Q4 2020 Vinci Partners Investments Ltd Earnings Call
Ladies and gentlemen, todays conference is scheduled to begin shortly please continue to standby. Thank you for your patience.
[music].
Good afternoon, and welcome to the Vinci partners fourth quarter and full year 2020 earnings conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time as a reminder, this call will be recorded I would now like to turn the conference.
With the honour Castro Investor Relations manager. Please go ahead Ana.
Thank you and good afternoon, everyone. Joining today are they starting to laughter Chief Executive Officer.
I'm, sorry, I'm, the head of private equity and Investor Relations and special passage Chief Financial Officer.
But you should the press release and slide presentation, which are available on our website at IR, that's each partners dot com.
I'd like to remind you that today's call may include forward looking statements.
Which are uncertain and outside of the firm's control and may differ from actual results materially.
We do not undertake any duty to update these statements for a discussion of some of the risks that could affect results. Please see the risk factors section of our IPO prospectus filed with the U S Securities and Exchange Commission on January 29th 2021.
We will also refer to certain non-GAAP measures and you'll find reconciliations in the presentation also know that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in anything chip partners fund.
With that I'll turn the call over to Charlie.
Okay.
Thank you want a good afternoon and thank you all for joining Vinci partners inaugural earnings call as a public company I wanted to start by thanking all of Vinci employees for their hard work and commitment for the transition.
Would also like to thank our clients for their ongoing partnership and Trust. Finally, we welcome all our new shareholders and appreciate your vote of coldness in January we successfully completed our initial public offering and are looking forward to continue.
To drive long term value for our clients and shareholders.
P O provided capital to enhance growth help attract and retain talent drive awareness and brand recognition and fund investments in our own strategies alongside investors.
It is our first earnings conference call, we thought it would be helpful to provide a brief overview of our company and how we are differentiated statue and Bruno will discuss in detail our financial performance and walk through some recent developments and segments.
Highlights.
So starting on slide five of the earnings presentation Vinci is a leading foodservice alternative asset management platform in Brazil.
Our diversified business model comprised eight business units integrated on a single platform all of our assets under management has compounded at a 33% annual growth rate since 2009, and he stood at 50 billion Brazilian Reais as of the end of two.
<unk> thousand 20.
The Brazilian asset management industry is undergoing a number of structural changes, including declining interest rates incumbents seeding market share to independent players like Vinci, what did you find it relocations from fixed income to alternative asset classes and rising acceptance.
Of ESG as an investment factor.
We believe we are well positioned to continue to capture market share give you a number of compelling factors first we have built investment expertise across all key alternative asset classes. In addition choice scaled liquid markets business next we are increasingly.
Leveraging long term relationship we are our broad array of clients.
'twenty nearly 80% of the capital we raised were sourced from existing clients. Finally, we believe we have assembled the best talent in the industry. We have 215 full time employees across four office.
Americas, helping to generate market, leading returns across all of our key investment strategies.
We have built our platform without compromising on the resilience and profitability of our financial model. All revenue profile is a stable and predictable in 2020 management fees accounted for 80% of our revenues and around 50% of our capped.
To source it from vehicles with at least five year commitment periods in terms of profitability. Our adjusted fee related earnings margin reached 55% in 2020, we further room checks planned reflecting strong revenue growth and rising.
Operating leverage finally, the capital raised through our IPO is expected to be used primarily to fund GP commitments alongside our clients in our expected private market launches. During the next two years to that extent, we already signed 120 million Reais.
Commitments to new private markets funds since the IPO and are making good progress we are going to dictate the sceptre location through the presentation.
Next one is slide six.
He founded Vinci 2009, the alternative asset management industry in Brazil was underdeveloped with both institutional and retail investor portfolios heavily skewed.
For our fixed income products given elevated interest rates at the time the industry was dominated by a handful of banks and micro Farquhar hedge funds with limited incentives for our product innovation, giving concentrated market shares in advantages economics.
Our partners had the vision to build Brazil's first scale independent alternative asset management platform invested personal capital to fund GP commitments should de Vinci sits at the center of the Cherokee investment universe by offering a full suite of products in there.
Private and public markets, our solutions business and financial adviser service looking ahead with interest rates declining demand for alternative products in Brazil continues to rise and we believe reaches frame it to capitalize on industry tell your wins and drive sustainable growth.
Turning to slide seven we believe Vinci is the only independent asset manager in Brazil, which established teams and infrastructure long term investment performance track records and ample dry powder should deploy across all major alternative asset class.
Holistically, our investment platform encompass seven investment verticals, each managed by a separate and dedicated investment team and independent investment Committee private equity infrastructure real estate and credit in the private market strategies and hedge funds.
Public equity in the liquid strategies, we have in investment products and solutions business that provides tailored made solutions to our clients through asset allocation and risk management and our financial advisory business that provides financial and a strategic service Farquhar.
On pre IPO and M&A advisory for all Brazilians middle market companies.
We've seen our private market strategies, we have raised it around 9 billion reais in the last three years, including our third flagship growth equity private equity Fund Vinci Capital Partners Street, our first dedicated infrastructure funds Vinci for one.
In addition to other credit and real estate funds.
Turning to liquid strategies, our public equities and hedge funds.
<unk> has more than doubled since 2018 when interest rates started to decline the investment products and solutions business has more than doubled its a whim, we've been increasing demand for exclusive mandate for institutional clients.
We expect the low interest rate environment to continue to drive accelerating growth in our liquid strategies, reflecting rising demand for our high value added products.
In summary momentum continues to build across our platform with vinci well position to deliver sustainable growth in a whim fee related earnings and distributed earnings.
And I am more excited than ever about our prospects as we embark on the next stage of our journey as a public company with our team members linked it partners and fellow shareholders.
And with that I'll turn it over to Bruno.
Thank you Alessandro and good afternoon, everyone.
To start our acute quickly recap of our results. We reported profit of 52 million Reais for the fourth quarter and 169 million Reais for the full year of 2020.
After dividend two partners adjusted profit totaled 40 million Reais, and 132 million reais for the quarter and full year respectively.
On slide nine we walk through some financial highlights.
Adjusted fee related earnings totaled 38 million Reais for the fourth quarter and 151 million Reais in 2020.
For the year FRE was up 54% with much of the growth driven by higher management fees and a positive contribution from the operating leverage of our business.
Importantly, as we continue to grow our financial profile supports sustained margin expansion and lower breakeven thresholds for our new product launches.
For the fourth quarter of 2020 Vinci generated adjusted distributable earnings of 37 million Reais, bringing our full year total to 127 million reais or 30% higher compared to the level of 2019.
Net performance revenues totaled 23 million reais for the quarter and 40 million Reais in 2020.
As mentioned earlier total AUM reached 50 billion Reais as of the end of 2020 up 36% for the year. Similarly, our fee, earning AUM ended the year at 48 billion Reais up 37% from the end of 2019 with much of the growth.
Later to private market, new capital subscription and net inflows across our illiquid strategies and investment products and solutions businesses.
Performance eligible AUM totaled 32 billion Reais at year end 2020 up 52% for the year and represented nearly 70% of our total fee, earning AUM.
One key point to highlight in slide 10 is long term, a whim or assets with lock up periods of at least five years to quasi perpetual funds. These grew by 48% in 2020 to 25 billion Reais and now represents half.
Of our total AUM base.
That mix underpins the steady nature of our management fees focused revenue profile.
Furthermore, our AUM remains broadly diversified by duration asset class and distribution channel as shown on slide 11.
More than half of our net revenues were sourced from private market strategies with management fees typically based on long term capital commitments, thereby mitigating redemption and market to market risk.
Turning to distribution local and offshore institutional clients accounts for about 60% of our U M with the remaining 40% well balanced across high net worth individuals and our high growing retail dedicated distribution channels allocators and distributors.
And public market vehicles.
In slide 12, we present, a wham roll forwards for the fourth quarter and full year of 2020.
For the fourth quarter.
AUM was up 1% or 1.1 billion reais to a total of $49 8 billion Reais as strong market appreciation and 861 million Reais of private market net capital subscription were partially offset by a $2 7 billion reais.
In our liquid strategies.
This outflow was primarily due to a redemption of 2.8 beanery iPhone public equities, a whim related to the termination of an association with gas English amounts.
This capital base nominal management and performance fees.
Turning to the full year AUM was up 36%, primarily driven by strong net flows of 7.1 billion reais for the year in our liquid strategies and CNS and net capital subscriptions of $2 1 billion Reais, which include prime.
Merely our Reits and private equity fundraising.
In addition, <unk>.
AUM growth in 2020 also benefited from four beanery ice or portfolio appreciation.
In slide 13, we present, our robust fund raising a cross private market funds in private equity and real estate and that flows from our liquid strategies and DNS.
Our real estate team raised over 1.5, beanery ice through six different capital raising processes in the Brazilian stock market in 2020 of which an average over 60% of the capital raise was subscribed by the existing or regional share.
Holders of the funds.
In the last quarter. We also started signing commitments for impact funds within our private equity business var, four with more than 760 million Reais in capital subscriptions as of January of 2021.
Liquid strategies were responsible for more than 2 billion Reais net flows in the year, including the outflow from gods during the last quarter.
As for our IP in that business.
Total net flows reached approximately 5 billion Reais in 2020, as we continue to see strong demand for investment advisory services.
Looking ahead, we expect to further expand our fund raising pipeline by capitalizing on old ongoing government prove activation programs and the continuing development of private credits in Brazil.
We expect that as we continue to strengthen our relationships with Lp's, we will see acceleration of fundraising activity across our platform. As an example, the amount of long term capital raised over the last five years is more than two times the level brought in.
From 2011 to 2015.
Turning to slide 14, since we're approaching the end of the first quarter. We thought it would be helpful to provide an update on how <unk> is tracking thus far for the quarter.
Totally AUM is up to 52 billion Reais as of the end of February 2021, with strong net capital subscription from private equity infrastructure funds. In addition to $1 4 billion Reais net flows.
Booing. The first months of 2021, we had inflows of $2 8 billion reais, including the IPO net proceeds and $1 4 billion Reais in our ICEE N S visas.
Outflows totaled one 4 billion Reais of which 660 million Reais came from a sovereign wealth fund mandates in public equities, which face nominal management fees. Therefore, we expect the impact of the results flowing future management fee revenue.
To be limited.
And with that I'll turn it over to Sachin.
Thank you Bruno.
There's some imation our revenues are primarily derived from management fees, which accounted for 80% of total net revenues last year as shown on slide 15.
I'm, a long term locked up capital commitments I account for around half of our total a round there.
By enhancing the stickiness of our asset base and related revenues.
Didn't you generated net revenues of 105 million <unk> in the fourth quarter, bringing the total to 300 and part of me that he is for 'twenty, two and up 15% year over year.
Turning to slide 16 management fees were 76 minute here is in the quarter and 271 million of her eyes into any training.
21% year over year, reflecting growth across all asset classes we.
We saw mostly stable management fee trends across our business into any training.
Fee increases again, United BNS, and private markets and there is a large decrease in public markets going forward. We expect the fill rates for leap distracted just funds to trend higher as a result of the termination of the revenue sharing agreement with English amounts.
Turning to slide 17.
Net revenues were down year over year, reflecting lower contribution from our liquid strategies funds due to higher market volatility following the COVID-19 outbreak, but nonetheless, the underlying balance sheet growth segments improved reinforcing the benefits of diversification.
In terms of our performance eligible way around 35% comes from preferred return and six 5% comes from funds that charge incentive fees over our hurdle rate typically the case for France in our liquid strategies and I'd been S.
In the appendix slide 34 maps out although long term investment performance track records by strategy. The key takeaway is that visa the strategies have consistently outperformed respective benchmark because across all of our business segments.
And importantly.
Each of these strategies.
We remain focused on generating sustainable alpha to minimize broader market reach.
Next on slide 18, adjusted fee related earnings coming in at 38, <unk> for the fourth quarter and 151 Manhattan for 'twenty train, both up strongly compared to prior year levels, reflecting robust AUM growth.
Furthermore, profitability continues to improve and for not just at the FRE margin of 46% for the fourth quarter and 50% for 'twenty train up eight percentage points year over year.
Highly diversify asset and revenue profile reinforce our resilient business model. We found out 50% of you am held in long term product and more than a half off net revenues coming from private market to start days now.
In addition, we expect to be able to show continued operating leverage and further margin improvement as our business grows.
Next slide 19.
The pharmacy related earnings were down for the broader and for the year driven by lower revenues given step up market volatility primarily a function of the COVID-19 pandemic.
Adjusted <unk> totaled 27 million in 2020 down 39% versus the level in 2019, we 50 mean income in the first brought us through any trend.
Turning to our adjusted distributable earnings we generated 37 million of her eyes in the fourth quarter down 12% year over year with the decline largely a function of a lower performance related earnings.
Just a D and if retrench rainy was 127 million is up 30%.
Driven by the stronger grocery I'd probably.
Profitability improvement for the full year, we've adjusted the margin of 38% for 2020 compared to 34% 420, 19, reflecting strong operating leverage across the platform and with that I'll turn it back to Bloom.
Thank you Sergio.
In slide 22, we lay out some key points related to GP commitments in our dividend policy.
And as it has some information we plan to leverage the capital raised from our IPO to accelerate the growth of our platform.
Our five from potentially capitalize on consolidation opportunities IPO proceeds are primarily earn marked for seeding new private market funds.
We have already signed commitments totaling 120 million Reais being 70 million Reais to Vinci foods are a real estate industrial site development fund and 50 meter Reais to V is our infrastructure fund focused on water and sewage.
We expect to reach full commitment of the IPO primary proceeds by the end of 2022.
In the meantime, uncommitted proceeds will be invested in vinci liquid funds.
For this liquid market allocation face, we built a portfolio of products that both intends to maximize leverage on third party fund raising and also limit volatility returns.
Our target return for this capital will be CDI, plus two 5% per year with 3% annual volatility.
Historically this portfolio has presented one negative quarter in every 11 quarters and that negative return was one 6%.
Therefore, the intention is to drive increased fund raising activities across liquid funds, while also limiting the volatility around this capital.
In terms of dividend policy, we intend to return at least 75% of distributable earnings in the form of a semiannual cash dividend and our share repurchases reinforcing their high free cash flow nature of our business model initially capital return.
And we will likely take the form of cash dividends to common stock shareholders.
Turning to our segment highlights I would like to clarify that representing dross and that's revenues and also operating profit before bonus for each of our verticals.
Starting next quarter, we will present, FRE CRE and the superbowl earnings for each of the verticals as we adapt allocation of expenses within the company post IPO.
Starting with private markets in slide 24.
Private equity AUM totaled 11 billion reais at the end of 2028.
18% year over year fundraising activity remained strong with the first closing for our Vinci impact their return phone number four in the fourth quarter.
On the deployment side, our flagship private equity funds BCP three invested during the fourth quarter of 2020 and edge of bank of digital financial Service company.
As of year end 2020 visited three had deployed nearly 50% of the funds committed capital.
Real estate AUM increased by 34% for the year ended 2020 at $4 5 billion Reais.
Much of the growth can be attributed to six successful capital raising processes for listed REIT vehicles last year with additional fund raises thus far in 2021.
Next infrastructure, a AUM ended 2020 at 2 billion Reais.
In the first quarter of 2021 or at least the energy infrastructure Fund raised 404 million Reais in our follow on offering and we also raised 256 million Reais in the first close for our new strategy focused in the water.
He switched sector.
Finally credit AUM totaled 2 billion Reais year end 2020 up 8% over the last 12 months, primarily driven by a first close in our fifth <unk>.
<unk> strategy credit fund during the fourth quarter.
Turning to our liquid strategy segments in slide 25 public equities, a wham totaled 12 beanery eyes on December 31, 2020 up 36% year over year. Despite the previously discussed lower fee outflows related to the gods the fish meal.
<unk>.
The drop in the fourth quarter.
Hedge fund AUM grew 53% in 2020 ended the year at 3 billion Reais driven by nearly 800 million Reais of net inflows last year.
Much of the organic growth in our hedge fund business can be linked to strong investment performance track Records. Our flagship strategy has generated a total return of 135% of the Brazilian CDI rates since inception.
As shown in slide 26 investment products and solutions, a whim and the 2020 at 16 billion Reais, representing a 61% growth rate for the year fueled by rising demand for features a location services for local and offshore for our portfolios.
As evidence IP N S. Net inflows totaled nearly 5 billion reais in 2020 with about 800 million Reais during the fourth quarter of 2020.
This growth is primarily due to two factors one is the increased demand for separate accounts mandates from local institutional clients. As we won six new mandates in 2020 that represent over one 9 billion Reais. In addition, AUM for each.
Another factor is the growth seen in our offshore mandates.
These grew 149% in 2020 as Brazil is increasingly look for investment diversification.
Finally in slide 27, we walk through some highlights for our financial advisory business.
Total net revenues were 6 million reais in the fourth quarter, and 28 million Reais for 2020 up 285% year over year, reflecting stepped up activity across M&A advisory services as well.
To date the team has participated as the exclusive financial Advisory Forest Faisel Asia.
Neither a successful IPO in the Brazilian stock market during the first quarter of 2021.
In summary, we believe Vinci partners, we remain well positioned for sustained growth reflect the our scaled enables diversified and integrated business model strong long term investment performance track records across multiple strategies.
In our global well balanced distribution platform.
With that I'll pass it back to all the Thunder for some closing remarks.
Thanks Rune <unk>.
In closing, we believe Vinci remains in a very strong position to kept alive of transformational industry trends in Brazil, reflecting a well diversified platform.
Our business model remains a key differentiating factor in light of our long term lock it up AUM concentration management fee centric revenue profile and total return investment strategy bias in our longstanding partnership model threaten the teams there.
Alignment with our clients and shareholders. We thank you all for joining the call and I would now like to open it up for questions operator.
Thank you as a reminder to ask a question you will need to press star one on your telephone.
Your question press the pound key.
Interest of time, we ask that you. Please limit yourself to one question and one follow up.
Any additional questions we joined the queue. Please stand by while we compile the Q&A roster.
Our first question comes from Mike Carrier with Bank of America. Your line is now open.
Okay.
Hi, Thanks for taking the question.
Given some of the recent events in Brazil and expectations for higher interest rates ahead.
Wanted to get your thoughts on if you see any impact on the portfolio returns or fund raising ahead and at what level. You know the interest rates would you expect to see some impact on potential growth.
Okay.
Sandra Thank you for your question.
That's a very good question indeed, the point is.
This level off.
Interest rates up trends in the market right now.
That's pretty much in a way.
Implied in the forward interest curve in Brazil. So we are talking about them with smaller changes in this curve. The recent I'd say last few weeks of course going up and I'd say 50 bps, depending on the maturity of the curve, but these are interest rate.
It's going up it's something already implied in the curve and this is in no way Lincoln we saw growth in our inflation rate at the same time. So the real interest rates are still very low even in the implied in the interest rate curve. So we are not seeing and this is in a way.
<unk> already exempt.
A good example is the numbers that we have been raising for a long term products in the first quarter till now that we we mentioned to you. During this presentation. So we are not feeling these effect in any of our fund raising activity, yes of course, the bandy if this trend.
<unk> moved up more than whats implied right now and that there is a big shift in interest rates of course, the two change the perspective going forward, but till now we have not seen this changing much the fund raising activity or even.
The performance of our portfolio, especially on the private market side.
Okay. Thanks, a lot.
Thank you. Our next question comes from Tito about that with Goldman Sachs. Your line is now open.
Hi, good evening, thanks for the call.
My question is on your margins you mentioned a couple of times.
Plenty of room for FRE margin expansion, just if you can help us think about how that should evolve in terms of the margin expansion you could see this year and then beyond and and also just to clarify on the quarter should we expect to see some seasonality on the FRE margin that fourth quarter is typically lower just wanted to confirm that thank you.
Okay.
Thank you for the question so in regards to the expansion we had.
Substantially expansion.
<unk> thousand and 20 right with the growth that we had.
Looking forward I think we're talking about the continued potential tweaks to continue to expand this margin obviously with the fans on the speed of our AUM growth.
Last year, we grew <unk> by about 35% so that obviously helped us quite substantially.
With that our 800 basis points expansion that we saw but looking ahead I mean, if you're able to.
Continued to drive AUM growth and the same laugh when that obviously drive the revenue.
We should expect that expansion to continue in the same base I would say right. So probably a few years ahead still with opportunity to for us to.
To expand our those are those numbers going forward in regards to susana attitude.
Uh huh.
I think there is some susan attitude at the end of the year depends a lot on the basic on service and on the bonuses I would say the two there are more and more relevant.
But other than that I wouldn't expect it to be material in regards to this is on the edge.
Okay. Thanks, that's helpful. Maybe just one follow up then I guess in terms of the E. U M growth and following up on my previous question is the level of growth that we saw this year you think that that's doable again, I mean in 2020 doable getting 2021.
Given sort of I guess, the rising there any strategies that concern you more I guess, specifically one on the liquid strategies I imagine, but I'm just trying to get a sense of how that growth could evolve in 'twenty one.
Okay. This is Brent again too so.
As I listen to said I think we started the year pretty strong on the private market side, it's something that we are very happy with.
We were able to close the IGT, we are able to close.
Yes.
V S D L. A so several of the IR. We did further closings during the 2021 theory. So on the private market side, the drivers of value and of our fund raising are very strong and we expect.
On our listed funds to continue to have opportunity throughout 2021 for follow ons.
In regards to <unk>, we're seeing very strong momentum. So we saw several big wins in this first two months of the year and we have a very good pipeline and we don't see that trend abating.
Time soon so I would expect that also to continue to trends favor.
Favorably.
What we did have in the first couple of months.
It was a little bit more volatility on the public equity sites right. So we had.
The Ibovespa is down about 7%.
Until the end of seven 5% year to date until the end of February.
I think that creates too.
Two consequences for us I think it creates some volatility around fund raising although we did have some.
Pent up demand for one of our funds, which we opened recently and we expect some flows to come in.
But obviously the volatility in the public markets.
It acts as a break.
On short term flows AR and.
And the other point is that it also creates some volatility around performance in the short term right. Because we had just draw down with the public markets. So from the public equity side are there might be some volatility in performance in the short term so.
But we're still seeing very good trends in several of our business lines.
Yes.
Okay. Thank you Bruno.
Thank you as a reminder to ask a question you will need to press star one on your telephone.
Our next question comes from Thomas <unk> with BTG. Your line is now open.
Alright, thanks, everyone for the opportunity I have one follow up question on your kept the raise and I just want to get a sense.
With the IPO.
And the stronger.
Yeah.
Position outside US you see that you could continue to improve and the percentage of U R E.
And that comes from long term investments for example, you mentioned that in the quarter.
In the year, you reach at 60% with five years or more and growing 40, 48% year over year, just want to get a sense. If you expect this trend to continue eventually how by the IPO and know how of how what would be a level.
You would.
I think it is ideal to have from long term investments versus shorter term investments.
Okay. Thomas Thank you very much for a question that's the Lisandro.
That's a very good question, indeed, I think I can.
That task to you that in the last two months after the IPO almost two months since we became public the effect with was really very important to us who had been a very successful in converting all the brand awareness and all the effect of the deal.
In fund raising especially on the private market side.
Bruno mentioned we've thought.
Some are successful fund raising like the F D L and the.
The IGT also the full on fund raising of Yahoo.
And also V. That's our wired switch fund on the infrastructure side.
Another very important point in this I could colver all types of investors not just local bus international investors with more interest with Delaware and as that deal in the interest of becoming partners.
L piece of a more like a transparent at least at the company that's not very typical in the market here another very important point, especially in IP and as we saw.
Our self being much more competitive in terms of full mandates for asset location for local institutional investors, especially one from a multinational companies, where the fact of being leased it in the NASDAQ made all the difference so to your point.
I'll just say that we are really converting all of these brand awareness and marketing in a way of being leased in fundraising okay too.
To your point the balance the ideal balance.
I don't know exactly how to answer this question, what I would like to say that in the short term, probably we should see the balance moving towards a higher portion of our England who's here for a long term type of mandates because they'll fall fund raising pipeline or.
If private market funds because of the IPO.
IPO.
Making possible for us to accelerate this fund raising likely fund the first two months of the year, but at the same time, we are winning mandates on the Ips business that we've done not necessarily has a five year formal look up so in a way we see this trend of more private market funds.
But the other side, we are seeing US also money flowing from Ibms.
Okay. Thank you very much.
Thank you I'm not showing any further questions at this time I would now like to turn the call back over to CEO Alessandro Alright.
Most of them.
So thank you all for listening to our first call as a public call, but again, we are very excited and very upbeat with the opportunity. We have seen the effect of the trust that the market put on ice I really call Verde in fund raising and a very good perspective going forward of course, we would love.
To hear your suggestions and ideas about how to translate our numbers and our strategy more clear message to you going forward.
And thank you again.
Do you all to listen to US today Goodbye to you all good evening.
Cecil.
Okay.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.
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