoming Stream wanted XXXX? trends material what and your expectations you like? a marketplace there in Deck. about to Stream Deck the marketplace the around more revenue And talk on a I the stream us are your been follow-up,

We marketplace accounts free. ago as started That's well parties allow it's a the historically free first but a million mostly, to the fast. the has third about growing very thing. marketplace used charge, So marketplace. to over We have now, X year app

the numbers are free. absolutely So enormous, download but mostly

free here. Deck is We downloads of that have drives actually got thoughts two revenue. the number hardware One Stream

well. that we've good so very actually And is And start some Deck the thought sold. we'll able be the as charging point, then units marketplace, compelling we Stream to at launched a seen apps for in since second growth

still growth moment, in it's sales. software the but fairly insignificant, stages revenue where is very hardware the driving early at sales from think we're in I the So certainly

comes question Stifel. Crum from from next Our Drew

the type the really GPU and catalyst. year? of looking be think the recovery the last look a memory you to chips, the launch of we 'XX sales next next featured it And new the Is year to when a of for follow-up. a would that as the suggested components serving threshold XXXX helped of should I for businesses for anticipate was understand with and ahead XXXX then rebound new segment year? Just performance. trying year magnitude anticipation segment I have a should the we

that's different it. a 'XX would about is was What's think I way Well, that still billion-dollar early the Here's right? after very COVID. question,

we on So peripherals our we've or 'XX a of them backward-looking and not have was to other pull of that now gaming to 'XX a in glasses in years. realize that lot 'XX words, caused people there built got forward In lot COVID or then bought that in PCs 'XX do 'XX. and

imagine you've years. one certain market So a got or for of the two amount pulled

over So was demand massive there inventory over in had hanging of a 'XX, built that down still because There 'XX. everything. some already people obviously, in bought and and went was

people early of the were for about chunk upgrade. a see growing average big to already new while of cycles So adopters two had cards, machines. We the typically an market built

we'd in with XX And So people in Series to next expect upgrading cards words, XX year, Series Series were the XX series. upgrade people launched the other XX cards. cards

from think we -- steady should say, let's are growth COVID we that's and out. now of or surge the So from that kind COVID see more here over why the on now the ripples

holidays? heading I helpful. back Where going seeing stock That's you're channel into more it. your positioned you aggressive on you the And heading more can healthier that more XQ. XQ, booking take a are Got then, on you then trends into but the inventory to think across the mentioned your ecosystem willing willing less into maybe Andy, get and holidays? to little in retailers with dynamics comment

you we under plans, that obviously Well, we're starting than the the our our our higher that's the was the sell-out little means rebound. at to of compared reverse. say And year, inventory to middle in still of were middle a which look if I'd now sell-in.

that PCs I gear think NVIDIA lean people say the strong all obviously, activity. And that big it's especially going announced But the to Day top because it's all enthusiast retailers in are have is hasn't launch going it Prime year. after selling everyone a to building game people be four for early be are that getting realizing now time the also realized year it's Christmas, and signals that cards all the the are So I'll a rumors directly. rumors, because rumors the NVIDIA in the will to

called Series, is, which suspect XX-XX, very it's XX XX-XX, you if all So quickly. XX-XX, it XX/XX,

at but year. there's a obviously, early be price the all price for expensive, all that will So going card ranges in be ranges to

So think I than to is lot going a be this of those a 'XX little different reasons. for

growing gamers expensive or the that teenagers are build $X,XXX very coming can spending prone thing market market Peripherals group is I now can the $XXX Memory buy the that faster. or more there's less And $XXX our is other that gross It's getting level remember a out than on macro in peripherals Components into because a to do firstly, more Now $X,XXX PC. And we're a the is that margin for that, because a of us general peripheral and our overall faster earlier, as on said a to much economic peripheral much PC. easier group. building afford than are we gaming to market, expect issues grows than

expect organically a of grow, there. market really both as there's tough continue getting we've market stop. What around the in grow as we and well to And million these we're with this we done time level, and So that billion-dollar to which within to $XXX there's all acquisitions lot we're continue our that with to to already not do plans planning acquisition. that -- players a finding traction have because revenues million $XX companies then is in

will mostly and of continue to to planning margin, do So high gross them. And we're have direct-to-consumer, for lot margin to add opportunities focus our there's we gross division. that where to continue is a just acquisition, of and we that

the Peripheral Memory So segment even to healthy rebound faster though and Group year. general a Components components next have in expect in the should grow than Memory,

Colin Instructions] next comes from question Sebastian [Operator Our from Baird.

Colin [ Sebastian. is This Milliet ] for on Colin

second waiting question, focus. just in you gives simulation the builds, well underlying and chips as what demand as year for as within kind the product of broader you And a mobile beyond So key refresh the then this confidence the cycle the racing for PC did controller guys industry?

So specific to in XXXX categories product for is there are be any development more details going focus? that and on then pipeline any

Well, we're player. with We trying to it, players The small. there's mostly with that's really only player But few enthusiast lot focus in time, biggest Sim big the big biggest Racing, on enthusiast starting everything of one, very Then at a is companies. right? look, market the bought a Logitech. same

that now there's things the that a market add monitors, PCs, that's we're very to we we lot systems, gaming we to of because make remember, of being and right that we is serviced by small chassis. realize One make complete hope make really big integrators. And a to going for there

make we from different is industry the So whole as was before. And solution. this it very the

we're I impact to think we're and there, that. all about make a very excited big So going

so tremendously Stream of that Elgato new parts for shows actually made with hitting have lot other and Deck Stream the business I some a of Deck and The where popular. launched is powerful. BXB portfolio a them Stream broadcast and them experimenting the when at professional business, booths. A launched into very We the just mean, all the we broadcast we're up of especially Deck been we've the

our really very products an that's going headsets, makes of lastly, portfolio the the business and that doing then have gaming which or section to new overall think a of keyboards grow. got additional arrived. mice well. We've I peripherals, And So Peripheral part just magnificent that's traditional is segment,

that of the Store. to taken in up be think we're getting Some market products are the right the I full But by at time. mentioned right out going now, Apple force we really hitting those

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

Thank joining for on you, everyone, call the and continued for today us support.

contact forward look any We department. evening. have Investor you have follow-up updating a our questions, Thank you please next If you, quarter. Relations and to good

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

You may now disconnect.