Q4 2020 Fiverr International Ltd Earnings Call
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Good day and welcome to the Fiverr Q4, 'twenty earnings Conference call. All participants will be in a listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
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I'd now like to turn the conference over to my of Tracy. Please go ahead.
Thank you operator, and good morning, everyone. Thank.
Thank you for joining us on Fiverr earnings conference call for the fourth quarter and at December 31st 2020.
Please note that this call is being webcast on the Investor Relations section of the company's website.
Full details of other adults and additional management commentary are available and a shareholder of leather, which can be found on the investor Relations section of our website and investors that Fiverr dotcom.
Joining me on the call today Army Hook, Kaufman, founder and CEO and Ofer Katz CFO.
Before we start I would like to remind you that certain matters discussed today are forward looking statements that are subject to risks and uncertainties relating to feature of events and or the future financial performance of fiber.
Actual results could differ materially from those anticipated and these forward looking statements.
A discussion of some of the risk factors that could cause actual results to differ materially from any forward looking statements can be found on fiverr periodic public filings for the U S Securities and Exchange Commission, including the important factors discussed under the risk factors section and five of 20-F filed with the SEC.
The forward looking statements and this conference call are based on the current expectations as of today and Fiverr assumes no obligation to update or revise them. What are the result of new developments or otherwise.
During this call, we'll be referring to some non-GAAP financial measure.
A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures are provided in the earnings release, we issued today and our shareholder letter each of which is available on our website and investors that fiverr dotcom and the.
Now I will turn the call over to me Huh.
Good morning, everyone and thank you for joining us on the call today.
Before I start and I'm extremely pleased to be able to announce that offer cuts has been promoted to president and CFO of fiber.
I'm, especially delighted as he has not only been with fiber of since the early days.
But he is an exceptional CFO and admired leader and one of my closest and the most trusted friends.
We had an unbelievable year of strong execution and growth of fiber and Q4 capped off the year with a strong finish.
Q4 revenue was $55 $9 million, representing a year over year growth of <unk>.
18, 9% and.
And further acceleration from Q3.
Looking back we have now delivered seven straight quarters of accelerating revenue growth.
And since fiber went public in June 2019.
This speaks to the resilience of our business model, the consistent execution of our team as well as the tremendous opportunity and the freelancing space we operate in.
Active buyers surpassed three points for million, representing accelerating growth of 45% year over year.
Businesses around the world and across all industries continue to turn to fiber as they transform their business online and navigate through the remote work environment.
At the time when their traditional way of sourcing work and engaging with clients has been disrupted by the pandemic more and more of freelancers C. Fiverr as their platform of choice.
During 2020.
Our relationship with our community deepened and flourished.
The revenue retention from buyers across all of our mature cohorts from 2018 and earlier increased significantly in 2020 and.
And as compared to 2019.
The contributed more than just consistent stream of revenue as they have done previously.
Instead.
And level from these cohorts increased on average, 15% in 'twenty and 'twenty compared to 2019.
In 'twenty and 'twenty, we saw more buyers from these existing cohorts coming back to fiber ordering more frequently and purchasing more expensive gigs and their need to strengthen their online presence intensified during the pandemic.
The 2019 cohort.
Also showed strong revenue retention of over 70 per cent hi.
And the typical cohort from euro of one two year or two.
The study by quote tricks shows that the impact of COVID-19 is driven small and medium businesses to increase their freelance hiring budget, the by 56% and fiber was able to capture and meaningful share of the spend.
Looking ahead, the impact of COVID-19, and should drive of long term and sustainable tailwind for our business that lost far beyond the pandemic itself.
Businesses of all sizes across all industries.
Are undergoing the part I'm shift as the adult for remote work and optimize workforce distribution.
Fibers mission to change how the world works together and our business model that enables businesses to access global talent on demand and to collaborate and deliver work for our platform has never been more critical.
'twenty and 'twenty, one got off to an excellent start we saw record level of traffic and buyer of registration in January as the strong momentum of 'twenty and 'twenty continued into the new year.
We hope you had the chance to see our first Super Bowl commercial if you weeks ago.
The odd was viewed by nearly 100 million people on game day.
And as the received extensive media coverage and continues to draw strong engagement on social media.
We are extremely excited to bring the fiber brand to the forefront of the global stage and we will continue investing in our brand throughout the rest of this year.
The strong momentum that we've seen so far and the continued strength of our cohort gives us the confidence to provide strong full year 'twenty 'twenty one guidance amid continued uncertainty of COVID-19.
Our business is resilient and we believe we will continue to grow at the fast pace under a good but challenging macro environment.
We believe that the accelerated adoption of digital transformation and remote work will allow us to exit the pandemic stronger than before.
And this is reflected in our 'twenty 'twenty, one revenue growth rate guidance of 46 to 50 per cent compared to our pre pandemic 2019 revenue growth rate of 42 per cent.
I'm also extremely excited about the roadmap ahead of us we.
We have many new initiatives, new products and new opportunities heading into the new year.
For the first time in the history of fiber and we expect to surpass $2 billion in freelance earnings deliver to our seller community.
It is of great and fulfilling achievement for all of us at fiber.
It is what continues to motivate us and drive us to do more feel better products and creates more opportunities for our community.
We are also increasingly conscious of our social and corporate responsibilities as our company and our shareholders base growth.
We have built out our environmental social and governance, ESG processes and framework and we will be releasing of comprehensive ESG report in accordance with the S. A S. B standard later this year.
Regarding our priorities for 'twenty and 'twenty one.
We are focused on continuing to execute on our strategic initiatives that he has going up market international expansion and building more value added products and services as well.
What is continuing to invest in our brand and marketing.
You can expect us to continue to expand our market coverage on both demand and supply for them.
On the demand front, we will focus on fiber business and our integration with war Chris <unk>.
Continuing to rollout milestones and our subscription features.
And on the supply front, we will focus on the continued improvement of our catalog infrastructure and the expansion of top creative talent through the acquisition of working not working.
International expansion is another key priority for 'twenty and 'twenty, one we will focus on deepening the penetration in existing markets by providing local buyers and sellers with a more culturally integrated experience catalog and content.
And last but not least promoted gigs continue to grow and expand nicely and we will continue to grow additional value added services for our sellers on the marketplace.
We are incubating additional project to unlock the synergies with the acquisitions, we made with esselte consulting and the working not working.
Leveraging fibers technology, we have the vision to build the platform that will allow fiber to be and indispensable resource for the marketing teams of large companies.
To fulfill that vision, we recently assembled and advisory Board that includes CMO was from some of the worlds most prominent brands to help us drive the strategy forward.
I would like to conclude by saying that 'twenty and 'twenty was an unforgettable year on so many levels.
It's fiverr, we celebrated 11 years of our existence and I could not be more proud of what we have achieved or more excited about what lies ahead for us.
With that I'm going to turn the call to Ofer, who will share a few financial highlights ofer.
Yeah.
Thank you and me and good morning, everyone.
The weight of April can you just said I'm very happy about how we ended 2020 with the thank you for on top of free amazing quarter.
Revenue in the fourth quarter was 55 point and find me then up 18, 9% people for Veeva and an acceleration from 88% revenue growth.
Growth in Q3.
Active buyer grew 45% people moving to three 4 million accelerating from 37% people, though and the growth in Q3.
Spend per buyer continues to expand with try and cohort behavior up 20% people moving from $205.
We ended the full year 'twenty and 'twenty with revenue of 189 price CDN and <unk> of nearly 700 million representing even though the.
The growth of 77% and 74% respectively.
Our marketplace also continues to enjoy I hope the take rate of 27, 1%.
Collecting the excellent value, we create on our platform and our ability to monetize our product and services.
With the significant growth of the scale of our marketplace. We achieved a key milestone of reaching positive adjusted EBITDA on a full year basis.
Full year, 'twenty and 'twenty adjusted EBITDA was $9 1 million up from negative 18 million last year, representing an adjusted EBITDA margin of 4% and increase of 20 160 basis points from 2019.
The significant revenue growth and the best deal together with the continued efficiencies and sales and marketing and discipline in operating expenses is what enable us to reach this important milestone for US ahead of our the patients.
We will continue to prioritize growth and at the same time, we expect to make continued progress toward our long term target at the moment.
Now onto items.
For the first quarter 'twenty 'twenty, one and the revenue is expected to be 63 to 65 million.
This represents revenue.
Growth of eight before 90 per cent.
Adjusted EBITDA is expected to be negative $4 million to negative $3 million, which include the impact of one time Super Bowl expense of <unk> 8 million.
Excluding the Super Bowl expense, our guidance implies Q1, adjusted EBITDA margin to be 7% at midpoint.
We are also introducing strength fully of 'twenty 'twenty one guidance for the full year 2021 revenue is expected to be at the edge up 277, and 284 million representing.
The growth of 46% to 50%.
Adjusted EBITDA is expected to beat and the range of 16 to 21 billion.
Presenting and adjusted EBITDA margin of nine 6% at the midpoint.
<unk>, the one time Super Bowl expense.
As Michel mentioned.
We are very encouraged by the strength trends, we see so far this year, both in terms of new buyer acquisition as well as the threat of cohort behavior for existing pool.
Our corporate behavior of and give us excellent visibility into 'twenty and 'twenty, one and speak to the underlying strength of our modem.
This is of critical and with as much matter of uncertainty as we of fin.
As we lap the COVID-19 impact and the second quarter, we expect both active buyer and spend per buyer to become more normalized.
We expect our take rate to continue to be strong and steady with potential for modest upside as we continue to grow value added services on the platform.
The resilience and visibility of our business model form the phone from diction that allows us to aggressively invest and many none of them initiative.
Go enough market continues to be a top priority of course, Pfizer and type of business continue to evolve with additional product features and marketing investments we.
We're also deepening our effort around international expansion with an expanding product team as well as the new linguist seem to bring our local offering to the next level.
Lastly for multi gig are progressing really well.
While it's still very small in terms of revenue contribution it is growing at the strong pace.
We are also exploring opportunities for additional advertising and product and our marketplace with that we'll now turn the call over to the operator for question, what's the right.
We will now begin the question and answer session.
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The first question comes from Michael Glick Goldman Sachs. Please go ahead.
Hi, Thank you very much for the question.
Just have.
A couple of on the active buyers and could.
Could you talk a little bit about the drivers of that are really strong momentum that you saw and in January and then.
And then did you see that follow through after your Super Bowl commercial and February and then as a follow up could you just talk a little bit more about how we should think about the trajectory of net adds throughout the year Oh for you mentioned the normalization in the and the second quarter. I was just wondering if you might be able to expand on that a little bit. Thank you.
Hey, good morning, Michael Thanks for the questions.
So as for our active buyers and as we've said.
There is there is two factors that are influencing this one is the momentum that the the strong momentum that we've had last year, which we've carried into this year in terms of new buyers and this is thanks to either of the awareness of both because of the movement.
Moving to online the.
The digital transformation and.
Also at the beginning of the year with the Super Bowl AD.
As well as the increased activity.
And engagement of our existing customers, meaning our existing customers throughout the year of been more active we said about 15% more active.
And that also includes newer cohorts that are joining us.
So if you combine those two.
That explains why we're seeing elevated degrees of of activity on our payors.
In terms of the.
Net add.
The prior to the Covid will send the between 100 to 200.
Net add.
The quarterly.
Post COVID-19 and the last three quarters per quarter.
This number growth of approximately 300.
That.
Once the.
Letting periods.
He's over on Q2.
And we'll see more normalized.
Our growth of active uptick of <unk>.
Comparing the the period of the last few quarters.
And just augment on other words in other words.
And if we are up until Q2, we are comparing post COVID-19 to pre COVID-19.
And in Q2, we're going to start lapping the effects of we're going to compare a Q2 to Q2, which both are within the Covid and this this is why we said that we we believe that that would be starting to normalize those changes.
Okay.
Thanks, very much for me, how I know for really appreciate the time.
Thank you Michael.
The next question comes from Doug Anmuth with J P. Morgan. Please go ahead.
Great. Thanks for taking the questions congratulations guys on a great year during a difficult time.
First just hoping the thought you can talk more about.
Some things internally and so your pace of product innovation, just seems to be really accelerating and we think about category rollout and.
On promoted gigs expanding very quickly.
Your your efforts on the in the marketing industry as well can you just talk about some of the things that you're doing internally.
And to really drive that innovation on the product side.
And then perhaps ofer just on promoted gigs.
Just curious if there's any more color you can give us on.
And the number of sellers or revenue contribution or just any any more.
And the data on how that's going so far thank you.
Yeah.
Oh, Hey, good morning, Thanks for the questions.
And as to the the first question.
You are correct I think that as the company we are accelerating the pace of releasing new products. Some of it is due to the fact that the the team is growing.
And we're able to execute more some of it.
What's contributing to the thought that the we've seen some.
Elevated <unk>.
You shouldn't see a as we were moving actually to remote work.
And if we're spending less time commuting or just wasting time on their way to and back from the of it and beyond that I think that the the the sense of mission that we had during this crisis understanding that there is a community that relies on us as the company.
And invigorated the the team would without the added energy and and lastly, I would say that I think that we've put together.
The CS that allow allows us to work more efficiently and do more knowing that the beyond the basic fundamentals of the core business.
We need to continue.
Innovating moving very very fast to ensure our position as the market leader. So I think all of these contributed to the fact that our.
We're able to show more innovation.
Pushed out of fiber.
And then in terms of promote of gig.
And we actually just opened and promote the did for more than 500 categories today.
So up until up until recent.
Recently, the is open to the certain number of cuts the goes the thinking about 60 categories some of it.
Frankly.
And then we expand the exposure into.
For the entire set of categories.
Yet to be said, it's the only on the on the first of all of those.
So that the ease of lots of extension of head on.
And let me excited.
About the about the progress.
We do.
The contention.
And to the <unk>.
And the experience now testing the by the dividends as we as we extend.
And the spend categories on the expand to more of Sullivan and.
And.
And mortgage listing.
The thing that there is there is amazing growth ahead of us on a.
Number of new Grace, but still.
The small competitive the and part of the revenue.
The C on the marketplace. So that we look forward to see how this will impact.
Our net on net revenue and take rate in the.
Coming few quarters.
Okay, great. Thank you both.
Yeah.
Thank you Doug.
The next question comes from the Ron Josey with JMP Securities. Please go ahead.
Thanks for taking the question and I know for congrats on a on the promotion to President here I wanted to maybe follow up on promoted gigs of tugs question and ask the question on guidance. So first on promoted gigs and Ofer you talked about 500 categories more AD slots and and behind the odor and the letter you talked about you know $1900 of work for one.
And seller on $200 and spend and I'm just wondering if that sort of ROI is what youre seeing across the platform and and any insight on maybe what you're seeing just around demand and demand side, where AD load can go and particularly I think you've talked about increasing seller tools and the letter of Sony insights around that so just expanding on promoted.
And then over on guidance.
And if you could help us understand a little bit more about the drivers here that would be helpful. So obviously, a good amount of new incremental products. This year with promoted gigs fiber business working not working new platforms, but then I'm also wondering if guidance assumes the same rate of spend growth from call. It the pre 2018 and call. It the post 2019 cohort so.
Any more details on guidance would be helpful. Thanks, guys.
Thanks, so much Ron good morning.
So as to promoted gigs.
To complement on what the Ofer said the.
And the rate of opening up promoted gigs to all categories today has been faster than we anticipated and that was thanks to the fact that what we're seeing is we're seeing.
High level of adoption.
The level of retention of those who are using it and high levels of satisfaction from the customers that are actually buying through these odd placement.
All of that.
And car just to to open up.
<unk> promoted gigs to all of our categories now it's far from being exhausted in terms of potential because as Ofer said, it's just the it's just the the first for roads and.
And this is just on listing pages. So we havent used a lot of our of different assets to put promoted gigs on no on <unk>.
Average the ROI is extremely positive in some cases, it's not so when you look at the average you get everything but essentially by the fact that a very very high the vast majority of those are actually using it are continuing to use it because the ROI is positive.
And in some cases, it's extremely positive and in some cases, it's marginally positive.
But that differs between the category. So it's it's a it's a very hard question to ask.
And in specific terms, because again, it's operating and in 500 categories and the.
The amount of outplacement and each category differs.
But all and all we're very happy with it it is generating money. It is increasing its contribution but theres all for said it's in comparison to the overall active.
Activity on fiber its still its still small, but we're happy to see it grow and grow very very well.
And then Ron for the <unk>.
Second part of the question.
We always got.
And based on the working on.
We do not hawk flow wishful thinking.
The new business model of that we don't feel comfortable and have enough the data.
Just for both guidance and are.
You can say that.
New feature of <unk>.
Recently initiated feature of our not included.
And the guidance the Bay.
On the.
The base guidance guidance based on cohort behavior.
Over the long term.
Do factor.
The the uplift that we've seen dealing the current updated.
The thing that the.
As we mentioned before.
All of the cohort.
Spend grow by approximately 15% and <unk>.
Go into the shareholders, let's sort of you can see the the revenue cohort.
Hi, Adam.
The.
Specifically.
Specifically demonstrate all of these cohorts of the eight we think that this type of behavior is not temporarily.
Other than permanent we also feel that the new cohort of that we were able to acquire.
And to let me plenty, one even program and several of our first and in terms of the frequency and Asp's.
So this all goes into the guidance of for 'twenty, and 'twenty and 'twenty 'twenty one now.
The guidance of <unk> for the coming year.
Is higher than what we've seen of our growth.
The growth rate for all of the end of 2019.
Pre corona.
And we grow by 42% and 2019, we are focusing.
The 48% the midpoint.
And between 46% to 50% so we do.
Our feeling of confidence.
Based on the as said on.
Existing cohort and our ability.
From the train maintained on.
Barry.
Efficient unit economy, as we acquire mobile.
And lastly, the organic channel.
<unk> performed very well as well so all in on.
The things that we assume that the.
The will be some of the.
The will be some normalization in terms of growth.
As we left for COVID-19.
But yet to be said the growth rate is anticipated to be higher than pre COVID-19.
Okay.
Thank you very helpful.
Okay.
The next question comes from Nick Jones with Citi. Please go ahead.
Great. Thanks.
And maybe on fiber business seems to be off to a strong start with thousands of buyers registering.
Any of your buyers today do you think fit.
Fit the mold for fiber business.
And kind of what's the opportunity from here on that.
Elution and then all of for maybe on the <unk>.
Spend per buyer and that continues to grow nicely and I know, there's a bunch of factors and there.
But on average as its frequency of contributing to the growth or is that are you seeing kind of an uptick and and kind of.
Price on what.
Our spending on the per project basis. Thanks.
Hey, good morning, Nick Thanks for the question.
And two fiber business, our fiber business really has the when we look at the customer.
<unk> of it it's really a combination of both.
Existing customers are moving from a from fiber into the fiber business to enjoy the day.
The team features and the collaboration.
But also new customers that are joining fiber through fiber fiber business, we do think that the potential of of shifting.
Some of our more.
Established larger types of customer to fiber business is steel.
And you still untapped, there's there's a lot of potential there, but we definitely also.
And time.
Figuring out how to.
And secondly, acquire and onboard businesses directly to fiber business.
You've seen we've seen a combination of if you look at the.
You're correct to say that the the growth seems to be seems to be going very well. It is the combination of both existing and new.
We haven't seen any concentration in one of these comps and of particular.
In terms of.
Contributing to growth.
Spend per buyer.
Based on frequency and AFP and Im happy to say that the.
Both are.
Contributing.
And with him.
The improvement.
Improvement in both.
And we still think is the balance of approach that we have.
<unk>.
Only pitching to.
And.
As we look forward, we believe the tremendous opportunity too.
The impact both in terms of the product.
On the quality and target for them.
And we go up market.
And we have.
Oak about five of business failure.
We see that the.
The business buyer the tears of the product are using it more frequently.
And we also see that the average ASP is higher.
As we go up market.
And.
The the growth, which is based on spend per buyer and our model actually flow through improvement in both frequency and asics.
Great. Thanks for taking the questions.
Thank you Nick.
The next question comes from Eric Sheridan with UBS. Please go ahead.
Thank you so much for taking the question and hope everyone on the team is as well I think following up on the success you mentioned with the Super Bowl AD and and.
And it seems like Youre, continuing to sort of invest and brand initiatives and <unk>.
The advertising can you talk a little bit about the Halo effect, you might have thought in for Matt.
Efforts, what it might mean for marketing the efficiency over the medium to long term is now the right time to sort of lean in the market and did you have a lot of momentum and the business and you want to maintain or maybe you can accelerate the momentum or could you see some of the brand awareness the building around the company lead the greater levels of marketing efficiency of over the medium to long term. Thanks guys.
Good morning, Eric Thanks for the question.
So.
On the.
On the Super Bowl.
I think that come.
The company that said that day.
And that we're trying to build a household brand the Super Bowl is the very important event.
It's definitely a we have arrived event in terms of brand marketing and I think the dot definitely influenced the the.
Brand awareness.
Most of the U S. But it has some halo effect outside of the U S as well.
And we've invested last year.
Pretty extensively in brand marketing, including TV campaigns.
And of.
Work on social and this was this was the peak in the investment, but also and event that propels our future investment into into brand.
Everything we do on on the organic side and the a lot of brand is attributed to our got it because it creates it just creates market awareness is extremely important and to your question.
If you are able to be in front of your customers on on on several occasions on the on a daily or weekly or monthly basis. The.
And your ability to do performance marketing more efficiently also increases and so we think that the combination of doing performance marketing and brand marketing together create.
Create that efficiency and I think that if you look at the unit economy of our of our marketing you see you see Dr efficiency well built in.
Into everything every dollar that we spend we are leaning in.
Again, if you look at.
The efficiency of our marketing has been has been improving over quarters.
Despite the fact that we've been.
Investing more in marketing every quarter and we don't plan to stop.
As long as we see the opportunity as long as of the unit economy justify.
Continued investment.
We will continue to invest more we are definitely.
Seeing that and and we think that.
The superbowl is just another important milestone in establishing a household brand.
Thanks, so much.
The last question comes from Jason How Stein with open Hi, Mike. Please go ahead.
Hey, everybody, so I'm going to ask maybe two questions first.
On the kind of the subscription side. So when you think about the gig you have been doing.
Is there a way to kind of quantify like what percent of those gigs of what percent of dnb.
Actually kind of you know.
It belongs in the subscription type model.
And then kind of what the benefit would be but then in addition.
Kind of.
What new gigs would come on come on and where you'd be able to add because really they do lend themselves really only to subscription.
And then the second one.
For I think you talked about in your prepared remarks, the use of our take rate going up.
And kind of looking forward I mean, historically when companies move up market and there was downward pressure on take rates and maybe talk about what you think the offsets are that debt are actually going to drive up the take rate over the next you know.
Medium term thank you.
Good morning, Jason and thanks for the questions.
Starting with your first one subscription.
We haven't published the exact percentage of categories in which this is relevant and for although that number is sizable.
Subscriptions when you think about that has to do with the combination of the things both the convenience of being able to re hire or repurchase the same service over and over again without any hassle, but also it helps buyers and sellers establish a a long.
<unk> term relationship and in some cases and this is open for sellers for their of discretion. They can also combine that the long term relationship with the discount as well a lot of our categories.
Of this in place there are categories in which this is less relevant of it if you need someone to help you.
And to help you do some grandma or editing work on your resume the this is probably not something that you have to subscribe to but a lot of our services and if you're thinking about that most of the creative services.
And our relevant for some buyers on a repeat basis. So we definitely see the this is we see this as an exciting opportunity for.
For sellers to actually establish those longer term relationships.
And then Jason.
And later the take rate.
We've been gone up market for some time now.
And the thing that we've been able to demonstrate that take rate is.
And then up with us and.
It doesn't grow because.
After the transaction.
Services production related because of added.
At the value of services that we add on top.
Whether it's the subscription.
On the federal side, the oil capability on the buyer side.
Like the clear I've always said subscription and so the plan too.
Our expectation to increase.
Thankfully modest.
The modestly over time is based on on the roadmap of product for relief.
That we believe our chargeable and will contribute.
Additionally, the lineup line of revenue so so behind that assumption.
There is.
Our full and stack of products that we plan to launch over time.
Both on the buyer and the seller side of it.
The ABM.
To monetize.
And against them and create.
The increase basically modestly.
The other thing.
And as said.
Okay.
This concludes our Q&A session I would like to turn the conference back over to me her Kaufman for any closing remarks.
Thank you operator.
Thank you everyone for joining the call. This morning, we are extremely excited with our performance and momentum heading into 2021.
And we look forward to seeing you at the upcoming investor events of a great day.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
And.
Okay.
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