Q1 2021 Goosehead Insurance Inc Earnings Call
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Thank you for standing by this is the conference operator, welcome to the growth tied insurance first quarter 2021 earnings call.
A reminder, all participants are in listen only mode and the conference is being recorded.
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I would now like to turn the conference over to Dan Farrell.
<unk> President of the capital markets for opening remarks. Please go ahead.
Thank you and good afternoon with US today are Mark Jones, Chairman and Chief Executive Officer of <unk>, Michael Colby, President and Chief operating Officer, and Mark Colby Chief Financial Officer by now everyone should have access to our earnings announcement, which was released prior to this call which may also be found on our website at IR docs.
You said insurance Dot com.
Before we begin our formal remarks I need to remind everyone. The part of our discussion today may include forward looking statements, which are based on the expectations estimates and projections of management as of today.
Looking statements in our discussion of subject to various assumptions risks uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward looking statements. These statements are not guarantees of future performance and therefore undue reliance should not be placed upon them.
We refer all of you to our recent filings with the FTC for more detailed discussion of the risks and uncertainties that could impact the future operating results of financial condition of <unk> insurance, we disclaim any intentions or obligations to update or revise any forward looking statements except to the extent required by applicable law.
I would also like to point out the during this call we will discuss certain financial measures that are not prepared in accordance with GAAP.
Management uses these non-GAAP financial measures when planning monitoring and evaluating our performance. We consider these non-GAAP financial measures to be useful metrics from management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structure tax position depreciation.
Amortization and certain other items that we believe are not representative of our core business.
The more information regarding our use of non-GAAP financial measures, including reconciliations of these measures to the most comparable GAAP financial measures. We refer you to today's earnings release. In addition, this call is being webcast an archived version will be available shortly after the call and on the Investor Relations portion of the company's website at.
Www Dot goes head of insurance Dot com with that I'd like to turn the call over to CEO Mark Jones.
Thanks, Dan and welcome to our first quarter of 2021 results call. We had another quarter of accelerating growth. In addition to reviewing our results I'll provide a summary of building blocks. We've recently lay to support continued accelerating growth of goose at all.
I will also delineate and explain some of the core strategic trade offs, we make as a company.
I'll, then hand, it over to Mike Colby, our Chief operating officer to update you on some of our technology efforts in the quarter.
Our CFO Mark Colby will then go into greater detail on first quarter results.
Let me start with the reminder, that our largest shareholder block by far is our management team.
Our <unk> holdings represent the majority of our individual net worse, we think and act like long term owners because that is what we are when we make strategic decisions. We do so well informed and in a very real way with our own money.
In the first quarter, we delivered accelerating growth and made a number of critical investments that we believe will support ongoing growth acceleration.
Let me take a moment to highlight some of these.
Premium growth of the leading key indicator of future revenue growth has continued to accelerate year over year on a larger base in Q1, 2021 premiums increased 49% compared to 46% for the first quarter of 2020 will policies enforced grew 49%.
3rd% to 45% for the first quarter of last year.
Our premiums in the franchise channel grew 55% for the quarter, providing excellent visibility into strong and accelerating embedded revenue growth as those policies convert to renewal.
And our commission share jumps to 50% versus the 20% we earn on new business.
Core revenues increased 47% over the prior year period compared to 32% growth for the first quarter of 2020.
Our total franchise count at the end of the first quarter was up 61% year over year as our franchise sales team becomes increasingly effective identifying and winning successful franchise candidates for both within and outside the insurance industry.
This growth compares favorably to the 45% increase in the first quarter of last year and the 55% growth for the full year 2020.
Franchise growth is critical to future premium and revenue growth.
While we make the investment in recruiting and training today premium growth typically take several years to fully manifest and revenue growth takes even longer because of the structure of our royalty fee agreements, which is 20% on new business commissions and 50% on renewals.
For example from 2020 total franchises grew 55%, but those growth units contributed only 4% to 2020 royalty fee revenue.
Furthermore, 61% of our total franchise base is either in their first year of preparing to go live giving us an enormous growth platform for many years to come.
Also while our franchise unit count is growing rapidly the unit productive capacity is also growing as many of our more seasoned franchises are now, adding producers, which will be a larger and larger source of growth over time.
The corporate agent team is up 51% from a year ago compared to the 31% growth. We saw in Q1 of 2020 continued growth of this channel its important as efforts of training mentoring and beta testing of new technology and processes helps drive the extraordinary growth and improves.
Productivity of the larger franchise channel.
Remember these corporate agents aided by our proprietary technology, our three eight times more productive than the most productive insurance agents in the United States. Our agents are the best of the business.
We continue to invest in expanding our physical footprint in the corporate channel to further support the expansion of our largest growth channel of the franchise network. During the remainder of 2021 will be further expanding our corporate footprint with new offices in Denver, San Antonio Columbus, Ohio.
The second Austin, Texas Office, and our second Chicago Office.
In addition to providing support the franchisees these corporate offices help us scale nationally and enhance college recruiting opportunities in both the short and long term.
In addition to the significant and consistent direct investments to sustain growth acceleration in our traditional channels. We've made strong progress developing our direct to consumer quoting platform, which we anticipate releasing in the third quarter of this year.
We believe this platform of fully enhance our omni channel strategic advantages, particularly as goes head will be the only true online choice model in the marketplace.
Mike will provide more on the direct writer and other digital progress in his remarks.
Our runway and the market is enormous as our 2021 premium base will likely represent less than one half of 1% of the $360 billion U S personal lines market too.
To accelerate our path toward industry leadership in the personal line space, we remain maniacally focused on continually improving all drivers of growth.
Those being recruiting productivity and retention.
Our competitive moat in the marketplace is deep and robust and our people and proprietary technology are the core of what makes our organization, so unique and difficult to replicate.
We've now been of public company for three years, and many private equity backed firms and publicly traded insurance brokers look at our growth and success with NV.
If our business could be replicated through M&A. It would have happened by now.
I believe the only way to create a truly viable competitor to do said is to start from scratch and build the company de Novo.
Our unique ability to attract extraordinary human capital and 17 years of accumulated experience serving clients agents and carriers in the personal lines market space have created profound strategic advantages in our business model that are extremely difficult to replicate without the benefit of significant time.
And capital.
And most of the people with the capital arent willing to devote the necessary time.
I truly feel it would take at least the decade to create a competitor that can come close to matching <unk> capabilities. All the while we continue to increase our momentum and expand our already powerful competitive position.
Our success as a public company certainly has helped pave the way for several insure Tech ipos.
However, we're unique in that we're of broker not an underwriter.
In fact, many of the recently public insurance tax around our platform as carrier partners.
Unlike most of the insured tech world, which are startups operating cash flow negative.
We have been operating for 17 years with a proven model delivering consistent strong revenue and earnings growth also our operating cash flow of fully funds our growth strategy.
Now a word about margins.
Our objective is to maximize total profit over the long term and we know that the stronger the foundation, we build now the larger and more sustainable our profits will be over time.
In the short term, we make investments that will facilitate this.
And as a reminder, most of our investments run through the P&L and don't show up on the balance sheet.
While we manage the business responsibly short term margins are a lower priority than achieving our growth goals. There is natural operating leverage and margin expansion in our business over time, particularly as franchises season, and new business converts to renewal.
In the franchise channel.
Long term, we believe that it is not unreasonable to anticipate EBITDA margins north of 40%.
But for now the priority of capturing market share and we will make the short term investments to do so.
All of that being said our annual EBITDA margins approximates the other publicly traded insurance brokers notwithstanding the fact that our 2020 organic growth rate was 25 times theirs.
By the way much of their growth investments end up on their balance sheets, because they're implemented through acquisitions.
Which makes our results all of the more extraordinary.
I'm extremely excited about the accelerating growth indicators, we're seeing in our business. These results are further validation of our unique and powerful business model focused on the clear advantages of a choice product offering the value of skilled the professional sales and service agents and the benefit of industry, leading technology that <unk>.
Rivers and unmatched experience for our clients.
It is important to remember that the premium and revenue growth. We're seeing today is largely being driven by investments. We made in 2018 and prior we expect the investments we made in more recent years and the once we have planned for 2021.
To help support high rates of growth for many years to come.
Our organization will remain aggressively on offense as we further expand our unique and differentiated platform into the U S personal lines market.
The thank our entire goose third team for delivering a fantastic start to the year, which position us extremely well for 2021, Mike.
Mike.
Yeah.
Thanks, Mark and Hello to everyone.
Cash calls we've discussed our plans to take the proprietary comparative quoting platform, we built for agents and pointed towards prospective clients in the first quarter, we made significant progress on this project.
Beta testing it now and plan to release this technology as well as the complete rebuild of our web site in the third quarter.
Better understand how this is so completely differentiated let me walk you through the process of shopping for insurance online today, and how our quoting platform delivers an effortless online shopping experience that most importantly is informed by expert agent intelligence and nearly two decades of accumulated experience.
When shopping for insurance online today clients come across several options.
<unk> direct to consumer insurance companies to lead generators or three does it digital independent agencies.
Direct to consumer insurance companies are structurally disadvantaged from providing the best experience because of the only provide one product options.
Requiring the client to shop, the market for themselves to find the right policy at the best price.
With each insurance company the consumer completes the lengthy questionnaire, providing the site with their personal information and information about their home and vehicles is going to reprocess can include upwards of 100 questions. Many of which the client will not know how to answer or the will not have easy access to the required information for.
For example, does their home have a hip or gable roof.
What is the distance from their homes of the closest fire hydrant.
What does the Vin number on their vehicles.
They want the complete this process with many different insurance companies the determined if theyre getting the appropriate coverage of the best price and there are over 400 home and auto insurance companies in the U S.
The client is then presented with pricing, including various options to increase or decrease the cost based on coverage additions or subtractions and to continue the process to purchase online.
These tradeoffs can be very confusing, even overwhelming and getting access to an expert agent is difficult if offered at all.
Other online options include lead generators digital independent agencies or a hybrid of the two.
After going through the same link the interview process. These sites returned only a few pricing options and other options without any pricing indication at all neither of which allow the clients easily proceed to purchasing of policy.
Many times, what's happening here is the lead generators gathering information to sell to multiple insurance companies and agencies.
At that point, the client will incessantly day solicited to by numerous insurance providers for weeks and on the anniversary of this process indefinitely.
Not a great client experience by any definition.
With the digital independent agencies due to a lack of experience and expertise in the clients' local market or because of the bait and switch approach pursued by many of our competitors that provide quotes with completely unrealistic prices driven by discounts with the few people qualify for assuming perfect credit <unk> cutting important coverages decline is disappoint.
To realize the final purchase price is frequently much higher than the initial pricing estimate.
But we've built the quoting platform that provides an effortless experience for the client at every step of the process.
Our site requires simply three data points of named data birth and address.
With this information that we can automatically populate all of the data on their home and vehicles needed to provide an insurance quote leveraging integrated external data providers.
They're using the desktop or mobile device within 60 seconds of providing the required data points of client is presented with multiple home and auto insurance growth, what's typically the variant pricing by thousands of dollars.
You should note that such a wide pricing variance emphasizes the importance of the thorough shopping process for the client to get the best value.
The only an independent agency can provide.
Immediately upon providing initial insurance quotes we introduce declined to one of our more than 1700 knowledgeable agents.
This is of critical differentiator.
The <unk> policies are complex offering many different coverage options and pricing and the consequences of getting this wrong can be financially catastrophic to the client.
Our expert agents review all available options with the client make important recommendations and ultimately issued the home and auto insurance policies of process that takes less than 30 minutes.
And because of our quoting process is driven by artificial intelligence informed by expert agent behavior over millions of insurance closed across the country. We avoid misleading the client with low vol price estimates that lack the appropriate insurance coverage or makeup inappropriate assumptions in the quoting process.
Furthermore, we will never sell our clients' personal data, whether we win their business or not.
This platform accomplishes our objective to dramatically simplify the process provide transparency and prudent advice and deliver an effortless experience for the client something not available on the market today.
We're excited to release this in the third quarter and look forward to providing you all with the demonstration as we get closer to launch.
This is an important milestone on our roadmap to deliver a complete purchase experience quota issue informed by expert agent intelligence.
The development effort, where we're making encouraging progress.
With that I'll turn the call over to Mark Colby to provide color on our financial performance.
Thank you, Mike and Hello to everyone on the call for the first quarter of 2021 total written premiums the leading indicator of our future core and ancillary revenue growth increased 49% to $319 million. This included franchise premium growth of 55% to $230 million and corporate segments.
Premium growth of 35% to $89 million.
This accelerating growth is being driven by continued high retention rates strong new corporate and franchise the agent growth and increasing agent productivity in the franchise channel.
The continued shift in our mix of business towards the faster growing franchise channel implies significant embedded future revenue growth as the new business premiums of reliably convert to renewal premiums at which time, our royalty fee increases from 20% to 50% for ongoing renewals for the life of the policy.
At quarter end, we had roughly 788000 policies in force a 49% increase from one year ago, another indicator of increasing momentum in our business.
Revenues were $31 2 million for the quarter, an increase of 53% from the year ago period, while core revenues increased 47% to $26 7 million for the quarter both growth rates accelerating from the first quarter of last year.
Ancillary revenue, which includes contingent commissions was $2 $8 million from the quarter compared to $1 $1 million a year ago.
I'd like to remind everyone of the cadence of our ancillary revenue from contingent commissions throughout each year under ASC 606.
In the second quarter, we expect to book minimal contingent commissions.
As we will not have sufficient insight into loss ratios and other drivers of our contingent revenue to meet GAAP thresholds for recognition.
The third quarter should have some additional contingent commissions as our profitability with our carriers comes more into focus.
The fourth quarter should have the majority of our contingent commissions as a result with the carriers are finalized.
Finally, as a reminder, we do not rely on contingencies to fund future growth for operations.
The franchised channel generated core revenue of $11 9 million.
An increase of 60% from the year ago period.
At the end of the first quarter, we had 1628 total franchises up 61% from the prior year and 987 operating franchises up 45% from a year ago. Two additional key performance indicators of where growth has accelerated.
At this time last year total franchise growth was 45% and operating franchise growth was 36%.
We continue to build on our strategy of national expansion within the franchise channel with non Texas franchises accounting for 76% of total units compared to 70% of a year ago and these non Texas franchises are continuing to grow their productivity in 2021.
We have also continued to accelerate our investment in corporate agent hiring and national expansion to facility to facilitate the franchised channel growth and productivity.
Corporate sales head count at the end of the first quarter was 363, an increase of 51% from the year ago quarter, and compared to 31% growth in corporate head count of the year ago.
As a reminder of the majority of our corporate agents' launch in the summer months following college recruiting season, and our expanded geographic footprint positions us well to add quality talent from numerous additional universities.
Corporate channel core revenues were $14 $8 million in the first quarter, an increase of 38% compared to the year ago period, as new agents continued to ramp up productivity over their tenure.
Total operating expenses for the first quarter of 2021 were $32 million.
Up 58% from $22 million in the prior year period.
Compensation and benefits expense was $21 3 million for the quarter up 58% from one year ago, and 56% head count growth.
The increase in compensation and benefits is being driven by our ongoing investments in head count across the organization, particularly the hiring of corporate sales agents in support of the franchised channel growth service agents to manage our largest revenue stream renewals.
Recruiting and Onboarding functions to continue our growth trajectory and systems developers to ensure our technology is on the cutting edge for our clients and internal users.
General and administrative expense for the quarter was $9 3 million, an increase of 58% from a year ago with the increase due to an expanding real estate footprint and investments in technology, including our client facing portal and a number of carrier integration projects total adjusted EBITDA in the quarter was $2.
$1 million compared.
Compared to $1 $2 million in the prior year period as Mark mentioned, our goal is to maximize total profit dollars over the long term.
For now that means investing heavily to grow rapidly and to responsibly maximize market share capture in the near term recognizing in the mechanics of our business model, we will expand margin over time as new business predictably converts to renewal business shifting our premium mix more and more to renewables.
We continue to make very focused investments just like we did while of private company, but we believe driving growth is more strategically critical to the business. The margin expansion at this time as we continue to put distance between us and any potential competitors.
That being said I would like to reiterate Mark's point that we believe there is powerful operating leverage available on our business model with long term EBITDA margin potential north of 40%.
Our.
<unk> revenue and earnings growth has continued to generate high levels of excess cash for the business that will self fund future growth.
In the quarter, we generated $7 $9 million of operating cash flow.
Compared to cash used for operations of $1 $5 million in the prior year.
As of March 31, 2021, the company had cash and cash equivalents of $38 million. Additionally.
Additionally, we have an unused line of credit of $19 $7 million.
The total outstanding term note payable was $78 million as of March 31, 2021.
Based on our experience to date the company is raising its full year 2020 outlook with respect of total written premiums and revenue.
Total written.
Premiums placed for 2021 are expected to be between $1 5 billion and $1 56 billion representing.
The representing organic growth of 40% from the low end of the range to 45% from the high end of the range.
Your guidance issued was for organic premium growth between 38 from 44%.
Total revenues for 2021 are expected to be between 146 and the $156 million.
Representing organic growth of 25% on the low end of the range to 33% on the high end of the range.
This assumes continued strong growth in core revenue and a return in 2021 to a more normalized level of ancillary revenue following a record year in 2020.
Prior guidance issued was for organic revenue growth between 23% and 32%.
Our strong first quarter results position us very well to deliver strong revenue and earnings growth for the balance of 2021 and beyond.
I want to thank everyone for their time and with that let's open up the lines for questions operator.
We will now begin the question and answer session to join the question queue. You May Press Star then one on the telephone keypad.
Sure Tom acknowledging your request.
You are using a speakerphone please pick up your handset before pressing any Keith.
Okay, Let's try your question. Please press Star then two.
We will pause for a moment of callers join the queue.
The first question comes from Meyer Shields of K B W. Please go ahead.
Hi.
Great. Thanks, I had two questions on I guess, the recent Texas or not the recent Texas freeze.
The thing first.
You could walk us through the timing like if that impacts the contingent does that affect the fears or next years and the second question is what youre seeing in response to increased shopping following what has been the huge number of claims.
I guess first on contingents Meyer this is mark Colby.
Still really too early to tell what we do know about the Texas storm is that it was considered a catastrophic event, which helps us with contingencies, but again, it's a little bit too early to tell.
As far as the arm of the shopping experience for a lot of those clients.
I can't really speak of I don't think we've seen like a noticeable uptick in that I think given our go to market strategy.
Of being home closings not necessarily.
Online shoppers I think for us it was a little muted.
We've certainly seen heightened claims activity and it's not the first time, we've been through a major event we've been through.
Many major events.
And of course of business, so while that creates.
Certain level of taxation on the the service team, we are well equipped to handle that well equipped to deliver a great experience. I mean, you can look at our net promoter scores increased over the quarter from the from the year end and retention held steady so there's no indication that we've seen an increase.
And our clients shopping.
The other thing I'll note there mirrors that.
Compared to a couple of years ago.
In 2020 and in the first quarter of 2021, Texas only makes up roughly 60% of our premium which is way down from prior year. So as we get more and more diversified throughout the country that certainly helps the contingencies as well.
And they were named catastrophic storms as well.
Which are typically excluded from contingency calculations.
Okay perfect I appreciate the clarification.
The one related question I guess.
When you've got that level of the claims activity does that impact the expenses associated with servicing claims.
No no it doesn't.
It doesn't at all.
We're able to especially with our our service center in Henderson, Nevada.
We have of load balancing.
The capability with our workforce management.
It's just a matter of of how we're prioritizing service serves works. So it does not increase the cost of delivering service.
The clients seem to feel good about it because of our net promoter score.
Sure.
Right No survey of working excellence and no other how to factor that into near term assumptions.
Okay.
The next question comes from Mark Dwelle with RBC capital markets. Please go ahead.
Yes, good afternoon.
I mean I guess.
Of course of your discussion I think you made fairly clear.
Did you are you prepared to focus on growth and you're investing heavily in the business at this point.
Understandable.
I guess, what I'm trying to get my arms around is are you messaging that there will not in fact be any margin improvement. This year that we should think about last year's margin of sort of the the.
Foreseeable run rate, while you make these investments.
Or do you think there is the degree to which there is of enough leverage in the business that you can get some bumps.
Yes, I think again long term, we feel that margins can be over 40%. We don't guide to margins for the reason because we want to keep that flexibility.
And again 2020 was a record year for contingencies.
So all of that kind of has to keep in mind with with how you look at us for 2021 and beyond.
Okay.
On the on the direct consumer.
The product that you're you've been working on is there any timeline related to the rollout of that or is that still.
Kind of work in progress.
Hey, Mark this is Mike.
Yes, as we said it's of <unk>.
Deliverable this year for us okay.
As I mentioned.
We will be scheduling a broadcast the demonstration.
Of the product.
Before launch so.
Excited for you all of the two.
To see the the new interface the technology.
There's truly nothing like it on the market.
It is.
Effortless transparent experience, it's a digital age of experience.
Apart from the cost you've obviously been incurring to build and ramp will there be any particular incremental costs in the third quarter, such as advertising or anything like that the would be associated with the launch.
Yes, I think youre, starting to see that already with the hiring of van <unk> as our CMO and as you mentioned a lot of the developer time. So we've already started to make those investments.
Really I mean.
Going to the SCO route things like that trying to compete with the $1 billion ad budgets.
It is not our plan of our plan is to the strategic in our investments and to invest in our terms. So I will have some more detail about that when we released the product and we do think the market will create new channel opportunities for us.
But initially we look at is of great tool to augment our existing channels, which is the real estate and mortgage focused client acquisitions and customer referrals. We actually think there is a big opportunity to leverage this.
To make that referral process easier for existing customers, who are saying overwhelmingly base of our net promoter scores.
They are willing to refer a friend or family members. So we wanted to take advantage of that but we consider that low hanging true.
Okay.
And then.
Related to the I mean, it sounds like.
I mean, you've continued to expand on the.
Corporate channel.
As you listed out the number of new potential offices, it seemed like a somewhat longer than the last one I recall hearing.
Okay.
Is there is there a roadmap in terms of of how many kind of corporate offices.
Current hubs that you hope to eventually have some pretty material expansion in the last two years really.
As we've said in the past the corporate channel as well.
We invest there to drive the growth in the franchise channel to drive success with our franchise partners. So we're strategically placing infrastructure is in markets where.
We're growing that agent footprint rapidly.
We know that.
Agents, who are closer in proximity to our corporate facility.
Performed better than the agents who are further away.
So this is an opportunity for us to put of resources out in the regions, where we're seeing franchise growth.
That yet where franchisees can leverage easy access.
Our corporate team who were performing at the highest level of the game and who have a very defined scope of work.
To transfer that knowledge transfer that best practice.
To the to the franchise channel.
Okay.
For the answers.
Once again, if you have a question. Please press Star then one.
Okay.
The next question comes from Katie <unk> with Autonomous Research. Please go ahead.
Thank you and good afternoon.
Hoping you can provide some additional color around franchise credit committees.
Tenured Adrian Adi from taxes last year had price productivity of about $120000 of new business, which is impressive.
Being that it's almost close to the level of corporate agent productivity. However, we've noticed that the tenured corporate agent productivity topped out at around $125000 is there some kind of tactical feeling at that 125 level or do you think the average tenure of agent productivity congrats to something even higher.
Yes, I mean, if you look at agents, who are exclusively focused on <unk>.
The sales activity.
We have not seen a peak in productivity and in fact, our most tenured agent 14 year corporate agent.
<unk> has.
Has seen productivity increases.
Over the recent years until we moved him into the franchise fulltime franchise support capacity. So we have not seen.
The productivity.
The capabilities peak, what youre seeing in the numbers is again of deliberate.
Investments.
We're making a deliberate trade off to bring high caliber talent in the corporate channel and make that talent available in the franchise channel to drive success through training through sales leadership coaching Mentorship marketing support it's very tangible.
And defined scope of work in a very deliberate investment that we're making.
So when you think about thinking of is.
The scope the franchise of support scope growing.
You would naturally expect.
To see that manifest in the productivity numbers and Thats a tradeoff debt.
We're very willing to make and we think is clearly.
Provided the ROI for us when you look at franchise.
The franchise performance.
Gotcha Gotcha. Thank you Matt.
Next question is about mortgage origination.
What's your best estimate of what your market share on top of it.
Hopefully we disclosed the idea of it.
I think we all but we can I mean, I think we've said in the past.
In any given year between 13, and 14% and it's been holding steady at that rate for the past two years.
And not that we haven't been growing in the state of Texas, but the mortgage the mortgage market.
The very strong more importantly, though nationally it's less than 3% the I believe last I checked.
So a big runway.
Even in Texas.
Okay, great. Thank you so much.
This concludes the question and answer session I would like to turn the conference back over to Mark Jones, Chief Executive Officer for any closing remarks.
We'd like to just thank everyone for their time.
Interest in <unk>.
We look forward to continuing to drive accelerating growth.
This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
Okay.
Yes.
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