Q2 2021 Grupo Televisa SAB Earnings Call
And thank you for your patience.
[music].
Good morning, everyone and welcome to Grupo Televisa second quarter 2021 conference call before we begin I would like to draw your attention to the press release, which explains the use a full ehrlich and Spain statements and applies to everything we discuss in today's call and in the earnings release.
I will now turn the call over to Mr. Alfonso day, I'm going to your co Chief Executive Officer of Grupo Televisa. Please go ahead Sir.
Thank you Gautam and Seta and good morning, everyone and thank you for joining us.
With me today are <unk>.
<unk> CEO of cable and Alex Penna, CEO of Sky Patricio Wills head of Televisa Studios, and Carlos Ferreiro, Antonio Atlanta, Corporate Vice President of Finance and administration, respectively.
Let me start by saying that Mexico's economic activity recovered strongly and the months of April and May and expanding by more than 20% year on year, largely due to robust growth and manufacturing and services sectors.
Apparently the better than expected momentum experienced at the end of Q1 was carried over to the second quarter.
And by declining Covid, 19 cases, rebounding activity and the U S and improved sentiment.
And the economic recovery is expected to continue.
Sorted by further easing of social distancing measures with vaccination of the population gradually growing over the next few quarters.
Mexico will also benefit from positive spillovers related to robust U S GDP and income growth potentially contributing to accelerate activities related to tourism exports and flow of remittances.
Stronger in terms of trade and the lag effect of monetary easing.
The Mexican economy was hit hard by the COVID-19, pandemic last year, reducing GDP by 8 and 5%. However in 2021 GDP is expected to grow at around 6% after the latest upward upward revisions.
Recouping most of what the Mexican economy lost in 2020.
Our content business, which has operated with limited interruption throughout the pandemic has been the main beneficiary of the robust economic rebound.
The private sector has remained quite active advertising their products and services.
This has been the case over the last couple of quarters.
While the reopening has had a positive impact and economic activity and the unemployment rates deteriorated and April to 4.7% compared to 3.9% in March so we have been cautious with promotions, both cable and sky.
Bill with GDP recovery and job creation will accelerate relatively quickly, making the recent increase in unemployment to be short lived as evidenced by the unemployment rate in May and released a few days ago, which already have declined 2.4%.
Moving onto our financial results for the quarter consolidated revenue reached $24.8 billion vessels, representing a year on year growth of 10, and 5%. While operating segment income reached <unk> 1 billion pesos equivalent to a year on year growth of 17.
Were sent.
But another 900 and are pleased that our portfolio of assets delivered remarkable growth and the second quarter.
This gives us confidence that our operating performance will remain solid for the remainder of 2021 and the Mexican economy keeps strengthening.
Now turning to the second quarter financial results and our content Division advertising revenue increased by 32, 1% due both easy comps and a strong rebound and volumes from the private sector, where businesses are looking to position their products and services and front of consumer.
To take advantage of the robust economic recovery.
And let me just tie all the interest and wide reach and free to air television and position us very well too.
Clients achieve their goals.
Some social distancing measures remain in place during most of the second quarter, but our advertising advertising clients are better prepared to operate in this environment than they were a year ago and they have been more active since the end of 2020.
Private sector advertising revenues were very strong growing more than 35% year on year on the other hand government advertising revenues were weak driven by ongoing austerity initiatives and.
And as political advertising is not allowed ahead of the midterm elections.
As you know government advertising has been shrinking over the last couple of years. So today its shares.
Share of total is already very low and we will continue to be very low.
Royalties from Univision of $106 million were $26, 2% higher year on year supported by easy comps the strong economic recovery in the United States and the transmission that major soccer tournaments.
And Univision and strong operating performance was also driven by several initiatives implemented by management, including a rebound of the sales team and the optimization of advertising inventory.
We expect Univision and solid economic and solid revenue growth to continue given the historically strong preliminary results of this year's upfront.
All in during the quarter content revenue increased by 16, 6%, while operating segment income grew by 23 and 5%.
Our content margin expanded by 180 basis points to 32, 7% due to the strong revenue growth. Despite additional opex associated with the coverage of the midterm elections more production of content, including sporting rights related to the Mexican Soccer League La Concha GAAP.
Nations Lee and the pre Olympics sub 23.
In 2020, the COVID-19, Lockdowns led us to have less content production costs as we broadcast and several reruns and many sporting events were canceled.
With advertising revenue up 32% year on year during the first half of 'twenty 'twenty, 1 stronger GDP growth outlook for the year and robust advertising and consumption from the private sector. We feel confident that advertising revenue is likely to grow.
So double digits for the full year, that's low double digits for the full year.
I will now turn it over to Patricia to discuss our progress and content during the quarter.
Thank you.
And <unk>.
So and then the second part of 16 of the top 20 thousands of Mexico.
And as each and we'll let the deals and submitted by synergies.
This includes debt and no way less debt and new SaaS and come in.
And these are stopped and programs during the second quarter and <unk>.
Clearly kellyspot family taught me a lot, but I'll tell you a little bit and that's why it doesn't meet and audited between.
90% and 70% higher than the top related products and our closest competitor.
So the Homeaway Televisa and audience.
89 per se I and that those of the second 1 and I'll give the broadcast and why.
And the audience is our flagship net or losses today, yes.
<unk> and <unk>.
Q1 per se.
And highest that those of our closest competitor.
This shows that the audience GAAP, we tell ourselves as competitor continues to increase compared to 74.510 and.
And second highest audience metrics.
Respectively during the third quarter and given the solid ratings so powerful value.
During the second quarter, our main newscast and 5% higher audiences that the oil tool newscast.
And free to air PD and bi.
In addition, the best program.
And second network channel and 5 was among the top 20 with seamless audiences and.
And the average age of the top 4 probably asking the flagship channel our main competitor.
These demonstrate the strength of our content across all of our costs.
During the second quarter, and Univision and audience share remained well above that of our main Spanish language competitor. We believe it will keep healthy NAV to benefit from the economic recovery in the U S.
Thank you Patricia now, let me turn the call over to <unk> CEO of cable.
Thank you Alfonso for the second quarter of 2020, the cable division posted year over year revenue growth of 5.9%, while operating segment income increased 7.8%.
Residential segment revenue grew 6.4%, our enterprise segment, which accounts for around 15% of total cable revenue growth.
4.3% and <unk>.
Due to the timing of revenue recognition and accumulated year to date revenue grew 9% year on year.
Our cables business keeps growing with higher average revenue per user and new sales and a strong improvement and the product mix. We added almost 60000 revenue generating units for a total of $14.3 million or <unk> during the quarter.
As anticipated net additions have slowed during the day, we have slowed and returning to pre pandemic levels.
Last year demand for our services accelerated significantly because of the social distancing measures to prevent the spread of COVID-19. During 2019, we added 812000 and <unk> while at the same number for 2020 was $1.6 million. This basically means that argue even net.
In 2021 outlier.
Broadband continues to be the highest margin targets. So we will continue to enhance our product offerings for this week.
Added 31000 broadband <unk> used during the quarter for a total of $5.6 million for the ninth consecutive month, and we have been number 1 and the Netflix ISP speak index and.
And Permian are trustworthy and competitive terms.
We continue to observe good result, and voice <unk> day surpassed the number of video or be used in the fourth quarter of 2000, and we have been very successful and upselling to service to our customers.
We have 31000 net video disconnections during the quarter.
Largely due to customers prioritizing broadband services and looking to reduce their monthly bills.
We are strengthening our customer retention programs with particular attention to video and the fact that many prescribers cash our broadband services should help in retaining video subscribers and the future.
Mobile customers continued to grow.
At the end of the quarter, we have 121000.
News and increase of 27000 from last quarter, the trend continues to be strong and.
Looking forward on the 1 hand, and the economy bounces back and we expect demand for our services to growth with potential opportunities and our small and medium business segment on the other hand, we don't foresee the extraordinary surge and demand we experienced in 2020 because of the pending.
Therefore, we are strengthening our sales promotion strategy and our customer retention programs to take advantage of these simultaneous effects.
Before turning the call back to our fund so let me say that our plan to growth to millions home pack. This year is on track. This will help us to gradually accelerate net adds over the coming quarters and more evidently in 2022.
As announced levering on the <unk> project and when the state government, we successfully launched the Paducah play fiber to the home service and the city and whatnot.
And third largest city in Mexico, we are convinced that the expansion to selective location makes a lot of central.
We have a nationally recognized brand exclusive content and high quality and service with competitive offerings.
Thank you PPD.
Now, let me turn the call over to Alex Penna CEO of Sky.
All funds.
At Sky revenue increased by 1% per year on year during the quarter.
But the operating segment income fell by 3.4%.
Driven primarily by the amortization and more certain and sports events.
Such as the web for you're always blend and brand new.
And the Americas.
Blended per anymore.
Sky added 19000, and Orange juice was 3000 video subs during the quarter.
Mostly driven by bundles with our globe Telecom broadband services.
On the broadband side, we added $90000 used during the quarter, reaching a total of 707000 broadband <unk>.
And the aggregate income.
And pruning, our Mg and no service, which added 8000 odd use during the quarter. We closed 2 is approximately a total of $8.2 million or geos.
Our Sky sports package is gaining traction, but at a softer pace than initially expected.
And as the economy keeps strengthening and unemployment rates declines.
We would expect the pace of adoption.
This package to accelerates.
And as a reminder, this is a prepaid and package and.
Including exclusive sports content.
Such as the Spanish League and the English Premier League and menu other key sports properties as well as.
All free Toyota channels, and deliver uses suites go space debris and shops.
Thank you Alex.
Regarding capex year to date, and we have invested $555 million.
Of which $406 million have been invested in cable and.
As discussed during the call of the first quarter, our Capex target for 2021 includes $850 million and cable or $200 million more than what we invested in 2020 given that we will pass 2 million homes with fiber.
$250 million, and sky and $75 million and content and other business.
Before we close I want to share with you that on June 21, we unveiled at Univision and our plans for a comprehensive global streaming service, which includes both free AD supported and premium subscription based options to lounge in the United States and Latin America in 2012.
And 2.
The 2 tier service streaming service will offer a differentiated product proposition.
Vast content and scope expansive library and more Spanish language originals than any other streaming service or.
Our streaming platform will be fueled by full access to Televisa deep content library, and iconic IP as well as high and ambitious slate of new original produced by the leading creators and the Spanish speaking world.
The best of the existing but and the DB VIX Univision now and blame services will be transitioned and unified into 1 global service and brand.
Brand pricing and specific launch dates for the service will be announced following the close of the Televisa and Univision merger later this year.
Non supportive tier will be anchored by Univision current free Spanish language streaming service, but and the DB and Televisa as blame Abel platform.
This free tier will feature and upgraded broadcast quality content proposition, including select originals major studio films premium Spanish language titles and expanded live sports offering and a unique twenty-four 7 new service.
In total the free tiers will have over 100 lean and their channels and over 40000 hours of wholly owned and acquired content that will also be offered and video on demand for them.
The new premium subscription tier will feature more than 6000 hours of Spanish language content with more than 30 original productions throughout 2022, featuring globally recognized and award winning producers creators and writers.
We also announced that Univision already launched projects with media the way and yes, Cynthia Rowley and Nobel Prize winner and literature, Matti, Nobody got jolson with many more to be announced in the near future.
The vision for the premium as far as the offering is to bring audiences more originally produced Spanish language content than any other streaming service globally.
To execute on this vision Rodrigo and my son has joined as EVP and general manager.
As a board.
With more than 10 years of experience and streaming muscle and joins Univision from Netflix where he most recently served as VP of content growth.
My son, and pioneer and premium Spanish language streaming and content will be responsible for all elements of the Eze and <unk> service.
My son's appointment follows. The recent addition of Michael share that as Univision and new EVP product engineering streaming.
And I joined the company from Disney plus and where he was global head of product and oversees our product and engineering strategy for Univision streaming portfolio.
Michael said and that has built and scaled and global life 1 of the most successful screaming product in the world.
Additionally, but if I allude to be non Univision CEB.
And <unk> and GM Ewald screaming, who has extensive experience scaling large AD supported video audiences continues to lead blended P. D and will lead the future free AD supported both in the United States and internationally.
Our global streaming platform will be home to the most renowned and celebrated creators and Spanish language media and.
The first premium service significantly.
Designed to serve the global Spanish language audience, Univision will provide the resources and creative freedom.
And to develop in language authentic world class content.
With the acquisition and integration of VIX and the lounge of the current early version of blended PV and blame we now have an audience that is more than 8 million users worldwide and growing rapidly.
To wrap up with consolidated revenue and operating segment income growing by 6.5% and 12, 3% year on year, respectively. During the first half of 'twenty to 'twenty, 1, but another and I feel confident that our operating performance for the full year will be quite solid.
Moreover, the strong recovery that we expect to achieve in 2020, 1 and the strategic initiatives implemented this year will position us well to achieve sustainable growth over the coming years.
Now we are ready to take your questions got them and <unk> could you. Please provide us provide.
With instructions for the Q&A.
Certainly and.
To ask a question you will need to press star 1 on your telephone to withdraw the question press the pound or hash key.
And to ask a question simply press star 1 on your telephone please standby, while we compile the Q&A roster.
We have a question from the line of Marcelo Santos with Jpmorgan. Please go ahead.
Hi, Good morning, Thanks for taking my question and I had 2 the first is if you could comment a bit on the new blame you.
You launched.
I think and the end of May if I'm not mistaken is there any preliminary ah.
And information that you could provide them on how that school and I think you'd already follows the 2 tiered system and.
And the second 1 is regarding Sky's broadband adds.
And there wasn't a deceleration versus previous quarters is this mostly related to the reopening.
Could you please comment on what to expect on the broadband of Sky. Thank you.
Hi, Marcelo yes.
I can comment on on blame we did lounge.
And Peter.
And within the platform.
We did a soft launching of that.
Platform during the quarter and we're seeing that the traction is excellent.
In terms of abuse and of usage in terms of stickiness.
I'm just and this soft launch we got to 300000.
Users and we believe that.
We can.
Achieve quite easily and.
And more than 2 million users by a year and we will be launching this officially.
And the next 3 weeks.
And this will be a complement of our <unk>.
Platform basically that is what the platform is based on Televisa content and.
And there we have got into a $1.3 million subscribers. So I'd say, we're seeing the stickiness.
Usage.
And is there.
A lot of of users that.
And 1 to watch the Televisa content and we're happy using our library to be able to get to those.
Usage levels and to those and.
And as both platform to get to those <unk>.
Subscriber levels as we mentioned we will integrate that.
And to.
A single platform.
Within the Univision and Televisa merger to be launched in 2022.
Yeah.
And I'll ask Alex to answer the second question.
Uh Huh and myself.
Yes.
As you know our broadband service and it's being offered over the out.
Net book.
And Oh.
Has already.
Defined.
1 portion most of and that the work is going to be dedicated to broadband.
And the.
And the what but it will go and our goal for the Santa Elena.
Service.
And having said that.
Yes.
And the second quarter and there has been a combination of a.
Lower.
Sales.
All of our broadband.
And service combined with slightly higher.
Constellation.
That resulted in the net debt that were.
Lower down the first quarter of D C and.
And much lower than the second quarter of last year.
Therefore.
Got it.
Having said that and what we could expect going forward and <unk>.
And so the growth of broadband services.
It's going to be more and align with what we saw and up and go out.
Thank you just a follow up and Delta.
And is Alton.
Do you mean that the capacity they have available for you is more limited because they want to give some more capacity and mobile.
Did I understand that correctly.
That's correct the day or day, 1 and 2 dedicated the bulk of their existing capacity or go down and that the work.
So the sell and no service.
Okay.
Okay.
Thank you very much. Thank you both for the answers.
Thank you Marcelo.
Thank you. Our next question is from and at least your assay with <unk>. Your line is open.
Yeah.
Yeah.
Hi, good morning, and thanks for taking my questions and congratulations on the quarter.
2 questions from my side, you know noticed and that the.
The slowdown and subscriber growth.
The cable side special and video how.
Much of it has to do with you know the economy is still kind of slowly recovering how much it has to do with your cautiousness.
Nevada, and sops, and avoiding and churn and how much it has to do with you know waiting.
And to get the homes passed and some of those new markets and I got the lag between that and add and subscriber growth and.
How do we think about in terms of timing when do we expect an acceleration what would be the biggest driver so.
So that would be my my my first question and then the second question. If you could give us and I've been in terms of the timing and for the inhibition merger weather and all the approvals are going kind of and in line and I suspect it and whether you expect to close kind of around the same time, you were announcing before and and I guess a related question to that would be you know youre going to have a much healthier balance sheet and I guess a lot of it.
Based on what you've said means that you're probably going to be best and more I mean, we saw where the capex organically, but I wonder if you know buybacks come back into the question M&A comes back into the question. So just thinking forward.
You're streamlining your operations, what's next for Televisa once you have that a stronger balance sheet. Thanks.
Thank you Luis Yes to your first question of course.
2020, because of Covid and the effects of the pandemic and also because of the needs of connectivity was an outlier.
So if you compare 2000.
'twenty 1.
Second quarter results to the second quarter.
Last year.
Of course, you see a slowdown but I left.
To go into further details.
As to the results and what you're seeing and then I'll take your second question.
Thank you I think you are.
There's a couple of reflections first the free.
To keep in mind and that in the long run.
The in home connectivity demand is still huge and Mexico broadband penetration is still very low at around 60% of the homes. So I think and the long run we should expect the.
And I acceleration to resume.
And he was net adds and the medium term.
So state and the short term there are 2 opposing effects.
On the 1 hand, the demand for connectivity video entertainment and broadband services and returning to the pre pandemic levels and.
And this is stabilizing and people are returning to work and children are now returning to school et cetera.
To give you an idea of how big this affected during 2019 day were 812000 RG use at it while at the same number in 2020 was $1.3 6 million the equivalent of 1.7 times.
The second effect the second opposing effect as you correctly mentioned and your question is the economy and bouncing back vigorously and so we you know GDP is expected to grow 6% in 2021 and we.
Employment disposable income and the demand for our services. We think this growth will be uneven. So we expect stronger growth on our enterprise segment.
And we also expect expect demand on our home segment to increase but as such we are strengthening our sales promotion and customer retention programs to take advantage of.
And 2 simultaneous effects that are going on.
We think that as growth accelerates.
And with the increase of 2 million home passes in the rest of the year. This should put us and a strong position to see net adds gradually stabilized in a sustainable path.
And Lisa to your second question.
And that has to do with the approval process of the.
Televisa content and.
Univision merger.
We have made all the filings both in Mexico and in the United States. The approval is ongoing and these in due course, we expected to conclude before year and so we can close.
The merger before year end.
As you were saying Televisa will continue to have a very solid.
Balance sheet and.
And at this point, our capital allocation priorities are mainly focused on <unk>.
And on leverage reduction and.
Of course, we will always see growth opportunities at our core businesses.
Great. Thanks, a lot guys start to question before he answers.
Thank you.
Thank you.
And our next question comes from Carlos and I got to meet that with GBM. Your line is open.
Hi, Thank you good morning, its actually 2 questions on payable please.
The first 1 is if you could report them to have been some day cable expansion footprint like chameleon.
And we've seen growth from basic and fashion are already or will it be skewed towards the end of the year as you finished with the rollout and the.
A follow up it and win.
And the economics, and the fiber connected household and a more favorable.
And how your article and lower return lower maintenance Capex etcetera, but we've really helpful to have your comments.
And and also if you could just.
What percentage of your current staff.
It's enabled with fiber and what is your target. Thank you.
Thank you Carlos for your question and Alaska Petronio to take it.
Carlos for the question.
And then as we as I said and the remarks and construction is going on track.
And roughly just over 500000 homes passed already and this will continue for the rest of the year. So we've already actually begun the sales process in Guadalajara, which is our initial city.
Just recently just a couple of weeks ago.
As you rightly said we.
We think that by the end of the year, we will have around 25% of fiber to the home and the rest of our network will remain cable, but as you know we have made substantial investments and the last few years. The HFC network is very competitive most of it is 3 point, though and it's rare.
And to be upgraded to DOCSIS, 3.1 which allows us to increase the speed from 100, Meg to 1 gig out with the 3.1 so we're very confident that we have a very competitive network, but all of the new expansions, we're doing and fiber optics for the reasons you mentioned.
And in each area, where we are expanding and us.
But Don you had.
And reported of course, I mean, we look into <unk>.
Different criteria and we're very disciplined about it so it depends on a variety of factors going into these areas.
It has to do with penetration.
And those areas with our booths and very specifically with profitability. So we believe that where we are growing will be successful and.
Achieving high penetration levels.
And within a short period of time, so we're very excited about that expansion.
Expansion.
Thank you for your comments.
Thank you and as a reminder to ask a question simply press Star 1 on your telephone. Our next question is from Matthew Harrigan with benchmark. Your line is open.
Well thank you all.
Was curious would you look at the share of our connected television advertising relative to traditional linear television and the U S. I think it's about 15% to 18%.
And you know roku.
Hmm.
I mean, clearly if you get that type of ratio and.
And in Mexico, and and the Spanish market and the U S and over time, and you're going to be and a great place.
And linear TV.
Advertising numbers can you talk about where that percentage would be and the Spanish market and the U S. Mexico, right now and I assume it's quite small because youre addressing a nickel and neglected.
And you bought.
Market with your product.
Congratulations on your numbers. Thank you.
Yes so.
Are you talking Matthew about.
Share of advertising or.
Did I get that right.
Yeah, I'm looking at the ratio of advertising dollars.
Roku, Hulu and various other companies get in the U S relative to the size of the linear.
Additional broadcast market is about 15% I mean, clearly growing very very quickly I assume much much lower than that and the Spanish language market both in the U S and <unk>.
Mexico, but I think it highlights what a huge opportunity and you have on and be a bot side given that it is neglected so I assume that that percentage must be and and the mid to high single digits right now and can you comment on that subjectively and even if you don't have a lot of consultancy numbers or such.
Yeah, Yeah, you're absolutely right, Matthew and those numbers are even lower than the once that.
Doug you were mentioning basically.
As a board.
And the a broad market doesn't doesn't exist.
And so we're creating it.
And as we speak and you'll.
You see the traction even with no advertising and with the soft lounge.
Can see that.
I mean, the appetite for the Televisa content on the platforms like the 1 we're launching is huge.
And you look at the numbers.
Usage and people going into Youtube for example.
Just to watch episodes of the Televisa programming.
And those audiences are going to be.
Huge so we believe that.
And there is a huge opportunity and the Spanish language from 3 to 4 billion.
Billion.
By 2024, so and so.
So huge market, it's an untapped market and will be able of course.
Walker.
And targeted.
Targeted advertising and advertising in general.
And 2 specific audiences. So we believe that.
It is a huge.
Untapped opportunity.
That will grow substantially.
And as I mentioned, considering the stickiness of the content and the usage that we're seeing in.
And the blame Abel platform, we're very excited about that.
And also what we're looking at but and the PD in the United States.
In terms of.
Usage in terms of stickiness. So we're very excited about putting all these together and mounting on a single platform in 2022, and we believe and we are.
Determined to make this a big success.
Fantastic. Thank you so much for taking my question.
Thank you. Our next question is from Alejandro and I'll start with BBVA. Your line is open.
Hi, Good morning, everyone has.
A couple of questions.
First is regarding <unk>.
And he got Televisa and Univision will all be paid dividends and the near term. So I would like to know these deal with change you Didnt book and it has been in place for so many years.
This could mean couponing and stuff.
Per share what do people want.
And do you see the country altogether.
Tony first question.
And your second question you just Relatedly could you Televisa <unk>.
You've been saying that you expect yeah. So have you seen maybe should deal.
But yeah and of these here and.
Josh <unk> to lunch and opinion Bd's Chevy channel the next year.
Hmm.
And I believe that you put in our budgeting and additional costs and expenses being at any day, 1 so how would you.
And wondering what kind of enough to treat it's all.
Catalog.
Thanks Christy.
Some content and by the time, you launch and Houston platform or do you plan to increasingly include that exclusive constant overtime, so and additional color on this would be appreciated. Thank you.
Yeah. Thank you Alejandro.
And so the dividend policy, we will continue with the same.
1 that we got Pat for many many years.
You have to take into consideration that we have.
High growth and high.
High Capex business, which is easy or our cable platform and we expect to continue investing in.
And that platform as we go along and we grow the number of subscribers.
So we're going to keep our dividend policy as to your second question as I mentioned, we do expect to close the merger between Televisa content and Univision and by year end.
And as to the premium content and to what we have done is.
We hit the road running so that means that we are already producing the premium content that we will use for the lounging of the platform in 2022 so.
We are already doing that and we want of course, you will see.
A lot of those productions in <unk>, 2020.2.
And of course more to come so we're already working on all of those.
Okay, great. Thank you very much.
Thank you and I'm not showing any further questions and thank you Sir.
Well. Thank you very much for participating in our call. If you have any additional questions. Please.
Call us.
Thanks.
And this concludes today's conference call. Thank you for your participation and you may now disconnect.
Yeah.
Okay.
Okay.
Yes.
Yeah.
Yes.
[music].
Yes.
[music].
Okay.
Yes.
Yes.
Okay.
[music].
Yes.
[music].
Yes.
Yes.
[music].
Okay.
And.
And.
[music].