Q3 2019 Earnings Call
Okay.
Third quarter Tweaks 19 financial results. Please continue to stand by the conference will become very shortly musical.
Thank you to standing by welcome to <unk> to 29 team financial results call. At this time all participants are on a listen only mode. They will be a presentation, followed by question and not sufficient.
A question at this stage. Please press Star then one on your telephone keypad.
<unk> coal is being recorded today Friday, the 25th devoted to Twinkie 19 wouldn't I left hand, the call two speakers today. Please go ahead.
Hello.
Welcome to younger <unk> third quarter 2000 Sainjon earnings.
Well distributed earnings released earlier today isn't find it's called the Ueno IR website as well as other newswire services.
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<unk> with <unk> diffuse supplementary slides, which are greatly available on the website.
No I will quickly walk you through the Safe Harbor statement. There is not that would mean during this call about future expectations plans and prospects constitute forward looking statements.
Actual results may differ materially from no indicated we suggested by these forward looking statements as a result, a very important doctors.
No just got into risk factor section of our annual report on form 20-F dated April 19, 2019, which is on file with the FCC and is available online. In addition, any forward looking statements represent our views only as of today and should not be relied upon as representing use any subsequent date.
We elect to beat it forward looking statements at some point in the future, we specifically disclaim any obligation to do so even if he's change is therefore, you should not rely this forward looking statements as representing use as a senior date subsequent entity.
During the call, we'll be referring to so non-GAAP financial measures. These non-GAAP financial measures I'm not prepared in accordance with you guys get a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in yesterdays release, we should today and now I'm trying to call over to our country.
Got you and Hello, everyone.
It's a very important a great set of results and I will be handing over to the GM to discuss them in more detail, but before that I would like to discuss a couple of other issues relating to our business and the environment in which we have worked or anything.
First of all.
Let me say if your words about the political in the regulator in Britain.
Yes, I have mentioned previously there is a lot of discussion about how the internet and tech sector should the regulators in Russia.
Actually this isn't something that is unique for us alone we're seeing it around the world.
And I'm sure you're fully the discussion their own the proposed foreign ownership law.
I should say that it's Asian form it was pretty damaging not just for us but to the entire technology sector in Russia and probably beyond.
But we and many others in both in the sand government work weeks to express concerns about the initial draft.
Yesterday, it looks like some of the concerns expressed have been thinking on board.
What we really can't see yet I was a little will end up. This is why we continued to be actively engaged in discussions around the law and they'll management and board a free actively addressing potential concern us in this regard.
I know they positioned to provide too much additional detail this stage, but I would like to stress if you points.
First of all as we look towards recognition interests, we want to do so anyway, that's supports our own business interests and the interest all stakeholders second.
If we do need to take railgun corporate actions these will be subject to board and shareholder approval.
And we of course recognize the importance of ensuring that's shareholders economic interests I know David.
Lastly, although I have said it before I would say against that I am extremely committed to this business is fully intend to continue to lead it together with the new generation future leaders with a company she Grand Greg Atlanta, and the rest of the team.
Anyway.
Back to where they said at the beginning it has being a great quarter for us and the business is in excellent shape.
We continued to build and extend the company based on Absolutes walk less technology. There's so many examples of this just look at what we have done with self driving cars for example, making US one of the leading companies in the world in this field.
We are able to compete with the top global players if anything in Russia, and not just to compete but took and she's going to come out on <unk>.
Oh can petition with these little players is not only for market share, but also for talent, we have created the business.
That the leading dispositions in Russia, I want to work for it's a business that professionals stay in the country for and that professions, even come back to Russia for.
Well one of the real treasures of or the Russian markets, which is something like we're all very proud of.
We'll go on but its results call. So I won't instead, let me pass the floor that you've gone in the team to go on over to you.
Thank you Arkady, Thank you for joining our call today.
But he said we delivered another strong quarter.
Consolidated revenues were up 48% year on year.
And by the solely to grow.
Our businesses.
Finally, we're tightening demonstrated robust results with 21% revenue grew year on year. This increase was primarily driven by 25% revenue.
Youngest properties' represented by four surgeon and younger website.
Well of course or is it gets machu standalone basis continued growing the high teens in Q3 revenue increase the youngest website, mainly driven by then Geoservices mail and others.
Adding two young's properties revenue growth.
In September our personal life condom feet, but for that reached 7.7 dealer.
And our lives revenue run rate, representing 62% of girls.
User engagement continues to be strong.
Temper the daily volumes increased to 12.5 million users of 66% versus September .
You're up 90%.
To June 2009.
We see so we'd grow for exclusive.
Got it.
Prudently, it's publisher continent drugs approximately two weeks.
And generating significant growth higher level social activity on the platform.
<unk> users were adding over 260000 goldman's on a daily basis. This is why is higher than June content consumption has been increasing globally for us. He is not an exception people increasingly used to.
Messengers region, which would come and gone.
See these two and clearly you know were other than to recommendation services, we continue to enjoy growing user engagement.
Each of these so it was too small on Standalone basis, there is various user needs with them and personalized content important building blocks as we look to unify this products.
Secondly, we have launched another small experiment nikolskoye.
You mentioned really short video App, which allows users to reach or to use clothing, and footwear and showing them the platform.
Our computer vision technology to make a little bit rises items.
To follow brands.
'cause reviews.
Items.
So show trends, we continuing joining showed gains enjoy or share Keith you might 53.1 person on the platform. In September . This is up 50 basis points from June 2019 of 360 Bips from September 2018, our overall numbers are show in September .
And your 50.4 person growing 2019 basis points year.
As we said on previous calls we continued to expand the growth rates.
So sure to moderate going forward.
Q3 was.
57.3 person.
So sort of addressing.
While revenues represented 46.3%.
Revenues tuning in Texas.
Three axis segment revenues grew 89% year on year.
Reflecting robust performance.
During business.
The two driven by right group subsidiaries optimization.
<unk>, Texas, those as well as growing contribution.
Business.
Texas segment, adjusted EBITDA was 170 million rules.
We profitability will follow ride sharing business was muted by investment in sort of writing.
And one of effect expenses related to M&A in Q3, the number of rice increased 58% year on year accelerating sequentially just to remind you we provide for REIT rules, excluding food deliveries.
Turning to food.
In Q3.
The liberty servicing spend to be on Russia to cause as.
We're on an experiment.
Yeah.
Right through the youngest taxicabs.
Today and exceeds is available.
Through cities, providing users with access to throw T cells and really.
Oh approval to and don't have as vehicles recently, we have joined go so driving core meal in Wild club as of today. We're one of just five companies in the world that it would we wouldn't over 1 million miles doing it was more.
Rose.
All of them you as one is in China, one is from Russia.
Each one of the room and gives us right to real world experience, which is a key element for building safe and decision or over driver going forward, we plan to expand our fleet to accelerate miles driven and fossil developer or during the month driving technology.
Turning to the mine over to Greg.
Thank you to draw and thank you all for joining our third quarter earnings call. Today. It was a good quarter consolidated revenue grew 30% year on year in Q3.
Let advertising revenues increased 21% year on year.
Total Tac grew 9% year on year and amounted to 12.8% of total revenues down 350, Bips from Q3, 2018 and down 70 Bips sequentially.
Traffic acquisition costs related to our partner advertising network increased 2% year on year traffic acquisition costs related to distribution partners for 26% year on year, mainly on the back of Android growth.
Q3 distribution Tac averaged 7.7% of youngest properties revenues, which is 20 basis points lower compared to Q2.
Turning to our cost structure.
In Q3 total opex, excluding tuck in DNA grew 54% year on year, excluding stock based comp operating expenses also increased 54%.
This growth was primarily driven by increased cost of sales, including costs related to drive and our corporate taxes services investments in contact with the media services as well as costs related to our food delivery business.
I don't see devices.
As of September Thirtyth, we had 9580 employees up 6% compared to June thirtyth, primarily reflecting new hires in taxi search and portal and juice services.
On a year over year basis, or head count was 18% higher.
In Q3, our personnel costs amounted to 18% of total revenues.
Expense in Q3 increased 21% year on year.
The growth of mainly reflected our investments in servers and data center equipment in one of our data centers as well as costs related to purchases of office and other equipment.
Consolidated adjusted EBITDA grew 29% you're right here.
This quarter the impact from for US was again 254 million rubles related to depreciation of the Russian ruble during Q3 from 63.1, the dollar to 64.4 the dollar.
Adjusted net income in Q3 was up 12% year over year.
Synthetic a margin was 15.3%.
Our capex was 12% of till Q3 revenues.
We reiterate our outlook for Capex. This year, we expect our capex, excluding you HQ expenditures to being a low teens as a percent of total revenues in 2019.
Now.
Let me turn to the performance of our business yes.
Assertion portal delivered strong results, despite tougher comps with revenues growing 20.7% year on year, our I O T initiatives contributed 100 basis points search and portal revenue growth.
Adjusted EBITDA, a search and portal grew 23% year on year in Q3, and its adjusted EBITDA margin was 49.6% up 80, bips compared with a year ago, excluding I haven't seen adjusted EBITDA margin of search and portal was 50.7% up 1.6 percentage points from Q3 or 2018.
Margin improvement was mainly due to the slowdown in traffic acquisition cost growth on both AD network and distribution partner funds as well as savings in advertising and marketing.
We now expect our adjusted EBITDA margin of search and portal during 2019 to be roughly inline with the previous year. Excluding aiotv, we anticipate that adjusted EBITDA margin of our core business will be up slightly on a year over year basis.
Into classifies revenue of our classifies business.
39% year over year in Q3, the growth is mainly driven by the revenues generated from listing fees and bass, which increased 80% year on year.
Adjusted EBITDA classifies was 43 million rubles.
Onto media services.
Q3 media services revenue grew 123% year on year, mainly reflecting the growth of our subscription services and video advertising driven by can afford us.
Media services adjusted EBITDA loss was 636 billion rubles, mainly as a result of our ongoing investments in content costs related to advertising and marketing as well as new hires on the back of business growth.
Yeah. This music continued to strengthen and position the music streaming market in Russia with 2.7 million subscribers as of today. This is compared to 2 million subscribers that we reported on the call in July .
The rapid growth of our subscriber base, mainly reflected recent initiatives related to yandex plus in particular, the launch of a family subscription as well as new markets, such as Kazakhstan and Belarus.
We're also building momentum with can't afford risk extending the content library as well at the list of partners such as Cvs and AMC currently can up with streaming catalog includes about 9000 movies and TV shows while we expect a number of viewing subscribers through each half a million in October including subscribers of Yandex less.
Turning to other bets experiments in Q3 revenues of other bets experiments represented by ethics drive Yandex that Geoservices cloud and education were 4.1 billion rubles, and 176% year on year, driven by youngest drive Geo and then.
Adjusted EBITDA loss of other bets experiments was 1.2 billion rubles, primarily as a result of our investments and drive and cloud.
In Q3, Yandex drive increasing total fleet to 16, and a half thousand cars and became the second largest car sharing service in the world in terms of fleet size.
On Geo front in Q3, Geoservices revenues continue to double year on year, primarily driven by local based advertising revenues, which increased almost four times, while the number of SMB clients tripled compared with last year connected cars remain a key area of focus for us within the yandex ecosystem starting in Q3.
New Julie Atlas cars, as well as Hyundai credit and kiosk serrato have been equipped with the Ondecks auto.
Now getting back to corporate matters.
We ended the quarter with approximately 85.4 billion rubles, and cash and cash equivalents, which is approximately $1.3 billion at the exchange rate as of September thirtyth.
This includes the cash of Yandex taxi, which amounted to 25.7 billion rubles for $400 million as of September Thirtyth.
Turning to guidance.
Just in the recent solid performance of our businesses, we increased the outlook for a consolidated revenue ex yandex market basis, and now expected to grow 36% to 30% year over year also we increase the low range in the previous guidance or search and portal business and now expects to grow in the range of 20% to 21% year over year.
In 2019.
With this I'm, saying that Mike to the operator for acuity session.
Thank you very much as a reminder to ask a question over the phone today. Please press Star then one on your telephone keypad and went to an aim to be taken.
You can price the hash key to cancer waste once again, starting one if you like to ask a question over the phone today.
The first question we have today comes from the lied line of Lloyd Walmsley from Deutsche Bank. Please.
Please go ahead.
Hi, Thanks to if I can first just in the AD business. It looks like you saw a big pickup in peak click growth. So wondering if there's anything you can.
Share with us on what drove that and kind of how you see that impacting the I guess the broader business and then secondly on the taxi business.
Can you give us a sense for what drove that right growth acceleration there in the quarter and then how we should just think about the tradeoff between investments and profitability.
You know going going forward.
Hey, Lloyd its Greg.
I'll probably take your second question first on the taxi business.
In terms of fried growth I think it's just been sort of solid execution.
Driven by strong performance in the regions and acceleration of growth and then in the major capitals in Moscow in Saint Petersburg, So it's sort of strength across the board.
Which we've seen in Q3.
In terms of sort of the.
Investments as we've talked about before Theres, a few major buckets within the tax you segment for us.
Obviously, you have to ride sharing business, which is present in 18 countries, including Russia.
Some of the countries that we've entered more recently, so on profitable, while Russia and share yes are obviously solidly profitable and we'll obviously remain so.
Beyond ride hailing, there's each business, which we continue to invest 10, and we're seeing obviously.
Jerry good results in very good traction in that segment for us and there's also the self driving initiative and there. It's obviously, it's a pre revenue stage we are.
Have a lot of self driving cars that are on the road and that are deployed that are accumulating miles, which is very recently surpassed the very important milestone.
Where we reached 1 million self driven miles driven on city streets, and I think there's only about five companies in the world which can.
Makes that claim.
So its engineers and it's.
Getting more and more miles under under your belt. So that's kind of those are the main.
Investment areas and obviously ride hailing is the sort of the source of funding for all of them.
And then turning back to to your question about the the ads business.
Look it's just a question of.
Movements and targeting as usual and.
Continued traction that we're getting from particularly our own properties.
As you saw we posted where posting extremely strong results and zone, which is our social platform social news feed platform.
It is now a 7.6 billion.
Ruble revenue run rate, which is extremely impressive I think and it's growing close to 60% year on year.
Which is all very impressive and so all of those properties are generating a ton of clicks.
And.
The trade off there were making is we're trading off.
Clicks for.
Cheap for Cpcs, which leads to higher returns for advertisers, which is something that we always want to do.
Great. Thank you.
Thank you very much once again, starting one last question.
Next question, we have today comes from the line of Cesar Tiron from Bank of America. Please go ahead.
Yes, Hi, hi, everyone. Thanks for the the corner the opportunities due to a tough questions I have three questions. Please horrible that's the first one would be on the on the core search can you. Please explain the acceleration of the leaks on the decline offer of CPC on the you're on your business is it mainly driven by by mobile second question I would like to follow up on.
The taxi margins could you. Please give some color on the a sequential decline of the taxi margins.
Is it many due to autonomous or is it more due to two delivery we've seen the a strong.
Topline, we trust boosted by one off your competitors, yes. They just wondering you funds and if you lose it answered that question just how the full up on on the Digitization I know, it's always a very difficult to forecast how long. It can take two enacted legislation, but Tom do you happen to have a view us to handle these can take the boom.
To finalize.
This legislation and whether it can be possible.
Got you propose a solution around the ownership to authorities, which would make index exam from the new stuff companies that would be considered by the by the conclusion. Thanks so much.
Hey, Cesar.
On a core search and specifically with the Cpcs and paid clicks.
Dancer similar question for Lloyd and so in addition to what I said, there, which is very good traction that we're seeing and Yandex is owned and operated properties. Specifically then we're also obviously benefiting to a great extent from mobile, which is allowing us to drive a much higher.
Species, so much higher clicks.
Onto taxi margins, so on taxi margins, a there's a couple of things.
I was saying that are part of the taxes segment for us, It's obviously ride hailing business in Russia.
Ride hailing business outside of Russia, which is 17 other countries. It is.
Food business Yandex each.
And is also the self driving initiatives where.
It's pretty revenue stage and there is obviously substantial investment there in terms of engineering resources in terms of accumulating miles and educating the algorithms.
What I can tell you is if you look at the Russian ride hailing segment, our EBITDA grew sequentially.
Which is obviously a very nice thing to see.
Our pace of investments accelerated in self driving.
And it also accelerated in each so on a sequential basis from Q2 Q3.
And also we had some one off items that touchy ground mentioned in his prepared remarks.
And then finally onto.
Legislation, obviously, we can't say anything with respect to timing, but.
You know if it's not something that's a that's in our control.
And.
Look I think at this point.
We feel like if the law would be adopted.
In the form.
That currently is then obviously.
There's a lot of people both in the in government in industry that came out and criticized it and its current form.
There's been rumors circling around that.
Potentially.
The next draft of the law would incorporate some of those concerns and that those concerns would be ticket onboard.
But obviously, we don't know how exactly everything will shape up and what I can also say is you know we continue to be actively engaged in discussions around this law and then both our management and our board are proactively addressing any potential concerns in this regard.
Thank you so much correct.
Thank you very much. The next question today comes from the line of Marine diesel from Morgan Stanley . Please go ahead.
Hi, everyone M three questions from me.
Firstly, just on the and that you feel quite a bit of a slowdown that could you just.
Expand on what's driving slow down and would you expect that the deceleration in the fourth quarter, given sort of a tougher second you that on your market share. So the overall market share was down sequentially. Despite the gains on Android can you describe the trends you're seeing on iOS and to what extent that was driven by seasonality.
And then separately on the self driving segment to the extent you have visibility can you talk about at which point you think you need to significant stepped up investments relative to where you are today.
Hi, Mariam on the AD network, Yeah, you're quite right to the comps do get get tougher in Q4, and so we do expect that a rate of growth will slow I think the rate of growth within the AD networks segment has been fairly constant from a two year stack basis. So if you sort of.
Look through the tougher comps nothing's really changing there.
But.
It's it's our expectations for AD network in other words for Q4 are fairly muted.
In terms of 'em market share I would say that we're extremely happy with.
Our market share trends.
What we're seeing is that in September our Android was 53% and if we expect it to be even higher.
One there tober the month of October finishes up so in some ways work.
Ahead of our own internal projections in terms of where we wanted to be with Android share.
And then in terms of our overall share it's basically unchanged.
You obviously have continuing.
Increase in mobile.
As a percentage of the total and structurally our share on mobile is lower than our share on desktop as you know our share in desktop is around 60%.
And then iOS has been more or less launched I think it was maybe down 50 basis points or so.
Nothing dramatic.
And with respect to your last question on the on the pace of investments in self driving it's not a.
Step function, but we do expect that the level of investment and self driving will increase over time.
We feel like we're making really good progress and we're very happy with the performance there and so we do look to higher.
More engineers and increased the size of our self driving fleet.
Great. Thank you.
Thank you.
Thank you very much. The next question today comes from the line of Slathered dig Tyrus from Goldman Sachs. Please go ahead.
Yes, thanks for the coal firstly, how would you describe the competitive impact will seek imobile across the Cds, So where the recently entered do you see that behavior different from what they achieved in local for example.
Secondly, alphatec see how do you see a regulated and vitamin developing in the Texas markets. The any progress on the take kilo hitting thank you.
Hey slots on the competitive front I think it just very city by city.
I think.
If I saw the number correctly I think city mobile reported that their rides grew 160% year on year.
In Q3, our rides grew 58% year on year, and obviously you know our size is substantially larger and so we're not growing off of a tiny base.
What I think.
The the experience has like I said been different from city to city.
They've had some success in very small cities.
Generally its a.
Normal competitive environment and.
I think the market for taxi continues to be highly competitive.
I think it still sort of early days and the a though the market is very very large and I think there's still lots and lots of a tam available for the taking.
On the regulatory front there is no updates it's an evolving situation.
And you know, we're obviously in contact with regulators to discuss whatever concerns or suggestions they may have.
Thanks, Good luck.
Thanks, a lot of.
Thank you very much. The next question today comes from the line of Moshe time from HSBC.
Hi, good good afternoon, and congratulations on your results I had a question about taxi such need going forward I shall we expect to increase in Texas subsidy. So a question and secondly can you talk a little bit about unit economics of your food business. You mentioned they approved in Q2 joined just again understanding whether some of the area profitable and weather.
Hey, there's a path to profitability there and that question actually on and then male reported their continental condition platforms pools achieved over 30 million now, yes, you could you talk a little bit about different samples and debt. Thank you.
Hey, Masha on the subsidies question look it's obviously, it's a highly competitive market and we you subsidies as one of the tools.
To stimulate either more writers are more drivers to come in the platform, it's sort of as simple as that and having much greater density.
Having.
A much larger.
Footprint is super helpful. On top of that you have the entire technological stack that we've developed over the last eight years actually taxi celebrates its eighth birthday. Today. So you know we have a massive amount of experience under our belts, we invested a lot and optimizing all the ROI.
Having all the algorithms and maximizing earnings per hour.
For for drivers, which is what allows you in the end to essentially compete with a lower level of subsidies and more efficiently and on top of that obviously, we have multiple brands that we can use as we position them vis-a-vis the consumers.
On the unit economics of food.
There are improving and we're very happy with the progress we are seeing where we're seeing extremely strong growth and our food delivery business, it's up massively year over year and Oh. We're certainly you know in certain areas. We are getting to positive unit economics, and I think this market is large and.
You know we're excited that.
Okay.
It's being expanded as we speak.
And then on on the question of five Zen versus pulse.
What we are wins and we're seeing obviously very strong traction currently Zen has 12 and a half million daily average users and 59 million monthly average users, which you know is a is obviously a very strong position position for an algo based.
Social.
Termination platform.
Can you maybe compare a little bit about with both in terms of how the recommendation engine works.
I haven't used pulse myself I'm a frequent users than I think design is very good at you know providing you very interesting content for you to read and obviously, we distributed vary widely across our youngest properties its present on young.
Thanks home page its present in our browser its present in our mobile App and it has its standalone app and you know very frequently I find myself coin kind of going down.
The rabbit hole of spending before I know it spending over an hour just reading various content that Zen is showing to me, which is which I think is a very strong.
Demonstration of the sophistication of its algorithms.
Thanks, Greg Thank you.
Thank you.
Thank you very much once again at Star then one if you'd like to ask a question today.
The next question comes from the line of let me add Bespalov from VTB capital. Please go ahead.
Yes, Hello congratulations.
Versus thank you for taking my question.
I have a number of questions first maybe you could update us on your hardware and you should keep in particular sometime ago, you find a big deal with Renault Nissan off to love. So maybe you could say when you started delivering those.
And then how this might impact actually your margin since search and portal going forward, then Oh I'd like also to ask you about CEO potential investments in content production in media services to what they plenty.
This could be.
The general maybe you could update on on the development of mid just services.
Oh, sorry, if I missed something but maybe could you give us the gross revenue for food delivery business for the fourth and maybe the run rate for GMB <unk>. If you quit thank you.
Sure Vladimir so on the hardware initiative, if you're speaking about specifically yandex auto platform and the and the deal that we signed with for now.
I do believe that it it either has already started shipping or will starts shipping soon.
The way that that deal works is it the software deal what we're actually soft selling them is software licenses not the hardware itself, if you're referring to hardware within the search and portal segment that primarily concerns with smart speakers.
And those are something that do pressure margins as we talked about and particularly.
In the in Q3, the effect of smart speakers and other I O two devices on search and portal revenues was about 100 basis points.
And we have a new speaker that we just announced very recently called station, many which is a much smaller form factor, it's about $60 and it's available at retail.
In terms of media services I would say that we're extremely happy with that business the.
Number subscriptions have been growing rapidly we have 2.7 million music subscribers. We are obviously using that to drive yandex, plus subscriptions, which provides you with access to the whole ecosystem of yandex products.
And with respect to content investments, we do expect those to step up as we've been saying in the past and we think that data is a.
Very interesting and exciting business.
And finally with respect to your question about.
Food.
So the revenue in the.
Food delivery business was one second.
Yes, so the annualized run rate in Q3 was 3.3 billion rubles.
Thank you very much.
Thank you Brad Amir.
Thank you once again it started in one if you'd like to ask a question over the phone today.
The next question comes from out of David Ferguson from <unk> capital. Please go ahead.
Hi, yes. Thanks for taking my question two questions. Please could you give us right growth the taxi, Russia recently, so excluding see yes, and the new markets. That's the first question and then second question going back to unit economics in food can you talk about where you think sort of long term profitability can.
For the fast policy model.
That said thank you.
Sure David So for Russia, only rides growth it was 49%.
And then on your second question, where do we think that.
Margins could get to in first party look I think that's a difficult business. Obviously, we don't expect margins in that business to be.
You know as high because obviously you will have to.
Pay careers in such it's not like a marketplace business and I think this is something you are consistently seeing across the world as you're looking at two different primary models for delivery first party in third party.
Okay. Thanks, a lot.
Thank you.
Thank you very much once again, if you'd like to ask a question today. Please press Star then one on your telephone keypad.
Thank you very much there no further questions over the phone today.
Please.
So thank you so much to join our call today you have any further question. Please.
Reach out whats wrong, you know how to find the ITC.
Thank you.
Okay.
Thank you very much that does conclude the conference for today. Thanks for participating you may now disconnect.