Q2 2021 Atento SA Earnings Call
We'd like to be with clients in our operations and as much as possible in the.
As markets return to normalcy in meetings or the game possible I am returning to my useful so that was the scale.
With me today to discuss our results and progress moving kettle.
Okay.
We have finished the first couple of the year with the strong results.
In Q2, we have continued our growth trajectory with significant improvements in revenue EBITDA and continued cash flow of discipline.
Despite the continued impact of the Covid pandemic in some of our regions of still severely in Q2, we have delivered revenue growth of 17, 6% in constant currency 21, 7% in current.
Let's see.
And $57 million of EBITDA of 13, 3% margin more than doubling our EBITDA less sales.
These results have allowed us to continue deleveraging, putting us already within the full year guidance of 2.5 to 3 ex net debt to EBITDA ratio.
Besides the EBITDA, an H, 1 and solid expectations for its 2 which as you know due to the seasonality of our business is when we generate higher profitability and most of our cash flow have allowed us to be confident to catch up on some capex and tax deferrals that we did last year, while investing in growth for this year.
The continued to improve our hard currency mix U S dollars and euros.
We are delivering around 25% of our revenue and 30% of our David The 15.8 percentage points 1 of last year. The high currency. This is thanks to continued growth of our U S business and improving profitability of our EMEA operation.
Okay.
We feel our sales team continues to improve we have more than doubled sales from the first half of 2021 and we expect of finished this year with the strong book of business leading into 2022.
Despite the fact that we continue to be vigilant, how we continued to invest the COVID-19 related safety measures with these results. We feel that we have fully recovered from the impact of the pandemic in 2020 amply exceeding the results of 2019 and being fully on track to deliver our 3 year plan.
Now well delivering the day today, we continue to focus on our transformation.
This quarter we.
<unk> added.
<unk> Chief Human Resources Officer.
The new CIO, a new chief.
Chief of information security and ESG director.
For the people intensive business and the quality of HR processes and talent management is key to our results for the average change the company.
The English skills talent profiles and work culture.
And the new HR of leadership is Paramount to these objectives.
We're also placing more of them more emphasis on the day that we use and that we bring total clients among the.
This of particular importance importance is cyber security the space, both for our internal use and as a differentiator in our market.
We will continue to add talent or technology innovation and cyber areas.
ESG has always been very important of them Tom will feel that we have done a lot of in the past in this area, but we did not have the formal program of the red level, we have of structure.
Formal ESG program under the new leader.
<unk> elevated the visibility to the board of directors and the new compensation of the sustainability Committee.
Who will be presenting our ears, the plan and commitments publicly.
Okay.
As we approach the third year of our 3 year plan, we will be focusing progressively more on our sales for iPhone growth.
Our use of strategy continues to gain momentum we have achieved in Q2.
33% growth in revenue.
53% growth in EBITDA.
We continue to achieve wins in both the commercial and government sectors with important new contracts important wins.
1 of them, serving the U S Department of Homeland security.
Okay.
Although the majority of our employees work and I expect it to continue to work from home. We are opening 2 centers, 1 in Florida and of the 1 year.
Thus, giving us better time zone coverage.
Our strategy to focus on new sectors and global accounts continues to interaction.
We continue to grow in north of our geographies and in our non focused vertical success mediatek and more data advancing the share from 8.6% to 10, 9% of our total base.
We are launching new services and expanding profitable once we're expanding our multilingual services with partnerships such as the 1 with the recently announced with manpower group.
Okay.
Now having finished the strong each 1 with a strong Q2 with increased confidence to meet or exceed the guidance that we provided for the year.
We expect to finish the year strongly on track to meet the objectives of our 3 year plan for 2022.
Yeah.
As I said to you from my first presentation. This management team will work hard to earn your trust.
And I cannot think of a better way and.
And consistently delivering on our commitments to you.
Let me turn of this over to chipset that has more details on our sales.
The second.
Thank you Carlos.
Good day everyone.
I will start by presenting to you in modern day of Al Wiegman teammate to deliver on our debt neuro I.
I would like to highlight debt, while we still have some challenges ahead.
The state that it must be caught fire.
Of our financials of our submission is behind us as.
As we enter the next phase of our transformation low yielding now more on the elaborating our perfect debt.
Before discussing the results I would like to emphasize that this is the first part of that in many years and reach FX plays in our favor and the reported results are veterans day customers currently.
Going through the numbers in the region see our second quarter of peers.
All the regions performed very well year over year with revenue growing almost 18% boosted by both telefonica and multi sector.
Net of expenses.
The.
The funding GAAP revenue growth was positively impacted by the pool index of the program 1 in Brazil in Q1, and the higher volume in the Americas, mainly Peru and Colombia.
The 14 percentage of revenue growth from our multi sector was mainly driven by Americas and EMEA.
In America.
Highlights of all of the 33% increase of the U S. We achieved policy with our strategy to expand our results in the cost of currency.
In EMEA, the 15% revenue growth was OLED by utilities transportation and government sales.
In terms of bromine day, DDG, we delivered very strong EBITDA growth in all regions.
Reflecting the success of the efficiency initiatives implementing during the 20 <unk>.
In 2020 model.
The 51 million EBITDA of the deliveries in Q2 with the.
On the threats to the lever as 1 of the billion equal here every day.
EBITDA margin in Brazil increases of 50.
5% from 12% in Q1, validating the strong stationarity debt to be required in the first quarter as we explained the enduring all of our Q1 earnings call.
In the Americas, we expect margins to the media expanding further from these rates U S market.
Programming of the U S are showing.
Margins closer from 20%.
Moving to the next slide.
And John 21 is the best price.
Or any of our skus of <unk>.
The report into the plan was implemented in 2019.
EBITDA margins increased when compared to Q1 of the reported E. H, 1.2019, and Moreover, it was 1 of the 20 basis points higher when compared to the 1 excluding the extra items related to the transformation plan.
Testing the success of the foundational transformation of events.
But the key message I want to discuss in the slide is that the.
11, 9% of EBITDA margin, we delivered in the first half of the year.
Combined.
With the strong station of the E.
H to make us confident in our of ADT to deliver on our 2021 guidance or better.
Especially in terms of salt life, and considering the heightened plus CX.
<unk>.
As a safety part of the main share range now.
<unk> consolidated foundation influence of already profitable growth.
And the key areas.
The team is expanding our U S business.
And the increasing exposure to current currencies.
As Carlos mentioned in the prepared remarks, our advocacy cost currency already represents 25 percentage of total <unk>.
While the contribution to EBITDA, EBIT and higher at 30% of per.
Paul.
None of that install based on book.
At some of our cash flow.
If we recall we discussed during the earnings call Q2, and Q3 last year.
The second governments operating companies the opportunity to respond the collection of certain Texas during the day.
We were also able to initiate the extension suite of suppliers.
As those payments, whereas in the April 2021, we have a formula of Israelis working capital requirements in the first of all of the year.
Net combined with the 1 off expenses related to the debt refi process led the free cash flow in the edge of 1 to be negative $77 million.
Part of it the combination of trying to look into our run rate cash flow of our AG loans by excluding the 1 offs.
I just mentioned and also the working capital in the Capex related to the growth our free cash flow.
Ongoing operations is H, 1 was positive for almost $7 million as you can see and its share.
In any case, even the positive decision R&D.
We have in the second half of the year, we expect the free cash flow to be at breakeven for the full year 2021.
Cash Capex was 3.5 percentage of revenues in H, 1 of 2021 compared to 2.7% in the same periods of 2020.
Second managing investments in 19 to allow or acceleration of.
The future growth.
The important slides that the company enter in H, 1 into new programs with clients that already represents.
70% of the full year ago, Capex that we have the budgeted.
As most of the payments on a schedule of our age 2 we reiterate our guidance of capex payments to be between 4 and 4.5 percentage of revenues for the entire year.
Finally, and unimportant topping our capital strength.
At the end of the quarter the real dollars net net at $561 million.
Cash position of 1 of the GBP 4 million.
Given our EBITDA generation and our expectation of a slightly positive cash flow for the year.
We started to repay our revolvers to optimize our cash balance.
In April we repaid the envy of in line in Brazil, reducing our drawn lines to $50 million out of the $80 million, we have available volume.
While the full repayment of the revolver us real depending on the cost of an entity and walls, we expect it to reduce the range based on the revolvers by $1 million.
And the 2021 to address the Spendings Randy.
Our leverage ended the quarter already within the full year guidance range of 2.5 to 3 times.
This is a direct result of consequence of improvement in EBITDA debt, we have delivery in risk and the questions.
Hence we estimated the statements of since our Investor Day in November 2019 in Brooklyn, and the capital structure is 1 of the key elements of.
All of our re rating process.
And we are confident in our ability to deliver the long term target of net leverage between 2 to 2.5 times.
At the end of 2022.
This concludes my read of the remarks.
Thank you for your interest in so far of let's move to the Q&A.
Thank you we will now begin the question and answer session.
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Okay.
My first question Stan will come from Vincent Colicchio of with Barrington Research. Please go ahead.
Oh, yes gross.
Nice quarter.
Thank you.
I'm curious the new telephonic of business added this year.
I'm of the margins there compare to the existing business with with the client.
We compare with the client the better.
Compared with the rest of the business day.
That is good.
And.
A little more color on the manpower.
Partnership.
Are they bringing.
Clients.
The U is there any of that.
How does that look.
Now we are expanding our multilingual.
Not just capability, but go to market, we are getting some traction in that area as the market. As you probably know is the is growing and is very.
Our synergistic is.
Related to our emphasis with the global companies typically these are the ones that tend to buy more and more dealing well.
A couple of its from 1 location. So we are expanding the place of which we want to provide those services from 1 Q1 that we're thinking of all the expanded from is in Portugal, and 1 of the ways. We do this in the intelligent way is with partnerships until we build the the sufficient volume of ticker.
That's the nature of the amount of our partnerships.
So it's the thats the way to get to market faster as opposed to build the yourself.
Correct.
On the on the delivery side the.
The the product capability and sales of <unk> is.
With us.
Okay and.
<unk>.
What portion of wage inflation do you currently expect the pass through of the clients. This year I don't know I guess most of this might be for her Jose.
Yeah of course, similar kind of has the the number Matt Let me tell you upfront.
Now this was the question in Q1.
<unk> told you that we expect it to have the significant amount of pass through and that's coming to.
That's coming to pass.
We used to pass through and the other 60% now it's much higher and we have a much standard process to manage the pass through but just say you're proud of the figures.
Your U S business is growing very fast.
Will you.
So it's hard to complain but.
Are you do you have any plans to increase resources there such as expand the sales force, but we are we have we will.
Okay.
I'll go back to the queue. Thank you.
Sure.
Again, if you would like to ask a question on over the phone. Please press Star then 1.
Again that is star then 1 of you would like to ask the question over the phone.
At this time of it appears we have no further questions in the audio queue and I would like to turn it over to Mr. <unk> for any questions over the webcast.
Thanks, John So first question.
Great quarter in the first quality already pleased with the results how do you feel about second quarter results and how they do the answer external plans.
Okay.
We are very happy with kettle.
The thing we completed a very strong tier 1 sort of first.
Ralph.
And even some of the doubts that are I think some people expressed on this call regarding.
EBITDA margin and inflation relative to pascua replacement. So of course, hopefully, we'll put that to the rest with the with the results Mercury's.
Exploration. So we are we.
We're very happy with the with the mature results, we feel a bit splits and the very good position to deliver the full year results and even more importantly, we are always looking not just of the past quarter, but we're looking forward right. So we are keenly focused on delivering the severe of what's the 3 year plan, which is 2022.
We feel that this also puts us in a good position to start 2022.
We value protection.
Yeah.
The next 1 congrats on a very solid set of results from a top line perspective, very encouraging sales data. It seems like the company has changed here from a sales perspective can you talk qualitatively about golf has been some of the drivers behind the initial investment expected to remain in place.
Sure.
We've done a number of critical.
Critical things would change leadership.
In the sales worldwide, we have upgraded a lot of our teams we.
We have put in place.
A methodology and processes that we didn't have before.
Both from the perspective of the day, if you want the more of the day to day pipeline management.
Incentive management and performance management as well as more of a strategic.
The auction processes around account management.
The integration of service.
Innovation and sales et cetera. So so we have a significantly upgraded.
Sales team and we're not done yet I mean, we are we have a long way to the I'll say always safe.
I'm very happy with the progress we've made in sales probably 1 of the areas where are seeing the results speak for themselves clearly.
The 2 to apply electron microscope to 2.
To see it.
But there's lots of potential with the.
Position of for improvement.
And per the previous question.
Continue to invest in our sales capabilities and our go to market capabilities.
Can you please talk.
Bulk of the lag between those new sales and the revenue actually kicking in in the heating your income statement.
Sure. So we've talked about different numbers in sales right.
So some of the numbers have to go with the first half, but let me give you about the after the typical lag.
It changes depending on the program and the complexity of the size but.
If you think about sales from 1 quarter impacting the next quarter and depending on the size. It's the large deal.
But maybe more complex may take a bit longer if it's the smaller it takes less but if you think about.
A few months lag.
That's probably that's probably good guidance.
Yeah.
The next 1 multi sector grew very fast in Americas, and EMEA not so much in Brazil can you provide a little color. These of telefonica growth in Brazil, constraining moving sector growth.
Well.
Clearly, we've been very busy with the growth.
Telefonica in Brazil, and as I mentioned.
Not only.
Good.
Good good volume central are always good with an important customer suggest telefonica is it's always good as well and as I mentioned to you is the kind of business, we want to grow into.
We have improved margins.
In Telefonica.
Of this year compared to last.
So that clearly has kept us.
Quite recently, we used to have.
<unk> is very strong.
Multi sector growth, then and I think.
We should be seeing that on the continued basis in Brazil.
I think even if you look at the the comparative.
Still really multi sector faster than the market, which as I always point out P&L for our team in Brazil.
Much easier for us to grow when Youre, a very small part of the market and go faster in the market and when you are the market leader in particularly in Brazil, where we.
Several times the of.
The next participant so so it's the it's a tough thing that we do on a regular basis and expect to continue to Lasalle.
Okay.
It appears that as margins derived from the 30% level of free cash flow reached price improving change of that speak about the higher margin on the free cash flow.
I'm sure if he has to take himself out of new at this time.
Yes.
I mean, I can basically what's happening is the free cash flow items, we move debt to EBITDA and as we we promised we work very well against operating units but.
The only and we feel.
On the cost Stryker, our ambition is to enter.
<unk>.
Better than we entered 2021.
Yeah.
We have of loss of improvement and the idea of the free.
Free cash flow is regaining a buffer in our debt weekend is that policy.
In the company ahead of everybody knows it.
We got a very shy in terms of Capex.
We need.
Some of them something that yeah.
Yeah.
That is why.
The ability.
Lower free.
Free cash flow, if we can make it.
If we stay of the Capex that we invest for the future the less the capex for growth, we can get the 25% adjusted EBITDA and free cash flow.
As Scott was mentioning.
And we want to invest we want to go for the new CX products and so on the his line.
The lower.
Lower left the group.
In fact, we can start gas of positive free cash flow equals even into the first.
If you take all of the 1 offs.
The free cash flow would be.
Positive yes.
1 of the first banks in the et cetera.
<unk> is definitely yes.
In the first.
Okay next slug of congratulation on the results do you have any interest regarding the renovation of the MSA agreement maturing in 'twenty 1.
Not a specific news I think I mentioned that we are discussing with telefonica and.
An extension of the.
Of that.
Our debt agreement as always.
<unk> mentioned from day, 1 and I mentioned to my customers as well as the U.
I fully believe in earning the business that we have with our customers every day.
Not to rely on any MSA or contact now having said that.
Having 1 is it's not about having the commitment from 1 of your important clients to buy from you.
It's very important so I don't want to minimize that.
So.
The intention is to have it.
Yeah.
Correct.
Non payment.
The other.
And welcome all of it.
No.
Stay tuned.
Okay.
You mentioned in your release that you are competing for global.
Accounts now.
Can you say what services are you providing to global accounts examples names.
The 2 can provide on debt.
Sure let me try it.
This industry.
Clients are the shy about using the ministry of public, but let me let me.
Hi.
Sample of May give you an idea of for example, we.
We have a.
The global consumer Electronics company, where we provide the tech.
Support for the clients for their for the electronics.
And silver products.
Media and entertainment.
The large.
The very successful of media company, where we provide.
The customer.
Okay.
Food delivery I can think of a couple of very well known names, where we support them.
The.
It's very premier social media platform, where we support them in detail other types of sales.
Gaming, we support total game of supports.
In fact, I believe we have announced the name of this company of right against.
No.
I can give you other other examples but I think you gave us an IV L. The type of companies the type of sectors.
By and large growth sectors companies that are expanding and growing the activity.
<unk> and <unk>.
So the the range of services is is is not typically the traditional.
Oh the services they tend to have far more value add and the more complex, but that's as I mentioned to you that the kind of.
The second segment and the type of services that we are going after.
Yeah.
Yeah.
From the next question will come from Michael <unk> with inside of investments. Please go ahead.
And thank you for taking my question can you share with US now any details of your ESG program, which you said the launch in the coming months.
Yeah.
Sure.
I will be sharing the full plan in this quarter.
I can share with you of the highlights.
No.
Yeah.
I believe as I mentioned earlier I believe that.
This company has done a very good job over the years on ESG we have.
Okay, very when I compare with my past experience in other.
In other places.
Provide a lot of support.
The diversity of lot of support for this advantage.
Paul.
We do a lot in the environment et cetera that we probably have not.
<unk> communicated.
Very well in the past and more importantly, we have not put that in.
The the proper program with proper attention. So we have.
<unk> created a group and specifically for ESG and we have a leader in the group dedicated to ESG.
ESG, we are upgrading our we do at the board.
We have now and no.
The remuneration and sustainability committee, we are including it.
Significant components of future agenda of the.
ESG program, and so not only will be making commitments.
Andrew So obviously of communicating our results, but also making commitments.
The year externally, but also having a rigorous.
Process most of the.
Management level as well as of day at the bullet.
Excellent that's very helpful. Thank you.
Yes.
So going back a year or 2 of the webcast.
Your slide on free cash flow of bridges very helpful. Ken.
Please out working capital versus gross Capex in the 17 million and what some of the cash feedback youre expecting on those expenses.
I think this 1 is for you just say or per se.
I'll happily pass it onto you.
Okay.
Yeah, I'll take that 1 so the $17 million of street around the $50 million is the working capital and $2 million slightly above $2 million.
Is the Capex.
The importance to say that we have already deployed or you've done the execution around.
The $11 million in gross Capex and only 2 Aegean has the page in the first half of the year. So this is an important reminder, that we still have to pay debt in the second in the second half of the year in terms of a payback and other metrics.
Our the average payback on our gross Capex is around the 12 months.
And another question. We have here is on the return of invested capital in the gross Capex.
We aim at the minimum of 25% to 30% of the growth Capex projects that we have deployed this year so far.
Right is around 150%.
Okay.
Next question, we have here.
Wages have been rising in the U S. Can you talk about how a simple can provide cost savings to the U S. B.
The clients.
Yes.
So still a non have been.
Growing not only that I mean, there has been.
Shortages of.
In many cases of new locations. So there's a number of things with the.
In the U S and I'm, particularly happy that to tell you. The feel we're doing very well, we're taking full advantage of the work at home the 10th of our home platform that we are.
We have deployed of where we have reported some unique capabilities like the example of the has the opportunity per if you hadn't I recommended to the checkout our.
Diesel hubs.
We did a recent event of since it's an hour on the oversight. So we have.
We have invested and we have.
The work at home capabilities second to none of that has allowed us to to go after a much broader they are of course, so what we need to to serve a particular customer from the U S. It gives us the opportunity to reach a much further than we could ask from the past.
Also please remember that we we have very significant capabilities in the near Shore Central America, Latin America, Mexico.
That also are very helpful for us in this particular time, so we've been able to I'm not going to say that.
It's been necessarily at Ccs it used to be all of what I hope. It is in the future in terms of logistics and labor shortages, but we have been able to manage pretty well discretion.
Yeah.
Okay.
I see your peers reported adjusted EBITDA of some of the costs related to Covid still impacting business and I know you are not reported adjusted EBITDA can you just say at the specific cost that you are considering as normal business.
Look.
We are taking the view that.
It's better to give on.
On the flow numbers with 1 of all of us know announcing.
Because at the sometimes that tends to distort the message.
And that's not to say that we haven't disclosed the 1 we think there is a very significant 1 offs.
We utilize the here, but I prefer to give you the unvarnished.
So in our case, if we did adjusted EBITDA the.
The number will be higher obviously, we have some significant cost is still not as much of last year, but the significant cost of sales in from call. It.
I think you said 1 of the analyses or in some of the head with talking about it in the order of $20 million.
And I'm sure that all of the 1 offs that we could have baked into the into the into the number and say this is the adjusted EBITDA number which would be much more impressive number I prefer to be conservative and and give you the environment is.
In 1 of them.
The 1 that's why we've chosen to do it that way.
Yeah.
The 2022 and beyond how should 1 think about the free cash flow what level of operating cash flow or do you expect your capex to 4 to 5.5% of revenues can you provide some clarity on the free cash flow moving forward.
The sustained wishes for you again.
And this is first of the actually no.
Alright.
Yes, no I can't I couldn't hear the color of candidates before.
Free cash flow net we expect EPS between.
Dan and $50 million investment is low because we have to invest without a lot of our current 4.9%.
Capex already.
In closing I prefer to talk about numbers.
And otherwise.
We don't all aware of the Capex goes the better.
What are the for this year, we have around the real spend around $70 million.
Our net.
And the maintenance.
The M&A finance ongoing basis will be almost between <unk> 75, as any of the number that we have.
We invest around $50 million in debt.
The results we.
We can say it's spread of fee for the future. It means we have a lot of <unk> still have a lot of systems on brand as we start the move.
The class I give an example sales confinement.
We move for the Susquehanna.
In the 3 year.
The Vegas Mi expenditure of around 50 million of the U S. OE savings to move them with of course of the asset base.
In advance.
In the desktop because of the appraisals.
Agreement with S&P, we pay monthly.
Honestly that is the type of Capex that we need and then we have around $5 million for efficiencies in.
In operations, we still improving.
Our idea and we.
Yes.
The year, where he runs the b.
And Salisbury ego and feedstocks ongoing basis for debt.
Okay. That's true we have around 50.
Yeah.
I think it will change will change the face of the loss on the sales our sales guy.
If they still stay in the past they.
They have been in.
The last quarter.
Our expectation because we are of very good pipeline for the future.
Maybe we.
Hence the that's the base model.
All of our taxes for next year 80 million and 85 million in Capex.
Yeah stay tuned.
We can get the wrong.
Give me than the $50 million in the positive free cash flow, even though we invested 82 items.
And I'll just I'll just complement on the zama.
The.
The questions that we had on the EBITDA guidance of 13% when our EBITDA growth of almost 15% closer to the 40%. We expect for next year that really gives us our highest average on the free cash flow side.
So this is an important lever that we need to continue delivering.
Yeah.
How are you feeling of volatile momentum of the sales process over the next 12.
Months.
I think I mentioned earlier.
I'm very happy with what the.
The progress we've made in the sales.
What we see in the pipeline is not 1 big deal or a couple of big rocks, but it's solid and increasingly better solid the.
And broad.
Pipeline I feel I feel very good about what we have been able to accomplish but I feel that there's still much more. So we can we will do so I'm optimistic of our continued improvements from TNC and sales.
Sales like anything in.
In total, particularly more in the case of sales you also depend on market trends and all of those things, but our own capabilities. What we can do that depends on us and that we continue to improve on the thing you've seen the results I see.
The improvement in the sedan.
Okay.
Great result, and the.
How has the company's thoughts about having an investor day later this year.
We have.
Well I don't think we've put a specific day, where we're playing with the similar.
As we have the a.
A couple of years ago.
I think it was November ish timeframe.
I think it would be a good time to.
With the results are clearly on the way to deliver the results.
That we promise.
Back at the years ago in terms of 3 year plan of thing will be very <unk> to 2% to the investors. Our next 3 year plan.
So probably it is stay tuned with poorly.
Looking at the November timeframe.
Okay.
Next 1 net.
Now the Q have delivered.
On your.
Improved profitability is there room for more improvement in margins beyond 'twenty, 2 meaningful use $3.54.
Uh huh.
Absolutely yes.
Again.
Now we get into that in the the next 3 year plan.
But.
And now.
We're always looking.
You can see competitors that had the also have significantly higher margins.
As I mentioned 2 of them as I mentioned in these calls that no I don't do anything in life thinking about being second half sales of course, the and I'm always looking at.
How do I become the first the best some of the thing we have a long way to go to reach of the long term potential of the not only.
And in the margin per se, but also in margin.
Okay.
We got no further questions here on the webcast Sean back to you to see if we have any filings from the line.
At this point of our no further questions in the audio queue, either and I would like to turn the conference back over to Mr. Carlos Lopez Abadia for any closing remarks.
Nothing further from me. Thank you all for being here and taking.
Taking the time to have the discussions at all as always just sat share myself like your questions. So occasionally you challenges.
The.
The part that I am.
I personally prefer all of these.
The conference calls so please keep them coming then we'll try to answer them.
At the best of our abilities. So thanks, again and that's sufficient.
Okay.
Thank you Catherine.
Yeah.
The conference has now concluded. Thank you for attending today's presentation and you may now disconnect.
[music].
Net.
Okay.