Q1 2021 Digital Turbine Inc Earnings Call

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Yeah. Thanks, Greg.

Afternoon, and welcome to the digital turbine fiscal 2021 first quarter earnings Conference call.

Joining me on the call today to discuss our results are CEO, Bill stone and CFO Barrett garrison.

Before we get started I would like to take this opportunity to remind you that our remarks today will include forward looking statements.

These forward looking statements are based on our current assumptions expectations and beliefs, including projected operating metrics future products and services anticipated market demand and other forward looking topics. Although we believed that our assumptions are reasonable they are not guarantees of future performance and some will inevitably proved to be incorrect.

Except as required by law, we undertake no obligation to update any forward looking statements.

For discussion of the risk factors that could cause our actual results to differ materially from those contemplated by our forward looking statements.

Please refer to the documents, we filed with Securities and Exchange Commission.

Also during this call we will discuss certain non-GAAP measures of our performance non-GAAP measures are not substitutes forgotten measures. Please refer to todays press release, one important information about the limitations of using non-GAAP measures as well as reconciliations of these non-GAAP financial results to the most comparable GAAP measures.

Now I'd like to turn the call over the <unk>, Chief Executive Officer, Mr. Bill Stone.

Thanks, Brian and thank you all for joining our call Tonight.

I forgot my prepared remarks and to three areas.

First I want to provide a summary of our first quarter results.

Secondly, some operational commentary on the president businesses, including some new partnership announcements and finally, I'll conclude with some commentary about the future.

To close out the June quarter, we finished with 50 mine $59 million in revenue $14 million, an EBITDA and 13 cents non-GAAP earnings per share.

Tighter progress over the past year.

Last June quarter, we reported $30.6 million in revenue $4.2 million, an EBITDA and five cents non-GAAP earnings per share.

Our as reported results represent nearly 100% growth in revenues.

250% increase in EBITDA and over 150% gross and non-GAAP earnings per share.

Well showcased the inherent operating leverage over platform.

Barry It'll take you through more detailed numbers, but we've had many solid quarters over the past for years.

But this quarter was a true breakout quarter for the company against our expectations. It was the best performance in the history of digital turbine.

Specifically the revenue growth of our application business grew 45% year over year.

And our content business, which had a 12% revenue decline year over year for the month of March had nearly a 20% growth rate in the month of June year over year as the combination of our swapping out the legacy mobile posse content platform. During the April and May months to a new and improved content plot.

Form is beginning to show encouraging daily active user results plus improving advertiser rates.

For the application business, we saw year over year revenue per device or RPD increases of over 25% here in the U.S. and over 50% for international.

Demand remains strong driven by our social media gaming streaming audio and streaming video verticals.

We continue to see improving conversion rates on our applications, which leads to higher bid rates as consumers are increasingly engaging in the applications we deliver.

We're also starting to see new device growth, especially here in the U.S. rebound and growth from earlier in the year.

The dynamic that our sequential device penetration grew to over 43 million devices in the quarter well the broader smartphone market declined by approximately 20% showcases how much room, we have as a penetration story against the broader opportunity.

Turning to the operations, our growth levers of devices products and media.

Our accelerating the growth rates across the board.

Regarding devices I'm excited to announce the expansion of our platform to power over the top TV streaming.

Specifically, we anticipate launching our software platform across all the major U.S. mobile operators, including T Mobile agency horizon.

As many of you know the U.S. operators are launching over the top TV offerings to compliment their existing offerings.

We anticipate that our software will be assisting in power in the applications and management of the content.

These devices ranging from delivering the content advertising notifications and ultimately may include cross device integration and the living room.

These launches should deepen our existing relationships with 18 horizon and also should represent our first device launching with our ignite software on the combined T mobile sprint entity.

Launch dates will vary depending upon operator, but we expect to first operator launch this calendar year with our software and then we'll be expanding with others 2021.

This is a nice proof point of the value out of our mission, which is to connect the dots between all the people who want to be on to devices to devices themselves.

I want to emphasize that this is not just about the TV opportunity and new device types, but more importantly, as a proof point of the depth and breadth other relationships, we have with our U.S. operator partners.

We've also made additional international progress.

Our Samsung relationship continues to scale with 13 million devices added in the June quarter. This compares to 130000 devices in the June quarter of a year ago.

We're also pleased to announce new supply relationships with both telecom Italia and Nokia that will launch later this calendar year to complement our recently announced relationships with Telefonica.

Ill me LG and 18, Mexico that are all in various launched phases right now.

Our international device momentum is accelerating and combined with a television opportunity and Fiveg U.S. launches make us bullish on our ability to continue to grow device volumes.

On the product from our diversification efforts continue to showcase momentum.

Our dynamic install business grew by over 40% year over year, but today is approximately 60% of the revenues, which compares to 85% a year ago.

Our content business is now over 35% of our revenues and I'm pleased to announce our first of hopefully many cross selling wins from our mobile posse acquisition as we launch our first content media offerings with Tracfone and Blue here in the United States in Latin America.

We expect continued revenue synergies in the future as global momentum is strong.

I'm really excited about the total addressable market for content business.

Today, we're generating approximately $15 million a quarter across over 8 million daily active users or Dallas.

And as we grow Dallas with our existing partners and expanded dow's to our other distribution partners that growth should be a catalyst to continued topline growth.

For years to come given the recurring nature of these revenue streams.

And today, our overall recurring revenues are now over 35% compared to 5% a year ago.

Turning to other products as recently as March over 90% of our single tap revenues were derived from our social media platform integration with one of our tier one U.S. operators.

That revenue has been relatively consistent overtime, but is now roughly only half of our single tap revenues as we began scaling single tap with many other partners as well as scaling our own single tap demand side platform.

As a result of these efforts are single tap revenues have doubled since the March quarter and for a non social media platform integration single type revenues have already surpassed in the September quarter, what they were achieved in the June quarter.

It's still not as materials, we believe it can be.

But the trajectory is becoming more meaningful each day with some very strong momentum behind it.

On the media side, we signed a master service agreement with T. Mobile's advertising team and anticipate distributing their brand relationships with names like shell Nike Walgreens and so on onto our platform.

And as you've heard me say on prior calls continuing to diversify our channel relationships on the demand side of our business is a key driver of growth.

And this is a nice proof point of our expanding T mobile relationship and our expanding channel reach which scales our global demand.

We do leverage our other global relationships as showcased in our results.

For example, we are seeing Asian demand growing on U.S. supply in Latam supply and are seeing our U.S. demand growing our lat am and Asian devices and so on.

Global scale brings more global scale and the global scale. These deeper mi relationships with global companies like Ali Baba tick Tock, Pandora King snap Zynga and so on is paying dividends against our global supply.

Turning to the future I've never been more optimistic about our prospects we have the right products to the right customers the right time.

And equally important as a mobile cloud software company, the global scale and operating leverage flywheel is now in full effect.

We are laser focused on increasing our device footprint.

Product diversity and global media expansion.

The combination of all three of these things is what creates platform network effects that we are seeing evolve real time and our results.

Well look to continue to horizontally expand two additional supply partners and also look for opportunities and our content business.

To vertically integrate our offerings that should create additional margin enhancements and increased recurring revenues.

And last but probably should be first is a shout out to our de team.

The past few months have been traumatic at a macro level for all of us.

Lives are being disrupted but our team remains focused committed and its hustling to deliver results in a virtual environment.

Yes, sometimes when we hear people are the difference you know many here may roll their eyes sounds like a platitude or co shed, but in this case fact.

The global team as a team I've never been prouder of in these challenging times.

And for investors I can't emphasize enough the power of having an all in team that's busted their tails to execute on the vision.

Seems lean in delivering approximately $1 million or revenue per employee per year, which is world class performance with very few companies anywhere they can claim that kind of efficiency.

And with that let me turn over to bear take you through numbers.

Thanks, Bill and good afternoon, everyone.

We're very pleased with the results delivered in the quarter than off to a great start to our fiscal year first of all we're excited to be reporting our first full quarterly results of our content business now included from our recent acquisition of mobile Pos.

To help provide additional insight into the underlying trends of our business when comparing current performance against prior periods I'll be occasionally referencing results on a pro forma basis where appropriate.

In the quarter revenue of 59 million was up 93% as reported and 28% on a pro forma basis. This accelerated rate of growth is driven primarily by our applications media business, which revenues of 44.2 million represented 45% growth in the quarter.

Revenue growth in our apps business continues to be driven by strong demand on the platform as RPD on our U.S. based partners increased 27% year on year and revenues on our international business grew more than 200% in the quarter.

Gross profit.

The key financial performance metric grew 118.

To 26.7 million in the quarter, which was up 36% on a pro forma basis.

Gross margin on the platform was 45% in Q1 up from 40% in the prior year.

This impressive margin expansion was largely driven by three factors.

The integration of our high margin content media business continued margin improvement on our apps business and lastly, we received a onetime positive benefit related to a revenue share partner on our apps business, which had a nonrecurring benefit to gross margin and gross profit.

About 200 basis points.

While gross margin rates can fluctuate from quarter to quarter. We anticipate further margin expansion as we continue to execute on our product and partner diversification strategy.

We experienced continued impressive expense scale in the platform as cash expenses, excluding onetime transaction costs were 12.6 million in Q1 or 21% of revenue down from 26% of revenues in the prior year and increased only 2% year on year.

On a pro forma basis.

Total operating expenses were 15.5 million, which included onetime transaction costs of point 3 million compared to total operating expenses of 8.9 million in the prior year.

I will note better operating leverage is being achieved even as we make a number of focused investments primarily within our salesforce and technology teams to support new partners and products to drive future incremental revenues on the platform.

These growth investments are being partially offset by cost synergies realized from the integration of our recent mobile costs the acquisition and other realized cost efficiencies.

I'm, especially pleased with our non-GAAP adjusted net income or cash earnings in the quarter of 12.5 million or 13 cents per share as compared to a 4.2 million or five cents per share in the first quarter of last year. Our GAAP net income was 9.9 million or 11.

Per share.

Based on 93 million diluted shares outstanding.

Compared to a first quarter of 2020 net loss of $1.8 million or two cents per share.

Moving to the balance sheet, we exited the quarter was 18.7 million in cash and generated 4 million in free cash flow from operations in the quarter.

As I discussed in the March quarter.

We were positively impacted in that quarter by the timing of certain partner payments and and also the timing of these working capital areas, partially reduced our cash balance and free cash flow on a sequential basis and we expect these to be at normalized levels in the September quarter.

Also as a reminder, the June quarter includes our first a four quarterly earn out payments, which was approximately 6.8 million paid in Q1.

We exited with a $20 million balance on our recent term loan facility.

Now, let me turn to our outlook.

We currently expect revenue for Q2 to grow to between 59 million in 61 million expect adjusted EBITDA to grow to between 11 million and 12 man and adjusted net income per share diluted share to be between 11 cents in 12 cents.

With that let me hand, it back to the operator to open the call for questions operator.

We'll now begin the question answer session.

A question Don.

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At this time pause momentarily to assemble a roster.

Our first question.

Comes from Tim Horan with Oppenheimer.

Well, thanks, guys and congratulations.

Can you give us a little bit more color on the growth in revenue per device, maybe what drove that which is pretty phenomenal and.

How sustainable is that.

And then secondly on mobile posse, only 8 million subscribers here.

You know any any operational goals, while the can be in a couple of years and maybe just a little bit more color. How those conversations are going thank you.

Yes, Thanks, Tim Let me start on the the second question and then we'll hit the RPD one.

On the on the mobile policy side, when we talk about daily active users you know at north of North of 8 million. If we look at monthly active users. Its many many tens of millions.

We're using daily active users is a metric you know just it's something its synonymous with the industry names that many of us are familiar with.

But with that being said, we're very optimistic about the broader total addressable market here given the recurring nature of those revenues and we announced tracfone in the very first product here today, and you don't and are optimistic about more to comment so that'll be something that we really think will expand the dow opportunity for us.

And the content business for years to come so we're really excited about that.

On the RPD front, yes, there was really kind of two drivers for RPD on the first one was is really around just media partner spending more money in bid rates going up as a result of consumers engaging more with applications and so.

We continue to see I'm, you know really strong engagement with the applications that we put on customers phones and I'm, you know that that's encouraging and having better conversion rates leads to higher bid rates and leads to more people come on the platform and all those things you know melt up so that's a that's a very good thing and then secondly, as new price.

Growth.

On the App business. We also are seeing revenue per device grow up from things like single tap and notifications and our out of the box Wizard experience and so on and so our actual revenues on those new products in the App business actually doubled year over year. So we're pleased with that growth. We think we've got a lot more.

Gas and the tank on those new products were put a lot energy and to those single tap in particular.

But those are the two drivers of the improvements in our PD.

Thanks.

Okay.

Our next question comes from very happy with Roth Capital Partners.

Hey, guys. Thanks for taking my questions nice nice quarter nice outlook.

She thinks here.

Bill can you talk a little bit about.

What you did under the Hood, both on the AD side, and then just structurally with mobile posse. It sounds like you changed some things in June so within that question kind of war on what do you actually do and then two if you kind of compare.

AD rates, maybe exiting the quarter I'm curious how those compare.

On the programmatic side relative to maybe February rates with mobile Pos even.

Eight are known at the full quarter and then I've got a couple of calls.

Yes, sure so on the on the content business side, Yes, first give a shout out to that to the mobile posse legacy team here and then John Jackson, the founder they had begun basically lift in replace of their platform you know a year ago and you are now we're getting the benefit of that in the hard work that that team has done over the.

Last year, and we basically spent the june quarter getting into place in specific benefits of that are improved viewability metrics improved engagement and opt ins on driving daily active user growth and all those things contribute to the revenue comps I referenced of comparing our June results in that business. This year to last year showing nearly.

20% growth compared to March in earlier months, where you are double digit decline. So that's partially due to the hard work to do a lift and replacing a platform. So great job by the team there to make that happen and then secondly is we are seeing a broader rebound in programmatic rates. So I think we had a real.

Trough there at the at the height of the pandemic in March and April we weren't as impacted as perhaps some other names out there where but nevertheless in the content business or was a little bit of that.

We're starting to see that rebound and come back to more to more normalized levels. So in a combination of good execution and rebounded advertising rates is driving nice double digit growth in that business.

And then on the.

The opportunity for cross selling.

The content business and the other carriers.

The tracfone.

News is great I'm, just kind of curious.

Where your confidence level lies with some of your other legacy carrier partners and whether you feel like you can get.

Many of those partners across finish line for the years up.

Yes, I'd say that overall kind of taking a broad brush view, we're extremely optimistic and one of the things that I really wanted to highlight in my comments and I'll do it again here in the queue in a.

As I think a lot of investors, who thought about the mobile posse acquisition in terms about us getting our technology onto their distribution and obviously, that's important and were working that but I think the other opportunity perhaps hasn't gotten the same amount of focus is what's the total addressable market.

Given that we're on four or 500 million devices to expand those content offerings onto the other side and so wanted to highlight some proof points of against some traction there you're not going make any commentary of hey, This is going to show up in the September quarter, the December quarter or anything like that here, but I'm, saying that we are pretty optimistic about you get some traction onto.

Additionally, our distribution partners.

Great and then Hey, I guess lastly from me on single cap. It sounded like that was pretty strong I'm, just kind of curious beyond value social media and carrier platforming worked with its driven a lot of revenue what other partners kind of help lift that number sequentially was in some of your.

Attributions partners, new direct customers and kind of how do you feel about the outlook going forward into the rest of the year. Thanks.

Great. Thanks, Darren Yes, so you want to see what outside it's across the board. So we're going to continue to expand our relationship with our our MPS, we're going to continue to expand with other other third parties and we've talked about many of those on prior calls of you know the pinch Kristen and Twitters and names like that as well as many others, but I think the real thing.

We figured out here is having singled out there on DSP in other words vertically integrating single tap and taking a direct so for example, if we got a great relationship with Pandora and you're listening to Pandora on your phone from something that we put on your device now enabling single tap with the advertising that we actually by now on can't.

Door, and we kick monetize the App installs your single tap because that's a real differentiator that other people in the marketplace can't provide other dsps can't so I think thats something that we're seeing some really nice growth from and because we actually control. The whole stack. We can also work a lot of the operational issues and scale issues are behind.

So that's really been a big driver for us and something that we're going to look to continue to invest in.

Great. Thank you.

Okay.

The next question comes from his thoughts with Craig Hallum.

Hi, guys, Mike Congrats as well I'm, just outstanding execution and momentum you will maybe can you.

What a further detail on the over the top streaming.

Platform, we talked about T Mobile's ryzen HCT.

How big of opportunity that is for you if you've engaged with some of your international customers on that so far as well and just any do you have on that in terms of either hardware partners or what else you need to expanded that into the business aggressively.

Yes. So he has a couple of points want to make on that the television business. Obviously, one is that what's the opportunity of these devices themselves and I don't necessarily see that being a material opportunity for our business in the September December quarter, I think it's going to be more of a 2021 thing is those things begin to ramp inside.

Ill, but in a world right here, our concern around declining smartphone growth rates I think it's important to showcase the dimension of our platform to be able to support additional device types and additional types of screens as growth catalysts that kind of one bucket. The second bucket, though is one I really want to highlight in my remarks and again here.

Yeah.

Is talking about the breadth and depth of our relationship with our U.S. mobile operator partners and we talk about how high the barriers to entry and sometimes time to revenue is to get going with these guys, but once you're in there and you establish credibility and you build trust.

The breadth and depth to those continue to grow and expand and I think this today is really about highlighting how much they put trust in us on very high profile things to you'll manage.

Some things that are going on behind the scenes with all the applications and content that they're delivering on these devices and then we'll continue to work our pipeline. We don't think we're done here just these announcements today theres theres plenty of other things or conversations that we're having but nothing that we want to discuss in detail today.

Then as a follow up if you wouldn't mind talking about the international RPD versus U.S., RPD, where you see international going in.

And I guess longer term, where you think it caps out if it does for for your business.

Yeah.

One of these but our international RPD yellow is really really pleased to see.

The strong growth rate year over year, but it's not ready to be more behind if I look at you if I wouldnt take like kind of percentage of GDP of Brazil, or India, or Europe compared to the United States.

We should see that similar in RPD, we're not there yet we got a long ways to go and that's an execution issue on our side, we're highly focused on it.

Right now in terms of more channel relationships more direct sales force more self serve and automation to really drive improved performance. So I don't want to throw the baby out of the bathwater here. We're seeing you know really nice kind of two three X plus growth international business.

Year over year, but I want to see seven or eight acts and we've got some work to do the opportunities there we've got to go execute on it.

Thanks, Bill Congrats again.

Yeah.

Okay.

Okay.

The next square.

Jim comes from Austin, Moto with Canaccord.

Hi, Thanks for taking my questions.

Can you dig more into the revenue growth you saw in the quarter.

Were primarily in the upside come from numbers, what you were originally expecting.

Yes so.

Bill touched on a few a few points and is more in his remarks, one we introduced.

Some new tech platform on our content business that.

We've been working on related to mobile policy that have better than expected performance in the June quarter are in the in the month of June towards in the back end.

And then I would I would say we saw some rebounding in.

Continued steeped in the trajectory of our RPD.

Really across all regions on our apps business.

So as we felt comfortable with the.

Early part of the quarter, we saw it really exit with strength.

Austin and that kind of clicking on all levels.

Okay.

Got it thank you.

And the second question is in the press release, you mentioned as benefiting from shift in spend towards performance marketing channels, because you're being one of them.

Whereas the spend coming from.

Primarily.

No competitor different sort of AD formats that gives any kind of read on where youre, taking some ad spend from.

Yeah, I don't know if I've got any commentary on specific other ad formats or other platforms.

I would say, though is that because we have less exposure to some of the macroeconomic areas that are been hit.

In the pandemic like restaurants, and travel and automobiles and things like that.

That is that something insulate so we're seeing growth and things are people doing on phones listening to music watching videos doing social media playing games. Those are all things that there are people do and given also in the macro world. There's a lot of concern from advertisers around things like editorial adjacency in terms of where your ads show up.

Everything we do is direct there's also concerns out fraud or zero fraud on our platform.

Those are all important selling points and in a world where many people are getting marketing budgets cut to be able to show direct results of the advertising spend that are putting on our app platform is something it's highly attractive to advertisers. So I think those are really the things that we're seeing coalescing around the improved performance.

Got it and last question is can you just give an update on your telefonica rollout.

Yes, we're just in flight right now it's been a little bit slower Austin, then I would have liked and we're just getting right now started in the UK.

We expect to start in Latin America here Imminently, and then expand as some other countries throughout the calendar year I'd say that combination of just you know digital turbine telefonica, the local telefonica, the global Telefonica and Samsung all trying to coordinate a lot of moving parts in.

In a covert environment is taken so longer but we're now getting out we're getting live and.

Starting to see some positive things happen.

Okay, great. Thanks for taking my questions and congrats.

Thanks Us.

Good question comes from Krill.

Really FBR.

Great. Thanks for taking my questions and I Echo similar thoughts congrats on a fairly well executed quarter two questions first one as it relates to the guidance are there any assumptions built in terms of the growth rate for a one off drivers like the Facebook boycott.

The iOS.

Transition or perhaps you know the early stages of the upgrade of the Fiveg cycle.

Hey late no.

Broader comment on that would be we look at we look at.

What we can control and what we have visibility to and.

We don't have any broader assumptions around changing and some of those factors.

Nor do we have an assumption around pent up demand driving increased devices from fiveg here or other catalyst.

You know weve typically looked at what are the trends we've seen seasonally what are the trends were experiencing.

Currently and roll those into how weve derived our guidance.

Got it and then my second question.

It's around gross margin.

Seems like a 43% is where kind of a normalized target is when you exclude the one time.

Dynamics of of Q1 is that the right way to think about gross margin going forward or are there any inputs that could perhaps driving higher as we go into the second half of the calendar year.

Yes, I think thats in that Thats in the right range Lee I think low fortys as we.

As we've talked before and as I've tried to emphasize those can move up and down depending on.

From product growth in different partner expansion.

But that's the right range. The inputs are you know how quickly do a products like you know the trajectory we're seeing in single tied up and other other products that may have a.

You know when an accretive margin profile, but as we think about going over the course of the year.

The low Fortys is probably the right target the the other driver is.

The rebound and continued growth in our in our content space, which we've been.

We have been energized by the recent performance.

Great. Thanks for taking my questions guys.

Again, if you have a question please correct.

Sorry, then one.

[noise].

The next question comes from Jon Hickman Lindbergh.

Okay.

Can you guys hear me.

Yes, John Wick area Okay.

Hey, Mike Congratulations on the quarter.

I was wondering you said something bill in your prepared remarks that I Didnt catch clearly you were just before you start talking about single cap you mentioned, the I think it's an acronym dow's.

Talking about your content what is the down yes, so it out with the daily active users. So when we think about hey are caught up okay.

Okay. Thank you appreciate that.

[music].

So could you maybe elaborate a little bit on how the TV.

Product might work, so 18 tea.

In Street decides to stream.

Television content.

Over the top and they go to some Samsung TV.

Samsung has the ignite software on on the TV is that is that how that work.

Yeah, I think what you see.

Without talking any details about any of our operator launches I'm sure. They don't want me, commenting on exactly what they're going to do.

But in kind of concept for everybody is that you basically have a stick or a box they kind of plugs in HTM I into your television sat.

That box or stick I would have our software running on it and then basically what it would do would be manage all the applications I've seen the delivery the notifications ultimately support advertising on the.

On the television ultimately be able to support cross.

Cross device integration. So in other words my Netflix it's on my phone or content. There may be on my phone that we deliver and how do I get that seamlessly integrated with what's going on in my living room. Those kinds of things is really how we envision the offering and the operators will decide which which features and functionality they want to take advantage of.

Okay.

So you don't envision.

The software on the.

On the television itself.

From whatever money.

Yes, well there, yes definitely as we want to look at you know if you're if you think about our business in the early days on mobile phones.

We started with operators, we started with rising we started with 18 T. and then as we went forward in time, you saw us expand to Oems like.

Samsung like LG like Motorola and so on so very much. So we could look to expand this to televisions themselves without it being a stick.

Or NHK My court in so it can go either way there is nothing magical about that some of those television manufactures use different and more proprietary operating systems. So there's a little bit you have a nuance there, but anyway with all that being said is I'm going directly into television is something we absolutely can pursue.

Okay and Bill just one question for you.

Looks like win or it sounded like when you were giving the pro forma numbers in your prepared remarks that the pro forma like techs without mobile posse was in the kind of mid 20% range does that.

So together assumption.

Yeah, Let me, let me clarify those those points are we making the the application business without the mobile policy acquisition grew about 45% topline year on year apples to apples and then we shared as if we owned mobile policy. This time last.

Year on a comp comparison basis, the revenue for the combined entities grew 28% year on year.

Okay.

Thank you appreciate that.

Thanks, John.

This concludes our question and answer session I would like to turn the conference back over to booth on for any closing remarks.

Great. Thanks, everyone for joining the call today, we'll look forward to reporting on our progress against all the points. We made on today's call and we'll talk to you again on our fiscal 2022nd quarter call in a few months, thanks and have a great night.

The conference has now concluded thank you for them to the presentation you may now disconnect.