Microsoft (MSFT) 13 Sep 182007 Q1 Earnings call transcript

Ladies and gentlemen, please welcome back to the stage, Karl Keirstead.

Okay. Well, thank you, everybody, again for attending the events, and we’re super honored to have the CFO of Microsoft, Amy Hood. Amy, thanks for coming to Vegas to attend our event.

Thank you. my town, not to I’m definitely here. be is kind but of happy This

The perfectly was have five that that I’m in From fun kill about appropriate XXs. a launch it’s Amy. took it was tech long and amazing think, I to ago the a growth an the in mean, relatively story I’m one me the happen. about the going how story to enterprise of sure exaggerating Microsoft Microsoft, lot story, it success watch, a been been amazing. at that cloud stories at smartphone and the the was is to Microsoft outside, it’s talked behind not stock to where I the is all has make was when mid-teens say just to that last and To stock the modest. we Microsoft scenes, in of today, growth most years. keynote. approaching it’s the work do the wasn’t Look XXX. public the that’s

Yes. I sort but describe happened, of – yes, I That’s it just it as work, would agree. yes.

that’s to at be got the change proud of You’ve Microsoft. happened

team. done job. I’m The team proud a of the has really nice

of nice like it’s a that. part to something So be

Yes.

four-and-a-half …placed on past in amazing five to the ambitions. the small role. in years But of the an team has job done terms realizing

Yes.

achievement. and what be, a to we then for that them Setting could culture day goals that every in ambitious achieve allows working

the to be yes. felt as come so what as feels still and And when job, excited feel we That’s I to fun, great want, to work and right?. it’s it so I got there to happy

Q&A of along. and have on have the you is helped that I’ll good. good some our start Microsoft lot team That’s But the of benefits maybe Well, external where things. a done you

good and the spending robustly. know you about of of a more feels year? next And For on the the you’ve Microsoft don’t calls commentary the are that out that’s Amy, But voice just that rarely you whether of enterprise backdrop? quarters, given off conversations, want your being of think term. whether the enterprises couple spending in to to out How the [Technical does that right that’s factors of any the start does it play You if that asking economist. it as earnings of sort part there Difficulty] last But case? it into long by to feel? I gone spending way, feel didn’t state all gave XXXX? drove wanted I still your Do legs the fairly a environment robust has And an

XX ago on actually read, Let and spend. when comment me others back geo years up did writing I for we to scripts earnings first. was macro

don’t – you opine so that was want I And I wouldn’t excited to to on. I think thing some new

So July, about And end control. thing in business. as I do simply within the theme, grand our as I seat looks its how I from we that, some said I make can the was would control unique to it to was first at of you things own think, the all, it inclusion, meant to by a that which statement us statement of is important

markets right, against whether you is in? you is find it’s you engineering, two really bigger So well? to that, execute then, issue et felt IT matter pick you how doing what fine. execute what like is that right, and cetera. marketing, sales, if fine, how it we say, seems It No are spend? how the yourself about environment that And finance, is, the But things,

want competitive to GDP, those. product execution and feel markets overall or market feel market. portfolio, or highest the buckets within in. amongst of it our secondly, in growers chosen. I me, we’ve called, Both put about the you the each And positioning; are about IT, in for the So quite the execution then great whatever I They good spend day-to-day

the set on important things most a be thing the can of I of think tends control. focusing is an we example do all we great for you that And account company. manage most inside us, to can

Got it.

of that revenues, Okay, the I Azure of the of on just but get. maybe least, sense. parts makes it’s XX% in be And to probably, of than the the might story, some less at zero Microsoft half inbounds

with rate. a not business why happening interesting start of So within or certain you there? dynamics that a SaaS there’s growth So where couple have broadly a EMS bucket, Azure

with You’ve about got talk bit those how of core a and are rates year shifting growth those last get next blend. pieces to we consumption-based then two or you into year? rate little and relative a Azure more a growth certain Can

Sure.

about I talk to best think, maybe you underneath it’s dynamics out that. as the just of pointed sort

or organization a Azure Our customer, or way, basis. much like, really, – the part user the that you feel in per would business XXX. at EMS it’s of business, Office if on EMS sold Microsoft our more sold a field It’s were

when and then to per you’re different us. for That so is have things are what story an dynamics, seeing growth And dynamic. sold user, tend amazing is simply they that

base that’s will EX that about offers that’s is or the We customers. far I has add that EX, kind by new believe lingo SaaS of certainly – apply always probably the tremendous dynamics such think it And we features. growth same franchises, certainly EMS is have ARPU sustainable And as will the value an one can It right? what that. multi-billion customer It look Our you as you opportunities offers at Office, use The to It ultimately built seat. fits us. same more EMS of and of per margins. been like largest have sold installed it will language like any to value It growth. product. business dollar business

dynamics excited had about value the will margin structure offers different – is gross So surprised of our look high. the quite we’ve and as I’m will the I’m about execution. big how I’m business, which But it excited it is. good

we’ve every and spend country it every development the time often the I represents around TAM large talked the has one think be I large things opportunities time feel industry be rest” a “the And existed. are and applicability The like continuing how can and utility and – is Now expansion thinking be, that largest It across that of always can how I excitement is Azure of the across of ever expansive. and I exciting. and as – its see to lot about – about so high. larger. it every about number of it

is multiplying little right? TAM isn’t can a different, set workloads workloads. to I increasingly like will as quite a more so is business, has or means But I or of – the seen, has that you a has all the by base, TAM rate, an to large I’d that Its users, larger. growth be by use. guess, is the and changed, bit healthy it, factor gotten has So mitigates. even have as remained And rate transformed, it its it think, base set That business word and that growth as larger disrupted,

us we a pay-as-you-use are Got early to it all like before was to about Azure think Azure felt it. Amy, trying model. increasingly look as days of can that trying. now we in And One thing model the

to increase attributable Azure of tricky that, commitments, large Azure in as is translate customers and to backlog of tricky due intelligent on a on backlog. sheet enterprises lot It’s any the know Azure how a there try large the much to of commitments you is on piece, don’t to too is and your maybe subsequent to revenues, become or they have of of that Now much offer revenue But certainly cloud into unearned could Azure comment commitments? make they uptick that is upfront guideposts balance how and unearned sheet tricky? those can Azure waterfall revenue that on sit that about that very lot sit revenues and into to revenues. balance you subsequent And how sort

It’s dynamic. a not just different a tricky per It’s se.

right? conversation a in the coming to used. only P&L when is had, mechanisms. we it’s It’s sheet the balance Azure, just same Dynamics, more If EMS general, just has the back looks you or recognized It off like go the Office subscription. like to on all

the the to so from sheet the rates. pacing different at of balance that utilization be P&L And can absolutely

Yes.

I’m simplifying is that signing it used. just a until be is so, fine. nothing sure gets fact, P&L it which should to people And to means the ratable, big have know But commitments

I you it mind, way P&L Pay-As-You-Go. is think, said So right? in to similar The that, your quite hits having the

Yes.

question. move the it over I different It’s gets you I – that think of think a as make leap And is as in used. sound maybe of it one it the may – not as

Yes.

makes a thing in in the P&L. that revenue if is of value customer about flywheel talk why you derives Projects when or focused field our spin, Azure. well. value, to of utilization customer on are is picked business meters comes the the much why is importance that’s the emotion if there, so success work Customer it’s driving And and the consumption, our success. like

Yes.

That’s won’t without our on capability, that’s making and project the increasingly customer customer the everything sales customer success, dynamic. with force, on technical without more why and customer in that, we so whether Without is our project by to now people investing world-class. project putting value, picking, support right and interaction spend time success, have much sure deployment you customers, focus direct from without a ground

drives All customer of are these things outcome. what

P&L a sure way it and from it make an be most to for the a the possibly as sure customer is for smooth things can in construct. balance to process is as of accounting direct leader thinking opposed the this business as sheet me easy come to as make is the So to

it. got Yes.

Microsoft. moving argued actually Okay, up where giant product just model. that off remarkably and years a I the terrific quarter. that’s more to Server that makes server the growth another workloads Windows of with business, put have transition maybe, many Server. decelerate big And sense. cloud there it’s success has a And story little suppose It’s this Azure “on-premise” public yet, the at SQL And couple Amy, broader business as into bit been a hung would business should successfully ago, slowly well, you in a

can hang you that what they are server the product to low and think So fiscal in growth it, put something there mid for enterprise that the call just XXXX, close big business in up? that single-digit gives what to variables that, confidence at maybe as the, rates business about you you

that people In KPI want services I to a and talk products the lot KPI… really KPI and would server the general, The server prefer. decomponentize we about, that

Yes.

customers. the the and motion one value …is our prop our to see That really customers. the hybrid the that success of sales architecture that both to mechanism is sold matches

This the Azure is prop… Azure plus,

the Azure on-prem. plus

Yes.

to I’ll and because collectively, component. about that motion or on utilize architecture whether On-prem them we on-prem I ago increasingly talk so the it’s on-prem started think the The of understand about number were cloud important years five to the the of to how it. the in specifically, value they underneath feel be best talking we focused the want reason is they’ve when like it sales done. customers Dynamics about hybrid sit want what

think, those the way has outcomes value purchase that they – Azure it beginning. we pool, talk moved or Server value the in real hybrid. they about has through Hybrid increasingly SQL I Benefits of that whether use Server hybrid to customers, data as great that the from value seen to license are Azure timing. whether me… That architected license, from to me market services And choice, for at the SQL both customer a ultimately been have We’ve

Yes.

said, vision message "People through Azure storage, Whether using focused I’m that in which them. through in …mostly are for buy they Hybrid the being the place to the an XXX% maybe our Benefits flexibility a accounting on-prem on One it other, builders is first I’m to making value choice in commitment most one because and one that outcomes compliant to benefit number, customer workloads price those that But they’re licensing those to in price way. license a in given for to take It premium. they not KPI, cloud customers for about, really which or data." would adds model That value commit, just there the is happy it when a two. flexibility follow both as small cloud. the compute, The the allow talked to dynamic the massive lands construct are does for is customers, that’s impacting I and rights or says, great mechanism and utilize a probably for to be. advantage those individual rights as price deep

it’s Secondly, mix. on-prem. increasing increases obviously premium ARPU comes We’ve continued premium mix, which see in to with

time. the more driver, [Technical is value, I see. most available Benefits recent been the are of that newer Difficulty] the over would is that that driver release That’s we’ve which say, of Hybrid to the be now on-prem The in continued Some consistent number would for

at size, also growth have success ago I’d would that the to Office level. maturity core of the that’s staying many don’t plus and story, people where Microsoft. love I commercial big ask that Obviously, given be the business been thought you years Office another think business that rate at XX% could about

part So I didn’t in of And congratulations spent you that. your Microsoft career that that on at unit, think you Amy?

a Microsoft. did. spent at long time Yes, I I did, I’ve

So every I’ve almost been in of course... unit,

Okay.

…after years. this many

to getting because an shift And EX shift. on-prem deeper wanted been I you success. into to the deeper amazing EX the you’re Yes. that, the ask to XXX into Well, about of sustainability obviously that’s

as fiscal you focus XXXX, business are couple growth the that look would to on? So for a in attention our you them encourage more Office us of for what of drivers

not I’m and there’s suites. Well, we’ve to sell business logic to se. sure value we particular more customers, this through per in tended offer The

Yes.

been over investments the years multiple endpoints, suites of terrific across work make we’ve made those the to multiple couple systems. meant And operating past have

in say, value which things progress been mobile long it been or business people’s many across investment I we’ve add use The in other of as always office in value, applications each, also itself it well the would of in would the made in with So past – maybe think devices application’s mobile what when Windows has probably in has analytics few more iOS like or year minds The collaboration with also add over had would of the XXX. about communications show invested that experiences. generally that Power years which Android, the those as year, and the work to in manageability, our I tools. ability as the that teams value with people addition the should best security, I a the was BI some to specifically past is Microsoft workloads XXX we’ve new time. and plan We’ve broadly new and been

we suite more far at than those to new is value add to And where and has "Wow, in say, come a so that look Excel I and look which for one a playbook us," not Word, that and people say, mean PowerPoint. can to

has teams, OneDrive many Power so Now viral BI. of they launched year, it a get tools done, well we’ve that every motion business, for the really it’s whether day specifically momentum to seeing, a use so now job the represents whether their that’s had for especially team’s that’s OneDrive, terrific as more which we’re whether

you the suite So you when And/or couldn’t charge see Office broad concept define grow." to per tools, can you redefine start that as and more a the saying, of "Wow, base of seat. couldn’t installed

continue to price. good features provide great add And value. I that provide believe the a lot value of you we’ve value, at If you added

guess business these Amy, didn’t types more in adding seems base a lot have then The the runway on been about the What’s when and business, that ability access them good the basis sense. say, ton and in of obvious, of which growth installed that quite IT naturally global ARPU relatively story. you If your of a you’re modern installed resources “Well, feel and makes small story. tools and be The I base still there’s have it. consistent a has story I to you really

is inside the excited even first The base installed us which or enterprises. the grow allows line other place scenarios, we’re to we what workers call where frontline

in talk scenario. that the You’ve for possibilities HoloLens about us seen

many Office, or endpoint new HoloLens just for of where can extensions think a user, we other new experience. as a another reach I

markets in some also installed another and products also And we is to for base. add emerging really of product, Office-type tend a a emerging those mobile which which good will as be think especially opportunity us is mobile-only, us, like markets more way for Kaizala, to the of

you is about a and perhaps picking And number others those add-ons into feature Teams most are those Security. you’re excited one of like but you listed a or this next? and coming fiscal there’s favorite, or to Power there Not OneDrive force Amy, two year and of – there and BI that

after when same in have is you – to many think after. BI me opportunities. goes opportunity some want after big teams I as more as Power ways No, is the one business just is, favorite. opportunity In the they’re ours than go goes they The ways, not different

we and we that which focus are that’s We off The is which the workloads us, churn the the is. what real get matters. value better suites, endpoint, have and customer value stickier and lower for can bring really these is more a more for the we in they know know deployed, the higher

to we little flip EX gaming that’s about Phil, and that. if Maybe in Amy, future bit all spotlight you about When right, the Maybe, that’s of up could I Okay. all to he’s now. gaming. more a the jacked talk talk to go

going of Microsoft I that a fiscal be think is coming sector, there’s Dynamics careful number model we off of XXXX. We when Super need because on. to robust

So hand, But not be interesting on about the gaming, with stuff carried et our cloud careful growth on getting namely in there’s going expectations. some want gaming, we other on really away cetera. to

Yes.

you mind do addressing So there? the outlook

life some get a maybe it Yes. built I’ll connectivity Phil you in special you grown it’s of the there’s sense it, up in because has, and says it. business lack your have you when passion when Phil of some – – and that a you spend that

Phil best my do I’ll So impression.

Okay.

my optimism my is is even equivalent delivery not. That’s if

Okay.

a urge the think workload in incredibly to we I Gaming edge ask interesting of another would an intelligent exists a on for in and worldview would do about back intelligent have is just I cloud. everybody everybody as that way to gaming. second What step us,

think gaming not urge being listen If sort where It’s chance are thought you’ve that another Dynamics to sort user-led, latency partner to different one and of we by us different Within different a a we intelligent and we’re in-product, that’s different would deck way different a and fundamentally think understanding for the built more of interactivity. then made intelligent. you a it’s if from more allows to I that’s intelligent about want edge that gaming of workload, first-party do the of levels we “Well speeches, that you build I cloud for Office, way what it no workload to but Microsoft,” best of expressive viable It’s way had looks that and vision understand the Satya’s XD, the to of ship the it way increasingly user-loved. digital said, we the cloud. have is is – about cloud that, exactly is. or on gaming time patterns, built business, spend usage expectations, from about, expressions and the the different is I about of If every I at occur, transactions product transformation what want of levels

have build, to no it. to fans get want love same from the accomplish. from that and what to great it feel get doing And passion gaming there’s can’t we want people You’d trying a absolutely that expressiveness. emotional everybody the that Gaming we’re of is I workloads same reason personification Excel, all I reaction

better will be the made of cloud. have endpoints. enablement by They will the We

itself SaaS content. able reason a great makes Office us It’s gaming server. reason will own think I is cloud years, to priority makes it’s would user-centric this we best past It owning be that to were SaaS leads for utilize have talked you’re success wish because that services five grade platform our absolutely Dynamics It because we it cloud, us would if plays I I We developers We our CFO, company. itself gaming “I better ways. know It run in be that’s it Azure, us”. of And maybe a partner have Karl… like great providers, we devices. because have a build really seen opportunity as The I gaming to platform cloud, many in for We’ve what as but a we’ve – shows richer. quarters. It’s the seen this and have makes and a the for I feel want. way in a is platform. first-party for myself said, our call couple the in will referencing way played said the about what We a great I you gaming past the same pursuit, happens third-party KPI, also think the software developers, across which to strengths which when

Yes.

it …I when think comes modeling. to

Yes.

great that we companies When have interact… a platform to as can too success games, benefit purchase in come their other and people

Got it.

…with Xbox.

transitioned bit. quite So a it business is a that we’ve

You’ll and we’ve it. hear us done

important aggressive shows team I’ve don’t of able important one to It really they proud one don’t incredibly I to services difference but been that you’ve build to team It’s us. they that AI users think, a team. Azure – our provide little is technology place seen. I’m a healthy of continue AI that of research maybe and ton actually year, for while the for talk That our to is I partners talk over for, itself the sure ever KPI my world team I of to our about a of what we’re I’m Xbox one platform. monetize of us. know, gone time It’s made ability Xbox, that more about conferences, where really if really more it’s to adopters I’m a a our and playing a to EX and and not I happy it’s really because customers. many team. spend a advocate about

I be impersonation? that of proud think Phil would

Pretty good.

Yes.

be billion about goal. to it, better talk $XX I a the business. that’s able We’re

that’s cloud you Well, that, the gaming on for I front. have one and more

we that. could in zoom So on if

Yes.

early-stage going lot a know are I in to people how audience that’s play Because maybe thinking further the through of or out. along

actually pretty it surface, seems is like the well-positioned. On Microsoft

leverage. You have Azure to

first-party said, you as content. got just You’ve

relationships developers. You’ve got longstanding third-party with

you’re seem does well-positioned. it So

know the not what to evolve. think for take for But lift your year. can next a that? challenges and off are you’re off to getting any reality? tell of us uncertainty become sense it it’s the What I some on the when this that to is to are thoughts going going I timeframe maybe

today – you some the help I sort it’s Well, and we’ve even adoption gaming to at of Azure I companies look feel of globally when realistic very actually maybe interesting. quite of it’s specific gamers. launched before the their platform tools

Okay.

There’s gaming The experiences an the absolute recognition gaming for end users. enhances for experiences enhances cloud that end users.

you’re love, And our so and even so a to the making an Game year. us. I the in on a they And that content, It’s are see a take are this this But of platform to opportunity they’re in exit or predictive in watch have to play are. you do played, money. user-centric have very games already types to, a more interesting to for a think with able have the quite but KPIs transitional is gaming but I we off I great it moment that This advantage think interesting strategically see platform, why able do is for this that people behavior, we us quickly. our of have made ability we Both us. others it content, I the acquisitions being is easy the for be Pass, has really PlayFab an I but can way. feel to games adoption, And make success important easy better We transaction you’re broad a that to subscription. how some cloud, developers, make phase and package think, the content game have for only that strategic and the use in confident... do sure in think not early starting that and which it will commerce

Okay.

…that a long-dated it’s concept. not

community. to to encouraging. source leave open that acquisition. alone indicated to you’re that pretty interesting simplify I sensitive and going GitHub to flip GitHub? thought Can that’s over it Okay, has we Microsoft be publicly super

some to from want On synergies the other extract hand GitHub. obviously

So go closed talk how might maybe to or could strategy but what you plan broadly that do be is think the deal premature can’t you the through, is? don’t I if that, given it yet, maybe you there,

don’t or when But Yes, is bit, about I’ll space why I to GitHub. what pretty about you’ve teeny larger it just ones. the seen answer comes and raise just talk a consistent especially a because the up acquisitions logic

“Well, as of our rightly a I, announced said, GitHub, large what, we together? now team, terms and Satya you did done have team, did is as in and and not pointed management we’ve team leadership If closed. LinkedIn, out, acquisitions We which, you Minecraft,

part a identity of what professional If the in do a what be was or common identities LinkedIn be the Number and common as an said, you course. and down one, people growing these what growing "Well, and But in the network gig Of a and professional more important market. you No really on have list went they see and professional in going matter what online? you more it have and surface," quite might believe – here to little. I very important bit. applied, is move was to structurally economy and

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happen also expansive." generally The made You you’ve say, consistent additional “Okay, point be is it’s TAM that point network community. is to great. made these The I

says are If about about why time to communal to aspect actually it comes is why network tend a have word more why they It’s them, get – somebody have they because exists, nervous, community little sticky grows. them, future, thing how a why exists contribution, more and in they the community you it important you synergy, value when to that with I the from these absolute we connected, most to value. be get talk every how actually thought reasonably tend the remember remember and support do guide the a it right,

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so GitHub for And to the I on what next we’ve thrilled the to means very person getting with is, because brings feel And about great, I us, what right future Difficulty] the GitHub. is is, good to what wanted what making importantly, Nat what I GitHub look it not be closed. it more but could about quite I’m [Technical development buy. absolutely leader excited the forward to Friedman is it focus it chosen. more it we to keeping

helpful. financial to was Okay, if I hit you could. or that our seven Amy, in love a couple six with last I’d questions, Maybe, minutes,

One of them…

ask I think to this more. too, ones you’re welcome but other were, this me

slightly more these so. are Perhaps ones

like So team, feels messaging growth it’s that, I more camp, broad bit as where you the a Microsoft is fiscal and margins into tilted it from we on on feel driving towards the operating the and larger look the the – little question that leverage. like of XXXX And that to and at a businesses right directionally, than is your performing fiscal lot framework are your speaking focus material focus this well least, XXXX? broadly is on rather of for growth

focused XXXX, In framework. sure not new pretty a were there’s we FY I’m growth. on

Yes.

TAMs and had in We felt well-positioned, areas don’t we investing change opportunity, didn’t the had look as us I into not as XXXX, ability continued feel we for that invest going we I expanding I investing constrained to where land continue and forward. we constrained expanding where actually feel to and in before, a strong see in TAMs, I feel where see positions revenue. think to that’s

is take a a living, X%, if back look about I number. just that and guidance If at massive of not step OpEx OpEx you the cost you think gave,

actually if up. what investing? that And get matter say, in don’t is very FY focus of to work back expect slightly I clear be we’re margins on on I that – on, – I was send reflect deep can to think highest and no we I some gave meaning XXXX continuing operating I the the is guidance to – what number which even ROI focused always July, I the the you out not we we’ve So to how message was that we’re continue portfolio to to –

the take a as on I around see in passion on customer we’re highest I’m we’re is different, been sure in. actually every and this I gross really satisfaction. to that is good opportunity And about sure make consistent want possible. So to want dollar has each ROI believer which maybe focus lose the I to year, I to capture and was message any focused I want stay the feel not spend us we revenue. great want business we customer land making see most as than our success. continue markets us I feel margin that about on execution. to it I invest focus to in. that I want to see you would that and more far improvement

And as I’m so mindset my sure it actually is I’m consistent. not describe wildly different. I pretty might

capital restart a you think I’m your helpful. for what’s apart post with framework getting obvious, I buybacks we and that current time what Okay, you cash one allocation a to would bit us – from is views the days? little use capital around Amy. about And that’s think But maybe you’ll question Do the which know? of GitHub, around mind these us lately that It’s allocation, that’s sharing around encourage more. which the

We’ve very been this consistent on point.

tool – years, return. meaningful any dividend whether that look a both capital past they to growth, as don’t tool. a time. other our made We we I we’ve tools. the about inorganic the continued feel to as as see in a the that size, how of of any be small we return of I that. good or larger view My well to on that use for capital shareholder we’re for as from, And very is are seen one organic the using first existence returns cash. long believe the gotten buyback we’ve we’ve opportunities, how a We especially continuing use as component that us Especially acquisitions mostly few for view imagine, you’ve inorganically difference might a focus do total and investing on in daily as you to and, focused or

an and component remains it Board as as management think well that on. I Satya the I, focus important

Okay.

think But to commitment today. more it’s than a I changed else. It’s anything don’t [Technical rather Difficulty]

sense. of you don’t I’m of conferences, came lot ground. Amy, investor amazing that Thank Vegas on attend aware you Okay, last story so makes that again, you. many with the for that this ours. Microsoft Congratulations covered And years. acutely Well, couple success that to we’ve over a I’m honored

was think I be and I really invited, done job. nice a you’ve happy to

of in. And But to everybody. us terms It’s progress. been on has company I our making This mostly want your I about Investor actually that – in talk I in continued appreciate with I Relations to a be get team thank feel so privileged the behalf. I’m to seat great partnership XXX,XXX-plus people’s

here on nice be get continue us and them, mostly better. so And time thank you spending really while to to want it’s and story, for both helping to all us following the represent I

you feedback give team, better better our we about that’s Relations KPIs. our how continue get us through So it’s important the It’s really get to Investor right at talking we how disclosing company. at

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everybody So soon, thanks see everybody sure. I’ll and for your I’m support to

Awesome.

Thanks.

Thanks, everyone.