Q2 2020 XpresSpa Group Inc Earnings Call
Greetings and welcome to express spot groups second quarter 2020 earnings Conference call. At this time all participants are in listen only mode of course, you mentioned that should follow the following the presentation.
<unk> operator systems during the conference. Please press Star Zero for your telephone Keypad. Please note. This conference is being recorded I would now let's turn the conference over to your host CEO, Doug statutes that gets you may begin.
Thank you and good afternoon. Thank you for your interest in express spot before I provide an update on our business I personally to advise you up the following.
Comments made on today's call may contain forward looking statements.
Within the meaning of the private Securities Litigation Reform Act of 1995.
These forward looking statements are based on current assumptions and opinions and involve a variety of known and unknown risks and uncertainties.
Actual results may differ materially from those contained in <unk> or suggested by such forward looking statements.
Important factors that might cause such differences include those set forth from time to time, and our FCC filings, including a report on form 10-K for the year ended December 31st 2019, our second quarter 2020 financial report on form 10-Q issued this afternoon.
As well as our earnings release also issued this afternoon.
Along with other current and periodic reports that we file with the FCC.
In particular, we call your attention to the risks associated with a forward looking statements regarding our express checkout brand and concept included in our form 10-Q and earnings release filings. This afternoon.
On a related note. We certainly appreciate that there's a lot of interest within the investment community regarding our activities and we often receive inquiries as to why we have not issued business updates more often.
As a public company, we have a responsibility and obligation to keep our shareholders informed regarding our business affairs. When we have information to share that rises to the level of materiality.
We have issued and we'll continue issuing public statements in a responsible manner and in compliance with the federal Securities law, and NASDAQ rules and guidance.
Which we may do via press release or on occasion through a media interview as well as our security filings with the FCC.
As you know our global spas closed in late March due to local government mandates categorizing our traditional services as non essential services.
Since that time, we've been functioning with a very small number of employees.
As we have had to furlough.
All of our new most of our nearly 500 team members.
We had hope to see some signs of recovery in airport traffic during May and June and continuing on into the third quarter, but unfortunately, the increasing infections across most states coupled with mandatory 14 day corn teams for incoming travelers in many states has kept airtime.
Level to a minimum.
This has resulted in fewer passengers and the terminals.
We therefore chose not to reopen and he domestic spas during second quarter, nor do we anticipate opening any during the third quarter for traditional spot services.
In early July we did however reopened our spot in Dubai, where we're currently offering limited services and selling various spot products such as masks and next pillows.
And not surprisingly its performance over the past few weeks has been rather muted given the continued weakness in global airport traffic.
Having no brought everyone up to date with the express Spa business. My intention. This afternoon is to turn your attention towards our new expressed check brand.
Which is currently providing covered 19 screening and testing.
In short, we have accomplished and made significant progress and furthering this new and exciting business.
We have opened in two major international airports JFK and Newark.
Partnered with industry experts to design, a workflow, what's the capacity to potentially test thousands of people each week as well as collect and organize confidential patient data that can be used to study and help better understand the impact of the cover 19 virus.
We've integrated the express check workflow.
With an electronic medical records or MMR solution for online appointment scheduling patient intake lab integration medical billing and reporting analytics.
This is help streamline our operations and facilitated what we believe is a safe efficient in compliant way of testing.
In terms of our actual screening in testing. We're currently offering both blood antibody testing and polymerase chain reaction or PCR testing on site with the test send to outside laboratories.
All insurance plans are accepted.
And all information remains private and HIPPA compliant.
Of course patients can also pay out of pocket, if they do not have U.S. insurance.
Still we believe there is a significant opportunity to increase testing at the airports with government financial assistance to lessen the financial burden on the patient.
We are therefore actively lobbying elected officials in Congress and the White house in consulting with government agencies to advocate specifically for covered 19 testing funding at U.S. airports as part of the next stimulus Bill.
While we are certainly cannot say with certainty that this will be included in the final Bill. We're currently working hard as we can to bring this to up to their attention because getting airports back to a state of normalcy is critical for both our industry and the economy as a whole.
We're also committed to reviewing and pursuing the latest covered 19 testing technology and offering what we believed to be the absolute best available testing on the market at any given time.
This would include Sta approved quick testing as well as new emerging testing protocols that may provide high accuracy simplicity and speed such as antigen testing.
We are therefore and ongoing conversations with multiple reputable quick testing companies that would complement the airport environment.
These emerging technologies will be deployed to current and future expressed check sites.
As soon as reasonably possible.
As announced on June 22nd we launched the first full service and airport testing center in the U.S. at JFK Airport and terminal four in conjunction with JFK I T and the Port Authority of New York and New Jersey.
The JFK location has nine separate testing rooms, with the capacity to screen up to 500 people per day.
We employed a soft opening strategy that began with testing services for JFK terminal employees airline employees and airport workers.
We quickly demonstrated our ability to operate a medical testing facility and on August 10th we expanded our JFK operations to serve airport passengers as well.
Public testing.
Targets, helping passengers meet testing requirements and select states in countries.
Based on the success of the JFK pilot, we have actively moved to our rollout phase of express check and opened our second medical facility on Monday August 17th at Newark International Airport and terminal B.
Notably this is not an airport, where we had previously operated an express spa.
Rather demonstrates the strength of our land our longstanding relationship with the Port authority, given our track record at both JFK Laguardia.
The Newark facility like JFK as Modularly constructed.
There will be hosting six separate testing rooms, with a capacity to administer over 350 tests per day.
For now we're offering testing services to airline employees.
But plan to expand to the public.
As well over the next several weeks.
Looking ahead, we see a vast opportunity for covered 19 testing at major U.S. airports and internationally.
We believe that similar to how 911 terrorist attacks forever changed security protocol and travel.
But 19 will have a similar impact on health and security protocol and travel.
We believe we are extremely well positioned to help assessed on the societal change.
According to government data from the department of transportation.
2019, 1.1 billion passengers pass through U.S. airports on domestic and foreign Airlines.
Even for only a fraction of these passengers traveled this year or next year. It can still amount to a significant opportunity for testing and other services.
There are approximately 30 large hub U.S. airports with an average of 30000 employees, who have historically work to support airport activity.
In addition, there are another 30 medium hub U.S. airports with an average of 15000 employees, who have historically worked to support airport activity.
We view that the 60 U.S. airports as our initial priority.
In addition to opportunities internationally for the express check concept, but this by itself should not suggest that we'll be able to open expressed check and all of these airports.
We do however.
Have a presence with express spa and 19 of the large hub airports.
And for of the medium hub airports.
In addition.
We are in various stages of discussion.
Bear with me.
We are at various stages.
Of discussions with several tier a large hobbyist airports to open new testing centers or to convert existing expressed by locations to express check locations.
We plan to update investors on future openings in a timely fashion and incompliance with requirements under the federal Securities laws and our exchange. However, it is important to note that in doing so we're also interacting and making announcements.
In conjunction with government and regulatory agencies like airports.
Given the inherent bureaucracy related to securing approvals and sign offs from multiple people within those public agencies, we cannot issue announcement and announcement or discuss via interview until a contract has been fully executed.
While our rollout of express check.
Concept began on account of covered 19 pandemic.
It certainly will not and there.
Our intention is to build a more comprehensive health and wellness service.
Capabilities over time that address the needs of airport workers and passengers alike traveling through those same airports.
For example, we're already in the planning stages to expand testing to other communicable diseases as well as administer vaccinations such as flu shots.
Some of these services may begin in the fall at both Jeff can Newark, and will be offered at future Express check locations as well.
We also think that we're well positioned to be part of the national rollout of a cover 19 vaccination when it becomes available in the marketplace.
Now turning to some financial matters.
Our second quarter 2020 financial results reflect very limited operations.
As a result, our revenues were rather negligible with our operating loss from operations increasing significantly.
We also opt reported a net loss of $58.3 million versus a net loss of $6.3 million in a year ago period.
Over $48 million of this loss, which is non cash stem from a loss on reevaluation of warrants and conversion options for which there was no comparable charge in the prior years second quarter and represents the loss, resulting from the mark to market adjustment.
It's a derivative liabilities.
I will refrain from walking through the full piano, but would encourage you to do so in a review our Mdna section in the 10-Q.
I will note that more importantly, the roughly $48 million and gross proceeds that we have raised over the past few months.
Through a series of registered direct equity offerings have been truly transformational and a provided us with the means to Reimagine, our health and wellness service offerings.
Our financial condition has been substantially strengthened which has enhanced our flexibility to pursue our vision to expand health and wellness services within airports.
As of June Thirtyth 2020.
We had cash cash equivalents, excluding restricted cash of $37.8 million.
Total and total current assets a $39 million.
Total current liabilities of 19.6.
Million dollars.
And positive working capital of $25.8 million, which includes a 6.4 million dollar noncash derivative liability.
Compared to a working capitals, just deficiency of $12.3 million as of December 30, Onest 2019.
We're also able to convert all outstanding preferred stock into common shares during this period and eliminate and eliminated by conversion is substantial majority of outstanding debt.
With that let me thank our investors for their continued support and express my enthusiasm for sharing further updates on our progress as appropriate I.
I would like to thank all of our team members across our express Spa and our new express check locations as well.
I'd be happy to take your questions as you have them operator.
Thank you at this time, we be conducting a question answer session. If you look that's of course it. Please press star one or your telephone keypad, a confirmation till indicated as long as in the question Q.
Let me first start to fuel at your move your question in the Q.
Participants using speaker equipment, and maybe Mr to pick up your answer <unk> question to start keys when will the pleases me poll for questions.
Our first question comes a lot of kidney <unk> private investor. Please state your question.
Hi, I appreciate you taking my question I've got on two part so I'll start with that person then follow up with the second one my first question is how long are the JFK and New York contact for on 690 year longer.
Okay, well and the airport environment, there are a few ways to operate.
You can apply participated in an RFP process, which is a public process that takes a while.
You can also have an existing lease like we have or come in under a special use permit.
In emergency situations.
And JFK, we already had a longstanding relationship with our existing.
Landlord JFK I T Who's a private company who operates the terminal.
And we simply we're able to amend our existing lease and we have many years of term based on our existing lease for multiple locations.
Newark has a different example, it's not an airport we operated and before.
And we have a one year a conditional use permit that allows us to get an operating immediately.
Then we have an opportunity to extend the permit in the future or the the jurisdiction may put out an RFP, which point, we could participate and have a long term lease so.
There are multiple ways that we are acquiring real estate to do it within the.
The construct and set up that each city has an as a reminder, these are often public entities that have.
Very specific rules and regulations that have to follow so it makes it difficult to get this real estate, but it also acts as a high barrier for new people in the industry to to come in.
And you said you had a second question.
Yeah, and so my second question is Oh, Yeah, it's obvious Guy in New York Construction has already started so I'm just curious why it took so long to provide an update between early July and the official New York opening on August 13th.
Yeah that was a an uncommon situation where based on the time that it was taking administratively to get our agreement in place.
We started construction before the agreement was fully executed with a consent by both sides.
We have a policy not to make formal public statements until we have a fully executed agreement as I referred to in my comments.
So what you can expect from us in the future. We're in negotiations with many many airports right now, but until we have a signed a contract we won't be sharing them publicly.
So you might find that some contracts get signed way in advance and some might get signed.
Much closer to an opening date.
Thanks I appreciate it.
Yep.
Our next question comes on line around do for Investor. Please proceed with your question.
Hey, Doug.
Three part question here. The first is the cost to re purpose in existing spot.
Were less than building a modular site from scratch.
And how many people could you even tests and these converted spots.
Okay. So that the I'll answer the second one first the amount of people that we can test will depend on the amount of real estate that we have so for example.
Jeff K., we were given more space to build out Newark had less space. So one has nine testing rooms, one has six testing rooms and that will govern our peak as we look at converting our existing spaces in our are laying out some of those now.
We have some very small spaces that simply you know wont fit enough, but then we have many larger spaces and again, depending on the size that will determine how much.
In test at a time.
The first question that you asked around cost again, its variable so it's actually quite efficient and probably less expensive to build some of the modular kiosks.
Because we're able to prefabricate them in a warehouse a ahead of time and then their construction is like two weeks it goes pretty quick.
The conversions are going to have more involvement with a plumbing and building walls and rearranging things now the trick is [laughter] depends on the utilities.
So some of these spaces like newer and JFK, we're in the middle over and the rivals Hall, so the cost of bringing electricity and plumbing and sewer.
Was different in each one based on how far you had to go some spaces. We're looking at today Theres plumbing right there and so it's it's easy and with our existing spot locations. Here's an advantage. They have they have plenty of electricity in plumbing there on site.
So it's not as easy to say one is less expensive than the other it's really situational.
But we have a very experienced a director of design and construction and working team that has built in airports for many years. It can be very expensive environment to building, but we have a very strong team that's quite efficient at it.
Okay, great, Thanks, and just kind of part.
Wouldn't it make more sense find alternative spaces if possible.
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Well you know anytime I can get additional real estate and an airport. That's a really good thing because it's so hard to get literally it's taken us a number of years too to get our 50 locations.
So getting additional access real estate is good but the availability of the large portfolio that we have gives us a much faster way to enter because real estate and airports is on high demand. It always has been even with a number of operators many operators closed right now.
Now I'm there so I'm not sure you know who will come back and you know some of these companies that might come out of business, but a lot of the real estate is locked up so that's where we're leveraging our advantage of already having existing real estate.
Which is pretty uncommon so.
Again, it's a case by case basis, I love, New additional sites, but I'm happy to convert what we have if we can get them open faster.
Right.
Our next question comes on line of steep blur private Investor. Please state your question.
[noise]. Thanks can you talk a little bit about the revenue model here well for these testing side you paid a flat feet per test.
How does that work between you know sort of cash per patient versus insurance and on the case of insurance.
What's the reimbursement situation for.
Oh for you're always like this.
Sure. So the the model we have a charge for our services, we charge $75 for either the antibody or the the PCR test if a patient once a second test.
Another $15 and they are most patients are actually getting both.
We do send it to an outside lab today, there's an additional charge off maybe 50 or $60 a for the lab to do their work.
If we bring in lab work into our spaces that gives us another opportunity for us too.
Collect more revenue and that's part of our plan.
But how it gets paid right now we run it through insurance one of the misconceptions is you know cover testing is free and the federal government is paying for all of this well we haven't found clearly how the federal government as you know writing checks to testing services. They are from what we've learned pain through the insurance companies.
Who are paying the labs for their work and then clinics like US now the problem with insurance companies as it takes a little while a ticket your money maybe four to six weeks typically on average during some of the high traffic during kovats, taking it can take a little longer.
And and of course, if we have an international travel or let's say and they don't have a insurance. They can pay you know directly you know on site with us.
That's helpful. Thank you.
Sure.
Our next question comes online or Kim Johnson private Investor. Please state your question.
Hello, Thank you for taking my question.
My question is why not opening your sites to the public for testing along with employees at same time, especially given the limited pool people at the airport anyway.
Yeah, I think that's a fair question for our first location a we we were very deliberate and.
And focusing on airport and airline employees first.
This frontline workforce, we wanted to have priority to meet their testing demands and frankly, we were new at this we didn't have experience and medical testing, we have a great set of doctors and nurses, who are very experienced coming in but we wanted to make sure our new systems and we looked at any Kinks before we open it up to the public.
It's just draws.
More complexity once we felt solid we extended at JFK to the public as Weve recently announced and at Newark same thing, we decided to open to airport employees and airline employees at first a and then we will you know extend it to the public.
Its important to walk before we run and I'm sure by the time, we opened more of these in the future. You know you may see us opening its to the public.
And employees at the exact same time, but.
That's how we approached it but not much time goodbye.
Thank you for your question.
Thank you.
Our next question comes a lot of Jennifer <unk> private Investor. Please state your question.
Good afternoon. Thank you for taking my question.
Are you familiar with what's going on in Dubai in Hong Kong in terms of Colgate screening and I hear guard Disinfecting Oh and.
Scanning and.
Are you concerned at this will make your testing obsolete.
Oh, we watch you know things happening and those airports and all over the world very carefully and and even see some airlines trying to put different measures in place.
Bottom line is PCR testing is the.
Most reliable sensitive testing that's out there today as technology is developing you know I'm not worried about it supplanting my model because we can adopt it and bring it in.
So when PCR testing is outpaced by some new technology.
Be at another testing protocol or or you know dogs that sniff krona virus in the so sure about that yet sounds cool.
But we will we will make sure that we have our medical director and others that are watching this very carefully.
But you won't see us reacting impulsively. So for example, we did not start with the antibody blood quick tests summer approved by the FDA Smart, we decided to send it out to the laboratories, because they have a a much higher sensitivity right or am I.
Much lower false negative so we had.
Debate, you know between speed and in a really good test and you know I'm proud. The team you know decided I cited on having again the the best science to be used we're looking at some quick testing now, but frankly, the technology is gotten much better so.
It's much more Ah theres more data now that demonstrate that's more reliable. So you might see some of that in the future. So kind of a long answer for your question, but it's a it's an important one.
Perfect. Thank you.
Our next question comes a lot of pilgrim.
Please state your question.
Hi, Doug Thanks for taking my questions today, a quick one have you seen any increase in testing since New York imposed to 14 day quarantined on those traveling from hot spots.
Yes, we have seen and an increase in testing, but here's a common misnomer.
And.
It's that.
If you arrive in New York or New Jersey at one of the airports in Connecticut, and New Jersey, and New York All have very similar requirements for 14 day corn team.
The the misconception is that you can test out you know you can you can land ER and you know go to your hotel or return home and get a test and then you can reduce your your quarantine if your results are negative.
They still encourage you to take tests. So you know whether you are sick or not but they do not give you relief on the 14 day corn team. There are other states like Massachusetts, where the governor is taken the position you can test out of it there are some countries that are requiring test before you arrive.
Yes, so all of this presents opportunity for us to incorporate this into you know departing and arriving passenger.
Practices.
To help when jurisdictions allow for it you know weve lobbied or the New York Governor.
To to modify his position you know too if you know someone's demonstrated a clean with PCR test and the cortines should be a reduced.
That may come about but it may not you know, we don't know, but that's the the current position in New York.
Thanks, Thanks for the color.
Our next question comes on line of Danny Private Investor. Please proceed with your question.
Hi, Thank you for taking my questions I have to the first one is you ever plan three open your traditional spas and I mean, it's so.
Passive either the airport need to be a before you reopen those traditional spas.
So.
I'd love to open our traditional spas you know when there is a good revenue opportunity.
But frankly airports are around 15% to 20% active now you know some are higher summer lower.
And we need much more traffic than that to support our our our traditional business model. So you know as I shared on my comments before we're not intending on opening any spas.
At least in Q3.
And who knows after that you know we watch it carefully.
But we would need to see a substantial increase and airport traffic in order to have a enough throughput for the capture rate and that we look for and the airports and you also have to keep in mind that airports are are being responsible in there.
Trying to aggregate flights and gates, So and you know picture a typical big airport, maybe they have 345 major terminals and I might have two locations, let's say and I'm in and you know one terminal and terminal a in terminal C, but the airports aggregated flow.
Flights into terminals B and C. So, thereby only one of my two locations might even be compelling to open earlier in the other one you know has zero traffic coincidentally because its you know located in a a terminal that wasn't selected the aggregate flights. So it's really a.
[laughter] complex thing we have our team on the ground. That's that's watching it but you know I'm not interested in.
Accelerating any losses by by reopening you know spas that we think will be operating at a loss in the near term. So we're watching it carefully.
And Okay, and I think my earlier comment to you know, we we tried oak we've opened in Dubai, which has had much more traffic coming through and we were a push by the airport and so he said, okay, we'll try it and see what happens and.
No, there's there's some traffic, but but honestly not enough to make it worth our while so I'm not sure how long that will.
Last in the meantime, but it was a.
Fly or that we took to kind of gauge our assumptions and it reinforced what we already felt.
Okay that that's super helpful. Thank you and then just one more if I could squeeze in.
Sure you foresee operating express check and express a at the same time in the same airport. Thank you.
Yeah sure Yeah, I get asked that a lot we absolutely Ken so the way we've set up this secondary business.
As a with you know we're leveraging you know the back office support the accounting in the HR, but operationally you know there are different businesses.
So in each city that we opened we'll have a state license dr. overseeing the practice and and you know medical assistance and nurses that's that can be run independently or at the same time, when we have massage therapist semester titians back. So we can operate both.
But we look at them a independent of each other.
Thank you great. Thank you.
Our next question comes on line of Nicole Mcminn private Investor. Please state your question.
Hi, Thanks, so much for taking my question two parts here, but can you give me a sense of your current cash burn.
One.
Well your current cash glass.
And secondly, you will you need to access your shelf registration to complete the opening of your projected testing facilities is here.
Okay I was waiting for questions like this.
Our.
Our cost of operating our traditional business.
<unk> is running about $750000 a month approximately.
It will vary based on rent that we have with our existing portfolio.
So many airports have given rent relief, where they typically charge a percent of your sales.
But then they have a mag a minimum annual guaranteed rent so theres a floor that you have to pay.
Many many airports have suspended.
Or the minimum annual guaranteed rent charge and there are only charging percentage rent. So if you're not open you don't penny or fear opened with very low sales you'd pay a percent of those very low sales.
Vale some airports are doing this month by month, because they don't want to.
Commit to this you know favorable rent deal for their tenants for very long.
And then we find out you know even after the next month the started that will cover that month or extend it to some other airports have made these arrangements through the end of the calendar year. So the point is.
Because of the uncertainty in the environment our rent roll continues to vary we negotiate we have a team that negotiates very hard and again, our longstanding relationships. You know have helped us in this scenario to have.
You know as favorable terms as I think you'll find.
But if you look at our our working capital.
That we closed the quarter with at 25.6 million.
Or 25.8 million that does give us a little room and that cash burn does not include expressed check.
On the express check side, we've probably spent.
Maybe or to a little over $2 million and startup costs and building out sites and setting up the infrastructure and the and the data systems, so that hasn't been a big surprise.
Drain on our cash.
And you know I think we have.
Many months ahead of us.
To your second question.
About raising capital.
As part of good governance, we filed for a shelf last month based on our internal projections, we don't anticipate drawing down you know from that shelf. This year. However, if expansion at express checked brand accelerates at a pace that you know we did not model. Then you know we would consider raising more capital so.
We have a good amount to expand expressed check in to cover some of the operating losses until our spas get open for awhile.
But if this thing you know.
Goes gang Busters globally in the next you know.
Period of time, you know that there could always be more needs for capital, but right now.
We think are good.
Thanks for the question.
Our final question comes a lot of Brian Thompson.
Yes, Sir please proceed with your question.
Thanks for taking my question I would like to clarify a few things around the rapid test when will you be deploying them what rapid tests, where you do you then and what are the cost compared to what you're currently offering and then lastly, do you expect that this will spur a greater patient into.
In tucked in general.
Okay lots of questions in one question I'll do my best enough I forget something come back and remind me.
So.
First one is one will be deploying rapid tests and who will be using.
I I had shared before we're talking to several reputable companies.
We're looking at existing technologies like rapid blood antibody tests.
Rapid PCR tests, there's fewer players there.
And even this emerging antigen test, which you know you could consider as rapid and rapids, the very relative term and kind of a buzzword.
There has been a leading company that we've been talking to for for many months that we've been trying to bring into our system that simply hasn't had inventory.
To sell to non hospitals, and we hope that things may loosen up soon we think it may incentives, we can get our hands on some of these we will be introducing them into our system.
But it's really hard to say when because I don't have as soon as I have a sign contract you know I'll make sure that we tell everyone, but we don't have signed contracts yet.
We're in discussions were viewing I'm, just very competitive landscape.
There's.
A lot of people that are kind of selling stuff that I don't think it's very good. So again, we're gonna be very careful anything that we sign up for is because we think it's safe and reliable of course F.D.A. you know approved for at least the emergency use provision approval.
And we we recognize this would be a very important.
A very important service to be able to bring it into this environment, especially for for passengers and pilots you know who are working on tight schedules.
The costs vary so right now we're sending to outside labs, you know I shared our our costs.
Cost when we bring these tests and many of these tests are more expensive, but then we would be able to administer it ourself and not have to pay labs. So we have an opportunity to make more margin on it. So that's also attractive from a business perspective to bring it in b.
And it just being a a more valuable service and because it is.
Kind of scarce.
You know is there potential for a premium charge for it it's it's hard to say.
And then.
What else did you ask about Uh huh.
So I think you answered answer most my questions I'm in the last part was just one year or whether or not you expect it to spur a greater patient interesting thing.
Oh right right you did absolutely if we can get a reliable quick test that will improve the frequency and that will improve.
The usefulness of of the services and and frankly expanded services were planning to bring to the environment.
So yes.
Got it makes sense. Thank you very much.
Yeah. Thank you.
Ladies and gentlemen. This concludes our question that's isn't as well as today's conference call. We thank you for your participation you may now disconnect your lines and have a wonderful day.
Thanks, everyone.
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