Q3 2021 Codexis Inc Earnings Call

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Welcome to the Codexis third quarter 2021 earnings conference call all lines have been placed on a listen only mode and the floor will be opened for questions and comments. Following the presentation. If you should require assistance throughout the conference. Please press star zero on your telephone keypad to reach a live operator.

Please note. This event is being recorded and now I'll turn the call over to Stephanie marked from Argot partners. Please go ahead.

Thank you operator.

With me today are John Nicols, Codexis, President and Chief Executive Officer, and Ross Taylor, Codexis, Chief Financial Officer during.

During this call management will be making a number of forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995, including our guidance for the 'twenty 'twenty. One total revenues our updated guidance on product revenues and gross margin on product revenues.

And our expectations regarding sales of one of our proprietary enzymes to Pfizer for the manufacturer of their late clinical stage COVID-19, antiviral therapeutic candidate.

To the extent that statements made by management are not descriptions of historical facts regarding codexis. They are forward looking statements, reflecting beliefs and expectations of management as of the statement date November 4th 2021.

You should not place undue reliance on the forward looking statements because they involve known and unknown risks uncertainties and other factors that are in some cases beyond the company's control and could materially affect actual results.

In particular, there is significant uncertainty about the duration and impact of the COVID-19 pandemic. This means that results could change at any time in the currently contemplated impact of the virus on the company's operations financial results and outlook is the best estimate based on available information.

For details about these risks please see the quarterly news release that accompanies this call as well as the company's SEC filings, including Codexis is annual report on Form 10-K filed with the SEC on March one 2021, Codexis quarterly report on Form 10-Q filed with the SEC on August six.

2021, and Codexis as other periodic reports filed with the SEC Codexis expressly disclaims any intent or obligation to update forward looking statements, except as required by law and now I'll turn the call over to John.

Thank you Stephanie.

Good afternoon, everyone I am proud to report that Codexis has delivered another quarter of exceptional operational performance.

Total revenue for the third quarter of 2021 grew 100% year over year.

Product revenue more than tripled from a year ago and product gross margin reached a new high of 76%.

Over the past quarter, we continued to diversify our customer base with 19 customers who contributed over $100000 in revenue.

Seven of whom contributed over $1 million in revenue.

Our sustainable manufacturing business demonstrated step out growth this quarter driven by the large orders we have received from Pfizer for one of our proprietary enzymes to manufacture their late clinical stage COVID-19, anti viral therapeutic candidate.

The purchase of whereas we disclosed in June and August aggregate to approximately $29 million and this enzyme represents the largest annual sales for our product in company history.

This was far from the only success story coming out of our sustainable manufacturing business. This quarter, where we also strongly positioned ourselves for the upcoming generic chapter of the Citic Lipton market and demonstrated excellent progress in the faster to market food space.

In the life science tools market, we were very pleased to execute the first commercial sale of codecs Hifi DNA polymerase.

And we remain on track with our other products and custom partnerships in this sector.

And didn't know biotherapeutics business. We are thrilled to have entered the clinic with C. D X 7108, which is co owned with Nestle Health science for the treatment of exocrine pancreatic insufficiency.

This is the second Codexis design therapeutic to reach phase one clinical trials, the first being C. D X 6114, which is fully licensed and that's necessary health science for the treatment of phenylketonuria.

Our results showcase codexis his ability to drive robust progress across diverse market segments in parallel.

Sustainable manufacturing is where we've established codexis as the undeniable leader an enzyme engineering and this market continues to represent the large majority of company revenues.

Codexis as novel high performance enzymes reliably enable our customers to dramatically reduce the cost and increase the sustainability of manufacturing there in products.

Compared to using traditional non enzymatic chemistry, which is capital intensive and inefficient our engineered enzymes decreased capital needs meaningfully while also enabling higher yields reduce energy usage and lower waste generation.

And our code evolve our enzyme engineering platform is constantly accelerating the speed of our ability to discover and commercialize value creating enzymes.

Small molecule pharmaceutical processes have been and continue to be a core target for growing the sustainable manufacturing market for codexis.

We have partnered with 21 of the 25 largest pharmaceutical companies in the world to help them adopt and install novel Codexis enzymes for manufacturing their Apis.

The large purchase orders, we disclosed for Pfizer for a proprietary codexis enzyme to manufacture their clinical stage COVID-19, anti viral therapeutic candidate represents a historic milestone for codexis given their size.

In addition, this business and the orders from Pfizer came to fruition with unprecedented speed.

Furthermore, these orders also put our supply chain to the test, giving us the opportunity to prove our ability to quickly scale up manufacturing of an enzyme and produce at the pace necessary to fulfill orders of this magnitude.

We are proud to be supporting Pfizer on this critical treatment for COVID-19 patients and we wish them well and the conclusion of their clinical program and potential regulatory authorization.

Also on the Covid anti viral front, we note that we have done some impressive enzyme engineering work in collaboration with Merck to design, a multi enzyme cascade for the manufacturing of their COVID-19 anti viral drug malden up here or there.

However, Merck has decided to build supplies for their anticipated emergency use authorization launch with a non enzymatic process.

It is possible that Merck could eventually switch to a gen. Two process with Cody vulgar engineered enzymes, but we have no knowledge of Mark plans to do so anytime soon.

The cost savings provided by our high performance enzymes position codexis to be a key partner to stakeholders throughout the lifecycle of the drug including when a branded product goes off patent.

As most of you on the call know, we developed an enzyme for Merck that significantly reduced their cost to manufacturer sitagliptin. The a P. I N their blockbuster diabetes drug januvia.

Our citic Lipton enzyme has been an important product revenue generator for us over nearly a decade.

With the impending patent exploration of Januvia, we are well positioned to capitalize on the growing demand from generic manufacturers for our enzyme to help them produce low cost sitagliptin.

To that end during the third quarter, we established our first two multiyear agreements to extend our long standing sitagliptin product business into its generic chapter.

With Merck, we extended our enzyme supply contract through the end of 2026.

In the case of Al Mellow Codexis has agreed to license and supply our proprietary enzyme to them for their generic manufacturing process for Citic Lipton and we are pleased with their decision to install the capability to self produced this enzyme enabling citic lifting cost to be driven even lower.

We're still.

As part of this collaboration are C to pharma is responsible for leveraging relationships with global drug product partners to establish downstream channels to market the al mellow produced sitagliptin.

Adding the expertise of RSC two enables a fully integrated low cost supply chain to uniquely position. This partnership for success in the coming competitive generic citic looked in marketplace.

In addition to pharma manufacturing in the past few years, we've been expanding to other industries designing enzymes to sustain a sustainably manufacturer for a wide range of applications, including food and beverage ingredients as well as a host of other potential industrial enzymes.

These products have shorter development timelines and lower regulatory hurdles in pharma manufacturing, enabling our enzymes to reach the market more quickly.

In July we announced an expanded collaboration with Cal Sac, a leading producer of food and beverage industry products.

Working closely with Cal sex advanced hop products innovation team, we leveraged our Cody Barbara enzyme engineering platform to develop a novel enzyme that enables the natural biocatalyst production of a light stable hop acid.

Beers, especially hobby beers like ipas typically need to be canned or packaged in dark glass to prevent the degradation of HOPPS and the formation of a light struck character, but you may know as Skunky beer.

By utilizing codexis is proprietary engineered enzymes rather than conventional chemical means.

Hop acid that is more light stable is biochemically produced enabling the beer to be bottled in clear glass without the risk of rapid hops degradation.

The Green Technology also provides a cleaner label for the final beverage product declaration.

In addition to expanding our agreement. We also earned a milestone from Caltech in the third quarter for achieving the generally recognized as safe otherwise known as Gras self affirmation for this enzyme we remain enthusiastic about our growing opportunities in the food and nutrition vertical.

And this partnership with Cal SEC only scratches the surface of what is possible using our unique engineered enzymes.

Rounding out the food sector. We are also we are also pleased to see growing momentum for enzyme sales to both of Tate <unk> Lyle's, new sweeteners dull cheol prima alliot lows and tasty, but M. Stevia as we move through 2021 boding well for the strong peak product revenues we.

Spec from each of these newly commercialized food applications.

Another high growth opportunity for Codexis is in the life science tools market.

Codexis engineered enzymes can enable improvements in next generation sequencing and molecular diagnostics.

Sensor applications, DNA, and RNA synthesis and more.

The market is very attractive given its rapid commercialization cycles and above average margin prospects.

The market also affords us the opportunity to develop products that can be marketed to multiple customers. In addition to the highly engineered enzymes, we customized for specific partners.

Over the past year, we've developed three new life science tools enzymes for broad based customer marketing.

Codex cap RNA polymerase codex hifi, DNA polymerase and codex reverse transcriptase.

In the third quarter, we were pleased to record our first commercial sale of codex Hifi DNA polymerase.

Our analysis demonstrates that codex hifi DNA preliminaries enables the highest fidelity nextgen sequencing results of all the competitive DNA polymerase is tested and we are proud to have begun the sales ramp for this important new life science enzyme product.

Codex Hifi polymerase is being tested by multiple customers for use in existing and future applications.

Yeah.

Earlier in the year, we made our first commercial sales of codecs high cap RNA polymerase to several customers and interest remains strong for its use in clinical stage messenger RNA manufacturing processes.

We engineered codex high cap RNA polymerase to provide dramatically higher capping efficiency, enabling customers to significantly reduce the amount of capping reagent that as critical to stabilizing the product performed for pharmaceutical use.

In addition, our proprietary enzyme decreases the production of unwanted double stranded impurities, which increases yield and simplifies downstream production of the mrna product.

Our third life science tools enzyme codex reverse transcriptase has been developed to improve performance versus incumbent enzymes in both diagnostic and sequencing applications.

It has been specifically engineered with improved sensitivity and inhibitor resistance for use in RT Q PCR for RNA based disease detection.

One limitation of current reverse transcriptase is is their low thermal stability.

To get an accurate reading samples need to be heated to melt the RNA of temperatures well above the tolerance of most enzymes.

Our codex reverse transcriptase thrives at high temperatures.

We've also engineered our enzyme for increased inhibitor resistance, thereby ensuring that other components found in testing samples do not interfere with the results or present prevent the enzyme from doing its job.

Together these two parameters make codex reverse transcriptase, a much more robust insensitive enzyme.

Reducing false negatives and reducing the turnaround time needed for a diagnostic result.

We are encouraged by performance feedback from early access users who have tested the product to date and we are on track for a broader launch into diagnostic applications next month.

The partnership between Codexis and molecular assemblies is also making great strides, bringing closer to reality the disruptive enzymatic approach to synthesizing DNA.

Codex is leveraging the power of Coty Bolivar to deliver dramatic performance improvements over the current chemical process for gene and DNA synthesis by engineering enzymes designed to make M. A EIS process, a commercially viable cost effective and differentiated solution to manufacturing.

Long chain DNA.

In parallel molecular assemblies as scaling their manufacturing platform and building a commercial team to accelerate going to market.

Given our confidence and the partnership we have decided to increase our equity stake in molecular assemblies investing $7 million and stuff stepping us up to become the second largest shareholder.

Our partner in the Sin bio innovation accelerator Kazdin capital has invested $3 million as well to become a new shareholder in molecular assemblies.

It's exciting to be leveraging our enzyme engineering and supply capabilities to access downstream value in the fast growing DNA synthesis marketplace via these strategic moves.

Rounding out the life Sciences sect tool sector, we continued to experience strong demand for partnered enzyme engineering programs for custom and second generation applications from within the life science industry.

Our dedicated engineering teams are currently running multiple partnered programs in the field of biosensors genomics oligonucleotide synthesis and more the.

The growing demand from the life science industry solidifies, our belief in the advantages and value that could evolve our can bring to this heavily enzyme dependent market.

Leveraging could evolve or to discover and develop novel Biotherapeutics is another exciting growth strategy for codexis.

Here, we are rapidly building and advancing a high value pipeline of oral biologics and gene therapy candidates.

Just a few years ago, we had only two very early stage programs in our pipeline.

Today, we have over a dozen programs in the pipeline and we are increasingly holding assets for select programs deeper into clinical development in order to enhance their value for codexis.

We were thrilled to announce that our second could evolve or discovered biotherapeutic candidate has reached clinical stage, having recently initiated a phase one study for C. D X 7108 for the treatment of exocrine pancreatic insufficiency.

E. P. I is a debilitating condition of the GI tract that is caused by conditions that impair pancreatic function, including pancreatitis pancreatic cancer Crohn's disease, celiac disease and cystic fibrosis.

The current standard of care for this condition pancreatic enzyme replacement therapies or parts are limited and the efficacy due to the G. I instability of their lipase component.

C. D X 7108, an orally administered G. I active lipase was precisely engineered to overcome the limitations of traditional pancreatic enzyme replacement therapy deficiencies.

By engineering enhanced asset tolerance for stomach stability and breakthrough protease resistance for the small intestines, our preclinical trials with C. D X 7108.

[noise] demonstrated equivalent recovery of coefficient of fat absorption at a 10 fold lower dose than standard of care part.

We are excited to advance <unk> 7108, the first of a series of equally owned candidates from Nestle Health Science partnership into clinical development.

The early clinical study design comprises single dose and multiple dose escalation trials in healthy volunteers, followed by a single dose proof of concept trial in patients with E. P. I.

Mmm basis $32.6 million in revenue was from our performance enzymes segment and $4.2 million was from our novel Biotherapeutics segment.

This compares with $13.0 million and $5.4 million for performance enzymes and novel Biotherapeutics, respectively for the prior year period.

Product revenue for the third quarter of 2021 was 28 $7 million above our expectations for the quarter and up 242% compared to $8.4 million for the prior year period.

The increase was primarily the result of our sales of enzyme to sizer, which generated $18 $9 million in revenue in Q3.

R&D revenues were $8.0 million in Q3 compared to $10.0 million last year. The decrease was driven by lower R&D revenue from several major pharmaceutical companies and a shift to self funded R&D programs.

Gross margin on product revenue for the third quarter of 2021 also came in above the high end of our expected range at 76% compared with 57% in the third quarter of 2020.

The increase was due to a favorable shifting product mix.

That's <unk> product gross margin to decline from Q3s levels in the fourth quarter of 2021, as we expect revenue from city Glistened will increase as a percentage of the sales mix in queue for compared to Q3.

Our outlook for R&D and SG&A expenses for the full year of 2021 has not changed materially since our call last quarter.

We anticipate R&D and SG&A expenses combined should be in a range of $32 million to $34 million in queue for.

As we have noted previously our investments and R&D and in our SG&A infrastructure are important drivers of our future growth.

In summary, we are heading towards the end of Codexis is most successful year on record with excellent growth in total revenues impressive growth and product revenues and significant significant expansion of product gross margin during 2021.

With that I'll turn the call back to John.

Thanks for US, let me close out our prepared remarks in the context of our goals for the year.

As both Ross and I have highlighted Codexis has maintained strong momentum throughout the third quarter and as we head into the remainder of the year in.

In particular, we capitalized on several high value opportunities and the sustainable manufacturing business, resulting in our largest ever annual sales for a product and and the diversification of the business lines across a widening a range of industries.

Alongside our commercial progress and life science tool sector, highlighting our three new codecs product launches into our second drug candidate to reach clinical stage C. D X 7108, and biotherapeutics, we have nearly completed delivering against these goals that we set for ourselves at the answer.

Of the year.

2021 is proving to be a terrific year for codexis to break out across all of its target sectors. We are so pleased and proud of the teams tremendous accomplishments.

Next year is setting up solidly as well.

While we do not yet have clarity on weather's by advisers anti viral pill will make it to market to treat COVID-19 patients. We do have confidence that if it does that hour enzyme sales to Pfizer next year will be similar or potentially somewhat higher than what we are delivering to them. This year.

And the underlying growth besides fizer looks widespread and solid with expectations to continue to drive revenue growth at around the historical rates that we have been delivering over a recent past.

It is being used not only for a limited production of clinical trial quantities. The large majority of it is being used to do what is often referred to as registration trial batches two to prove the robustness of Pfizer's process and also we expect that at least.

The healthy portion of the enzymes are being used to manufacture the anti viral for stock in anticipation of the launch or in anticipation of them being able to get the emergency use authorization. So so I'd say.

A small minority is used for clinical trials and the rest is to manufacture product in anticipation of the launch.

Second for next year again, where we don't we don't know whether you know we don't have any data about the you know how their clinical trials are progressing however, we have indications from them where.

Where they're looking to scenario plan for supply from Codexis for 2022 are in.

In the event that they are able to get.

Get an emergency use authorization and in those discussions lead us to have confidence that if they are able to get their anti viral pill on the market that we should be supplying enzyme next year at similar or potentially somewhat higher.

Revenues that we've been executing in 2021.

I guess, we're gonna have to wait to see the results from Pfizer's trials and see them start to move.

Towards getting an emergency use authorization, but that's our outlook is that if that happens we would expect to do similar enzyme business next year, maybe a little bit higher.

Okay, that's fair.

In terms of the R&D revenue line is helpful to us.

Stan.

Kind of what's going on there in terms of the programs whether it's there's some shifts in strategy or this is mainly a resource issue.

Reallocating.

The team's other non R&D revenue generating projects and they come on out new capacity.

Developing and whether you see scope for further expansion of those teams.

You too.

Yeah, Yeah, we are expanding our our research capacity. So that we can do more parallel enzyme engineering work.

And we've actually had some really good success. This year in building up the team capacity at the end of last year, we were off quoted as having about 15 or so parallel enzyme engineering teams today, where we've staffed up to do around 20 parallel enzyme engineering teams and we look to <unk>.

Kris that another notch forward as further as we move through the rest of this year and into 2022.

On the R&D revenue lines.

We're in solid shape, where we had some tough comps last year, we had big Upfronts from Takeda for example, we had a lot of R&D revenue from the the coat evolve or a tech transfer agreement with Novartis, but we're growing underlying growth underneath for example in the life Science area.

You know just we used to do almost no business in life science tools back in 2018 and last year, we did about three and a half million dollars worth of R&D custom work for life science tools customers. This year, that's looking to be doubling again, so somewhere around double that.

Contract.

I think previously you've talked about those potentially ramping to eight figures over time, you know at the peak level, but how should we be thinking about the trajectory or the time to get to that peak revenue ramp.

Yeah, Yeah. Thanks for highlighting it was super proud that that we've now broken through some commercial successes with the DNA polymerase like we had broken through earlier in the year for the RNA polymerase.

And we've we're aggressively working a customer trials customer discussions across a wide range of customers to the DNA polymerase for using our superior enzyme and in next Gen sequencing applications. So we're in a good place, it's probably taken a little bit it's been a little bit.

A more challenging to get customer attention to get traction with customers, but we're on a really good pace as we finish our tour.

<unk> 21.

We definitely still see this as being one of our most largest prada.

Product opportunities are in the medium and longer term that we're working to penetrate currently across all sectors.

Smitley 29 million, we'd expect to feel.

Still that in two four.

Understood Alright, thank you.

Hey, Thanks Man.

Okay. Our next question comes from Dan ARIA.

Hey, Hey, guys, it's and then you're on for Dan.

A couple of How're you doing.

I guess <unk> quickly I'm not sure if I heard you correctly, but the I guess towards the end of your commentary you started talking about Ah.

Patients for I guess adheres revenue growth as you look into next year and you talked about you know just kind of consistent when it's historical growth rates and I'm looking at my model.

And obviously not gonna I mean, 2020, and this year, I guess or anomalies, but I was like back in the model I mean, I'm looking at 13% in 19 and 21% in 18, I mean is that is that kind of what your your guiding too or not got him, but suggestion that could be the outlook.

As we look forward and kind of what would be incorporated in that.

Yeah.

Go ahead, she started all jumped in as needed. Thanks.

Sure.

Sure I haven't tried to help you there, but I think what John was referring to in his prepared remarks was.

Exclude the impact of Pfizer, which obviously been substantial our goal would be to.

Continue or maintain those historical growth rates that we've seen in both total revenues and our product revenues and just.

Just looking back out of 2020 and prior our five year growth rate for total revenues was in the neighborhood of.

14, 15% and for product revenue five year, K or was about 22%. So your longer term aspirations, you'll goals would be too.

Maintain growth rates at those levels in the core business.

Alright, well at least that and we've got a we've got a number of good you know tailwinds to to drive us for that underlying growth you know a food business says Ah highlighted in the prepared remarks is is on a really nice ramps of the two enzymes to Tate and Lyle and we have this new application with calcic, which we have.

Okay. So all of the different chemistries that are enzymes can can drive low cost and sustainable manufacturing against two to streamline our discussions with more and more of the large pharmaceutical customers in particular and to get them to believe like like Merck like Pfizer I'm, sorry, not like Merck like GSK.

Novartis, just how widely applicable our technology can be across their entire pipeline and as we continue to successfully move customers steadily with that with that awareness on applicability than people get closer and closer to justifying you know Cody Barbara platform license.

Like like GSK, Merck and Novartis. So yeah, it's really good I mean, as we break into life science tools market I mean, it's an area that we're very news every material publicity, we generate there generated significant growth in interest about what were doing presentations at major events like AGP.

T. For example, you know really really help to bring more and more customers coming to us about asking what we can do and then in the pharmaceutical and the biotherapeutic discovery and development. We're also quite new here and so you know showcasing that now we have two two to two programs that are in clinical stage.

Age.

That we're addressing significant diseases like phenylketonuria disease, historically, and now exocrine pancreatic insufficiency. This helps us to bring more and more attention to codexis as technology being a drug discovery engine and that Codexis is team is increasingly capable.

<unk> to drive development advances like reaching clinical stage. So yeah. Thanks, it's really exciting to see that kind of momentum it it doesn't happen in big Big chunks, but it happens and steady incremental improvements over time as we continue to succeed like this.

Great. Thanks, so much.

Our next question will come from Jacob Johnson. Please state your question.

Yeah, Hey, good evening, everybody congrats on a nice quarter.

John maybe first question just on <unk>.

Congrats on moving into phase one I believe since you own 50% of that was with nationally no milestone here, but I do think you maybe have to fund some of the R&D. So can you just talk about any.

He kind of R&D investments that can be associated with that maybe they're not worth calling out but I figured I'd check.

Yeah. Your first you're correct as we've moved 7108, you know 50 50 owned.

Asset with Nestle Health Science, there are no milestones currently or in the near term associated with with the development of CTX 710 wait. So so we have not negotiated milestones. Instead, we are co funding. The continued development of <unk> seven one O eight and so it's showing up as a.

<unk> cost strained for Codexis.

And actually we've been investing pretty materially already to do all the IND, enabling work, which includes CMC and GMP manufacturing and toxicology work. So it's already been a pretty healthy investment even split 50, 50, with Nestle health science and there'll be a continuation of of expenses as we move.

Through these phase one trials. So so that's how that that's how that program works.

Got it thanks for that John and then.

Thanks for the couple of updates on Januvia.

Just one kind of longer term question there when januvia goes off patent.

And maybe you have some agreements with some of the generic manufacturers is this something that increases the potential opportunity from that drug or or should we think about kind of generics and the continuing relationship with Merck and whatever happens with what their sales is kind of all netting out to being the same.

As it is today.

Yeah, Great question, and a little hard to see at this early chapter.

You know 'twenty 'twenty, four or five six timeframe, if we land a our business with the winning generic companies it could be higher, but but but you know we're in really good shape. This is the first two we have other activities that are ongoing to get our enzymes installed with other generic cynical thing companies. So it just gives us a lot of confidence.

As you know and this has been a significant revenue generating lines for Codexis for years.

You know, where we're just showcasing that we've got we've got the right strategy to continue that kind of revenue going forward through the generic chapter.

Got it.

For the question.

Thanks for that yeah cool thanks Jacob.

Our next question comes from Arthur He please state your question.

Hey, good afternoon, John There was these offerings for Archie Congrats.

Congratulations on all the progress this quarter I just had one question regarding the codex reverse transcriptase.

Give us more color on the launching and how has that potential.

Customer feedback during the prelaunch preparation.

And.

And.

To help those customers to utilize it and to help them with any differences that theyre seeing with versus the reverse transcriptase. So it'll take some time next year. For example, if we've just launched the reverse transcriptase in December you know I wouldn't expect a very big.

Sales for.

For our T next year, but we should be as we move through the year showing milestones like first commercial sale in building enthusiasm for a growing application of the reverse transcriptase as we move through 2022 kind of like what we've been doing this year with the DNA polymerase and the RNA polymerase.

That sounds great. Thank you. Thank you for all the color.

Thank you Arthur.

I'm showing no further questions I'll turn the call back to John Nicols for closing remarks.

Okay. Thank you again for joining us today as a reminder, we will be attending the upcoming Craig Hallum Stifel and Jefferies London conferences. The week of November 15, as well as the Stevens Evercore and Piper Sandler conferences, the week of November 29.

We look forward to continuing to update you on Codexis as progress. Thank you very much.

Okay.

Hum.

Okay.

Hum.

Yeah.

Yeah.

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