Q2 2022 Phreesia Inc Earnings Call
[music].
Good morning, ladies and gentlemen, and welcome to the <unk> fiscal second quarter 2020 earnings Conference call.
At this time all participants are in a listen only mode. We will provide instructions for the question and answer session to follow.
First I would like to introduce <unk> Senior Vice President Investor Relations for proceed Mr Gandhi to meet the guidance.
Thank you operator.
And welcome to Frejus earnings Conference call for the fiscal second quarter of 2022.
Which ended on July 31, 2021.
Joining me on today's call are Frejus, Chief Executive Officer, and co founder and.
And Chief Financial Officer, Randy Rasmussen.
A complete disclosure of our results can be found in our earnings press release issued yesterday evening as well as in our related 8-K submission to the SEC.
Our 8-K filing also includes our quarterly stakeholder letter.
Documents are available on the Investor Relations section of our website at IR Dot <unk> Dot com.
As a reminder, today's call is being recorded and a replay will be available following the conclusion of the call.
During today's call we will make forward looking statements within the meaning of section 27, a of the Securities Act and section 21 E of the Securities Exchange Act.
Although we believe that the expectations reflected in these forward looking statements are reasonable.
These statements relate to future events, or our future operational or financial performance and involve known and unknown risks uncertainties and other factors that may cause our actual results performance or achievements to be materially different from any future results performance or achievements expressed or implied by these forward looking statements. Furthermore.
<unk> actual results may differ materially from those described in the forward looking statements and may be affected by a variety of risks and factors that are beyond our control, including without limitation statements about our future financial performance, including our revenues.
Cash flows cost of revenue and operating expenses are anticipated growth.
Our predictions about our industry.
The impact of the COVID-19, pandemic on our business and our ability to attract retain and cross sell to health care provider clients.
Statements are also subject to other risks and uncertainties.
Including those more fully described in our filings with the SEC.
In our quarterly report on Form 10-Q that will be filed with the SEC later today.
Forward looking statements made on this call speak only as of the date on which the statements are made we undertake no obligation to update and expressly disclaim any obligation to update any forward looking statements to reflect events or circumstances. After the date of this call or to reflect new information.
The occurrence of unanticipated events, except as required by law.
Also refer to certain financial measures not in accordance with generally accepted accounting principles in order to provide additional information to investors.
These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results are.
A reconciliation of GAAP to non-GAAP results may be found in our earnings press release, and supplemental materials, which were furnished with our form 8-K. After the market closed on September one with the SEC and May also be found on our Investor Relations website at IR Dot <unk> Dot com.
As a reminder, we're participating on today's call from three different locations. So we appreciate your patience with us.
I will now turn the call over to our CEO Hi, Mindy.
Yeah.
Hello, as the law as you mentioned yesterday after the market closed we filed our fiscal second quarter earnings press release and stakeholder letter.
We hope everyone has had a chance to review our results.
<unk> achieved an important milestone in our ninth quarter as a public company by surpassing 50 million in revenue for the first time, our revenue growth in the second quarter could not have been achieved without the continuous and accelerated investments we have made across the organization.
We appreciate we appreciate everyone's finding the time to join US before the labor day long weekend.
Particularly all of you in the northeast who are having to manage last night storm. We hope all of you are staying safe operator, we can open up the call for Q&A.
Okay.
Thank you.
As a reminder to ask a question. Please press star one on your telephone keypad.
A question press the pound key.
Please stand by while we compile the Q&A roster.
Yeah.
Your first question comes from Anne Samuel from Jpmorgan. Your line is open.
Hi, guys congratulations on the solid results.
I was hoping maybe you could talk a little bit about <unk>.
Balancing operating expenses. So your operating expenses were up pretty significantly in the quarter. I was just hoping you could help us understand what that means for your future growth expectations, just given the second half guide looks a little bit closer to our 20% long term target.
Yeah.
The last part of your question Danny.
Cut out for me can you just repeat it sorry about that.
Sure. So was just hoping that you could help us understand what the expenses in the quarter means for your future growth expectations, just given the implied back half guidance, just looked a little bit closer to your 20% longer term target.
Yeah.
I can take that.
I think if we look at the quarter you know as <unk> said. This is our first quarter of 15 million, which we're really proud of as a company.
We did really well.
We grew 46% overall, 35% and provided revenue and we were really strong and in life Sciences at 95% and I think as we look at the second half of this year.
We had mentioned this in the Q1 call is that COVID-19 affected us quite a bit last year from a patient volume and.
Payment spin.
Spending level and you know in a payment.
Payments business, it's driven by the patient responsibility piece and so that's typically higher at the beginning of the year when the deductibles rollover and it declines during the year and I think as we look forward. This year a lot of that pain that revenue.
Subject to some of the dynamic nature of Covid and the pandemic.
And what that impact will be on.
Payment levels and patient visits.
That's really helpful. Thanks, and then maybe I was hoping you could provide some color around what returned to work looks like for you in your client base, and if vaccinations or the delta dairy or playing any part in.
So.
I'm really glad you asked that question be our general view is that we were we are a virtual company, but we have started to really got together as teams and organizations throughout the country and.
We as a company we have mandated vaccines a lot of our clients have mandated vaccines and.
But we're also being wildly cautious about where we how we engage when we engage but we think engagement with with each other and with our clients is very very important and we're really excited to be.
Getting together.
Internally and getting a lot of our team has grown significantly so getting to people actually getting to know each other face to face I think is very important but also.
Front and center with our clients, which they've been really good.
It's been really nice to see them and a lot of our prospects.
That's really helpful. Thanks, guys and congrats on the quarter. Thanks Randy.
Yeah.
Your next question comes from Ryan Daniels from William Blair. Your line is open.
Yeah.
Hey, guys. Thanks for taking the question in your prepared comments last night you talked about.
More expansion and entry level packages as well as kind of driving more module head on so I'm curious if you can offer more covered color pardon me on the average <unk> entry as Ed.
Bigger customers customers buying more and then what type of add on velocity or specific products are you seeing more actively in the current market. Thanks.
So we.
So Ryan I think you are in the only part of the country that hasnt been hit by anything first off so good job on being in the middle of the country.
Yes, we are.
I think our view is we want people to start the <unk>.
For ease of clients as easy and as fast as possible.
And.
You know as an organization, we want to give them whatever tools, they need and whatever location, so sometimes and more of them than audits all land, where we're building trust with the organization as a product led growth organization, sometimes it's.
With one of our various products and we're getting it in at a pretty low cost so that they could start getting really comfortable with how we could help them accelerate their patients accelerate their cash flow deal with labor shortages were providing a suite of all the different ways. We can help you prove.
How hard it is right now to run up a health system, the physicians group right or a small practice and so we're doing it in small chunks, we're doing it in large chunks, we're doing it with different types of products and having that arsenal of different abilities empowers our organization to.
Do we do great, which is help our clients do.
Deal with the multiple challenges that they face while at the same time starting to build that really strong trust relationship that we build with our client base.
Okay I appreciate that color and then.
Just as a follow up on the investment spending obviously on leading indicators tends to be your level of SDR. So can you speak a little bit to the sales and marketing expense.
Is the uptick there related to current quarter commissions for future sales, maybe you could talk about the size of the SDR base versus a year ago or is it more of a return to normalcy.
Advertising and marketing to drive new customer leads at the top end of the funnel. Thanks guys.
So I would say it's.
We are spending.
Across the board in sales and marketing so are there and I think the our marketing our Allegiant team has been doing phenomenal to answer your question.
I want to say I think.
I think we were at 174.
As of the end of July SDR is Ryan.
Last at the start of the year, we were at 100 now, albeit I do want to stress. This is usually a high watermark for the year, because we tend to do a lot of graduate hiring. So this tends to be during the summer people graduated and this is often their first jobs were really excited.
<unk> chosen <unk> as the first place they were and also a continuous ramp up in our implementation organization and our CSM team.
Which is really helping to.
Facilitate taking clients wise and getting them using more products.
Okay very helpful. Thank you guys congrats on the strong quarter.
The law as you wanted to clarify I think it was 106 hundred at the start of the year.
Alright Boise.
That's right.
So I want to get it right.
Your next question comes from John Ransom from Raymond James Your line is open.
Hey, good morning.
Couple of things.
We're sitting on a lot of cash which is a high class problem. So what.
What complications if any does that create in terms of time spent evaluating potential opportunities and then secondly, maybe.
Maybe just a little more understanding I mean, obviously, you're spending a lot more on.
Not just marketing, but product development I know you've put a lot of effort into appointment scheduling, but what other kind of linear extension to your product suite are you investing in this year and how should we think about that adding to your opportunities in the out years.
Well John there was so many questions.
A hard time remembering in the mall.
I should've written them.
Okay.
It was just too.
Yes.
Alright, so well we don't we are.
We are and will always remain very thoughtful in our use of capital.
We believe as an organization capital allocation is one of the most important things, we do and you know.
In terms of M&A one of the reasons, we feel very comfortable about the aggressive investments. We are making is that based on what we've seen in the market in terms of acquisition opportunities. The returns we're getting on our organic growth initiatives are looking very attractive.
And we will continue to empower our operators.
Across the board and we put our product organization as operators, they think like operators and owners of the company everywhere and we want to empower them to make really smart investment decisions for existing products existing growth initiatives and new products and were great.
Actually investing heavily in new areas of growth and whenever were ready I promise belongs you will make us tell everyone, but right now we wanted to give as much air cover to those folks as possible to be able to.
Build out their ideas and.
See how they're successful in.
Really frankly drive value for all of our stakeholders, including our customers and employees. So we feel pretty good about it a lot of the investments, we're making and theres a lot they they're reporting on them all the way up.
On a regular basis.
Thanks.
Your next question comes from Donald Hooker from Keybanc. Your line is open.
Great Great. Good morning, Thank you for taking my questions.
Was curious if I can.
I guess vivo reported last night, you kind of talked about wage pressures and kind of being aggressive kind of raising confidence I guess software developers are in demand.
Software people are in demand, we've seen other sort of software companies.
And I'm looking at your numbers here for the quarter and I'm wondering if you're seeing kind of wage pressures on some of the software talent and how youre thinking about that going forward.
I don't.
I think what neither did I wasn't listening to their call, but I read some of the notes.
And I think we're seeing it not just in software engineering, but across the board I think there is any.
General view that <unk>.
Exceptional talent should be paid.
Well and we have a plethora of really amazing people at for Asia.
We continuously make sure that.
We're paying them appropriately and that's part of it it's always been part of our philosophy that compensation.
Very well.
Sure.
But I wouldn't to suite software engineer I'd say, it's across the board Randy would you agree.
Yes that is part of our spending increases.
Increasing pay for top performers.
Great. Thank you and then one other real quick one.
I was curious as I look at your payment processing fee revenue and it moves around a lot obviously, but are there.
Are there more or less I guess, probably less patients of your clients that are on payment plans and does that somehow I guess sort of that changing use of payment plans factor in changing your payment processing fees.
It doesn't actually for us because we don't charge.
Usually just card not present when youre on a payment plan, but generally I don't think it has massive fluctuation.
In our payment volume, but we had seen an uptick over the years as deductibles have gotten bigger.
Is that more patients.
Arent able to pay their whole bill and.
We think it's important.
So to our clients.
Given the ability to pay reasonably over time.
The majority of the payment plans are interest only alright.
No interest.
Okay Super Thank you for your comments.
I'm curious.
Your next question comes from Sean Weiland from Piper Sandler Your line is open.
Thank you very much good morning.
So I'm still a little bit stop on the DAU growth and ops, maybe if you could take it line by line through the three all three lines of Opex.
How much was wage increases.
How many ftes were added.
I guess I get the investments in R&D and we're talking at all about.
Hum.
But G&A was up a lot.
Just not quite clear on the debt.
The sudden acceleration of novels.
Yes.
Do you want me to take that so you all know yeah go for it firsthand.
Yes.
You know.
Across the board I mean, where are where we are investing in sales and marketing and R&D I think it's important for us we've always been a product led company and.
Our product sells itself and I think as we make investments across the board.
Our investor deck I think.
Slide eight where we talk about the different modules that we have from a from a head count perspective, the head count is slightly north of.
1200.
This quarter, so we did add.
Quite a bit.
Sales and marketing primarily and.
In the R&D areas from a from a G&A perspective.
I guess one of the things that we also mentioned is that we did go live with our new ERP system this quarter.
Which was a project that we launched last year.
And we did it entirely remotely so we're really proud of the organization.
Asian.
We felt as a public company is really important to have a robust ERP system.
And the important investment for us to scale, the company and really having a strong controls on our spending and our financial reporting.
Could you quantify the number of FTE adds a component.
Hi.
I think our ending head count was 12.
Slightly north of 200 employees.
Yes revenue.
I was just looking here.
$50.0 for the end of July and Sean is in our 10-K Youll see we had a 27.
131, 21, so that's.
Sort of.
Growth you can see.
That's super helpful. Thanks.
And in the.
I wanted to ask you about the health campaigns.
Is there any interest among your clients or any efforts on your part.
Aim health campaigns are addressing box some hesitancy across all patients dosed with your phone.
Sean we have been using it aggressively with our clients.
Use health campaigns that is it pointed to the spear for vaccine hesitancy and getting them into groups that are providing vaccine. So.
<unk>.
And it's been very very effective at both getting folks in for their vaccine.
And we are very strong believers based on the data that health care providers are a great place to deliver vaccine and make folks more comfortable.
People trust their health care providers more than almost anyone else and so having their health care providers drive vaccine adoption awareness and deliver the vaccine is really important in health campaigns has been very successful in the practices and health systems that have turned it off.
And we must.
We do have a.
And what's really nice about it too is it's a good way for them to get using that product and once they do they start realizing that could use it for a lot of other campaigns to drive.
Real outcomes and patient visits.
Thanks for that.
Thanks, Rick.
Your next question comes from Scott <unk> from Stephens. Your line is open.
Hi, <unk> and team so not to belabor the point, but just to drill into the investments you're making on the R&D side.
Is it fair to assume that this growth is coming mostly from additional software engineers that are needed to customized service offerings for specific customers and any impacts from going upmarket to larger hospital systems on this on these investments.
From the R&D spend our R&D team does very little like customization per client basis. So it's less control, it's really on building products and it's about adding software engineers and product managers.
In Q.
QA all across the board so that we could continuously build amazing products for customers and it's for big customers and little customers.
What we really tried to do is and we believe this strongly a lot of the products that we build for.
Bigger small tend to be used.
Interchangeably.
Because the weather Euro massive health system, you still have a lot of the same problems.
What we've seen is a lot of the things that we built in the acute space.
And in hospitals are now being used.
For workflows, and very small practices and it's been wonderful to see and we.
We empower our product organization to build scale product and we really focus on driving usage.
And so if you build a great product and people use it you are able to monetize it continuously for years and it becomes really sticky and it becomes a phenomenal flywheel of growth, but if I look at our product investment, it's on adding more architects and engineers and product managers in QA and really making sure we have.
We continue to invest in over the long term and building something of significant value for all of our stakeholders.
That's great that makes perfect sense.
You mentioned earlier on the call an anecdote about helping customers who are seeing hiring issues or labor shortages are you seeing this as a catalyst for demand across your customer base or is it particular to specific.
Specific sizes of customers or or location and thanks for your time.
Look I think this is just this is a an acute problem across the board for all of our customers Big and small I was with.
Clients longtime client the other day and.
He was saying that there.
And it's.
Like a good sized regional group and I was.
When I saw him and said there are 130 people below where they are budgeted to be.
And then I said, how how can we help because are you kidding me I don't think we'd be able to open are relocations right now if it wasn't for Felicia. So we feel like we are not only are we making a difference for our clients today, giving them the ability to see patients, but it's a very large catalyst for why people are.
Implementing technology no.
No one feels good about cutting bodies.
Why anyone enters health care, what they do feel good about is treating patients and we're helping them do it in a much more efficient manner than what they've done and so yeah. We are seeing it as a significant catalyst.
And wage pressures everywhere across the country.
Your next question comes from Eileen Schlong from Barrington. Your line is open.
Hi, good morning team. Thanks for taking the question. So my first one is on hiring and.
So given that you have hired a bunch of people recently should we expect more hiring in the second half and that usually how long does it take to fully trained.
Considering the sales cycle that typically last for a couple of months is it fair to say that we should wait for at least a couple of quarter before we see some impact on the revenue line.
We are not expecting to slow down our hiring we have been.
In certain areas I think we will see.
More than others will see less and it will vary depending on what the needs of the operators are.
Moving.
Forward and they are empowered to make a lot of those decisions and this year's results are are are result of hiring and investments we've made over the previous years and so.
Wei.
Think about it is the investments, we're making now should payout for years in the future.
And we tend to think of in years less in terms of quarters.
Okay got it and then just a follow up to that in terms of your investment philosophy.
At this current investment level are you still aiming at 20% long term growth or could it be higher and maybe at what point.
Should we kind of expect the investment to level off.
I think we will we.
We will talk about our future growth levels.
At the end of this year.
And next year and I think that's what we've done historically in the past and that's where we are.
We will do in the future.
Philosophy to a brand new ship.
Is that right.
Yeah, I mean, I think when you look at 20% and you look in the far future I think that yes.
Still a appropriate metric but.
You know in the near term growth rates.
Fluctuate as we make these investments.
Okay.
Thank you.
Yeah, and I think if you look at our guidance range that we're guiding to.
195 to 198, so 31% to 33% growth for this year.
Okay. Thank you.
Your next question comes from Ryan Macdonald from Needham and company. Your line is open.
Hello. This is Alex on for Ryan I'll, just two for me in the quarter. We saw continued strength in our life Science Division was the strength, primarily due to strong execution or more favorable market dynamics.
I think that team is to continue to do a wonderful job.
And.
We're all as an organization, we got together as a leadership team we're all really.
Just proud of how they've executed and.
Even if the market dynamics and we do believe the market dynamics have been favorable.
But you have to be able to execute upon favorable conditions.
To be able to.
For formulary reviews, and so I think we were able to take advantage of good market dynamics and execute unbelievably well and the team's just doing a great job and we're proud of them.
Okay, and then we've seen a growing amount of VC funding in the space is that changing the competitive landscape or is that impacting the RFP process at all.
Uh huh.
During this for 16 years, we've seen VC funding come into notes.
I think we have generally seen with our client base as they like to see working products as opposed to slides.
And ideas.
So.
Yeah, it's a great.
Quarter, we just had sort of speaks for itself but.
We feel pretty good about our ability to help our clients quickly deal would be.
The problems that they are facing today and.
We haven't really seen that affect us.
Materially.
Okay, great. Thanks.
Okay.
Yeah.
Your next question comp trends, Joe Goodwin from JMP Securities. Your line is open.
Oh, great. Thank you so much.
Congrats on the quarter guys.
Can you can you talk about I know it.
It's early days, but can you talk about the physician's next program that you guys have been working on for a little bit and maybe just kind of how that's going and the traction you're seeing there.
It's really cool offering.
It's been live in a couple of markets I think that's provided a phenomenal amount of value to the organizations that have gone live with it I think it's still really early days for us to comment on any of the performance, but we feel really good about how that team is doing and we continue to aggressively invest.
In the product and that team and we.
We think it's going to make a material difference to.
Just so many patients being able to get care.
And nice.
Nice work finding that out like you really got to do research to figure out the markets, we're in on that and what's happening so.
Yeah.
Good.
Just the first question, we've had on it and products in the market for over a year.
Thanks, a lot. Thank you.
Sure.
Yeah.
Your next question comes from Richard close from Canaccord Genuity. Your line is open.
Thank you good morning congratulations.
In the letter last night, you talked about the revenue performance and being able to pull forward.
From the pipeline I was just wondering if you could characterize that a little bit the current state of the pipeline and when you talk about pulling forward, what's the ability in terms of being able to refresh or refill the pipeline.
Just on the accelerated success you are seeing.
Or what we've.
If we didn't feel good about continuously refreshing, we wouldn't be hiring across the board and a lot of that pull forward has been just.
Really strong.
Teamwork between our SCR organization, our sales organization, our implementation organization, our CSM organization are really coordinating.
And pulling through in making when a client.
Becomes a client first when they come and opportunity, making him a climb as fast as possible and when they become our clients getting them live as fast as possible. So that they convert as fast as possible and <unk> been getting them into the network and we've seen the team just work.
Just.
So well together and I.
I think we're all just very surprised given.
And happy with the outcomes considering so many new.
Members of the team have joined and they've just they've really been able to make a big impact.
Pretty quickly in helping these clients get live in.
Making a difference to their practices, which is what we're all here for.
Okay.
And frankly, we have to keep filling that back to the top of the funnel and we feel pretty good that the organization is going to keep doing it.
Okay. That's helpful and a follow up on the competitive question.
A couple of minutes ago can you just like go over what you think is the main differentiation.
For freesia.
As you go out and income.
<unk> it is a pretty crowded field, but.
Whats the feedback youre getting as people are signing on and Andrew just curious your thoughts.
I think it really depends on the client right and what the problem is.
We have a great offering for.
All of People's patience.
They get unbelievably high self service rates and phenomenal Rois and we work and we work really really quickly and we make an impact to their organization and their satisfaction rates and their staff like it and we know how to get it working and in the world of technology.
Having an idea is one thing making that idea of work at scale is actually really hard and it requires.
Both a ton of investment and phenomenal people and so we.
Do what we say, we're going to do and we make a huge impact and when we talk to our clients. That's that is ultimately the biggest differentiator and they tell other prospects right no. One really wants to buy a product that doesn't work right or doesn't do what it does it does and we do that.
We sell product that makes a big difference and we could articulate it.
Makes it happened pretty quickly.
Great. Thanks.
Your next question comes from Sean Dodge from RBC. Your line is open.
Hey, Good morning. This is Tom Taylor on for Sean Thanks for taking the questions.
So maybe going back to product adoption and Youll have talked about some of the newer clients opting for more products upfront and maybe a couple of years ago. So broadly speaking if you think about penetration from a product or even a total revenue standpoint, whereas the existing client base relative to full penetration. So based on existing products is there a lot of upsell opportunity remains.
I think we have a fair bit of runway to be able to continuously add a lot of value to our clients our existing clients by helping them adopt.
More of our offerings and we've seen that over time they continue to.
Gain adoption.
We make it easy and.
Sometimes it's.
It's a timing issue sometimes.
It's a feature function issue for a specific offering but generally you would think we have a fair bit of runway still two to three times X growth.
Ending on the types of cards.
Okay perfect. Thank you and then on the life Sciences can you give us a sense of the cost structure and margins on that side and maybe how we should think about that segment evolving as a mix of total revenue over time.
Randy you want to take that.
Yeah, I mean I.
I think we get this question a lot.
Lifestyle.
It is really part of our platform so.
Yes.
At the same patients that are using intake there on the same platform that's delivering the digital messages from life science. So.
It's not really broken out internally because it's shared cost on the technology side.
We do have a dedicated team for their sales.
And content creation.
But but it fluctuates.
Your time and it can be lumpy, but.
It's a good business.
Okay, Great. That's all for me thanks, guys.
We have one more question from Stephanie Davis from SBB Leerink. Your line is open.
Hi, This is joy Zhang on for Stephanie. Thank you for taking my question.
And a couple of other health tech companies and called out a trend where pharma company from meaningfully reducing their sales rep head count as the industry moves towards national advertising can you give us a sense of how this could impact your life Sciences business.
Right.
I do.
The trend has been our friend I think that's the term.
And we are.
We've seen a fair bit of growth in our life Sciences.
Yeah.
Revenue stream and I think we invested over the last couple of years.
And we've been very pleased with the returns and I think a lot of it's put us in a position to be able to capture continuously more growth.
Proud of the team, but I do think that we're.
We're seeing dynamic changes, but a lot of it to me seems sort of common sense I don't think a lot of practices are leading because of Covid I don't think a lot of practices that are letting sales reps in.
To visit them, so they probably should.
Okay and are reducing them because theyre.
That's helpful.
Just a quick one on the sales and marketing side, you mentioned that most of the new hires tend to be new grads, but was wondering if it makes it more towards the senior side within your acute business just given your trauma patients.
So thats required in that market.
Yes, sorry, I missed that I.
I missed the first part of the question.
Can you repeat that.
Yeah, Yeah, just within the new hires you mentioned they tend to be.
The new grads.
Are they more senior but can be acute businesses, just given the relationships required.
So we have a very.
We have just amazing early career program across the board and what we hope to do and we hire we do hire people outside of early career throughout the organization also.
But a lot of our hiring isn't early career and what we hope is that and what we've seen is that over time those early career folks become more senior the company and are able to work with more complex organizations and historically, we have seen that occur where we.
Yeah, Ken seniority is in the eye of the Beholder, we're looking for our people to be able to do it as opposed to just page, but yeah, we have seen.
People matriculate continuously to be able to handle the work with large complex organizations.
And with that I look forward to speaking with all of you in the fall and.
Thank you for your continued interest.
And be safe and have a nice labor day.
Thank you I would now like to turn the call over to Mr. Hyman Thank for closing remarks.
Alright, okay, so them so.
We look forward to speaking to everyone in the fall and thanks for your continued interest.
Thank you. This concludes today's conference call. Thank you all for joining you may now disconnect.
Yes.
Okay.
[music].
Okay.
Sure.
Yes.
Okay.
Okay.
Hum.
[music].
Sure.
Okay.
Okay.
Thanks.
Yeah.
Yes.