Q4 2019 Earnings Call
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Thank you for studying buying and welcome to the east He I order for earnings announcement San Francisco.
All participants will notice and I'll be mode. I think just because I think they check that would be a question answer session. Just a question during the second never need to press star one on your telephone at least the advice of today's conference is being recorded.
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No I tried to calling for it so where do you get to date they check Sam. Thank you. Sir you May go ahead.
Thank you Sir Thank you all for joining our earnings call for the quarter and full year ending December 31, 2019, I'm joined this morning by Craig Saks, our interim President and CEO and Scott Barents our CFO.
Before we begin please take note of the forward looking statement disclaimer included in our press release issued earlier today and filed with the FCC, We will make forward looking statements on todays call, including about 2020 guidance.
Forward looking statement statements inherently involve risks and uncertainties and reflect our view as a day and we are under no obligation to update this information with that I'll turn it over to Greg.
Hi, Thank you John I'm. Good morning, everyone. I Trust you all wells this week's market noise that's fine.
Thank you so much for joining us for a 20 line team fourth quarter and full year earnings conference call before we discuss our results I'd first like to take a few minutes to talk about the leadership <unk> announcement, we made last week.
Since full he's the announced his intention treat tie back in November. The board has continued working on a succession planning process, which included working with executive search firm Russell Reynolds to identify potential candidates to be successful.
As you saw following a comprehensive process <unk> has appointed I was a lot olmeda as president and Chief Executive Officer.
Active March 920, 20, well, what's the serve as a member base yachts board of directors.
Okay Lawn joins HCR from advent International where he was most recently and operating partner supporting business development at the funds portfolio companies with a particular focus on growth initiatives that supported by a sales and earnings.
Prior to his time at advent I just wanted to distinguish 17, yet Korea with Western Union, culminating in his role as president of Western Union's global money transfer business.
I was your line is a seasoned executive with leadership experience spanning multiple industries in countries two decades of payments experience in a strong track record of growth acceleration that value creation.
As a deep understanding of AC osmotic as a customer segments and has proven expertise meeting companies that are navigating digital transformation.
I look forward to getting to know index and working with him in my new role as chief strategy and transformational.
If you guys tremendous prospects for growth and long term shareholder value creation I mean, all excited to have a lot helped us achieve alcohol.
With that I'll now turn to our results.
As we announced in January cool Asias 2019 revenue and adjusted EBITDA were negatively impacted principally by large custom expansion contract is that did not find as expected in December.
As a result at this contract not finding as expected as well as other deals that slipped into 2020 on new bookings also did not meet expectations.
And I have a piece to announce it'd be a made progress on this delay 2019 contract.
Recently, this customer signed an amendment to our contract which when use the current relationship. That's it goes on long term and secured the long term commitments HCR.
Well this contract renewal does not deliver incremental revenue at this time. It includes a frame what both future increases in capacity and enables us to focus on out on growing our relationship.
As a neutral affirmation about partnership as well at the next step towards the future expansion I view this very positively as a win win.
Now that we have closed a 29 team financials I'd like to put the pool get into context and shade, some customer high lots of momentum that position us very well, but 2020 and beyond.
Got it will follow with some additional details on our financial in a few minutes.
2019 was a positive yes place yet I on many levels. We continue to advance can grab business, but the M&A activity. That's one phone parts of by industry. We believe we have a unique value proposition serving the real time any to any payment needs a banks intermediaries realism merchants.
We continue to secure strategic wins that validate HCR strengthened leadership across the real time retail payments merchant and ecommerce payments bullet payments and payments intelligence areas I.
Pipelines are strong.
Solutions continue to be industry leaders.
Recurring revenue streams or a large and growing part about business and we are confident about talk look.
In terms of growth Asias revenue increased 25% other 2018, but the speed pack position, making any important contribution to both revenue and EBITDA.
The acquisition bought substantial scale and profitability twice YOD Dimont business, which now represents more than half of consolidated revenues and contributes to out more than 70% recurring revenue.
On an organic basis in 2000, 1980, I wish I agree revenues in key solution areas in particular E commerce, and real time payments, which represent two of the fastest growing from transaction areas globally.
Strong growth in these areas validates our strategy on positioning it fits.
With an unmatched number payment endpoints and global reach I used the odds very well positioned to season, even greater share of these opportunities in twentytwenty and beyond.
Now I'd like to 10 top all customer segments, highlighting representative customer wins and momentum.
Starting with up a lot customer segment, the additional speed pay prices Iseatz. The number one direct bill pay providing the U.S.
See further opportunities to accelerate revenue growth in this business why the additional functionality, including the plus growing areas are real time payments and subscription billing.
I Road map is advancing as we bring together the speed pay frontend, but the eighth yacht back integrate based in Clos, but I based employee costs below platform capable of tremendous scale and continued improved operating margins.
We continue to see strong retention and cross sell opportunities among up in the base.
Particular, we are very pleased with an 86 days in adding up patented mobile digital wallets solution to existing base of customers.
In Q4, we signed both new and expanded electronic bill payment deals in key verticals, including utilities insurance consumer finance and government.
Let me highlight a few examples.
One of these was a multiyear renewal with one of the largest utilities in the U.S., which represented one of the largest HCR contracts emphasis on.
Another utility we signed in Q4 was clay electric one of the largest electric cops in the U.S., which will utilize HCR speed pay to enhance its custom experience.
Well. Thank you for we signed Grange mutual leading property and casualty insurance provider and in the government segment, a large mid Atlantic States Honda deal to utilize a bullet payment solution to support payment payments.
Shifting Tom mentioned customer segment, our E Commerce platform supported Estella holiday season, you processed 50% more transactions across the globe in Q4 29 team and we did in 2018 HCR continues to be successful in winning new business and supporting the growing payment needs well some of the world's largest brands for a range the omni channel.
<unk> E commerce and fraud prevention needs.
In 2019, we secured leading retailers with how much something E. Commerce solutions. We also had a very strong renewal and expansion activity in Q4.
Were presented at mentioned deals in Q4 included a leading fuel retailer, which expanded its use of HCR solutions to better serve customers a thousands a convenient stores across North America.
We also side one of the world's largest furniture stores to expand its user base yard as it grows its E commerce footprint.
Global sportswear Johnson like today feel I technology to simplifies payments globally, we'll send retail we signed one of the largest okay companies in the U.S. extending its relationship with 80 odd to improve transaction processes.
And we signed lot supermarkets, including a U.S. based supermarket died and I see a well exceed Sweden's biggest retailers, who use HR solutions to better serve they many thousands of customers.
Well banks and intermediaries HCR continues to be the payment provider of choice supporting digital transformation as these organizations seek to modernize the infrastructures enable open IP odd and embrace real time payments and the public cloud.
Leading real time payments retail payments digital payments and payments intelligence solutions are solving the complex needs a financial institutions, they enter new markets scale to trace high payment volumes and meet customer needs.
In Q4, we launched a global strategic collaboration with Microsoft to support payments in the Cod and in 29 team three banks the lake today see us retail payment solution running on Microsoft is yet to power their global payments platform.
Two other three both of which a top global top city banks signed in Q4.
I'm based when he mine gate solutions in India is allowing us to seize the very exciting real time payments opportunity in that market another growth markets.
In particular, I real time solutions continue to see success, both with new logos as well as selling into retail payment space.
I'm very proud to say that in an unaided global say the payment decision Americas <unk>. It was again the top recognized and preferred brand for real time payments for a second year in a right.
This is a very strong validation of our strategy.
Some Q4 highlights in the bank an intermediary segment included.
D N T. and Suntrust, which recently merged people and trust the sixth largest bank in the U.S. extended its commitment to eight yards that real time payments solution.
BNP Paribas one of the world's largest banks is consulate consolidating several high value payment systems into a single AC a up real time payments solution.
BNP piece currently live in seven countries and will add another eight countries during 2020.
In the quarter, we also signed I, Angie and leading multinational banking and financial services Corporation and long term HCR customer we expanded its use of that retail payments to keep up with increasing transaction volumes.
In Indonesia, one of the three largest banks is utilizing both up retail payments and up real time payments as a single payments hub to radio itself with the country's upcoming wrote on how they need it payments.
And he Mexico, one of the largest banks, but no type expanded its use up retail payments, where its open banking and systems consolidations right. It.
Finally network international the largest payment processing, the middle East and the first independent Vanda certified by both both visa and Mastercard prepayments in the region has expanded its use of at retail payments as it enters new geographies.
All in all these deals and many of the exciting deals we are working on at the moment underpinned our confidence in asias growth prospects in the payments industry.
2020 pipeline is strong and we expect solid revenue growth.
We have also implemented several initiatives aimed at both reducing costs and reallocating resources towards our fastest growing solutions.
On the sell side, we continue to adjusted sales processes to better told the tie bolting marketplace.
Oh sales teams a police stopped and have already hit the ground running in Q1.
Go to market approach is not customer segment focus with dedicated sales solution consulting and customer success teams, but hockey aligned to the needs of banks intermediaries merchant simple us.
This transformation of our sales practices provides a solid foundation for future sales performance improvement and he's already demonstrating positive results.
In addition, our customers also responding well to this approach by renewing and expanding their relationships with us.
Our most recent annual save at the end up 29 team a customer experience scores increased significantly in all categories, including in the very important area as a customer satisfaction and likelihood to continue recommend an expanded relationship with ace yacht.
I'd like to complement the whole HCR team for their ongoing anyways, if it's in these areas.
In summary, our fundamentals are sound, we wrote a good starting 2020, and we have a lot of growth opportunities to be optimistic about in the years ahead.
And with that I'll now turn over the call to Scott to provide some additional financial highlights. Thank you very much.
Well, thanks, Craig and good morning, everyone I first plan to go through the highlights of 2019, and then provider out what 2020.
I'll be starting my comments on slide six with a key take waste from the year.
Our overall bookings were down from 2018 with higher term extensions offset by lower new bookings as.
As Craig mentioned this was partially resolve the large expansion contract that did not fine as expected as well as other deals that slipped into 2020.
And going forward, we're evaluating the use of this metric and considering adjusting future reporting to be more applicable to our bowling business, which has shifted from being a traditional software license based to now more than half of our revenue coming from our on demand solutions.
We saw strong backlog growth with 12 month, and 60 month backlog up 18 million in 144 million, respectively with most of that growth coming in the fourth quarter.
Full year revenue was 1.3 billion up 25% over last year and excluding the impact of speed pay in foreign currency revenue for the year was up 3% organically.
Recurring revenue grew to 71% of total revenue up from 65% in 2018.
Adjusted EBITDA for the year was 308 million up 23% from last year.
EBITDA margins expanded by 300 basis points year over year, driven by the contribution from speed pay as well as the improving margin Archeo di business as our as we focus on profitability growth.
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Turning next to our operating segments are on demand segment grew 57% driven primarily by the speed pay contribution it continues to deliver solid margin improvement with our net adjusted EBITDA margin sitting 19% this year compared to 5% last year.
And specifically our fourth quarter net adjusted EBITDA margin was 30%, which represents the highest quarterly margin contribution ever for on demand business and shows solid progress towards our real 40 targets.
Margin expansion will continue to improve with scale as we grow into the infrastructure. We've built out over the last few years and we expect 2020 to taking another step higher.
Our on premise segment grew slightly from 2018 and delivered adjusted EBITDA margins of 55%.
Adjusted operating free cash flow was 108 million versus 148.002 million 18.
We ended the year with 121 million in cash and 1.4 billion and.
Bringing us to a pro forma net leverage ratio of 3.75 times.
During the year, we purchased 1.2 million shares for $36 million or $29 per share.
We have 141 million remaining on our share repurchase authorization.
Turning next to slide seven with our outlook for 2020 group has previously provided on our January call for 2020, we expect total revenue to be between 1.48 and 1.51 billion.
Which represents approximately 18% to 20% growth over 2019.
Recall that speed pay was acquired on May nine 2019 into 2018 results include only a partial year up speed pay so part of the growth. We expect in 2020 will come from having a full year contribution from speedway.
We expect 2020 adjusted EBITDA to be in a range of 425 to 445 million, which represents approximately 38% to 44% growth were 2019.
Similar to our revenue targets, our EBITDA growth will also benefit from having a full year of speed pay contribution 2020 versus just a partial contribution and 29.
In addition, our commitment to achieving our long term profitability goals include continually assessing our operating efficiencies in 2020, we expect to realize approximately 20 million of cost reductions from these initiatives and those are assumed in our guidance.
This guidance excludes between 5 million and 10 million of continued integration related expenses from speed pay and approximately 10 million of one time charges to implement the cost reduction initiatives.
And as it relates to both large renewal Craig mentioned earlier, we have secured the long term commitment from this customer from this renewal, but we don't expect any incremental impact to 2020 at this time.
Also on slide seven we did provide additional guidance a information to help you build out your financial models.
And finally, we expect Q1 revenue to be between 285, and 295 million, which is an increase of 38% to 43% over Q1 2019.
No, we're not providing full year, new bookings outlook at this time as I mentioned earlier as we assess a more applicable industry standard metric for our Hsas and pass business. We do expect Q1, new bookings to be a solid double digit grower over Q1 2019 on a consistent reporting basis.
So in closing, we expect to deliver solid revenue and profitability growth in 2020.
So that concludes my prepared remarks, operator, we're ready to open the line questions at this time.
Thank you say, Mike Gary asked the question you need to breath, Taiwan on your telephone keypad. So we try a question for us to Funky. We will he made the question a one question and one follow up question for participant.
While others are there any effective question. Please standby will become part of the kidney roster.
Your first question comes from the line of Peter Heckmann from Davidson You May ask your question.
Good morning, gentlemen, congratulations on getting that slipped deal closed and maintaining a disciplined around a around those deals I'm curious, though well it certainly sounds like it will.
To help frontload bookings for the year.
Hi, how is the contracts structured so that we don't we shouldn't expect a initial license fee related to that contract expansion in 2020.
Yeah, maybe Ed that Pete This is Scott I think just to clarify what this is Dave renewed for the long term on what they have.
So that secures the long term commitment of this customer on our products. This is not the expansion deal. If we were talking about it in the last year. So so I would say at this time there is no incremental revenue just from the pure renewal, but that has committed them to the long term, but generally speaking it provides.
The frame framework for future expansion.
Let me elaborate slightly on that's I think it's a very important point. The big question in the market was does AC I've long term relevance in the post M&A Yara well. This continues to validate importance to the very big as players and not acting as to the very big. This then globalize plays and the parties have reaffirmed.
Our mutual commitment to each other and growing up businesses together. So that's great and you know within that concept to the renewal, which gives us that long term certainty. We've established a framework, where we will work together to grow the relationship as they business grows and so I think it's a very constructive outcome. It takes a big strategic quick.
Turning off the table and helps us focus on mutual growth in the coming yes.
Great Great. That's helpful. And then just as a follow up then.
I guess my understanding of the.
Five year term license contracts with with volume Oh components was that if it comes if a customer did make a major acquisition then they they really had to complete that contract expansion before they could do their own internal platform consolidation and so.
Well.
Is there any time, where the remaining three large companies going through mergers have to complete those contract expansion.
So as and when they run out of capacity, which is a function of you know and number of different things they own growth rates than some of them are growing really nicely in some of their markets as we understand it all when they when you add on business all of whom you know as part of the rest and all of the unfunded.
Nation is that they want to target and you add on business. So you know he loves those events typically would drive a conversation at a faster on expanding them onto capacity they need to buy and of course, when they come and by capacity over and above the run rate of the current arrangements for example, the one who just renewed.
Then obviously its add on business I knew revenue.
Your next question comes from the line of George Sutton from Craig Hallum, You've asked a question.
Thank you a big focus at your analyst day was around the concept of the scale that she can now really achieve given where where you stand the organic growth in 2019 was low single digits I'm curious as we look out to 2020 and beyond.
Particularly with a new CEO coming in the sensibly with some growth focus you know what are the governors to that organic growth and and and what are the real opportunities.
So the opportunities than we thought there.
So as we sit in the cool I think there a myriad of opportunities. Let me highlight three just off the top of my head no real time really does continue to become to be a very important trend in the marketplace.
Brand leadership, I think is a fantastic estimation of ability to participate in that as but frankly that product leadership in that realm. So we're excited about real time, we continue to see opportunities evolve so.
So that's the first thing, but beyond real time as a standalone opportunity, we think significant opportunity with real time in conjunction with other solutions. Two examples would be the addition of real time too but.
It's any amounts of time before real time, an expedited bowl pay becomes an important part of the billet direct equation in the U.S. and said we were excited about that and we all are rolling out real time payments as part of about Ballesteros addition, through this yet and you know expect good good results from that.
The other plays that Indonesian bank.
Mentioned for me is a great example of what's happening quite often banks are sitting with a large caught franchises, which are historically powered by <unk> and now they are wrestling with how do we conveyed that to no an account to account multi payment rail kind of environment, while multi payment type.
And just about every one of our large caught custom is talking to US about the addition of real time payments to the existing asias footprints and so that not only expanse those relationships, but quite frankly protect those franchises for the long term as as volumes may start to transition from one realm two to the other.
And then the third area that you know continues to to excite US is all things online.
E Commerce is good.
You could probably we got some about bowl payments is being in a form of E commerce and the growth rates and the the macro forces in the industry remain solid so there's a whole bunch all fundamentals around the world that continue to to be interesting to our business and represent future opportunities.
Thank impediments to that quite frankly, Oh, you know and four wall its ability to execute on those so its ability to to deploy those wins quickly and you know we continue to really doubled on a efforts on being a beta sales organization a more consistent sales open.
Position and to operate optimize our operating processes in terms of getting customers love. So those revenues flow quickly.
I think the only thing yeah, yeah, the only thing I'd add to that George is when it comes to the.
Scale, you know I mentioned, we're we're we're looking at operational efficiencies. We're looking at that we're actually looking at it reducing cost in certain areas of our business and reinvesting costs into some of those high growth areas and.
And also if you look at our Q4 exit rate on our on demand business had the highest EBITDA margins ever.
So that scale is going to layer on top of a relatively fixed.
Cost base. It also were continue to drive improved efficiencies, but to be able to drive a pretty high dollar.
Revenue EBITDA conversion, so that gets back to the scale as we as we as we start to see accelerated growth. We're also going to see high conversion deep.
You know a couple of things you did not mention Craig and we've talked about them a lot in the past would be the as your partnership and I think the the ability to continue to grow through that and then also Linux is a hardware.
Component that lowers the ultimate cost of of a change over or what are those doing for your pipeline of opportunities.
The the public Todd is a strong drive up opportunity and discussion and I mentioned the those wins, we had last year, we continue to bold and grows that relationship with Microsoft in fact on the in Redmond next week to continue those discussions and to the go to market plan. So I feel very good about the.
Opportunity that the public Cod gives us as our customer base more and more think about the impact of.
The public Todd on their deployment options. We also quite frankly see it is going to open up some new opportunities. It makes it easier for existing customers to expand into new markets. It also makes it easy for new entrants and so you know we finding that we have some new opportunities that are coming out of the Woodward just because it takes them.
The barriers of entry from an infrastructure perspective away as people think about growing they they global payment business.
Your next question comes from the line of Joseph Vafi from Canaccord Im asked a question.
Hi, gentlemen, good morning, I was wondering just kind of circling back to first question and and the outlook here for this year just with the M&A.
Backdrop, perhaps kind of dying down, though a little bit do you see that.
You know that relative to the guidance, so reducing potential lumpiness and in large deals.
So the ability to.
I'm, sorry, and you know less less lumpiness to the guidance given the competitive or the M&A landscape.
Perhaps settling down.
Well I mean.
Our licensed software business I think is always going to have an element of lumpiness to it.
Just because the nature of a.
Recognizing all the license fee it signing.
And so in a lot of arc, our sales a happened in the second half of the year lot of our renewals happen on their anniversary dates that's where we get another oh lumpiness in the inflow of license fees. Those are typically going to be in the in the third and fourth quarter. So I think we're on the license software side of the business, we're still going to see that lumpiness.
The <unk>, but eight our on demand business is now become HM.
Over 50% of our overall business that is inherently a all recurring revenue up much more predictable recurring quarter over quarter I saw sequential basis and with the the speed the acquisition last year, so not only to bring a lot of a a lot of recurring revenue to our business brought a lot of recur.
During profitability and so that also is going to level out the quarterly variability, but so I'd say as our on demand business gets bigger it'll produced lumpiness. The software license software side of the of the business. We'll still have that degree of Lumpiness due just due to the timing of sales and the timing of renewals.
Sure. That's helpful. And then just on the on the real time side of things. So no. It sounds like a lot of a lot of thanks, a lot of <unk>.
Financial institutions.
Lot of Mark's answer or builders are.
Eager to perhaps get that's going on at a bigger level, especially in the U.S. do you see there being a kind of catalyst for larger adoption here across all the payments landscape.
You us for real time, so it seems like you need to have something of a network effect in place with no players involved and being able to provide it you can kind of really light it up.
Thank you Tom I kind of all our capability that Tom is how to more pervasive in the marketplace spikes.
Yeah, and yeah, you were talking right the dynamic that drives adoption in the rate of adoption varies by market and they extend to which the regulators and Paul.
Within the U.S. I've seen and little bit of an increased urgency off to the state now announcements yet so I've seen more and more activity of people deploying and trying to activate the core infrastructure as we already have with the clearing house and with a itself.
I just this last week I saw announcement from one of the large pool provide is maybe you know that activated hundreds of banks to on this l. network and so to your point. The Nitpicky fact is building up to a critical mass and you know we pretty close I believe to the tipping point in terms of banks in the broader ecosystem that are connected with the big coal plants.
Participating more and more with the big banks that already out there. So that's the first thing and then the second thing is you know as that critical mass from and connected consume as an account fold up you're going to start to see the applications, but that's one of the reasons why I'm actually quite excited about both in the opposition in the marketplace and the random.
Ends of both pay is going to support the real time story is actually going to be greatly supported by the tipping point at the beginning to in terms of critical mass of connected participants. So I would argue that in the next few years, you're going to see very aggressive growth in the U.S and adoption of real time in the U.S. as the Nicky fix a tick.
And then and reach maturity.
Again, if you will like to asked the question, perhaps part of that a number one on your telephone keypad they've already met the question. One question and one follow up question for participant to although others to ask that question.
Your next question comes from the line of Brass Huff from Stephens you asked a question.
Good morning, guys. Thanks for the time today.
Hi, Brad.
Question on just some numbers I want to make sure that I understood. The implied organic growth for 20, you gave us a range.
On the on the 20 outlook you hopefully it which is kind of 1.495 billion midpoint dish.
But then you also give us I think a 228 million dollar what I think is the is the stub or that the partial year inorganic revenue contribution from speed Perry.
If I remove that from the 14 95, or so midpoint that gets me kind of just slightly positive organic revenue growth is that the right way to think about those numbers or am I getting that a little long.
The range on the organic side and you're right, we didn't break out the speed pay from the organic but it would be.
Low to mid single digits.
Okay. That's helpful and then.
The the sales process.
Craig that I think you talked about.
What was the driver for that is this just sort of a you know a normal let's take a look at the sales process was it driven by something specific I mean, you were these larger deals where you know is there a <unk>, maybe a way to too.
Take care of these larger renewals or opportunities or better or.
You know kind of give us a sense of the driver of it and then if you could just or kind of re articulate the two or three key changes that have been made or will be.
Thanks, guys.
Yeah, I'm, sorry, so that the cats and we look we've been at this for a few years and it's quite frankly, it was driven by a desire to grow up business through more new business wins.
You know, we but fantastic products and a fantastic level footprint and we've not been thrilled by the rates of growth that we've managed to get through new business developments, but it really is a desire to to make sure that we get a fish and more and so we've been reengineering our sales organization for the last wall and particularly doubled on lost.
Yeah.
As we look forward at the opportunity we saw we definitely do not see ourselves as this being trapped in a cashcall kind of status, we see ourselves being in a market with growth opportunity in sales as the shop into that yes, that's what it really motivated to that in terms of things. We've done there's a huge unless they are a number.
The off of activities that we reengineered, the sales process and too and I would call out in a refreshed and reengineered.
Pipeline management and full costing processes I would talk to you know at doubling down on the sales leadership that we have in place and the alignment of that sales leadership to our key customer segments. I think that's really important you know we've got some continuity in that leadership and indepth knowledge and alignment with the customer.
As is.
You know really going to help and then the last thing is it's not just about the sales organization Weve really double down the organization sale to the one HCR team sport and so weve re engineered and integrated the product side of the house with operating thought of the house with the sales side of the house with them all.
Cutting side of the house and with the customers like say side of the house to make sure that the entire AC a engine is aligned around the tosco sales and winning new business and we've made great strides over the last six to 12 months of having a far more aligned organization that is far more committed.
To selling your views that you know executive meetings. The last few months compared to you know many years ago I can tell you know we spend much more if not the majority of our meeting Tom talking about sales and winning in the market than we've ever done in the past and for me that part of the the positive trend towards becoming.
The resale centric and a day to day thinking as a company.
There are no further question at this time with centers you may continue.
Well, thanks, everybody for dialing in we look forward to catching up in the coming weeks have a great day.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participating you may now disconnect.
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