Q3 2019 Earnings Call
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Thank you operator, and good afternoon, everyone welcome to Rubicon project's third quarter 2019 earnings conference call.
Reminder, this conference call is being recorded joining me on the called at Air Michael Barrick, President and CEO , One day to day, our CFO I would like to point out we have posted financial highlights lives to were Investor Relations website to accompany today's presentation before we get started to like to remind you that are prepared remarks and answers to questions will include information that might be considered to be forward looking statements include.
Loading, but not limited to statements concerning our anticipated financial performance and strategic objectives. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks uncertainties and other factors that may cause our actual results performance work treatment.
To be materially different from expectations will result, projected or implied by forward looking statements and discussion of these risks and other of these and other risks uncertainties and assumptions is set forth in the company's periodic reports filed with the FCC, including our 2018 annual report on Form 10-K and subsequent filings.
We undertake no obligation to update forward looking statements Gerlach risks.
Or commentary today will include non-GAAP financial measures reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release, and then a financial highlights that that is posted on our Investor Relations website, we define cash flow as adjusted EBITDA less capital expenditures, which excludes changes in working capital at times.
In response to your questions when they offer incremental metrics to provide greater insights into the dynamics of our business. Please be advised that this additional detail maybe onetime in nature, and we may or may not provide an update on the future of these metrics.
I encourage you to visit our Investor Relations website to access or press released financial highlights deck periodic FTC reports and webcast replay of today's call to learn more about Rubicon project I will now turn the call over Michael. Please go ahead.
Thank you Nick we're pleased to posted another solid quarter with revenue of $37.6 million, reflecting year over year revenue growth of 27%.
Importantly, our bottom line came in very strong showing the leverage we have in our business model.
We delivered six point.
6.1 million of adjusted EBITDA, carrying a 16% margin.
We continue to perform very well during a time of industry consolidation and feel very good better position with buyers and sellers, especially as we realize the first albeit small revenue from demand manager in the fourth quarter.
Stepping back from Q3 specific performance.
I wanted to give some context in perspective and industry trends, Adam informing several of our strategic moves.
Our first strategic objective when I started it really kind of went to build our position in header bidding and we gain or independent market leading position.
Header bidding caused an explosion in AD requests over the past few years and we focus on ingesting as many impressions as possible to really understand the new market dynamics of header.
This large volume of AD request required a significant amount of capex in cloud investment for both us and our D.S.P. partners.
Our first moved to optimize this inventory at scale was buying and toggle for their traffic shaping technologies in industry leadership on the demand side.
We have now reached the stage it allows us to refine unit economics and to focus to a greater degree and profitability along with our focus on revenue growth.
This takes the form at filtering prioritizing removing and eliminating various impressions in creating further efficiencies in the large volumes of internal data flows.
The results of our efforts in this phase have more significantly manifested themselves and their financial performance this quarter.
It's also completely alliance with buyers and sellers priorities and getting the most streamlined and efficient supply of hospital.
And have more AD dollars flow to working media.
This allows us to sharpen our focus on mobile audio video and demand manager.
Back to current revenue trends as was the case in Q2 in Q3, we saw some monthly revenue very belly during the quarter.
Q3 started strong followed by some volatility which included first googles moved to a first price unified auction structure that included Googles removal of last took advantage, which had historically hurt when rates of others.
From what we've observed thus far after initial period of volatility the net results had been neutral to slightly positive.
Second our implementation of Abbott ads that T X T and sellers that Jason later in the quarter, which are industry initiatives that highlight transparency in the supply chain.
The impact of these has slightly reduced top line revenue.
And lastly implementation of efficiency and profitability initiatives in network optimization.
Through expanded traffic shaping filtering and low value inventory scrabbling was slightly negative to revenue.
But improved bottom line flow through.
[noise] I'd like to focus on network benefits realized in Q3 that resulted from a number of initiatives and allowed us to operate with a more efficient cost base, even as our AD request doubled on a year over year basis.
Two key efficiency drivers came together this quarter.
First was greater benefit from deploying our traffic shaping and filtering technology into the software layer of our tech stack.
Previously, we had deployed filtering and traffic shaping with more costly hardware based solution.
The software development allowed for removal of servers and our exchange a reduction in related data center costs and allowed us to remove non monetizing impressions and reduce net workload.
Second network optimization move meeting Q3 was removing inventory that either did not monetized or monetize at very low cpms or fill rates that were not profitable.
On all fronts. The end toggle acquisition has greatly exceeded expectations.
From the financial benefits of lowering our annual Capex spending from 40 million back in 2017 to 20 million each of the last two years.
To lowering our network operating expenses to the leadership, where are the foundation of our buyer sales team we've benefited across the board.
Given the strong financial performance, we had in Q3, we believe we are on track to deliver our long term targeted adjusted EBITDA margins of 25% or higher.
Let's turn to our growth drivers our long term growth drivers remain unchanged supply pass optimization video and demand manager.
We continue to see supply pass optimization or S.P.O. attention with agencies brands and Dsps with a typical seasonal pause related to annual could freeze in Q4.
Video continues to be a driver of our revenue growth.
The rate of growth in Q2, Q3 was in line with industry growth rates and the opportunity for CTV remains very promising for the long term.
We're very pleased with the high customer interest in our country. Our continued customer pipeline progression for demand manager, which has now begun initial revenue generation.
We're also excited to have announced the purchase of our T.K. that Io a leader in the emerging space a pre bid tools.
Our T.K. provides prevent tools and services that brings simplicity in control to header bidding for publishers.
And the acquisition add some of the world's top prepaid experts and developers who are already great team.
The art Teekay customer base is highly complimentary to our existing pipeline and will add to our early revenue generation.
We are thrilled to double down on this growth opportunity for the future.
Our plan is to merge both products in the coming months and the best of breed combination that further distance as us from any competitive offerings.
We're very pleased with our demand manager customer engagement with the additions of business insider L.A. times in everyday health among others to those previously announced back in May.
Revenue from our pre bid tools business will be more predictable than our auction business. Since it's based on a much larger AD spend base from our publishers as opposed to just the portion of their AD spend that runs through our exchange.
He will also be stickier and we anticipate will build steadily similar to a service based software model.
It will also carry strong incremental merch margins continuing to add to the financial leverage in our business.
We're very pleased to be adding the service revenue to our overall revenue base for the long term.
As you are aware a demand manager solution is built on pre bid. The open source standard that she is by hundreds of the world's largest sellers and respected across the ecosystem for transparency and flexibility.
Pretty big continues to gain greater publisher support with each passing month and the number of publishers and developers, adding code now numbers into hundreds and has critical mass.
We will share more customer and financial details about the manager and the addition of our Teekay on our Q4 call as previously indicated.
Our journey to recovery started with growing AD spend in amounts paid to salaries back in 2017. In 2018. We then moved to growing revenue in 2018 2019 crossing over to positive adjusted EBITDA late last year and this year.
For the full year 2019, inclusive of our Q4 guidance, which David will discuss shortly we expect to post year over year revenue growth of approximately 25% with adjusted EBITDA margins in the mid teens and positive cash flow for the full year.
Well, we still have much work to do we are pleased with topline growth and even more so with the bottom line performance this past quarter.
Our market position in growth drivers combined with the powerful leverage we have in our business model puts us in a great position to grow invest in the business and delivered improved profitability going forward.
With that I will hand things over to David who will go into greater detail regarding our Q3 financial performance.
Thanks, Michael.
We are happy with our solid results for Q3, we generated $37.6 million in revenue at 27% increase year over year meaningfully controlled operating expenses and as a result generated just adjusted EBITDA of $6.1 million.
The year over year increase in revenue was once again driven by solid growth in both take rate and ad spend.
Revenue came in slightly lower than our guidance due to factors as noted by Michael.
Our mobile revenue grew 26% our desktop revenue grew 28% and video and audio revenue continued to be growth drivers in the quarter.
Operating expenses, which in our case includes a cost of revenue for the third quarter of 2019 were $44 million.
Flat as compared to the same period, a year ago on an adjusted EBITDA basis operating expenses, including cost of revenue for the third quarter, we're down to $31.5 million from $33.5 million in Q2, 2019, and roughly flat versus $31.2 million in Q3 2018.
This is 10% lower than the total adjusted EBITDA operating expenses of 35 million, we expected as noted on our last call.
This improvement was primarily driven by lower than expected network costs related to the traffic shaping and filtering efficiency gains, which Michael mentioned.
The efficiency gains outpaced even our estimates as we realized network capacity savings and cloud and connectivity costs.
As a result, our gross margin for the third quarter was 63% up from 51% in the same period a year ago.
Net loss was $6.2 million in the third quarter of 2019 as compared to a net loss of $13.8 million in the third quarter of 2018.
As I mentioned earlier, adjusted EBITDA was $6.1 million, which represents a 16% margin compared to an adjusted EBITDA loss of $1.4 million reported in the same period one year ago.
The improvement in net loss and adjusted EBITDA, We're just for driven primarily by higher revenues as costs remained relatively flat.
GAAP loss per share as tall sense for the third quarter of 2019 compared to GAAP loss per share up 27 cents and the same period in 2018.
non-GAAP loss per share in the third quarter of 2019 was two cents compared to non-GAAP loss per share of 18 cents reported for the same period in 2018.
Capital expenditures, including purchases of property and equipment as well as capitalized internal use software development costs were $7.1 million for the third quarter of 2019.
We closed the third quarter with $85 million in cash roughly flat versus the 86 million dollar balance at the end of Q2.
As a reminder, our cash and marketable security balances can swing disproportionately both up and down compared to the run rate of our business since we collect and pay the gross amount of flow through to our sellers, while we record revenue on a net basis.
Please also keep in mind that after the close of the quarter, we used to $11 million in cash for the purchase of our Teekay.
For the quarter, we had roughly $1 million of negative cash flow, excluding changes in working capital, which we calculate as adjusted EBITDA less capex.
I will now share some indications for our fourth quarter expectations.
These expectations include the impact of our Teekay and the quarter since the date of acquisition.
We expect revenue for the fourth quarter to be in the range of $47 million to $48.5 million.
We expect that adjusted EBITDA operating expenses in Q4, including cost of revenue will be approximately $33 million.
This represents the continued benefit from our network efficiency initiatives.
As a result, we expect an adjusted EBITDA margin approaching 30%.
We continue to expect the Capex for the full year 2019 will be inline with prior guidance at the $20 million level similar to 2018.
I'd like to provide some additional context for our revenue growth expectations for Q4 compared to Q3.
First and foremost and as we've discussed in the past Q4 will structurally no longer have the favorable year over year take rate comparisons.
Second we focused on greater network efficiency, which has filtered out lower CPM and low margin inventory, resulting in some drag to revenue growth, but adding profitability benefits.
Third we are seeing a normalization in video growth rates, partially attributable attributable to add start TXT and salary that Jason implementation.
It's been quite a journey the last several years as Weve turned from negative revenue growth to solid double digit revenue growth.
As Michael noted, we're also entering a phase of significant unit economic focus.
We are beginning to see the significant upside from the financial leverage our model and expect adjusted EBITDA margins of 15% or more for the full year 2019, and expect to be cash flow positive for the full year 2019, one year ahead of expectations.
With that let's open the line for acuity.
Thank you we will now begin the question.
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[noise]. Your first question comes from Jason.
With Craig Hallum. Please go ahead.
That's good afternoon.
Just wanted to touch on Michael your commentary on just the App adds that TSG and sellers that chase on if you can provide a little bit more explanation on how those had kind of a little bit of a hiccup or towards the ended the quarter there and then.
So I'm not sure in connecting the right dots, but we saw mobile growth slowed down a little bit in the quarter was that related to the Kennedy app.
TSC implementation or is there something else embedded in that.
Yeah, Hey, Jason I'll jump on some of this and let David chime in.
Yes, so the.
We've often talked about new developments that occur in our marketplace. The exchange that sometimes favor one side versus the other you know imbalances cpms.
Bids bid jamming by publishers in the beginning of header and we all kind of feel as though.
Despite the fact that we had to do this and any day sprints. It tends to reach an equilibrium at a certain point I think our feeling is that.
Although we implemented.
At bad that TXT, and so that Jason.
For the the rules or the industry that some of it was unfairly unfairly heard or publishers and I think they feel the same way that there are some legitimate.
Resellers that there's some legitimate avenues to acquire their inventory that was profitable for them. They felt very strongly that it provided value add but buyers kind of that perhaps it was just a one size fits all in that if it's not from the direct source, we're going to pause it and we view it as it comes across any case by case basis.
So.
I don't think we've seen the full extent of either initiative, but I also feel as though we've seen the bulk of it and that overtime I think we're going to see.
A balance return a two or more equilibrium at that would help the publisher and I would say to answer your question about mobile and video.
So app adds that TXT disproportionately affected.
Video on mobile in international markets. So you saw it kind of a triple trifecta there from the application of that.
Bedside, TXT and again I.
Our gut tells us it swung a little bit out of bounds and I'll come back, but that said listen it's really good for the industry and Ah if we get I think by its lately I can't imagine what other exchanges are as well curated well lit well policy will polices ours is so I think it's good.
Good anytime you can great create greater efficiencies for buyers to reach sellers with less fees along the way that's good it puts more dollars to working media. So we're totally leaning into it. We just think that like any initiative via GDPR be googles move to first price Theres always going to me this period of uncertainty.
Maybe over reaction and when side versus the other but overtime I think it's good for the industry, we aggressively enforced it and I think it will shake out as the quarter is gone.
Got it.
Extra color there Michael.
Maybe David kind of related is there anyway, we can kind of quantify these two developments and look at what kind of a headwind that created or is that is it kind of complicated the tied to several categories.
Yeah, I think I think.
Like Michael said it there there's some impact I think we talked about a couple of factors.
That impacted our revenue for the quarter and have impact going forward and we think are actually.
Unrelated cleanup not cleanup at our focus on unit economics, probably was a little bit.
Greater ever driver.
And that impact so.
Now it I I guess it had some impact but it it's not a.
Huge impact.
Okay.
Switching gears, a little bit there's been a lot more talk that I've heard from people just on on accessing log level data and I think that you've been participating in that with you know brands and agencies and whatnot and just wondering if you can give some perspective on how broad base that is in it that creates an opportunity.
The for you to get a little bit closer to the sources with brands and agencies.
Yeah, I know a good question Jason.
We we have been very.
Favorably disposed to helping buyers understand exactly how much dollars are going to working media in a lot of that.
Disclosure at the bid level.
It's helpful to them in that respect and we think it's helpful to us because we made decisions to lower our take rates to.
Below industry average and so we feel as though will be the net beneficiary of it on.
As far as the momentum of it.
Certainly started at the market or level not necessarily the agency level.
And I haven't seen it spread like wildfire, but then there's this other concept of direct connect and now it was saying you kind of merging two concept into one said I think the border bucket would be direct connect which would give you not just a a direct connection as the name implies but it will also give you a.
The lag level data in many cases in so that I think you seen initiatives that we've done it you seem press release as you've seen people talking about in the industry and although some folks have said, while there goes the death of the exchange, we kind of feel opposite we think it that's the evolution of the exchange and where it should go. So so we're really leaning in.
To that too and I think we're kind of leading the industry as it relates to initiatives there and that I think has a lot more momentum then one off a I want to make sure that by I did for $600000 I want to see every.
Bid what price it cleared at et cetera.
Okay last one and I'll cede the floor and we've talked before that pre bid was going to be adding support for video I think that was expected to occur at some point in Q3.
It was never able to track down whether or not that happened. So just wanted to see if you could confirm if that's there yet and if you think that that could be a driver for little bit of a rebound in video growth.
Yeah. So.
I'm not trying to be.
They just don't have the information at my fingertips as to what developing Q3 and a pre bid roadmap. There's no question that video is going to be a big roll probably more impactful as it moves through the server, but be that as it may.
Yes. So you know as we've talked about pre built in its aspirations as a dot org. There's no question that it wants to be kind of a complete operating system for publishers, a monetization and video is a very important piece of it. So there are assets video assets that were developing we're putting to pre bid I've heard.
At Nexus is putting a tools into pre bid. So yeah. There is no.
Prevent is not just for desktop.
It's for its for mobile is for video ads for everything and that that's the natural evolution of division we have for it.
Alright, thanks for taking the question guys.
Thanks.
Your next question comes from.
The Riley please.
Please go ahead.
Great. Thanks for taking my question guys.
Real quick just on audio kind of wanted to maybe connect the dots spot of fire on their call highlighted that that a migration within Google impacted the the quarterly results on the AD supported side.
Did you guys feel that impacts as well just given your relationship there.
No we really didnt. So as you know we have such a distributed.
Inventory base and you know there overall growth was still very healthy so.
Their issues didn't didn't really impact us.
Got it and then.
You know the these developments with filtering and driving some margin through efficiencies in the quarter.
It seems like you guys had a fairly notable jump across the board. Realizing these efficiencies do you guys kind of anticipate that now that everything fully implemented that youve kind of level set or is are incremental improvement in Q4 expected as well in terms of the the filtering inefficiency.
Initiatives.
Well from a from a cost basis with our guide of the $33 million and adjusted EBITDA Opex, which includes cost of revenues.
There's a slight uptick in those costs are revenue.
Cost.
But if you think about it you know we're absorbing with the fourth quarter heavy season, a much greater increase in AD requests and so.
So we're still we see significant efficiency gains.
Continuing.
Forward, we haven't given 2020.
Guidance, but we could see some additional leverage of the cloud.
Could result in some incremental opex costs, there and cost of revenue.
But.
We think we'll continue on this path of.
More efficiency gains.
Got it and then just.
Last one on demand manager and the integration of our Teekay does the timeline in terms of revenue growth kind of getting a little bit delayed as you integrate the two product portfolios or product suites into one or do you anticipate that you know prior expectations in terms of initial.
Rev Rec, but a more notable kind of up tick in 2020.
Timeline is still on track.
Yeah, we don't feel I mean, not that we've shared and angry detailed the timeline, but it hasn't altered our internal timeline at all in fact, it's it's accelerated it will operate as two separate platforms, but as we've mentioned before they're both on pre bid. So we're not talking about like a two year integration process.
Turning to software companies, so I think they have so.
We'll tools that we were envious of that adding to our dashboard you know once we get we'll get to unify dashboard in a relatively quick period of time, which we won't have any impact or drag on revenue from the either product and to clarify will operate as two separate platforms. In this fourth quarter busy season, and then have.
I think a fairly rapid integration in 2020.
Got it makes sense, thanks for taking my questions guys.
Thanks Lydia.
Your next question comes from.
Yeah.
Please go ahead.
Hey, good afternoon, everybody. This is anthony on for Matt and Oh, Thanks for taking the question.
Just a couple I mean, most of mine were taken already but.
Without quantifying precisely are there are we still within the take rate range that you talked about at the start of the year.
And then if you already addressed this apologies again, but could you quantify the our T.K. impact for Fourq you.
In terms of revenue expenses, what the actual a impact would be thanks.
Yes sure.
Yeah, we're I mean, we're not updating our.
Take rate guidance, but at the beginning the year, we talked about take rate being in the mid Thirteens and.
You know so we'll we'll stick with that.
And the.
Breaking out the our T.K. expenses separately, we acquired them on the 20 Onest October's, He's got a partial quarter in Q4 with those expenses.
And you know with.
20 give or take employees and contractors.
You can kind of work out a workout to run rate and that's included in our 33 million.
You know guide on adjusted EBITDA operating expenses for Q4.
Understood. Thanks.
Yes. Thank you thanks Anthony.
Your next question comes from.
From Stifel. Please go ahead.
Good afternoon, Thanks for taking my questions.
You guys talked about the focus on unit economics, and maybe taking some of the lower effective CPM.
Units out of the equation can you talk about where you are in that process and maybe how that process affected different ideas across ecosystem.
Desktop et cetera.
Yeah, I think you know we have more to come there not they don't have huge impacts on revenue but.
It's a continual process of optimization as we.
Figure out how to.
Squeeze the most out of the inventory that we have I think there was probably some disproportionate.
Impact similar to some of the transparency initiatives on video on mobile and in the international realm.
Gotcha.
Can you can you kind of step back and look at the competitive landscape was there anything meaningful that changed in the third quarter or is there anything that we should be thinking about going into 2020 on that front.
You know, we obviously sided googles auction changes, which they're kind of a.
One time only thing so.
Anything that.
Arose from those changes will be living with and as we kind of said it's neutral there was you know a period of.
The period of volatility that led to more of that.
More they.
As I kind of steady state we've seen.
Those areas there were a business that we do is Google slightly down areas that we do without Google slightly up so maybe that's fell into that bucket. So.
But I don't see that's occurring now that everyone's it first price I don't see another shoe following with any of our competitors on the exchange front I wouldn't say I guess you can you always have to.
Call out privacy initiatives.
And.
The idea that you know recently I think it was floated as early as yesterday the idea that federal privacy initiative, which frankly, we we welcome although we haven't seen any details I should be careful but it sure beads, having to do 50 different when sort of the states and so so you know those always.
I'd be a real a real macro.
The reality for US and then and then lastly, you know we talk often about supply pass optimization or S.P.O. and although we haven't seen any dramatic changes in ASP show and we've talked about it it till were.
Well in the face for the last two years because people keep alluding to it on the buy side.
I've got to imagine that 2020 will come to an end a with the same number of players where the same we shall we say the size of the players that we've been clear about supply that that transition is kind of looked like 100 exchange is going to 60 going at 20, and although that's probably provided us.
With some.
Tailwind.
The big Big changes for us so be when you go to 20 to 10 tend to five we think we're very well positioned to benefit from those reductions in supply partners. However, it it really has it manifests itself yet and so we just continue to do what we think we need to do.
Convinced buyers and sellers at where a vital.
Partner, a in their monetization scheme and a host of the best in terms of Sps.
What inning do you think Michael.
Yeah.
You know I think give me talk to someone that was a exchange number 100 the games over rate. So [laughter] for US I you know again for those meaningful things occur I think you know you're in to the you're you're you're betting on the bottom of the fourth [laughter]. Yeah. So I think we still you know, but then I get it can act.
Salaried fast you know you we always we often talk about how you know tens of thousands of buyers buy from US every day and you might be like well boy how's that ever going to get a rationalize but you know behind those buyers are.
Five to six global base agencies, and the that can pretty much take care of a big chunk of the spend if they decide to work with just a handful of partners. So that's what we spent a lot of our time and energy and Ethernet and that's what we talked about when buying in toggle, obviously, we get the technology benefits, but when.
He talked about the leadership in toggling, they demand space essentially our teams leadership on the Buyside is from the end toggle coupled with some of the very talented people we had onboard prior to their arrival and we feel really really good about the talent, we have in that side and the kind of conversations we're having.
Yeah, I can kind of here the excitement and your voice when you talk about demands manager I know, it's still very early days there could you frame up the competitive set there.
Talk about what you think the more mature revenue model there it looks like and then.
Maybe if you want to put brackets around the long term opportunity go for it but if you don't I understand.
Yeah, I know, we it's hard to Tamped down the excitement [laughter] with them in managed care and we really fundamentally think it will change our business of course like any software initiative. It will take time and I will probably be able to lay out a little bit more road map. It they Q4 earnings.
But that yeah, I mean, the simple <unk> the simplicity of is great.
Instead of winning is a small portion of the publishers a inventory in our auction, we're able to monetize a 100% of their inventory.
It is much lower take rates. So we're we're very excited about it the traction has been terrific who is our biggest competitor market prevent it's outside by by far and away.
There there are big enterprise publishers are like Hey, guys I've already switched a pre bid I've hired folks that can help me with pre bid yeah, you're tools are really cool, but I'm not so sure I'm right now I want to.
Without what I have got going I think I get this home built thing on pre bid that's working just fine and I think our feeling is it'd be especially if you look at the economics of the a digital publishing business.
The idea of being able to save a hard costs.
Even if you have to pay to use a product. They think is gonna be a in the end.
Two enticing to pass up in addition, a we've seen from our publishers that adapted they make more money. So you get a double whammy there so yeah. So.
Pre bid would be the biggest competitor we're faced with the other folks that were header bidder.
Pioneers a you know credit to them for you know a change in the industry in terms of the way publishers monetizing way buyers buy but today of this proprietary kind of black box solution is a is dwindling fast. So we don't really go up against proprietary solutions, It's just it's pretty bad and.
Preventing us essentially.
Great. Thank you.
Thank you.
This concludes our question and occupancy I would now like to turn the conference back over to Mr. Michael.
Hi.
We're very happy to deliver strong financial results again this quarter, we're well positioned for the future growth of S.P.O. video on demand manager, we look forward to seeing many of you and the next couple of weeks at the Craig Hallum Stevenson ideas conferences.
I want to thank you for joining us for a keeps results call and have a good evening.
The conference has now concluded thank you for attending today's presentation.
Now disconnect.
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