Concentrix (CNXC) 19 Jan 222021 Q4 Earnings call transcript

00:04 Ladies and gentlemen, thank you for standing by, and welcome to Concentrix Fiscal Fourth Quarter 2021 Financial Results Conference Call At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] 00:33 I would now like to turn the conference over to your speaker for today, David Stein, you may begin.

00:38 Thank you, Towanda and good morning. fourth XXXX Concentrix’ call. the to quarter earnings fiscal Welcome and property be permission This the Concentrix of may the call is without of not rebroadcast recorded Concentrix. or performance that This that matters our XX:XX forward-looking uncertain. by statements contains expected nature call are future and address that their address than may uncertainties different actual in our to be future These expressed results forward-looking our materially cause those statements. to or as a new information future XX:XX or statements We result forward-looking do update our not events undertake developments. of recent results. filings yesterday’s information earnings release most for could and Please the refer additional with our regarding affect to SEC our that uncertainties future financial This in Form on risk includes XX-K. the factors our Annual provided Report XX:XX Also adjusted revenue growth. operating discuss non-GAAP income, financial during adjusted EBITDA constant measures, currency EPS will as non-GAAP including and free well flow, call, the cash adjusted we as these available under website news reconciliation in Investor the non-GAAP Financials. on A is the Concentrix measures and release Relations of on me Officer; With our Executive Chris are Chief Officer. XX:XX and Financial Valentine, call President the Chief Andre Caldwell, and today our a Chris performance financial outlook. summary will and results and will our Andre and of cover provide strategy business growth operating our questions. open your call for we will Then, the XX:XX Now, the I Chris. over will to turn call

the business, XX:XX call. at a COVID has XX:XX a only you to of our XXXX and verticals important basis sustainable to quarter our about year revenue. very geographies. market adjusted record our improvement. XXX of earnings all accomplishments. Not Our not major currency, was and in our that grow operating Good which be much, point our than fourth from XX% came everyone note we from X% Thank all were growth work the growth XX.X%, morning, as margin remiss non-GAAP term but I'd faster came being public at welcome shorter some company, come first It's and Ending David. recapping constant did only in

made XXXX. have in in evolving offering progress our We also significant

include our offerings Some VOC the platform. unique of release Essentials

business, Connect Amazon customers. to XX:XX In VOC have under an also seeing help growth in Consumer we now our Now seats vehicle We in Experience more became partner EV users XX,XXX Marketing and electric our launched daily management. Solutions business. attract are we automakers our Index

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growth in represented and in adjusted billion position a client compared basis, describes more XX:XX not revenue will basis. of we On these to XX:XX came million XX:XX clients. market. an million as including the rather double-digit $X.XX continued Our from aptly a solutions technology, at continuing quarter, Now, leader With quarter operating a and retail terminology disruptor our set, changed of travel, an from our to economy economy impact. key positive is was year fourth make finance, The the health our verticals the with in a XX% $XXX than and compared underlying of XX% fourth revenue All income our of is increase us, to currency over all XX% with economy last our quarter with You of in annual $XXX last of $X.X change specific billion this notice strong to global clients description constant compared It's year. the $XXX contribution increased digital Non-GAAP and care. last run up to verticals, client on growth Adjusted new revenue them. strategic CX e-commerce more these now EBITDA new that million increased new year. and rate clients. XX%. across a million, reported just banking clients $XXX change

did our transaction clients sales driving of slightly. and chain approach levels we XX:XX supply impacted impacts is digital these infusing for quarter see with success. and a expected, volumes Our the intentionally As to few our analytics muted high unique clients which of technology

in our early quarter, fourth media potential a travel and Example dozen the evolution make with X include of traction of of of signed supporting new starting the are During broad XX:XX services. wins market clients. spectrum many promising providing supporting a leaders. while and days, two to full WEB clients new range FinTech, a We also we the retail, is

our remains new particularly and the pipeline perspective, and XX% quarter, in e-commerce banking, tech From into the work-from-home. an strong in XX:XX strong geographies, talent continuing operating maintained travel. verticals all to our year, with Going performance in we levels of finance,

satisfaction our staff. and of with to continue high We clients levels maintain

fourth our see to we XX:XX acquisition. combination. capital the paid impressive to average new XX:XX our I can pre-COVID Now shareholder scorecards experience coming strong market margin term. XX see of X,XXX all clearly per $XXX levels. at additional dividends quarter, longer solid repurchased total and PK stock with our strong about team flexibility confidence year welcome The of leading us sheet million Consistent invest to over expansion of Concentrix. deployment signings would XXXX, million The price ability in and outperform continuing an the to share. members than in and again strategy new value Our in to we the to client excellent is XX:XX to XX our returns. us to in of the faster the during Our the business close like continue grow business while gives drive continue and the to depth balance results the gave position to

integrating We have into of and our PK, Solutions started business the process Tigerspike one. Marketing

to clients design about differently expertise art what Our XX:XX consulting as be. and catalyst truly execution the as of We ability encourages digital in clients key prospective existing view are expertise the global and that deep of both and reception for and team infrastructure adaptable think invest and the Concentrix our enabled combination the The this possible around is differentiators. us technology can working. of solutions combined strategy calling delivery to our the secure, clients domain scalable Catalyst, a is digitally

with historic to are for continue reimagining customer date will and variant on demand clients opportunity experience keep up we solutions our they their with the labor progress. of. market technology few for that see taking from markets tighter what continuing highs. customer demand want accelerated. is a brands. client While take solutions to believe and This XX:XX to helping the advantage remains Turning the to what countries spikes. services we The COVID on for We you first We outlook resonates has automation demand perspective, be XX:XX for which we are current and quarter impact can digital end-to-end at do and experience focused in our

business shareholders. the humanitarian a Our dealt Investor industry. Typhoon I over very fundamentals we mix XX:XX all and was attending to going and in large CX progress are for opportunities healthy now the who to both we of experience thank a perspective of market (ph) type like Philippines opportunity the customer with share overall remains remain due and We're in on that for fully team, to X:XX in-person will we in on Investor the from our will to and a call right pipeline on our more to our with XX:XX gatherings, Andre? would impact weeks. recovering eager first Now, well Day person our in strong will after limitations I care did We we an more as a while ray everything turn as and as We next great also week Andre. and management virtual an impactful from bullish focused few hoped perspective be storm short gathering In company, and their have team about a in had value create the to XX:XX venue and within execute event. XX, taking CX amazing while had The customers. the clients into their January our detail a public on job to December. for the of summary, team fully transforming appreciated interest year and of clients families incredible the ability Tuesday our Day grow. our person be restrictions

technology the from to grew were consumer vertical for look was from in revenue healthcare growth fiscal Revenue approximately strong retail, XX:XX in grew Revenue a quarter led Revenue XX%. and clients banking grew XXXX. currency clients. in increased and strategic of year-over-year. $X.XX new Thank Turning over across in the you, million travel verticals and constant outlook profitability. clients experienced the begin all Chris XX:XX XXX Non-GAAP income growth discuss strategic fourth quarter the results million the compared in and year. XX% revenue, and both increases vertical. strong adjusted financial grew fourth hello, year. Revenue quarter XX:XX everyone. at Contributing quarter, quarter. the then fourth e-commerce and and operating XX% $XXX our $XXX We our I profit XX% On was the business the clients The large an of our fourth our with billion. verticals travel last basis, XX% our fourth which insurance compared services, with XX%. technology with electronics improvement quarter and economy about to revenue for across will by with last was strong financial representing

flow reflects points year. million Profitability in $XXX $XXX flow-through costs. last was new compared adjusted fourth seasonal $X.XX last a expenses COVID EPS of results compensation million quarter. up with compared fourth acquisition revenue line of EBITDA cash in year. was from continued quarter the million capital last Our the program continued expenditures totaled non-GAAP fourth share to totaled quarter of last XX.X%, quarter Adjusted million. year. expenses million the in with of the and and $X GAAP resulted with fourth in XX margin Non-GAAP cash fourth ramps last $XXX flow operations basis $XXX share-based free operating in included million $XXX XX.X% and margin Our PK. and EBITDA was net of to for was investment in the income million, intangibles, quarter the XX $X.XX quarter in in $XX quarter related XXXX million related million growth the XX:XX compared was XX.X% year. XX:XX from with $XXX year. million, XX:XX Adjusted flow. cash from Turning amortization This of per of $XX Fourth

balance and cash debt cash Turning quarter, the we equivalents to of sheet. $XXX forward fourth $XXX million. At was expenditures the and to the XX:XX X% approximate were expect net Moving revenue. end of million capital

dividend of per quarterly a the During paid $X.XX share. fourth we quarter,

of of We also XX:XX today, shares have $XX share repurchase $XXX we million As million. for repurchased our XXX,XXX approximately our authorization. on stock remaining

we focus we the announced Given acquisition adjusted earnings closed PK per opportunities some As its reduction, priorities our flow and when PK strong cash accretive complementary in our I dividend base at December. activity. term of free to on acquisition expect growth transaction PK acquisition be client with share. and near-term repurchase for in we reduction, We said, capabilities, expect PK November, our and to digital to our debt the the the cross-sell end share near the XX:XX with be modest debt rate

term transaction million amended in the As AR facility, up entering billion five-year transaction term revolving debt from our of EBITDA. X balance times the a close range net into Pro we combined from basis. the credit outstanding to company EBITDA That target amended funding approximately transaction, we is to financed the $X the facility. we the loan adjusted under credit acquisition trailing within we closed the loan. XX:XX of for to ratio $X.X our The forma term the on X.X our pro of securitization previously billion. rolling with our in adjusted XX:XX times $XXX by The we XX-month facility. an was when facility $X.X borrowings and $XXX million billion our to for the increased transaction came includes increased forma a maturity announced Under loan indicated,

acquisitions. to our expect preserve times flow our post close. to strong assuming no earnings less us further than help net XX:XX liquidity X We bring Ample generation us of flexibility leverage XXXX, will that cash will the financial allow end by and growth

quarter unchanged. XX:XX remain We to remains our and discuss expect returning We to principles profile our and financial will structure strong our XXXX. investing capital first growth and of year committed Now, via outlook I the remain full capital business our investors for in dividend.

over expect to two foreign $XX $X.XX revenues negative to (ph) months we pro XX% of comparable with for X.X XX:XX includes adjusted quarter, exchange our first of related revenue and guidance period X.X divested little million impact equates revenue to This $X.XX quarter billion basis, the be compared For headwind third we of a to in nearly XXXX the and approximately range the forma in a businesses On in constant PK XXXX. a that rates a billion. to growth. revenue of X% currency

expectations the profitability for quarter, of to operating a Our income non-GAAP first $XXX million. million include range $XXX in

Our quarter XX:XX first We quarter to and expectations to acute of approximately revenue duration interest for is than This $XX which at both of is $X beginning a COVID and in of in pandemic. of cases the million. from the be expense globally, million experienced we profit shorter availability. the negative the expect the much impacting first less include impact XXXX in million $XX impact surge staff

an weighted count XX% approximately million expect approximately XX rate and share effective shares. tax average We to XX% of of a

to preliminary comparable a expect outlook our income for We the on non-GAAP to next purchase measure PK our Moving to entire reconciliation GAAP have first our acquisition quarter, us full call. in XX:XX operating allowing later a year. of the provide the allocation outlook the for to price

$XXX billion. included in Our point to million We over the forma rates our the that expectation in to the fiscal guidance following profitability approximately for foreign to This XX XX:XX stated related revenue X% include Also a X.X divested is our over at expectation impact equates expect the in range PK announced expectations of $X.XX PK $XXX XX% $X.X we of revenue, pro full-year operating exchange be a a in a X.X of our adjusted revenue million that billion This compared for quarter in businesses XXXX On little basis, little XXXX. with to a transaction. XX:XX to line acquisition. and third income $XXX is headwind revenue a XXXX currency for the XXXX revenue of in with months million. from XXXX includes non-GAAP constant to for growth. range expectation negative time we

acquisition $XX XX does outlook interest amortization share Our any to million million full outlook $XX very integration XX% currency impacts we're or in tax or effective stock-based year results we not the shares. our in full expense We XX% weighted XX:XX future year our average expect for very our intangibles and costs. excellent count of from to of or In a with Also related rate are XXXX XX:XX with be for approximately in fluctuations. the guidance, a the range transaction future quarter of for included approximately million pleased to include an compensation impacts business and not closing, and confident from fourth XXXX.

proven plan in to at as and executing in a consolidator free growth, We We grow are of now look in speaking a our strong flow. and on a an progression to strong market Investor sustainable that We're Day. with believe, we're great you organic all a deliver our XX:XX please next growing balance open well-positioned, than line I leader global with market. you operator, faster margin to will the sheet. cash the market questions. forward and basis for fragmented Tuesday With spot our

comes question Instructions] from [Operator Ruplu America. the you. with Our first Thank of Bank of XX:XX line

Your line is open.

I my out my ’XX. taking was growing which the organic time X -- I for market looks about like take question growth. questions. faster COVID, and growth year-on-year if fiscal of the to for I out for the one growth X% you talked believe take in X% Thank you relates X%. itself given PK you're Hi. XX:XX recovery revenue X% to out, couple Andre. a first commentary The have market long-term Chris to Chris, I the X% about for was that last guiding than If is

about strategy grow the is can say fiscal itself would driving ‘XX in for the above So, and market in can from? you you growth expect what for us just are growth taking and share this you who so, please to above ’XX talk and growth market your fiscal on market you that year if update Concentrix you

XX:XX Hey, Ruplu. This is Andre.

start. Chris, will but for I was question Another

a If remarks, guiding into rate and about in my forma roughly by number. a accretive back you to overall X% basis, divestitures account constant go to point to prepared XXXX. our of to adjusted currency pro I on And the growth that in part we're taking is XX% it’s that growth. PK said, growth as

XX:XX X% there. you market that So growing? me that do my is see where rate implies would XX% that organic growing to clarification Chris, an underlying at the be the to

XX:XX Yeah. year about that analysts in question or three of are X%. of or sort good I've the stated, years years, two next for still that while XXXX within range remarks I prepared lot growth top of we've more period we’re still to five market than as As mentioned growth my a believe see in to I But We Ruplu, market is but felt growing of to was X% a and still Andre's And XXXX. made and in impact talking we three sort a actually technology driving market point, more the faster the does sort numbers. automation growing so still sort that that that robust, of believe line we're have little to some to in mention the also

sort from. than and distinct come people services seeing that that camps. net people CX in coming share fact a two of to players of other now two process also share We're are XX:XX to not us some our benefit of seeing using kind can and that premier new of, really frankly are coming areas. everything traditional where one and question, which puzzle consumption the operational piece We it's but we we We're wins is partner in they have the very their of is opportunities other the as don't us because that your terms discipline technology and scale from us for so One of doing seeing terms where seeing economy players, getting and in from coming will In that's CX where the of have the of and we which faster they grow together. our of consolidation it's growth market. else from seeing are us just are sort from new those historically the outsourced, across moving we're coming from and we're them clients buy from that so are

XX:XX Okay. lower on can Maybe focus Great. sequentially fiscal for XQ back XQ, all from second even Thanks of margin Chris. margins. look the revenues higher. be I'll to my for If be I quarter clarifying question, a that, historically seems

So, was basis double you click wondering, points I of decline. operating if that can on margin XXX just

you like XQ, I in reported think midpoint look margin. I operating think guidance fiscal for of XX.X% XX.X%. I if at XQ And the it's

So driving improvement what's about operating then fiscal how if margin? kind get some just the on think guidance we us rest margin you should give of of for that? ‘XX the your to back ‘XX -- XX.X% of details to can of in just midpoint And fiscal year

XX:XX Yeah.

take the parts. question So Ruplu, I'll two in

margin fourth occupancy first you the tend correct. staff to what a hit kind get first of forward will few are higher getting out, where sort that of because see the quarter despites in continue really other And to we've talking is less be make probably guidance as your is some quarter, see offerings year that historically of this Then course as Why around of And a because tending with then and seen our within expansion our expect in the record, that got comment COVID just occupancy The because through the would full year that about Philippines. about to generally, margins you've anomalies our and of executed pipeline. and have you're somewhat course XXXX are first we that's rightsizing erosion. I little be lighter and seasonality on you margin we backed you're there them some Typhoon you've that than quarter up the tends within the in of to seeing is through to so and the say, the things and and in and the from be track that that the we that happen. and utilization year of question growth we quarter fourth we based historically. your but to the the some tend

thanks in about guided question, one ask XX:XX if on so last ‘XX was I XX% look the my guide. I Maybe that. guide, you lower XQ guess points XX%, Andre. had it's Okay. details for rate I the Got for And it. the then, Looks also, about was XX%. lower which can than the like for tax XX% which than And fiscal to is previous to at if two just XX%,

can So, some that what's details on us rate? of kind Thanks. just lower driving you tax give

XX:XX Yeah.

provide some thanks, it's Ruplu glad to a -- question So and details. good

So, on lower right, non-GAAP GAAP rate expected. in we we QX, basis both tax and you’re than a saw

jurisdictional tax full-year have point is I As and which -- where kind it I about of would our the outsized full have an that you're reflecting rate. year mix of on adjustments of the midpoint right, we kind your you effect of of non-GAAP as which XXXX. analyzed some guiding more can for believe XX.X% is the towards we're for rate QX income, what creates largely final

for think do look full-year tax rate with mix that the of see being that pretty in of for we as or kind much that in our the line current we'll what we forward jurisdictional guide midpoint ’XX. kind So, is line full saw year with we a

for the the Okay. Thanks and strong congrats on execution. details all XX:XX

you Thank very much. XX:XX

Thank XX:XX you.

you. Thank XX:XX

Research. comes with Cross Our from Shannon next of question Cross the line

open. Your line is

Are from a putting was Thank what into of on you're talk extend inflationary wondering, kind you terms these sign inflation potential you -- and potential seeing I are it's actually or to or of you much. the to about offset willing signing? hearing can the seeing you XX:XX very accelerators contracts, environment? and bit customers in how longer environment, not more customers to any contracts

my goodness. don't Shannon be so XX:XX positive,

question depends the primarily, it's a So, extending primary the not the is it's There that of complex is, we're change, services first offering services it delivering. longer. unless really generally a contracts very

we've about obviously, cost helps years as than seen -- performing, the ongoing longer of selling the and how to and of a taking because that's it's contracts the contract are mix. come together automation change the the because offset of When a and of to which much services regardless built is we're horizon get a before. From generally, to perspective, three contract not we XX:XX is where demands combination of as contract plays sort it's says type you're in, from whole technology in over but an keep kind services that to you actually they they what the materially five-year all pressures, process, some what evergreen different the technology in continue of conversation tend average Our we're build. of the three inflationary a

the of smaller mutually on that the country points of based portion and ourselves, some between a kind but agreeable that's that on cost the basis. on through overall so fairly living, contract Cola and of are a come conversations contracts with then we a some clients built-in of (ph) a system And that have those sort regular indexing have are data mix. do client And or based

what you technology and KPIs a PK. opportunity judge Thanks watch about seeing And of just you integration think how to versa? How we the success for vice existing into your you and maybe bit then, far like, with Okay. take base XX:XX customer some you're can some of their the talk

Yeah. XX:XX

realize a by technology couple skills the And we're set XX% way, share in of There into is So processes around and bringing that's bit together. the see But are journey clients of mean, in and the do of a that, and buyers power together prepared it the starting from things. is power we real clients which come I new on some clients technology kind tech of people and remarks services real big detail sort Day up complementary to endpoints that more not a the are economy by fair going our there that math. automating just and to historically because segment of great is new are trying versus in to there's question of Investor how workforce. buying that

drive were for And very we're us we one it. be acquisition able can we our And PK excited early to processes understanding tell of fact able got to were better talent in specific the the deep deliver map, at to outstrip coming services you've that. got automate the and scale deep days, we reasons and expertise seeing to were we to the to together journey to see but so things resources two starting at got around high then you've being because far, deliver scale a it set so, and that to incredibly you've that's do internal positive they but far because demand domain this really how are the about was the robust domain again the the power why XX:XX do so able expertise and I'll and client these of discussions now through the you able where do client efficiencies that

we through can both of already in started using So, are clients are good how they can looking those us together. suspect going basis think on will value are forward and can that. start existing will about regular through ultimately, we go doing and increase from of of engage the and combination so bringing be it to to two combination front that to margin about services look And them. percentage XX:XX our In get tech that about our by to both that wanting I of conversations what more then see differently companies and sales sort very services deals driven in And talked people add both coming see we've and that this talk to able kind already, terms at we through metrics being powers that of as about a continue to and together. we feedback we've had who and of over we that time, it. clients then we how a tech have

you week. Great. look Thank to virtually you forward next XX:XX and seeing

too. XX:XX you very All Me much. right. Thank

[Operator comes XX:XX from with next the Colicchio Our line Research. Barrington Thank Instructions] of question you. Vincent

line is open. Your

verticals what like media, drop media is, what of XX:XX Yes. also question grow your you. it's sort sequentially? Chris, sizable will was sorry verticals of and I a had ’XX, and I fastest and telecom in part curious, communications look assume Thank you core as -- the I'm

XX:XX Hey, Vince.

So, of a things. couple

us And of we for in As space. that. what care, which we've the were almost you out And never just to international wins that's FinTechs domestic are buying see in robust doing offerings if were space. to very very, We is so growth mentioned, historically, e-commerce, interesting as we all twice, is are primarily we travel kind Health in habits people called travel travel, space are rebound. in robust in almost actually remember what's of growth the that. continue that and sort really having in starting and that see very, based we all on that and available now very are we very well consumer

domestic And us. beneficiary well that. doing hopefully space at only we Tech international in point growth and XX:XX so travel do I’d is hopefully at point of additional back see for the not that we're also comes some but

coming net products services terms of we space. communications, that of sort our by XX:XX that's and And through and some going In quite, new tech services see they're chain well continues services driven and to of do we don't our media that they grow that that of just content, safety quite as so in catch-up see that as of doing with and moderation able They of expect ship primarily growth the seeing. now to strong supply much just to that is of away. sort the like that are clients we trust well. primarily right challenge demand with year our constraints well course and is market. through as Our aren't as we They just do do media lot the to would side our sort content

It's kind we've telecommunication take of our space. it business. about, very the bring side, with as We're comfortable we around that of give talked XX% between to want On bounces now, down. or

telecom the substantially it it telecommunications, is is. on As bump on bit, based larger might our see we historically of a up of it's where and we what we up side from always different And it going see than done focused see that at this getting to little offerings kind technology time how space. but new it we don't where offerings into present we've in jumping kind

about XX:XX And prices? -- been the terms has on been in the some giving we've of side on there given has there that inflation relief flexibility talked any any client

Yeah. XX:XX

some, is and cost us more having do doing more conversations to chase to on frankly the of that to focused And and appealing to from inflationary appealing versus really both but the there labor clients putting we're more they inflationary is, trying of I conversations is more and want the so in perspective that's labor to so having delivery don't we're a how really market. certainly blow really a they're with place, that's total around tight reality can So, And labor versus the over processes about speak. The discussions just it. unit and technology changing less. market the

guess sense, too assume I I labor know business. relief work pure intensive that's asked I much should XX:XX Your competitive contact like but the any response right? center there that is that on I I there's a have not doing is side. mean you're relief, makes very

education the XX:XX services of pretty for to you scale certification type when have because tend dramatically levels think. of what to the sort very them instance skill But do care clients evolved they higher types of the those business, our First, market conversations of there it's into I health always appropriately would our delivering in that a different set pay you we we like of engaged sort value space has of financial different might services, is business, that and in a work say is around type and that than that to need. lot talk pricing there opportunities are

more but needing better automation, that's we conversations driving is linear see a and better headcount ourselves fashion. efficiencies to those are the so about really where focus And increase that really in ongoing

The they're last be system. one your will question, then so of work? And the answered systems recall. How PK, been XX:XX you has integrating that that this on, integration I before, don't but with will

Yeah. XX:XX

we'll tools unique to to engagements our actually lot that acquisitions. are do integrated and benefit. that efficiencies sets quickly. system one of moving be we've clearly, management. done of we've HRS to They that system tool type their fairly be team getting We and So very a better some focused on around have that’s those resource and one accounting of just some will many get better on as members many, Concentrix We business times

So for the that touched are no we as that's pretty do system being easy is this There us. integration. that client and standard disrupt

for Okay. XX:XX Thanks answering my questions.

Perfect. XX:XX

no I turn Chris back questions the queue. now Thank I'm in closing to XX:XX showing call to further the would over remarks. you. like for

all your as much very interest forward everybody. much you for to a Day you talking healthy well Thanks Hopefully, reminder, Thank very have week. at in we are and with next our all great a day. Great. And XX:XX of and Concentrix all Investor you look today.

and conference Thank call. XX:XX concludes today's for participating. Ladies you gentlemen, that

disconnect. now may You