Q1 2020 Uxin Ltd Earnings Call
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And at March as our financing related volume grow rapidly in recent years.
These guarantee liability is in fact could significant pressure on our cash flow.
We also experiments to a tiny regulatory youve element.
The overall financing that's true and overt economics.
Uh huh.
We only intensified the pressure we've faced.
As we continue to operate in this environment, we believe that we'll finally, the banks and a license financial institutions.
Better position the true played a role as a loan provider.
We'll also picking on the credit risk.
I mean, there's jones skills, you risk management and the capacity for higher risk tolerance.
We would leave the dry golf guaranteed liability is behind US you seem oh sure even new phase of development.
We have evolved from a financing orientate upon.
Who are transaction centric Oh, I used car dealer, who offer quality value for money use call premium for tri be services, and Oh, I Onestop convenience.
This key value proposition have reshaped our coal customer base, you a group of customers.
I'm willing to pay for quality and the premium services.
To further enhance customer experiments, we upgrade our used car transaction, Betty Chen and a macro related.
Every cell step on why we.
We developed a team of inventories selectors to discover the highest quality cars. That's all for the basket value for money from a national wide a coupon cool off the cars.
[noise] only this caused quite a cars.
Then.
Illegible to be is packed either and salespeople hover popcorn.
We are also in the process of plenty of events the refurbishments to further enhance call quality.
We replace our offline sales team, we've Oh I consulting team not that delivers timely wellco consulting services and the facilities.
Seemed less self service pricing experiment.
We also enhanced.
The response the.
Response nave and a quality off our office L. services to ensure high customer satisfaction.
Our differentiated data production and a service he service offering is critical for easy customers concern about the buying use come online.
Now, we're expanding the value proposition.
Hi, This gene has just in.
You should Brent.
Due to trust that you are assuming.
Improved did a tough to makes parents and the increase MPS among customers.
We strongly believe that's creating meaningful customer value and earning customer trust.
Key to establish a strong competitive advantages and a barrier to entry.
And then this is a core strategic goal that's a way, although you seem to drive sustainable long term gross.
Equally as important I want to highlight that the transformation off our business and the service model, even not just about a cost savings by the rather about a fundamentally optimizing our overall cost structure.
Increasing long term operational efficiency and improving cash flow.
Our focus on selecting basta VAT of used car effectively reduce inspector headcount.
So we only need to dedicate inspection resource to a smaller number all better value for money course.
In addition, a simplified transaction process typically the way that transparent to price lowers all reliance on salespeople, who used to meet customer in person to navigated a complex process I'll find the used car.
As a result, our current to online sales team is only about a one cents the size of previously offline team.
With a fundamentally optimize the cost structure in place. We believe we have created a clear path to profitability and if that's a better positioned to to create long term value for our shareholders.
We are confident adopt.
The net effect so we all.
Reinforce our.
Additive advantages and a further differentiates us from our peers.
We believe that online for checking off used car in China, we'll continue to grow.
And.
We are.
We are excited about to though opportunity going forward.
Well focused on for the gross we are also aware of the challenges we are facing the first one related to how we can better sell customer who need a financing plan, we provide a loan facilitation services. The ended two on the credit risk.
We had.
Better control on loan approval rates approving efficiency and the flexibility of financing options.
Resolves the providing these services and to providing garden teams, we know rely on developing a best in class used car financing supermarket to me the customers diversified mm.
Given the current.
Weekend.
Economic environment banks, and the financial institution, all tend to take a more conservative approach in carrying out your financing business.
As a result.
It will take some lead meantime, before approval rate to reach a satisfactory level and the more financing options available in the supermarket.
We are actively working with our financing partners to fend other Reits violence between growing scale and managing the risk.
The second a challenging is that you to take time to beauty using as a trusted online either.
On top of quality value for money used cars, we must focus on providing the best a possible service to each of our customers.
Achieved this long term goal, we will have to pass on setting this car.
That's a habit.
Simulating competitive pricing, but I'm able to meet our quality requirements.
Beauty reputation takes time, but to a chance to Brenda will create a more sustainable growth pass.
Try not to use coal market has reached growth potential.
At a customer have been underserved the full caught quite a long time.
We use a determination to become our customer most trusted online called vendor. We aim to became the first a company in the industry, who who purchasing.
Care of creates a meaningful and a long lasting customer of Adam.
We will only sell a car to our customers that we would also sell to our most allowed to friends and family.
This is our attached and a thought we almost down to the challenge is even taking this approach.
We've been we firmly believe that it is the best way to achieve sustainable success.
For almost a decade, you see have Butte, or we'll know brand focused on developing strong and the integration capability.
Conducting professional and a high STENDRA car inspections, providing service across the supply chain and offering real wrongly the warranty in programs and office L. services.
All have been beauty blocks.
In Boston, the strategic online transformation of our business and the service model.
There is no better time, then now to face our challenge head on and capture the opportunity before us.
We believe this approach underpins the long talked long terms to teach.
That's a wheel.
Elevates you seem to the next to stage off gross and the development.
And there we are excited about our ability to create unique and optimal customer value.
And the by so doing also generate a sustainable long term value for our shareholders, we that I'd like to turn the call over to our CFO to walk you through the financial results. Some please.
Okay. Okay, Hello, everyone. Thanks for joining us today.
We are glad that we have a removed the remaining guarantee obligations for the remaining outstanding loan balances RMB asphalt feeling.
The cash outflow associated with this portion of loans will be limited in the next few years under a schedule with the payment plan.
In addition, we have settled and maturing you as a $50 million off a convertible notes of his first civic rage, which relieve us off on near term debt obligation.
Both the settlement creates a more favorable business, even governments for our long term growth.
BK highlighted we are more confidence now than ever in the gross back over.
The gross as a result off the transformation of our business and the says model enter a fundamentally optimize the cost structure will be able to achieve mountleigh operating breakeven out so much lower volume level asset compared with last year.
Therefore, we will be in the even better positions and create long term value for our shareholders.
No. Let me walk you through the over financial details for to calendar ending in March. Please note that the results I will discuss related to continuing operations only.
All numbers are in RMB, unless otherwise stated. It also please note that some numbers I refer to our own non-GAAP numbers.
You can't find a reconciliation of these numbers at the bottom up over earnings release.
In the three mounted in March 31st the 2020 total revenues were RMB 100 to 4 million compared with RMB 336 million in the same period last year. The decrease was primarily due to the decreases in the to see transaction volume and the GMB.
As a result off the disruption caused by the Koby nice thing and damage our business operations.
Albert you see revenue was RMB 88 million compared with RMB 284 million in the same period last year online used car transactional volume 6584 units for the three months' is in March 31st the 2020, and it's called responding G.M.B. was RMB 720.
Its premium.
Looking out to revenue stream of our to see business.
40, a commission revenue was RMB 48 million compared of his RMB 149 million the same period last year.
Commonly used to the decreases in the transaction volume in the GMB. The unique value proposition. We are now able to offer over castagna along based on improved the user experience and a higher pricing power resulted in the commission rate that you spending to the point of 6% from 6.3% in.
Previous quarter.
Value added service revenue was RMB 40 million compared with RMB 135 million in the same period last year, primarily due to the decreases in a transaction volume MGM beat.
Be asked a great slightly increased to 5.6% from 5.5% in the previous quarter.
Looking at other businesses other revenue was RMB 15 million in the three mouses in the March 31st the 2020 compared with RMB 51 million in the same period last year.
Cost of structures decreased by 29% year over year to RMB 111 million. So decreases was primarily due to the decreases in the salaries and benefits from a the employee engagement in car inspection quality control customer service and the out there. So it's a services that's.
I'll ask that you crazy in the US a few minutes cost. If you do have you crazy in the transaction volume.
Gross margin was an active 6.6% for the three months in March 31st the 2020 comparative is gross margin of 53.4 buttons in the same period last year.
Total operating expenses was RMB 2000, 235 million non-GAAP operating expenses, excluding the impact all the share based compensation were RMB 2267 units.
Sales and marketing expenses decreased by 45% year over year to RMB 190 million. The decrease was mainly due to a decrease in the salaries and benefit expenses.
Share based compensation expenses associated businesses and the marketing expenses were Neil during the quarter.
Gee M&A expenses decreased by 14% to RMB 75 million. The decrease was mainly due to a decreasing the salaries and the benefits as well as the share based compensation expenses.
General expenses.
Routing share base compensation expenses up inactive RMB 13 million were RMB 100 of fighting yet.
R&D expenses decreased by 4% of RMB 31 million. The decrease was meant a primarily due to have you crazy and the salaries and benefits expenses.
R&D expenses.
Losing share based compensation expenses off an active RMB 2 million were RMB 33 million.
Loss from a guarantee liabilities with meal for the three mounted in March 31st the 2020, we incurred a guarantee liabilities associated with the remaining garden future obligations from our historically facilities, along which were not just kind of sorts of Golden Pacer.
We also adopted the.
Accounting standards update the 326 during the period on which should further information can be funded.
Our earnings release.
After the adoption of S. C suite 26.
Back to the credit losses for contagion I'll guarantee liabilities shall be accounted for 40. In addition to and the separately from the stand ready guarantee liabilities accounted for do you entered the a previous opcone vendor.
The provision for the contingent guarantee liabilities is currently with core to the within provision for credit losses.
And to the again relief from the standard ready guarantee a level of these accounts for end or yes. The fourth DC is currently recorded within other operating income.
Probation of credit losses was RMB 1900, 40 million for those stream ounces ended March 31st the 2020.
Due to the impact to all the Koby 19 adamec.
A significant the impairments of RMB 1000 up 39 million.
Was incurred as a result also adversely affected the performance of our historically facilities alone.
Mainly including long recognized as a result, with the payment and the guaranteed.
[noise] actually the adoption of E C 26.
Hey, probation of RMB 800, and the 4 million for contingence guarantee level of these measured and or the car and expect to the credit losses model, yes. It recorded within the probation full credit losses.
Loss from continuing operations.
Was RMB 2180, 6 million compared with RMB 295 million in the same kirill of last year loss from the are continuing operation was primarily due to a significant provision for credit losses of RMB 1900, 40 million recorded for this quarter.
Non-GAAP loss from continuing operations, which exclude the impact that all the share based compensation was RMB 2000, 218 million compared with RMB 245 million in the prior year period.
On a non-GAAP basis loss from a continuing operation was also materially impacted by that a significant the provision for credit losses recorded for the quota.
Net loss from continuing operation was RMB 2000, a 34 million compared with RMB 296 million in the same period last year now loss from continuing operations was primarily incurred by a significant probation for credit losses of RMB 1900.
40 million recorded well this quarter.
Non-GAAP net loss from continuing operations, which exclude the impact of share based compensation was RMB 2000, 66 million in the quarter compared with RMB 246 million in the same period last year.
On a non-GAAP basis now loss from continuing operations was also materially impact by a significant provision for credit losses recorded before this quarter.
Turning to our cash position as of March 31st the 2020, we have cash on a cash and equivalents RMB 343 million.
That's a summed up over results for the three month, it's in the March 31st the 2025.
Moving on to over our guidance for the three month is and June Thirtyth 2020, taking into account all the factors mentioned earlier regarding the corner of hours and the business divestiture, we expect to over total revenue from continuing operations to be in a range of RMB.
60 million RMB 65 million.
This forecast reflects our current and the premise Lehman the reviews on the marketing.
Operational condition, and it's a base that pound via current that situation and uncertainties associated with the occur and of hours offerings, which are subject to change.
That concludes our prepared remarks. Thank you mentioned, so operator, we'd like to open the call for questions now.
[noise], ladies and gentlemen, we will now begin to question and answer session. If you wish to ask a question.
The press Star one on your telephone and wait for any names.
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Once again, if you wish to ask a question you May press star and the number one on your telephone keypad.
Your first question comes from the line any Wang of Morgan Stanley. Please ask your question.
Hi.
Hey, Michael and then see Oh, My God Bless you well, what I wouldn't see what can you go up one josias all kind of sounds similar about occupancy.
Just a junior showing bunyan nice for a warm yeah totally George.
Sure No trend will go about genius held by the answers, it's all on but especially in Florida just shift of most of that's held yet just I'll bunch I just saw what you watch a girl.
When it comes out just as you would consider yourself odds with the reduction of course, it's you should that be merial today I'll start by then or would you have what so there's.
A horrible such I heard what that comes home she.
Got it somewhat awkward source or something about why I started questions. Jeff I'm impressed Bachelor should be a digital more citizenship. So oh, yeah sure what goes into effect. One is how are you talking border.
Uh huh.
Sure challenge touching a gesture because all bundled up in Charlotte is what I'm, a whole you'll get brought to justice.
Geopolitical, yeah, like orphaned, Georgia, but the whole couldn't though what I find yourself a high management. Thank you for taking my question. My question, just about or got sort of a you know pick a big picture question. So we have noted that so even though the business model to copy hub being.
A mall in the shirts, especially for some.
Some of the offline to online.
Especially you know during the first hobbled this year. So just want to you know.
If you're going to give more color about you know, especially the end of the backdrop of you know do you use high industry, we know that sort of the cost of cold in Nigeria. The first quarter. So you know D.
Second quarter does the buckets and not good and the we expected that in the second half of this year, maybe the market what not recovered that thus tool and the into longer term I think you know I just do it had 640 Ritz Carlton was trees to have us burst draw significant gross you know it even in a longer.
So your your business model change actually I think your house. So are you have sold through a lot of you know just a and just wanted your thoughts you know, especially the ended the used car industry.
In Europe and this model you go into much. Thank you.
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Good to go should go to go to just whom Chilean hasher well meetings on your thoughts and go to do that not or do you have an easy one shot diagnostic elements union somebody into a corner wireless to the linsley Tujia team, which andriola tool Saturday, you're finding the equal.
So its union teams are so many end to deleverage is handling engine to the freedom to now that you're doing what you're sure two year will from getting the total enrollments that what you the Charlotte here Tonight, Bob Indeed, if somebody to show you the trend or somebody goes there is no doubt that can you show many aging term, which will not materially the final license.
Should do for choosing from in a fully you go about it you do you need senior lending team would otherwise you should be a higher genco you made table on the demo things like that as it was in Shanghai.
Clinically team, which <unk> continental machine to lunch.
Yes, so thanks.
Second last year, we've witnessed the like Paris, the economic downturn allows those doctors are entering into an easier way. So you've got kabi Nytwo route the overall micron economy going through a Democrat well so in the first half the Oh first half of these here.
The main responsibility at work out for us is too.
Yeah, I raised up all of that parakeets historical data you have unlucky. So we know we no longer subject to would be a our historical low book of about 37, R&D. So all of that Darren Kilotons. Okay. No no. Other went up so this is on the part.
They are moving.
Keep away from outside the <unk>. In addition, our way too I bet I'll say economic downturn. So also.
Considering the overall delinquency and Oh for me.
In the financing industry. This is also [laughter] through you could see our although cash flow.
Oh I'm glad you know saumen, yeah partial should or should help Tricia show dollar and not a 20, if I mean should each woman.
Anyway from Amazon I'll take a genius hashing, how you measure for teachers has unique semenya.
Sure the trial, Sean say sofitel children.
Hum and the shuttle tanker a metric that do you have kind of hundred on portal in diabetes.
Yes, so high in the first half of this year on the used car market also took a big hit from the macro economy, Oh, so considering the Islamic south her a way I will now and also the other factor is that we see the new car market the new upright absolutely I think they stick.
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Hi.
How about a significant impact in the way they collateral used car.
But physical you're in Los Angeles, or somebody artificial save a turnkey shutdown, though even though it sounds infant stage or somebody's, we didn't see let you seem to its out of achieving the MRO that should hopefully that unions have any into agenda take on today's usually.
So.
That's a model used car and Josh raskin, but knowing that a first huh update here, but when we look has one they.
Lastly on the May as Josh there might be I, let me know harp, hi, it's stabilizing we either back to the new car market will be gradually I'll pick up in the second half of the.
Now the Luciano Yigal quite in June 5th wheel group within seven in the JV, which would be the fusion, we should because you who I'm just going all the Hilton may not be though.
Not that generally you can use out we'll neutral for the should you know chotia Joel.
If I mean I wouldn't buy you fear between Q3 judiciously on the board.
Yes so.
Good day, [laughter] tested a human know them mapping economy will be picking up but not as good as previous yes.
Our that's key thing for us is to focus.
You can see we divested our being non core business.
In a previous quarter.
No we intend to Google shopping two minutes loaded towards Shoestwou sleazy Michel visual so I mentioned that come down Trundled issue for these here. They are took home equity and don't seem to really go through it affords.
Television.
Members of the customer base previously way, we want me to cover our service order that car buyers in the market I now would only focused on the consumer who care more about me a quality and service.
Some of whom Wasserstrom in home or true through we more than three Joel how can we assume that featured inventories will [laughter]. So in terms of that business model predominately away care more about scale and now it's more about the.
Honestly on it.
No I see.
Yes, it should young that regional similarities in that woman the passengers go down the line.
Do you truly unbilled robot I'll take a total of key goal you Tim Good show, you, what whom do though people no teaching functional Golden Eagle, we wouldn't shortfall to haul, though colby cohesion audio local Colby, who called he didn't fully who is in the training team.
Now, let's say you go waibel engine comes out so well that he was yeah. No. Two should we should have the jewelry store, where you wish him to answer your question at the legal bottom yes.
Right now I feel it comes from the.
How did he has never been assortments as we can deliver and also the standard that these are what can deliver as that the transparency of the whole Oh My gosh, we cannot give all provided to adopt happily Oh you all way now I will lead to more of a word of mouth towards the high end cap fourth.
Customer.
The customer loyalty will be the key driver, so our sustainable well, especially younger age economics out her or less favorable my friend.
Two needs to go the children Washer Jones, who can don't change I personally social come in trying to see whether thats in a social.
On the shoulder Moshe will know that alcohol, the take or do you show.
Yeah, so in terms of our.
Tim Taylor, we now replaced all up they also I sell side the online.
So we'll have a higher operating efficiency from them.
Well some simple was hoping to do things on the deals will do something called a number taker.
According to the teeth, we issue if you don't Tweedledum tomorrow to assure carbonless related venture say single makeover that Idaho to vocal Shanda, Rahul Gandhi from being EG, mainly since I see it usually is even though for that but soldier worn the shoulder the trillium quarterly, but I'm sure. Some attrition ocean them go your way.
So it shouldn't cohort by its usual ties and going out for the being.
Yeah, So Chinese consumers have a the highest the acceptance of Bob purchasing me Oh go all night Bye.
We believe are all I've heard that well used car. The base is there and the buying used car I like house of brands also benefit spoken humor that has to be white to that have used cars and a more convenient I appreciate that without and that's very hot okay. When they go offline to find that.
A woman to quotation and social more should though to just conscientious Julio you. Okay sure no Muslim women I cannot cope with its usually 200 portal [noise].
I am Central also done so gene hundred onboard shoot some bottom wish assumptions that vehicle to facilitate food and putting more should afford them due to the children or not to take a June I mentioned this regime I should show you where you want.
Tony do you need on where the take or should that I kind of dimensions that cohu truthful travel on the Joe you now.
Recall, which I'm actually go down you do we put our didn't change we should have I'm Lucia notion that of course, you know I should do neutral when he was on what are you doing so as you wish you. All can you put them walkable who'll take you want.
Yes, so we love our pure I'll I purchasing paradox, yes, that's true so we have pretty good acceptance from our customer.
How did this now actually comes from the financing approval rate given we don't take Cherokee anymore and the stocky then you crawfish model with our financing pilot. It actually takes time before we make no hold part that's more school and they feel okay. The none financing attacks and that's it it has already.
However to about 60% last year now so now the key easily is about all about the financing for that so the financing partners need hi, I need to take a high degree by themselves now something.
And Matt you my name can probably not to adapt to the current situation and they also need more time to find a balance silver right.
So on the Oh, the customer acceptance by comes online we don't see any problems here.
Hold on for Doug Adada, Yeah that that's the only okay. Thank you.
To that is most says it said because so micros energy.
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Your next question comes from the line of Frano Kim of Goldman Sachs. Please ask your question.
Thank you educate Michael Nancy.
Now ill.
No nothing to do you want not eager and until woman Kinda give us you do the trick or a show that you know so well go on Krish I think that I've got a minute volume.
My turned down which I thought it then yeah. Its use your contracts would take a financing to go approval rate Beijing, So I know a woman theatrical volume the ocean.
More golf.
Oh, seven yeah, I owe to send elements are good seemed a little vehicle so.
I was told us and weather downtime in Philadelphia or equipping huh.
Ah the Arca felt when or if there were sure anti shortage of approval rate, which asher.
You said that Oh sways element.
Ankle Yoshoku or you think that's all for the fourth quarter to address dollar tree cool pickup.
Issue about.
Some people are harder on there that sajid, though what I'm doing something I know a.
Macro for cone family, you why and I feel most likely.
If you go hard enough size approval rate not at all with a Chinese.
So I've two questions.
The first one is about your second quarter revenue guidance can you share. So what what are the volume drivers behind that how have we seen bowling's trending and our expectations into the second half, particularly given now that kinda streamlined cost structure, what kind of holding.
Do we need to reach to a two to.
Reach a breakeven 0.2nd is up and I know a lower finance approval rates haven't seen so far.
What are we doing what could we do to address will help drive.
Driving.
This challenge taking macro aside what what can we do on outside to increased at a multiple rate. Thank you.
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She is that I see no more should take a tremendous yeah shown on the TV and I'll talk I should maybe you can.
Total usually is a jayco a particular theme told you that he's shown promotional total emissions either breakeven point of view with me on the job I kind of I thought you issue and the value for shouldn't repeat to share maybe your that Tim when I showed him shouldn't be breakeven.
No woman that comes when you see inside the shutdown to didn't who don't hold me here when will that have Takahashi I'll do it all by the people to ship you need to move will handle.
Yeah, all where a pure online business model hasn't been fully available and kill me too so under the new MRR online service model that starting point for us in the amount based collection volume volume a lot of 1000 units and our current breakeven point comes at a monthly volume around Uh huh.
Hold on 100 unit and a way off.
Well it will take like six to eight quarter before we reach that point.
Yeah, no telling them, hey, rental shortage or send that to go to me all the when he says you know I should say.
Two little Yeah, we would only be taking turns on the Honda CNS, usually when production illusionary, Pete and I assume that or do you really are cool shortly the trigger each onto other can you share you hunk, which ones and the whole you how much wiggle Susan Morrison continue what should happen ball phone Civeo Dunbar, they do and what im talking with another bill.
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So if you go to hopefully the figure you see more she's got shooting.
Would you the you how many hurdles in China, you guys should not to do you want new England to say you could do try that pushing into either you to go from the Zika you shouldn't.
No.
Well, that's something a little going you know she said June true memo from into hotels, you come into the woman, who will India can do that phone.
Ill now that's also attributed to the phone to Cushing the tundra poorly flash on vehicle cohort of political them. No. There are you going to structure should I do you mean woman pension most if I'm looking at last weekend take some news young typical contributor so you pension using a cushion not yet that fighting to get.
Now if you could should know where youre, who hold will take a thinking about im not sure surgeon treaties into now to shareholder Who's got centrally hole and getting done the finfet one Carla.
No we should not do you talked to you couldn't go thats important opportunities that isn't too which were getting from pack.
That's still like Donald mentioned is that he bottleneck now and no financial approval rate I leave for those had to our nothing less significant tax the volume it's already that may turn out to about 60% of last years level. So this rather than there is no approval rate is mainly to talk then they came there.
Our basic internal models, because they have to take private now all by them out.
Well off without taking that Gary Keith I actually web property in ways that that's a flawed eight Iraq and more compliance away is that a.
Oh, I recollect frame erad and jobs to call me I'll, considering the macroeconomic environment and a.
Hi enough with the rate over the past year, that's actually I haven't should be more conservative.
Well they approve a the loans so that part of approval.
Which is a way to why the approval rate it.
That have made no now an hour upsells to address the issue it to cooperate more fun comprehensive with more financing partner well have different risk appetite. So it will take more time take time before we get a whole pressed that's more slow and everything right alphabet themselves.
Because our customer base has tank to higher end or higher volume consumer. So there's no phone as it will be much better than than before and Dow ones that have less theme vis a vis profile hustler profile, they will give us better opco rate whether it. Thanks.
Fair enough.
Yeah.
HM.
[noise] [noise]. Thank you again for joining our call today and for your continued support emotion and.
Well look forward shifting into the against in the future.
Oh I buy.
Isn't.
Ladies and gentlemen that does conclude our conference for today. Thank you participating you may now disconnect.
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