Q1 2021 Pennant Group Inc Earnings Call
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Ladies and gentlemen, your conference will begin shortly until that time the lines again be placed on the whole. Thank you for patients.
Again, ladies and gentlemen, todays conference will begin shortly until that time love to again be play from home.
For patients.
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Good day and thank you for standing by welcome to the pennant group first quarter 2021 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask the question. During the session you will need to press star one on your telephone.
Please be advised that today's conference is being a commodity if you.
<unk> any further assistance. Please press star Zero I would now like you had the conference over to Mr. Derek Bunker Chief Investment Officer, Sir. Please go ahead.
Thank you Lee and welcome everyone. Thanks for joining us today here with me today I have Danny Walker, our CEO, Brent <unk> solely our president Jen Freeman, our CFO and John Gardner Our C O O.
I have a few housekeeping matters.
All other earnings press release on 10-Q yesterday the day.
Downspin is available on the Investor Relations section of our website at Www Dot pennant group Dot Com a replay of this call will also be available on our website until five P. M balance it on Friday June four 2021.
We want to remind anyone that may be listening to a replay of this call that all statements made are as of today may seven 2021, and these statements have not been nor will they be updated subsequent to today's call.
Also any forward looking statements made today are based on management's current expectations assumptions and beliefs about our business and the environment in which we operate these statements are subject to risks and uncertainties that could cause our actual results to materially differ from those expressed or implied on today's call listeners should not place undue reliance on forward looking statements.
And are encouraged to review our SEC filings for a more complete discussion of factors that could impact our results.
Except as required by federal Securities laws pennant and its affiliates do not undertake to publicly update or revise any forward statements changes.
New information future events, changing circumstances or for any other reason.
In addition, the pennant group, Inc. Is a holding company with no direct operating assets employees on revenues certain of our independent subsidiaries collectively referred to as the service center provide accounting payroll HR.
Legal risk management and other services to the other operating subsidiaries through contractual relationships with such subsidiaries.
The words pennant company, we are in us refer to the pennant group and its consolidated subsidiaries all of our operating subsidiaries and the service center operated by a separate independent companies that have their own management employees and assets.
References herein to the consolidated company and its assets and activities as well as the use of the terms we us out.
Our and similar terms used today are not meant to imply nor should it be construed as meaning that the pennant group has direct operating assets employees or revenue or that any of the subsidiaries are operated by the pennant group.
Also we supplement our GAAP reporting with non-GAAP metrics when viewed together with our GAAP results. We believe that these measures can provide a more complete understanding of our business.
But they should not be relied upon to the exclusion of GAAP reports.
A GAAP to non-GAAP reconciliation is available on Yesterdays press release and is available on our 10-Q and with that I'll turn the call over to Danny Walker CEO, Danny Thanks, Derek and welcome everyone to our first quarter 2021 earnings call.
Before I share an update on the progress of our operations I wanted to say thank you to the many individuals across pennant and continue to provide care to our patients and residents and serve their peers across the organization. It's been on historic and unique quarter, we celebrate their commitment committed effort to drive their local operations forward.
In the face of challenges that we've had to navigate.
We are excited to reported a record quarter for our home health and hospice segment as our local leaders continue to produce excellent results across the board.
The extraordinary financial and clinical development throughout the segment is further evidence that our unique operating model provides the toolkit for leaders to drive significant long term value. Our segment revenue grew 31% over the prior year quarter. Thanks in part to a 48% growth in total home health admissions.
And 36% growth in hospice submissions as well as the 12, approximately 12% growth in home health Medicare revenue per 60 day episode and a five 5% growth in hospice Medicare revenue per day.
While we continue to acquire both home health.
In hospice agencies over the prior 12 months. It is noteworthy that much of this growth occurred in agencies acquired prior to 2020, thanks to the locally tailored quality care provided by our local operational and clinical leaders as a case in point, our hospice ADC in agencies acquired before.
January of 2020 has increased 8% year over year.
And while we continue to grow and serve more patients than ever before we were able to do so with greater efficiency as reflected in our record segment.
Adjusted EBITDA of $12 8 million net adjusted EBITDA margin of 250 basis points higher than the prior year quarter.
Simultaneously, our clinical outcomes continued to improve as well while CMS has stated that they are not updating their home health or hospice compare tools in 2021 third party realtime analytics reveal positive trends in our home health Star rating with the number of agencies with five star's improving to <unk> 43 per.
Percentage on a real time basis, and hospice quality composite trends improving to 96% or 7% over the industry average we are pleased with the progress being made across our home health and hospice segment and are excited for the countless opportunities ahead for us to provide life changing service to the communities.
We operate in.
In our senior living segment, the first quarter of 2021 marked perhaps the most challenging period.
Of our history.
As we described during our last earnings call, we experienced relative stability in our segment.
Occupancy in September and October of 2020.
However through November and February.
From November to February our occupancy declined at an accelerated rate due to the rapid rise of COVID-19, which peaked.
In mid January and many of our key markets and severely depressed our operating results.
In this in the midst of this challenging COVID-19 affected operating environment, the severe winter storm in Texas significantly impacted operations in our 12, Texas communities.
Because of the disruption to the power grid caused by the storm we had to coordinate the relocation of residents of three of our 12 senior living communities into nearby facilities. Many of our employees in Texas in both segments continue to provide care to our patients residents and their families. Despite feeling the.
Fact of the storm at home, we are proud that we were able to ensure the safety of our residents and employees during such a difficult time, but this effort drew resources from across the organization and resulted in over one $5 million of identifiable or emergency related expenses, while we expect most or all of this to.
Covered by our business insurance interruption insurance the impacts of this event are difficult to fully quantify and were felt throughout the segment.
That this storm came only a few weeks following the highest COVID-19 rates in the pandemic created a unique and taxing short term headwind.
The complexity and challenges of the trial by fire, we experienced in the first quarter acted as an accelerant for improvement and revealed unique opportunities for further development on our leadership strength.
The health of our teams our ability to manage costs more rigorously and attract new residents one of our core functions as an organization has been and continues to be the recruiting development and retention of high highly talented leaders committed to becoming the providers of choice in every market in which we operate.
In the aftermath of the peak of COVID-19 cases, and the winter storm in Texas, We've moved most <unk>.
<unk> to expand and deepen the bench of entrepreneurial leaders that are supporting and driving our senior living business. We are seeing progress resulting from these efforts.
As we continue to develop the leadership in our senior living business. There are several factors factors worth noting that contribute to our enthusiasm about our ability to recover and the long term value. In this segment. The operating environment has improved for per our senior living communities. Since the peak of COVID-19 cases in mid January.
And many of our markets. The number of cases continues to decline rapidly and the vaccine rollout has reached a significant portion of the population the restrictions on in person touring and visitation that were prevalent during the pandemic.
Presented a challenge for some potential residents and their families have been eased. We are pleased to report that 76% of our residents received vaccines and all of our communities have had at least their second vaccination clinic and are open for in person visitation in some form.
We are also encouraged by our growth in net move ins in both March and April.
Additionally, the single largest fixed expense in our senior living segment as our real estate cost because of our disciplined growth strategy. Many of the triple net leases underlying our buildings have below market rents and inherent operator friendly advantages that provide short term flexibility and long term upside.
Right.
Also since the completion of our of our spin related system cutover.
We have been able to direct more resources toward improving the operational and wellness data that we collect and share amongst our field clusters, which will accelerate the quality of care, we provide and drive better decision, making and peer accountability as well as cost management in each of our communities.
The pandemic is accelerating the transformation of the senior living community into a setting where the quality of care is elevated on par with the quality of life of amenities that may be provided as the industry continues to evolve and through our clinical expertise world class systems and data driven best practices in spite of these.
Short term headwinds we faced this quarter, we're positioned to thrive in the highly fragmented senior living industry. Just as we have done and continue to do on a consistent basis in our home health and hospice segment now before I turn the.
At the time over to Derek to discuss our recent investment activities.
Just wanted to say a quick word about our guidance for 2021, which we are reaffirming although we are not satisfied with our performance in the quarter. We know our results tend to be cyclical and we anticipated pandemic related challenges in the first two quarters that would likely cause lumpiness in our quarterly results. However, we re.
<unk> confident in our ability to affirm and achieve our full year guidance ranges as our local leaders move their operations forward and continue that.
The flywheel of success that they have already started to move now with that I'll turn it over to Derek for an update on our acquisition activity.
During the quarter Eric.
Thank you Danny.
During the quarter and since we've continued to methodically execute our disciplined investment strategy.
In addition to hospice startup in Houston, the homecare startup in Arizona that we launched earlier this year.
We announced that we acquired two home health agencies in Arizona.
Home health and two home care agencies in southwest, Colorado, and most recently a home health agency in Fort Worth, Texas, which complements our strong local hospice agency and allows us to better serve the community, including our partners in the Ensign pennant care continuum in the Dallas Fort Worth Metroplex.
Many of these strategic deals provide new platforms to serve additional patients in markets in which we are offering while a few mark our entry into new but adjacent markets, where we can best leverage our cluster model to support local leaders as they tailor their agencies to become the local provider of choice.
We're excited about the prospects in our home health and hospice deal pipeline and our ability to continue growing through the acquisition of strategic and underperforming agencies.
As Danny described we are working urgently to to further develop strength in our senior living market and leadership pipeline.
As we mentioned last quarter, we have not allocated and do not anticipate allocating capital for acquisitions in the senior living space in the near term except for clusters are exhibiting operating strength as our leaders focus their efforts on driving improved results in our existing buildings.
Overall, we are positioned to do very well and to continue our acquisition strategy and we're excited for the growth opportunities for the rest of 2021 and beyond.
With that I'll hand, it over to Jen for a review of the financials Jen.
Thank you Darren and good morning, everyone.
<unk> financial results for the three months ended March 31, 2021 are contained in our 10-Q and press release filed yesterday.
The three months ended March 31, 2021, we reported total GAAP revenue of $105 7 million on increase of $13 8 million or 15%.
Prior year.
GAAP diluted earnings per share of three cents and non-GAAP adjusted earnings per diluted share of 11.
Other key metrics include $119 2 million available on our revolving line of credit from $5 6 million cash on hand at quarter end.
Five six times net debt to adjusted EBITDA, and 137 times Medicare advanced payment had been paid back as of quarter end.
Our operating cash flow has declined since the beginning of the year, reflecting a temporary debt due to the impact from the final phase out as the request for anticipated payments.
What kind of revenue along with one time cash outflows from prepaid software costs related to our needs.
Implementation.
As a reminder to our listeners on our results do not include any funds from the provider relief fund established by the cares Act.
We continue to benefit from the receipt of approximately $28 million in advanced Medicare payments.
And approximately $7 8 million from the cares Act payroll tax deferral program as of quarter end.
Automatic recoupment of the advance payment.
April 2021 of which we have repaid $1 4 million through May six 2021, and we expect that to continue through 2021.
Please note that our non-GAAP adjusted earnings per share results in a few months ended March 31, 2021 includes the effects of all COVID-19 related expenses and loss revenue as well as the benefit Medicare sequestration relief.
As Danny mentioned, we expect our quarterly results should reflect some lumpiness as we confronted impac.
The impacts of the pandemic on our senior living segment.
However, we remain confident in our ability to realize significant growth through the remainder of the year and beyond.
As a reminder, our full year 2021 revenue guidance is $430 million to $440 million and adjusted earnings per share guidance is <unk> 89 to 99 per diluted share.
The strong momentum we have continued to experience in our home health and hospice business lays the foundation for us to achieve our year over year growth.
We are cognizant of the impact of our first quarter results from our senior living business and.
And we anticipate better performance in the rest of the year with contributions more heavily weighted towards the second half of the year.
With receded COVID-19 cases, the accessibility of the vaccine are focused on our operational model, our progress and net move in since the end of February and our acquisition pipeline.
We see a path towards performing consistent with the high expectations, we set for ourselves.
We commend our local leaders for continuing to execute execute in the face of the diversity.
And for setting the course for us.
To achieve our growth trajectory from 2021.
And with that I'll turn the call over to Danny Danny Thank you Jen.
In our typical practice, we'd like to take a few minutes to share a few examples of the extraordinary leadership displayed by our.
Many throughout our organization first led by Chief Executive Officer, Jordan Baker and director of.
Patient care services, Kristine Williams to clear home health and hospice in Milpitas, California has experienced significant growth during a challenging year as Jordan and Christine methodically works to surround themselves with a talented motivated team infused with our core values. The community community began to take notice.
They began to invest in <unk> and.
And expand their services and address the needs of the community that we're not being adequately met.
This locally tailored approach to health care has produced exceptional clinical and financial results.
Their home health agencies is maintained at least a four five star rating throughout 2020 during the first quarter of 2021, they increased their revenue by 254% over the first quarter of 2020, which itself was increased it was an increase of 121% over 2019.
At the same time, they drove significant margin expansion and earnings improvement Sukhoi is just stretching the surface as a potential of its.
Central under Jordan, and Christine and they are just two examples of dozens of leaders throughout our home health and hospice segment driving incredible results by addressing the demands.
Of their local health care communities.
Next on the senior living side led by Executive Director Alexa will Lewis of Wellness director, Cerro Walton and the operations manager Tammy Mangum, the Windsor Court team in Weatherford, Texas prepared themselves last year well in advance of COVID-19 of the COVID-19 outbreaks.
In the early days of the pandemic the implemented strong healthcare protocols built staffing contingencies created new ways to keep residents active and enhanced communication for residents and their families. As a result, the staff residents and families had a high level of confidence in their team as the pandemic spread Alexa.
And team were able to steadily increase their occupancy going from 90% in the first quarter of 2020% to 96% in the third quarter of 2020, where they have since maintained.
Revenue in the first quarter of 2021 increased five 4% over the first quarter of 2020, Despite Texas experiencing a spike in COVID-19 cases, and the historic winter storm during the quarter.
This kind of performance is achievable in all of our senior living communities as we continue to attract and develop leaders like those at Windsor Court. There are others in the organization and we want to express our deep appreciation for their work this quarter, although it was a difficult quarter.
There is a lot that we remain very very hopeful about that.
We believe we will see that realized in the second half of the year.
And lay a great foundation for our results in the years to come now we will turn to the Q&A portion of the call as Derek mentioned earlier, we're here with Brent gear solely the president of the pennant group and John Doctor, Our COO, both of which will be available and participate in answering questions. Lee can you instruct the audience on.
On the Q&A procedure.
Sure Tony.
Tom If you would like to ask a question. Please press star one on your telephone keypad again to ask a question simply press star one on your telephone keypad.
Your first question comes from the line of Scott Fidel from Stephens. Your line is now open.
Hi.
Hi, everyone.
First question just wanted to drill into just understanding the weather and COVID-19 related impacts in the first quarter and just taking that up maybe how we're modeling ex Joe Danny mentioned, you already mentioned that it sounds like there was on a one $5 million adverse impact from.
The Texas weather that was obviously on a catch up payment in the first quarter.
To follow up with that interested if there was any impact that you could size for the home health and hospice operations as it related to the weather.
And then also you had changed how you are reporting in the COVID-19 expenses are now essentially baking those costs in Q1.
And to adjusted EBITDA, I understand that youre, not specifically estimating those but that wasn't changed relative to how we were modeling. So interested if theres any sort of general thoughts that you have around.
On a comparable COVID-19.
Costs for PPE supplies.
You had been.
Previously.
Backing out of your adjusted EBITDA.
Good thanks for the question Scott.
And it's great to visit with you.
First on the weather.
We've we've devoted time to quantifying things a lot more in detail.
On the senior living side because of some of the claims that we're processing and how disruptive it was too particularly to a few of the facilities all of them were affected significantly all of our staff were affected significantly.
We have not.
We haven't quantified those impacts.
In detail on the home health and hospice side of things.
But in general it was it was disruptive in terms of missing visits.
Staff.
Needing to hand things off over time.
We don't generally try to highlight those things and create a sense of.
This is why we didn't achieve what we were planning to achieve.
But it's fair to say there were it was a very real thing and it wasn't it wasn't insignificant.
We obviously performed really well on the home health and hospice side.
Through those those challenges but.
So we don't I don't have Gen. Ms. Jen has more particulars. There. We just we tend to just operate through these things, we got stung a little bit.
And that this first quarter, particularly in our senior living business and in general what it tends to do its just highlighted certain areas, where we know we need to be better.
And we're taking full advantage of those opportunities to improve.
As they do now as it relates to your second part of your question on on.
What's included and excluded Gen can you tackle that.
Thank you for your other question.
This is Ken I just wanted to let you know that the COVID-19 expenses.
Are becoming.
Part more a part of our <unk>.
Normal daily operations. So we did capture about seven to 800000 in the first quarter of COVID-19 expenses, but then as we're continuing to you.
On by supplies to make sure that we're protecting our residents on our patients that's becoming more on our part of our normal cost.
And then.
So it's approximately the same as well.
Our estimates are approximately the same as what we received on sequestration relief, but then remember that we also have lost revenue from the impact of COVID-19.
In comparison to the momentum we had on the first quarter of 2020.
Okay got it and that's just helpful. Even if you get that sort of 700 800000 in terms of just just trying to get some framing of that.
Then so the second question would just be maybe thinking about the trajectory over the rest of the year towards achieving the guidance, which you reaffirmed it actually looks like the revenue trajectory was right on track in the first quarter and especially given some of the strength in the home health.
In hospice side, Joe. So it really was was that attributed more on the margin side and with some of these unique factors in the first quarter.
So I guess just on that margin trajectory, maybe help us think about how you're thinking about that ramp over the rest of the year. I know you do expect more of the improvement to be in the back half of the year.
But any more detail you can give on sort of that margin seasonality.
And then also just I guess within that.
On the occupancy occupancy side in terms of <unk>.
If you had a spot estimate of where things are running right now as we try to as compare to how youre thinking about the back half of the year as we try to just started drilling on our model inkjet income modeling that occupancy. So there's a couple of things on thereby thoughts on thoughts of each of those would be helpful. Yes.
Yes, just high level, and then I think Brent and John May have some thoughts specifics on on the Mark.
Number is related to margins, but.
This confluence of events with COVID-19.
COVID-19 had not peaked in any of the states. We were operating in with the exception of perhaps Washington, where we have only one facility. So COVID-19 peaked in the quarter in California, and Texas, and Wisconsin, Arizona.
In Nevada.
It was it was kind of all came to ahead at the same time.
So.
I expect and what we're anticipating is and we're already starting to see the beginnings of this transformation in March and April, but but all of a sudden all of that.
Emergency related margin compression is starting to ease up.
And there are some elements of it that debt or may take a little longer too.
Worked through as Jen mentioned.
Managing of supplies its a new expense that we.
We think we will continue our leaders will make adjustments accordingly, right in terms of how their staffing and how they are.
Working with the residents to.
Capture those expenses.
And that process, but but we will see that gradually I would say.
We're not anticipating significant dramatic improvement in margin in the second quarter, but we're already seeing the foundations that will allow to allow us to really catch our momentum in.
Later into the third quarter, and obviously into the fourth.
Our leaders are just adjusting effectively now that the sort of the disaster of the moment has passed and people.
Gaining their footing again, and we're seeing great indications of that Brent any particular thoughts on the margin side.
Well I mean, we know that the margin historically has been a little bit cyclical as well Q1.
Tends to be a little bit more difficult.
And we start to see we're.
We're seeing a similar.
Pattern in 2021, as we've seen in prior years and so we've seen improvement in March and in April and beyond and in particular on the senior living side.
We've been hit pretty hard on the cost side and so that's another one its going to take time to work through some of these changes that Danny.
Talked about.
As we start to see occupancy increase I think we'll be able to take advantage of that margin the incremental margin increase on.
On a quicker basis.
We see that occupancy increase so that's part of our expectation going forward that our cost will our cost management will improve as we see.
We're optimistic as we see that net occupancy increase as well.
Perfect got it and then.
I'm sorry go ahead, Yeah go ahead, Scott Im sorry.
I was going to just a follow up just to clarify on that occupancy point are.
Are you seeing some improvement so far already on the second quarter or do we think about this as something that really starts to.
Sort of reveal itself more and more of a notable ramp in the back half of the year.
Yes, so generally we feel like it'll it'll happen more in the back half of the year, but we are seeing really really hopeful signs there Derek I think has some of the numbers Peter Hey, Scott.
So I would echo and Danny mentioned debt, we do anticipate it to be weighted towards the second half of the year and as we mentioned last quarter. This second quarter. We will we will have some lingering weakness from this but we.
We are seeing some encouraging signs in the occupancy.
It's pretty much in line with what I think others have been experiencing in reporting our average occupancy in March was relatively flat and picked up in April and the spot or our net move ins were positive in both months.
Thanks to really our highest month.
Of moving that lowest month of move out since the pandemic began.
And so what we're seeing is we're starting to see obviously thats a positive trend.
But that's coming off of a.
As Danny mentioned, the culmination of two kind of events that really.
Probably created a short term downward spike in that occupancy. So we'll see some of that inflection and we will probably need to continue to evaluate that through the second quarter, but it's certainly encouraging for us.
Got it and then just one last one from me and then I'll get back in queue.
Just hoping for some framing on what you were seeing with <unk> in terms of length of stay and how that will influence your thinking on sequential ADC for the industry backdrop more broadly there was length of stay pressure and hospice just as it relates unfortunately to the lower length of stay of the code.
<unk> patients.
Yeah, John why don't you tackle that it's a great question, Scott and we appreciate it.
Our hospice ADC has has actually held up pretty well through the quarter our length of stay did decline about 8%.
And what we saw is this is this is really the result of some.
Some of those factors that we've been talking about it about the pandemic and its impact on some of our referral sources in the assisted living and skilled nursing world and so we're seeing that fairly modest decline, but we're pleased that the ADC itself held up and we believe we are poised and we've got some significant opportunity in Q2.
Wolf from <unk>.
Organically for those operations that we've had for a longer period and also seeing some of these transitioning operations continue to tick up so yeah, our ADC was flat and but length.
<unk> the stay was down by 8%. So we're quite pleased with those results and we think we can build from there.
Things continue to kind of return to something that resembles more like normal. Thanks.
Thanks for the question Scott.
Okay. Thanks.
Thank you. Your next question comes from the line of Frank Morgan from RBC Capital. Your line is now open.
Good morning, I guess, just one quick one here from me a lot of ground has been covered.
When you think about your guidance that youre maintaining here.
Relative to kind of where you are on the senior housing side.
Can you still make your numbers if you don't get improvement from here or is it predicated on some level of improvement in the.
Senior housing portfolio over the balance of the year or can you ramp up in <unk> or is there enough.
Opportunity on the on the wholesale hospice side of the business to offset some of the near term headwinds here and that's a great great question, Frank and good to hear from you.
We are anticipating some modest improvement in the senior living we're not.
We're very careful to not over anticipate too much there we want to make sure that the recovery.
And the building in the senior living is consistent with our what we've stated from for quite some time as the long term health of that portfolio.
As we've talked about in the past the transition away from Ensign into pennant was the most disruptive for this group you layer on top of that the.
Kind of almost immediate impact of COVID-19.
Within a very short period of time of being kind of newly constituted.
And then.
All the system cutover. So our concerns there are very focused on making sure that what we do this year.
Really forms the foundation for the year over year over year over year health and growth that we are demonstrating in the home health and hospice space. So so that's a long way of just saying.
We're anticipating.
Modest improvement from from the from the first quarter, which was a <unk>.
A real challenge for us so we're not.
We don't we want them to do the right things for the right long term interest of that segment and so we're focused on that Jim are there any specifics.
On that that you would add no I think you've covered it Danny I think definitely the guidance is more heavily weighted on most weighted towards <unk>.
Also on <unk> expense on that business and modest improvement, yes, yes, but we're not anticipating a lot of contribution.
From the senior living business.
This year, we believe we will improve significantly.
But.
With that Brent do you have any thoughts on that.
No I mean, obviously, we're optimistic and we're going to drive.
As Danny mentioned right getting the right leadership model in place with the local leadership driving results.
But in.
The other thing I would say is as Jim mentioned.
Our home health and Hospice segment has continued to perform well and we expect that and so there are multiple paths to hitting that number.
We will continue to work on all of those but costs are continuing to follow the model of driving at the local level and building strong teams for long term success.
Okay. Thank you.
Thanks Frank.
Again, if you wish to ask a question. Please press star one on your telephone keypad to ask a question simply press star one on your telephone keypad.
Hearing no further question at this time presenters you may continue.
Thank you Lee and thank you all for joining us.
Express our appreciation for the support of our shareholders there.
Belief in what we're creating.
Their belief in what we have created and continue to realize in the home health and hospice space and look forward to demonstrating that.
That same strength in the senior living space, which is coming off of a pretty historically challenging.
Quarter that we view as short term.
Short term headwind.
Have a lot of excitement about the long term opportunity there, but but mostly we're very very excited about the overall place where pendants at.
<unk> through a pretty challenging first year.
Or so as a public newly traded publicly company.
We're thrilled by that.
The starting point that we have and we are really excited about the coming years. So thank you all for joining us.
Be healthy and safe Bye bye.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.
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