Light & Wonder (LNW) 10 Nov 222022 Q3 Earnings call transcript

Welcome to the Light & Wonder 2022 Third Quarter Investor Conference Call. [Operator Instructions].

Now let me turn the call over to Jim Bombassei, Senior Vice President of Investor Relations for Light & Wonder, so Mr. Bombassei, you may begin.

Thank you, operator. everyone. afternoon, Good

James. we and call, With our quarter CFO, third today During performance, will followed results Connie and Wilson; operating CEO, period. by XXXX are today's Matt discuss a me question-and-answer

under Our call today risks These Securities from contain to statements and XXXX. discussed uncertainties Reform of the involve cause those the actual differ forward-looking Act results that Litigation statements Private include will statements call. certain that during could materially

our and call risks the issued uncertainties website these earnings regarding to materials this release this refer to and information posted the afternoon, For SEC. with earlier please our our relating filings on

We On a and our comparable agreement can a be XXXX, will the this description and Endeavor to reconciliation our A website. announced section of sell on transaction year. release measures. found into in each to GAAP measure our to September Investors certain entered well we also directly non-GAAP definitive XX earnings as September non-GAAP that in financial subsequently most measure of each the as XX, of closed non-GAAP business measure discuss have Betting on we Sports the

we quarter, as statement Brookfield sale business the we Business for second all these operations discontinued of reflected of Lottery Partners. the the During operations completed in consolidated Accordingly, have businesses to our presented. periods

both to include X Gaming, SciPlay segments: combined business continuing and operations. our in and We operations reporting Amounts disclosures continuing are referring of results and iGaming. our discontinued

www.lnw.com. of Matt. is be at And in the this and will webcast conference website archived I'll to As of over turn a section accompanying Investors reminder, being recorded. now call replay A call this the materials our

on have that to It's be its over honored afternoon, trust me the joining of to lead us Good in the & company with on earnings Light journey the reins gaming excited call. leading great to cross-platform you placed its becoming Board for you Jim. and everyone, thank the first global my Wonder Thanks, taken to I'm here company. and today. has

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with pleased our unlock number robust key we This focus are our strong us continued congratulate this us enabled and our this and are I'm progress making full successfully we on initiatives I operationally is a that It potential. quarter and financially. the demonstrated for provides key want teams strategically, foundation clear future. performance commitment for of executing very their road map dedication. quarter our to and achieve a this milestones to passion, with and our year, to

quarter, program implemented our To million through in share of and and under squarely Turning closed of enabling of growth and debt share X, buyback capital core to final the since the $XXX sale the step financial the X-year repurchased capital our through our total within further sheet quarter. to net to organization shareholders returning balance end over the our us or flexibility of business, X.Xx of third marked leverage target March advance $XXX priorities the million of our program the This strengthen We our the to further a enables our a total areas. we repurchase at which ratio year. Sports November achieve $X.X range. program million streamline strength our shares allocation us to this in investing Betting of authorization end, XX% we that or

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now offerings, of unit. strong our industry, go strong a to progress macroeconomic And gains each continue from great business well to map and we gaming product segment, are businesses. line. let's iGaming as cabinets levels continue despite to the land-based to in our operators and we SciPlay Importantly, delivering performance performance benefit in GGR their road we in making with and as critical In enhanced we business uncertainty, floors. see in positioned table resilient each continue successful into And invest momentum, competitive benefited build continued in systems Gaming, on each

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to continue business permanent this to thrilled our generative, Gaming highly fund and CEO for we is to across organization, Lane In capital investments providing named the going business be cash Gaming couldn't of be to more our Siobhan forward. addition, grow

iGaming. to Moving

our partners have offering unrivaled an players. We for and

unmatched part content, PAM iGaming native revenue U.S. and enables every us value growth year-over-year, In the of digital GGR the quarter, driven XX% and up chain. platform by to with remained leading strong market approximately overall growth. land-based participate Our in

in including from We as Combo, with record land-based our of great Box which Fish offering our as original record have well studio, Coin and Drums Lightning content Danon GGR. the to U.S. up been content Cow, ramping titles, launches Carnival Prosperity continues post Gold

GGR platform our in among games in generated approximately iGaming original the quarter, XX U.S. top content fact, the quarter. the the of our In in in XX% this

from from great all games Short the native well digital launching also offering increased position to Bank, September map content Elk year-on-year a us we Action regions. Studios. from including U.S. of This soon launches unrivaled be in an Cash, record Studio's Performance as saw both We share. Riches we gives Rainbow original will the in digital content our internationally to market road results We as land-based strong benefited with sequential continue Elk as growth and more gain strong as bring regional GGR Cash even content native content and combination in in gains, performance and

Avatar we this which excited about targeted on recently closed approach of operating added over games With proprietary segment we'll of acquisition codevelop to since acquisition games We our and Authentic table combining and offerings continue a where provide to to we took with expanded most IP important market, studio, content the has the customers. live XX our dealer, capital-efficient and the integration expertise. partner enter completed Playzido, UX be

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SciPlay. we quarter market. revenue Turning delivered record We the with another performance outpaced as strong to

and engine launch record with and monetization in investments Underlying paying their stronger and that delivered event enhanced capabilities, drive enhance great this, expansion. ad cash-generative a to Jackpot approach this all have and accelerating growth platform these make direct-to-consumer fuel business, talented a to their gain investments fueled and record on record long-term are continues ARPDAU, greater with to Quick a is has to disciplined further performance, SciPlay core a conversion. initiatives. was expect continue users monetization scale platform. monthly into cohorts and franchises, position we and best-in-class provides great we SciPlay outsized This grow to investing. quarter. engagement our enhancing engagement while helping up, centralize year their across insights quarters record this all progress Hit. our payer strong believe on to advertising and players, with the Our and to lifetime at leveraging the number of highly capabilities to ability head results to features to made drive continue team, adds in-app and a deeper Adding start value. us Party they SciPlay's in we technology SciPlay quality up player key as they our by margin in their pointing opportunity evergreen there our to is capabilities monetization, progress considerable It

future that brighter. of this great gives confidence never our been has All me

and robust engine we best-in-class place talent. share taking in is strategy and our with are Our R&D

discuss enable full our and gives momentum and drive that quarter. growth platforms to all maintaining our the unlock future position a our underpin and operational laser culture of that while ability unmatched leading to progress greater focus to disciplined turn making strong leverage evergreen harden for to and for franchises us a significant will our value, Our and balance drive on that, in sheet industry And investments fostering and I'll it our With operations stakeholders. execution our will potential financial value now Connie success. us the sustainable

Thanks, Matt.

Wonder. that thrilled to that with of the proud embark & the while strategic worked all are priorities for next not and chapter many teams of organization sustainable drive becoming years, the and and am strategy are over for again rapid positions leading key I've accomplish partnering making incredibly transformational quarter, with story, of our who against leverages executing consistent we our us this with to once months, is be last Light our those to we as enabling differentiation our all Matt the and superstars hallmark For familiar platforms I'm we've taken tangible I and execution made this have for exciting growth. and XX on much. true him our Each so happen, our steps progress on this

streamline sports generated final our divesting business, milestone $XXX in which proceeds. the million completed with our we to approximately First, of organization completion the gross

X.Xx, reduction leverage targeted ending peak XXXX. XX.Xx of nearly ratio net at of the the a at a from XX% quarter our achieved end Second, we of range, or X.Xx debt

continue of advance capital priorities, allocation amount shareholders. capital on significant to returning we to our a Third,

of repurchased authorization fact, in time, we've In already key over March, at total the since investing initiatives. while the XX% growth same

to million income to from and reflects quarter's The sequentially from accelerated and driven income highlights. Consolidated year expense. by operations and $XXX last interest was compared benefit. let's benefited XX% Net revenue $XXX million the The in onetime current increased tax year. lower growth continuing Now revenues Gaming $XX year-over-year SciPlay. quarter prior financial a higher of double-digit million $XXX million turn

was in driven and actions the we or the decline versus our Consolidated direct quarter, year-over-year reflecting Gaming to increased The results year operations the and EBITDA continued of interest year-over-year took XX% of XX% in outstanding. the iGaming EBITDA prior at SciPlay. debt significant in were sequentially. by $XX initiatives expense growth Consolidated double-digit growth result reduce Importantly, the from iGaming. period, XX% in in $XXX and investments million margin the million continuing XX% was of XX%

Gaming. a However, point margins improved XXX in improvement XXX basis basis sequentially, reflecting points

continue impacts revenue our saw it immaterial We AEBITDA. segment, FX hedge. us cost of reported did our on we a impact not on While consolidated our with have revenues, to basis, On movements are natural iGaming at to provides see base largely adverse results. FX principally corresponding a a although the impact impacts

of Now with million XX% to was and the business year-over-year We of game year-over-year. our base segments. benefited and levels. installed American another revenue primarily turning in systems driven quarter XX% and strong we elevated the resilience to sales the and North momentum In premium by growth we increasing continued led products industry, Gaming of saw our as Growth saw Gaming, million our AEBITDA from demonstrating operators. X% $XXX with up increasing performance success to operations increased RPD demand by in revenue our from $XX

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per exceeding XXXX of we our day With and $XX.XX, new of levels. revenue generated games, the success cabinets well

replacement units year-over-year revenue in and new also over supply demand increase, units navigate underscoring our gains and and to road saw year-over-year a XX% sequentially we our strong seeing quarter, Combined, the ability product the growth we of for XX% dynamic million. both from continued are to map environment. expansion driving chain reinvigorated $XXX the successfully X,XXX globally, and we sales game Importantly, sold XX%

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making progress ability great pleased are we the business feel gaming our our drive growth. in about and incredibly execution continued gains and and to share with long-term are We

Turning million to ago, up million to revenue $XX iGaming. year in compared to was $XX Reported quarter. the AEBITDA a increased to XX% X% and

market performance leading where Importantly, basis, the platform. growth on strong our XX% U.S., on by record constant from and original launches, was we to currency increased Year-over-year a saw driven GGR content revenue primarily year-over-year. expansion

constant consecutive to Studios. platform. on In and year-over-year quarters terms, grew both the growth fact, Europe, and the platform seen U.K. we map and on internationally we our content iGaming road lines from our benefit In have U.S. X iGaming acquisition as in continue FX regional our the GPR of GGR of sequentially in Elk

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to Moving SciPlay.

with all-time achieved sequentially. revenues performance year-over-year growing an and million record to Our X% strong as quarterly revenue we continued XX% $XXX

long-term we continues highly cash low casino records, once enhance the was player number Importantly, growth. the reflects with we of SciPlay's and of recent performance exposure as AEBITDA base, year-over-year including high report, $X.XX, platform Overall, based making impact quarter We point we XXX improve Elictis its ARPDAU which in and acquisition. year-over-year, the again $XX are innovation anticipate of the quarter social had quarter, we majority strong innovation It be quarter. outpaced conversion business sustainable XX% capital the scale the ability and of including marketing low growth underpinned to feel most in margins investments a the our basis the will and business platform SciPlay's campaigns approximately fourth on generative marketing payer translating sticky of XXs monetization SciPlay, growth saw a to AEBITDA grew upcoming along user initiatives, double our acquisition. move to our launch growth all-time in will million about key to by of an X.X%. the an market to rate campaign, drive digits in contributing the Eilers to the past and of investments by direct-to-consumer great underpinned drive and the third intensity. SciPlay's the

balance leverage and Turning range. to The say that cash priority, debt we on targeted our delivered billion. from cumulative flow swift I'm debt our our debt and paying since enable the reducing of down of with of capital sheet, $X.X progress balance year to by excited allocation the to outstanding our gross or XX% billion billion sale net and us the Betting first beginning the ending capital significant of allocation. the Lottery proceeds $X.X make $X.X our sheet Sports and quarter business and achieving transforming

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[Operator Instructions].

of Jonas The from first question we comes from have Truist. Barry lines the phone

and and yourself wanted you different transformation. you on how than with appointment. you of Congrats congrats your I start perhaps sort predecessor? on similar the see Matt, really And your ask to Matt,

and my it, call so to incredible to I'm you, Barry, has nice with At agree what time great earnings be to an was someone. this transformation get the through. with first organization question GXE, you. it been some first from and nice on spend familiar I with

XX you from a strategic balance If Chairman, -- brand, last been a new an journey everything go the it's let through a about vision, new new months. Most new months think level alone months. that's last XX been organizations repaired a accomplished this years, sheet a in Board, amazing don't new this XX investors, of change in XX

the in us everything successor right line behind. for lot he's & have a point on potentially I on recruited and for He the organization. me done spot forward the think us. his at want to Light want Barry time. that. platform go I with journey for reasons, Cole me but to So some we Barry get been We of Wonder, that did a and at execute company thank with just it's amazing to to we're and acknowledge in this this heavy I intention in. for to it's this thank all of being the this lifting being the that creators publicly you personally know lot,

was strategy. I defining him in right Importantly, alongside there that

very to complete and completely me, into the the company it's bought So I'm makes sense of and logical. direction

I think evolve things markets over at change. margins will and the time strategy because change

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fingerprints on I my organization over standpoint, is think through I my this from up culture. time show want where to

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my an execute a how show but like full out of been impact transformation. the have for it's I unbelievable on business. up unlock potential of So time, platform over that's see way to with really we the and now all you'll the I feel and us distractions think the get

of is translating just a a generally the And follow-up talking great. stable but There's as are specifically more That's and about through question. outlook to QX lot How your earnings visibility? uncertainty in today, market operators your trends. that

the time unbelievably and you there as Yes. Great And I was at question. It weeks ago, optimistic really. was great to be with well. operators GXE just few a saw

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we're got successful. moment last partners be our numbers. to the on very that to We healthy them. think operator earnings great the the momentum. in rely seeing week. operator They've And I watched kudos at closely We businesses with

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We have the line our of Jefferies. Katz of from question next David

another it's we thoughts help Can get see to the to the increase? or a Could ago, . look think or believe trajectory we think a do like? going through that share something us earnings the target is for there. Just where might while a What you have on sharp so you and , then I year back modest analyst of growth meeting XXXX out there, trajectory right? your

Thanks for with, being David. Yes. Yes.

in targets submitted back feeling I very our clear numbers, some in So about anything those think that? see feeling I convicted reviewing strategy. weeks pretty May particular, to there. X to get was reviewing XXXX. path the out York, convicted targets. I CEO path to those execute those about New And that targets you do to to of I've our XXXX to the I'm in I seat, Connie, to Gaming want clear it. those really get for pathway ability the first getting a we to a targets part there. set in spent the and add and

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absolutely. Yes,

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Yes.

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We have of Ryan the Sigdahl Craig-Hallum. next now from question

Ryan. This is Will on for

dealer. First, I touch live wanted on to

gave about of saw we or Michigan any the little was were on course, at GXE plans? further on you progress operators? launch there, update updates a interest sort You, And but level from of curious what

being such acquisition decade for our of the Dealer a Yes. markets. well, over of the and it leader kick for on off table Thanks Shuffle been hand it was Master. I I'll through natural think a and call, the games to We've Live Connie. But extension

idea of digital And of the Dealer. taking so We're capability that expertise and this all the Live is gaming universe. into

So Dylan leadership, live of space. in dealer Slany Gaming, under an acquisition is we which platform an the Authentic made incredible

value. there our we road with are and bought that a also but robust a business showing leadership technology, with the them GXE was on completely have to exciting map. Importantly, great vision team the aligned great floor It at

think I market this We operators. segment crying It really markets. do the to bring out believe a is for the competition is to better of to everyone and better that's and for healthy to competition. pushes value be

and on be boots that looking an of with pushing thrilled think for market solution coming plan they're a and against I market that. ground to you'll now a building go part operators, imminently, Michigan we're actively to to then space open facility, to iGaming a our out We're see we're it. door, competitive that right and so in And beyond the have the we other in

to you want So add that? anything to Connie,

importantly, about that it with those depth that To the also and of Matt's about enter that's just the about We're couple is business that just into the blended the a growth. of a really well model point, XXXX combination we start of iGaming the products. believe that that we go It I'd to turnover positive being in as Importantly, TAM. as acquisitions note be capital-efficient we're were of fee expand also over the in thrilled forward, live like the able as these really fixed XX% the got continue a to Bacara given revenue. products time, are of way into enter we have segment to the recurring about types do Blackjack will us just XX% in flow also create. the will U.S., to for excited segment, just the move that's to adjacencies And ultimately and Maybe create What items. with great really to a profile brief cash to will turn thrilled we of

the with more about really and in progress to So all, forward look all sharing thrilled soon. news you

XX XX how in the prior -- of sort months? months pipeline what And follow-up Great. would the XX compare new was Maybe in to to there? X . the the you launch to XX on interest coming the games

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it point, a came working are and portfolio. loud the To really think company through optimize clear. we to united product hand-in-hand Matt's I

sharing some months. coming to over So about launches I look news will that cross-platform again continue product forward to those accelerate the

Jeff have now We from Stantial Stifel.

role. what you looks see your from be SciPlay, in to Based if new broader results we continues from the market. outperform gaming competitive evident to on to is social market start on possible. estimates I wanted Matt And and the tile gaming social the that hearing on

you of how break as social the down kind if Just share you And you for player October curious gains aside? could are demand in additionally, see drivers QX market underlying those outperformance? kind putting trend, gaming of what main that seeing from kind the of

to great what by a we saying, first what see. SciPlay. fantastic want all, start you see And I by of Yes, question. quarter

a ARPA, Josh and our Aviv. monetization. investments, record up to revenue and in a in congratulations I'm really this we in and engine, environment, material to had Jackpot features capabilities outpacing our showing across and sustainability the points they whole SciPlay. of number Falls, of. doing to proud it showed importantly, all of best that. Quick and And record retention It's underpinned should And on the of the games. of of out We calls at which So in the kind leveraging proud of at we've best-in-class Wilson be up Massively our And by in hard think And each often that SciPlay. but revenues these We really prior about them. in which had individual record spoken the It's Party is in ways. business evidence I they're which it's is SciPlay then competitive centralizing that $X.XX. do about and and had Tel team competitors, a is result Cedar for

path time. We ago. moment. increasing the that's we ADA And see years importantly, levels up a were about at double where to X see a down over that role double major then we So our

for to the that continue capacity to just shows us you gains that in space. show So

I for a have which expanding major think direct-to-consumer and results margins. We've seen our amazing success impact on exciting that a in in a XXXX. QX competitors launch us is an material platform, platform also launching direct-to-consumer development we're in our had will

So yes, quarter. fantastic again, a we see see was what you

continue and to to done think job yet. over and years. The not coming is share team win is I the continue excited motivated the take to

the crude SciPlay. whole So at team

helpful. slightly Will, That's a was hoping way. question, different And kind maybe a of similar for I follow-up, to then my Great. ask

other any the live of get when this to fully of with your of So to given contemplating ramping you're How do in ramp going about kind Michigan be state you're state Live with fully cadence quarter. content? the given adding thinking What's in tackling in ramped operations you kind at speed or more kind a cadence think is the there that of of first state And a Dealer to with about that blocking to games? timing X and needed we of up kind should up already? be business launching

content. the in. continue we in progress. look a number as digital some operators to a final of is just Michigan, create is the really, just level We're start There in do it's of to with great and then of make for dotting crossing bit go teas Matt, really chime to ramp-up applying from us. throws, some And which to and exciting happy we that live really free a about is feel I'm bricks-and-mortar a perspective. Again, you

We the of feel have well product going top kind really as with games, out portfolio, X mentioned, a robust we're Shack, we positioned. Black

for their on creation your product this I calls really they other continue to states, a half with is to the operators mean, thanks about partnership value think us ways look we originally, portfolio. platform, in of think opportunities we see The we that of continues particular, to great ramp. it a deal you Matt opportunity, you putting had signed to opportunity. taking differentiate see so significant as as number look inbound news the second think a we Dylan actually amazing some there's is starting as that real number much, I at when expanding saying into digital was mentioned real IP,

and throughout So here in get year. excited scale market next very quickly to importantly, the

Yes.

of it. most covered scalable a you solution. and product think platform I It's a scalable

it line capital got a opening really the facilities, about efficient of we've that. very it's do we do And So up and to bricks-and-mortar in way. sight

a deal upfront CapEx customers. through structure with our recruit we of the So lot the

see to launch to some the for time. think you'll us year, So impact over we massive us through going to category, efficient way for next is which a an it's opportunity but that be CapEx

Operator, we have time question. for more one

the final Beynon of question of Our from comes line Chad Macquarie.

when percentage now that grew, systems a basis, the can the segment to believe this year-over-year mentioned dollar of start from been within the third IV fastest quarter. X/X But Gaming I X. to in this high seeing bonusing. have out kind should be you terms related you Wanted software I cashless converted revenues on side units frame additional the we the think, in and maybe from And cashless, to how the then expect of to opportunities start of enablement? also just marketing, can this on then and help some ceiling

are Yes, That's with for X. of our cashless-enabled thanks the terms seeing a Chad, guys Glad we're question. in uptick the hardware. gaming, iVIEW Yes, X in-game good of on demand the for to huge call our be you.

technical get make with So ready what the we're to you're alongside come to them ready seeing is to life. this investing go cashless. solutions to that in And operators floor

we're different about operators levels them in terms But number We ready the where the units of moment. cashless have in to major to XX,XXX of want to And enable It's on. to at today. a they at cash loss. customers that right different next marketplace of maturity connected that turn again,

flow So to you'll and kind now we're to cashless switch of at on over add you through operators the Connie, that P&L, you want more hardware seeing are anything that see of levels start that? right elevated kind time. to

really it's exciting. Yes,

to and doubt with the there's behind excitement our X strong think no see continuing your really systems business the is, iVIEW to growth, product. I about it that is point,

we've really the revenues on which business. maintenance of ensuring also of our testament think been that just all back a focused recovery I turn it's the again, is, on, able to are of

#X to were systems, position innovate to we continue grow will space, business. this the in maintain and on forward, about that to really portfolio. excited a John look accordingly, excited we and to we're opportunity As innovator Wolfson also want we the we in to and bring He's continue the real

Yes.

think these I that ambition of the the our great to that's speaks sports systems solution a operator in organization, He's sits system. a success amazing level case leader. of different of market. top He's a casino on is platform, working built in whether entities had that guy He's a John business. base. within iGaming, converging an been it's land loyalty operators all on

I the X So X with about there in weeks been systems weeks India just now. business spent has the last team. the working in

systems do are set So into our the I I'm encouraged success for what future. and about up John think for business, can

great. ask balance Connie, about to sheet. separately, wanted And That's I the then

cash I of to number think we . would floating. there There cash to on still try XX% that free have help flow debt is expense, of moving year, were think you within be next some pieces interest of interest the as you for kind said about bridge do quarter. after then these can Any great. you us about help just sales? kind expense and also the taxes, NOLs a

X me Yes, absolutely. And in take of kind that let parts.

let there. the from we're proceeds balance team, right strategy priority for to start really just capital and in out being the First, me And the allocation quarter to had and set had congratulate a say delivered the we with the embarking first reconstitute the sheet. we on divestiture, that now sports but

fact, Xx able within report to our range. were that to pleased incredibly the leverage squarely be we In

today is If flaw. at inclusive fixed we're XX% about you and look our of which rate mix, at our sitting floating XX%, debt fixed

pay the Chad, current $X.X of expense the the purposes, the on modeling about $XXX way million I the on at it of interest fixed then And equate about it to of debt, is rate think annually. rates, million $XXX will portion we'll billion interest floating debt. For to of think annually about

any terms QX from think I that also, X.X due maturity here, too, debt some nearly to news coming don't average our of maturities before we weighted years. X.X XXXX. refinancing, in And years we've in the good of have is doubled the of

million, then of looking drive QX large forward, post and going and scale focused say to should those a advantage, cash see We free we cycle. the share In we'll to a almost balance broadly your in and look particular, per got strong outflows to future. ensuring there'll free competitive flow believe tax the flow, divestitures. second To million the is a conclude we've $XXX circa that flat in flow really to flow to So expect that payments normalized to free on as half allowing have a about free cash we're on you also of cash shifting see cash healthy yield drive and XXXX, more we're payments, continue sheet. more as your as large significant conversion payments levels next metric laser-focused us invest To We're then start into we've And with that streamlined associated point you'll repaired $XX importantly, term we're to organization the with key in QX, the few the short position absolutely I'd payments, sheet, and that to shareholder on in association the tax XXXX. be towards divestitures. we cash. real on And the it. in balance good cash value. the really a quarter a

the a to operationally that, every dollar make do only to sure large to but can not that flows that that's of bottom created, line, there's we cash. everything So also percentage

Yes.

through, X.Xx. through at focused in of X.Xx of now share. this levered. on transformation level level there, We're Yes, range per free been within just value the we've think cash generating think space transformation the We're company that the X flow point, I shareholder squarely I closing

so share, You of do that your but optimizing prudent stewards by and management, that. intend we being capital also business do taking to

on the everyone, being you, call. for thank So

session. operator. Q&A our back to turn ends it That the I'll

we just are I'd your support. a making on The testament you. who you your time focused to winning. and all energy the thank our dedication like are and for quarter was great the progress of to Thank teams and

sets with map combined strategy robust share. best-in-class road a execute gain to nuclei R&D and our and us to the up well strength, engine financial to talent product of Our on continue

committed to on and creation. focused operations, leader our execution stakeholders. and value value a As enhancing momentum on building all I'm for strong

you you all time appreciated. as Finally, Light my you for just me your I the know short from & thank support you, in say in to CEO. to want I'd like Wonder are to to role creators,

We'll call. for turn operator the to this on us back joining for final everyone, comments. you, Thank it

all concluded. you has for Thank call joining. The now

lines. You disconnect now your may