Q3 2020 Puxin Ltd Earnings Call
Great and me, ladies and gentlemen, thank you for holding the call will be beginning and a few short and moment discontinued accordingly, and keep for your patience.
[music].
[music].
Good day and welcome to the pushing Ltd third quarter 2020, <unk> earnings Conference call.
All participants will be in listen only mode should you need assistance. Please signal conference specialist by pressing the star keep all that pay zero.
After todays presentation, there will be an opportunity to ask questions. Please note. This event is being recorded I would now like to turn the conference or two and non healing.
Our Investor Relations manager and push and limit that please go ahead.
Thank you operator.
And one cents per Johnny <unk> third quarter 20, <unk> earnings conference call Good day.
She was senior Investor relations manager at present and.
We appreciate your time and ongoing interest and pushing the comedy for Docs were released earlier today and are available on the Companys IR website at <unk>, our dog P. ex day, why dotcom and.
Oh the day, we help me true your no show the comedies founder Chairman and Chief Executive Officer, and he took a while the comedy and <unk> Chief Financial Officer, you know will give a brief introduction up and <unk> business operations and highlights followed by Paul who will go through the financials and guidance.
And we'll both be available to all true cost trends during the Q and a session that follows.
I would like to remind you that this call may may contain forward looking statements made under the safe Harbor provisions of the private true its litigation Reform act or not and 95.
Such statements are based on management's current expectations and current operating conditions.
And then relate to events that involve known or unknown risks and <unk>.
<unk> and other factors.
Oh, which are difficult to predict and my net which are beyond the company's control, which may cause the comedy and actual results performance or achievements to date from mature like from those and the forward looking statements from.
Further information regarding these and other risks and starting to hit and factors. It's included and the comedies fighting with the U.S. Securities and Exchange Commission.
The company does not undertake any obligation to update any forward looking statement as a result of new information future events or otherwise, except as required under low low.
With that I wouldn't know turn the call over to Mr. shocked me.
First I will give his remarks and Chinese adjusted came from I see already Investor Relations advisor with from web traffic from haven't English Mr. shop. Please go ahead.
[music].
You should not essential net.
Good day, and she Charlie on the warranty.
And she goes.
We.
So hard and already and the country she'll guidance you show.
And Josh I'm not sure.
Oh, and they get onto degree and you guys true value and shared Moody's who choose.
And Mike.
Tobey, Google and your Arsenal.
Shoot.
You do not even nursery and beach and cheap price and should be like.
And when you talk about crude and junior.
True so good cooking shop from the junior and junior and she could you share.
Sure.
Yeah, John and I got the country and shop opportunity and you and she signage and books and true.
Oh sure.
Sure you would issues and the Jupiter.
Sure just one or two big neutral and you go back and just true.
You're charging interest and that you can relate to choose the right Peter maybe hard garden.
True you and me they stop and Jewish yesterday.
And some be true, but she's not Chile or increase I should.
Good day.
Oh sure only 20 like would you tell you share.
Junction, Shandong and patients who don't have issues sushi and gives you more tonnage growth.
Good luck to you don't know until JV, which is up and partnerships with the troops and show.
You know I shouldn't you only use and she will share jumbo and show.
What do you share it literally shadow kitchen, electrics, and I tried and true.
Oh, and maybe you could go pure price again that she can shop.
Sure and MACI.
Sure.
And our country.
And Mike CRT mutual and your share Shirish, LEED gold and a true debentures and to do that and you do.
And chip and it shows.
No I really loved English for future growth, you're share should sit and she'll be go see and gosh, you teach out today and.
She Jay do you want and it's that's a book.
Sure.
She shows which he.
And is that Josh.
Yeah, and I wish you don't true Joe you Keshav you.
That's true channel.
And John Scotti, G, which helps which a mutual yep yep.
Oh, Wow junko function and cheap.
All true true.
Cash and short sample one pull off from Nigeria.
[noise], ladies and gentlemen, good evening and good morning to all thinking from joining pushing Limiteds third quarter were 2020 earnings conference call.
Although the felt summer break from significantly when they do too cold and Nike, What's your realized and net income of RMB 42.4 and screaming.
Representing a year over year increase of 25.7%.
As far as EBITDA of RMB 77 to 7.46 million.
Which is a year over year growth of 9.4% in June.
Moving now and their GAAP financial measures, we have successfully achieved profitability for two consecutive quarters while.
Well the achievement, it's three consecutive quarters and are non-GAAP financial measures.
In addition, the K 12 business has had three consecutive profitable quarters and its nine month cumulative net revenue growth.
And if the beginning of Twentytwenty wished to 15%.
And my most cumulative net income of K 12, fitness was RMB 200, and Nitin meeting and.
And the net income margin was 14.1%.
And he was a net loss of RMB 106 can meet and in the same period of 2019.
In the meantime, the establishment of pushing international Education business unit and the third quarter of Twentytwenty has successfully consolidated or language exam preparation services and starting about consulting services.
Strategically or competitive edge around that and and education and global education remain strong while a streamlined operations not only reduced the cost but also elevated efficiency.
Well make sure help international education business units, that's creating synergies and have successfully increase over service quality and capture additional market share.
Well the more based on the semi annual report published by and that's the eye on November 10.
We have to include it in and that's the eye global small cap index and must see I trying to index for the first time.
This is a recognition of our operational excellence and our value proposition.
<unk> feel over continued growth and the capital markets and deliver value to our shareholders and investors.
Looking ahead push and well concentrate on K 12 business and our online or offline stretching.
We are committed to further threat from your organizational capacity optimizing the management structure, where are you, forcing the personnel base as far as maintaining the vitality of the company.
Now I will hand, the call or to Mr. Wong, our CFO, who will walk you through our financial details.
[noise]. Thank you Mr. Shaw, Hello, ladies and gentlemen.
And again, we have already left desktop publishing he has a device they call.
Called and 19.
With a strong growth with a book mine Oh, Okay towards health business.
And then the shop assets has mentioned just now.
And maybe a minded minds and that all amounts coal to be here will be art and be no.
And the older centers and taste, swabbing and he'll be a basis unless otherwise stated.
Please also refer to the earnings release for detailed information.
And how it's a fanatical focus on a year over year basis.
And now let's start with that and how do we saw [laughter] water and Trinity Trinity.
Net revenues were 833.2 million.
Creeps up to 16.3% year over year.
This decrease was probably your true that adverse impact of the coffee and mine and that makes all the day.
And Oh study and block tutoring services.
Net revenues up Capex, How trust me and services increased by 1.0 true.
[laughter] and 9.1 another.
And then o'clock Twentytwenty that's.
Skew and enrollments and came from talks between services.
And putting including low cost person likes to drain and full time to do and services reached 897685.
Net revenues outputs from nine schools increased to 32.5 million.
Skewed and enrollments up we can all and schools were 200 and fleet Feldman.
598 units and auto Twentytwenty.
Net revenues net.
Well it depends I feel well jump arc Hiftwo Blackie, sorry, [laughter] Hi, Bart your guidance you can call Toady Sylvie sleep Odell.
You don't want the cash.
[noise], Yeah revenues of a study the study abroad country and services decreased by 60.4% to walk and not from 1.4 million.
This was crime review Chew up and two and then from the global scrap and COVID-19, and Danny and made it comes down and major countries of the world.
And ever net revenues from a study about you're going to start interest has been NK cell and you one wants and sports and compared to the second part and Twentytwenty.
Cost of revenue decreased by 14.6% to flow.
Hunger and continued profit and then.
Probably if you're trying to do crazy and stockholders, which reflected the decrease band four study abroad. So this is.
Attributable to the called the night and pandemic.
Cost of revenue excluding share based compensation expenses decreased by 14.5% to 422.1 minute.
Gross profit was 410.6 million.
<unk> decreased 8.1% year over year.
Gross margin was 49.3 per cent compared to 50.3% for the same cameras and 19.
Total operating expenses decreased by 7.7% year over year to 424.6 and.
<unk> expenses increased by 4.0% year on a year to 300 and and 17.0 million.
Selling and say this excluding share based compensation expenses increased by 4.7% to 300, and starting point 9 million.
Primary huge and have increased and marketing and promotion activities. During the second quarter of a 10 to 22 said increased student enrollment.
General and administrative expenses decreased by 30.7%.
Two 100, and a 7.6 minute.
General and administrative expenses, excluding share based compensation expenses.
Increased by 30.3% to 104.7 net.
But the price was primary due to all the post and from Eric [noise].
Improve operations efficiency.
[noise] total share based compensation expenses allocated to relate and of course, the revenues and operating expenses.
And by 39.5% true.
Well I think part from another.
And he pretty subscribers increased its number of options lots getting set apart [laughter] compared to the same period and Tonight.
Operating loss was 13.9 Britain and then.
Compared to operating income and I'll walk you walk from the 1.5, and seven and lets start off and to 19.
Operating margin was 91.7% and that part of the country penalty compared to 4.2 parts and all this and P. everything and you liking.
[noise] operating income Okay from channel the Treasury services decreased by 6.5 per cent to 54.0 net.
Operating margin also came from how tutoring services was what was eight or 9%.
So I can be talk from from like 6%.
And the same humans and 19.
Adjusted operating loss was 7.5 per month.
Compared to adjusted operating income and 62.2 million and.
And part of it and 19.
Adjusted operating margin was net 0.9% compared to 5.2% and the same here relative to prior year.
Net income was 42.4 million and increased from 25.7% year over year.
Net income book, how you could talk you through and services increased by 93.4% Yeah.
Yea over year to 99.5 million.
Net income attributable to force you limited was 43.5 million income.
And Chris tend to and from 9% year over year.
Basic and diluted net income per Ats and.
And it looks and personal level.
[noise] zero from fire deal and zone.
For me.
Compared to basic and diluted net income per share yes.
A true doesn't seem lots and Oh from 0.38 and <unk> 0.38 during the same period since 19.
Adjusted net income attributable to whats your limit and was 8.6 million.
Increased 18.3% year over year.
And just from a basic and diluted net income per share, yes, actually book to push and Ltd, fourth 0.1, and the old and one compared to adjusted basic and diluted net income per share easier.
Okay, and that's what we can ltd up is there and five below and they'll come for nine units and PR and to 19.
He'd be dollars 77.5 net.
And increased 9.4% year over year.
EBIT margin was 9.3% interest.
Caught up and turned it 20 compared to 7.1% and the same theoretically interest to 19.
Adjusted EBITDA was 42.5 minutes a day.
Creeps up and 47.2% year over year.
Adjusted EBITDA margin was 5.1 per cent compared to 8.1 per sat and the same period [noise].
Thank you nice.
[noise] now called finance and he's out nine months ended September therapy, and you can see.
Net revenues flow.
2190, 5.6, and that's a decrease of 2.6% yeah. We are.
This decrease was primarily due to the desserts and hobby 19th.
And the demand for study boxes and services.
Net revenues, a Pedro talk and services increased by 15.0% to 1552 and putting them in.
And the nine months ended September Thirtyth [laughter], that's getting enrollments of case was held true and services, including book grew class person I try and and full time to it and service range 1900, and not get too.
Oh, sorry, I thought it was a 759.
Net revenues of course, you online slightly increased to 79.5 million.
Net revenue is Oh study of rockets and services decreased by 37.3% to five long and 53.8 and.
This was primary due to the global spread up the coffee and I can pandemic and major countries and Walter.
[noise] costs and revenues decreased by 0.8 per if that he all the year to 1150 4.2 million.
Due to a decrease in south coast, which reflects and do that and decreased demand from study and ROV services are.
True to the coffee and 19 that day.
<unk> revenues, excluding share based compensation expenses.
And Chris bikes and deal 0.6% year over year to 1150 2.4 million.
Gross profit was 1000 and.
31.4 million I'd be quick scope and 6% year over year well.
Gross margin was 47.2 per cent compared to 48.2% for the nine months ended September thirtyth and to 19.
Total operating expenses decreased by 20.7 per cent EDA over here to 1067 0.5 and the.
Selling expenses decreased by 1.5% year over year to 757.7 million.
Selling expenses, excluding share based compensation expenses decreased by 0.6% year over year to 700, and the focus and from Florida.
And I do it should be increasing sales staff performance based compensation attributable to decreased and pharmacy bar services.
Oh and by the club and academic which was partially offset by increased.
Operating expenses attributed to marketing and promotional activities.
The online business.
General and administrative expenses decreased by 46.2%.
We are too well 309.8 million.
General and administrative expenses, excluding share based compensation expenses decreased by 20.2% year over year to 300 and.
And from 2 million, but he Christmas comedy and travel cost control measures to improve operations efficiency.
Total share based compensation expenses allocated to relate to the coals revenues and operating expenses it.
Decreased by 19.2% year over year to 21.69 that.
The decrease was primarily due to a decrease and number of options that you have the nine months ended September 30, and they tend to be compared to the same period and 19.
Operating loss decreased by 86.3% to 36.1 million and operating loss.
263.7.
Well the nine months ended September 30 countries tend to be.
Operating margin lift from that to 1.7 per cent, okay, and after 11.7% from the Thanksgiving in a country and 19 [noise].
Operating income of hate to talk to try and services was.
140.0 million compared to operating loss of 22.7 net interest and you would think 19.
Oh wait and watch and never came from top of Chicken and certainly this was 9.0 per cent compared to connect and 1.7% plus and pyramid intend to 90.
Adjusted operating loss decreased by 20.
Great percentage year over year to 14.4 million.
Adjusted operating margin was zero and 7% comp.
Parents and after 1.9% for the same period in 2019.
[noise] net income was 33.7 and many compared to a net loss of 409.6 million for the nine months ended September thirtyth and in 19.
Net income Okay fatality injury services was 219.0 million compared to a net loss of 116 point.
And then for the nine months ended September Thirtyth 2019.
Net income attributable to begin Ltd was 36.6 net compared to the net loss attributable to push and let it off.
And it and 9.7 and then.
Basic and diluted net income per share AIDEA attributed to begin Ltd was a wonderful too and it's the Openflow true.
Parents, and basic and diluted net net loss per EBIAT ought to go Cubs and limited our full 0.82 and 4.82 during the same period to 19 [noise].
Adjusted net income attributable to see a lot of it was 79.2 million common habits, and then adjusted net loss of true doesn't Bush and let it all 91.0 million for this and here in 2019.
Adjusted basic and diluted net income per 80, S.. How did you go book and let it was 0.91 and and <unk> 0.89, compared to adjusted basis and diluted net loss play that's actually been booked and limited.
1.91, 0.07, and 1.07, you and this impurities and 19.
EBITDA was up for a whopping 45.4 million comes.
Compared to negative 280.9, and then for the nine months ended September Thirtyth 30 opinion 19.
EBIT margin was 6.7 per cent for the nine month ended September 30, 2020 compared to net it, California, Cypress and and the same together and 15 19.
Adjusted EBITDA was 188.0 million and income.
Increase of 300, and then I guess, 6.7% year over year.
Adjusted EBITDA margin was 8.6% compared to 1.7% and the same period in 2019.
Net.
Moving onto the balance sheet.
And as of September Thirtyth Twentytwenty. The company has and then great amount of cash cash equivalents and the current portion and up restrict cash.
560 point and why not less.
Compared to [noise].
[noise] Oh six [noise].
Just a talented and state sponsored and I left as of December 31, 2019.
It's hard cost and breast and cash consist primarily of deposits and the Chinese commercial banks as collateral for our band bar and what's the why your children.
[noise] finally, a full guidance.
For the fourth quarter and that December 31, 20 and 25.
Based on the from making available and some of the day. This press release the company expects net revenue to be between 730.4 million and seven habits and southern Jeffrey from Formula, which represents an increase of 15 should tankers that yeah. We are.
This forecast reflects the company's current and preliminary views on the market and operational conditions, which are subject to change that.
This concludes our prepared remarks, I'll now turn the call over to the operating and open and cloud computing and operator were ready to take questions. Thank you.
[laughter] well now begin the question and answer session.
Yes. Good question, you and they press Star then one on your Touchtone phone.
If you are using a speakerphone please pick up your handset before pressing the keys.
To withdraw your question. Please press Star then two <unk>.
This time, we will pause momentarily to assemble the roster.
[noise]. So first question today comes from Mark Lee at Citi. Please go ahead.
Okay.
Hi match, my and thanks for that present hedge and I know for you all guidance out for the Q4 could you break down from <unk> Paul.
And the abroad and that we see all night school for.
And also we have seen the news all Oh from maybe some kinda duration or potentially selling or online school or two collected from or not.
I don't know if you have and you called man or what would be our strategy going forward. Thank you.
Okay. Thank you Mark and for oil patches, Yes, first Oh, no we are under the process up from <unk>.
Spinning off of the online business online school, pushing on high school, but hi.
Hi, as the company has not officially officially declared the a and B a.
Transaction, so I'm, a I'm sorry, we have to wait a while for the official announcement.
But as to the and break down all the and.
After growth and a in the first in the fourth quarter of this year.
The the deep case, well be primarily due to the decreased south growth of the study abroad, a true tree and Oh study abroad College placement and services again.
Oh, we should we as if we were looking at a Iraq 40 per cent decrease.
And as to that paper towels ER segment, we are looking at a low.
Low single digit to high single digit <unk>, a decrease of four that paper towel, including growth costs and the Christmas tree and thank you.
I think it was all a quick follow up Oh man I know a while okay. Two topics a little bit I think I left behind from offline, yes, a year from Q4.
What do you think that the drivers thanks.
Oh, Okay. The the man differential I mean, the and even the calendar or Oh. This this quarter as our fourth quarter and covers.
I know November.
Oh top and November and December and now while you may see and.
Another top and play.
They are.
And there are four caught our they do not have a july.
So.
For a fully oh for <unk> and the difference the difference of this oh and the gross rate. The first the reason he is.
And there is the there's a couldn't you know.
Most of the students they are rich hands dividends from and Oh. This summer the summer programs and we recruit some new students during the other force and master, but as you know they.
This summer and especially in a in some major cities like and like in Beijing, Dod and we experienced a second wave of so called benign commodity dynamic so whit.
Loftus from students we lost some students during the second a ways off so called the night and endemic and.
So the retirement students for though off of the force and Master.
And well also compares really are.
Lower and a than last year.
So and that's the first reason.
And another reason is due.
You too also due to the.
The pandemic all day they'll call. The lack of endemic we slow down about a pace of physical expansion and and in the major cities of pushing education like Cogs, how you and like.
And nimble or like a she and like a arginine and or and changing that the top icehotel branches off Cushing.
So.
That's that's another major raizen and underlying all of us slow pace and the Capex, how our growth. Thank you.
Got it thank you.
As a reminder, if you do have a question. Please press Star then one.
And again that is star then one to ask a question.
And next question comes from John King and City Securities. Please go ahead.
Oh, so I understand the company recently, so its online school businesses and I know there is no Commons and.
Yes, you know I would like you to maybe elaborate and be comedies future strategy and the online business.
Okay. Thank you final question.
Yes, and we are still from a were still waiting for the official announcement.
Announcement of the transaction, but I can talk I cant more give more light on the on the future online strategy off out of Cushing indication.
First of all as a everybody here is well known.
There are there is some big events there are some big events in the industry with some top players.
Oh from the house, having something Oh millions of millions money out recently, so as a and it has significantly changed the landscape of the online.
Online.
Education industry, especially those saw group classes or Oh Super last couple Akacias mob business model. So our future strategy what are the online on online education, well be focused on the.
Oh online merger offline, Oh, ammo strategy, which well I love range of a car and causes a at a major cities across China.
And we have over we have over 300 learning centers crush and not and will leverage our current problems and those major cities.
And to our into those areas, which have a car and learning centers cannot cover.
<unk> eight in the near future I like that your teacher and with the new teacher model and.
And the other entered into a week and.
And our progress.
So we we do not give up online strategy instead, we we spin off of our own line.
The live broadcasting growth cost programs.
And focusing on Oh, and most probably.
So on that and that's our current strategy with online education.
Thank you for you and are so I understand is Oh, my <unk> birch applying or another question is about the recent recovery and the offline.
And you know the Romans recovery. So it's been hit by the Cobi 19, how has the recent recovery.
Okay, and as ER and almost every seat Ti across China has a has regained the from Oh has recovered from the coffee and 19 pandemic.
And we know all of sub and low carbon learning centers how tall.
Yeah, we have reopened although all all of our current learning centers and we see we are glad to see.
And most of students most of the students and giving their parents are very happy to come back to the off line and learning centers or programs 'cause a after up quite a few months and see Baden myrisk.
Study with all and Heartland.
A lot of students and the Perez come to realize that Ah off price. He has or has this unique advantages.
And especially when we come to the person to person into personal communication.
And in the personnel and speeds moderation and those Wow one.
Tutoring services wage, which all combined to guarantee the the final results of the students in ER and improved performance.
So we are not only glad to say oh students coming back to all the offline learning centers, we are more glad to say day skewed and the parents they are there and.
There are there.
And realized vision of the unique advantage on potency of the offline programs.
Thank you for answers.
No more questions.
Thank you.
The next question comes from Nike and shot and Hi, Tony International. Please go ahead.
Oh Hello, Thank you for taking my question well each day.
Imagine like Hot and you kind of attribute it they'll grossing okay from a comp is is to your and Oh and sees it off a expansion and offline so can't share with that though when do you think it's appropriate to accelerate the offline expansion.
Okay.
Okay actually we are right now at this moment, we are already on the topic of seamless fashion with especially with all of our top off the line branches like like tie you and like she and like a I mean book nine gene Oh all this.
Major cities.
The top branches up on us.
And after the survival of the coffee knocking him and we are we we are back to the normal.
So the normal I rates off of fees expansion.
As we as we share with US a lot of investors during the the NDRC. We we are we were climbing a 20% to 20%.
Capacity growth.
For the ear and whether Youre 2020, a buyback and up to 19 years. We are we we were working on the budget.
And so this is to see correct right now this moment, it's kinda alpha and pick up so.
We will pick up the order rates and also beat or we may even accelerate the pace of a phase of expansion, especially with those Oh top branches.
Within pushing education as a.
He most of the cities of a car and learning centers their utilization rate is quite high and their their brand there, especially and.
And in the city and that in the very very city. They are located there. The brand is quite strong. So it's time for us to expand the physically especially with are those top branches.
Okay. Thank you. Another question is regarding you just mentioned that Oh some of the students are laws to opportunistic away about that and making Beijing and body and soon do you think that this kind of student and there I actually think true online platform all there.
Turning to some they some of my competitors of yours.
Well to be honest and it's a and as the case with Dod and because we would we are awful and I know centuries and the next day. We are we starting to have Oh summer vacation programs because.
The second wave of club and 19 endemic.
Knowledge from students most of US Oh students, who had registered with the offline herb and well was successfully Oh, hi referred to allow online programs as we did during.
During the and the spring semester, but.
But to be honest and he saw last night, we we lost some share some of that the students to be online players and is Oh all of US are well known that you know this is a a hot season and as was hot season.
Well this summer ice hockey season every.
Major player was trying or struggling to get as many students and they could so first of all we lost a few students are too low to the online competitors.
And and all that on the other hand as I mentioned, just now we are I'm glad to say.
And the and it's a day that most.
Most of the students and most of the students and their parents they come to realize that.
So all from line.
Tutoring programs, how this and how this unique advantages when we talk about the the final the final perform and some of those students because.
Most students they cannot they cannot make a.
Make make its way to to to the final success academic success without to be a company of our teachers and students. So no.
No human human and social animals, So and yes, we were lost and feel that's during the summer vacation to the online competitors, but and most of the students come back to us and they will stay with a of our off line programs.
Thank you. Thank you. Okay. My last question is that a and C. My being a process helping out the Oh I bet. It's Sue I is it possible that you kind of as Delray do I stay true to turn around the hubertus because they all have been that seems to be loss, making and hoping that track all your about office.
Yes.
Wow.
First of all I am trying to meet that or the online live broadcasting group cost programs, our money and burning.
Is everyone can say oh, well for this year and.
Even for the next.
Maybe one or two years, so yeah, it's not our strategy to continue those live broadcasting group cautious.
And yeah, it and well be ER and won't be a big drag on every wise that she'd or oh, the p. out.
And.
Secondly, as I talk to us and now we are not giving up online education and all of our life strategy instead.
We will continue.
Continue and continuously focused on.
Online I'm merge off line strategy are trying our best allow range of a card and the learning centers to onto a sand or two too.
To get those Ah high quality teaching resources to those clients that those areas. We should we originally cannot car.
That's our strategy I will hold on to that.
Okay. Thank you no more questions from my side.
Thank you.
As a reminder, if you do have a question. Please press Star then one.
Yes.
Having no further questions. This concludes our question and answer session and.
And to turn the conference back over to not dealing for any closing remarks.
Thank you, operator, and cussing I'll be happy and care management channel per cent, we'd like to thank you again for your participation today. If you have from other pets for the patents and the future. Please feel free to contact cash and IR at <unk> <unk>.
Yes, Jay why dot com or per se I see a share. Thank you.
The conference is now concluded thank you for attending.