Q2 2020 Ideanomics Inc Earnings Call
[music].
Greetings and welcome to the idea Nomics Q2, 2020 earnings call.
At this time, all participants are they listen only mode.
A brief question answer session will follow the formal presentation.
If anyone should require operator or technical assistance during the conference. Please press star as you're on your telephone keypad.
As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Tony score. Thank you Mr. score you may begin.
[laughter]. Thank you operator, and a welcome that did they get the idea Nomics Q2, 2020 earnings conference call. Joining me today I'm pleased to have Mr. Alpert poor Chief Executive Officer, and Mitch Mcconnell Mccarthy, our principal accounting and Chief Financial Officer.
Just on today's call will be archived available in our investor presentations section of our corporate web site for a minimum of 30 days.
As a reminder, this conference call is being recorded.
During the call we will make forward looking statements such a dialogue regarding our ready expectations or forecast for the quarters and old fiscal years, 2020, and 2021 related to our business.
These statements are based on our current expectations and information available as of today and are subject to a variety of risks uncertainties assumptions actual results may differ materially as a result of various risk factors that are being described in our periodic filings with the FCC. As a result, we caution you gave placing undue reliance on these forward looking.
We assume no obligation to update any forward looking statements as a result, well information or mature events, except where required by law.
In addition, other risk we disclose those are more fully described in our I do not like public filings with the U.S. Securities Exchange Commission, which keep Youd Www Dot it's you see duck.
Today August 10th account that he will file or 10-Q Yep Yep words, we have issued a press release it though no announcing our financial results. All participants on this call me Menon I've already done so may wish to look at those documents as we provide a summary of results on this call.
Hey format for todays call will be as follows list Albert core CEO will speak the Companys overview and business strategy as well, yeah activities and development for the second quarter and Mr. Twentytwenty, Mr kind of Mccarthy <unk>, Oh, gosh, its operating and financial results for the second quarter and then.
I know its everybody's favorite the Q in a session.
Ill now hand, the conversation over to Mr., Albert or I do not see Oh.
Thank you Tony Thank you everyone joining the call today.
I'd like to start the call with an update of the global electric vehicle industry.
Hi, stumbling blocks, the F. reports, which I consider was one of the leading information sources to the industry.
Given the events taking place in battery tech combined with policymakers pushing for lower emissions.
Accelerating level of investments in Hebei sector. We believe the outlook for he brings is very robust today numerous countries have announced plans to phase out south of gasoline and diesel powered vehicles billing passenger calls. It is the municipal bus is mopeds trucks on light commercial vehicles, which a full cost it to be lead us in that segment into.
As of electrification all of these are which of course talk it's like once brought him on mix.
2020 looks to be an important inflection points to the industry evidenced by very active IPO market TV makers, such as Niccolo Caribbean fiscal and legal.
Over the past 18 to 24 months, we've strategically built a comprehensive range of services to support TV enablement like commercial fleet operators.
We believe a as to where the C or sales to financing to charging business model positions us to serve this growing market.
Confident that you'd be related procurement and financing services will continue to attract commercial fleet operators and that we're confident in our ability to market El <unk> are charging and energy services to those operators such that we generate for sustainable long term revenues that will drive shareholder value.
[noise] I'm Gonna take you through some of the highlights for the second quarter, starting with the M Street Division, where the company booked several million dollars in revenue and validates that business, Bob and investments in that segment.
The company's progress in the second quarter has meant that the third quarter was already off to a strong stop.
I'd like to set because like you do every woman Neogenomics family. So the efforts being made in Twentytwenty, we're proud of that business and what we are achieving as a result, the collective efforts.
I'd also like to think that growing shareholder base for their support.
The makes sense, when Qingdao and stoppages operations in the second quarter contributed to the second quarter revenues, along with makes executive team based in <unk>. So.
Our chairman Dr. Bruno Wu is on the ground inching down at this time.
Supporting the local team working with local officials to help close out sales to local municipal customers.
I wrote a book continues to grow and we're in an ongoing car in phase two China to support the execution delivery of our OTA pipeline.
This month's these positive momentum within a heavy truck division.
One particular old away for filling up his time without battery technology pop the CIA T O is for mining operations customer in into Mongolia.
We announced the Q2 this division was named as the Beachy vote or what.
The rebranding of the heavy truck division is to support expansion efforts outside of China and into North America, where interest in the truck segment is progressing faster than we originally bought this anticipated.
To participate in its interest but to help with OEM partners in China, and South Korea, we anticipate having cost efficient versions of folk battery easy and hydrogen fuel cell heavy trucks to market relatively quickly.
The process, but doing so required regulatory approvals rule vehicle types for the various road weather and safety conditions in North America, and we'll keep you updated on the progress without accordingly.
With the reopening the government offices in Malaysia in June the tree electric business was able to secure title to the approximately 250 acres of land within in the proceeds of acquiring and as a result, we're now in discussions with the simply an OEM partners regarding development Atlanta further support the growth of the business.
Similarly, the tree electric teams in discussions with financing partners around Collateralization with the land for development.
To support the anticipated growth in the assay in region, we are recruiting a CFO to treat electric I remain discussions with candidates with automotive experience and we've expanded the number bought seeks to treat electric <unk> CEO that took men and its senior government bonds are in Malaysia.
During the second quarter, we raised money to beef up like the cash on my balance sheet.
Well, we use the money raised to accelerate operational objectives as well as for supporting our efforts in evaluating opportunities to accelerate up business strategically such as accretive acquisitions, we see several opportunities in the market in the fall out of coated 19, when such opportunities can complement our organic growth will provide strategic advantage.
We will move to capture the value fraud and not much.
For your reference including in the presentation is a slight detailing our revenue model I won't go over these details now with help didnt several previous calls for the presentation is available on our website after the cool I.
I'll now hand, the call over the course them a coffee CFO of I do not makes for a review of the financials.
Good afternoon fake thank you out.
I do not looks produced one of its strongest financial performance was in the second quarter.
The highlight something for this quarter, our our mobile energy Gokul subsidiary, which we refer to as Meg reported its best ever revenues.
We finished the quarter with $36 million of catching a balance sheet.
We would use convertible debt by almost $12 million, which is about 40%.
Going concern qualification was removed from our financial statements given the strong cash position, we now have.
We continue to reduce our operating cost base rationalization of the company's office leases and we continue to look for other savings that.
In our cost base.
I would now like to discuss the financial performance in greater detail.
Revenue for the second quarter was 4.7 million almost all of which was generated by make the company E business.
Second quarter revenues are the largest revenues from bags.
Let's just say <unk> I believe demonstrates the underlying strength of makes business, particularly as these revenues were earned during the period when Chinese economy. The steel returning to normal after the call with Nike locked up.
Revenues for the second quarter of 2019 were $14.4 million <unk>. However, it really old old second quarter revenues were earned from the digital asset management services contract.
Juice no weapons in the first half of Twentytwenty, Consequently comparisons with the prior period is not meaningful.
Gross profit for the second quarter was $255000, which represented a gross margin of 4.9%.
Second quarter.
[laughter] that's compared.
[laughter] <unk>.
The increase was due principally to a one time non cash impairment charge of $6.2 million, which almost all relates to the decision to terminate our office lease at 55 for like.
Excluding the impairment charge operating expense for the second quarter with $10.3 million versus 8 million in the prior year.
The increase was driven by higher professional fees and wouldn't be remeasurement of acquisition earn out expense.
Drivers of the increase in professional fees included expenses related to the continued development of the complete investors relations problem.
Legal fees associated with the equity and debt transactions in the second quarters and other regulatory matters.
The loss from operations was 16.3 million.
However, excluding the one time impairment charge the loss would have been 10.1 million as compared to a profit of 5.7 million in the prior period.
Decreased operating golf is almost entirely due to the lower gross gross profit in the current period at the very high margins achieved from digital asset management service contract well not repeated in the current quarter and going forward, we do not expect to earn revenue in the foreseeable future from digital.
So it's not engineered surfaces.
[noise] as I stated earlier management continues to look for ways to reduce costs and allocate spending to projects with the highest rate of return.
I'd like to comment briefly on the interest and other income section of our income statement.
Interest expense for the period was $8.9 million, which was almost all non cash and <unk>.
<unk> expense when U.S. GAAP accounting guidance, if applied to the ruptured provisions in the company's convertible debt.
Conversion expense of 2.2 million is also noncash and results from the adjustment will be just until the conversion price on for virtual notes held by Dr. Buena will Mr. Shane Mcmahon.
As previously reported on June 15, Dr. Lu I missed a mcmahon conversant notes to common stocks <unk> common stock and Audionomics added 30% premiums to the five day volume average wage of price at the date of conversion.
The company considered this conversion be very beneficial as it indicated dr. <unk> I'm just to my strong belief in the future prospects of the company and reduce the amount of debt outstanding.
We recorded a gain of 1 million other in other income related to the successful negotiations determiner age and operate an operating lease everybody wanted the company's U.S. subsidiary that was a we the state lease that too.
My final comment on the income statement just to highlight that expenses for the second quarter.
Good old was $17.4 million of non cash expenses related to the conversion of convertible debt and the asset impairment charge for our office at 55 Fourthly.
Turning to the balance sheet.
We greatly strengthens our balance sheet in the second quarter, we ended the quarter with Turkey $6.4 million of cash, which based on current projections is sufficient to from the company has planned live elective procedure for more than the next 12 months.
Which in turn means that the company believes that it has the ability to approach as a going concern.
[noise] holders of IDN Onyx convertible debt converged almost 12 million.
No problem stock, which represents almost 45 cents a token principal outstanding before the conversion.
We are in negotiations with advanced Tech capital investment holders of the $12 million <unk>. The comes due in June 2021 to stretch to restructure the terms have been though.
Based on discussions today management, just confident that these negotiations will be successful.
In conclusion, the second quarter was one of those milestones achieved to recap the highest revenues from Mexico business commenced operation.
Strong liquidity with $36 million in cash on the balance sheet, providing a strong platform for future investment significantly we juice levels of debt.
And then effective as three stations, which gives us the ability to waste cap of to take advantage of strategic acquisitions in this buyers market.
And I'm not going to hand, it back to totally thank you.
Thank you so much kind of this concludes managements prepared remarks, I am now Mary very excited for us to answer a few of our investor and analyst questions. So just gonna toss it back to Victor <unk> for a second so he can explain how to raise your hand, if you sort of speak.
Thank you and they'll have a question and answer session.
If you would like to asking question on the phone line. Please press star one on your telephone keypad.
You May also asking question through the web platform.
I'm, sorry, gentlemen, I'm, having some technical difficulty here.
My apologies Mr. square, if you could take over Sir I'm. It seems that my computer was frozen.
Oh, you betcha absolutely okay.
And then at that now.
Well just give it a couple of more seconds here for people to get their messages in the Q.
And our first.
Person up here is.
Range from a lions capital.
Capital Congratulations on a great quarter at 4.7 million in revenue.
Hi, good dial that back a little bit and going the time machine Oh, the ended Bergen Jay cap a research pieces that came out seem to be.
Time did very well because you know together any feeling that that was maybe a coordinated check.
[noise] Oh, yeah, obviously, we feel that it was hit pace as they call. It in the industry, we hardly a global loafer de lay pipe huh.
The where to looking to that matters for they concluded that.
Uh huh their work at this time and the come back to lots with a few recommendations. So some improvements to some processes to make sure that we we make ourselves a little more bullet proof against those types of attacks in future.
Okay, Great to hear now just a quick question around me the revenue for the quarter.
How successful was the make in delivering on the order book, a and were any orders pulled forward or did you hit the numbers as expected.
Nothing was fulfil what a lot of activity towards the end of them up some of it did roll over into July gave us a particularly strong start I think this was a good quarter in terms of proving out of that business model I think you'll see Q3, a significant ramp up in activities.
Okay, great. Thank you.
Okay.
Thank you.
Next question comes from certain Monroe private Investor. Please proceed with your question.
Hey out great to hear Fannie we've missed your last 30 days I know you guys have been busy my question Ed.
Said in the past that financing at the key to getting the fleet customer orders and I think previously stated that there would be hundreds of billions in local currency available for companies to place orders can provides detail on the financing pools that are not lie.
What value is in place what are they utilize for and are there any restrictions on years telco how much capital deployed currently.
That's isn't thank you that's a very good question I'm. The reason to put those pulls together was primarily to drive the big ticket items. Some of the trucks to slightly complex system that I, one called <unk>, which is you have to have a AAA rated what part of the consortium. So we help bring them on getting from utilities and insurance companies and others.
So you have to have a AAA rated triple a rated entity with which to hold the assets that have been leased and then Sal I'm so little bit of complexity in that we haven't used any of it for the south that we did in Q2, but then there are a number of south leading in Q3 that will be leaning into those are those financing.
So its and I think wasn't quite large some of them a hundreds of billions of renminbi.
That is whether it be hundreds opinion.
I do you need that when when the cost of some of the vehicles to be to 50 300000, and then there's multiple hundreds of thousands of units in some of the old. So two three we'll see the activity of those nothing was completely keeps it.
Okay. Thank you kinda I thought the play more question.
Okay.
On your interview yesterday with clean Tech because that was relieved.
You talked a little bit about working with Stephen and I imagine its trucks, each haas quite a bit of money, they're a chance that these fine but right now.
I'm certainly the funds will need to favorite classes and its a very good question I'm. So there's two elements, but it's the first one is the capital that's put out by the consortium partners to begin with and then once we get close to having out that sort of the state will then take it out to the market will they be s. refinancing to replenish the pool and we continue to talk to the concern.
Oh sure boxes.
It was getting government incentives and other things in order to my children that there's plenty of capital available, but but yes, I mean, what those types of size divide them, yes. It will take multiple phones and then the refinancing a multiple phones.
Once you collateralized those assets to keep that seek the pull topped off the size of.
Conversion that needs to take place in China to meet the regulatory deadline.
We're in we're in phase one of the financing there'll be two or three phases, it'll get much bigger broader market, we do anticipate.
The other players will come into the market when they see what we're doing how we're making money because although you can't get capital out of China right now, there's a lot of capital in China, and we frankly welcome welcome competition, because it's always good so am I suspect that.
The short term you know will capture a lot of order flow because we have these but in the long time I expect it could be part of the common problems by the market.
Yes, how much is that what about where it right now do you okay, yeah figures on that.
I don't have the figures to hide changes that for you guys with the with the new orders coming in.
You know, we're moving towards I wish we hope to have set up well September were working on the turnpike now well moving towards giving an update every month of both the orders and that deliveries. So you can understand whats coming down the pipeline as you can also understand what was done in a given lump them.
Let me put that September not morale put out the July and August I'm just to go.
Okay Fantastic all thanks, and thanks to the team keep up the good work and how you guys have been working really hard <unk>. Thank you so isn't much appreciated.
Thank you.
As a reminder to our audience. If you would like to ask a question. Please press star one on your telephone keypad.
Our next question comes from Peter Right with Intro Act. Please proceed with your question.
Great. Thank you guys for taking my question and congratulations on Oh, and a great quarter on Meg.
And also I guess I'll start on Threeq <unk> guidance nothing nothing provided.
Quantitatively and it does look like you're gonna start providing an order book and delivery numbers on a monthly basis, which is great better than better than Ah Ah you know appeared transparency how would you characterize for us how customers are scaling into their fleet upgrades and if you kind of Britain to.
And maybe what do something with the press releases, we got some good ideas you kind of what the transactions looked like in Twoq. How do you see this evolving from kind of the size of a vehicle basis through the back half of the year.
Yeah, I think obviously, we're not gonna give guidance at this point because one of the questions that was at the beginning of this segment.
Around the the show selling activities I don't think if that's not move for us. So what we all going to do is get those very factual reports every month.
Style in September for the July and August numbers, I think that was we'll show you, but suffice to say Peter when moving into the bigger ticket size and stuff I I referenced.
I'm, particularly deal we're working on for mining operations customer.
That is about 100 heavy trucks and 200 batteries that buying to see ideal batteries for every truck.
So those are the types of order flow that you're going to start saying I'm very much bigger ticket much bigger drivers revenues.
Great and T. Two little questions as a follow up can you comment on any any thoughts on the 12.5 or a million associated with the fin Tech village on the balance sheet is there any thoughts you can share with us on how to monetize this.
Well at the moment, we're looking at an alpha.
In due diligence progress from the town there's some other.
Interest from some private developers as well the the properties that the energy segment is growing so fast and the fin Tech segment the to some of the block chain and other investments we did in 27 2018.
They're not ready for primetime because there's no regulatory approvals to people who want to do with them at this time the hottest prospect, but you know that's a t. zeros and everybody else out there, they're all quite impressed exceeding FINRA, so given where it would make we want to move I went towards that.
Landscape has changed a little bit so we're looking to realize the value back out of it.
Ryan from somebody who can you take the vision on for what we wanted to do because I think it's a great location.
I think you know there's a there's a fiber backbone between Boston, New York surfaces, Connecticut, very well I think there's somebody white campus or somebody but.
At this point in time, it's been a heavy lift its been a drain on my resources, one or two members of the team constantly meetings reputation the weapons dimension to the department of environmental the EPA, It's just talking a lot and sign up the business. When you don't make is really starting to grow quickly. So that's what we want to put I would just.
Wonderful and very last question is if you look at the Meg revenue breakdown in Twoq. You is it is it pretty much for procurement spread is what is in the revenue in Twoq, you where is there any financing spread including these numbers are there's no financing spread as I mentioned to Susan the previous question Peter we didn't.
Thank you so that if I'm in Q2, so we didn't lease placements with at all.
Financing company, some banks or something.
Wonderful.
Congrats on a great quarter guys.
Thank you.
Thank you.
Our next question comes from Patrick St for private Investor. Please proceed with your question.
Oh.
[noise] [noise], Mr. Saying for you May proceed with your question.
[noise] club he's gone.
Our next question comes from Chris is only a private investor. Please proceed with your question Sir.
Good afternoon, and thanks for the time I'm looking at the easy revenues in the 10-Q. It looks like there was 55000 in Q1 and 695000 in Q2.
Now that doesn't make platform is operational will you be sharing how the platform looks.
Potentially yes, we would you can you help me understand what you mean by how the platform looks to me in terms of that I spoke to see model.
Yeah. So if you're in tracking on the platform I think investors would be interested to know how that kind of looks if your fleet operator or some other user.
Okay, Yeah, I mean, the internally developed platform that we feel for the next seem to take the orders they contract.
Automation things like that.
I mean at the moment, that's designed to be happy to be till we have we haven't decided to do show that to anyone because its.
Being used internally and it's got a lot of what we've developed as what we consider proprietary information in it but.
Very much in bio with what do you have energy team and ER and the customers that are making use of it so.
I'm not sure <unk>, where we plan to do that anytime soon but I think as it becomes a pickup to grow there with the manufacturers and others and I think we will be in a position to show it.
Great. Thanks, and also one follow up can you provide any updates on business development efforts in the United States for Mike.
Yes. Thank you that's a really good question, Chris as you saw.
We've decided to except when planning to do any piece with develop a make hay twentytwenty effect not until the second after 2021, given the weight of the industry's moving like down. The fact that was starting to get some inbound inquiries. We had in inquiry for everything from garbage trucks the city Buffy too.
School buses coming from the U.S. and Canada.
So, we obviously need to be responsive to others inquiries, so where we're setting up on the beach motor books.
As quickly as we tend to help self service that we thought it was important have a friend.
The U.S. given the strength of the Brent.
But there were already in the space and.
This is our this is our move into that space it will be slightly different from the way we work in China.
In China is over 100 TV manufacturer. So we don't want to be competing with them Nike vehicles, but things are going to from a teaching motorbikes branded vehicles that we sell in North America, Orbitz Abbas garbage truck fire truck.
Oh heavy trucks, a short haul longhole it'll be in the beach, usually weapons, though we had problems out of China, and South Korea as well.
To add some extra we can bring cost efficient vehicles, because I think the somebody other players in the market right now have pretty hefty price tax it I'm not sure all the small independent operators and others are going to want to pay for truck when they used to driving a peterbilt or something that's pretty much fully perks to 15 20 years. So so we see that it's a it's an area that we can really break into.
And teaching motor works is that vehicle to.
Great. Thank you.
Thank you.
Our next question comes from David Joseph Another private Investor. Please proceed with your question.
[laughter]. Thank you Mr. poor congratulations on the earnings for the second quarter or the industry is really booming or with other companies like Tesla, leading the way, there's nicola deal and so forth and I do not mix is obviously right in there with the rest of them you're not a manufacturer, but your facilitator with it makes.
Centre and makes sense or is it basically end to end services well, what do you see for the future for the industry at large and as well as how does the I didn't know mixed fit in and how will you grow along with the rest of those other companies are doing very well and indeed be sector.
Yeah, I mean, as you mentioned to two of the and thanks to my three questions. David. So typically the companies that are making you know the significant traction right now would be teslas deal.
And that's primarily driven by passenger car.
We have obviously in the U.S since that's the vehicles to fulfill some orders in the taxi space.
Mhm, but so we kind of an older.
<unk> for them they were down stream.
Manufacturing and supply verticals, where customers its a commercial space, where the weather type office, there's only really just starting the passenger space I think has been maturing over the last few years, especially as cost base. So its commercial every way you Gonna say, that's no coincidence that you see nickel every weekend tessler about those all starting to make.
Noises on the commercial side with the regular regulatory driven framework in China, it's been little slow to get off the ground, but now it's happening because people are running out of that signed windows that they need to fulfill so first of another manufacturer in China, because I'm actually to previous call up because of the fact that is over 100 manufacturers peak with a we are manufacturer.
Out of Malaysia luxury electric right and we will be bringing vehicles that have assembled here in branded as each megawatts for the north American and European markets as well.
I see it with Mitsubishi Motor works, you are going to be bringing them three electric and a mid EG motors into the North American markets. How do you see that a working out in the in the coming years I understand California has passed some legislation where all trucks up to be electric am I correct is that statement yes.
So, California as everybody knows is up more progressive state with with the environmental policy than most others in the states out there as well you can be viewed more in the in the same spectrum as a as California is they're mandating to get moved over to electrical hydrogen to electric fuel cell trucks a in the.
Relatively what looks like long term compared to some of that legislation to try to another actually countries.
But it's very very important because the U.S. market North American market counters was absolutely fast we shipped 70% about goods by boat. Most other countries don't do that so so this is a big im very important commercial vehicle sector and obviously, we've seen in the recent companies just you know how Amazon and Walmart.
And others with local delivery vans as well.
Are you know substantially increase that business, how I don't expect that go away. So it's it's going to be a really important market for in terms of train will probably only be the bikes that we might fit the street electric in North America everything else, we my mcaleese I'm going to teach them how to work.
I, just don't forget and going forward into Q3 in Q4 I gather we can expect a the same same type of revenues that are coming out of and the company and you did a good good quarter this year already.
That was out that was the beginning.
We expect to wrap up significantly in Q3 significantly more after that in Q4 I love the big ticket items. That's been starts moving like this quota middle of this quarter latest quota she 4%.
So you have you're probably going to see lifting the revenue numbers, but it really depends whether we access principal or agent.
A little bit a gap with GAAP accounting rules and call it a bit more of an expert on than I had a but depending on how the theme is down and depending whether or not we purchase of equal supposed to sell them as opposed to just having a pass through depends whether we booked a growing so the older net revenues in that regard, but [noise].
Regardless I think you'll see the number of units into the net revenues jumped significantly from Stifel.
Sure and if I I'm, just hate to take the stage or lost the charging stations I recall reading a news release regarding a charging stations that you guys had initiated a few months back what's the status of that.
So we would petrochina, we have and ongoing project on the project, we deliberately along with that's we're trying to see Axio, we held back a bit because the pace of technological advancement in battery storage and batteries and battery charging the moving some quick if we'd have done as quickly as we signed up there.
Relationship of Petro, China, we did put Oh charging stations in the point when do you could do a lot better. So we held back a bit starting that program.
Significantly as well we've secured an older personal legal charge in pounds. So we're putting out a hug mone hundreds of charging stations out into the field now for a customer.
Where do you like Q3, so so that's gonna be that the start of not only to the charging revenues from that.
Energy second another business, but also the ability to sell the whole side it was more and more the.
Commercial things come on line.
Excellent excellent well, thank you I'll get off the phone. Thank you very much I'm long Arjun Onyx and I'm very good quarter keep up the good work gentlemen.
Thank you. Thank you so much.
Thank you.
There are no further questions at this time I'd like to turn the floor back over to Mr. score for any final comment.
Thank you so much operator that is all the time we have today. This concludes the idea Nomics T. T 2020, Investor earnings call. We encourage art can you need to continue to reach out to us and we can answer your questions on an individual basis. You can send good questions too I are at idea Nomics dot com like call about listening spare holders and.
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[noise].
Okay. Thank you everyone that we clear.
Yes, Sir we aren't <unk>.
Thank you very myself off on thank you so much everybody and.
Going for for around for hosting us. Thank you.
Okay take care and gentlemen.
[noise].