Q1 2020 Earnings Call
Good day and welcome to the pending first quarter in annual 2020 earnings Conference call. Today's conference is being recorded the press release detailing the financial results is available on the company, but they appear in John.
Before we begin I'd like <unk>.
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Yeah.
Today's discussion will include forward looking statements.
These statements reflect the company current views with respect your future events.
These forward looking statements involve known and unknown risks uncertainties and other factors, including those discussed under the heading risk factors than elsewhere in the company and report on form 20-F that may cause actual results.
Let me or achievements to be materially different at any future, we felt performances or achievements as anticipated or implied by these forward looking statement.
The company does not undertake <unk> update any forward looking statements reflect future events or circumstances.
As in prior quarters. The results reported today will be analyzed both on a GAAP and non-GAAP basis.
Ill mentioning EBITDA well.
We will be referring to adjusted EBITDA, we have provided a detailed reconciliation of non-GAAP measures to their comparable GAAP.
Earnings release, which is available on our website also been filed form 6K.
Hosting the call today are doing parcel periods, Chief Executive officer, and the whole Big Ron <unk> Chief Financial Officer.
The conference over to join cultural please go ahead.
Thank you and good morning.
Before we get started I went to express my sincere hope that everyone is safe and healthy during these challenging times.
I also want to take a moment you think the targets you must carry on for their professionalism resilience and commitment during the unprecedented market changes, we'll still have several weeks.
Our ability to respond to shift is our company culture, our DNA and it's gratifying to see our Param culture connection.
Well I barely reporting strong first quarter results to date, we're not immune from the challenges associated with the gold at 19 pandemic into global business impact depending on who statistics you Trust did you tell it spending would be down between 25% and 45% for the second.
Order and between 10% to 20% in this third quarter of 2020.
The frame my Coleman my discussion would be divided into four parts to start I will discuss our performance during the quarter before the cooling the virus pandemic outbreak.
Next I would address how we react in early March and responded to the subsequent stages. It's just a pandemic. It's a win is how our fiscal prudence over the last few years, that's it served us well.
Then I would describe the near term and Mr. In future experience and its business and lastly, I will address the resources, we have enabled us to effectively navigate the situation, which wheeling power parallel to emerge from the pandemic in financially strong and hardly <unk>.
Got it disposition.
So to begin.
We enter into first quarter was 2024 Bucks momentum following strong performance during 2019.
January and February where both very strong month bolstered in part by the closing of 58 Q acquisition position. He got for another great year.
Then carry March when we began to see the early sign of dependent.
Taking all these into account in the first quarter consolidated revenues increased 8% organically and 23% overall.
Oh advertising revenue grew 28% year over year for the first time seems to be totaling 15 is the results of the contribution of feel like you, which we formed in line and far expectations during the first quarter.
It's going well you know searches what's the main driver behind the 20% you will see you growth that we achieved in our search business Division.
Beginning in March is different than expected and much of the global economy began to shut down we took action to protect all week Louise transitioning to a work from home will do.
Therefore, it went smoothly.
All our employees are not work from home and we have not seen any interruption in order for the TV.
Again.
I congratulate Dorothy enforced successfully navigating the transition into the new normal.
We seen we shouldn't began to see a steep declining and advertising market, which was not seeing any wanting dangerous street is ever witnessed.
Basically.
Brendan agency begin reducing and often freezing their advertising budget do you think would be flagging overall spending some industries, such as travel and leisure where the first direct but threat quickly spread across the industry line.
We estimate that the declining overall advertising spend what's the between 15% to 25% Demarche. There's the results. It's significant number of advertising campaign, that's where plan for the second quarter were put on hold or cancel.
The flow of new artists speeds for future campaigns was halted and many campaigns that we were well positioned for winning are being delayed RPM, which is a key mapped week formally piece actually north search business began to weaken and decline due to the decrease in its <unk> spending.
In response to this disruption we swiftly began rolling out strategic initiative to prepare for your own for an uncertain market environment, we've dramatically reduced level of advertising spending at least in the near term.
There are three factors, helping us to effectively managing their pandemic as the impact our business.
[laughter].
Our focused effort over the past three years to reduce cost and strengthen our balance sheet, while focusing on profitability if required us to operating these type of environment.
At the end of the first quarter very own head $54 million in cash and 40 million in net cash.
Second we have implemented new cost saving measures that are expected to yield more than $10 million incremental annualized savings.
We have also adjusted the Olympics budget to prepare for <unk> for an extended period of uncertainty and stress test all remote do do we sure. It's got the ability to withstand far more dire scenario then those currently predicted.
Third.
We benefit from parents overall diversification strategy.
Go to market model, which includes product solutions that are relevant across the three main pillars of digital advertising search social display and video.
It's the neighborhood parents to capitalize on the inherent volatility in digital media spending which was told before the crisis and he's more so no.
The flexibility of revenue for like diversity and business mix. He's the right approach to minimum wage rates can reduce volatility, especially during these uncertain times.
Finally, our cards management team, it's proven itself to be cautious and prudent we such strong record fiscal stewardship, managing cost preserving cash and maximizing profitability.
These blockbusters my confidence in our financial resilience and ability to where their uncertainty.
We see the situation clearly and are always ready to big step steps in order to make quick changes to minimize the impact and maximize our potential revenues.
Looking forward.
The near challenges in the advertising market and lack of visibility it's caused us to temporary we still are full year guidance is the most advertising into a C companies Nonetheless.
We remain confident that we have diversification and disciplined needed to generate significant cash from operations and remain profitable for the year. It's we were there the near term uncertainty of the current environment.
It's our visibility improves we hope to return to providing estimates regarding our expected results.
As we move beyond the first stage of the pandemic into global economy stabilized, we expect to be well position to capitalize on the expected advertising recovery.
But it's premature to comment on timing given all the nickel visibility on the multiple variables at hand.
Allow me to share with you.
Some of our expectations for the reminder of 20 twin.
We expect <unk> advertising business to face headwinds in the second and third quarter of 2000 2020 is most brains and agency reviews, if not slashed their digital advertising budget.
For search we expect the search indexed upgrades to continue as more people work and shop from home. However, we also expect the trend of declining RPM in search to continue into second and third quarter before we bought being late during the year.
Oh, its search business should continue to drive strong positive cash flow, even if RPM. So we remain bullish.
For a more extended periods of time.
Because we're navigating the current environment from a strong financial position and Weve one objective in mind growing Garcia applying the current environment on companies in our industry with excellent complimentary product service and technologies that lack the financials.
Thanks to weather.
The weather a period of disruption provides us with a great potential to evaluate M&A effort. It's the results. We have made the decision to file a shelf registration statement.
With that I'd like to turn the call over two modes to review the financial results for the first quarter mold.
Thanks, you Dawn you willing to first quarter of 2020, we took significant measure we aligned our business activity to the Krave 19 environment.
These measures are expected to yields it's more than 10, even though I know on cost savings compared to our 2019, well from a financial results. The 2009 people from a combined other results we didnt.
Of content. Thank you Ed IEC as if it was like what are the beginning of 2019. We believe the measures. We have taken will help us to continue generating significant guess snowfall evaluation and be book to bill for the full year why did the grid thing the uncertainty goes back over 9 billion.
We took on kids level of 54 median net cash or 40 million and our ability to generate positive free cash flow. We are in a strong position due or where do they go up in 19 outbreak under different scenarios.
During the first quarter of 2020 revenue.
Really on totaled 66.1 million Galmed compose all 23.7 million from advertising and 42.3, maybe on some sales in other revenue.
Total revenue increased by 23% from 53.8 million in the first quarter last year. This increase was boy I haven't really achieved as a result off at 20% well in search and other revenue, resulting from an increased number of Phoenix, they'll just and you probably show.
Advertising revenue increased by 28% as a result over the consolidation of content take you, which was acquired on general <unk> 14, when it when.
Sales in hardware revenue represented 64% over the first quote that went into any revenues with advertising contributing 36%.
That's the most acquisition cost and media buy in the first quartile spending 20, well 36.1 million Oh, 55% of revenue compared to 27.4 million all 51% of revenue in the first quartile of 29 thing.
This is James is mainly attributable to secure performance typically generate thing no immediate mileage and then did on organically.
Net income for the first what else do any 20 was 1.3 million Oh five cents there they looked at share compared to one point dumanian or five cents diluted share in the first what else do it doesn't thinking.
Non-GAAP net income in the first full dose 2020 was 5 million all 17 cents pair they look to jail compared to 3.3 nearly on all the other thing cent per diluted share in the first quarter of 2000 thinking.
Adjusted EBITDA in the first what else do anything any was 6.2 million compared to 5.1 million in the first well below 2019.
Cash generated from operating activity. It was 2.5 million during the first bought those 2020 compared to Fourq and maybe on.
During the first quartile of 29 thing.
The main reason for the degrees into in cash flow formulation is out of you didn't do one time working capital requirement for the CPQ operations and collection cycle differences between the business unit <unk>.
As of millennials, if any do any we had cash cash equivalent and show them that those it or 54.1 million compared to 61.6 million as of December 31st It doesn't thinking.
During the first what they'll do anything any we paid 15.1 million as part of they Oh, it's out of this unique you acquisition.
What does it is not as Mel stealthy fast when it when he was 14.6 million compared to 16.7 million as of December 31st It doesn't thinking.
I will not go under collected on for closing statement.
Thanks, most I would like to take a I would like to highlight a few things worth mentioning before we get into the acuity.
The first quarter of 2020, what's the stronger year over year compression comparison in the last three years, continuing our strong momentum from 2019.
We are entering a period of wide spread that konami disruption, we for strong balance sheet and confidence in our ability to generate significant cash from operation that will enable us to remain profitable for the rest of the year.
We have moved quickly and if implemented additional cost saving measures that are expected to use more than $10 million incremental annualized savings.
Perions overall diversification strategy that these relevant across the three main pillars digital advertising search social display and video.
Let us capitalized on the inherent volatility in digital media spend which was two before the crisis and more so in the midst of the current uncertainty looking forward the near term challenges in advertising market and lack of visibility if cause us to temporary we throw our full year.
Guidance.
I want to close these unusual earning call. During these most unprecedented times with the personal Coleman.
This is a crisis that tested the test leadership will serve as CEO and I've been speaking with many of my peers in this industry and beyond.
We're all learning and the rising wisdom and strength from each other.
That is what you do when there is no playbook.
If I was doesn't pay need to geography is impacting our teams in New York, Israel friends and Ukraine with the same viciousness.
These teams have stood up to the crisis and I'm proud of them.
The all appealing to call wherever you may be different then it gets brought us closer together, we all need to go about our job, but as we do our work we recognized the common humanity, we all share.
I wish health and strengths to everyone on the school.
With that said operate there you would you. Please open the call for questions operator.
Certainly, ladies and gentlemen, if you'd like to ask the question.
Hi Tech dog was on your telephone keypad.
Using a speaker phone please make sure your mute function.
Hello.
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And that is a star one if you'd like to ask the question well pause for just a moment. So I don't want an opportunity to signal for questions.
And we'll take our first question are marching.
Let's see investments. Please go ahead.
Thank you.
Good to hear that the company.
Yes.
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Yes.
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But you could help me understand.
Yes.
James.
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[noise], so basically the 15 and 20% decline and March was a across a search and advertising.
Okay, and then the area.
Through.
That was March April in the books.
Consistent trends in April.
[music].
So as I mentioned on all recall.
Let's start with the search and we see a growing definitely a growing number of searches its reach hi that we never experienced before so when it comes to the number of searches.
And that's an evidence that a you know people spend more time at home and they're searching.
And what is being affected in these businesses the RPM.
I mean, how much advertiser are willing to pay for it search.
And we are experiencing decline and on RPM.
And the overall multiplication of number of searches and air and RPM is the total revenue search.
And and we definitely can say that I'm expecting that this number will be.
It will be reduced by 10% to 15% there that's our estimate and when it comes through advertising.
And I think that are the <unk> the impact of older. Let's say, a leading advertisers that is coming from and travel.
And then the automobili definitely impact and that Didnt. The number of RFP that we're getting our species that either were already <unk> on hand.
Session over there to actually they during Q2.
Or our speed that we were on the needs of negotiating and we were in great position in the weighting.
All you know all we are expecting them to second quarter that advertising business will be reduced by your level of 15 to 20 plus percent.
Okay.
Just.
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I'd like to know.
That relationship.
No.
Yes.
Can you give us any update.
So the that when it comes to their relationship. It's a it's very strong relationship. We are I can tell you that even though we didn't unknowns.
Oh, well, even extended into other product like Emmis news, which are going to be roll out soon to all of our publisher.
It's going to increase.
Of course, the number of searches and increase engagement and long time value.
Okay.
Okay, all researchers and so even though it's a renewal year in.
He definitely a where we'll see it feels very very strong and as far as our relationship with ER, which Mike.
[laughter].
Yeah.
The very much so very much so.
Okay.
That's correct.
Yes.
Yeah.
Thanks.
Thanks, so much thank you.
Well move onto our next question from Austin Modelo common canaccord.
Hi, Thanks, you touched on this a little light vehicle.
Hi.
Can you go into a little more detail on your advertising exposure by vertical well as of late Sats, how to best law.
Yeah. So.
That's a.
Additionally, I don't think that.
The way, we divided our business and advertising is different than the market index, which travel is around 15% of this business.
And the automobile is another 10% of Doorbells spend and it has some seasonality.
And with this type of but it seems like a good ballpark or to use and low.
Lines of both seem to suites.
Our very much at this point.
And reduce.
Their spend substantially.
And there are there any industry segment showed a telco and that ER or spending more but that's not enough to compensate err on the loss of or the to the two vertical that I mentioned.
Uh huh.
Given your strong balance sheet. The overall turmoil market can you talk about.
You know there.
Our philosophy on M&A, yeah, yeah, well.
Oh sure.
Yeah definitely so you know we will not or the framework will fall far three along the business to remain very much the same.
And then you all we closed the let's say the fleet was a exponential growth. So weve. This only one goal in mind.
And we are looking for complementary solution.
In two hours reversed offering.
And then the street yards and we are.
In discussion and we are looking we're investing your local spine and to explore and opportunity that able to streamline.
Our effort on the engineering side on the go to market side.
And on Geo extension, you know side.
And I must say that well you entering this crisis, we see that's just the good balance sheet, but also being.
Profitable than it was good.
Indication of a positive cash from operation and doing this year.
That's the definitely encourage us to look deeper and for this type of opportunities.
Phones for long and my last question.
Yeah, no assuming that engagement.
Across the board can you go into some detail how capital I keep isn't as has been reacting to the crisis.
Yeah.
Oh, So are you know when it comes to constant our Q. So first and foremost, let's remember that a would be the first two weeks off the first quarter, because we consolidate their numbers only as of January 14, a 20 twin.
We're very very happy with.
With the results and as I mentioned.
In one of the for quote.
And where he see you is being integrated with our business, where do you find it seemed to afterwards.
One that's what that's what do if the synergy Bose, we far search business and with digitizing business. That's one and the second one is basically externalized. They see a Q monetization engine that is being good execute so effectively on their only know on their sites.
Two other sites.
And ER, we signed a two agreements already we first year publisher.
And I hope, we can Matt we're working to publish their names, but a carton to you and this is already being sign and this is definitely part of and evolution of the content died Q.
And we she's going to be very much centralized you know advertising and business unit.
Okay. Thanks, very much I'm, sorry about that topic.
[laughter].
Oh, okay.
Thank you we'll move on to my next question from Chris Mcginnis with Sidoti and company. Please go ahead.
Good morning, Thanks for taking my questions and hope for both you and your families and that's where we're doing all right.
I'd say some environment. Thank you.
Just wanted to follow up around certain or be on advertising business can you just maybe talk about the growth rates you saw our seok kyu mood before March kinda kicks in and then also you know in that same thing maybe the organic growth of.
Advertising segment.
Oh.
So all anymore or the growth of Hypnotizing, because we'd be isn't isn't we say reported a 2027, 20%.
Year over year.
And with a very much the contribution.
Of content like you.
We are reporting from an advertising standpoint to consolidate number that has to do this new business unit.
And in which include Oh were undertone and keep them anymore and of course conclude the content by Q.
And I definitely he can say that across the board across the board January and February was a very very strong strong month and for all of them.
Thank you very much and.
I guess, if some of the cost savings anyone else how quickly can you.
You talked about where were the false ends up coming from that.
Depending on.
How the market rebounds.
You talked about how for single false backend depending on.
That's a around four finishes.
Yeah. That's a very good question and then I think that.
<unk> <unk> the management as always.
You know always Glenn I must say for rainy days a week was from from gifting. Good to understand you know good the circumstances of Ah the coffee 19, and executing and didn't take much time.
And he test to do.
Very much with the way, we negotiate even before the call. We'd 19, we far vendor. So a I think it was and we will lease left the room for any kind of southern drawl into business, which help us to Eric really quick some of the saving discuss.
I mean from you know our employee.
And what's not going much into details we are very much trying because much of weekend.
And that's the that's the biggest a I think the biggest question that we have on one hand.
And to do what these necessary and what is expecting for management to react and ER and rollout as soon as possible and these cost a cost saving claim but on the other hand, when the market will open and we all hope and in this market will be.
Back on track and and hopefully in the fourth quarter of 2020, we were able to capture the opportunity. So that's a fine line.
He is a fine line.
And we are monitoring closely and as we speak day, if there are signs and maybe it will come sooner and so any in any case, we were trying to not too.
Do any cost saving that can hurt our ability.
Two kept sure you know the opportunity when the market.
What a bounce back.
Thank you for that.
And just.
He is talking about.
April seemingly done the worst month.
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Our into some signs of Congress in some sort of the open backed off no alone as a positive.
So badly the little bit of how maybe even our progress through April.
You know opening up a little bit.
So I think we are we definitely see Simon and I think that the fact that where this diverse.
In our strategy and allow us as I mentioned I think more than you know three times during the school and allows to see different different sides of Ah digital advertising spend.
The threats the first and the most immediate saying that we see is that the RPM is going up yes slightly.
But me or let's say last week on April 1st week of me is looking better than the beginning of April.
And then it it's really good indicator for us to to monetize. The then you know the market. We're talking about a 13 million searches. We we are heavy quite a spread.
And then business there that we're able to monetize these changes.
When it comes to the other side of the business more on the artist. Besides just the business. This is no longer sales cycle.
I mean, even though we have.
Quite substantial amount of always RFP that currently we want and they are on hold.
We we Werent Guppy, we'll get being kind of ER and noted.
And that we need to look at did for nuclear could advertising. So it seems that that the market.
It is showing signs of recovery I need to be very cautious so what I'm, saying.
We see it more on the RPM side than on.
Yeah, I would feed and let alone new RFP and even our fees that were associated more with travel automobile.
And but overall there is the definitely reason to be more optimistic.
Great I really appreciate that color.
They say something about that thinks that somebody.
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Well.
Thank you I'm living off my next question from John Nobel was Taglich Brothers. Please go ahead.
Hello, and good afternoon.
Actually I just wanted to start.
<unk> and command excuse me commend you on donations and the six she wants markets and your support the cold with 19 responders.
I thought that was really cute they potentially a call. Thank you very much wells.
Well, you're well thank you Oh.
A lot of my questions have been addressed but Oh in response to.
The acquisition of content on Q.
You have a breakout of what the revenue was are not first quarter.
So we're not providing a breakout of well. There then you don't you think that we can say and this is something that we shared.
And the time, we acquired content like you.
And that what are the you know whether the planes and whether basically we're expecting what they did you know in 2019, and we definitely expecting that their business to grow this is there.
But the earn out we choose significant part of the of the total consideration is based on and I can say that they are definitely on track.
Oh I see cheating you know do these number and which are what was part of automotive so.
Things are continuing as expected.
Okay.
I was hoping to get a better understanding of all automated content recognition.
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Get put out press releases in regard to this is hoping that you can actually talk little about your role in less than what you see law.
And why particularly why has that spend a topic of discussion and he brought to the covert 19 pandemic I was hoping to understand what Oh.
Oh, that's oh, yeah, yeah, very interesting. So HCR is it technology that is being used and for digital advertiser that would like to leverage and effect.
But for people spend time at home and watching TV.
And it may be smart TV and besides this allows us and.
This allows us in <unk> in the way to connect between advertising on different screen to what that people are watching the no on their smart TV. So they see argues that technology that connect between the two.
And the most a you know treat deal example can be that if you are watching you know these content right now what is the relevant Ed for these content content can be whatever content or it can be in it and so HCR is the technology that allows this relationship which.
We are now seeing because there is there a lot of eyeballs on on on Smart TV and having these technology and working ER and allows us.
To to bring to our customer have very useful and way to dual and substantial uplift of theirs of their spend on digital advertising.
Okay. Thank you for that I, just wanted to really understand that won't between the two I understand.
Actually my questions were addressed but Oh God.
Per bottle search engine.
I was hoping and I know what she knew what was what was that a little bit February.
I was hoping you may be able to provide some metrics on its adoption.
So are you know there.
It's it's too early but the only thing that I can tell you that there is a growing interest and we're on.
So there are two two type of effort one effort. These of course, the consumer adoption, we choose one metrics. The other than they were very interesting approach that we are focusing on is the b to b the business adoption in didnt business adoption.
We are no we already closed one telco, which he is going to embed that prebuy, though it's part all you know their device.
In other words or when they wouldn't you will activate your mobile device and in this country. At this point is in Europe. In this country you will get Previtero built in.
Into your mobile device.
In this way, we're able to get there we are starting with 100 hundred towels and subscriber.
And currently to proof of concept.
And I must tell you that based on initial results. We are using good to have it Vince discussion with other telco providers and that that they're looking at it is a great addition.
And do their subscriber.
So that could be a very.
Lets say a clever way to expedite the adoption of pretty Vod, though at a moment.
Among users.
So this is this is our main focus like now because we want to get as fast as a weekend.
To a large adoption.
Okay, and I I must say what.
Starting with 100000 telcos it squatter perspective.
This is already a part of a mobile applications on that many devices.
Yes. So currently we are starting with a 100000 that to your subscriber for these device for that specific.
Telco and it looks very looks very good so far and weve debt. We are expanding it'll be very successful proof of concept to other telco, which we are currently negotiating with.
Alright, great. Thank you for that uptick.
Thank you.
Thank you all move onto Shawn Boyd with mass market I'm, sorry next Mark capital. Please go ahead.
[noise] question.
Congratulations.
Yeah.
Hi.
Quarter.
Yes.
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Yeah, so like anything guests to do with a with advertising it's all geared.
Towards the fourth quarter.
And traditionally Q1 these are the law school.
That's true for all businesses, including content Nike.
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Office.
How much.
Thank you for.
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It was if it was 36 30, 35% of the.
Got it okay.
Speaking about here.
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Thanks.
[noise] no a that there are some assumption for their attention that we're using you know for the financials for the quarterly financials. So Uh huh.
Now part of the number that you can see on on the on their own inc., but yes. It's a the number that you can see here include their announce any good a part of their attention additive leads through that period. So they're all the thought it was $11 million now and attention and thought the fifth or then in Q1.
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And then we can.
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On a number.
So we should think about going forward.
[noise] and they are there. This is another deal and within let's say that to be done certainty that we have in the market now definitely it could be could be change a bit later on the they do on.
I was it at the 55% affect the as he does you understand we acquired the tick you at the beginning of the quote there on the generally if it's Dan it's not the for the growth there.
Through its positively affected from last year, Q, but if I'm looking forward I'm expecting to be tire percent flown man Lusk acquisition cost.
But also.
With different under from quarter to quarter will you did this is not at the and Ah that then then they can certainty that we execute do a bit a I was said.
I don't I'm, there and then we should expect to move back to unknown.
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Last year.
No that wouldn't be that we didn't did a number of said 29 10 before the acquisition again, 55% with your Q is a against the lower than what we anticipate so the rest of the are we expecting higher number too much I know in Q2, and then we will move back.
Hello, under but it would be above the 55%.
Okay.
Last thing for me you talked about.
[noise] can you give it a little more on how much of that.
[noise] operating expenses.
So.
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In March.
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[noise] [noise] there there are some though.
So system. They said they think one of them already and then somebody dawn is it very well, they're a heightened that related to the synergy with yet you are there other than that related to some efficiency that we have that build a on a different business unit. So this is a fairly fast there. The second there is then though that's the only be talking.
And then before the Bundick pandemic and doing that and then Nick.
And so that the second the the second the and layer and the last one is the Sanofi says.
Well you know, we working remotely and part of that off is that the use is we walk in and some that short period. The L.A.'s. The agreement that we have the we're not using today and we're not expecting to use as soon and that they're not as fills a phasing full 2020. So taught a compelling goal we told.
Just a few days are we expecting attending a little thing.
Right.
So much.
Thank you. Thank you.
Oh, Yeah, certainly no further questions at this time.
Okay.
Hi, guys I would like to thank you for joining our call today. Thanks. Thank you very much bye bye.
And ladies and gentlemen that does conclude today's conference. Thank you for your participation you may now disconnect.
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