Robinhood Markets (HOOD) 30 Oct 242024 Q3 Earnings call transcript

Thank you for standing by. My name is Catherine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Robinhood Third Quarter 2024 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Chris Koegel, Vice President of Corporate, FPA and Investor Relations. ahead. go Please

and QX Catherine, and to for everyone Vlad Thank Call. thank With Robinhood's Warnick. Jason Earnings and CEO us joining Tenev; you, CFO, you today Co-Founder, are

found continue could statements. press and developments financial release remind started, getting today's that, With monitor contain investors.robinhood.com. Today's of risk differ to we expectations, be earnings comparable I the we turn in discussion me Potential from to issued have that to today, to let Vlad. be that we Actual Before unless you Reconciliations no at measures. legally could results in our which required. over cause duty the want described the presentation call measures regulatory earnings found the non-GAAP all SEC that most GAAP filings, presentation. will our we include it to differences, will and including materially also forward-looking are provide factors consider can can updates

Thanks, Chris. Hi, everyone.

by start areas we on number one, the share reiterating X me to number QX, these expanding progress of Let continue fronts. number internationally. with market; make increasing wallet three, In active two, customers; all of winning and trader focus: our Robinhood's

of fact, front have us In of another to records. year after these a X number full in the first take already even quarters results our the year of through have higher. broken And quarter results we

examples. few Just a to share

custody record $XXX record $XX billion billion billion brings continue a also $XX deposits of of more us were we This XXXX to high billion. assets our straight customer and above QX First, share. as our $XX year-to-date, under takes the wallet to net or for third increase quarter to

a second our ago. as strong high QX year-over-year. up our total grew Revenues to our were year year-to-date highest full out quarter XX% traders. contracts we from to from brings increased This XX% financial record third, Adjusted was XXXX. year-over-year options winning another billion revenues X.X edging with ever. year EBITDA QX contracts, active keep with new XX% a Second, And

Card. program rollout, hear If Robinhood you. almost of more new A the has behavior And record increasing excited the customer see and know they're year-to-date, over X.X road like comes increase don't is about but it. share When grow product of to diluted subscriptions, is hit working billion business year. $X have we're growing card up. customers to of energizing I part an already months, performing customers map. we're get someone have billion in hard $X.XX parts we manage our all-time EPS Gold $X.X going Robinhood as multiples want we well love it. always last of If of year's also to and risk scale We're Robinhood when Gold Looking the this, our they is to but being million It's wallet one they of I've key it, most they it, in GAAP credit patient Gold profitably to our revenues talked which exciting time. recent that to of any studying even carefully the so nearly high QX. And broken prior of with Gold

customers. early, share Gold still data it's from XXX,XXX emerging Card While I our wanted to some

X% to us rewards. X tell be XX,XXX digital with love X X-star course, app the and the Customers they out card, App over reviews. of Store Gold the love of metal the customers First, Card. continue ratings

loan balances approximately customer shows customers transaction. their Gold we're starting also first and and behavior see early that customer with as is following our for retaining the XX% the like looks expectations. Second, revolve top in expected. of wallet to line It Gold Card is We're data of early Card customers spending grow most

All Third, also while additional benefits great to time. the meaningfully Gold deposits see similar the significantly scale it's platform. It's net higher still we that can Card increasing customers. to the early Card all, customers early, further over Gold in we're confidence are contributing versus quite

financial over Now additional it let offer to Jason me to turn review then and results, our thoughts. I'll some

assets balances. equity margin Thanks, joining year thanks, EBITDA retirement XX% AUC also volumes cash had and ago. set incremental as options sweep for results quarter, business driving for everyone, balances QX under as XX% another and versus growing a QX, of In contracts, highs, us number Vlad, a strong and new today. adjusted we highs revenues and multiyear well including custody, margins

And we're focused already broken year profitable another share. and revenue, per earnings records full for we've on as EBITDA driving enter year growth, of we XXXX excited that adjusted

annualized progress XX% in ago, over the plus rates custody net year. we Net a $XX straight translates QX year grew deposits $XXX a in billion This to at quarter QX to of XX% versus growth the past under $XX assets for year. past over third and and deposit the made record billion. Looking XX% the billion were

XX% which of net This accrual Total quarter of ninth EBITDA. quarter. and positive by these to doubled EBITDA profitability for to by grew or quarter $X.XX regulatory adjusted million mark straight $XXX XX the $X.XX income our was fourth We're reduced million. expanded pleased GAAP share. in net grew revenues a Adjusted $XXX results, to nearly with points per million. Adjusted EBITDA to straight margins $XXX XX% and

crypto more XXX% X as gains equity at across ago, revenues across great up respectively. we look and from all volumes QX which trading XX%, market share categories. all a and over year-over-year grew year see products. was let's revenues, increased option, XX% Transaction-based and closely volumes XX% higher It drove to Now

growing building securities cash we This increased revenues and interest their improved. interest-earning X% margin lending assets activity Net customers included year-over-year grew to and high. balances X-year sweep XX% as a balances

of XXX,XXX over revenue grew $XXX subscription million revenues reach past subscribers XX% million. in annualized recurring other record subscribers a we by to over as Lastly, record year the added Gold gold X.X and

boost. matches and transfers. include deposits note the I'd gold our QX contra from QX amortizing were revenues customer million sequentially, contra $XX by the revenues million, up deposit also that revenues $XX on driven X% of mostly impact

a contra grow similar to by and much QX then grow sequentially revenues in in We expect XXXX. slower amount

more some matches. transfers provide the payback as driven love incremental activity IRA and the these gold and seeing other customer provide on our periods contributions, on has context, matches time, great promotions. the asset not To same we're At boost customers we deposit X% much as

more it down November decided focus customers. on that with So in offers resonate we've to wind to

of customer. we Week from example, to in led by an our just X for doubled of transfers. in transfers in over good we billion year, when our that on a back, history. revenue And that are Stepping this X range so far recently averaged $XXX,XXX promotion As last asset offering reflect the incumbents matches weeks, this highest on company down Hood our $X brokerage quarters X per it feels

$XXX Turning good quarterly middle discipline. SBC to OpEx was in another on our basis. expense of the We adjusted of quarter Combined 'XX in QX and expenses. a million QX, had range outlook

nearly for quarters still to year range Looking of driving revenue OpEx track the $X.XX ahead we're while of adjusted the SBC, full our pleased $X.XX we're outlook for on and first even year-over-year QX, that X to growth XX% billion year. billion of

the continued the to top near growth we'll of strong. finish given year end investments anticipate likely We that finish range our

we've look diluted $XX when free started we positions start It of $XX and progress per expected share at shares current repurchase over X-year capital made in We over last to deployed count. time. We to and management. million our us million share to our share new X line. to And total of million and capital equivalent X- on QX repurchase flow to X% count like We repurchase $X program, repurchase program the good initial our billion time plus love Turning our shares, $XXX cash our this. increase million about allocated deploying year's share EPS to in July. our approximately of lowers

repurchase to in shares daily And we're QX. continuing

Vlad, I'd and Before than comment passing the are sweep $X deposits are strong balances cash billion we Net back October. momentum to north far on seeing $XX it so of are in more like billion. to

contracts crypto on QX for one highest and years. look to XX basis equity in volumes average basis relative the also have points QX October to XX highlight $X the monthly our months notional basis highest point points track XX strong. rebates volumes and to the over the at I'd average. month increased crypto in in to As our be over of year Option trading, billion, are that exceed X notional ever [indiscernible]

by flow per diversified we're Longer and positioned time, business we're energized base. driven over the net XX% are cost fixed by share term, model growth, plus to cash we our and and higher believe XX% drive well deposit free progress earnings making

the back to With call that, turn I'll Vlad.

Jason. Thanks,

products: we our held was announced and our to active ago, progress which trader make retail customers inaugural Now few on a Miami. index first, of for and I XXX in fastest-growing traders. with new Two XX% U.S. Summit over we want strategy, winning really of the of active weeks up we options, to are our part retail Hood awesome products the together have highlight It X first one contracts. options nearly days, introduced exciting

other date. been Our have customers platforms trading them to on

market. we're So excited our and they're Robinhood expand pricing, addressable to excited to bring to leverage our industry-leading their trades and

Second, futures. we announced

Here, ladder. experience we're our customer not with great offering a futures also industry-leading only but awesome pricing,

that our has us We infrastructure over continue to election presidential new first million customers to we us to event than futures for new see was the XX enabled on and the X-figure contracts, great over out business time. today. offer be that contracts trading a track revenue including that can building market to believe engage futures quickly this launched. Also day behind also double It in product, with full more

the Legend our Third, we launched really resonating. clear which up customer from platform, desktop for from state-of-the-art feedback It's Legend, active bottom that we traders. new Robinhood is built

to So this hard more customers. new The is work at team in functionality ship rapidly domain. we're doubling for down

context, retail mobile are that's today. additional trading, half only we market in trading #X As while the

we The is on the half meaningfully where web, past. in competed haven't other

market. launching So addressable our is Legend doubling

year. a have as the offering of our close in lot We we out active momentum trader

option XX% increased, volumes X-year this is index As high. equity before and a were full options a record. year-over-year Robinhood up And year-over-year In XX% rollout the to futures up new I even said to earlier, Legend. of QX volumes also QX

so The Day had our to more lot we're work hard with There's incredibly even to and you at to December. and much customers. excited map do, Investor in team in to is our know we you should strong to deliver continues value more closing, full. a share our In another quarter road QX,

to Now let's move questions.

Vlad. you, Thank

the Q&A together theme. we'll questions After answering and by we few that the in or by cast that number from questions quarters of group our call prior questions already We the live over For Say Say this common shareholder to turn session, questions, addressed a questions on from start top ranked share votes. Technologies we'll analysts.

our first is for with off it question from kick Say, I'll So which Vlad.

when be Vlad, the users? Card to Robinhood available all Gold will

Yes. the Thank you for question.

the I we've think the say far first humbled credit the waitlist for thing we've The really to been to want million. Gold is X close card. seen is I so demand by

to successful to the credit think other And compare course, out waitlist. so pretty also rolled customers. a card far, scaled, new ramp. programs about And we we've recognize this have But it's if that's you it how quick are of compared I to XXX,XXX that small

and us incur frankly, waitlist, important we to expectations, it's our can don't as for we losses. as as we're working we The out it near-term sure as can. to hard But quickly get make significant exceeded also

And careful, credit have economics not also, big. because the could the and the get understand to we customer quite we're if card mean behavior losses. that business can So

where I we're year, out the roll this like seeing the today. So way, card if to continues are over seeing. as behavior expect And the we earlier, next in we're we of to behavior the multiples mentioned we

via ecosystem? The Vlad. money introduce and any are Robinhood you, next users it to other a also way send Robinhood you, Thank to or Right. for plans asks, to is question there receive the

couple We've experimented Robinhood when the with we this rolled years actually Robinhood past Spending Cash in Card and the out of Yes. a ago.

offering. credit and Now for strong seeing amazing -- that. is focus right feedback demand the really card We're on the now,

our growing finance focusing app sure we can But that another Robinhood anticipate consumer well. be So that. or scale anything we're so as on we you that offerings product can done do on on making do

So is certainly we're this something that about. thinking

right. All

on Robinhood also The is third Gold. question

benefits So what users? gold Gold each Also rate users? How Robinhood to to for new for will planning Vlad. make Robinhood to value continue time. worse cuts And add add is Gold

Yes.

value exceptional Robinhood with environment, the an to be is value strategy So in with are that the deliver from whether to increasing decreasing, offering Gold or rates customers you regardless market every should Gold. get provides of tremendous able

And sweep naturally of with tend environments. declining attractive rate recently better differentiated Summit, in do environment. at an of props Hood a them. of matter is APY value few gold a fact, pricing products Cash be announced. products of high receive rate that well Other we the increasing Now customers some as in to we will the announced more one on

So the board even futures gold the subscribers. on index pricing, while our industry-leading for is and across better options

So product because continue even we're down ourselves, can while we we may of our rates ask even new on Fed for better coming gold. better how keep out get make sweeps investing better. new gold as should going subscribers. as And be to every And see, we it for in products, launch, gold we roll you and to cuts,

out? you're question the the Vlad. is you plans the tax and for monitoring And rolling gain that you, you, describe Thank last live Great. can for Jason, Jason. loss

management. Sure. of tax things There's a on highlight I'd couple

we all, recognize important it's really for customers. of First

a tool realized shipped. we Just yesterday, P&L announced

is tax lot you to I'm know excited hands beta pushing really we in have soon. it app get that that and for customers, tax for right hard we important now. So customers the going lots, for that the the one on in customers also of is now to team employee selection is live And and tell testing

it's We really good. Yes. think

think like you're going it. I to

from the and and more these ask Say our taking All of Jason to next quarter. look to right. questions That forward questions Vlad concludes our We shareholder Technologies. appreciate time shareholders

to I'll to over now turn Q&A call So analysts. our from the Catherine lead

Instructions] [Operator

of line Your Siegenthaler first the America. Craig question from with comes of Bank

incremental there the congratulate were, level sign-ups But million X,XXX launch. date? think, XX.X Vlad, launch. I what And of you in that First, first sign-ups accounts them the the of September the I -- XX as we And are seconds, the XX? to saw sign-ups many Loss Legend want how are post is to on Robinhood to of

product in just I still the can sense is -- that access ungated the mean it. Yes. quite are not anyone we

everyone. to been and extremely see I like probably opened we've it So positive. tremendous. social guys is out to rolling media sort been streamers of that live of mean, number, level has but I up on you of multiples haven't yet feedback Early the know folks

feel is, say, sure and and team better momentum got because motivated here. the we've the like keep product more I'd even make is the to really And something better we great

Our next Dolev comes Dan the question of Mizuho. from with line

Great results again. Very proud of you.

Very intrigued.

getting the I Well lot deserved. it. was know I intrigued and presidential and been it's on election it. to press, a Yes, got questions market, course. very a with of lot You of wanted of got we've

So accretive us can on you color to give can some you would it anything is retention? it how how us be And it's overall about tell doing, great.

Yes.

So first rollout starting after this rolled Monday. of the customers just XXX% out off, to we just

it moved to this election. less So make than really to customers that. days for XX huge to quickly path kudos and offer paved the team was The of we really the ago, available ahead to product

do is a using Robinhood think of technology that if you our So to of to should give should an really really market. trader, position, around innovation I of this, trader Robinhood and to And being a context active put one active and you're is our the in that, the trading. you forefront associate with win focus at little bit areas approach

offering I can't to these, really is at many products way And like you think of the find best our do which that. competitors

is really, really feedback So good.

to that call very, we social that see on can resonating customers rolled XXX% clearly. But very started. the before it's with You right

even early you we've So too Other it's to XX and That a already yesterday, we tell pre-full did give that rollout, I today. than much. contracts. was bit million think more little -- than about done to

Okay.

Piper the line Your Patrick Moley next from of Sandler. with question comes

one futures index had trading. on options I and just

was announced know economics on could hoping pricing better the us I help options exchange those there. understand products, you I relatively that high index a Now carry fee. the you've

versus So those what from you much per maybe How non-gold gold your do come for then your do as contracts? And make offering margins to of part to much is members? volume look like that, going contract? in expect expectation how

could if then about looks sequentially. your It fee equity like capture I by modeling follow-on add question. And declined a XX%

color that would there on be So any helpful. what drove

is of both This ahead Sure, Jason. go take Patrick. I'll those. and

just $X.XX options. fast-growing per price industry-leading really as options the the of kind kind contract and will you will even index better So know, contract. Cash-settled per is gold non-gold be of $X.XX at options, segment index at price going be first, a within

big as And see for a market even this so to share opportunity we us take faster.

be As double-digit on those Also context, market that's like time taking this we'll segment hotter exchange without been we to share fees, some having customers. the offer. have for through now, and passing fees,

per On $X.XX volumes at think futures, X-figure time, our and an could for on be we over we've futures a non-gold, better business gold even it $X.XX said at based competitors, deal We've per contract. that contract seen gets us.

for So big us. opportunity

part that on take rate question equity second The affect really things X was rates. your of equity. our take There's

the The the just what customers liquid more first in And is is names. buying and mix. of second volatility we saw more quarter larger, kind was

question next Deutsche from Bank. comes Brian with the Bedell of line Your

move the sneak roll the customer yet in just as maybe rolled futures have so on when of observation feedback. And it into plans base to of of users, the are you to hear one on that same doing from on. user options index contracts Desktop for could the out And Any of far? what increased quarter? just the great that expect XQ, far? folks rough the then just timing of using and more rough if portion are the on that? the the good Maybe on we in And velocity index I cadence to you rest out pickup futures -- what in so terms

tend active. product our Legend I Yes. be use most would folks that the to that the Robinhood say among

out the keynote, it the first like Robinhood said, their into That sort think that quite accounts X,XXX to XX seconds. of And So the Robinhood slots is X,XXX and people the we I was desktop. X,XXX being we people during velocity filled rolled on it high. in signed Legend

and were important they're try what customers keen to is Legend. from talk networked been reputation establish in is Early very very other, signs engaged we've traders positive. active about among a great the they each to Robinhood feedback it's traders. those way. because other positive So to really the seeing And really listen And community I product. think They to active a

it's said, fully that But rolled yet. not out

to going But So what we XXX%. perfect like what far, don't the like have we're like we it's seeing. at of picture look really so

futures and index options? Timing on

index timing futures. options and Yes, on

smoothly first product is be rolled business outrights rolled So Futures now, But derivatives in election really week. possible the Robinhood coming of of out is next course, priority. the coming sure presidential will well that a just coming is outrights the making as And options probably in months. our the for months. goes out the the as top market. as everything right out election then, rolling focus futures Index

the of with from comes Ryan Devin JMP. next Your question line Citizens

I sensitivity. want to interest rate on a ask question just

the math cuts. which time or the we didn't at points activity, down. So lending higher basis as accelerating quarter, essentially talked points as activity simple off obviously, saw about a and sec or I impact. rates of come XX potential margin often the basis just $XX XX think balances was take happens that And first higher utilization into consideration for in transaction you million Last Fed

like how the frame love you're lending? depressed in of kind I'd It seeing level. a a get margin, So expecting operating see we're at in you of just acceleration upside or to an would to seems sense whether sec

of times environment? you the of be should about other more kind balance? rate are just a there forces any thinking simple Do beyond just the we normal then of upside in see lot that a a math offsetting And

be we've growth the for rates And balance each Yes, million this cut. again That's for margin, following continued margin into nice times really bet. quarter balances $XX would been in reduction you On the customers. seeing October. the roughly rate of rate

We'll here weeks. share So with you a of moving couple that's up. been in number that

lending, of there. a dynamics couple In on terms going sec of

program, rates we customers business bit the the But of is which you're time, versus hard XXX,XXX equities the to same just great additional to seeing. the come program in billion that saw good that program. of the on terms on really had the join we the we -- borrowers added several and year At inputs that's think really drivers, underlying get viability First, a what about we down for business I QX. feel long-term themselves, this that. about in specials And

lastly, come then we growth. about some interest the we've how see model naturally talked time into down, And have a about think we business rates for around turn hedged a rates for tailwind we as business that

trading you've high already of see options a to at high. an QX, the all-time think activity, in with some started equities that hitting I multiyear

tailwinds even plays feeling that just from I'm and rates, falling we'll about to more it see the So come confident from have here. how out

line from comes of the Benjamin question Budish next with Your Barclays.

Ben. Sorry, Can hear this me? you is

hear can we Yes, now. you

measured in Day. very read about kind It that. that stuck I about your being the December kind I trader of on phone was we expecting had the if generally the product cautious lot of credit to and kind and looks of you're like offering, terms a we're development? talk you mute. I future innovation announced with think wondering into Sorry the the could product to at rollout. Investor launch. be all path How active should of card,

ambitions broader about brokerage kind global offerings. of crypto, talked You've in

yes, product the think to of pace we product and like rollout current you talk velocity So your could and about how should approach for launches? of future about sort

Yes.

just Credit I a Monday on with week it particularly for rollout started election I big. new really which example, think is we out. on just quick, that business looking other and for a it card that quite of animal. get bit preventing product. the about. past depends card that from list a this talking Wednesday, customers, product and successful at market, sure little mean, of wait the very million is we're It's with programs in really making credit presidential on a the technological that nothing different X us is could rolling mean I completed

losses like manage get as carefully, it well. But could if we don't big

make that, scale it. to we want sure prudently to we So avoid

early how scaled far, we've card the signs successful and love about XXX,XXX like of are it customers onboarded who of other that's roughly operations. in kind with so year And fast in good. line first And programs have

So us. it's a recognize we since And feeling credit that's business making understanding we're us demand just sure the we're customer good. extreme. new yes, is behavior, that one, that understanding for But

quickly to next working to people onboard we're to over as as And multiples expect current possible. So we get our year. the level of

Your next with comes John & Company. line question the from Todaro of Needham

expenses that on futures I we where just guess to got that just back back what should shake road of to the going we index also XX margin higher it down the offering, if crypto the of any basis don't points? rebates be the increasing drove recall thinking then about I of out. kind that? to And should

I'll ahead take and both Yes, those. of go

that So been seeing for the shareholders customers, return we on up. balance prices that on rebates, We some rebate time always first, We've crypto we've crypto for activity. the generate been experimenting also for rebates. to rate on come but have the and want great

points. XX and And basis about so in we we're where at including the started seen year basis it XX October, up, you've points, running at move

broader really In company. and technology terms of index that options, those products we the from have structure of futures benefit at the kind

really cost which as We index as options roughly and costs relatively well, and we incremental variable from to leads and businesses. those that a base margins that grow fixed have futures XX% low high benefit

next line Wolfe comes Your Steven Advisor. question from of with Chubak the

just subdued you between over speak that, I ultimately It's relationship the we that chart did quarter, Fed. of AUC. decoupling a quarters. few And further relationship still level impact from a actually of even on presentation just hold the question a mean, should the last activity. was with your the revenues cuts and deck cuts recent a hoping to strong had confidence I off this been in you some see some persistent start could amid amid that trading included and showing rate the trend rate particular to in wanted I

to third from relationship, one think that Yes. mean bridging feel is QX and if second really really I X quarter to just I it about things about revenue way QX. you good There's distinguish our that Steven. our quarter. --

you QX in $XX is second quarter. in move as and have we That million, seasonally reduction proxy about was seasonal high The revenue. that the we first that quarter, saw past

contra second increase The is in the QX And in revenues in to million. relationship that I $XX match drawing of showing QX that's the up and the item step-up think the from revenues bridge we about contra versus QX, on promotions. $XX quarter, an to saw That to you're a was million AUC.

the $XX to Importantly, we're boost X% November. most deposits, down of related gold the on that's winding incremental that something and in million

good as a rate. amount the to contra QX really out, up to step we we and forward grow saw then QX QX, we at expect we So look but in similar subside QX, revenues slower that term feel from longer to business. Zooming a about core

Your next question comes from the line of Andrew Stein with FT Partners.

then bonuses trends what's deposit wondering, the recent deposit going for your for And offers? strategy you the promotional of discuss could Just some forward?

year promotions deposits. seen, X% X- come example, respond the the seen cohorts that We've love dollars retirement From in track we've we for a like, for in. matches periods X to the kind of trending the We the really and Yes. years around behavior off. zone, of it. and match perspective, already paid the have customers finance on The that more X-year to X are matches payback on are XXXX X%. towards And

Week brought $XX quarter feel longer-term of that from of So we XX% It's did plus good growth. The really trend promotions net straight $X with billion. Hood a customers and in our really, in our continuing about plus third billion that. deposits we

was customers. a really really, promotion So strong that from X-week response and

for for business love And in compounding addition periods, effects to just the the over the relatively quick potential payback time. we

of Worthington JPMorgan. with last Your Ken the question from comes line

Ken. for on Delden Madeline is This

wanted into event the it discussed strategy You contracts. a a dig already, bit more the we to little around but election-related

your product So decision considering products? Robinhood the list walk ultimate these ultimately, betting sport contracts, us road into could you how map? they these into bigger is getting to fit through And event type

being Yes. at associated to financial I'd want make for product say, the and traders. over for all overall, technology of frontier particularly as a available innovation active time, categories services. in be of with philosophy, customers we We want sort Robinhood to

swaps these really if look is hedging that specifically then as well. event institutions. large for have instruments regulated So we to as any we institutions, at make any serve it tool contracts, the that instrument available available if legitimate retail believe or you And markets for for

predict think it secondary provides source impact people predictions data people will other with where about market -- nice I land. a is a reliable where the

our over to concludes will turn the session. Tenev, remarks. now for CEO, call and Q&A closing This I Vlad back Chairman

retail to you engage. Yes. Thank analysts been Thank Legend We our the media really and you everyone using feedback. on really and appreciate streaming continuing to for institutional content thank listening you. special it. all And Robinhood for social sharing who've a to and posting and folks to

gentlemen, and joining. for you Ladies concludes call. today's Thank all that

may disconnect. now You