Q3 2021 Datadog Inc Earnings Call
Our outlook for the fourth quarter and the full year 2021, our strategy the potential benefits of our products partnerships investments in R&D and go to market our ability to capitalize on our market opportunity.
The words anticipate believe continue estimate expect intend will and similar expressions are intended to identify forward looking statements or similar indications of future expectations. These statements reflect our views only as of today and not as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.
<unk> for a discussion of the material risks and other important factors that could affect our actual results. Please refer to our quarterly report on Form 10-Q for the quarter ended June 32021 filed with the SEC on August six 2021 additional information will be made available in our quarterly report for 10 four on Form 10-Q for the quarterly period ended September.
32021, and other filings and reports that we may file from time to time with the SEC our.
Filings with the SEC are available on the Investor Relations section of our website a replay of this call will also be available there for a limited time.
Non-GAAP financial measures will be discussed on this conference call. Please refer to the tables in our earnings release, which you can find on the Investor Relations portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measures with that I'd like to turn the call over to Olivier.
Thanks, <unk> and thank you all for joining us this evening.
We are extremely pleased with our performance in Q3, which was triggered unexpected on orders growth with existing customers as well as strong new customer sales.
We saw broad based strength across product lines and across customer segments.
Let me give you a quick summary of the quarter.
Revenue was $270 million, an increase of 75% year over year.
Above the high end of our guidance range.
We saw strong growth in the third quarter.
I point out in particular that all of our major products added a record amount of AOR during the quarter.
But also that the year over year growth of infrastructure monitoring our own its own accelerated this quarter and.
And finally that our log management and APM suite, which includes synthetic squeeze the monitoring and continuous provider reman in hyper growth mode.
Together in Q3 exceeded $500 million Naylor.
Now, let's move onto product and R&D.
Our teams continue to innovate at a rapid pace.
We had 48 new product related announcements in Q3, and we made many announcements last week, a dash or annual user conference.
You can review our Dash press releases as well as tonight's earnings for further description, but to summarize these briefly we announced the availability of Ci visibility session replay funnel analysis network device monitoring.
Several apps and online archives followed management.
We launched private beta is for cloud cost management absurdity pipelines Universal service monitoring and application security.
And we also announced our official dialog support of the vector open source product.
Now looking back a couple of these announcements.
Some of them will increase their dogs usefulness for business persona.
Users, who are not engineers and can benefit from all the data flowing through that a dog.
With session replay and analysis, we believe support organizations product designers and product managers can get value from understanding user behavior and interactions with applications.
And we expect cloud cost management will be useful to anyone involved in understanding and controlling the expense of cloud implementations from engineering teams product managers to financing.
We are also advancing our efforts to support our customers with large scale complex data needs.
So I want to talk a bit Victor absurdity pipelines and online archives.
<unk>.
Okay.
Nine months ago, we acquired timber to developer of Victor.
Victor is an open source product that allows users to collect enrich and transform of stability data and automatically erotic designation of their choice.
Finally as announced in the press release issued this evening, we acquired <unk>, a lively booking solution for dot net applications, which lets developers solve problems in real time, whether in development or in production environments.
It is another example of our growing push into developer workflows.
So as you can tell who are very busy in Q3.
And I want to thank our engineering and product teams for their hard work and our relentless focus on our customers.
Now moving on to sales and marketing.
Our go to market teams continue to be very productive and we added 1100 net new customers this quarter.
So let's review some of our Q3 wins.
First we had our largest deal ever by total contract value and over $60 million five year upsell with a multinational financial services company.
Our history of success with this customer has led to the use of nine product, including early adoption of newer products such as ROM Synthetics NPM.
This customer began the second phase of their migration to the cloud and eastern <unk> on data dog adapting on your product as we add them to our platform.
Next we had a seven figure upsell with a global fashion retailer based in Asia.
These customers through e-commerce sales increased dramatically during the pandemic and then again to use data dog after civil outages resulted in missed sales.
See I'll go to market teams had another quarter of strong execution.
I want to thank them for once more successfully helping both new and existing customers to generate value from that at all.
Now moving onto a longer term outlook.
If you could not join us for Investor meeting last week I encourage you to watch a video on the Investor Relations section of our web site.
At the meeting we describe a long term opportunities all differentiators and do the extension of all platforms over the years.
To summarize my bit of the presentation.
We see digital transformation and club migration as large forces driving exponential growth.
We believe datadog help solve the growing problem of managing complexity for our customers that are open indeed unified platform designed to be simple, but not simplistic is it put everywhere and used by everyone that our customers and that it helps break down side was between teams.
We believe it is still early days four hour opportunity and Observability.
Why do we have met a lot of progress in building out abroad Observability platform, we still have much to do to solve all of our problems customer pinpoints.
One step one next step for us is insecurity.
With our class security platform and we believe will have a part to play in breaking down silos between development corporations and security teams.
But we're also making offers in wasn't pure developer workflows with Virginia will availability of CIBC beauty.
And we think over time.
We have opportunities to abacist emerged in several other large adjacent markets as well.
In other words, we are just getting started.
With that I would like to turn the call over to our CFO David.
Thanks Olivier.
In summer in summary, we had a very strong Q3.
<unk> Avenue was $270 million up 75% year over year and up 16% quarter over quarter.
Usage trends were strong and sharp broad based growth.
Customers continuing to adopt more products across the platform and new logo generation was also strong.
To provide some more context.
Per year.
There were no pro forma impacts in the quarter note that we called out shorter term billings duration in Q3 2000 2000.
20 last year and billing duration in <unk> of this year is in line with recent quarters, but it is higher on a year over year basis, driving higher year over year billings growth.
Remaining performance obligations or our Po was $719 million up 127% year over year, driven by strong sales activity increased contract duration.
And it was growing against an easier compare in the third quarter of last year.
The increase in contract duration was driven by several large renewals with multiyear terms as a reminder, multi year commitments are billed annually and we don't incentivize our sales team towards multiyear deals.
Current RPI growth was about 100% year over year as our mix shifted away from month to month deals to a year on a year over year basis more towards semiannual and annual.
We continue to believe revenue is a better indicator of our business trends than billings in our Po as those can fluctuate relative to revenue based on the timing of invoicing and the duration of customer contracts.
Now, let's review the income statement in more detail as a reminder, unless otherwise noted all metrics are non-GAAP.
We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.
Starting with gross profit our.
Our gross profit in the quarter was $210 million, representing a gross margin of 78%.
This compares to a gross margin of 76% last quarter and 79% in the year ago quarter.
Do our due to our continued efforts to drive efficiencies in cloud costs, we expect our gross margin to increase sequentially in Q4.
In the mid to long term, we expect gross margin to remain in the high Seventy's range typical of our historical performance.
R&D expense was $84 million or 31% of revenue compared to 30% in the year ago quarter.
We continue to invest significantly in R&D, including high growth in our engineering head count.
Sales and marketing expense was $65 million or 24% of revenue compared to 32% in the year ago quarter.
We continue to see strong efficiencies with our frictionless land and expand selling motion.
We also had relatively few in person events in Q3, but we continue to plan for increased travel and event costs going forward, depending upon local health and travel guidelines.
G&A expense was $17 million or 6% of revenues compared to 8% in the year ago quarter.
Operating income was $44 million or 16% operating margin compared to an operating income of $14 million or 9% in the year ago quarter.
We continue to invest heavily heavily against the large and dynamic market opportunity, we see in front of us, but our product innovation, coupled with a strong go to market effort and a frictionless land and expand model is driving strong revenue growth and business model efficiencies.
Non-GAAP net income in the quarter was $44 million or <unk> 13 per share based on 344 million weighted average diluted shares outstanding.
Turning to the balance sheet and cash flow, we ended the quarter with $1 $5 billion in cash cash equivalents restricted cash and marketable securities.
But it to be in the range of 293 to two sorry, sorry 993.
It gives me to $995 million, which represents a 65% year over year growth at the midpoint.
Non-GAAP operating income is expected to be in the range of $113 million to $135 million and non-GAAP net income per share is expected to be in the range of 39 cents per share to <unk> 40 per share based on 300, approximately 344 million weighted average shares outstanding now some notes on guidance.
While usage growth remained strong remained strong in Q3, when providing guidance as usual we used more conservative assumptions. We would note that we typically see slower business activity towards the end of the fourth quarter as employees take vacations around the winter holidays.
Our strategic focus remains to invest aggressively in R&D and go to market to optimize for the long term growth.
And our model assumes greater expenses related to travel and in person events going forward. However, we will remain flexible depending upon local regulations and our highest priority is protecting the health of our employees.
Regarding items below operating income, we expect approximately <unk> 7 million of Q4, non-GAAP net interest and other income which includes interest income on our cash and marketable securities and the interest expense of our convertible convertible debt, we do not expect to be a federal taxpayer, but have a tax provision related to <unk>.
National entities, we expect that tax provision to be approximately $600000 in Q4 and $2 million for the full year.
It means whether it's the data pipeline or going to potentially and process. One mining because you guys do have a log analytics solutions are those potential opportunities in terms of bringing observe ability to different domains from the data perspective or are you sort of kind of confined to get to more and more of it.
Okay.
Well you know we know you know we were all about breaking down silos and bring more use case, even more personalized and they're under the same roof.
And we're strong believers that whereas digital transformation. The application you are going to run the business and so if you understand your application and everything that has to have that happens around the business.
Would you give you an opportunity to bring many more teams in.
So long term, yes, I mean, all of these are interesting things for us to do and we hit some of our customers implementing some new use cases that we haven't product ties on their dog already today.
I would say today, we're still focused on the products, we have brought to market and.
And the ones that are still in beta.
And you know and we're taking it step by step but yes.
Product are reaching scale and are being successful.
And.
Basically propping up our growth as we saw the larger and larger problem for customers. So the combination of those two things really is what drives the success you've seen.
And we continue to have.
Our usage increase be about two thirds.
Usage of products the clients had already and about one third adoption of new products, that's been pretty consistent over time. So we continue to see similar types of adoption paths.
It makes total sense and very helpful. David in terms of shedding some light on the split between those two vectors, but thank you very much and congrats on the strong Q3.
Yeah.
And our next question comes from removing lunch call Barclays. Your line is open.
Hey, Thanks, Congrats from me as well.
Okay.
You've mentioned some of the launch renewals you saw this quarter and obviously that you would think that kind of a heavy users of data dog can you just describe like.
How much of their state is actually getting more Detroit by you I E. Like how much have you penetrated them and what kind of differentiate those customers from guys that are kind of smaller all your platforms. So is that just a maturity thing or what what are the drivers here that we need to think about.
I think it depends a little bit on the customers obviously, but.
For some of the customers. We've mentioned is very clear that <unk> on <unk> as I mentioned, a very larger.
Five year deal, which is still somewhat atypical for us.
But what this shows is that this is a customer that is far enough in their transformation that they know where they're going they're standardizing on us.
And the plan over those five years to basically bring substantially everything they have.
Into the cloud and in data.
So that's the that's what's behind it.
That crank for other factors, but can be contributed contributing to have anybody acceleration you you've talked about all the various pieces of the puzzle here, but is there any way to spec rank them in terms of most influential voices list influential walk through all of that haven't yet acceleration care.
It would be the two main factors we are the.
The resumption of club migration to dispute it had before the pandemic.
It's December one and just one we don't fully control right I mean, that's something nice highly dependent on the business environment around us.
The second factories, the success of a new product and decided where we.
We mentioned on Nicole or a P M and log products together.
I reached more than 500 million and they are so not only are they are growing very fast like they say in hypergrowth, but also they contribute quite a bit to the.
To the revenue of the company and we have more products coming up after that then I'll also going very fast. So this is the second factor.
The third factor is that the.
On the back of that with all the demand environment being there and reserves solving alondra not a problem.
We've successfully scaled the go to market teams.
So we can actually go after his opportunity.
To combine all of the three that's.
That's that's who you get the the direct generation of growth.
Thank you, thank you and as a follow up.
Can you please comment on on the Hyperscalers toward extended a contributing to grow up you sign deeper relationship with the apartment, how we measure last year I G C P as well and others how important out of that how how important are those partnerships, giving commentary go to market motion for you. Thank you. Thank you for taking my question.
So we see that in a.
And a number of ideas I would say, it's a there's no drastic change from what we've seen before to continue continuation of what we've done was a hyperscalers before and he can scenarios were a bit more deliberate now in terms of the packed up the.
The partnerships, we put in place and you know do I think it'd be more defined than they used to be before maybe in some cases, but I would say they are not like these partnerships.
Don't have any specific capacity says capacity attached with them on the line that they are not part of our models for growth going forward, they're all upside from where we are so we keep investing in those partnerships. We think they are a part of what we do but they're not the main where we go to market.
Got it thanks, so much.
And your next question Uhm transparently.
J P Morgan.
Yeah.
And your next question comes from Brad Reback from Stifel. Your line is open.
Great. Thanks, very much Ali on that massive financial services deal that you signed in the quarter.
How much influence did newer on prem products like networking and pipelines have on the decision there or is that potential longer term upside even with that large client.
Well with that specific client without getting into too much detail not much because it's a client that is.
I would say a bit further along in their in depth migration.
There they are moving a lot of their workloads into cloud environments and the yen.
For some other of our customers that were not mentioning on these calls.
This is a big deal and this is something that there there are spending quite a bit of time on with US right now too.
It probably.
Probably we'll hear somebody's into in further calls I would say.
That's great thanks very much.
And our next question comes from Tyler Radke from Citi. Your line is open.
Tyler you're on mute could you mute your phone.
Hi, there can you hear me now yes, sorry.
Alright, sorry about that wanted to talk about the strength that you saw on some of the larger lands and I think you called out a number of seven figure land and I'm curious do you think at a high level. This is mainly driven by specific go to market investments I know, you've obviously been growing the sales force.
Including the enterprise.
Or is this is it simply just the product.
Set you know kind of a maturity point, you know, where where you just kind of seeing this demand you know more and more organically.
Well, it's a bit of everything went to obviously the products frankly, what were the restaurant.
So that when we sold the product can do customer program really well.
Very easy to adopt and low friction so that that's not you know that's where we built the company.
Towards the whole time until there, but also with a product that is growing very fast at customers.
They want to actually bring security and are they seem a little further.
The absurdity data.
Thank you.
And your next question comes to match her head burnt from our a B C.
Yeah. Thanks is actually not swanson onto that had been add my congratulations on the corner as well as the new acquisition and <unk> could you go a little bit more into the technology, there and specifically kind of what you're adding that's differentiate it from your automated incident management product.
One is.
There's many more developers than any any other role.
So.
Powered by virtue of being.
The most popular.
The two largest that RMS and everything else.
Quite a bit of yield.
In serving developers.
The second thing that is massive is the amount of friction for us too many applications.
Yeah.
And is 13 days massively the data volumes in terms of logs.
And I think we have a strong advantage on all three compared to pure play.
Security vendors for that space.
Fantastic. Thank you.
And our next question comes from Brent Thill from Jefferies. Your line is open.
David the numbers are obviously, all accelerating I guess kind of underpinning. The numbers is there is there anything new you would call it that was striking.
On prime option that would be a private club uhm, so disciplined we hear more and more from pretty much all of our customers can we see that.
You know as we see our customers getting further along with some of the ones that you mentioned that you call today, we definitely see they're making multi club to hit decision there.
Thank you.
And our next question comes to my car.
Mm Keybanc your line is open.
Hey, guys I, just want us to overlapping questions about the salesforce on the one hand, and if you could tell me I've talked to about the submitted attash, but how.
How are you addressing with a single primary salesforce, the different buying centers and uhm <unk> and.
And buyers between security development and business users and also.
How is the salesforce evolving from from reps that probably if you really sold essentially one product and now have to sell so many more products. That's frequently a tough time for transition in a sales force.
Yes, there were still not specializing salesforce. It was just getting a little bit and Pascal D. We still we think we security we might have to do a little bit of specialization uhm with testing a few things number we we haven't.
I felt the need to do anything drastic just yet for the rest of our products.
Today, it looks quite well to have the same sales force Gary desires products and a lot of that has to do with the fact that the adoption of those products tends to be friction less and so we don't need to land all the products at once we're going to land a few and then we.
We need to nudge, our customer is a little bit too started looking more of them over time as they get more and more <unk>, but the lift there is not as it has heavy as if we had to come back in and do a a big Bang said every single time.
So.
Today, no specialization yet I think some of it is likely to happen over time in all likelihood with security, but we haven't done anything yet though.
And as I said did you find the Salesforce that's been with you showing I mean, your product as well as diverse but uhm was essentially an observability product more than a traditional monitoring cents is that same salesforce adapting to this much wider portfolio or are you starting to see a turnover in that salesforce to accommodate that it's.
Yesterday, the sales forces it happening I think mostly.
What we're working on is the structure is behind the scene to target the sales force and to enable the the sales force.
So they know you know basically who to talk to about what product when.
And it actually one of the things that Adam Blazer Uhm has been working on.
Bringing to us because of his experience with similar problems at.
Previous company.
Thanks Levine.
And your next question Uhm <unk>.
<unk> a million Blair.
Mine is open.
Hey, Hi, Thanks for taking my question Congrats on and you may some quarter <unk>.
It's great to hear about the record deal on the record are all right across the platform.
Is your largest customers scale and standardize on data dog can you talk about how conversations have changed around pricing are are there any particular modules, where maybe you're seeing relatively higher levels of pushback I'm costs and given the rapid especially given the rapid growth in data and pricing changes made by some of your competitors are the past few years.
Well I mean, usually the module four wishes and most put it back he's the one that that happens to be the biggest item for that customer.
Overall the.
One thing that you're currently identified which is that is Williams I'm, just going to explode much faster and customers revenue that I'm going to go up.
And so we need to be able to differentiate from a technical perspective to solve these problems in a different way for customers or to give them more control. So they can target with the with that I do need to to keep.
The number of the things we've uhm announcer Dash last week actually we're meant to help with that you know so I've talked about uhm Observability pipelines is one of them. The live archive four logs is another one of them and there's going to be more of a time to to address that so.
We didn't make any pricing changes, but we are innovating from a product perspective to to have new ways of solving these problems and to to get her to give him walking towards war customers.
It makes a lot of sense and on following up on the product innovation your R&D expenses up more than 80% year to date, well above the 2020 levels of growth, it's great to see the fruits of these investments out within numerous announcements with data locked ash, but it can give us a more detail around the surgeon to accelerate the level of R&D.
You spend over the past year and has anything changed about the broader of charity versus Prepandemic to try this elevated levels spend and how should we think about the target Kansas future product introductions I know, there's a lot there well. Thank you.
What we're going we're going as fast as we can't on the engineering side.
It so happens that we we could sustain a very very high growth on the recruiting and retention style.
And we're very confident that our platform lend itself to uhm solving be your problems more problems and to making this product successful so was getting them as fast as we can.
Uhm, it's important to to go faster when when skating those teams because there's quite a bit of a lead time between the time when you hire engineers and the time when you to get new products on the other hand, no I've mentioned in other calls like you know maybe a hiring now is a good predictor of I'll put two years from now on the engineering side Uhm too we.
<unk>.
We we should get started.
That's what we're doing.
That's right it congrats again thank you.
Thank you.
And our next question Katherine Jenkins lip capital markets Your line.
Great. Thank you uhm, congrats on a solid corner as well for me, but Ali Uhm, you're already bigger than all your and your term our nearest competitors growing faster than all of them by a couple of magnitude you talk about enterprise standardization Tran that led to your logic deal in the company's history.
<unk>. So are you seeing more and more of that enterprise standardization trend with large one organization and as result are you seeing more and more and more and more displacement deals out there rather than just simply selling into a large greenfield opportunity.
So I would say it is still like the bulk of the standardization is still has to come right and it it depends on the maturity of our customers migration into their into the club more than they're the adoption of a product I would say.
But we definitely thing that is something that is going to play a big role in the in the years to come.
When that happens Winston edition happens there is typically some displacement because what was using your on the Lady side or the other side of the shop, he's going to be it to be left behind and we're going to replace that.
And that's part of it right at the rationalization that takes place, but again today, it's still a small part of what we do with with the bulk of our business is still knit you plot environment a lot of good things got environment with the occasional replacement of unsuccessful deployments of previous tool.
So just for you you just think customers you know uhm I you see many of your customers having in a mixed vendors of the Observability product like for instance, they have your product along with some of the other parts of the organization May I have some of your competitors passed as well so he says.
A matter of time before I'm, the customer needs to satirize on one platform.
Yeah, So there's a what we see.
Anytime we land into a into a large enterprise for example, and.
And we were going to start into confinement.
Their own prim environment, So I'm going to have a collection of all the things they're going to have older folks are monitors liked it to be M season, <unk> of the world, they're going to have you know older a P and they're going to have in a way splunk with elastic somewhere in on on prime as well, it's a it's a given but we're not going to display that someday one was going to.
Be a solution, they're going to become environments, and we're going to displace those products as a customer to reach critical mass in the cloud and discuss into that standardizing. So we but we think.
From what we see the customers that are doing that today are the ones who are far along in there put migration and started that one <unk> a few years ago.
So we think this is going to play be go in the years to come.
Okay. Thank you and David just quick question on Cashflow dynamics, obviously, you're a contract T T T C.
Getting more and more large a number of deals do you expect out cashbook to be more or less Seymour greener technology may be weighted towards more that I can help a you're going forward.
No. We I think we said in the script that even though we've gone we had some more multi years, they're still annual billing at most we don't you know go for financing the company through collecting advance. So there really is very little as we talked about longterm change in the billing dynamics.
In terms of cash flow, we we tend to see a little bit of a little bit of seasonality end of the year. When we go through our.
Sales and have yourself cycle, and then collect in the first quarter, but I wouldn't I wouldn't see too much change in the cash flow dynamics from either the longer duration of contracts or seasonality.
Okay, great. Thank you so much.
[noise] and your next question comes sound correct Masquerades Miss you threw your line is happening.
Okay. Thank you let me just to follow up on the security go to market. Your security monitoring product has now been G. J for awhile, whereas you know some of the other components of your cloud security platform are much newer but what I'm wondering is how would you assess the readiness of your sales force in your channel to sell security to your installed base today.
Today to is still a product that is being adopted by customers window already that it'll customers like we <unk>, we don't we're ready land with it first.
And that's by design right now as we keep developing it and if we keep making the applicable to a broader set of customers. We are starting though you know we're getting to the point where.
Soon we'll have the full new V. One of our clubs security platform I think for that we still missing the the general availability of the application security component.
Once we have that I think we.
We will look into accelerating to go to market terrace beside a little bit and maybe doing some of this specification you we've been discussing earlier in the school.
But we haven't done that yet.
Okay perfect. Thank you.
And your next question comes down cash Rankin from Goldman Sachs.
I suppose it's at two for one deal today. Thank you so much for taking me and along with my colleague here as you as you look at the counter twenty-two you've had a slew of new products that you that you added to the portfolio, including some of the demos that your apprehend ably demonstrated to US last week I believe.
Ah any any changes enhancements are tweaks to go to market as you as you look at 2022 and also as you as you look too clearly signing these five year contracts and mega contracts or a change in the in the way of customers look at the theater dog.
I'm, a curious if you're immortal emboldened to pursue a specific enterprise sales channel or having a separate go to market at four that is pinpointed Lee in pursuit of megadeals. Thank you. So much just took a French that salesforce started doing some five six years back or so and it was definitely fruitful I'm wondering if you see the same kind of opportunity.
Yeah. So so we do.
Uhm.
So first of all I mean, we I mean, yes cause the customers you know T. As decently over time I mean, we are definitely <unk>.
They come in one of the platforms that they're going to standardized big parts of their business around and that's definitely a different relationship with them. Then just something you know some people on your team are using.
Uhm too that's the change we see and we see across the last number of our customers.
No in terms of pursuing the larger than the nausea deal I mean, we we do have.
Different way the structuring or teams internally so that you know we we.
We have.
We have.
Folks that are going after new logos that might be smaller folks that are going after girls everything customer I suppose that I'll go in and after.
The growth of the very biggest customers and we have some segment issue generally on on that and we will have more and more segmentation as we grow as we need to focus it'll be to everyone, but we still not looking photos very nice deals uhm.
Uhm, we do them today, when our customers want them when do you need the.
For the old planning purposes.
And when they want to give me doing organizations will do those deals for them.
But this is not something that we actively seek or product we've seen throughout the years that'll product is very sticky and then our product girls are well within with no customers. So there's no point in pushing for very large very long term deals.
Wonderful Thank you Olivia congratulations.
And I think yeah on these good words I think we'll we'll close the cool.
So I want to thank you all for this.
Uhm for sticking with a critical we're all very happy of usually with a performance this quarter, which is all thanks to the the team of Datadog and there are those worldwide and the hard work and so I want to congratulate again to everyone and thank everyone for job very very well done.
And and we'll see you all next quarter. Thank you.
Thank you ladies and gentlemen, this get Christmas conference. Thank you for participating in our disconnect.
[music].