Q2 2020 CNFinance Holdings Ltd Earnings Call

[music] good morning, good evening and welcome to the C. N fine asked to Q Twentytwenty financial results conference call and webcast.

All participants will be on this and only about.

Should you need assistance, so often special circumstance Starkey followed by zero.

After today's presentation, there will be it appeared last question.

Please note this event is being recorded.

Let's turn the conference over to Jane. Please go ahead.

Good morning, Good evening and welcome to see I forgot called her first half of Turkey, Turkey financial results Conference call.

Before discussing our financial results have 50, they'll get there will be on his wife, and yes, I know official website.

Today's call I was the only served I will walk us through operating results followed by the financial results from our CFO Tony.

After that we do have they given my section.

Before we Scott.

To remind you that this conference call contain forward looking statement.

Moving on six sometimes he wants me off the Securities Exchange Act like in 34 as a matter.

It's fine you asked private Securities litigation Echo Mikey modified.

These forward looking statements can identified by terminology such as real expects anticipates the truck in Paris glass believes estimates targets going for I look I similar payments.

So they can be they are based upon <unk> current expectations and current market and operating kind of issue [noise].

Related to events that wolframalpha or about risk.

Oh, so Turkey and other factors.

Oh, that's a difficult to predict and many of which I beyond the common it's kind of show.

Listen my calls the comedies actual results performance or achievements to differ maturity from dose in the forward looking statements.

So there's a nationwide regarding this and other risks.

So Dave or factors.

Included in the company's filings, we see you add Securities Exchange Commission.

The company does not undertake any obligation to update any forward looking statements as a result from the information Fisher is bad or otherwise.

That's required until now welcome hours the Oh. Please proceed.

[noise] did hit right.

Hi, good progress.

Oh, yes, yes.

So football with us again.

Actual team.

Yeah for you.

Taking in the deal for you so.

Got you itself.

We.

Are you, earning yes your people that you see meaningful.

Well, we didn't talk about Asia.

Oh, you choose for that.

Yeah, I mean that Charles.

So lets you.

He leads to the Shang input.

[music].

Oh, let's say athletes.

I got to lunch.

Thank you hold and thanks for taking the time to join <unk> first quarter.

During today's call I feel like to discuss the basic operation, even though it has there been called her outcompete copy.

We will also shared with you with the opportunities brought all their into koeppen like any recovery and the Coas Barney decision made by the company.

Oh, good or bad.

We'll take your questions with our CFO.

[noise] or do you heard in yen, Eric you do.

See the food what you've got each Oh, you to go through.

Also the switch on me I want to they'll shell BG is Oh Gee you can do look like.

She's.

On that.

<unk>.

It sounds good or either I really do.

And your main worldwide either.

Are you get to teach you watch and she about what the I'm quite confident or do.

I can't see me around very young children.

Yes, you pretty lean.

Oh sure.

Thank you put out sometime towards the box up I believe is about you started up we sold it.

Yes, the already hard in Turkey, the more they do children over there I don't know each show by John.

She's all Barbara.

So Jim cellphone.

And then second quarter of subjects hockey.

China's economy recall her phone calls in my team.

A major operational and financial indicators have improved as compared to the first quarter.

Well, our generic equivalent of called her increased by 51% you want to pull in IB and RMB.

We recorded a provision for credit losses, all 57 million RMB in accordance with U.S. GAAP.

If there were so if we're able to turn first quarter flows into profit.

Not income or how do you find me that.

We also maintained a recovery rates of 103%.

This call show.

By the end off this quarter.

Total number of flat so others have reached 1500.

I hundred a bought deal stage have facilitates alone.

[noise] Ooh some feel real good okay.

And they who she like are you seeing.

Shoes will go to work.

So as you probably see the bomb obviously you also.

Yeah, well be able to do try and find document.

See it ops and do that.

So again baby.

She is.

Hi, simple well, then tubemogul, who can do it seems.

Switching to the I mean delta so cohorts are among.

She trains.

Im not sure I meant.

Phil Walmart job kind of put out.

[laughter] Daiichi once again, Paul let Jim companies don't you.

It's all discussion last quarter, the company into them and get multiple measures immediately after the outbreak of calls at my team.

Yes.

Sure the company's operation So the great. This is Pat.

The bondage, although I think infrastructure and moved majority of our basic prestigious online.

Can I ask this already communicated without trust company colors, we adjusted the quantifying criteria off the perspective bowler our.

Our TV radio as well so risk assessment procedures based artist actually Asian.

And that we have a salary did the disposal from nonperforming assets.

And then tailed how can liquidity.

[noise] you folks want to all done Oh.

Right, you shouldn't be yet [laughter] human body.

Oh, you jump to that.

Well, Matt you that many that she'd other children.

[noise] regarding your part, yes, right biopharmaceutical Ebola Seafood War means you answered I wouldn't you got some box about children.

So John Lucia illegal.

These changes are probably bulk of the leave you signed yet they shot Toby.

Our job is so big.

He will generally human error south.

Oh no.

Maybe you can give a lot bigger julio.

Total gender.

So.

Absolutely yes.

[noise], it's not sure sure awesome both transition.

However in a company like in recovery period, we're also phasing out there trying to get.

On August 20.

I realized regulation on interest rate worth made public quite a supreme People's core.

That's a pretty people court ordered a cap.

I was I don't think interest rate [laughter], let me set up four times, China's one year old prime rate.

The cap is about 15.4% based on the latest RPR rate of 3.5% representing a huge drop from the legal protect the interest rate of 74% afford them you regulation.

I'm sure she waiting.

Great friends, Amelia and you know.

Mm.

So if you may yet.

Oh shelter that Oh, let's assume that.

So long watch all that talk to Craig Shere.

Well, there's nothing she'll I'm hopeful that she will be [laughter].

That's it for children sometime in late.

Oh, okay.

Well you problem.

[noise] this new regulation materially affect it almost every participates in the private lending business [noise].

Including can feel consumer loans [laughter] operational.

Well I P to P wrong, and all referral services.

I see enough Collaborates with license financial institution to facilitate close.

The older all leading role in the industry.

John subplot, that's Jamaican complied with favorite wife regulation.

[noise] her yeah.

If you could see how that's all.

Well, I mean, Oh Oh, yeah.

So that should go back to what.

So you see she will.

Jumpy, that's one city go into that I thought it for me.

Hey, good you that you'll see that I'm, usually the jumpy policy the pet food shopping.

What else.

[laughter] you always about use.

In the current <unk> do you usually see foreign policy what needs to do that something.

It is a big time to do you have enough our customers South ours and Trust company partners are all affect us quite a change of regulation.

The short term interest income is expected to be materially impacted due to the reduced interest rate.

It's likely that our disposal of Andy out will be affected as well.

We also experienced higher delinquency rate caused by international like pay my during the time.

[noise] well, it's yeah, well they do so because it sounds like you are.

She wouldn't see suit yet.

Being used for the time to somebody else.

Hershey chocolate.

So we got you might do show it she is that she shortage.

Well the Youre.

<unk> jumpy shall each vehicle into something that's pretty.

Well evaluate that Oh pardon simple.

It's just sort of course.

[laughter] weaker being Dupont.

Yeah.

Okay. That's yeah, yeah, Yeah Jeremy.

Oh, I mean, who could you. Please thank you know job out people jumping forget but.

Well, that's what I read on it I don't.

She topic here.

[noise] they have advocated a team to her why more detailed read on the new regulation.

Based on which we will make consistent operating adjustments.

Our mission remains unchanged.

So why assessable adorable.

For the both sorry, affordable and efficient financing.

Wishes to micro and so I smoke enterprise owner in China.

We support the core older as it would help reduce the financing costs of MFC.

We also keep our communication with South Commerce and Trust company partners to set off this whole class so complies with the new regulation and to minimize our office.

Our goal is to maintain the same interest threat for our operation isn't after their vision.

[noise] by many Schaldemose also.

Yes, let me start yell at me.

Gee more sure why do you need.

Did you.

You're not boxes that you couldn't food.

Gentlemen shop in shop.

As the best they think they charge. We believe it is also a good opportunities to test our business model and management ability.

A lot to capture this opportunity we have somebody the following that studies.

[noise] E G. She can so cool.

Easily I'm, saying Gee you follow your phone call me, Yeah, the gene that huh.

So again you follow I was hoping that they're going through your job. It sounded like you can be on.

She's forgive my name South sometime in either you don't want job.

And then they go from what.

Sounds good.

All right so since its again.

So I, usually do you put out in due course in golf absolute who for the studio we wouldn't them so that they think about intact.

We will focus on originating home equity loans for M.S. business operating progress it [noise].

Home equity loans are highly responsive to.

If or when the borrower's ability to service that is sitting at rabbit.

In a worst case scenario, we are still able to reduce lost by this whole thing to cut collaterals.

For example, they went up a dynamic.

With both delinquency and M.B.L. rates, increasing our actual losses remain favorable and achieved an overall recovery rate of 103%.

[noise] gets too.

Pardon calling on gene.

So the who are you saw.

Sean do.

I'll leave you took a couple of genes.

Oh.

Yes, George on the bottom line.

Our salvage year goal. They Couldnt go we do do that soon.

Sure I know you know you'd be cool job.

[music].

What are they should younger babies are the key that.

Yes.

Which is you saw what you're going to listen to this issue. So you said.

[noise] also a measure of long for business operating allowed us to engage with customers with all the business operation, which you're sorry January junk Hasbro survey said that.

In addition, China's government has their woken massive resources.

Sure most established tea and prosperity do is important in Chinas economy.

We believe our tell him a long so very well I met the owners are in line with governments intelligence.

[noise] error.

Do you see against the father I'm also.

So I thought that please.

Are you doing yes, who's the to sort of Copel, you're more sure okay.

Okay, well your type or you end up that's all I've had the yield.

Okay got you I'm going to easily seem to come back. So do you feel they should afford the meeting somebody.

Me on the anti Shimon.

Oh, sorry, so a lot you wouldn't be either.

Once again.

So do you hope, Oregon bound sums yet.

So we.

We will continue to promote and his family collaboration model.

As a result of upgrading our business to a collaboration model in clunky my team.

We were able to cut costs in employee compensation and office space rentals.

At the same time, when they see RMP like it.

Jonathan.

The company and itself on their share profit embarrass altogether.

[noise] gene and most of that see if I use the site.

Oh, yeah any color there.

And it does not yet so.

So the team for their needs going down but yes.

Sure No GM right. So you Jim Boeheim Genband, even beyond that you want to John.

So I'm going to young cellphone genco.

Good enough.

Got you own them yet.

See you couldn't be that well she's probably more shows hits you can how're you.

The mechanism of collaboration model and enabled us to mitigate risk [noise].

And then paying a stable operations when the market conditions deteriorate.

There is a is back to outbreak of scope in my team and a change of regulation.

How efficient areas can trouble nature Uh huh.

Our model for why did a phone infrastructure Chicago, San Francisco opt in loan origination volumes and likely to bring and increasing our yi individually.

[noise] wants to jump with I guess on either forgive me John something you see more for the people.

Changing over there no, which he will nearly double check Jim going again jumping then keep up on circle.

John.

Got you shoot.

Well, we somebody that's a comedy agenda.

Lets you know Yochim couldn't go down over and John everyone looking for <unk> Asia couldn't Bob just how from.

We will continue to promote and his family collaboration model and keep upgrading the subway system for South partners.

The recent new regulation will further consolidate the industry.

The leader of cold and wet seal industry.

Your wife, and Cherry pick the qualified opus and it has hurt to join off hassle and together capture a larger market share.

Sure. So they egydio once all the time of Oregon.

Well I'm assuming.

Uh huh.

I'll call Carty leases so lock in itself you, though let me jump on working hard to Garmin the.

Right.

Sure about what we said it was equivalent to the Genkey, John I'm trying to keep hot soup that I'm Jim.

Good enough for us to realize the potential all those south partners, who are highly qualified while keeping risk under control.

The MISO is flat.

Life visibility of lowering the portion of Fiorentina.

And of course specialized always personnel to assist them through all the loan origination process.

Yeah, Yeah, so coupon sitting bundled Jones eat the incumbent.

So again, we're not we choose you John town, we shape to bulk up what well do and sheep young you for the incumbent Steve will yield Oh Gee called produced only Shelly.

Okay got any these all these years.

So we were brought goes on I think solstice surety of financing costs.

You know continue to negotiate with our existing trough partners.

Further optimize the repayment luxor and bathroom manage I'll catch on bulk.

Or in an effort to benefits MFC owners.

Good food right and then they found as shown on the eastern you'd be able to times and She's Jones Act Onboarding right.

So what are you put up I won't be Yahoo.

I'm tends to be piece, we shall I mean, I'm kinda shingles.

Yeah.

Oh for example would be outsourcing Copacabana Palace, you printed circuits in hockey.

Oh, so imagine I believe that probably religion baby as an AB and products in China and now on the verge of being Devops.

We allow physicians to launch Oh asset backed product with a huge collection of collateral assets we hope.

The company will collaborate without trough pillars to carry forward the planned I'll add that securitization.

Yeah.

Yeah I'm sure you could you do you see a well then well know suncoke arms at all because you'll you of course, you TNT arches sitcom that solution.

Also the you Shin Kong runs into account so young children Daiichi once again.

So it seems like me John easier to use sounded a seat.

Well I mean, it sounds it 'cause it wouldn't.

The two parts you talked about polishing principles to lumping frameworks it sounds to me.

She said he showed me the Chinese.

We will average science and technology, Mpower <unk> equity along with it.

At this all improved I, just say some of which enabled the company to a completes my trip is this procedure on life searing of a dynamic.

We believe that technology not only for all tax the comedy from I'm expecting challenges, but also pro ice dropping that amendment to make operation.

Vision and drive down operating cost.

And ultimately contribute to the escalating growth off the collaboration model.

Uh huh.

Oh, Okay. So it's only in mind, so we shall each year for that that she'd shortages that came from property solution that puts the usual eating E. I'm also they do you.

We could do you mean.

Each would probably more junkie <unk>.

For full door. She so are you.

Do you think.

[noise] because I'm off it is always on mission to for why financing solution to MFC owners.

Well, they use technology estradiol falls to achieve higher efficiency.

The collaboration model S. A strong foundation.

I mean, just go off the loan origination volumes and reduce the overall financing costs in a long term.

Our ultimate goal is to improve the R&D and maximizing return to shareholders.

Sure.

Robots again, so there wasn't that sample sensor.

And your comments here called <unk> <unk>, earning aarding, yet your digital we get somebody I know I wasn't.

Susan.

Yes.

Now I'd like to hand, the call over to our CFO Mr. leaning who will walk it through the financial results of second quarter at a first quarter of talking punky. Thank you all she is I don't.

First Mr. Johnson, so again, so everyone joining us today.

It will kill through our forgotten caught on the full top all 2020 financials.

Maybe the year over year comparison is the best way to review our affirming.

Unless otherwise stated Oh person to trend is I'm going okay, well beyond the other basis.

So unless otherwise stated Oh number I'm going who'll give or be in I M. B.

We will go through the figures, but they're gonna called <unk> first followed by about four the for car.

That's all for June Thirtyth Twentytwenty.

Total all Sunday loan principal decreased to 9.8 billion compared to 11.3 beaming R&D as of December 31st 2019.

Total origination warning was.

1800, 83 million compared to 1660 7 million you know centuri Dol 20, <unk> 19.

Interest on the Farnesene service fee alone was 400 on 50, 50 meeting but decreased 44%.

Primarily due to decreased in the total all Sunday low amount.

Such decrease was caused by the smaller lot additional water them as compared to the amount of loans repaid all collected in the second quarter I'll tell you plenti given the floor economic growth under the Kobe lighting pedantic I see I still accommodates workers I'm, just really loan quality or long girls thing.

So adoption of the collaboration model.

Interest expense. This was my hundred 87 million compared to 300 on 69 million.

Primarily due to the decrease in the presuppose all the borrowing under agreement three portrays all other borrowings.

Calibration cost well sales partners increased 200 O four mainly for the second the colder aplenty plenti compared to.

So if he told me you know second the called her all.

2019, formulate due to the department of the new collaboration model.

[noise] Perrigo full credit losses was.

50, some I mean, a degree of about 40%.

95 million RMB, you know some pureed off 2019.

Total operating expenses were 114 million a decrease of 3% compare between 118 million you know some pure rate all Sunday lighting.

Income tax expenses was 16 million a decreased from 56 million you know some puree dolphins uniting.

Net income was plus you find moving a decrease of 84%.

161 million you know some people read all the country lighting.

No well moving onto our financials for the first talk openly Patty.

Total or initial wall and was.

3000, 50 million compared to Threeq, 2000, 665 million U.S.N.P. or read outs on t. lighting.

Interest on the financing service fee alone was 959 million a decrease all 44%.

Primarily due to a do crazy the total opened the low amount.

Such decrease was caused by the smaller lot initial all of them that's compared to the amount of the loans repaid all collected second quarter I'm talking to you Plenti.

Given the slower economic growth and other called me like Tim Pandemic, that's where I was a comedy of course, because all screen loan quality, our loan growth things sort of talk show all the collaboration model.

Interest expense. This was 380 I mean compared to 778 million you know some pureed I'll then he likes in.

Partly due to the degree it's either principles of the borrowings under agreements to repurchase or other borrowings.

Collaboration cost for sales partners increased to 198 meeting for the first half off plenty plenty compare to what do you want really you know some pureed all Sunday night team.

Primarily due to the development of the new collaboration model.

Purina for quite a lot. This was 270 some I mean, you increased 3% from 268, a meeting you know centuri Dalton delighting.

Primarily attributable to the combined these backed off first the impact at all the New Yorker are expected to credit loss loss model that took into what I called out deterioration you any color you can tell me on law caused by the called me Nitin pay Danny.

The second.

Are you crazy the amount of NPL, namely long been feeling quite well over 90 days as a result, although you fishing legal proceedings under the coffee 19 pedantic.

Total operating expenses were 250 million a decrease of 16% comparative is 255 million.

Simply put out 2019.

Income tax expenses or what have I mean.

Decreased from 500 over 1 million unison pure rate often see 19, primarily due to what do crazy taxable income you look for top all twentytwenty.

Net loss was 41 million.

But the of course, all 114, nearly 14% sorry from a net income of 296 million you know some pureed all punky 19.

That's off Jones 30, plenty plenty the comedy had cash cash equivalent of 1.9 billion comparatively is 1.7 billion. So December 31st Funky 80 20 lighting.

The aggregate delinquency rate for loans originated by the company, which represents total balance outstanding loan principal, which I know you stole my dependency as opposed to I suppose Sun has all the aggregate total amount how long they all didn't see 20 2014.

Slightly increased from 5.4% that's all for December 31st Funky lighting to 6.4% that's off June 30 plenty plenty.

Great.

I'd now like to open the call for Q1 night.

Please begin.

[noise] [noise].

Operator.

Yes. Thank you [laughter], we will now begin my question answer session.

To ask your question you May Press Star then one on your Touchtone phone.

If you are using speakerphone, please pick up the handset before pressuring the keys to try to question. Please press Star then too.

At this time, we'll pause momentarily to assemble a roster.

And the first question comes from Weinberger's Minsky with Greenridge global.

Hi, guys can you talk more about the sales partners.

Are you seeing a lot of demand given the current.

Economic environment are you see.

Are they are they seeing a lot of demand for a bones and then looking forward with the new interest rate. It seems like there these are going to get cut quite a bit.

I mean, how are they appealing about.

About you know the change what I imagine, it's going to be a pretty big cut to their opinions.

[noise] Oh do it so that's what does that sound LG element, the social political but there's a whole at its heart the is yet which had the.

Got it isn't just how that you said they seem to show.

So you can take Oh, my gosh, we try to take it took a.

I think all either because you're in Chicago.

[noise], Oh, well athlete I tried to quantify.

Well for the question.

She doesn't make a four month Yaki go to fill do talk or could you kind of flat.

First from our a second called her financial data.

The our fuel prices hold on quite a few.

Sometimes I think the aren't enough sweat harman will be easily or I mean, certainly doesn't.

No matter from the outstanding loan principal Oh by the second call her we see a wage or reduce compared with the first quarter.

Oh, that's something that how likely cause a woman. The study that you got to go more sure Barack has done a union fund. This yeah not that seeking though do you guys should only be Uh Huh, Patrick who does yes, it's about how to use you.

Oh, it does seem to be a.

[noise] little you'll get too.

Oh for now.

[noise] and have it seems that being on promoting our new model for a year and have for now and I start to show an advantage at this stage.

[noise] halt.

[noise] Oh.

Yes.

I think if something I can just one thing I'm watching bulk what do you do you hope or did not the yield isn't homosexual the himself.

Thanks.

From what they're thinking right now he compatibility from ourselves on or to the new collaboration model is increasing.

We do need that eagle, but there's a lot bigger <unk> Horton apartment folk what do you go more so that's just how to want us in Hong Kong I suddenly become so.

First question I think the new motto is pretty well recognized by the dose on around the market at same time.

Oh, the argument is quite easy guy in the Oh.

Oh, yes.

To go but yes.

About your second question regarding the or.

The brand people towards older of Ah touching interests.

Well not go have definitely it just awful do though we used to date and versatile shield.

No.

As our CEO Mr. Giants reduced in his [noise].

Earlier today.

The there's no bringing material.

In fact to every participant in the market.

Dropout at home it.

From this to a prospective.

And just to go take a bullish.

Especially how unless you said, it's usually a ton of funds.

So there have been humor like that's going on in the market for a long time.

Yeah.

<unk> you got it was as well.

Maybe I don't know who don't totally she.

But there are two parts, we haven't really expected earlier the first one there how much how much the interest what the interest rate has been caught.

Our dr., there's a lot harder how did you usually what you're seeing and do so how does how interesting field.

And the second one as a whole immediate and was to be effective.

Hey for wants to do well matched the over and I go to see how many units and so on the matter to us or to our just on ours is a is a huge rush.

Although he began the he was just off.

Well most of whom you know woman.

You mean.

What are the pharmacy ones I Kenyans easy show you much honenone several Uh huh.

Yes, I got introduced there there was room are going on the market for a long time, we have been adjusting our products since the beginning of the year.

Four of them, what kind of how do you want on I kinda once you try to put on the fee.

On so are you in <unk> dollars in all product structure for right now.

He lost for their tenure as was the second more and more.

Since it is.

[noise] Oh wasn't so much of that once you go from here.

It sounds a champion.

Jonathan.

Further person, though our outstanding along right now are those of Ah tenures shorter than one year.

Steve I think somebody coming into the funky and gone to the time, you'll now know how to even out the couple of things and that's how you sometimes you're talking and I've got the Coke or do you guys you got leading somebody d.. So I'm comparing sure those launch in your products further than your loans.

Usually bear lower interest for for the customers leave them, yeah woman tone or single cell phone outcome, but yes.

Also our financing cost.

The funding cost we were getting from a trust trust companies are also lower.

Well I mean, I got you wrote a woman she all doing Oh, sorry.

Oh no.

I think coach idea I saw that once you do that actually occurring.

Ah Kinda you so you.

But if we and our.

I Wonder if there is a interest rate cut together, we all know were a little bit off our lives.

Won't be that you would enable us some will you do that always show on the gas cohort and bonuses huh.

Good.

But they they'll still have to keep communicating with that ratios partner as well I see how the market reacts to these regulations change.

So you want me at your Ti dollars. That's once you know obviously that you either.

Oh, you haven't thought you either come due on the yield.

So as I've mentioned with I think our loan origination in August and September will be mostly well be most severely impacted by this Ah Rick cot.

Okay just weather.

The answer to your two questions [noise].

[noise] okay.

So it's tough to clarify your guys are are you expecting to see lower rates from the trust partners on either the short term and the long term because it does or are you and the sales partner solely going to take the hit on this caught in the right.

Oh in which I'll touch on enjoying it.

Yes, so oh gosh Comseven hundred one she was that one of the management Dolwintwo instant book alone will not only not all of them either Oh, the job hires one year ago onion, they've got that cohort.

What does your tone Andres.

Let me on the GGB.

Yeah, well, let's shift, but just jump on it I don't want let's wait and see that how did not do go do you do drop you talk to you time in the media talking now about.

First to just clarify for an hour.

Loan product that's what the tenure has already about 2% lowered on though then that off a longer tenure products.

I'm talking to you I don't see cope with it I got you will know how should enjoy your dog young glitches unique.

We do well you all to litigate, leading I'm I'm talking I don't read about you'll see our John D. Somebody I thought it so much because unfortunately I don't see somebody like somewhat sequentially down. The do you go to the you'll fall or quoted on the you'll see the tone, but youre not going again.

So to see in the long run on since we have to we'd have to comply with the new regulation to cut our interest rate as well with thank you know it won't be our Ali twice that chew on reduce our financing cost in the future fine negotiating with Trust company partners and.

I think by optimizing our.

Customers quality eight as possible in the Georgia to reduce our financing cost.

What do you Cook with a job Nick I think I think the Sophie the John D woman, you just going to do for you or whatnot.

And Oh.

So reducing C and reducing the interest of each hard for our customer I think if you will have to be faired by both parties.

Andy Silicon, there's no woman such you called she'll come bought cheek all the far enough ward I meet with how muscle phone.

She that'd.

Uh huh.

Effect or our option they'll have to be optimizing our services too on the sales partners to make it up or down the heart of.

Part of interest earning.

Yes.

That's out there question.

Yes, yes. Thank you.

Thank you.

This concludes our question answer session I would like to turn the conference back over to Jane for any closing comments.

[noise], that's really all what today's call. Thank you for joining us if you have any further crashes. Please feel free to content I I thought it I guess tied up yes. Thank you.

Thank you you conference has now concluded. Thank you for attending today's presentation may now disconnect your lines.