Q3 2021 Nextech Ar Solutions Corp Earnings Call
Yeah.
Okay.
Good afternoon, ladies and gentlemen, welcome everyone to the Knicks had a our.
Our solutions Corp, 2021 third quarter results conference call all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.
Instructions will be provided at that time for you to queue up for your questions I'd like to remind everyone that this call is being recorded today Thursday November 11th 2021, I will now turn the call over to urban Gaffle Berg, Chief Executive Officer, and do Chan.
Chief Financial Officer, and Julia L. P. A lot of Investor Relations and Nick's Tech a our solutions Corp. Please go ahead ma'am.
Thanks, operator.
Good afternoon, and welcome to the next to Q3 earnings call with me on the call are even gap with Burke, Chief Executive Officer, and Andrew Chen Chief Financial Officer.
Today before market opened next Tech Air Solutions Corp, released its financial results for the third quarter ending September 32021.
A copy of the earnings disclosure is available on our website and on SEDAR.
Some of the information discussed on this call is based on information as of today November 11, 2021 and contains forward looking statements that involve risks and uncertainties actual results may differ materially from those set forth in such statements.
For a discussion of these risks and uncertainties you should review the forward looking statements disclosure in the earnings press release as well as in our SEDAR filings.
During this call we will discuss I F. R. S results and non I F. R. S financial measures a reconciliation between I F. R. S results and non I F. R. S financial measures is available in our MD&A, which can be found on SEDAR.
Neither this call nor the webcast archive may be recorded or otherwise reproduced or distributed without prior written permission from next tech.
To begin our call Evan Gaffle Garg, CEO will discuss the highlights of our third quarter as well as recent business developments, followed by Andrew Chang CFO, who will review our financial results and outlook.
Finally, Evan will make some closing remarks before opening up the line for questions.
I'll now turn the call over to Evan Casselberry C E O.
Thank you Julia.
Afternoon, everyone and thank you for joining us today first I do want to thank our employees all over the world.
They're in Canada, the United States Europe and.
And of course, the Asia Pacific region.
Thank you all for your continued commitment.
Next tax success throughout the year and in the third quarter 2021 were made possible only through the hard work creativity and dedication of our talented and valued employees our culture of organizational learning respectful collaboration continues to drive.
His excellence at next Tech.
I would like to.
To give a special thanks to figure out to other top up or his leadership and positive energy in his new role as general manager.
September we issued a company update to shareholders highlighting our ongoing strategic initiatives, an important period of growth and transition that we are currently in since we issued the update the excitement we expressed about our accelerating adoption of our augmented reality meta versus solutions.
Has been further reinforced with new deals closing for augmented reality for E. Commerce at a pace that we have never experienced before when you believe that this will continue for the foreseeable future and are very excited about this timely industry development.
As we look at next Tex Q3 was a transformational.
Transitional quarter, and we are transitioning from a managed service business to a SaaS business and an augmented reality and met a burst business. So during the past 18 months to get some perspective.
The mass adoption and reliance of virtual events and.
The buying burst that we saw in our e-commerce business throughout the.
The worst of the COVID-19 pandemic in 2020 game next tech it did give us a very welcome tailwind however.
As you all know we never considered this the matic boost to our business drew.
Driven really by a once in 100 year pandemic to be permanent.
While we navigated the pandemic, we have been investing heavily into augmented reality, both through R&D and through M&A and we've always had our eye on.
The bigger business opportunity of augmented reality.
The meta versus which has finally <unk>.
Arrived.
Tayo world, including US we're in uncharted territories with COVID-19.
Our virtual events and ecommerce business is and will continue to be strong.
However, with the opening of the economy and related reduced spending in the entire virtual events industry not specific to us.
Revenue growth or a virtual events.
Is leveling out.
Well revenue from our solutions.
Is accelerating rapidly we expect to close 2021.
With overall revenue in the range of 25 to 25 29 million up from $17 6 million in 2020, which represents a greater than 60% growth year over year.
Ken.
We see a rapid acceleration happening in augmented reality.
We feel strongly that the growth engine.
Going forward will be.
Mantid reality and are better versus business, which are merging really to become one suite of solutions called a our ties meta versus studios.
Yeah.
As.
We look at again in the rear view at our virtual events and ecommerce space. It really did provide us with.
An ideal proof of concept launch pad for our augmented reality solutions again, we never plan this to be our long term core product offering.
Businesses have enabled us to individually validate market acceptance for each of our product categories, which really puts us in a leadership position as we really just are emerging.
Into the augmented reality space.
Right now so.
E Commerce, the <unk> pride that product Visualizations and where they are for advertising. The three D ads AUR for human Hollow grams with Hollow Act for higher Ed with wire shall labs and they are ties for bespoke immersive VR experiences all of those things, including our.
Our portal and 360 video Visualizations all those products that we've been working on for the past three years are now starting to pay big dividends the growth that we experience since our launch as a public company and the EBIT since the founding and.
<unk> 2018 and continues.
Into 2021 and beyond is undeniable and we have been growing we went essentially from zero.
To an estimated 25% to $29 million in 2021, we started out.
With Ah in 2018.
Then it was e-commerce, plus Ah in 2019.
And then in 2020, it was e-commerce virtual events plus a R.
Now as we enter 2022.
Our growth engine will almost exclusively be.
And then that of course.
Meaning we will have foundational revenue from our.
E com and virtual events business, but the growth engine will almost exclusively be a R and the meta versus we are just beginning to see the revenue and business emerge at a rapid pace as we are full force into our transition into the augmented reality and meta.
<unk> business with our new SaaS offerings. We are just now entering the market and just now <unk>, providing us with this engine of growth that will take us forward in Q4, which is looking very positive for our new sale.
And we see that continuing in 2022 and beyond.
You've already seen our business, our existing business with Kohl's, Kmart pier, one and lighting plus accelerate with Reorders and we're signing new deals.
Every day with many notable brands I think our e-commerce and events business again as foundational revenue streams, which will continue to grow but not at the rapid pace that we've seen in the past rapid growth engine for US again is augmented reality in the meta first.
Give you an idea of what we're seeing already in Q4.
Currently we are at the signing stage with a large brand that is interested in 'twenty 503 var models to start that could grow to 10000 models. We are quoting on a 20000 <unk> model requests that could grow to 400.
Thousand models.
We are quoting multiple 10000 <unk> model requests as previously mentioned, we expect our integration with shopify to happen in December which will open up our solutions for the 3 million plus merchants.
Listen direct way.
All of this new business is set up to be MLR, our monthly recurring revenue.
So.
I'm Super excited.
Imagine everybody at next Tech is Super excited.
Couldn't be more excited about the business.
And our augmented reality solutions.
This business and business opportunity is brand new in Q4.
Imagine.
We are we will be in 12 months.
This business was not possible for us to deliver on before the transformative acquisition of <unk>.
We believe we will win the business just mentioned.
And much much more why.
Because we believe that we have the lowest cost highest quality scalable solution on the market today.
Next tech is more confident than ever in the accelerating momentum of our augmented reality and meta versus solutions and expect 2022 to be a year of hyper growth for all things augmented reality.
And the meta Bruce.
Very exciting time to be a public company and investor in this space.
Just listen to what Big Tech is doing and Shane.
Facebook rebranded itself as everyone knows as a meta versus company.
<unk> Tec is a meta versus company.
Facebook came out and said I believe the meta versus the next chapter for the Internet.
Go back to the history books take a look at what happened to Internet companies and Internet stocks in the 19 nineties Apple is racing toward its first release of a mixed reality headset that is going to light a fire.
On top of the fire that Facebook live for the augmented reality meta versus face Microsoft just came out with a meta versus solution epic games. The video just announced the omni versus the AD Tech just came out with light ship their version of meta versus solution.
Will it all a big Tech names are spending tens of billions to ensure each of their own unique version of the meta versus and next tech is participating.
We are part of that ecosystem, and we will rise up.
With Big Tech.
Regardless of how.
The Big Tech Battle shakes out.
One thing is certain next takes place as a unique provider of augmented reality and <unk> assets for the <unk>.
He is solid our AAR ties meta versus studio could not be better positioned to benefit from surrounding big Tech commitment and consumer adoption of the meta versus an augmented reality next tech has been committed to augmented reality since we launched in two.
2018, our name next Tech solutions speaks volumes.
Now have a head start.
What is now emerging as the meta burst opportunity.
During the third quarter and into Q4, our completion of the AAR way acquisition.
And our integration of the <unk> acquisition are already leading to new revenue opportunities again, they were simply not possible in prior quarters.
Orange reduction.
The mini med averse to read the third quarter was also well received and customer adoption has already begun.
Last month, we announced the city of London implementation of our spatial mapping technology at harmony of London.
Walt place, it's really just the beginning.
There are endless opportunities for the application of next tech spatial mapping.
Our ties meta versus solutions for my RV and the city of London is really again, just the beginning in fact I got a phone call today from somebody in.
Big Telco, asking if they could partner with us.
Meta versus five <unk> solutions.
<unk> solutions. So there is.
A lot of interest in this space a lot of demand we have a proven suite of solutions combined with are always clouded <unk> mapping technologies, which opens a huge addressable market within the meta versus.
<unk> studio as a SaaS product does.
Launching in Q1 2022, we have not seen the fruits of that product offering yet.
It will be available for pretty much anybody.
To turn their space into a mini meta versus whether it's a mall or a university a corporate headquarters EBIT for regular people, who want to turn their house into a mini meta versus just like our CTO Nemo did last week.
It's all possible with next tax Ah ties meta versus studio.
<unk> method reality tidal wave is finally here.
And we are here and ready to take full advantage of it it's gone from <unk> to now becoming the meta versus wave driven by Big Tech adoption.
Here to stay it will be a multi decade multibillion dollar per year wave.
Talking about it for three years, but it's here.
Mass adoption is really just in the beginning.
Net that big Tech is building the AI ecosystem that next tech eats.
Brees in and we feel strongly that next tax realization of market share capture within this burgeoning new industries happening.
And again, we are just at the beginning.
Furthermore, two our confidence.
In 2022 revenue growth and beyond it's really bolstered by the go to market strategies of both our SaaS <unk> for E Commerce solution as well as from our meta versus studio rollout now integrated as one solution onto next techs AAR ties.
Meta versus studio, which I said is a big deal.
It really is a big deal.
As consumers and businesses experienced three D.
They do not return to <unk>.
Once you experienced three D. There is no going back.
It means that we have a very very sticky product.
Think of it like this it would be like going from a dialup modem.
To a high speed modem.
Only to go back to the dial up if you went back to two D. It just does not happen.
Our our products are sticky.
And have significant implications for monthly recurring revenue and annual recurring revenue.
We will accelerate with the adoption and stickiness of our tire augmented reality suite of products and services.
As we speak about our SaaS product roadmap in late Q3 really the last two weeks, we began to rollout our.
E Commerce SaaS platform during the quarter, our <unk> business is already.
This growing segment of our business.
Yeah, Hi.
He is already SaaS and self serve.
Enabled and during this quarter, Hello X will be SaaS enabled.
It's a very very near future.
AAR ties meta versus studio in Q1 will be live our cats of poly.
Hello, <unk> advertising <unk> all of this is going to be SaaS at all of this is going to be self serve in the near term SaaS and self serve integration.
That I referenced to go.
<unk> does have enormous implications for the scalability of our product suite and our future revenue growth with SaaS itself serve next tech will move away from a managed solution platform toward monthly recurring revenue business scale.
Mobility is key low touch no touch is key and this has already begun which is key.
In the near future will be.
Begin disclosing.
More details around monthly recurring revenue.
Related to our emerging SaaS business now we did include a graphic in the press release that went out today the COO.
Key to that graphic.
Is that.
Model, making dim.
Demand.
Is rising exponentially so we have.
A lot of customers that are lining up at our door that are asking for more and more and more models and that is a very very healthy sign for our business.
C brands that we're working with as mentioned previously Kmart Sears.
<unk> plus peer one.
Kohls and brands that we're speaking to.
We are already seeing in Q4, just a few weeks.
A rapid ramp up.
Yes.
Demand for the three D models that we make.
And so it's just important that everybody that's listening understand.
Our Q3.
His rear view mirror.
What I'm speaking to is what's happening now in the future, which is what you're investing in so when you look at the potential applications for what next tech is building.
And the anticipated market adoption, we estimate.
Total addressable market for our meta versus opportunity to be $250 billion by 2024.
SaaS ecommerce alone as a segment of the entire 250 billion meta versus.
Addressable universe, we see a total addressable market of 102 billion. So the bigger numbers $2 50.
And then you have $102 billion, which is really the e-commerce piece of that.
The most exciting thing happening today globally not at next tech.
Is that all objects being.
Being turned into three D on the web with no required all objects refer Netherlands e-commerce, but.
But everything that is manufactured apparel automotive electronics aerospace oil and gas real estate et cetera.
The reason why that's so exciting is really two reasons.
It's ubiquitous.
The web dial tone is everywhere.
And anything that's ubiquitous gets interesting.
Two we think we have figured out a way to own it.
What's so compelling about creating and owning all these three b assets, there's going to be a lot more <unk> than they are that will be foundational for the emerging.
<unk> and of course for us owning those <unk> models means a never ending stream of monthly recurring.
Revenue.
As we continue down this path of becoming the three demob of factory for the World.
And the meta versus specifically.
We do expect that our gross margins around our emerging augmented reality embedded versus solutions offerings to increase rather dramatically, particularly as we bring the SaaS into the equation.
On another note.
Speaking to our uplifting goal I would also like to take a moment to reassure our shareholders that our previously stated goal of U S. Up listing is still on the table. It is still a priority while they have been.
Many some bumps and maybe we got stuck in the mud.
On this on this attempt during <unk>.
2000, 22021, we feel we are better prepared than ever to achieve this goal during the third quarter, we did announce our change of auditors to Marco.
Very very reputable U S audit firm with extensive experience in U S exchange uplift.
Market companies like next Tech. We've also began the buildout of a much more robust investor Relations program in order to observe and comply with U S exchange and FCC regulation in preparation of entry onto U S exchange.
We cannot specify timing around this objective, but we can say it is a priority for us we have taken all necessary steps in order to achieve U S exchange uplift, including hiring a U S investment Bank H C. Wainwright was a big step for us as a public company to have a U S investment bank.
That has the ability to write research reports.
And introduce us to their institutional investors. So we're excited about that.
In closing.
And I know everyone wants to stand.
Q3 was an important quarter for growth and transition for next Tech next.
<unk> is focused on advancing and garnering greater industry leadership in the augmented reality space and the med averse and our entire suite of increasingly interconnected products.
Now.
We look around us and we see where this next tech fit in.
Where do we fit into the ecosystem, where do I put next tech.
We believe we fit in with the Tech Giants, who essentially own market.
When you have a new industry everything gets reset.
This is an opportunity for the small company to become that Big company and it's an opportunity for the big company to fall behind.
Today Apple owned your phone.
Google owns the search Amazon owns shopping Facebook snap Facebook.
Snap and Tic Tac.
Social media.
Next tech as the owners of the <unk> model creation and importantly, the models themselves our position at this table will become increasingly important.
The development of <unk>.
Gnostic platform.
We believe that.
We will be the three D model supplier.
Globally that dominates.
That sector.
We currently have many customers that use our three D modeling technology, including some of the biggest brands, but we are still just getting started it feels like all of our hard work is about to pay off.
We are anticipating.
First inning of our transformation to a self serve SaaS business model, which will allow us to populate the world with three D models.
Visualizations a lot has changed since we spoke on the last quarter's earnings call.
Since then augmented reality and the med averse have taken center stage and this is what we have been preparing for.
This is what I've been preparing for.
This is why I founded next tech.
In January of 2018.
Today, we have a head start.
Our solutions have already been validated in the market.
And now we are poised to benefit from the coming mass adoption.
Minted reality.
And then <unk> with that I'll turn the call over to Ed.
<unk>, our CFO to provide further commentary on the quarterly financials, Andrew take it away.
Thank you Ivan and good afternoon, everybody just as a reminder, unless otherwise noted all figures reported on today's call are in Canadian dollars and are under IR for us.
Total revenue in the third quarter was $5 7 million up 23% from $4 7 million in Q3 of 2020 and slightly down from the Q2 2021 revenue.
Year to date, our revenue was $19 6 million up 83% from the same time last year.
Sales increased 61% technology services and renewable software.
Revenues increased 238% on a year to date basis year over year.
Q3, 2021 product sales were $4 6 million, an increase of 20% over Q3, 2020 and up by 3% compared to Q2 2021 due to our expanded product offerings since last year, and adding additional sales channels, which increased our capacity to facilitate the fulfillment of <unk>.
Sales.
Our Q3, 2021 technology services and licenses revenue grew three 4% over Q3 2020 to $1 2 million.
However declined 30% compared to Q2 2021 summer tends to be slow for event hosting.
In addition, the nature of this revenue will vary from quarter to quarter based on the number size and timing of our customers' projects that are underway.
Gross profit during Q3 2021 decreased by 39% to $1 8 million for the quarter increased 14% to 7.4 million $7 4 million compared to Q3 2020.
As a percentage of revenue gross profit was 31% in Q3 compared to 61, 63% for the same period last year and 38% in Q2.
This was a result of higher product costs due to the global supply chain issues from our e-commerce business, but other companies are facing as well.
And there was also a lag in reallocating resources from our events team to our growing <unk> business during a time of reduced events over the summer months. Both these factors affected our gross profits negatively. However, we expect gross profits and margins to increase as we ramp up our <unk> and met of meta versus business through 2020.
Two and beyond as had been mentioned earlier.
Okay.
Operating expenses for Q3.
Were $9 9 million compared to $8 8 million in the prior period.
The increase in operating expenses was due to higher expenses in sales and marketing.
General and administrative and research and development during the quarter, we restructured our sales force to a more cost effective model for the new pursuits, and they are sales with the intention of lowering overall sales cost as a percentage of revenue over the upcoming quarters.
General and administrative cost increased slightly as we upgraded our technology infrastructure and move to our new Toronto office.
Increase in research and development expenses was driven by assumed costs from our recent acquisitions as we continue to focus on AAR and med adverse development.
We had a net loss of $8 2 million compared to a loss of five point.
9 million in the prior period.
However, due to the contingent <unk> consideration recognized in Q2.
But once we normalize that gain our net loss for Q2 was 7.3, so we'd roughly increased our loss by about.
$1 million largely due to the factors I just mentioned.
Over this quarter, we expanded our team size skill set and capabilities, while reducing elsewhere in the company.
As of September 30.
2021, we had cash of $8 3 million.
Inventory of $4 6 million and a positive working capital of $10 1 million.
As you will have seen we've closed a $5 million private placement last week, which will provide us with the influx of cash and increase our strength of our working capital as we head into the new year and allow us to make the necessary strategic investments to take advantage of the ear and men averse industry growth.
With that I'll turn I'll turn the call back over to Ivan.
Thank you Andrew.
To sum things up.
It's full steam ahead, with our augmented reality business and our med <unk> business.
I believe we earn the right place at the right time.
With the right technology stack.
With the right leadership team.
To become.
A major player.
In the med averse.
I want to thank all of our employees.
I wanted to thank all of our shareholders for sticking with us.
Through a pandemic.
And the other side of the pandemic.
Do you believe that in.
In 2022.
Everybody is going to be rewarded for their patience and support.
And I wanted to thank.
All of our.
Shareholders.
Or continuing to share my vision.
Behalf of next check <unk> for your support and as always thank you for taking the time to join US on the call. Operator, we are now ready for questions and answers.
Thank you Sir.
To ask questions at this time, please press star one.
On your telephone keypad and again that is star one and two with child a question. Please press the pound key.
And we do have a question from the line of Lisa Thompson of Zacks investment.
Go ahead Lisa.
Hi, it's always interesting when you report.
It's just so much going on.
Yeah.
Okay. So I will have a number of questions.
I think probably the the.
First I think people would be curious about is given that you gave the graph with the model accounts can you talk a little bit about.
How number of models translates to revenues and when you are bidding these new customers.
How does it how are you.
They supposed to pay they pay per model or <unk>.
<unk> like how does that work.
Yes, so like every other SaaS platform, it's got tiers, so tier one would be you.
A $150 per month for 25 models. So if you use that math it comes out to $6 per month per model.
So as you scale up.
That number keeps on growing and so the more models that we have in the meta versus the more monthly recurring revenue that we generate but it really doesn't stop with just the models for us because we've been building technology.
Years, a lot of our business is actually based on the upsell.
So the model is one.
Foundational piece of revenue.
But then we offer additional upsells like we announced the three D showroom.
Which is a 500 dollar a month.
Cost and we also have the <unk> ads, which are now starting to gain traction, which again is another.
Upsell so.
The model creation piece is one piece it kind of opens the new account.
There's all these other services that we sell.
As Upsells Lisa.
Okay, and you hinted about having different.
Information or metrics I see you've got rid of bookings and backlog is there something else you're going to be using going forward.
We are going to be using an M. R R and R. R.
As the primary yardstick for measuring our.
Augmented reality <unk> business.
And will that happen like at the for the year when you report the year.
That's a question for Andrew if that's going to happen in 2022 or Q4 2021.
Yeah.
We're gonna have to kind of take a look at that.
And then provide the opportune time to present that but yeah, it'll be our their Q4, 2021 or Q1 2022.
Okay, great while I have you.
Operating expenses this quarter around $10 million.
They went up from the second quarter, what's your feeling going forward I had thought they were supposed to come down but.
It didn't happen.
Yes.
Yeah, I mean, I think we talked about how we are moving resources and that takes time.
So.
In the quarter.
With with revenue.
As we'd like but obviously.
Affected us not only from a gross profit perspective, but also from an operating expense perspective, but we are you know.
Reviewing these metrics on a on a monthly basis and even more frequently than that but we just have to make decisions about how much we want to invest into the Ah <unk>, which we're pretty.
As you can see we're pretty high on.
No.
Also you'll see increasingly expenses from some of the acquisitions, we made as well so we inherited some of those expenses as well.
This quarter.
Alright.
As far as e-commerce for the fourth quarter.
You're kind of hinting that you're possibly supply constrained.
Have some feeling of what you can do in Q4.
E Commerce.
Yeah, I would say there's always.
Positive wins for <unk>.
Just a seasonality perspective.
Yeah.
Matter of how much we're willing to pay for inventory to achieve some of those but.
We do have a very strong kind of inventory book now at around $4 million. So we're gonna be kind of selling a lot of that during that time. So the inventory is kind of in.
But it just may not be as profitable as prior year, but.
I'm sure you know everybody else's, having these kind of issues you can't even buy a car these days apparently.
Yes, I've heard Fortunately I'm not.
Yes.
Alright, and then I guess so.
Big question. Evan is can you talk about 2022 do you have any sort of vague feeling what kind of revenues you could do or.
What percent of the business is coming from what products.
Anything you can give us.
Sure.
So.
I've always spoken about this idea.
We we really don't want to be long term in e-commerce or even the virtual events business. So.
We are you know.
Now even more than previously.
Looking at the.
The potential spin out.
Our.
Say E com business and so is weak.
Did that.
2022.
That would align us I think much better with the meta versus an augmented reality.
Solution.
But what it also does is.
I think gives.
Clearer understanding of the revenue and revenue potential when we look at 2022, Lisa obviously.
It's difficult to predict what I can say is that.
When you look at monthly recurring revenue, it's a snowball.
So it's not like it shows up.
In a month.
It shows up month after month, it just keeps growing.
And we see that continuing at an exponential rate in 2022, it's hard for me to put a number on it today.
But I think by the end of the year.
It'll be a lot easier to kind of start talking about numbers I think today is a little premature considering we.
<unk> bin.
Aggressively.
In market just since really the last couple of weeks of September.
We're seeing a surge.
In business in Q4.
Is the potential that we sign up more.
<unk> of dollars worth of business in augmented reality, three <unk> models, but even if we signed up.
<unk> of dollars in new business in Q4.
Monthly recurring revenue. So you don't we don't recognize that as you understand we don't recognize the revenue.
In Q4, it's over a 12 month period, and then extends the 24 to 36 months. So we really as a company need to wrap our heads.
Round that revenue stream.
To be able to give you.
Clearer vision to what numbers, we can look forward to in 2022.
That makes sense.
Yes.
Wanted to see where we were in figuring out at this point. So now we're on the same page.
Okay.
I look at it like this Lisa are today as we stand here today, our E comm business and events business.
Foundational revenue.
Let's just call it $25 million in run rate everything else is going to be driven primarily by the growth of our augmented reality and meta versus business and we see that growing very very rapidly.
Okay, Great I think that's all I have for questions. Thank you.
Thank you Lisa.
And again, ladies and gentlemen for any questions at this time, Please press star one.
Yes.
And at this time, Sir there are no further questions in the queue, which is like to proceed with closing remarks.
I would just like to thank everybody for joining us today.
It was it's exciting for us to be talking about the meta versus about augmented reality.
And.
We will see you next time thank you.
This concludes today's conference call. Thank you for your participation you may now disconnect.
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