LifeMD (LFMD) 11 Nov 222022 Q3 Earnings call transcript

Good afternoon. Thank you for joining us today to discuss the results for LifeMD’s Third Quarter Ended September 30, 2022.

Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer of LifeMD.

Following management’s prepared remarks, we will open the call for a question-and-answer session. I’d like to remind everyone that today’s call is being hosted via webcast and the recording will be made available via the link in today’s press release, which is available in the Investor Relations section of the company’s website.

numerous would company remind of actual will which subject I this that forward-looking results begin, that are the uncertainties from call, make to to we differ like the those everyone to during statements, may materially Before cause and projected. company’s risks a number and the and that LifeMD filings uncertainties the SEC These other time described risks time. company’s XX-K make with within in are and from to XX-Q filings may

based on financial XXXX. important statements information during earlier no made release call, belief call are does required law. thereof of on and any non-GAAP XX, measures can Forward-looking the to performance. non-GAAP except Details measures to found November management obligation revise that by as in press today’s relationship LifeMD’s Also, most The in current will company are issued statements or between these this the available reconciliations today. be assumes the measures discussing company after please forward-looking evaluating as to GAAP note today, update company be comparable certain the that

in would Investor the everyone like to replay call section today’s being Relations and I will available company’s for that website. recorded of be Finally, is remind the

to I ahead. Justin Schreiber, over Now, Please like turn to would go call the LifeMD’s CEO,

Schreiber? Justin

QX website release for Thank our Investor good presentation on third our containing quarter and at press I closed, market updated review ir.lifemd.com. results to a corporate download and you, uploaded presentation issued afternoon, everyone. the encourage Today, Relations we this and an everyone after XXXX.

phase growth imminent operational initiatives we executed. significant progress for and made more objectives profitability. multiple five operational to its like path and third highlight I’d to and company an quarter, to the strategic strategic the LifeMD During importantly, position the of following next on

quarter. First, $X which all EBITDA for to the to on bolstered basis, below loss profitability LifeMD’s million consolidated consolidated served business our we across and a lines drive adjusted significantly

and a scale primary strong platform, to Checker card our launching Second, create on This we significant of prescription as such was our discount care care drug host features virtual continue more. business. and successfully in program, Symptom growth new by our growth enabled primary

meaningfully we extensive growth of fourth, long-term further costs. and the launched progress telehealth growth telehealth both business potential we continued our diversified revenue customer progress, and the enhancing And spend acquisition of through the in optimized fifth, recently partnership And BXB significantly plus and in Third, made we advertising scaling profit WorkSimpli divestiture products business. fundamentals, WorkSimpli. our

and margins. our gaining million long-term versus back $X.X that on which not reinforces drive profit our the business optimizing leverage foundation value further commitment was traction and provided, primary tremendous will for biggest EBITDA upon Our gained areas we the the concluded underscores have of and EBITDA coupled profitability on we’ve a with strong in profitability. but tremendous just loss long-term $XXX,XXX. of the major with to expenses growth profitability. tremendous focus guidance We shareholders prior continued acquisition third is our that fixed initiatives of to placed improvement Perhaps when expanding are customer XX% sequentially, care growth long-term This creating operating produce that retention laying in loss the creation even execution quarter with this mainly our adjusted an pairing the while patient represented and we our and of is testament of our our retention. our these investment, totaled to we areas deliver quarter with accomplishment satisfaction quarter we adjusted This against the an continue areas our

our internal this offerings while did that product undertook being not thresholds. select growth in drivers process, we we meet As eliminated investment profitability

to primary base LifeMD on, in solid return reiterate Now build saw growth steadily also that profit second the with the expect continued quarter established sequential business. in if represents platform, one to VPC, our our our launch and of subscribers previous the since we ahead. belief care increasing I growing XXXX my ending years in quarter. of in margins. for for not or that LifeMD nearly of with to growth opportunity primary largest, platform continue have care quarter its momentum We first with a we virtual the largest, expectations of X,XXX ahead remain the by eclipsed guidance momentum of previous this the XX% third business the

we reflects medications, approximately the almost most our XX per large XX continue continued business, weeks, have fact, in budgets. currently a primary subscribers. U.S., new which unmet very begun our need increasing X,XXX cash one offers spend has strong the gained encouraged our prescription guidance. Moreover, marketing of the of patients and labs, In new a to the to increase day new day in expert offerings primary virtual practitioners, one patients XX today, wellness incredible imaging, specialists in referrals we comprehensive to recent by to daily to and acquisitions affordable nurse this care without needed see as VPC care. LifeMD access pay from for where discounted members high-quality, I’m day virtual doctors retention to when

our patient over patients treatment generalized can for doctor facilitate Our outcomes only conditions. of enhances primary same designed the and urgent see are offerings time, can platform And which I care different and the believe so but programs experience. not also hundreds supports that

mentioned we both our revenue well profitability, percentage blended our CACs will the We and to ability business. effectively we a quarter. X% return key value. made This group that we combination reduced on amongst our our operating focusing balanced long-term profitability of By is CACs of positioned year offerings versus XX% believe spend optimizing these key peer with shareholder by the driver marketing behind reduce capital As investment, and and be headway significantly prior a driver the third which the versus growth spend prior for a our rapidly long-term quarter. improve a newly major I best the drive and of CAC earlier, on our in as marketing reduced in of and are

Lastly, progress business during in we to offerings. telehealth service significant diversifying our new through quarter, this make continued telehealth

scale momentum. management to previously, As launched our also Two continues mentioned begun pain with indications, have recently rapidly topical expand. offering, increasing VPC LEAP to and rapidly proprietary

XX% offerings of third the revenue quarter just the volume to in launch total where total only acquisition their under grown and these for patient end of become nearly our X% combined new total to have about revenue in of of Following the second subscriber they account quarter, quarter. and two the base, our X% of third as become

telehealth affiliated operation, prescription Beyond our directly build business, group telehealth direct-to-consumer our best-in-class to four platform companies. successfully which and platform. out we’re pharmaceutical with adds our We our partner partnership, completed branded to technology medical recently our products continuing pharma business-to-business to third leveraging

We deals, help consolidated pipeline rapidly strong of of our further providing VPC asset additional our for revenue opportunities have the while revenue levels built mix close with coupled an diversify revenue producing of be impressive XXXX, BXB expect tremendous for growth. which to high-margin cross-selling with we platform. increasing a continues on performing which company, will potential profitability, WorkSimpli several to us in see

divestiture the currently multiple bidders. in late are actively and the receiving from stage of negotiations in We process interest after

on will about speak company. value that WorkSimpli, maximizes which WorkSimpli our later, from focused of and any extreme Marc LifeMD to value profit consolidated and the ensuring create as remain shareholders the Given we part accretion relative value divestiture for can our

asset. remain summary processed late currently value to call of in the financial and Benathen, Marc? that, WorkSimpli With now We stage over in a with will the Marc results. to our this turn significant our create shareholders CFO, of provide I will are strong position a who the for

and Thank you, good afternoon, Justin, everyone.

quarter. XXXX sustainable drove on our track achieve The to of is $XXX,XXX, major of third internal breakthrough We LifeMD adjusted quarter prior improvement remain even to to and We profitability loss in the quarter which long-term versus fourth for was EBITDA expectations. and in consolidated XX% profitable pathway our ahead profitability EBITDA our a a year adjusted realizing growth.

extensive on we cognizant qualified receiving tremendous potential profit from of the and mentioned, the asset. process final this have currently process extremely At Justin made interest the of in time, are we As after WorkSimpli growth the bidders. progress stage the are of same and multiple

third of EBITDA the million over grew only quarters the not in and WorkSimpli quarter, XX% During revenue which expected $X finished with year-over-year to come. years is also in quarter, but the to grow exponentially

or has year. fact, to produce we more in $XX to In potential line further double-digit producing XXXX prior We of plan to million top the $XX in significant WorkSimpli EBITDA on end update provide while WorkSimpli believe a growth. million this the to

grew net grew sequentially quarter third $XX.X in same $XX.X by WorkSimpli $XX were revenues year XX% million. million, of as in third quarter million while to to turning total quarter revenues by to grew Telehealth for Now, WorkSimpli compared to the net by compared XX% revenues totaled XX% record second of the XX% quarter quarter. XX% Revenue third generated the the as the recurring the XXXX. ago. a the revenues subscriptions. results to up

EBITDA Additionally, achieved mid QX WorkSimpli margins of teens.

rising We rapid a expect to and continue growth WorkSimpli’s pace. at profitability

$X.X with expenses, reduced million, X,XXX amortization. year the tax ago basis expenses expenses company XX% accomplish our XX% year spend of by versus by base basis our Operating increase quarter this on million revenue while Net of the active versus quarter. profit $XX.X our our of third of redirecting the we comp, subscribers. ago revenue period, a meet year. to offerings prior decreased efforts X,XXX totaled year. $X.X operating prior up over investment excluding active this as quarter points compared same our stock-based a points versus marketing of with quarter non-cash the million were Gross and period. growth million, that year. able by Equally new increased the these reducing expenses third prior margins versus of we prior the in increase by percentage year an associated prior thresholds, subscriber subscriber side XX% same and business, of for XX% versus $XX.X to the versus ago basis of depreciation XXX as quarter into end revenue important, improved points totaled telehealth period, year percentage verticals, for a XX% We the the in to Gross an expense from On to profitability reached XXX,XXX as key for refocusing XX% our area leverage and

share adjusted currency million foreign translation loss stockholders to $X.X litigation for and This in also GAAP share share compared measure ago improved common period. net a of same totaled sequentially the versus categories EPS, common loss of same of share. attributable non-cash preferred the quarter expenses, EPS, quarter expense loss $X.XX the noted in Adjusted $X non-GAAP EBITDA, XX% This the third loss $X.XX year dividend, ago measure, the in excludes to the XXXX. third the compares non-GAAP loss per that financial adjusted of quarter as per third XXX,XXX Adjusted of $X.XX Adjusted quarter. stock per $XX.X EPS same the EBITDA as to of excluding stockholders financial totaled net million or quarter. totaled year prior or to $X.XX attributable in in per the an Our million XXXX. to compares

to balance and trend the to of our sheet. rate month down. rate continue to XXXX, per reduced million we September Cash totaled turning Now, with as approximately to cash our XXX,XXX expected XX, burn burn $X.X have

This the and eliminate end cash cash a we prudent by eliminating the basis expect company's our growing underscores fact, commitment our management, to In year. profitability burn the of to burn. this on capital consolidated

over addition the balance financing offers now results. nondilutive our wraps attractive sheet that has like of non-binding WorkSimpli can options up augment monetization financial capitalize our transaction. the Justin. company I'd call asset, turn the back secured LifeMD to potential regardless the the of for In to and WorkSimpli further This to

third summary, results commitment build with quarter our strong In business strong long-term margins. were and a demonstrating ability Marc. Thanks, to profitable

to new we verticals, While of responsibly have into producing partnerships telehealth the believe and the profitability, growth continued had and excited pain, I world result provider and in balance coupled areas of this while we was our our shifting of in teams including a have products. growth and and BXB scaling watch primary slowed guided, technology sleep, best one care, business class of companies. investing more diversified into spend clinical the never telehealth with as services of the intentional transition pharma amazing with strongest been

is a tenacious open a commitment for company our entire for remains supportive like financial team thank people. Additionally, who've rapidly platform been and many I beyond with work a The future our and LifeMD. is asset that profile core WorkSimpli like business, positively impacts economic a for that health telehealth to shareholders of solidly call hard their tremendously thank results. closing, to accretive our I environment. our attractive the building that, the In in would difficult increasing I'd very so would to to lives to With Also, like Q&A. bright overall

Instructions] Larsen, David [Operator We'll you. BTIG. take Thank first from our question

lot. what improvement guess that more you focus you exited in are Hi,. maybe exactly I talk less I that the bit Congratulations in spend quarter, disciplined earnings. areas certain the a the on like kind little especially you've on and been guess, bit marketing focus in good of more on taking about you on and more product profitable maybe a progress lower profit approach those areas? a areas, little areas a decline or about to, talk Can like basically, Thanks of can sales sort

is Yes, David, this Marc.

heavily data. we firstly, focus So pretty obviously on

subscriptions more the As the where two which X.X nowhere in for year greater so stickier, on able portfolio to to x returns been couple were sales data, we into we've products, drove growth. typical first without near in stronger getting were found earned but subscriptions, us to on have economics. that certain been of the of longer-term a specifics they our There we've certain, more while core see be products there's we've done a investments focus unit

we're taken of to and into more all and dollars areas it gotten there which continue XXXX. significant away VPC, to from we've going new for As heading data, to marketing sleep growth especially we've of pain, like dividends pay the some the us, reallocated

away a So a more, last bit having able and more data from subscription the it to investing longer more performing available lower product then standpoint little lot areas having we of an were subscription, those beginning of a to terms, take test some being our diversified months, to was in to in. us moving nine ROI that shorter-term from mix

I the about basis. And how talk but orders helpful. year-over-year pretty very impacts subscribers That's actual sequentially, net of mentioned up was Okay. that's the like telehealth may orders? by I looks number you net a have It that declined think design, significantly on think that you Can the right?

mentioned I six, more a before, one moving been three, Yes, more so as we've lot versus months XX and subscription towards of the monthers.

that obviously return getting quite you're is per your more which of also your people gross are positively also customers. investment, many make happening up commitment affecting ended order, And is frankly, the what So on stickier bigger margin. these

cadence measure Streets, We've more order, particularly the the us. that growth increased of not the The fact with those we so getting this necessarily being of the the you're but that, as how orders but orders going So to of than have to subscribers than but and in really just subscribers cross metric, given made to relevant more is we've also a more continue per customer most as transition prescription subscribers. many or we're business. product our to is always one we've share the orders more shared obviously given means health you're one that shipped, ability are sell getting

also added being care on a in-sell patients the Okay. share bit the monthly have the a many Like And looks And And the are providers then, metrics virtual think nurses or potential how many or are primary and Justin, talk primary platform? that what of little actually and care any virtual cross-sell in with staff? solution, you you virtual care do I around up-sell primary like can or quarterly physicians how can the on you about basis? number then importantly platform? daily

of we're we to. just platform. treating scaling for XX they're virtual kind new been limitations is, keeping and and and recruiting have careful But doctors primary this practitioners nurse of right it's be. need around not of actively the have providers the a We're the new we've [indiscernible] one now way of happy that nurse on just the David, limitation, – to full-time we Sure, but platform, recruiting about one practitioners also our doctors, patients. care constantly Right very and scaling

been to last five, patients a patients mean, closer coming of or the one new about urgent of I'm well. with Even that all are care that's is out off I look patients XXX indication. mean, which One reviews are from in weeks their are is number the the that has almost patient stellar. every good LifeMD the with X.X, for stars. went earlier said, call, or really the one thing five do STD an day. X.X to XX we a growth I their couple to retention As the to XX in or with we treatments like And been the day something have just happy mean, look reviews we at a experience I appointments. retention metric as rates They're the internally. rates for great. practically COVID

all and getting. will we're for value that new the initiatives We're the our immediate on that patients. are working we're of really really happy ad mail think offerings prescription launching happy the or So the really to will beginning on is. what some to which focused met will members, add clear We're discount out on is that spend getting reinforce with We which features in think, – really some patients people we this We're one from membership to LifeMD the desktop, out to it of to big their soon value make the symptom the improve now launching metrics. launched with on consults that new mobile. we really physical more, we're cards we're QX, even offer they're return checker

give seen getting A but of patients of within So one lot couple one we've of or it's most appointment them are waiting can patients, minutes, you and times within happier. even within acquisition a desirable now hour, hours. go the immediately and right lot things costs down or from consult much it's a an more patients when is a XX room, a XX patients our are

will well. So entire complete the you be going to and care to And We've is partnerships transformative LifeMD platform serving which of we're we’re days, yes, which David, brand about of also mentioned on rolling side, added from going for into a experience. but BXB next strengthen primary some to that’s really this as LifeMD’s our the well. really very that the of be driven we’re partners’ big on I – products enhance technology, getting where we’re overhaul platform to patients the branded facilitating past, rolling put month an doing the kind what to We is the we’ve be we’re I've well. XX will national partners, talking of a to really we've excited adding that we're this number as a also a got We're are new think in be of initiatives. four big in to that pharmaceutical website, dashboard excited lot additional got pharmaceutical as closer the platform and something out patient offering that and XX out be the work that that

very more And Okay. for then one That’s exciting. just me.

phrase retail channel I able you LifeMD to, that – large any extent like around you’re a provide can mentioned color a health some that I big plans? mean, we partnerships. the or be little perhaps a think? helpful, like see be more would a brand could couple to color more maybe the that used around large Just you of You it

help with services very quickly is the BXB as pharma partnership on just we’re two partnership of focused retailers. There One those business – partnering have areas well. second as as as is That partnering company. a scale And us Most is a national world. could retailers possible. the pharmacies really are the within that

believe for in we patients to and it we’re LifeMD think that’s two. do prescriptions. of that or – we’ll of a on-demand that I our the there something quarter lot so in there’s make And access the there number a visibility to with we talks And potential brand, partners, is the I coming think on easier that could execute increase

Congratulations Okay. the will quarter, on and back queue. the profitability, good in especially I a hop

Thank Securities. on Wiesenberger Marc you. B. And Riley next, to of we’ll move

Continuing Thank about what could spend. forward? and on segment, talk kind afternoon. of the patient getting really sustainable you’re channels? level VPC where you’re accelerating you. spend to going through them with I’m without a talked Good the that the you currently patients adoption wondering using more you And of these increasing little if about is acquire bit

This sure. Justin. take Marc, that Yes, one. I’ll is

the now. of So new right search coming care is for most platform the acquisition primary patient from

care even improvement opportunity still high a we reduce alluded intent Marc from people for searches a call. to as their since just considerably. as and launched we the return that virtual provider. big acquisition So seen seen spend on big lot We’ve a treatment platform, looking improve We it. We’ve there. CAC private scale in that improvement, the can There’s of where a costs I believe in

this we unit to chronic specialty a I mean, look, very quickly. urgent of little look them economics, got to you conditions management imminently be, there. them get I then that want we’re got so And game we’re the the that And for platform very work at clear plan where other very, we’ve going the getting we’ve into, but areas could a bit care of some treating, grow believe and to do opportunity the when

opportunities Helpful. expand you how Understood. to And the beyond you I VPC right cash is the have all radar? beyond But cash pay? believe to about still moving just might now, And think that that, alluded purely paid. I past, think is in do on

days, We’ve past in the payers. XX had spoken we’ve with – multiple

for for there, strategy sending or lab remember, use now want can to that they insurance core I insurance local Some are ongoing. any were imaging, they their trying local affiliated the card our can insurance can their lab. for for enable a we conversations of pharmacy, use of providers use diagnostics, to mean, prescriptions they their cards they use their insurance request to If cards. – still patients those figure course, And card out we’re right? right to are

So business most covered. actually of our is

payers for have think between We But we’re getting some charging material. a had virtual if people’s what consults. conversations co-pay most with it’s for the not coverage the delta about about consult, really and that you

are conversations the ongoing. So

at to that’s the whether it’s really think as I scaling say world something I look business. looking going – for it the we it’s in some spend be – care at well. the the stuff that imminent. looking It’s material to to We’re that don’t time managed tough at more we it, less me more our primary care

it. Got

that the how subscriptions, been progressing see expectations? of And next do Wondering, longer to how to Okay. inflect of churn for – previous would And inflect you then more – to the relative but guys then XXXX? about you And year. has this back looking you on year talked – with subscriptions. to at to of multi-month still had growth expect transition I guess, half the in that start previous growth moderate, those call, your that the indicated beginning the

Yes.

in And the quarter yes, XXXX. return do we so of growth expect first a to

far with As single as the subscription difference they’re churn, getting cycle. read with expectations. consistent been is the early line other more it’s is some in of at lines. every It’s The our yes,

a as economics the margins proved a being with well. stronger, payback lot better a the lot higher be So lot to the being

across whole the calendar commentary pricing ? some going any about in into love portfolio would new then hear patients potential to trends maybe changes ad market and and for strategy And the XXXX attracting Great.

things XX national Actually, of launching got big then and stuff in other – campaign some next the the will business pipeline. Yes, a that. growth impact X They really could in couple our days. exciting one positively of Marc, behind materially and the really materially think to we we’ve

year too competitive lot with putting six much months those of and coupled very we’ve a that’s optimistic But we’re put QX that on acquisition rather initiatives. extremely – couple I’d improving and a about and over reasons. and a on very We’ve optimistic Marc just a and not up with into of last the I about some that, numbers. retention got time cross-sell into So why detail great strategy, better very next are disciplined growth doing of

final a on It maybe little changed Great. bit. just WorkSimpli. a seems And language for then me has one the

you how I a Curious little one is Thank that progressing? a maybe on had about focusing you're divestiture along. if process with little Or maybe the further that you. think entity specific on? is bit bit previously, maybe moving more just still one progressing that bidder, detail talked

privately-governed can't Since can quite speak first in think And in the than have big thing now, result continued – Yes. Look, process. it's frankly, valuable. has other a the coming accelerate. even to too yes, is I and much progressing. become right more And detail process to continued everything more economically than the to coming are we substantially it's numbers years up higher it put we the and year entered WorkSimpli when

vis-à-vis the So those we're valuation. are all weighing that things

today. of the an such by that in And idea with ultimate consistent. Most exactly say the bidders pretty put far pretty it's there. very bidders. We but we those good what can't just a end what of year. pin working with, the doing there not obviously, is were we're I consistent valuation be now, of Yes, we're this the have we're right will along a all decision

very Congrats much. you Thank on good a Great. quarter.

follow-up from you. Thank Larsen, We'll a take question David BTIG.

One have WorkSimpli. talk you of this it million like really $X significant sell what to one $XX me. a sounds in more quarter then to maybe And this quick for about me from bit a little revenue in to WorkSimpli don't you XXXX also, million increase quarter? Can drove XQ

the been Thanks. from of it, a why been sell I've not getting consideration? why questions investors hang Has that One is on it? to

Yes.

gotten of this a team That's got great to And We've point last leadership types to the tested not well as funnel – mentioned defined where us. did the over into all of run some they've businesses, at we of of a testing, pricing. first growth of trials, all, WorkSimpli, stagnation short-term Obviously, of are few beginning year. approaches themselves. contributed end year last there. a heading model. year, really we like So that that they behind the We're business some lot different a look,

I They've yes, soon – very it's They're no of invest their a runs are So your second more pipe a the good that of is And coming amount areas. down that's a longer I'd will PDF. say asset telehealth got This be pretty cash To in there. and cow, machine or we the They generates pretty CapEx mean, been big WorkSimpli amount minimis. resume valuable. used it's is other generate just question, in funds relevant business. easily a adjacent that – in the a can because They've diversified considering. frankly, itself. that markets flow really will is in be and business couple becoming quite a cash reason. and de market it operations over core something more definitely of HR significant significant

I we're think [ph] those in it our final decision pin all provide year. for we're So things the we're end the the of shareholders. that as value weighing. a to that do and a options. And We make update are to have And by we said, going maximizes look, put going

recognize even asset would for we're table, and sell in We the and/or obviously asset. we have forced not that price a to not have fully a other things are on to the the the value sell position where

Okay, very much. Thanks great.

quickly, asset of resumebuild.com. simply is David, too. just of mention this the people which – earlier of LifeMD I'll David, year, mention the acquisition WorkSimpli about lot is part I'll – A which finance forget that

just shown said like, you is the I growing mean, just Marc I put a he's formula that cow. found many mean, is PDF before, and he's on side And like thing so as a we've it – the business, times cash works, said why this of

a not year. you more, if least put You $X generate within $X at in,

the they it in we're the jobs, this and even the better last people perfectly like that build ResumeBuild look now to and see PDF into that three PDF better so the much economy unit economy we've On to bought the had And recessionary this – business. CAC is the considerably thing The more best as than need likely what positioned gets business, he asset is that one economy they're to business, going for economics in a to going many you're mean, resumes. LTV environment. than decades, worse and the I for this in pretty are more right?

to resumebuild.com, I Fitzpatrick’s is it which amazing. mean scale. – asset to than ask own couldn't it's Sean You a mean better abilities I

that in story on started the even I And of document even too PDF just business, start So to and numbers really this numbers. to people, that the the that's yet. mean But will but more. to much gets WorkSimpli's contribute the maybe contribute upside hasn't has to that part QX,

valuable. valuable deal. thing to and we Sean’s amazing shareholders. do not – had regularly And And Marc to sell it, a license going conversation to this leader. job this assets. to marketer not these the multiple is or will now to business not be it's I going diversified. going these world So mean, built, done it's bad And really way we and rush one like another awesome He's things. I we're an we're this an thing and the And is he's – is done and operator – he's – building Sean think There's

have And quite about the now. sort multiple our equity business, We're fundamentals going business we other and do company kind really and at to the just – level. options consolidated to of and this of profitability the growth profile frankly. raise good have some an we feel go of not We given the of out the

very great. much. Okay, Thanks

Thank appreciate have great disconnect. are you, And this and and there further time, that today, and questions no At question-and-answer also a you. participation. today's will day. your now you teleconference. We conclude Thank do may