Q2 2021 CURO Group Holdings Corp Earnings Call
Okay.
Good day, ladies and gentlemen, and welcome to the <unk> Q2, 2021 conference call. All lines have been placed on a listen only mode and the floor will be opened for questions and comments following the presentation.
If you should require assistance throughout the.
Please press star zero on your telephone keypad to weak and life operations.
This time it is my pleasure to turn the floor over to your host Matt Keating Investor Relations for Taro, Sir the floor is yours. Thank you and good morning, everyone. After the market closed yesterday true release results for the second.
Concrete or 'twenty or 'twenty, 1 which are available on the investors section of our website at <unk>.
IR Dot dot Com with me on today's call materials, Chief Executive Officer, Don Gayheart, President and Chief Operating Officer, Bill Baker, and Chief Financial Officer, Roger Dean.
This call is being webcast and will be arc.
Accounts on the investors section of our website before I turn the call over to Don I'd like to note that today's discussion will contain forward looking statements based on the business environment as we currently see it as such it does include certain risks and uncertainties.
Please refer to our press release issued last night, and our forms 10-K and.
And 10-Q for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's discussion any forward looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.
In addition to the U S. GAAP reported we report certain financial measures that did not conform to generally accepted accounting principles. We believe these non-GAAP measures enhance the understanding of our performance reconciliations between these GAAP and non-GAAP measures are included in the tables found in yesterday's press release before we begin our second quarter.
Water update I'd like to remind you that we have again provided a supplemental investor presentation, which highlights key trends through last week, Don and Roger will reference this presentation and their remarks and you can find it on the events and presentations section of our IR website with that I would like to turn the call over to Don.
Sure.
Thanks, Matt Good morning, and thank you for joining us today.
The second quarter was a busy 1 for us and we made significant progress and several key areas of our business all of them are continuing to grow and evolve our company to drive earnings growth and value creation.
We solidified significant growth visibility for our Canadian point.
Business with flexi, signing and <unk> group, Canada's largest home furnishings retailer to a 10 year exclusive contract that and the future will add over $800 million Canadian.
Canadian and annualized origination volume and earning assets. This accelerates <unk> timeline for achieving profitability at scale.
Secondly.
And a sales actually to improve profit margins and our U S business by consolidating stores and a number of markets.
Third we began monetizing our tremendously successful investment and catapult recede and $146.9 million and cash and 27% ownership and the new publicly traded company when the <unk> merger.
And we took a close on June 9.
And finally, we improved our capital structure with the senior notes refinancing that extended maturities to 2028 lowers the coupon by 75 basis points and provides important flexibility for supporting the significant earning asset growth and I mentioned and Canada.
Similar to last several quarters.
<unk>, our Canadian operations, where the growth engine.
Our Canada direct lending and Canada point of sale segments posted strong sequential loan growth of 5.1% and 9.9% respectively.
Canada direct lending adjusted EBITDA was up 81, 4% year over year and 40.
Quarter cent net revenue growth.
Flex and these loan originations were up over 117% compared to the same quarter a year ago.
And the U S. We returned to posting sequential loan growth and are bullish on our second half loan volumes.
We also made the difficult decision to close 40 non U S stores during the second.
And third quarters to manage local store market density and to respond to our customers' evolving usage patterns.
Closed stores represent 25% of our U S store footprint, but they generated only 8% of our U S store revenue and 2020 and where the stores most impacted by COVID-19.
So this was mainly a consolidation of underperforming stores not a departure from our belief and the advantages of an omni channel model, our customers can transition seamlessly online 2 and adjacent store or to contact centers. So this consolidation reduces our annual operating costs by approximately $20 million while maximizing.
And likelihood of retaining a large percentage of customers from the impacted stores.
Our consolidated revenue for the second quarter was $187.7 million and increased 2.8% from the same quarter last year, we reported adjusted EBITDA of $53 million and adjusted EPS of 4.
<unk> <unk> per share compared to last year's adjusted EBITDA of $51.1 million and adjusted EPS of <unk> 53.
And both instances extremely strong credit performance resulted in much lower net charge off rate and lower provision for loan losses.
Canada direct lending loan balances.
<unk> 40, and 47% year over year.
The sequential loan growth of $17.6 million or 5.1% was particularly impressive since Canada re imposed lockdown measures from much of the second quarter due to a resurgence in COVID-19 cases.
Most of these COVID-19 restrictions and put in place and the second week of April and.
And this group had a modest impact from flex these merchant base, where brick and mortar sales make up about 75% of total volume.
We'll have more on flexing and a minute.
Fortunately with fewer Covid cases, and more widespread vaccinations candidate is reopening.
Canada direct lending is $29.1 million.
Adjusted EBITDA for the second quarter represented the single highest quarterly earnings we have reported for that business and was up more than 80% over the $16 million recorded for the second quarter of 2020.
With the growth and loan balances revenue grew 36, 9% year over year.
Net charge offs for Canada direct.
Lending declined by.
Zero point $6 million or 4.9% year over year.
Improvements in net charge off rates and delinquencies.
<unk> and provisions for loan losses of $8.6 million compared to $9.2 million and and.
And quarter of last year, and resulting net revenue was.
Was $17.3 million or 48% higher and the second quarter a year ago.
Turning to our Canada Pos segment since our acquisition of <unk> closed on March 10, and second quarter was our first full quarter of results.
And contributed $7 million and revenue and adjusted EBITDA of $2.5 million.
And the second quarter.
These originations increased to 117 billing rate per cent compared to the prior year quarter, driven primarily by the continued addition of new merchant partners.
We're obviously excited about flex and has expanded relationship with <unk>.
<unk> operates more than 300 retail stores under.
Multiple banners, including Leon and the bricks.
Flexi has begun and originating new accounts with the brick and we expect the leon's locations to come online in September.
With the addition of the <unk> volume, we forecast flex these origination volume increasing from <unk>.
$292 million Canadian and 2.
<unk> thousand 20 to a projected $1.9 billion Canadian and 2023.
Including $221.5 million and loan balances and our Canadian Pos lending segment from our flex the acquisition overall loan balances and Canada finished the quarter 64, 4%.
Above the prior year levels.
You'll also notice from the Investor supplement that the percentage of transactions conducted online and Canada can use continues to be well above historical averages likely.
Likely partially influenced by the reposition of Covid restrictions.
And we can't predict the long term behaviors of the Canadian consumer.
Tumor this demonstrates the value of our full spectrum omnichannel platforms.
Our U S loan balances declined 4.4% compared to the prior year, but increased 2.5% sequentially.
Excluding the verge credit portfolio, where we are no longer originating loans and U S loan balances increase.
Kris by very healthy 7.2% sequentially.
The year over year decline and U S loan balances was anticipated due to the U S. Federal government stimulus payments our customers received during the last 2 weeks of March of this year, along with the delayed tax refunds that impacted the same period.
The stimulus meaningfully increased.
Payments and reduced demand for new loans, but that said, we are seeing originations improve as the impact of fiscal stimulus wanes and the economic recovery progresses.
We received a number of questions on the potential future impact of the new U S tax credit for families with children, it's early to tell but because half.
And pre perceived and cash and half as a credit against 2021 taxes given the relative amounts. We don't believe it will have a similar impact in terms of depressing demand as the previous larger direct stimulus payments.
Looking at the information presented on page 6 of our Investor supplement.
A second round of significant U S government stimulus.
Is that started hitting consumer checking accounts and March of this year resulted in higher prepayment rate for current loans strong recoveries on past due loans and low demand from new loans.
Gross combined loans receivable.
Food and CSO loans declined 4.4% or $10.2 million year over year.
This.
It's been and $18.5 million or 13, 5% decline and revenue in the second quarter of 2021 compared to the second quarter of last year.
U S net charge offs and the quarter were only $37.9 million a decline of $27.8 million or 42, 3%.
From the second quarter of last year.
Historically strong credit trends limited to U S. Net revenue declined to $10.6 million or 11, 1% year over year in the second quarter.
It's difficult to forecast when the ongoing economic recovery is likely to lead to a normalization and loan demand from our customers.
<unk>, but we remain confident and our ability to grow our U S business as we emerge from this pandemic and the second half of 2021.
I'm very happy with the work that we've done to continue moving the company forward through both organic growth and the flexi acquisition, we've grown our Canadian operations, which accounted for 76%.
And our company owned gross loans receivable at the end of the second quarter.
We've done the work and made the tough decisions to rationalize our U S store base, we've continued to invest and new products, such as credit cards and near Prime loans.
We continue to invest and our internal technology and risk and analytics platform strength.
The strength of these platforms has helped us to.
Quickly migrate customers to our online channel and continually refine our credit decisioning, creating new product opportunities and all geographies.
We've also continued to strengthen our management team and I'm pleased to announce announced Dan <unk> joined US This week as our new EVP and Chief Technology Officer, Dan has a great background leading.
We're engineering and digital marketing and consumer lending organizations and we're excited to have him on board to help us push forward, particularly on the new product front.
And finally as always I'd like to close by thanking our 3700 team members and continuing to meet our customers' financial services needs and to help us execute on all of our strategic priorities.
And I'll now turn it over to Roger.
Thanks, Don and good morning Walt.
And while non covered some of the consolidated and segment highlights I will provide some more color on the details.
Consolidated adjusted EBITDA came in at $53 million.
And just $800000.
Or 1.6% year over year as.
As revenue declines from lower loan balances were offset by lower provision for loan loss and cost reductions.
As a result adjusted earnings per share was <unk> 40 for the second quarter.
Canada direct lending and loan balances increased 40.
7% year over year, including a $105.8 million increase and revolving line of credit balances.
And our revolving line of credit book, and Canada, and Canada direct lending increased 45, 6% year over year with related revenue up 45%.
And as Don mentioned earlier, despite COVID-19 impacts, Canada direct lending posted a record quarterly adjusted EBITDA of $29.1 million.
Up 81% year over year, driven by operating leverage on 48% growth and net revenue.
And.
And the U S second quarter revenue decreased 13, 5% from the prior year and adjusted EBITDA decreased $16.3 million or 46, 5%.
<unk> loan balances and and revenue decreased 4.4% and 13, 5%, respectively, respectively year over year.
Primarily due to the impact of COVID-19, and related government stimulus stimulus.
Loss rates and the U S improved 550 basis points year over year, which drove a 19% reduction and the provision for loan losses after related allowance adjustments.
Turning to the first full quarter of Canada Pos results Youll.
And Youll see and our earnings release that flex the added revenue net revenue and operating expenses of $7 million 4 million and $10.4 million, respectively, and our first quarter and our first full quarter of ownership.
As we explained in detail and our earnings release.
<unk> reported results and the near term are affected by the purchase accounting and other adjustments required for the opening balance sheet as of March 10.2021.
Most notably from merchant discount revenue or MTR associated.
Acquired loan portfolio.
The unrealized MTR debt would have normally flow to revenue over the life of the portfolio and to be written off and the opening balance sheet. So the resulting yield on the acquired portfolio is lower than for loans originated after March 10th of 2021.
We have provided details on its impact and various places and our MD&A section of our earnings release.
This effect burns off by the second quarter of next year and we included the supplemental disclosures to assist in modeling run rate yields thereafter.
And 1 more comment on Canada.
Looking at page 17 of our Investor supplement you can see that outlook base.
Based on this quarter's performance, we think Canada direct direct lending revenues and adjusted pre tax income will now approach <unk>.
Canadian dollar $310 million.
And Canadian dollars $100 million respectively.
Compared to page 17.
<unk> second quarter was lighter on revenue because of the aforementioned resurgence lockdowns that affected its merchant partners and customers.
However, strong credit performance more than offset the effect on earnings. So we think the adjusted pre tax results will be a little better.
Your outlook on page 17.
We plan to provide more formal updates later this quarter as the reopening after the Q2.2021, COVID-19 resurgence lockdowns progressed and flexibly continues to onboard <unk>.
I will now expand on the trends and key drivers.
Better than the 2 results.
<unk> demand and loan volume.
Pages, 5 and 6 of our supplemental earnings presentation recap the weekly trends through last week index to the week ended March 7.2020 for the Canadian direct lending and U S segments.
And Canada application volumes approval rates and originations.
<unk> been relatively stable this year.
And the U S trends for application volumes approval rates and originations showed fairly consistent improvement as we move through the second quarter.
Through last week.
On July 24th loan balances and Canada rose $7.4 million.
And the U.
<unk> rose $2.8 million from quarter end.
As we move through the second quarter the percentage of loans originated 2 new customers averaged 9.9% that's.
And that's down slightly from 10, 5% and the first quarter of 2021 and higher than the 6% and the second quarter of 2020.
Second I'll talk about delinquency and credit trends stay on pages, 5 and 6 of our earnings supplement and looking at weekly delinquency trends by bucket.
Through July 2021, both countries continue to see stable and historically low delinquencies.
Our second quarter consolidated net charge off.
Improved 750 basis points year over year, and 25 basis points sequentially.
Third just a moment on the provision for loan losses.
Moving to page 8 of our earnings supplement deck.
Allowance coverage rates declined from the fourth quarter more.
So in Canada and sustained.
Pain improvement and net charge off rate and delinquency levels.
For the second quarter of 2021.
Consolidated loan loss provision was $7.1 million less than net charge offs.
The favorable impact on provision of reduced allowance rate was nearly.
<unk> rate by provisions on loan growth.
For perspective, and the same quarter last year.
Loan loss provision was $28.4 million lower.
And net charge offs.
Adding $20 million to net revenue last year versus this year and creating a really tough comp.
Obviously.
Last quarter that is Q1.2021.
Loan loss provision was $16.8 million less than net charge offs compared to this quarter's $7.1 million.
Since we expect sequential loan growth and stable credit quality for the second half of 2021.
We would expect.
Expect more normalized relationship where the loan loss provisions exceeds net charge offs.
With solid sequential loan growth improvement and the U S Q3, and Q4 earnings will be meaningfully lower than what we've posted so far this year.
Advertising and loan loss provision.
Yes.
Loans modified under our customer care program made up 388% of our company owned installment balances and the U S. At the end of second quarter, which is down from 5.9%.
At the end of the first quarter.
We ended the second quarter with $276.4 million and cash.
$435.2 million of liquidity, including Undrawn capacity on revolving credit facilities.
Don mentioned earlier, the refinancing of our 825% senior notes due 2025.
We were very pleased that bond investors recognize the magnitude by which we have transferred.
And <unk> and the 3 short years since the previous bonds were issued.
We lowered the coupon we extended maturities and importantly, we got flexibility we needed to support Canadian loan growth, specifically and the <unk> business.
Strong demand allowed us to upsize the offering from 700.
To $750 million.
And we took that extra capacity to maintain flexibility for M&A investing and upmarket loan products and the U S and with an eye towards the rapid growth and scale, we are expecting and Canada.
This concludes our prepared remarks, and we'll now ask the operator to begin.
And Q&A.
Thank you for floor is now open for question and if you do have a question. Please press star 1.
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Star 1 on your telephone keypad at this time.
Yes.
Our first question comes from Moshe Orenbuch. Please state your question.
Great. Thanks.
And.
Yes, we can Moshe good morning, Okay, great alright, thanks, and good morning.
And so you talked about.
Loan growth that Youre, seeing and both the U S and Canada.
Colonel quoted quarter to date.
Talk a little bit about just how you see it if you did kind of also in mid June.
Spectrum.
And strong sequential growth in Q3.
What is whats the pattern and what's happening.
I think youre going to approve more customers is that the application flow is going be better could you talk through that a little bit.
Yes Moshe.
I'll give you a couple of comments and less but though.
And bill chime in as well.
I'll start with Canada, and so were.
And so we thought the growth there was really good given the fact that they no worse and lockdowns.
Reimpose.
Which.
And although this is like knock wood.
Looks like those are.
The case flow jewelry and other come up a little bit recently with some of the Delta do look like we are.
We're going to.
And in a period, where.
Some of the retail stuff will be.
And we'll be open open again, so and even in that kind of a period. We thought we had really good growth and the direct the direct lending side of the business and a lot of that that's 1 of the beauties of happened and line of credit product, where people have an open line and they can they could take a draw and the level.
And having to go in and.
And and.
And either online or from a branch and.
And take out a new loans.
So that the product structure really helps us there are a lot.
On the flexi side, we're really just getting growth and existing merchants like sleep country, and and Staples and then.
We started onboarding sort of.
The brick side.
Yeah.
Of the <unk> relationship.
And that's where really just.
And that's just a complete.
No pun intended to Canada, but it's a complete the complete hockey stick right now and they are doing.
They're going to do as much volume in July and.
And the flexi business as they did and the entire year of 2017.
So that's just that's just the scale of that relationship.
And that takes us.
I think we mentioned and the <unk>.
Comments that they have and the brick is convert all the bricks stuff and they will.
Leon side of the business so have that.
<unk>.
The plan is to have that going in September so that'll be I think it will probably take another month or so but by the sort of by the end of the third quarter. We should have that all of those properties all of those locations, both brick and mortar and online.
Originated on the flexible platform, but a lot of work to do.
Given the ramp there.
Make sure that continues to go as well as its gone.
And so far and the U S and I'll just I'll begin.
Talk a little bit more about sort of what we're doing and the advertising environment all that stuff, but I think we're just we're really starting to see demand and we talk about internally.
Card data suggest that people are spending money.
And obviously, they're shifting the spend from furniture and appliances and electronics.
Travel and leisure and then.
Dark dining et cetera, and.
And all that that's that's positive and obviously the job growth and those areas at this point.
Job initial jobless claims numbers came out.
Ticked down a little bit again, which is good.
So I think that's just the it's the reopening now we need that to continue and hopefully the.
And the mask mandates and what's going on with the virus doesn't it doesn't.
The progress Thats been made so far.
And I can say.
And I'll give you 1 more 1 more debt than we were.
X X diverge portfolio, which.
As which is which is running off.
We said, we'd be 7.2% sequential growth and the June quarter.
And just year month.
And month to date, so far we've got a couple of days left in the month, we're up we're up and the U S exports were up 5%.
And just through the month of July so getting sequential growth quarterly growth above that 7.
7.2% number that we saw in the June quarter, it looks again.
And the externalities side it looks like we're pacing to to see sequential growth that that debt is improving it and improving rate and Bonneville talk about sort of small components of that.
Sure I think Dan covered a lot.
I'll just quickly talk about Canada and.
It's really it's interesting if you look at the just the new customer growth and how it paces with the different phases.
And as the lockdown ease, but really as a correlation there. So as that continues to accelerate we will continue to invest and marketing dollars because we are getting getting a better response and.
And getting a good return on that investment and.
And the U S. It's very much about I think back to school and Don covered a lot of that but we're continuing to see weekly progress, but really very much looking forward to the back to school season, having children and back and class, which means they'll need backpacks and shoes and school supplies and it also from many fans.
<unk> serves as a form of childcare and which means people can get back to work and feel confident and taking so those are really the things that we're monitoring on the demand side.
Got it and just as a quick follow up is there any change and the competitive dynamics in Canada and then any.
And just given those results.
Our results and we think anything else going on.
Okay.
And not that we've seen.
We we kind of like where we are.
And then obviously the.
Flexi side I think those are contractual relationships.
And then on the on the direct lending side of it.
And again the.
Moving to also that line of credit product.
There is some.
Go easy and fair, so and Theres some companies of scale.
And that are in the.
Larger installment loans space, but I think our we like the competitive advantage, we have as I just mentioned that the ability for customers and have a line of credit and makeup.
Our bill and that line of credit.
And having it originated and it is.
And I know, it's not enough.
A declining balance.
As you pay down and installments and we just like the and then.
We think the customers really continue to respond well to that to that to that product and.
And don't see anybody any new entrants and that and the market.
Right.
Great. Thanks.
Thanks Ben.
Okay.
Again, ladies and gentlemen, if you would like to ask a question. Please press star 1 on your telephone keypad at this time.
Our next question comes from Bob Napoli. Please state your question.
A dry and this is Spencer on for Bob can you guys hear me okay.
And yes, we can Spencer good morning.
Good morning, I, just had 1 on the longer term plans for the 2.
Business is geographically given the higher valuations.
And some of them on business and Canada would you ever consider.
Spinning off the Canadian business or Conversely, selling the U S business.
Yes.
But as I mentioned were women and in Canada, and the process and our direct lending business is growing growth is strong and we've upped our guidance there.
And that Roger talked about.
<unk> is absolutely the.
Considered as such as I've said I think last time you have this kind of these kind of things just don't kind of fall out of the tree and you really got to go execute so now we're in the process.
The the origination ramp is is very strong, but we need to we're working hard and helping 1 of the good parts of the relationship.
And should there is and our call center, our carrier and call Center and Mississauga, we're hiring.
Service and collections were up to help support this growth.
And they are flexi employees, but there were helping and that process and I think we're going to be I'm wondering the onboarding about 100, new teammates.
The middle of debt to support that all fell rent by the end of the year. So our focus is really on executing as best we can and that's a huge relationship and essentially kind of triples the volume.
And the business and moving as we said and we gave some some long range guidance when we.
When we announced the <unk> deal and we.
The combined business can generate and the neighborhood of $180 million or Canadian dollars pre tax in 2023.
Focus right now is really executing to make sure we can get there and we will.
We think we are certainly our hope is that the investors and the current structure will appreciate that growth and reward.
The company.
Take those appropriately and if that doesn't happen down the road.
And we obviously will.
We will have a lot of options on the table.
Okay. Thank you for that and then 1 follow up but I know you've gotten this question before but I just wanted to ask any update on.
On capital allocation I know and the last.
Enhanced returns to shareholders.
Now that you have the cash and the balance sheet from catapult.
Yes, good morning.
So I think we're we're emphasizing flexibility right now.
And kind of the priorities are.
Our evaluate.
Quarter of M&A opportunities.
Organic investment and.
Market products and.
And we're also very mindful of how big.
The <unk> relationship is and how fast that philosophy is going to get big so.
Yes.
Right now we're <unk>.
And I and flexibility.
And <unk>.
And then as we move into next year.
We will reevaluate that.
Thank you I appreciate it guys.
Yes.
Our next question comes from John Rowan.
Thanks for your question.
Good morning, guys.
Hey, John.
Can you remind me how.
Again, the the earn out I I know the triggers are 12 and 14 on the on the catapult deal, but can you read me the timeframe, which it would need to.
Achieve I notice and average over a certain time I shouldn't have given the reduction in and the stock prices for and make sure I understand kind of when that and calculation period ends.
Well, there's there's 2 of them you mentioned $120 and 30 days above $12 and 20 out of 30 days about $14 triggers the 2 the 2 pieces and and the period of 6 year. So if that happens anytime and 6 years.
Oh, let's just say it.
It's a full 6 years as the.
Yep.
6 years from the merger quote and the merger global 1.1 day.
Okay.
Dawn any.
And then you want to talk about regarding the hearings today on the on the rate capital.
Yeah, we've obviously been monitoring directly and through our trade Association.
I think we're.
I can continue.
I think maybe a good case and get get a lot of good support the rate caps or are simply.
The way to accurately.
And easy means and.
To cut off credit for for a long and consumers and.
That's just the.
The simple math on small dollar loans.
Small dollar short duration loans and.
And APR catches just just doesn't it's just not the right way to sort of think about the product and think about the regulation and so does and I think I think we.
We've got a lot of them and support on that front and.
Well, what kind of go from there and so we do have both kind of our own and true a coordinated effort true true trade Association, but we will certainly monitor what goes on the day.
And then can you give any guidance on interest expense for next quarter, just obviously, there's a lot.
Going with with the Mondale and so I sort of see.
See if you can provide.
Provide some type of framework for what you think interest expenses the run rate going forward.
Yes, the bundle and doesn't doesn't move doesn't move it very much because we're closed and the coupon 75 basis points, lower so, but but flex city. The only thing that will change will be flexing borrowing on their ABS.
And I think.
The interest expense.
And next quarter.
Barely inching up but.
Because of the flexi looking on board and it also.
It's probably.
There's probably an additional.
Net next quarter up slightly and then by 4 quarter, it's probably you could see and it.
2 or $3 million increase sequentially.
Okay, and then the guidance from the back half of the year and make sure I understand and correctly, you are saying that earnings per share per quarter will be below the.
The 40, Mark here and the second quarter correct.
Correct, well well below because we've had we've had provisions tailwinds.
We've got provision pillow and like everybody else for so long.
Nothing.
Nothing nothing we're seeing suggests we're going to be able to sustain those provisions tailwind because of because of the loan growth.
Okay.
Alright, thank you.
Thanks.
And now of our final question.
And with all of them.
Sex and money for lack of a coupon for concluding remarks.
Great. Thank you. Thank you everybody for joining us and we'll look forward to talking to you again after our third quarter results have a good day.
Thank you. This concludes today's conference call and we thank you for your participation you may disconnected and either.
Time and have a great day.
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