Q2 2020 Brainsway Ltd Earnings Call
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Good question answer session will follow the formal presentation.
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At this time I'll turn the conference over to Bob yet with lifecycle answers you may now begin.
Thank you, Rob and welcome to brands way second quarter 2020, <unk> earnings Conference call.
Today, our brands waste, President and Chief Executive Officer.
Mr per button, Jaco, and Chief Financial Officer, Judy Huber the format for todays call will be a discussion second quarter trends and business updates from Chris.
By detailed discussion financials from Dirty City.
Definitely all throughout the call for your question.
Earlier today brands, where you released financial results for the second quarter ended June period 2020, a copy of the press release is available on the company's Investor Relations website.
Before I turn the call over to Chris and Judy I like to remind you that this conference call putting book management's prepared remarks, and the question answer session may contain projections or other forward looking statements regarding future events for the future performance or brands, including but not limited to any statements related.
Two commercial plans are activities financial projections clinical studies R&D plants and door anticipated timeline. These statements are really predictions and brands, we cannot guarantee that they will in fact occur brands. We does not assume any obligation to update that information.
Investors are cautioned that all forward looking statements involve risks and uncertainties that says such as reliance on third parties and shifting market conditions, particularly the cobot 19, pandemic, which may cause actual results differ from those anticipated by brands way at this time.
Additionally, brisk cuts concerning factors that could cause actual events or results or cheap meds immature late differ from those contained in the forward looking statements can be found in the company's registration statement on form 20-F, and its other filings with Securities and Exchange Commission, but those prepared remarks it.
Now my pleasure to turn the call over to Chris Martin Jaco CEO Chris.
Thank you Bob.
Welcome everyone and thank you for joining us today today, we reported second quarter 2020 revenues.
4.8 million.
We are below the revenues for the same period last year, but nonetheless on the higher end of the guidance range. We provided on our last earnings call.
And our inline with the analyst consensus estimates.
We're very pleased that this represented 16% sequential growth over last quarter. Despite the impact the pandemic has had on the <unk> on many med tech companies.
As I described in the last earnings call. Many clinics continued to progress toward norm on near normal operations and most importantly patients are steadily returning for treatment.
Many clinical practices have worked to develop protocols to allow patients back into their offices.
Never get number of these clinics are offering our virtual touch lifts treatment experience.
[noise] that's continues to be noted in many press reports the impact of Cobiz 19 extends far beyond physical health as having a significant effect on mental health for many people.
Unfortunately, this trend has continued to worsen as the pandemic continues I.
I will highlight just a few of the sobering statistics around this mental health impact.
I previously noted the recent census Bureau survey finding that one in three Americans are reporting symptoms of depression or in Guy. The I would like to add that this is a staggering high rate. Since this is more than three times the rate from a stimulus survey conducted in the first half of 2019.
[noise] young adults, especially seem to be struggling according to a survey by the American College help Association, 41% of college students reported feelings of depression for March through May of 2020.
Consequently patient visits with psychiatrists are up over 40% during this period versus the pre coded period well a lot of these medicines the Caribbean tell us a kind she platforms. This reflects an important increase and access to professional mental health care.
This all serves to highlight how important role breezeway needs to play with patients suffering from both depression and no C D and we're trying to do exactly that.
We continue to have an enthusiastic response from our current and potential customers with our increased focus on education and awareness through both digital physician education programs presented by brands way as well as by attending various virtual industry conferences.
Specifically from April through July about 2800, registries and listed in the 44 Webinars presented by brains way.
This is up from 31 Webinars for an art last earnings call, which was just seven weeks ago.
We attended two recent virtual mental health conferences.
The elevate by site Congress virtual experience and the online C.D. conference. The elevate by site Com Congress included global mental health organizations and industry leaders and the online LCD comprehensive included individual suffering from LCD their family members and supporters and the professional search.
Treat them.
Both of these events were excellent opportunities for us to raise awareness around our innovative Tms treatment.
In addition, we are gaining meaningful traction with our newly launched streamlined website, which is intended to provide a more seamless web experience for both patients and providers.
Education materials that are no more accessible to meet the high need a people seeking treatment.
Over each of the last past two months, our organic user volume has increased monthly by 9% and 30% respectively with July Ricci, our highest volume in the past 12 months. We're encouraged by these results and believe this strategy will allow us to continue increasing market awareness of our groundbreaking.
See Tms technology.
Turning to our expenses, it's clearly seen from the quarter's financial results. We continue to act aggressively to offset the effects of Tobin 19 from a financial perspective without diminishing any of our core capabilities are significant expense reduction program remains ongoing.
However, as we mentioned on our last call in June our financial results in the second quarter reflect that we're still in a challenging cobot 19 environments where physicians.
Like most other businesses are hesitant to make capital expenditures.
And new financial commitments in order to mitigate this we have put at attractive lease pricing programs in place.
I'm pleased to report that we began to see an increase in order is towards the end to the second quarter.
We believe this is reflective of an overall increase in the willingness of providers towards June operations and in patients to proceed with treatment plans that word to some extent halted early in the quarter with a shelter in place restrictions.
That said, we continue to operate in a dynamic and fluid health care environment as we see spikes in Kobin 19 infection rates at various hot spots around the U.S. Therefore, it would be premature to predict I returned to normalized business operations. However, it is fair to say that at this point, we're encouraged by the general direction of the try.
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I would like now to provide an update on some of the progress we have achieved recently with reimbursement.
Let's begin with depression.
As we mentioned on the last earnings call. There has been a recent trend appears relaxing the reimbursement requirements for patients to allow for deep CMS coverage. After failing just to prior antidepressant medications rather than the for failure as previously required.
Now Health Care Service Corporation continued this trial.
Yeah, one of the largest bluecross blueshield help ensure and groups the United States operating plans in Illinois, Montana, New Mexico, Oklahoma and Texas.
I'm pleased to report that on July 1st they reduced their requirement from failing for prior precedence to two before being eligible for deep Tms coverage.
This will increase access to DPM asked for nearly 16 billion Bluecross Blueshield members in these five states.
[noise]. These prior treatment failure reductions are an encouraging trend for our business you may recall at our last call that we announced similar reductions from signals and that now we believe that ongoing adoption and nimble implementation will positively impact our business as more patients now have accepted.
The Tms working qualify after a few were treatment failures.
In addition, I'm pleased to announce that P.H.P., which serves Utah's public employees is now for the first time covering brains way be Tms for depression.
They cover over 170000 lives.
For LCD, we continue to work with payers in our efforts to secure reimbursement.
Since our last call in support of this effort. We recently gathered post marketing clinical data of 190 patients from 22 deep Tms sites.
Now lets us up this real world data revealed that about 58% supposed to be patients benefit from de Tms treatment and that the onset of improvement usually occurred within about 18 sessions. We also saw that extending the treatment course beyond 29 sessions resulted in the continued reduction to both C.D. symptoms raising the price.
Spec that examining extended treatment protocols for this hard to treat disorder.
Again, we look forward to sharing these further details on the results of this post marketing studies in the future.
We're also working to bolster the already robust clinical data surrounding the efficacy of be Tms and depression patients even further and we look forward to sharing this information with providers payers in the investment committee in the future.
As far as our clinical pipeline, we have discussed on previous calls, but in addition to our yeah cleared treatments for depression, no CD, we'd had various ongoing or planned studies in several potential new indications for de Pms.
Discussions with the FDA on our five 10-K application for smoking cessation are ongoing and we plan to make updates on any progress as it occurs.
[noise] before turning over the call I want to emphasize the Judy and I had to significantly increase brains ways overall outreach to the investment community, we're sharing brains ways compelling growth story as well as the continuing to build relationships with both institutional and retail investors that will serve us well.
We've had a great number a virtual one on one meetings with investors in the United States Europe, and Israel over the past couple of months, we've had several virtual investor conferences on a calendar coming up in September.
We look forward to continuing to share our key messages with the investment community in Investor community.
With that I will now pass the call to Judy for her review of our second quarter financials.
Really.
[laughter], we continue to be please see our business is performing and it's an ongoing covidien incident.
Let's turn to our key financial results for the second quarter Twinkling, we generated quarterly revenue at 4.8 million decreased 15% over the second quarter of 2019, our recurring revenues primarily derived from leases for 3.4 million, an increase of 4% year over year.
These recurring revenues were 70% of our total rather than the recurring reliable nature of the majority of Green Plains revenue is a highly attractive feature of our business as most customers enter into three to four year leases for I cannot systems.
Revenues for the first half of 2020 were 9 million a decrease of 17% over the first half 2019.
As of June Thirtyth, 2020, Green Plains installed base totaled 560, 70, TNS system, which reflects the quarter over quarter increase a thinking.
Over the last 12 months, even taking into account the impact.
During the.
Order right. They always have increased by 111 system or 24%.
As Chris noted in response to the impact of coking 19 dinner business, we initiated a cash preservation program in late March, but the goal of increasing efficiency and managing spend without impeding our growth efforts. This program remain in place throughout the second quarter. This included cuts to sales and marketing activities temporary employee salary we got.
And as well as postponing certain product development projects that said the company, it's still proceeding with its broader growth strategy is demonstrated by certain recent sell players remain highly focused on properly balancing or cash preservation and prudently managing our balance sheet. During this temporarily challenging period with the need to appropriately and best in alone.
Tim acceleration of our business.
Moving on gross profit for the second quarter 2020 was 3.8 million compared to 4.3 million during the prior year period gross margin for the quarter was 79% compared to second quarter of 2019 gross margin of 76%. This increase was due to lower manufacturing overhead costs as a result of our cost reduction efforts.
Gross margin for the first half of 2020 were approximately 7 million, 78% compared to 8.3 million or 77% during the prior year period.
Research and development expenses for the quarter over 1 million compared to 2.4 million in the second quarter 2019, and primarily consisted of costs associated with the continued development of our patented DPP technology.
Research and development expenses for the first top 20 22.8 million, that's compared to 4.1 million in the prior year period.
Sales and marketing expenses for the quarter of 20 22.2 million a decrease of 1.1 million over the prior year period. The decreases in line with the company's efforts to enhance efficiency as well as to lower operational expenses, given the financial impact that I'm going to I think and done it.
The marketing expenses for the EUR 5.9 million for the first half of 2020, that's compared to 6.1 million in the prior year period.
General and administrative expenses for the quarter over 824000, that's compared to 1.4 million in the prior year period, you Gotta due to our focused on expense control DNA census for the first half of 20 to 22.1 million as compared to 2.4 million in the prior period.
Total operating expense.
Second quarter before me compared to 7 million the same period last year total operating expenses for the first [laughter] 20.
8 million as compared to 12.7 million in the prior year period.
Operating loss for the second quarter was 215000 compared to 2.7 million for the same period in 2019 operating loss for the first time 2020 totaled 3.8 million as compared to 4.3 million in the prior year period.
For the second quarter ended June Thirtyth 2020, we incurred a net loss of 571000 compared to a net loss of 3.5 million record second quarter 2019, a year over year improvement of 2.9 million a coordinated efforts to reduce costs resulted in brain plays realizing substantial reduction in are not losses. So you are.
Year over year and sequentially compared to recent quarters. It should be noted that some of these cost reduction for one time occurrences such as for and not expected to continue in subsequent quarters.
[laughter] 2020 totaled 400.
<unk>.
Okay.
Absent that when she harder to cash cash equivalents 17.8 million compared to 21.9 million 31st 2019.
Cash used during the second quarter was in line with our expectation given that most of the cobot 19 cost reduction efforts are implemented in the second quarter. We believe that our strong balance sheet will allow us at the appropriate time to expand their sales and marketing efforts to drive additional adoption.
My system to continue to invest in R&D in order to explore new potential indications for innovative technology.
We continue to operate in a rapidly evolving healthcare environment and although most clinics are now open and many patients every turn for treatment. It's Chris noted we started the necessary commercial competence of clinical practices to enable them to integrate DTN that is a process.
That said based on the initiatives, we put in place to raise awareness to beat of DTN. That's the progress we've achieved with young person and our ongoing cost cutting measures. We're confident that significant momentum in our business will emerge once the impact of covert 19 subsides.
Yeah, Chris will conclude before taking your question Chris.
Thank you Julie.
Include were proud of the resilience demonstrated bar and loyal and growing customer base. During this unprecedented period, we're honored to partner with them to provide our groundbreaking treatment to those who need it most.
I would also like to thank our committed employees for their continued support and dedication which has produced significant achievements during the first half of the year. Despite the challenging environment. We continue to conduct business said.
With that I will now ask the operator, please open up the call for questions.
Operator.
Thank you.
I'll now be conducting a question answer session actually to ask a question today. Please press star one on your telephone keypad and a confirmation tone indicate your line is in the question Q.
Let me press Star too if you like to remove your question from the Q.
For participants using speaker equipment, it may be necessary to pick up your handset for pressing the star Keith.
One moment, please while we poll for questions.
Oh. Thank you My first question is coming from the line of.
Jeffrey Cohen with Ladenburg Thalmann. Please proceed with your question.
Hi, Chris injured in Korea.
Good how are you doing jobs.
Just for good morning show.
Very sad sort of name change this quarter can you kind of correlate with source.
Got it looks like as far as.
Patients are treatments are numbers centers that are open trying to get a better understanding of.
Oh lease payments track.
April May June and a.
Number of centers and your comments about claims volume at 12 months or utilization or patients your number shooters. Thanks.
Thanks, Jeff So to talk about the number centers you know I think up at the lowest point I think we may have mentioned that we had probably on the majority of less than a stayed open during the cold period, I'm, probably somewhere in the 60% to 75% range and and we believe that were probably now up over.
We're about you know the probably close to the 80, 85% range with with a with centers being open.
Did that help answer your question do you have something else specific answer was later on.
Jersey, the open said or at least volumes were up.
Theoretically down 230% and.
They're burberry it sounds like.
Yeah.
Yeah, I talk about the volume a little bit a Judy you mentioned the harvest volume in 12 months in July So could you talk about that as far as are you referring to a number of treatments number patients number senators are all do both.
I don't know if we said the highest volume in it in July Jeff Julie I don't think you said that right the highest one and that's what he thought increased we start increasing orders in our highest order volume in June.
At June.
Quarter book published order volumes Ginger.
In the past 12 months <unk>.
No no no what I said I was I was referring to actually web presence a web site visit that might have been what you're talking about which we saw the highest.
Organic growth in our web presence on in June that may have been what you're referring to but we did have a good number of orders that we got in June. So as you know our focus really on April and May was really focused really on education.
And you know we you know things started to open up in jail and and we put a number of these things in place regarding a special promotion from it leasing perspective, and we saw very good start study high volume of orders towards the end of June, which I think was which was which was a which is a great trend.
Obviously hope that continues.
Okay got it and then lastly from me Judy talk a little bit about the back half Oh, the action it or what we can kind of expected it had some more specific commentary on.
The sales force fours are coming back into the resources allocated for chosen working here for can you give us a little further covered hoppers. Thanks.
Sure. So so we did we did see a significant reduction in Opex in Q2 as the results of the effect that we made I think that as I also noted some of those were discreet and that you know they were kind of onetime occurrences such as the furloughs and the temporary salary reduction. So we don't expect those to continue.
We are looking and continue to review the investments that we're making in the back half the year to be able to.
Enhance the growth strategies that we haven't play so I do expect that we will see increases in Opex I'm in the Q3 in Q4 timeline or you know similar not not quite as high as probably the Q1 area, but I'm definitely higher than what we see it keeps it given the onetime in nature of some of the cost reduction measures that we are.
Okay got it thanks for taking my questions.
Thanks, Jeff.
Our next question is from the line of Jason Bedford with Raymond James. Please proceed with your question.
Hi, good morning, and I hope everyone is doing well so just a few questions on the increased order flow at the end of June can we assume that this has continued in July in early August.
[laughter] good morning, wanting Jason what what else what I'll say is that we if we had had a I think still good trends happening I'm, probably not to the extent again within our business I think we've talked about this in the past typically move.
Server order volume happens in the last month of the quarter, but we've been we've been presently surprised with the with the number of whereas that we received early in this quarter as well. So so we feel pretty positive, but we're cautiously optimistic I would say.
Okay, and just the order flow in June.
Was that more fulfillment of the backlog that had been built or was this a genuine new new order flow.
So it's a combination I think that there is but we definitely had a fair number of new orders in June or that we received but you know there given the fact that a lot of the Sun is were closed in April at night.
Yeah, we had we definitely had some fulfillment of the orders from either the end of Q1 or the first part it's it too. So I think that the majority of orders received in Q2 wearing them.
Okay.
And I apologize I missed the exact comment that you alluded to some favorable pricing terms is that something that we'll continue when are you see a direct impact from foreign product from pricing.
Yeah. We were we're not you know getting favorable pricing terms I think what were doing is so we're not reducing so are you speeds or anything like that what we're doing as we're working with our financial partner just to make the ease at least in the beginning as they acquired the technology that a bit easier.
So question no payments out a little that that's what we're doing.
Okay got it got yeah, yeah, yeah, so the specific there.
That's fair and then just a couple others. The gross margin strength, you mentioned lower manufacturing overhead and I realize it's going to jump around a bit but is this kinda hi, hi seventies.
Working level going forward.
I think we remain optimistic that we will continue that obviously this quarter again, we were no given the fact that we did have some temporary salary reductions on furloughs, which it was a direct impact on the manufacturing overhead you know does we just see that impact in this quarter, but I think that we shouldn't be any efforts that.
Going forward as though.
Okay.
And then maybe lastly, I'm on the pipeline I know C. D. When are we gonna see or the publication of the post market post approval data and then.
Can you talk about maybe the influence that may have on getting reimbursement.
Yeah. So I think we mentioned on the last earnings call that I think we're hopeful that we'll see it up in the fall publication.
The publication.
I can't dictate obviously, what's happening with it with the journals and how the review process. It's happened, but I think we'll probably see and in early fall I think it's it's a additional a ammunition that we can use talking to the payers and you know there's always looking for more data and obviously seeking pure.
To date as is the best so so but I mean, that's that's basically where we stand right now.
Okay, Oh, a I'll jump back in queue, and let someone else out.
Thanks, Jason.
Our next question is from Atlanta, Steve Letwin with Oppenheimer <unk> Company. Please proceed with your question.
Thank you good morning, guys.
Chris sounds like you're getting a lot of participation in oh, they're webinars any color either qualitatively or quantitatively you can provide on sort of how that's been feeding the the pipeline of new customers.
Great question. Good morning, No way, we you know we started this effort I think probably a very quickly and probably a quicker than some other med tech companies than it's been it's been amazing because we've gotten.
Some of our customers involved in this process and we really started to probably in April and we continue that efforts all the way you know even through last week I think I mentioned, we did about 40 for them to date, we fill up more than a planned.
It has helped move the pipeline during this period, we're continuing to educate potential customers that are unaware of sort of the the benefits of the Tms and it's been really good and we've done everything from like education about the Tms we've talked about how to start up of a center. So there's been all different types of different education and we do.
Track on our pipeline statistics I don't have the numbers off in front of me, but I know that it's been a great effort and moving along our pipeline in getting orders on it and it's it's made him. It's made it very good difference for us.
Great. Thanks, and then just on OTI D. is you know as you wait reimbursement I'm I'm wondering in your discussions with customers how has having that indication being a positive driver for a pull through perspective for your efforts in bringing on new customers I guess, particularly during this time.
Yeah, I know, it's I think the you know the the data that we have from a randomized control study is really buys all in this in kind of showing the benefits of what are our deep Tms product is doing with those C. D. We'd have a number of centers that you know again, we don't have.
Reimbursement and we do have people than doing cash pay and we have some centers that are able to get reimbursement on when they go back a number of times between insurance company is definitely a it is definitely a differentiator that we've had a with with with our product and I think it will continue to be a differentiator, especially when we start getting.
You know specific information back about the real world data that would that we'd have come out in this publication I'd like that I spoke about there as you as you know it's there it's an extremely complex disorder and today, they're only five medications that are out there. So really the the other there's not a lot of other.
You know options for psychiatrists to go after and I think this is a deep CMS is definitely a a an excellent or an excellent a choice for for for them to give that to the patients.
Got it and then lastly, Christian Judy the the Opex reductions were better than than our thinking I think on the last call you talked about you're still thinking about adding salesforce can can you talk about that a little bit about how you make it to you.
Be more aggressive on that front, even your while you're you're keeping opex down.
Yeah. Thanks, good great question. So in fact, we have added.
Two additional sales people in the last since the last earnings call I'm certain now we're up to 14 salespeople. So work continued all kind of watch that.
You know balance and Ah you know currently today, we still have some additional sales people in our in our forecast for the second half of the year.
But again, we're watching that balance.
Thanks, Chris Thanks, Judy.
Thanks, Steve.
Thanks you.
Our next question is from the line of Kyle mixing with Cantor Fitzgerald. Please proceed with your question.
Hi, frozen dirty. Thank you for the questions just given there is an uptick in co vacates in certain regions was wondering if you had a sense of whether there is risk a prolonged are permanent customer shutdowns and also is there any chance for customers. In this type of situation would return their system I guess, how would that affect your economics.
Yeah. Thanks, Kyle good morning.
So we we you know I think we're sort of I don't want to call. It a new normal but we're in this state where weve seen a patients really come back a we've we you know weve.
From our approach to our providers and its been a kind of steadily as the education with with with patients over the last couple of months. So again April or May was really I'm very quiet they were continuing to treat a the patients that were on treatment, but they they were definitely taking less patients on and that.
Started to really change in June and continues in July so starting to take on new patients. We haven't had any we haven't had any oh Gee I guess your answers, but then a question around.
Around returns I'd be glad we haven't having to let Judy I don't know you want to comment there no. Kyle we haven't had any specific returns relating to any customer shutdowns coin. However, no we have experienced a slowdown in some payments a customer due to the our inability for them to be open their practice.
So to these customers we have stopped recognizing revenue, which it has hampered our recurring revenue growth. Although we expect that many of these centers, though well open back up and the revenue. So these him.
So we're not entitled impacts from return.
And color I'll, just add on a positive smelt there we have had over the last you know several weeks customers that currently have systems that have reopened and are looking to expand as well or have stayed open the whole time and have had wanted to expand because of the heightened nature of what's happening with depression and around.
I don't see date, so it's been on the other side as well.
Yeah, that's not that's really helpful. Thanks, guys.
And I know you didn't talk about you know volume and I guess.
I got the flow recently, but can you talk about specifically new patient starts and how that kind of trended towards end of June and made more more recently in July if you can I know Greenbrier posted some impressive metrics in this area recently I'm just wondering what you've I saw.
Yeah, we saw very similar things to two at Green brick with was presenting on the earnings call last week as well with the data that we have shows exactly sort of the upward trend as well. So I think again in this sort of this new normal with coded on patients.
You know this this particular thing I mean, it is a medical necessity I think it was pointed out also last week on their call yeah patients really need this treatment and and they are going and seeking but treatment, which is great and then just learning sort of this new normal in the how to go and I think our.
Customers have been amazing about the way they have been really stepping up and and allowing the certainly its virtual or sorry, sorry, like touchless experiences of the way they're going into the clinics in getting the treatments are completed so I think it's I think it's a it shows really good progression.
Okay, that's pretty helpful. Thanks.
And also going back to Green Brocade 19 on their earnings call that they don't anticipate mostly be Tms couldnt get reimbursement in 2020, I'm just yeah, that's reasonable obviously, but it also your expectation and I'm just wondering what kind of putting it back is covanta mean corporate.
Yeah, I know that's I saw I saw bill's comments around that I I think you know.
We could have an again I don't I I don't want to jump in front of myself here, but yeah. We could have some experiences with some insurance companies, but obviously widespread it's going to take a little bit more time people looking for additional data, but at the same time, we have we have centers that it had a you know have worked with denials and have received are being.
Burst, but it's just an effort to get it there. So you know we were hopeful we're excited about you know there the data getting published a and will continue as you move forward with.
The number of insurance companies that we've been speaking what.
Yeah, Okay. That's fair and then a housekeeping question honestly, how many coiled replaced in the quarter.
Judy.
So we're off to a total of 185 coiled currently.
Our that's perfect. Thank you so much is well I mean there.
Thank you call appreciate it.
Your next question is a phone from the line or Jeffrey Cohen with Ladenburg Thalmann.
[laughter].
Oh, Hey, I wonder to jump back on the 60 billion work and ensures the.
Yeah, Jeff Thanks for that Yeah. We said, we saw that announcement yesterday, a and you know I. It's it's obviously too soon to really kind of understand what a meg venture debt, but of course, if there are several companies that habit, yeah. It always helps with insurance companies, but again I'm looking at.
Forward to kind of thing sort of the data that they they have with their Ah Witherow city approval.
Okay got it thanks for question there.
Thanks, Jeff.
Thank you at this time Weve reached end of our lot of time for question and answers and I'll turn to flip back to management for closing remarks.
Thanks, so much <unk> in conclusion I'd like to thank all the investors and the other participants for the interested brands way and with that please enjoy the rest of your day.
This will conclude today's conference you may disconnect. Your lines at this time. Thank you for your participation.