Insight Enterprises (NSIT) 3 Aug 232023 Q2 Earnings call transcript

Good morning, everyone. And welcome to the Insight Enterprises, Inc.

Second Quarter 2023 Earnings Conference Call. My name is Jess, and I will be coordinator for your call today. [Operator Instructions]

to President to of of America begin. like Morgado, host, Insight now to Vice Senior Finance would hand your over James North I and CFO James, go ahead. please

Enterprises of be discussing of Senior company’s you joining thank June And quarter for Vice Insight Finance the call. am XX, everyone. will the President XXXX. operating Welcome, I Insight North we America. Today Earnings the for CFO ended results and conference Morgado, James

Officer; and Mullen, Joyce me Executive Financial and Joining Bryan, President Officer. Glynis Chief is Chief

do not under or will filed you Commission you Investor the this that have If Exchange the a X-K, insight.com and earnings the was find Relations section. copy it release with morning presentation and Form of the on Securities accompanying our slide on at posted website

the copy being our limited call page the Relations remain and call, webcast time. the accessed and for call archived question-and-answer of will on be completion available Today’s two is our will An a live of via website insight.com. period hours also can after approximately of Investor the be conference website at including

call conference the Enterprises. and or This strictly without the of contain of Enterprises only This consent as of Insight associated time-sensitive property of this is call prohibited. today, webcast in Any XXXX. X, redistribution, is any form that Insight August information the retransmission call accurate rebroadcast is expressed written

as we as non-GAAP second conference today’s the measures, referring them refer call, to In discuss will adjusted. to we measures will XXXX financial When we financial non-GAAP quarter results. discussing be

results included release today. the of these presentation adjusted You to and issued will actual slide press measures reconciliation both find GAAP earlier our in the accompanying a

in that discussed as and growth note amounts are all constant please currency, dollar highlighted terms. rates unless U.S. Also,

materially. detail our subject reminder, all with differ filed uncertainties risks most in actual greater periodic and reports release in to could are SEC. this filings are a call and in results cause during risks to today’s forward-looking press These are and subsequent our that As conference discussed made that statements recently the

made except date as any are whether obligation or information, by All on and to of of forward-looking law, this call made result of events a statement new required call, the this forward-looking statements otherwise. future as we undertake update no as

call I will following and presentation, to now Joyce that, slide With will turn four. along the Joyce? you begin over the are if on we slide on

Thank much, for than thank you expectations. challenging Good joining morning, everyone, us performance below James. our QX was and very and you was our more today. expected

are with did key Although the we we pleased results we previously our we making many are performance financial anticipated, indicators of that strategic not we confirm outlined. on achieve the and goals progress

in profit Insight achieved make $XXX to our XX highlights. Adjusted of integrator cash Here and services initiatives. strategy. of operating grew EBITDA grew flow margin of generated XX% we million half up both are and are X.X%, and points solutions progress XX.X% X% a and key pricing basis the few core mix and a year. drivers as gross the profitability was on first profit of We gross margin gross cloud we sales our record continue

we are path. points proof on demonstrate are right These that the

and expertise. Although growing with we fastest market, areas the of of this the continue align to data traction cloud, areas of gain journey, our are at we beginning AI, the which in edge, importantly

support are our our Glynis designed of implementing provide the areas to our further efficiency M&A, of strategy. that investments, will to effectiveness operations cost for growing improve and reductions details. our focus key and more including capital preserve addition In on we business,

guidance at year are range $X.XX which X% a diluted Considering growth the share per EPS adjusted lowering our per our our expectations $X.XX results share, of QX second and year-over-year the to current to reflects we half full for the year, midpoint.

are better market to very experience. deliver IT transformation a dynamics remain long-term efficiency, and generative and improve including our strong AI, risk to the clients customer leveraging reduce and The digital technology, committed of

are midterm. that We will confident confidence buyer the in we see in and demand a resurgence

there we Investor Day. four strategy outlined key reminder, the at pillars our fall that As underpinning last are a

delivering First, solutions captivate clients. value earning our quality exceptional to high on right the pride This more. ourselves to We outcome is all about delivering based clients. and do

solutions. leads This pillar, sell our second to

things and really our on to We theme about are finite is aligning focus, number focus them transforming our doing well. portfolio. really here sales of The capabilities incentives and solutions doing a our

is Our innovative Again, that the our where providing on compelling scalable portfolio. third areas clients and cloud, exceptional our we strength cyber, of solutions market need talent the reusable rich are this focusing data, with most edge. about deliver growing all and pillar very our and technical help, fastest is AI, through differentiation, IP, align

the This fourth retaining attracting to and pillar and champion And our been for has strategic advantage is culture. critical is a us talent. incredible

passion for to This deploy technology strives quickly IP. build continuously ambition modern solutions organizations proprietary refresh solutions support and understanding our helps ready deep data Lens AI the Our AI. a to launched develop design, gen to be and a for integrator generated infrastructure leading configurable our We platform. and recently to team deploy solution our requires and Insight platform

leaders our technology key with collaborate integrator and their partner A industry domains. our network deep of is element in solutions respective strategy we

our AI, help technical as to XXXX NVIDIA Americas NVIDIA’s closely and leverage clients analytics experts solutions. Partner data learning the our machine with best work example, Year, For of Retail fit

and heart AI is effectively AI to one is core the of data, capabilities implementing this projects. of our At gen it’s critical very

many years. We have and improve clients been manage estates helping data their for

client of AI. are I will describe gen that couple in leveraging use cases progress a

time recruiting effort are candidates to roles. and a with matching to the we with working reduce associated firm example, For

a other We hiring profiles potential are candidate that metadata job and identify solution postings aligns with matches. retrieves those and building strong to

for We time. the AI gen streamline to Insight are Lens leveraging development

to and the of users this while to accuracy we a agent proof-of-concept retrieval goal distributor is drive carefully to take the and The example information. a controlling project OpenAI responses with access global another In production. information, technology partnered to conversational in full of streamline

We are this detailed gen with develop and also their technical develop AI client to partnering roadmap plan.

and solutions many our years. for has machine early still AI for implementing team been AI, solutions it’s gen learning Although,

For on learning recommendations example, clients machine to one for with for pressure. and treatments nearly The based symptoms, patients a risk were solution built XXX data blood create targeted including of our we per factors. medications that have high patient utilize points patient,

at more savings solution, of healthcare This machine solution improving personalized improve our core treatments. a the life, client the With hypertension is and to has led quality patient of cost learning care, significantly improved care.

received. which to are We solutions clients, our are industry the by of proud deliver numerous we validated recognitions the we

Microsoft Year, Hong of the nine we awards XXXX Partner of U.S. are Solutions Year Development the of Year. of Assessment Goods Native and Partner and the won, Year, including have Cloud recently Retail Partner Consumer Kong the We Partner U.S. the Partner Azure the pleased of Year Australia App Worldwide Year, Partner with the of

been to Great also the for and best to to as most one recently as Spain. U.K., Work Place has Insight separate Best the evaluations the work revised of by in and Place places In Disability Inclusion. Italy Work

our our received are outcomes of recognitions diverse in portfolio highlight the Insight has partner clients. the this our addition terrific and offer Recent for year solutions teammates to ecosystem, and of we strength dozens other deliver that awards

focused indicated to making growing the leading and the I where mentioned towards -- we our the becoming are progress our journey. of as need the our we are areas market summary, on earlier as look evidenced In we the indicators solutions clients most integrator progress forward fastest performance help. and is continue by discussing

outlook share Glynis will key that, and to updated call the the turn performance to our of I over With XXXX. operating for Glynis? financial and in QX details

Thank Joyce. you,

mentioned, results level, were hardware in Joyce the XX% quarter. below for our a net At impacted As the decline expectations. sales the year-to-year of results quarter our high

software typically occur. see did June acceleration normal the we Additionally, late in not

Despite as software the see decline continue revenue, in Insight services. growth as profit net and gross in core well cloud, to year-over-year we

growth in of grow continue data, AI. cloud, We and to areas high the

We margin also record XX.X%. achieved of gross

offset In increase terms This to QX, storage, constant an was in net software. currency prior and networking, was in and devices, partially a XX% significant the by decrease revenue compared by dollar billion, in U.S. driven year. decline decrease $X.X cloud of

would Over the XXXX. first of we communicated be that in few quarters, our devices expectation down half past the have

than decline the larger anticipated. had QX was However, in we

is the year, In bottom. half for rate of be XXXX and of will We still decline XXXX. we to be down total of device near the the expect lower the we the devices first second half expect the market believe in in year-to-year than

declined higher cloud Overall, on last the reflecting we pricing benefit core profitability a hardware services well partially as and XX% sales, in by the the offset year. Insight implementing began growth, gross net performance, as of initiatives decline profit and X%,

gross higher of XX.X%, which services margins was margin the XXX devices. reflects and infrastructure to cloud, an increase mix and basis core transacted products, Gross points higher relative Insight of

gross initiatives margin. our hardware addition, contributed to pricing higher services In also profitability and and

Insight lower growth increase gross and but decline reflects million, $XX of in growth year-over-year. the devices, profit enablement performance by in related integration was core applications, in other to services was offset digital data, and services networking. an This X%

in million, a XX% record service. infrastructure profit $XXX and was an a of higher reflects gross increase SaaS Cloud and growth as

expanded margin EBITDA record a X.X%. adjusted Our basis XX points to

dollar was the X% For in earnings in $X.XX, constant per adjusted down terms share diluted year-to-year. U.S. currency quarter, second and

critical to focused business prudent efficiency initiatives. flow and operating improving been expense in and have on cash productivity our for technology capital We leveraging management, drive preserving

external protecting cost our reduction have efforts our actions include, To experience, reductions, and optimizing client investments expand best support critical sure on while and in Joyce the headcount to our These positions, we future his quarter, our backfill internal current rationalizing actions spend. primarily comments, growth. accelerating vendor accelerated

we cash the XXXX. quarter, the million the Through of compared cash in growth from million first first in we to operations slower half $XXX $XXX have half a use use to hardware flow XXXX, from quarter, of previously million in second of $XXX flow $XX XXXX. a the in with operations, of of cash generated As we discussed, QX million generated compared in of in in

a program, of million. XXXX, you half the shares stock for We shares of XXXX. of in QX for to repurchase repurchased any in of did update XXX,XXX the X.X And million our repurchased repurchase our million. first stock shares $XXX share of our $XXX cost over have we half first on Through we total not approximately

the impact under have our convertible appropriate. with current repurchase We million million We to the repurchase authorization. warrants notes shares $XXX approximately to remaining dilutive as share $XXX intend associated offset the from currently

evaluate as dilution notes our We and to repurchase notes, the of options share well strategy. to our the impact relative as continue the convertible on convertible

of share XXXX impact net repurchases includes forecast throughout and Our anticipated dilution the share XXXX.

presentation. You will our investor the of illustration in convertible note find dynamics an

of indicative exited This $XXX spending flow after reduction million our strong ABL, half and million outstanding first of business. $XXX debt the in QX $XXX with of share balance in on QX as of outstanding the XXXX is to debt is compared We our million cash XXXX. in under our repurchases

QX, under the billion have of billion $X.X end As we ABL of approximately facility. available our $X.X

deployment capacity have fund operations M&A. and our We ample priorities capital to business including

months invested June ROIC was on the return ended for capital adjusted Our trailing XX.X%. or XX, XX XXXX

Our in October. that Day presentation out XXXX trailing QX relative our XX-month performance through we at to laid the Investor metrics our shows

that continue XXXX. metrics the we right We to to believe are these track in hit on

expansion, a gross as flow Adjusted and adjusted EBITDA, profit growth, growth cash income. margin services improvement cloud core Insight net profit percentage of gross in free

XXXX a As based for CAGR our the reminder, metrics. baseline is XXXX

our client’s current seen continue these and that environment. have throughout economic slowdown XXXX. an the of believe Since earnings will we making in now a decision call, last We dynamics further extension our

but Insight mid-single-digit as continued core our year, a the expect to profit pricing by single-digit well integrator. low to as software, and leading driven the solutions in anticipate strategy we cloud our in net high as profitability We services, initiatives and we execute for become gross growth decline growth, sales

operating management the addition, In into our will and tailwind provide in of half expense XXXX. us believe second a we well XXXX going position

growth think deliver guidance As we full our range. single-digit XXXX, the to profit year in the expect we of low-to-mid about for gross

adjusted per XXXX. $X.XX, for the $X.XX diluted of between midpoint expect to to We full a the XXXX earnings and compared share X% be year at increase

of $XX count the assumes $XX effective million share of full for full for interest million million, XX.X to tax year, rate $XX capital million of average an and expense expenditures and between year the million This shares. outlook $XX an XX%

or related This macroeconomic and or excludes acquisition related our debt restructuring no instruments amortization and expense expenses acquisition intangible of change and transformation in $XX outlook approximately no severance meaningful assumes the outlook. million, assumes

will I Joyce. to back turn the now call

Glynis. Thanks,

are continue on we our solutions have path towards noted, for make we confidence we Glynis progress and strategy right As reasons. that integrator to the several

indicators First, to continue our direction. the in move performance right

points adjusted Cloud EBITDA flow basis of profit XX-month to services XX%, gross income XX X.X% core XX.X%, adjusted free XXX%. X%, by expanded was grew gross a margin net grew gross by Insight and profit basis cash to expanded by points margin as percentage XXX trailing

Second, seek Gen we will to as more enhance do only is and improve AI digital transformation even here accelerate work workflows making stay. transformation the to productivity, clients important.

have a and deliver generation. strong our Third, strong we business cash sheet balance

We have our the stock fund allocation and capital priorities, repurchases. capacity in to particular M&A

gives of we solutions this through economic Our us improve. the to portfolio opportunities resiliency to capture are cycle navigate patterns prepared spending when growth and

to their partners them to clients, for with our and their to thank want partners to trusting for delivering journeys, support and clients, Insight help I other. closing, solutions In collaboration our clients our commitment their teammates our transformational continued and innovative and our for each

we the comments concludes This will for open and now my line questions. your

question Matt first Thank go today you, comes Instructions] [Operator from Sheerin Please Stifel. from ahead. Joyce. Our

both out orders in and are seeing commentary the my everyone. tone morning, quarter. challenging. yesterday couple coming A in environment, June good first of demand Yes. sounds challenging. opposite your to be of question, on customers like the to actually things looks Thank a seen continue just be regarding you peers your modest and the reported It from you, still uptick which Joyce, has where

So about why and more bit seeing could what are you you different? may you a little be specific be

I Yeah. the are to decline. expansion, see that good the of mean, against gross expansion mean, we but integrator and despite QX solutions margin we pretty I revenue making strategy become progress really we all, our margin we so expected, some some more pretty EBITDA are was challenging pleased good leading than first that

the a are XX%, you as Hardware We and of know, for is cyclicality strategy, quite right? business hardware of mix change actually significant so is that to reason and our declined trying percentage the our trying AI. like our we services and and growing market fastest the areas make growing the sure we are of also and data, grow as in mix cloud, our of are to

QX. terms strength more into far QX, some results see going both do of bookings so we also in So terms and in of in

to we EPS -- grow will the guidance we half. So first also second our noted, And the expect half better that at so than as Glynis be the X%, assumes midpoint. our by

going as better say second will just would that half initially the feel we anticipated. not to half, the it’s robust quite I first than So we be be as

Ok. helpful… That’s

The other part from that.

Yeah. it. Got

The other from part that.

devices and the both Got infrastructure Yeah. side on then it. And products hardware as well? is for that client

the to think entire Glynis in so some are but as and seeing said do expect we to infrastructure on are and that we for down improve in Well, basically improvement devices year, we devices sure QX. We QX. expect to year-on-year close see bottom be the for we

Okay. Thank you.

in is to-date at -- decline it that in QX start the have That of two hard the at QX is first less sequentially. is than the quarters was -- hardware QX we seen to-date it

to we there do down? -- come question then Okay. cost final and Great. OpEx just that in Thank you, around some my expect And Glynis. the where actions, regarding reduction is and your P&L, of you see number terms a that

OpEx tell So, you look I of of will Growth as at OpEx growth will the a second you it could half Matt, GP see than And I GP will the is in year guess is, percentage think, a what of pace in grow second in be you in NGP. what in OpEx. the slower at half. I the slower second half the can in

helpful. Thank you. Very Great. Okay.

drivers. expansion EPS That’s we get the how in

it. Got Okay.

a lot. Thanks right. All Okay.

go The ahead. Cardoso from next question Morgan. Joseph on the from line JP is Please

quarter, record as at the on services, this of and trend just the into growth business, Good the services seeing those are Hey. drivers of half are seeing thinking the just also as wanted to came what the touch sequential if to in year? moderate you you more well core recovery year-over-year first under Can give margins Thanks. with can the question second a I services in for you peek which believe. the you in particularly those second with gross touch tracking agent question. see us how are you here, then I two morning about the the on wanted and thanks My hood

Yeah.

our we X%. services core So business grew

of we components of sort mind so core our services. two have -- keep Now in

The services first parts our market of areas in AI, talking those is expectations. Those keep cloud, about the grew and business growing of et we that with consistent the data, fast cetera.

though we is that core that The business services also a have very piece piece we tied see our -- devices. to of much

about think and So labs those and capabilities, cetera, et declined. configuration

So two it’s a bit there. of little of a tale cities

you lower agent bit have what over on year-over-year then And services in past just seen the than growth the four a quarters? being

may to have take in are I that other out one structural. to the necessarily It’s to available that plays advantage able in is accelerated get years. think how think not may different that’s it year regard we anything be related we that with of just not

wanted as I Got materializing you it. touch of revenue the in AI that then on this should it think opportunity about how cases. the terms generative the to guess question, just for And my second company. just particularly use investors AI to highlighted, relates

can then -- that, deprioritize as customers into flip of seeing Specifically, Thanks this other material And of a behavior? to the just that of on driver get side a focus we be you any investors can maybe question are lot AI? from from the this XXXX? we I they guess around going spend cannibalization areas for on maybe questions.

I should they ready for AI. my how -- in So the of What have enormous use see what first like So, wants things have of Many every in start with talk to understand to And place? of estate importantly, kind should AI. about single that? for generative interest, we all, place? kind and get governance data of client trying security generative I policy do

about opportunities et drive let’s Then the to about cetera. outcomes into, specific at morphed clients, specific that cases, use talk let’s talk

mostly in phase say see at discussion moment. significant the we it’s opportunity. the So I would

engagements have do generative AI. leap. And keep for around long data in so really is active a this not we just AI we have mind, a big been doing are, We and time,

the set business terms up so much business it so as much will is opportunity be of year. there think business significant the to it in for we the structure don’t see and we I us do XXXX, some outcomes. of drivers overall interest improve of think because the and back will tailwind in In half though, I provide another will there’s

really really think then, same we And way we any potentially of in broadly I of to another potentially of it’s just about, -- speaking, don’t more But a transformation, to be aren’t get that it’s faster that terms cannibalization, from seeing can digital it yet. outcomes efficiently. kinds separated and are the talking

Got it. Thanks all Appreciate it. for the color.

Yeah.

from The Tindle Please on Adam. next the line from ahead go Adam Raymond question is James.

Okay. Thanks. quarter. by just Good on maybe wanted of I asking, could morning. you in Joyce, linearity little start so color a if the bit to provide

some maybe could to be you your to if figure mentioned guys out trends As any of maybe surge trying the half are you I back think, one just level take of happened your tie month to in and competitor in in the noticed want are about with what you would before, that I June, us not helpful? surge June, that. that at cadence software to a July high quarter the that’s a of you of the comments seeing describing if cited in delta. But the so we the seeing you and through relative in support talked

one. Matt. that right, All take will I

that just going were of end as in more we of well see cycles June. is for little month normal in of month us we the quarter. the typically we see month bit June, saw I quarter, in a the say third in in always largest the probably the second quarter and always May the at there quarter. So the any strength would historically, is did largest hardware the strength not software as June, deterioration and

strong going say I very remains that Infrastructure QX. we second start strong. half and into the would QX seen have in still software

enterprises through. first two in is not as the We improved, Devices devices the has decline continuing flow it quarters. severe have backlog as still to was

in So second get will we that is QX. half that in even and the stronger improving anticipate it

in fourth as we the for think are people our of what third answers and relative we OEM expectations I that with the based are in strong would why also about terms we half quarter being their clients, feel on be and partners with to most and comfortable had particularly talking to well the quarter. have publisher regard terms as with second But the conversations of seeing our

as a That’s reminder for the bit the And little -- just not quarters and in relates first been to it pandemic of third quarter. are years, general, quarter the quarter. typically couple a not last is different but as everybody, you quarters strongest third for strongest our our

QX that to would So, historically, would down be you QX as it up be relates second in would half. expect the

it. Got

Okay. maybe Joyce, on forecast this largely the And of was talking expected, sounds touch but calling reductions, in the now. robust decline kind deviation that being bottom then or like you to logic on in ecosystem in not the are market. the your relative as to just the doing the also cost as device maybe It I wanted about to the

timing had Thanks. So did Glynis, cost missed accelerate went it’s amount but of in a to decision that am implement the we device quantify And here, ecosystem, and you to from I those if sorry, going the into it, reductions? if now? I reductions what delta

the half. amount. quantify timing the didn’t The We second in is

at that have. pace principle should that have the than GP the second we a grow in we did is SG&A quarter. That our slower growth. That’s principle So that occur not

order continue basis. need fund we in and we around we to on throughout based last backfills. that expense that sales what be technical and year we this to to prudent we looking delaying on And would go-forward some talent the half for call, seeing of before We had decisions at are backfills what business we them, for prudent, doing the year, year reductions may been regard this second fill made needed a management with

the GP believe the in it second hardware that pace as performing we not is that reductions it will year now slower hardware So execute the and we we up that with relates that into making the are in how at well, we growth of put us and as we on SG&A XXXX. efficiencies going have to than tailwind sets half a ensure some

And for ourselves add, a and XXXX. declining That we set look us structure hurts and so topline. is more are efficient Glynis I into thing on to we up the only an business, we it’s at said, XX% cost -- head mean, I’d Adam, are the opportunity as as the

Okay.

Just to better device half just on trends up clean at the this quarter thinking in same bottom this the back had part calling think, time is experienced I expected the about and the here stuff, here in the exciting you maybe growth getting better. But than near-term devices.

be I maybe you ask guess relative what of in forecast what half missed point? way this about to back calling kind this the to So just be, to which experienced a at your of and bottom different the the call forecast? QX, What’s underpinning would Thanks. the this to try the year would bottom confidence

want device be of easier still the will the all, be -- in year. very QX compares that’s and -- first are the see we will to for we mean Yeah. we until see so, us. if think at will all year clear. we down growth -- I don’t We think devices for end against of We

of a didn’t business. and we saw we in devices quarter, was the our that that mix better in be -- we and would so So decline really that driven also bit thought anticipate this by little we

a and significantly. up, have both a was declined corporate sector business very large commercial as robust, sector Public our enterprise big pretty we but reminder, it’s and us. for just a just So sector not

to like and on we and to very QX feel reduced, the devices. we less have pretty potentially in expect would handle actually recovery and beat that good flat in QX on to we some some up severe we So -- from decline have we slightly in flat QX devices see a QX expect continue to seen slight

Thank Okay. much. very you

We the Barrington Colicchio Please have Instructions] on line from Research. a [Operator question go ahead. Vincent from

in some am market? Yeah. better, proactive we Joyce, I little here become tuck-ins a see this with valuations getting may you with bit curious

Absolutely.

very strategy growing are of capability of that some part cetera. areas the really we to talked build to we data, We started as normalization the that and fast AI, we the apps, excited of those about our about see valuations excited et opportunities have in market cloud, are

we we yes, have sheet our those So, current to capacity are support with and -- and ample think believe comfortable balance very we we acquisitions.

pretty pumped up are we that. about So

the mid-sized seeing any versus and demand small businesses? what for And in differentiation side enterprises you on are

mean, in decline. were they terms large enterprise slight smaller are pretty of it, are corporate terms there in but I overall to range commercial we -- XX% both performance call differences sort some they in XX% -- of sort in business, business, of it’s of and

So, and then, -- obviously, of was sector public business. I XX% public is we sector just need our up, -- as said. our We only

be would it would bigger that particular So in great be that if market.

the if past positioning, qualitative are resonate a in an any sense a that’s few maybe And integrator you new months, seeing that question, your positioning maybe as solutions integrator impact? your having --

I mean, by the hearing are term think, our our I partners. Yeah. repeated we and clients

We similar well. as are from some type competitors seeing traditional discussion

the and sense of delivering delivering is notion those to more, those outcomes, lot the So of with we combination earning of clients. building think -- of a hardware, a services software makes lot a right fast, delivering and to do sense outcomes our making them

gen I we of even point with in how And view that’s new those outcomes. great value like technologies really services and layer example more a can help to and from knowledge AI, deliver mean, a of

with pleased to have our strategy. far pretty of the so are we response heard So we kind

Okay. Thank you.

Thanks, Vince.

Thank question for everyone today’s on now conference. will conclude queue, further joining. have We the questions so you no

disconnect day. the your may and You rest enjoy your now of lines