Q4 2020 Innodata Inc Earnings Call
Ladies and gentlemen, and you are currently on hold for today's conference call at this time or of southern states audience and plan to be on jewelry and schottky. Thank.
And you for your patience and please remain on the line.
Okay.
[music].
Yeah.
Good morning, and welcome to the innovation of fourth quarter, 2020 earnings call. Today's conference is being recorded at this time I would like to turn the conference Goldberg and acres. Please go ahead.
Thank you Mary good morning, everyone and thank you for joining US today. Our speakers today are Jack Apple have C E L F and O data and Marc Spilker, our CFO, we'll hear from Jack first who will provide perspective about the business and then Mark will follow with a review of our results for the for.
And whether and the 12 months ended December 31, and 2020, well then take your questions. The first let me qualify the forward looking statements that are made during the call. These statements are being made pursuant to the safe Harbor provisions of section 21 E of the.
The Securities and Exchange Act of 1934, as amended and section 27, and eight of the Securities Act of 1933 as the men and forward looking statements include without limitation any statement that may predict forecast indicate or imply feature of results for form.
And our achievements. These statements are based on management's current expectations assumptions and estimates and are subject to a number of risks and uncertainties, including without limitation. The expected of our potential effects of the novel Coronavirus, COVID-19, pandemic and the responses of government the journey.
Global population, our clients and the company there too the contracts may be terminated.
Our clients projected or committed volumes of work may not materialize, continuing digital day, the solution set and net reliance on project based work and the primarily at low nature of such contracts and the ability of these clients to reduce the <unk>.
And our cancel projects the likelihood of continued development of the markets, particularly new and emerging markets. The other services and solutions support and.
And the digital data solutions net revenue concentration and the limited number of clients and potential and the ability to replace the projects that are completed canceled or reduced our dependency on content providers and our agility assessment of Kantar.
The new downturn and or depressed market conditions, whether at the result of the COVID-19 pandemic or other wise changes in the external market factors, the ability and willingness of our clients and prospective clients to execute business plans that could rise to requirements for our services and solutions difficulty in integrating and.
Deriving synergies from acquisitions joint ventures, and strategic investments potential undiscovered liabilities of companies and businesses that we may acquire the potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we may acquire changes and our business the growth.
The G. The emergence of new for growth and existing competitors or use of and reliance on information technology system.
For the potential security breaches and cyber attacks privacy breaches or day, the breaches that result, and the unauthorized disclosure of consumer clients employee or company information for service interruptions and various other competitive and technological factors and other risks and uncertainties indicated from time to time.
And in our filings with the Securities and Exchange Commission, including our most recent reports on forms 10-K, 10-Q, and 8-K and and the amendments thereto. We undertake no obligation to update forward looking information or to announce revisions to any forward looking statements, except as required by the federal securities.
Laws and actual results could differ materially from our current expectations. Thank you I will now turn the call over to Jack.
Good morning, Thank you Randy and thank you everybody for joining our call.
And 2020, despite the dramatic economic slowdown and the music pace of the business integrating the succeeded the growing revenue growing earnings and improved and its balance sheet.
Today, we're reporting year over year revenue growth of 4%.
The 2 million dollar of improvement in pre tax earnings and then.
Increase of $7 million and cash balances of over 2019.
And the year that brought us once and our century pandemic.
Record breaking the unemployment levels and moving some shuttered businesses. We're pleased with this result.
Exactly one year ago today, we implemented our COVID-19 business contingency plan.
Shifting for thousand global staff to remote working within a matter of days.
We did this before the global Lockdowns and before the spike in the cases and deaths.
The among the first companies to take those very difficult decisions, which as we now know turned out to be prescient.
Thanks, Joe and indefatigable and immensely talented global team, we figure it out remote working and missing not a single customer deliverable along the way and.
And we've made significant strides with our AI product strategy.
As a result of focus and investment we believe we emerged from 2020 stronger and more capable than ever and the optimistic of better opportunities and we believe.
We've we are positioned for aggressive organic growth across all of our business lines.
And the fourth quarter, we got a glimpse of the acceleration with revenue up 5% sequentially over Q3 free.
Pretax earnings of 663 per cent and cash up to $2 2 million.
And we're very excited about the future because we believe total wins for each of our businesses are stronger than ever before.
Yeah.
With respect to our GBS business the AI.
J of the training market is expected and is estimated at the one 9 billion. This year and expect it to grow the $3 2 billion by 2020 three.
Essentially proxy enormous growth expected in the AI overall.
Similarly, the global data annotation tools market was valued at 695 million and 2019.
Projected to reach $6 5 billion by 2027.
She's compounded annual growth rate of 33%.
The document analytics market is also fast moving and dynamic expected to grow at a CAGR of 48 per cent from 'twenty to 'twenty, and 2020 seven reaching $12 billion.
The strength of the bar.
Kind of offerings and these spaces and validated by the fact that notwithstanding the pandemic.
We acquired 20, new customers for AI related and services in 2020.
For new customers and our digital data solutions business had acquired in the past three years combined.
We expect that by getting our foot in the door and executing well with these new customers, we will see significant expansion and our business with them.
Yeah.
And our agility business. We believe we have the best of breed product offering G to crowd, which says the against the world's largest tech marketplace, where the businesses discover review and manage technology as the.
Of this to say about agility based on user reviews.
So instead of agility and meets the needs of customers bedroom and solution or meltwater, the two largest companies and our space with combined revenues of over $1 billion.
It's that's the the agility is the preferred option when compare and quality of ongoing product support.
And it says that reviewers prefer the product direction of the agility overbooked, Cision and meltwater based on future updates and Roadmaps.
And Jamie the agility is now regularly winning business against these leading companies.
And because of the traction we are seeing and this business, we're significantly increasing our sales and marketing efforts are.
Our plan calls for achieving of revenue CAGR of over 40% over the next five years.
The business.
And our <unk> business and where.
We're very excited about the launch of our next generation and index platform for extracting the analytical data for medical records.
The next generation platform, which will be AI enabled and will allow us to deliver increased throughput speeds at lower cost the Holy Grail and our markets.
Consequently, we think it will enable us to address several new markets that would benefit from the SaaS share more automated and but highly accurate medical data extraction.
Significantly expanding our total total addressable market.
In addition to growth within the insurance vertical it'll allow us to address the needs of the health care sector, which is increasingly seeking to the search analyze and interpret the test volume and patient data improve clinical documentation and make computer assisted coding more efficient.
The global artificial intelligence and the health care market is forecasted to reach the market size of $62 billion by 2027 up from $3 billion. This year with a CAGR of 43, 6%.
Consequently, we expect our city index revenues, which grew 22% this year to significantly accelerate from that pace.
To sum up we are seeing of blue sky growth trajectory and the industry segments, we serve.
And our offerings are seeing strong customer adoption.
We are positioning the company and not only to participate and its growth, but you outperformed by gaining share.
The two key areas of focus to enable us to accomplish our execution goals are one investing and our people and significantly expanding our sales and marketing efforts to allow us to reach and ever expanding pool of customers and.
And to investing in technology to maintain and enhance our product excellence and leadership of as well as enable us to scale our business for growth.
In terms of people, our biggest investment will be and sales and marketing.
Most of 2020, we had 15 people in sales.
Our 2021 budget by contrast, anticipates ending 2021 with the sales team of 98 in total.
Q3 sales executives and 25 business development resources and.
<unk> sales managers and sales enablement directors.
We expect this will deliver significant returns in future years.
In terms of our technology and solutions, we are focusing on three key areas for.
And we've been building what we expect will be the best in class data annotation platform for text.
And incorporate AI and ways that the existing tools and the market do not reducing the cost of the data annotation and improving consistency and quality of output.
Because of our data annotation platform will be enabled by our proprietary AI platform that I'll talk about next.
We will have auto tagging and intelligence that will apply to both the classical and generative AI tasks.
We started building this in 2020 and we plan to launch of commercially and June.
You already have charter customers lined up.
We anticipate the platform will be a source of competitive differentiation and potentially on your source of SaaS licensing revenue.
Second we have been building of proprietary AI platform recall and Golden Gate and.
And then nutshell Golden Gate.
Reeds documents and tax and tells you what the documents are about.
Golden Gate accept any kind of documents images pdfs or web copy of it doesn't matter.
And the performance of series of cognitive tasks to extract intelligence that people can use for generating influences and powering analytical applications.
In terms of AI is truly state of the art, serving up no code AI with trends for alert built on generative language models, we have developed and perfected over the past five years of deploying industrial deep neural networks.
Golden Gate will be the AI under the Hood that powers, our data annotation platform and bring the AI capabilities to our industry platforms like <unk> index and agility.
Golden Gate will also be the foundational technology for work and perform for customers.
The main benefits of the platform is that it's no problem. So it doesn't require a large number of data scientists to build models or require a data science platform to orchestrate models and update models.
Using the Golden Gate and combination with our SME loans, we were able to build high performing and cutting edge marbles and address real world problems.
Our 2021 journey is through AI enabled <unk> agility, and our data annotation platform using Golden Gate.
And 2022, and we intend to commercialize it further as both the customer facing technology and there's an engine for other potential industry solutions.
Lastly, we are investing in the resource management platform geared specifically to manage and remote staff and freelancers, allowing for accelerated and scalability.
Pre COVID-19, our operating model and still almost exclusively use fulltime employees working for March production centers.
The COVID-19 forced us to find in other way and we've made lemonade when we got sort of lessons.
For now practically 100% cloud based and remote which means lower fixed operating costs and greater scalability.
We expect to fully fund all of these investments from our internal resources without the need for outside financing.
I'll now turn the call over to Marc Spilker for our CFO.
Thank you Jack and good morning, everyone and welcome to our earnings call.
I'm going to briefly go over some of our historical results for the fourth quarter and the year ended December 31 2020.
Total revenue was 15 $3 million and the fourth quarter of 2020.
A 5% increase from $14 6 million and the third quarter of 2020.
Total revenue was $14 $7 million and the fourth quarter of 2019.
Net income for 42 million and the fourth quarter of 2020.
For five per basic and diluted and for <unk> <unk> per diluted share compared with net income of $2 million or one penny per basic and diluted share and the third quarter of 2020.
And the net loss of <unk> 5 billion or two cents per basic and diluted share in the fourth quarter of 2019.
Total revenue for the year ended December 31, 2020 was $58 2 million and increase of 4%.
Over $55 $9 million and 2019.
Net income was <unk> 6 million or <unk> <unk> per basic share.
Per diluted share.
And the range of 2020.
Compared to a net loss of $2 1 million or <unk> <unk> per basic and diluted share in 2019.
Cash and cash equivalents were $17 6 million.
At December 31, 2020, and $10 9 million at December 31, 2019.
Thank you very much I appreciate your patience.
Ladies and gentlemen, if you wish to ask the question at this time, please signal by pressing star one on your telephone keypad. Please ensure of the mute function on.
Your telephone is switched off to allow your signal to reach our equipment.
And please press star one to ask a question.
And we'll pause for just a moment hello, everyone and opportunity to signal for questions.
And we will now take our first question from Donna Pascal for Doug. Please go ahead.
Hi, guys. Thanks for taking my question.
Hello, and good morning Dana.
My first question I have is around your AR.
Developing your sales force.
I was wondering if you guys have any type of sales calls for revenue per salesperson that you are targeting right now.
So yes.
And the different businesses the sales quotas are different and the.
The.
Digital data solutions business and the <unk> business people come in with roughly one 5 million quotas and then quotas are designed around the account base.
And subsequent years, meaning the.
And the accounts because of the quarter.
And the agility business people come in and the quotas of about $450000 per year.
Okay, great and and with the ramp up of new salespeople, how do you see that going and how long do you think it can take the floor.
People will be reaching the for Florida.
So I think it's going to be a continuing process to to bring people in the second half and automatically we are being very selective on who we hire.
As you would expect.
All of them.
But I think as we said on the call.
We plan on exiting the year with 90 people.
Three of those people would be accounts.
Representatives of kind of executives and.
And then 25 <unk> supporting them 10 sales managers and the enablement people around debt. So I think what we're going to do.
Is it a bit of higher well, we can hire selectively and we're going to be making sure that our investment is paying back adequately as we move forward.
We see compounding value of new customer wins as being a very important part of the value that we're creating here.
And we're going to be sharing with you each of the quarters of next year exactly what our investment level is and what return we're obtaining on net investment.
Okay, great I really like to see that you're working hard on ramping up your sales force because it sounds like you have for sure.
Excellent opportunity in front of me right now, especially of what's going on with AI and seems like it's a very exciting and market right now.
I do have one other.
Question around.
Hi, how you guys look at your revenue and how Youre able to anticipate one of the things in the past its revenue for the world.
Lumpy.
How do you see that now with the AI offerings that you have.
Do you anticipate that your revenue will be.
Shall I say more predictable going forward.
Yes, I think.
When I contrast, what the road ahead looks like.
<unk> behind us the.
It's a very stark contrast.
In the past when we were when we were creating high quality data for.
Publishers and information companies and they're really for companies that constituted our market.
After that they became very very small.
And every now and then one of those companies would have a huge project and.
We had quarters, where half of our revenue was on a single onetime project from the single customer.
When I look forward, it's very different.
Q.
And I look forward.
Any company who is building.
Hi.
Now and the appetite for high quality data for companies and a longer. It's every company is building AI.
And when I look at the <unk>.
Industry segments that we're now surfing and where we're seeing strong customer adoption all of those segments are predicted to grow very strongly over the next several years.
Think that the Lumpiness.
I'm never going to say that it won't be there because there are some very large projects that we're looking at even now.
But I think the diversity of customers the.
The diversity of customer base and the use cases is going to help take care of for that.
Great excellent.
That's it for me for my question. So thank you and congratulations on the accident quarter.
Thank you again.
As a reminder, if you wish to ask the question at this time, Please press star one.
And once again for the star one to ask the questions.
And we can now take our next question from Charles <unk> of White Bear funds. Please go ahead.
Yes, good morning, guys congratulations on.
The result of long term.
Investor and the company I'm, just curious and maybe this is a mark question.
Sure.
Wrapping up all of the additional people.
It gives us total flavor if you could on the ability to stay positive cash flow as that happened for throughout the year.
Yes, that's all good.
Oh go ahead go ahead Mark.
Okay, Great Scott.
I'll comment and you can certainly augment.
You know, we're going to make these investments selectively as Jack said.
With the view towards long term growth and when I say long term I mean over the next few years.
We will we will expect to get some some dividends out of our investments in the latter part of 2021.
And if if we are not starting to see returns.
Commensurate with our expectations, we will adjust accordingly.
Yeah.
Jack.
No.
No it sounds as debt.
That's fair I think in terms of.
The return that we're expecting on the sales and marketing marketing initiatives. The returns are extremely attractive.
Separately and careful.
Prudent we've got a lot of metrics that we're going to be tracking around that.
But we see of very high very compelling rate of return of that we expect to come from.
And what we're doing.
And the.
And we've got and I on free cash flow.
And I think we are.
And we're showing that now with the results that were obtaining.
We like to we like cash and the bank and we intend to spend it very selectively.
And we're hopeful that we can stay free cash flow positive when you look at the year as a whole.
But we've got the resources on.
On the balance sheet debt, we require of us making <unk>.
<unk> that are proving themselves.
Most immediately relative to our tracking metrics.
That's happening and.
And we're investing we've got the resources to do it we don't need to go out and do an equity offering or bringing debt sales.
And we're pretty excited about the prospects and.
We are <unk>, yes.
That's great and one last question and I'll. Let you go is the out of the 63 sales reps and Youre working on at year end for the new hires.
Where are you getting the good ones from just curious of the other industries or.
And what are you seeing out of the marketplace and then I'm done.
It would be the.
The answer is on.
Fortunately there is no single well that you can tap for great salespeople.
And we're being very creative we've got the number of recruiters, who we've built relationships with that are very very helpful.
And we've got people that we brought in and leadership positions, who have done this before and Thats just wonderful.
We did a press release.
Of the weeks ago about hiring temperature and ski as our chief sales officer.
And.
And we brought them in and we said Hey, Tom Here's where we are with our product our products best in class of $4 billion.
Pocket.
And were $11 million.
And now the really tough thing is going to be building a sales organization.
And Tom said.
You said and I don't wanted to value and my contribution, but and this isn't going to be that to us.
And I've done this several times before I have a playbook for this and.
And I know where to get great sales talent. So Tom is hard at work us executing and this is tapping of few wells that would not have occurred to me and.
I'm very optimistic that he is going to be able to deliver.
Great well thanks.
I love the growth strategy and.
The quarter or so was really good much better than I expected based on Youre, starting the ramp up so.
The good work thanks, guys I've done.
Thank you.
Thank you very much.
And we can now take our next question from Tim Clarkson of lung Human capital management. Please go ahead.
Hi, guys good quarter obviously.
Just wanted to ask you know you got 20 customers and this new AI area. How many of those customers would you say of have already migrated from kind of of the startup order deal to starting to give you more significant business.
Out of the 20.
I think we're in very early days with most all of those customers.
That said I think that there is very significant potential for growth.
Growing business.
And most all of them.
<unk>.
And what's critical is.
Landing and expanding.
I'm going to be looking very carefully at how many new customers, we're bringing on and each period.
Because I think the potential for expansion is that.
Got it great and Theres, so much compounding value that will come from those new customer wins so.
Early days on the 'twenty, but.
I expect good things for.
On that.
Sure no on the.
The salesman hires can you tell us how many salesmen and you've actually hired so far.
I don't have that number.
Sandy where we exited we had an average of 15 towards the end of the year I think and our.
DBS business and they brought in another three and.
The utility business, we brought on another small.
Handful.
And the <unk> business, we have two new people, who are going to be on the sales effort.
Prior to that we had none.
And so we're on our way, but we're very much heads down on the recruiting interviewing assessing testing and.
And soon to be training.
So maybe like seven to 10 something like that.
Yes.
That's probably right probably probably closer to the seven.
Sure that's fair.
Now in terms of the of your differentiation on the artificial intelligence, it's hard for us non technology guys for the other.
Your standard so let me.
Explain what I think at least the in terms of the processing information what the entity it does and and you correct me.
So when I look at the the experienced any of that has for example, with digitizing books, which is the most well known and probably not.
The bulk of kind of work you do for one that you know the guys like us understand.
Theres three processes in terms of of refining and the information of what is having highly.
Really skilled experienced people and the Philippines, and India debt the top.
Top college top of their class of <unk>.
The 10 15 years of experience.
Very detail oriented and they.
Go through and they're translating all of this information and accurately and so there's the human element of the.
The people with experience.
And the as the first phase and then there's a second phase where you use AI to ferret out any mistakes that they may have made and that's of proprietary process that you've developed internally and then lastly.
You make sure that you have expert to the and the particular fields that are making sure that even even though they may have got the information of accurately translated that they've got the meeting accurately say of lawyers looking at legal documents of the doctors looking at medical documents and so on is the is that what you do or is it more is it more complicated than that or what's the.
The what's the secret sauce of day to day it a half of it allows them to be more accurate.
Yeah, great questions and so.
I don't think that it's more complicated and that I think it's actually pretty simple and I think it's a lot bigger than that.
Okay.
You build the AI applications, where the data.
Just like you build the conventional applications with the programmers.
So when we think about you know.
Clothing and application and you think about programmers and you think about people, who can code and job.
And code in Python.
When you go to build and AI application, but there is no programming you're building it with data and you're building it with data thats been very carefully cultivated in order to be very exacting and be very very high quality.
If you build it with low quality data and you'll get the low performing AI applications and build it but with high quality data you get a high performing AI application.
And so we've built Golden gate.
Which is cutting Ajay on we're combining that with <unk>.
Our subject matter experts people that we might have and earlier gains used to do things like Oh.
And you books with and now we're combining those people with the Golden Gate technologies to create cutting edge high performing AI models.
And very high per foot.
The high quality data that can be used to train those models and we're doing that and we're doing that for people who need high quality new data to train. The road models, we're doing that for people, who don't have the data sciences team, but one AI solutions to help them run their businesses better.
And then we're also taking that AI and we're building that into industrial platforms like <unk> and the agility will soon be that are powered by AI.
So it's very much.
Heather and our legacy and our history.
Of having subject matter experts successful to us around the world and it's very much tethered in our culture.
<unk>.
The quality of being fanatical about data quality of having the processes and technology to create that high quality data and.
And now instead of delivering back to the market E books, we're delivering to them high quality training and Jacob we're delivering to the and AI solutions things programmed.
The data.
And we're delivering AI industry platforms debt.
And.
Generalize the AI into platforms that do things for people that they required the done in order to.
And on their businesses better.
Okay.
Well it sounds like it's it's it's evolved into a much bigger deal the put it simply solved.
Okay.
We're really excited we're really excited about it and.
When you think it's just the huge opportunity for for for all of us to be participating in this and it's a lot of fun really sure.
You mentioned.
And the previous calls that you thought you had gotten one of the big.
Five and.
And that relationship was good and and it was the evolving is that still true.
It is and the.
We're very excited about it.
And we're hopeful that we will continue to see that evolve and we'll continue to see new use cases that we're we're being asked to help them with.
And and.
And we feel that way not only about that relationship but.
As we discussed a few minutes ago, but most or many of them terms.
Of the other 20, new customers, we brought in and of course, we're not stopping.
Our marketing efforts of hubs really evolve really picked up we're doing great work on the marketing side.
We're seeing a fairly continuous funnel of new customers for whom we are building prototypes and for whom were.
We're doing proofs of concept.
Sure sure. One last question. This is more of the stock market question and in terms of.
The kinds of valuations you see for companies that do some thing similar to and their data and what would be of typical I guess the value of these things on price. The revenue what's the typical price of the revenue ratio that you see publicly and and and private market valuations.
Good question so on the.
Public company side, we saw most recently lionbridge.
Hold at five X revenue.
And they are worth $200 million business of five X revenue.
On.
We see App and who is publicly traded I think they've got about $440 million of revenue and they're valued at 3 billion. So that's about a six point whatever that would be six to seven X.
And.
Revenue multiple.
Beyond that there are companies like.
Sprout social.
$100 million of revenue with the $2 7 billion valuation meltwater.
Just went public with $340 million of revenue value of one 6 billion I think.
That's about a $4 six X on the.
On the private side on the M&A side.
Just on went private I guess end of last year, the bet of Forex revenue multiple.
They bought trend kite out of Nymex revenue multiple.
So.
And that's roughly what we're seeing.
One last question I assume that you compete with these people and you think debt and.
A lot of respects your superior to a lot of these companies and in terms of the being able to take business from them and so on.
Yes.
It's interesting.
And what we're seeing on the media intelligence side is very clearly.
Analysts are saying, we've got a great product and we provide great support around it and the customers seem to.
To be appreciating that and valuing that which is why now it's time to hit the gas pedal hard on the sales and marketing side and Tom So having a lot of funding of that.
On.
On the AI side, we're kind of seeing.
AI that was first.
The consumed aggressively by very early innovators now kind of moving through the.
Adoption process to sort of early adopters and and we think we've got what it takes to make.
And make those early adopters happy so and we're competing against some of these companies for their business we are winning.
Sure.
And again.
And that's where we see the opening to dial up our our investment and bringing more and more customers.
And then more critical critical that we know.
I want this year not to bring in 'twenty, and new customers and I wanted to bring and many more than that.
And the ones that we're bringing and I want to expand our relationship with the aggressively.
Right right Okay.
Okay I've done it.
Great quarter, and we're looking forward of obviously so.
Thank you so much.
Alright.
No further questions at this time with no net.
On the back to Jack up of work.
For additional or closing remarks.
Thank you operator, so yeah I'll quickly provide some closing thoughts and we're very pleased to be able to of delivered growth and revenue earnings and cash in 2020, and and Q4 sequentially and year over year.
We're also really excited about where we see the business going we're expecting to do it for growth in 2020, one on the consolidated basis and across each of the business segments.
And we will be making the investments to position the organization for continuing growth and the coming years.
We intend to finance these investments fully from internal resources.
As I mentioned beginning in Q1 will be sharing with you the investment that we've made in the quarter to help you understand.
The underlying cash generation capability of the business and its inherent operating leverage for sure.
Wonderful characteristics of the business for them.
And we'll be sharing with you how we think about return on that investment.
And we've got a very strong balance sheet, we've got $17 6 million and cash at the end of Q4, which was an increase and $2 $2 million off of Q3. So we've got the resources to execute and we've got the talent to execute and I think we have the market opportunity too.
To provide the tailwind that we need so again, thank you everybody for joining us today look forward to being with you and excellent.
Okay.
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