Q3 2020 Earnings Call
Good morning, and welcome to the Netsol technologies fiscal third quarter 2020 earnings Conference call.
On the call today, our Najeeb, Ghauri, Chairman and Chief Executive Officer, Roger Almond, Chief Financial Officer, Sorry, head of global sales and group managing director of that's all Europe, and Patti Mcglasson General Counsel I.
I'd now like turn the call over to Patti Mcglasson who'll provide the necessary cautions regarding forward looking statements made by management. During this call. Please proceed.
Good morning, everyone and thank you for joining us.
And your view of the company's business highlights and financial results.
The call for questions.
Please note that all the information discussed on today's call is covered under the Safe Harbor provisions of the private Securities Litigation Reform Act.
This call may contain forward looking statements relating to the development of the company's products and services.
Future operation results, including statements regarding the company that a subject to certain risks and uncertainties. Yeah. They told US what are the social dismissing opposed to cope with my team.
<unk> impact on our financials and of all the economy that could cause actual results to differ materially from those projected.
Whereas expects anticipates variations of such words and similar expressions identify forward looking statements within the many of the private Securities Litigation Reform Act Nike Nike.
Absolutely.
So it's not worth looking.
These statements are not guarantees of future performance.
And its effect becomes definitely the corporate cost the development of called exits or with isn't a tightening of the market except I.
As opposed to delay in recovery, where the prolonged economic downturn that affects our company or customers around the world economy, the subject companies, especially can disclaims any obligation or undertaking to update or revise any forward looking statements contained your interest like any change in the company's expectations with regard there too or any changes in events conditions Jessica circuit.
Yes, it's called which any statement to say.
I would also like to point out that we will be discussing certain non-GAAP measures. The press release issued earlier today contains a reconciliation of these non-GAAP financial results to their most comparable GAAP measures.
I would like to remind everyone that this call will be recorded and made available for replay on our website at www Dot net healthtech dot com and be a link today.
Today's press release, now I would like to try to call opportunity.
Thanks, Betty and good morning, everyone and thanks for joining us today.
I'm, calling in today for offices in the all in Pakistan to.
To be honest, you need a beautiful they're feeling doing it right no I.
Oh, and if you don't get Cabot is usually sort of life connectivity and right now it is largely empty.
These are no question, most unpleasant to try and for us.
It is truly a unique are going to have one event affects nearly all members of our global community in such a meaningful me.
My condolences.
Door to door was affected by the pandemic directly or indirectly.
Thanks, Dan My deepest thanks to those who continue to work the frontline keeping a safe and healthy through these trying times.
[noise] International organization necessarily directly witnessed the influence of course 19.
Typically spread through many of their operations around the world impacting family.
Our employees to me to do and they're going to get the bottom you of course.
During the spirit of increased uncertainty.
We have.
Ladies and gentlemen.
Oh people come first.
The initial divorce the why we're certainly did and we ended the year, we acted swiftly and restricting Oh, no one essentially travel indefinitely.
Shooting a mandatory work from home policy.
I think any employees for displaying me like Sim games, all experiencing the onset.
Then show sickness, well being all being highly encouraged to see medical attention to ensure the health and safety first and foremost.
And it seemed like we are closely monitoring.
I mean situation through all available information channels, including the latest news before I go to a bit <unk> you didn't see the was held in addition to other regulatory authorities.
[noise] the start of the calendar year has good challenging dying from many.
Oh, it operations into 15 gift water well meaningfully impacted by the global slowdown occurring in many other where do you gave me fair, including the greater leasing FIDAC and automotive sector.
Why do we expect why do we expect this impact remain on an ongoing headwinds for the foreseeable future. We are pushing ahead and continuing to operate efficiently and this new normal environment.
[noise] edifice response.
We have put in place business is going to new do you plan to ensure that Oh implementations and deliveries remain on schedule.
Our team has responded Kibali you. All these this trial have you been it moved to operate uninterrupted since transitioning to a remote work environment.
Additionally, our maintenance and support style has been not bidding when it seems schedule all international customers. Our teams are still very busy and conducting we're drilling demos presentations and negotiations.
In the unpredictable in Wyoming, we couldn't do find ourselves.
I had been understandable delays and decision, making some potential new customers, both Saar flex your NFS ascent and autos.
Second we have moved swiftly and decisively and reducing our cost in number of North Korea Ya and have also elected to take some reduction in the near term employees of Netsol and our subsidiaries have taken an average reduction and still real nearly 20 person.
Companywide and getting our senior management team and board of directors.
So do the program and you when you should have such an auto innovation lab continued to operate on a reduced Lucas and budget.
Additionally, budgets for marketing travel and other both small operational activities had been substantially reduced.
Through these combined efforts, which we expect to realize cost savings of approximately 5 million dollar on an annualized basis.
I'm also very proud to report that these measures and other proactive response efforts have allowed us to retain all employees at this time.
We also believe a big books strong cash position over the years, which gives us additional support going forward.
[noise] all things considered.
Returning to stall and controlling what we can.
At the end of the Dean we plan to emerge on the other side, it's a much stronger company I.
The technology, a nimble organization, we are well suited to respond to the current digital transformation happening right now and being a world class team standing ready to continue onward interface. So adversity.
I'm proud of our collective workforce for their dedication and sacrifice.
In a minute I'll come back online to provide some operational updates from Q3 has got a outlook for the remainder for the year, but before I do I didn't matter, where the quote do I feel for Roger Almond, who will walk us through our results for the quarter Roger Please.
Thanks gene turning to our fiscal third quarter 2020 financial results for the period ended March 31st.
Our total net revenues for the third quarter for 13.5 again.
Compared to 17.1 billion in the prior year period.
The decrease in total net revenues was primarily due to a decrease in total license fees, a 2.2 million in a decrease in services revenue of 2.6 million, which was offset by an increase in total maintenance fees of 1.2 million.
Total license fees in Q3 was 312000 compared to 2.5 million in the prior year period.
The decrease in license fees for the quarter was primarily due to the absence of meaningful contributions from our truck country 110 million dollar contract, which had a more pronounced contribution in the prior year period.
Total maintenance fees in Q3, or 4.9 million compared to 3.7 million in the prior year period.
Accretion total making that speaks to the quarter was due to additional markets growing lie with NFS ascent as part of the multi country contract just mentioned.
Maintenance fees began once a customer has gone live with our product, we anticipate maintenance fees to gradually increase as we implement both our legacy products and NFS ascent.
Total services revenue for the quarter was 8.3 million compared to 10.9 million in the prior year period.
The decrease in services revenue was due to a decrease in services revenues associated with new implementation for two major contracts and change request.
Services revenues derived from services provided to both current customers as well as service to somebody to new customers as far as implementation process.
Total cost of revenues was 7.5 million for the third quarter decreased 1.1 billion.
<unk> point Sixmillion in the third quarter fiscal 2019.
The decrease in cost of revenues was predominately driven by decreasing travel expenses as we sell to cope with 19.
The decrease in depreciation and amortization expense as certain products became fully amortized.
Gross profit for the third quarter fiscal 2020 was 6 million or 44.5% net revenues down from 8.6 million or 50% of net revenues in the third quarter fiscal 2019.
The decreases in gross profit and gross profit as a percentage of revenues were primarily due to decreases in revenue I didn't amount that was greater than the related decrease in net cost of revenues decreasing cost of revenues was predominately driven by decreases in travel.
Depreciation amortization and other expenses, which were offset by slight increase in salaries and consultant costs.
Operating expenses for the third quarter decreased 1% to 6.5 million or 47.3% of net revenues of 6.5 million worth 37.7% of net revenues in the same period last year.
The slight decrease in operating expenses was primarily due to decreases in sales and marketing expenses.
Depreciation amortization and research and development costs, which were offset by an increase in general and administrative expenses.
Turning to our profitability metrics, our net loss from operations was 376000 for the third quarter decrease the net income from operations, a 2.1 billion in Q3 last year.
GAAP net income attributable to Netsol for the third quarter fiscal 2020 totaled one may yet.
Or nine cents per diluted share this compares to get down to a.
1.3 million or 11 cents per diluted share in the third quarter of last year.
GAAP net income attributable to Netsol included a 1.8 million dollar gain on foreign currency exchange transactions in the third quarter fiscal 2020, which was a significant increase compared with a gain of 47000 in the prior year period.
Because we operate in several geographical regions is significant portion of our business is conducted in currencies other than the U.S. dollar.
The decrease in devalued the U.S. dollar compared to foreign currency exchange Rage generally has the effect to increase your revenues, but has also increases our expenses denominated in currencies other than the U.S. dollar.
Similarly, as the U.S. dollar gained strength relative to foreign currency exchange rates it tends to reduce our revenues.
It also reduces our expenses denominated in currencies other than the U.S. dollar.
We plan our business. According accordingly by deploying additional resources to areas of expansion, while continuing to monitor overall expenditures, giving the economic uncertainties our target markets.
Let me turn non-GAAP metrics, our non-GAAP adjusted EBITDA for the third quarter fiscal 2020 totaled 1.8 million or 15 cents per diluted share compared with non-GAAP adjusted EBITDA.
2.2 million or 19 cents per diluted share in the third quarter last year.
Please see the reconciliation schedules contained in today's releases in today's release, probably revised calculations of adjusted EBITDA for the fiscal quarter ended March 31st 2020.
Turning to our balance sheet at quarter end, we had cash cash equivalent to approximately 15.7 there yet.
Approximately one dollar <unk> dollar 34 per diluted common share, which was down from 17 million or approximately $1.45.
He common share from the prior year quarter.
As I conclude my remarks, I want to see how touched and humbled by.
Let's see the hard work.
Sacrifice dedication of our net soapy around the globe.
Although striving to provide for themselves and their families employees are making financial sacrifices, while still maintaining a relentless work ethic.
Just see us through these difficult time to be management's imagination innovation and dedication, which would not only helps keep netsol upload.
But also remain resilient for the future.
I believe our management team has continuously shown these qualities and I'm honored to be part of this amazing organization.
With that I'll now turn the call back over to need G D.
Thank you Roger.
I'll begin my remarks, you always do by recapping some of the major operational highlights from the period.
Starting with Asia Pacific region, with our previously announced 12 country 110 million dollar contract with a German auto in such a giant we continue to made considerable progress along a multiyear multi country implementation roadmap.
More specifically just last week, we achieved a successful gold I've been militia.
I started to go like me implemented our full suite NFS ascent retail platform, which includes oney point of sale and contract management system and separately the whole feels good and system for a whole feel that from.
Delivering all modules on time interface with the current environment isn't really achievement by our team.
It's worth noting that this they just go down but then the first remote implementation we have ever attempted.
Based on this successful rollout we are increasingly confident.
So do you continue executing through the Ledra stages, Oh, this multi country deployment in the coming months.
Moving forward.
The next.
Near term go live events to come it would be in Singapore and violent.
We have additional deployment schedule for new territories beyond these and we also more go live events for them on the horizon well area. We have you kind of at least partially operational but we expect those announcements to be made in subsequent calendar years in all we're continuing to proceed with under budget.
And on schedule.
Switching to other ongoing in bed project in March we delivered a sand rebuilt that from to the captive Auto Finance company open notable Japanese equipment manufacturer in Australia, New Zealand.
It got to complications diligent to covert 19 to go live date had me then temporarily force, but we are looking forward to resuming operations as soon as condition from it in those countries.
This quarter, we also implemented or are you operation system.
The leading kept do well that's gonna do you have a notable Japanese.
In Indonesia, allowing their call center workforce to contact prospects and act as an additional channel for lead generation.
At this point I like it did you go eat what was the global head of sales and a group managing director of what you're going to operation, but not so he is going up in named gory he'll give you all the strategy and outlook update.
[laughter] like you did you Oh good morning, everyone.
So I don't view on this call for the first time and presenting to you right. So I'll start off body all covering the European operations.
You might know the European operations are now based on two product offerings. One is the old generation product to be hot and one is the ascent side, which we are pushing and focused on.
I'm happy to report on.
The previous generation product the customer engagement and the customers is quite strong and stable and we expect an uptick based on the corporate 19 situation with services and other Oh.
Development costs that are required black Knight.
Got a move onto a said, which is where we focused as an organization.
As you might know I recently in the news we had.
Disclose that we were able to sign a contract with the leading CIT bank.
This is on ourselves in cloud model a that we've made the market that we're all we see it tracking really well, we further opportunities or even with the client as we move along Oh This project as a whole.
Is.
Due to be delivered at six months into striking weather, which is probably.
No being accomplished in the industry before all usually these.
These projects are long and they have their own timeline. So good you're able to structurally at all with based on the plot affect block for.
Wherever you provided prebuilt interfaces regulatory framework.
Although pre said this is configurations that allows us to offer this to a customer so they can implement it quickly and stop their operations.
It's been a great win for us and we see momentum because of that with other.
Prospects engaging with us.
So Oh, you know is something we would be other every one of arrow and we've seen on the other side other engagements picked up once a day in Europe.
And finally on the core because the normal business I because at least so are we just true yeah and independent cone find on something you could like.
Also in a short timeframe I think that's the focus for us is to be short BRCA deficient and get people on to our soft world.
Oh I would also like to cover our European North American operations at all from a Doorbusters perspective you.
Oh.
We've had great traction as well in the U.S. based on arguments.
Platform.
Positioning.
We signed off both customer in North America, SCR, which is expected to go lives in the next two weeks and again this has been gone completely remotely.
Which is thought something which is done in the industry in the space. We operated so it shows the capability of luck just stop people bought all product offering wonder a sense and its allowing us to reach Dan how are we deliver how we price and how we engage with customers.
No one asked.
Our strategic approach.
Which as you already know is a three pronged approach.
Fourth we continue to focus on organic growth of our current pool business, which is tracking well, it's actually tracking better than.
Oh, what it was about 12 months ago, what do you see a lot of activity due to the situation where customers are looking at platforms, which are open are easily connect it to do keep platforms or do a channels that are available and or the market understand though that it can.
I shouldn't it's fast track to a lot of inquiries threw off I mean, it is high and with the modeling and the packaging wrong.
The product with the SAS offerings, it's a long watch regret great traction.
Oh, we were cautiously optimistic of success in the coming.
Quarters.
Potentially this quarters, but.
Oh, Secondly, Oh, we focused on our innovation areas or we wouldn't create partnerships.
Oh, well technology input personnel to be up.
A major differentiator to organizations.
As well as all.
Oh totally girlfriend for you know well not inorganic growth opportunities, where it makes strategic sense for us.
I'd like to go over in some more detail around we started you.
As we mentioned previously or did you mention is his opening remarks.
Okay, there was a pause oh.
Because of the situation, but I think though what we see as customers.
Looking to not really have a pause but to address the situation and the impact as we move forward.
Even though we had purchasing decisions, which were delayed because of uncertainty <unk> on the flip side because of what the platform offers its opened up a lot more possibilities, which worked closely with.
Oh.
We are experiencing a high engagement with.
Tier one costumes in North America, and Europe, which are quite good ones and we will hopefully be sharing views as it comes with these engagements.
All of these engagements or virtual and Weve seamlessly adopted as an organization into.
Oh, what you would want but everything is done through communication tools or nothing stopping and that's a very positive sign of what's to come.
[noise].
Moving on.
You talked remains Oh sluggish for us, but again coming back to say boy, we see that opening up significantly just because all the situation and walk into.
Howard relies on technology and sent being a platform.
We're just cutting it allows us to provide that flexibility to the client. So we're also seeing a lot of encouraging activity because exists.
With all our Asia Pac customers.
Existing customers.
Generating additional revenue streams based on Oh, the situation they food.
And Ah because of that we're generating.
$2 million to $4 million.
And Additionally revenue over the next quarters, just based on the situation.
I think possibly that control or depending on when we come out of the situation.
Oh, but more walkie talkie, Oh, it's all done remotely what's really.
Adaptational north side on the customer site, it's very hard so cheap things mover.
[laughter] into longer term, we continue I'm very confident though that the plan B. I'm pleased we lost grew up business.
Oh.
In a more stable environment.
But we are definitely looking true address.
Benefit from.
Oh, the current situation from a business perspective to offer.
So it was it super time that can help them.
Address the situation that the right.
Moving on to our second growth strategy area, which is innovation and partnerships.
Auto was.
Has been quite busy over the last few months offshore people, it's all going to about 45 engineer.
Oh, you speak with a focus on <unk> block chain or and I have two applications.
We officially launched the newly rebranded autos mobility website to better align with our marketing message.
I will walk you want to number project crossword mobility, we see great traction.
Oh, we got technology spectrum dynamic pricing machine learning models, how recommendation engines and multi lingual chocolate.
Oh, we could you can see growing interest in autos. This modern onto <unk> mobility block from from both new and existing customers alike.
Mobility products allow customers to expanded coverage for each other not adoption to the traditional product offerings, which gives them for didn't the perpetual gets bad their total addressable market.
In March or told that shouldn't you a contract with the cup captive or finance company over Legion, leading German automotive sector in China, Oh to launch its pilot cautionary program in the country.
As part of the program.
Oh thousands of Darryl in total auto captive employees would be eligible to use flexible cautionary product.
All of which will be deployed through the office platform and the many use cases and driving some tuck conducted will enable autos.
Right option for flexibly tolerant too.
Well its peer to peer cautionary and other subscription based programs underlying technology driving these innovations would be based on machine learning a lot you.
With broader application coverage hopes marketability and I would you ecosystems. In addition to providing another strong endorsement of our technology solutions. The pockets. You're also enables autos to further validate and it really was environment with the ultimate goal of becoming a scalable solution into Chinese market in New York suites.
Great reference point for us.
We also had the ability from in autos perspective to exhibited at presented move 2020 are back in February which was then.
Got a different one.
Oh.
More than maybe didn't Lucky conference of the rent was a great platform for us to demonstrate.
Our technologies and what we bring walking on an innovation pieces.
So we see a lot of traction and positive a p. around our autos offering as an idle or a standalone for customers as we move forward.
[laughter].
Oh, well I'd be cautious specific details in the areas on todays call.
What I can answer is currently we are working with some of our existing <unk> customers in an effort to a large strategic you from wood mobility rig offerings.
Oh for also implied growth area, we're continuing to evaluate opportunities.
In the marketplace that makes sense, Oh, I'm being highly accretive and complementary to our business.
This time for you know for the updates on the specific area.
I'll be covering some of the outflow as I've said, Oh, yeah, we remain cautiously.
Optimistic Oh, we've seen up huge uptick in engagements based on the situation and customers realize they're realizing that they need open platform, which has said offers.
So we're we're seeing great engagement like if I start with China.
We see signs of recovery in the Chinese operation they've dealt with.
But to a certain agree with the cold situation.
No it's not been a gradual uptick it's been quite significant uptick in our minds in terms of how quickly things have started to get back to normal.
And coffee is which is a predominant area have.
Come back at least by 80% to 90% I'd just shows that the market is robust and they would be required thoughtful just then move forward.
The rest of was again is.
It's still not.
Very clear, though it's will pick it back.
And.
But we see a lot of engagement that too that doesn't mean that we will see decision making.
To be in line with how we see these engagements, but we are optimistic based on right now.
We will see positive results in news coming out we are continuously monitoring all aspects of our global operations.
He ever to support all of these engagements on business as usual and the customers that depend on US there continues to be monetary.
As the safety of our global workforce, while balancing a long term growth initiatives.
Oh I didn't do first organization Oh, we're also evaluating innovative inflexible waste somebody got cost structures without impacting the delivery implementation of the projects in all markets.
And this time about talking to you in a few but we believe are there new opportunities out there for deals companies that have the results to adopt.
How does it maybe a the vision to innovate ahead of the park, but we didn't put it still remains the same you wanted me to windows of the future.
No company not space, which is like I said, leading finance speeds more well equipped and I'll take advantage of the disruptive technologies that we have proposed bronze well.
Ownership models as we go on hardware to the Jeep, though.
[noise]. Thank you want to suck I want to add a in my closing remarks, while our team under leadership of named already in this would go in many other.
People in sales only when do they are working very hard to bring in close new revenues, we and the married inside very focused on cost control deficiencies. We are following closely on the key metrics like EBITDA.
And gross margin operating income we believe those are very important number supposed to stay strong and SKYSITE seem to understand more.
Need a nimble I'd like to.
Thank you started to completely thank our employees global employees partners customers investors and other key stakeholders for their continued support and that's all through this difficult period, especially.
Everyone listening today, I hope you and your family's remains safe and healthy during a challenging time.
This time I'll ask a prudent upper did open up for the acuity operator please.
Thank you at this time of the conducting a question answer session. If you'd like to ask a question. Please press star one under telephone keypad, a confirmation Turnbull indicate your line is in the question Q.
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Our first question comes from the line up on your Soderstrom with Sidoti. Please proceed with your question.
I jumped on Manoj. Thank you for taking my question asked seems like you're moving along nicely. Despite the challenging environments and I Hope you all think say.
Can you just give me some more color on on the pipeline, especially how that is trending in soft first just a licensing.
Yes.
Yeah. So do you wouldn't handled that he mass or five watts.
Yeah, Hi.
So as we said you know we've got a core competency that you all know which is our tier one big deals like the $110 million deal that we refer to quite often so that business looking strong, but if you specifically talk about the south.
See great traction with the way we've converted customers in Europe.
I see I for example, so we we launched about.
Eight to nine months ago, and not enough space, if you understand dread depth and breadth of on a product offering it is a lift for little bit different to pack. It did undersized and one of the redeploying no divided either God, it's coming from having.
Come in and and start utilizing our platform, even though their preference was.
Do you ever traditionally model.
Stopes asked for US is tracking really really well we've got multiple engagements.
In Europe, and the U.S., which have picked up significantly over the last three months to be very bullish in terms of convergent as we move forward I can't give you specific names, but I can't say to you that are there in the engagements are in their dozens currently and I did want stages.
And would you say its sort of sound like you alluded to on the call that the current environment. This sort of at helping your case has since the your your technology is is helping to companies to stay relevant just that's sort of how it goes or is it more.
Hi.
Yeah.
Yeah, sorry, well.
Yeah, I I would address I don't want to being sensitive to the situation, but it has opened up a lot of opportunities for us.
As I said previously our platform allows us to be a lot more open to integrating with.
Other systems.
Which allows customers to be flexible in terms of location and how they operate they can take out business prophecies and they can expose them to there's lots and others. So because of that positioning which wasn't obviously for coal where he was just how we built the application it's allowed us to.
Gain a lot of traction and obviously the situation has made custom companies.
Think about how they need to react to this environment I'll jump as.
As much as we want to go back to be normal I don't see that happening.
Anytime soon.
Yep.
Life has to go on things will change so that the platform is allowing us to provide that change easily you know so that is why we're very bullish.
Okay, and how do you compare them to do your competition Oh in terms of that.
What's your comfort.
If I'm being honest I think our competition struggles there with some of the concepts.
This is validated through our customer engagement of the wins that we've had over the last couple of months in Europe. We've had strong competition from off big competitors on Fridays on others.
Come out ahead, so that's about a vision for us.
And I had one more point there on yeah, I've without naming the name of one very large customer would just complemented nuts. So that's the only vendor who is delivering in this environment. So that to me was the this he was a big I think boost to our employees who are of a dog Phil actually their productivity has gone up because the sitting home and working on right now.
Working.
There's nothing else to do right [laughter].
Yeah, I guess [laughter]. So that's why haven't you that you're generating that's included in the services fees line right Oh.
Oh that I mean.
If you heard a Roger earlier, so I mean stock won't model is a monthly fee that comes into Roger can stay more but if you see.
We've taken a hit on the licensing side.
Roger explain that is because of all can oh, often want in custom on the south side, which is a monthly payment.
With that they make rather than a lumpy payment they used to make for us and that used to reflect automatically assume that came in.
Okay. Thank you.
And then in terms of that comes for contract Oh, I'm going to come first you have left our to implement.
How poor countries left so we've done.
Free for the major once we've done two of the smaller one believes are being the or the one that went like recently, we bought ongoing projects with two other smaller ones, which you shouldn't be hearing news all going live in the mix two months.
And then you've got four at the bigger ones left like Australia, Japan. It up in markets, where we were we're already starting work on remotely obviously, which is the new reality. So that's ongoing so we will have crossed the halfway box. It's actually no a we would be taking some of the smaller ones like imminent.
And the bigger ones will then be.
Following.
Oh, I won't be didnt try to another.
Okay. Thank you if I get it was all for me.
Thank you.
Thank you, ladies and gentlemen, I don't mind, if you'd like to join the question Q. Please press star one at this time, well pause a moment to allow for more question.
Thank you at this time. This concludes our question answer session. If your question was not addressed during the Kuni session. Please contact that's all the Investor relations.
Team by emailing them at investors at Netsol Dot com, whereby calling them at 9.957 for 386, though.
Now I'd like turn the call back over to Mr. borrowing for his closing remarks.
Thank you for joining us today, I, especially want a thing or investors the continuous support annoyed customers not did you get an important dedicated employees for their ongoing contribution I wish you safety and love all if you look forward a bidding going to next call. Thank you.
Thank you. This concludes today's call. Thank you for joining that's all fiscal third quarter 2020 earnings call. You may now disconnect your lines.