Q1 2022 Voyager Digital Ltd Earnings Call
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Good day and welcome to Voyager as Joe Physical here first quarter 2022 earnings conference call.
At this time all participants are in a listen only mode. After the prepared remarks, we will conduct a question and answer session in order to ask a question or make a comment. Please press the star key followed by the number one on your Touchtone phone at any time.
<unk> will be taken in the order. They are received at this time I'd like to turn the call over to Mike Clark Chief Communications Officer at Voyager. Please go ahead Sir.
Thank you operator, I'd like to welcome everyone to Voyager digital Limited's earnings call today, we'll be discussing our first fiscal year 2022, first quarter, which we announced prior to the market open. This morning with me on the call are Steve <unk>, Our Chief Executive Officer, and <unk>, our chief financial.
I would like to take a moment to direct investors to the Investor Relations section of our website at invest boys your dot com, where we posted our investor presentation and upcoming event schedule.
Before we get started I want to remind everyone that all figures discussed on today's call are in U S dollars and certain statements discussed on this call are based on information as of today November 16, and May contain forward looking statements, which are subject to risks and uncertainties and given our limited operating history market volatility.
And unprecedented industry growth trends could materially deviate from today's levels.
Actual results could differ materially from our forward looking statements if any of our key assumptions discussed in today's earnings press release and the comments made during this conference call or in our latest reports and SEDAR filings each of which can be found on our website www dot invest Voyager dotcom or under our.
Our profile at Www Dot SEDAR Dot com are incorrect. The company has made assumptions that no significant events occur outside of the company's normal course of business in that current trends in adoption of crypto assets continue.
Listeners are cautioned that assets under management revenues and trading volumes fluctuate and May increase and decrease from time to time and that such fluctuations are beyond the company's control. We do not undertake any duty to update any forward looking statements, except where required by law. Todays release also includes references to non <unk>.
Financial measures you should refer to the information contained in the disclosures found in today's release, including definitional information and reconciliations of historical non <unk> measures to comparable <unk> financial measures. This call will touch on some guidance provided in our earnings press release issued today I would encourage each.
Each of you to review the forward looking statement risk factor disclosure in similar disclosure in today's press release with that let me turn the call over to Steve Ehrlich voyages co founder and CEO.
Thank you, Mike and welcome everyone.
What an exciting time for Voyager Wow I mean, we recently announced we reached a major milestone with the addition of <unk> 1 million funded accounts.
And we now have over $2 7 million verified users on the platform.
I'm also very happy to add that we have nearly $7 billion of customer assets under management.
The acceleration of our growth is happening in calendar year 2021, as we start on January one with only 43000 funded accounts and $240 million of customer assets under management.
When we raised significant capital early in the year, we committed amongst other important objectives to use our capital to grow our accounts.
I am happy to say that we achieved this objective and we will continue to achieve this objective and believe we are now a major player in the crypto ecosystem.
While the quarter ending June 30th experienced extraordinary growth in late June we started facing slower market volumes across the industry.
Recent earnings reports by other public companies in the industry evidenced our predicted slowdown.
On our view of that market bonds would return after labor day, we invested heavily in customer acquisition through our loyalty and rewards program.
As we saw some competitors take a step back from marketing.
We see the opportunity to invest in the future and grow our accounts.
Recognizing that our business is volume dependent we took the strategic decision to invest heavily not only in marketing with improvements to our system architecture. The addition of new clients on product and product diversification.
This has resulted in a return to profitability in the current quarter as volumes have jumped significantly.
In addition to providing our accounts with a superior combination of rewards and what we believe is the best crypto user experience.
In each case as compared to other platforms Voyager invested heavily in upgrading our software technology as well as our security and regulatory compliance, while adding those points to satisfy customer demand growth in staffing and accretive acquisitions continue to fuel our amazing growth.
We entered into a number of sports related marketing transactions and NASCAR and the NBA through our very successful integrated partnership arrangement with Mark Cuban Dallas Mavericks, Thus marketing expenses continue to grow but we believe are necessary to grow customer accounts.
We are looking to expand into new markets that will continue to fuel our growth. We took an important step towards that expansion into Europe with the quantify acquisition over the summer.
It is our belief that targeted customer acquisition and the best industry experience possible to fuel account growth are the most important metrics for Voyager going forward.
We intend to be an industry leader in investing in the future is key as our strategy is bearing fruit.
This industry is highly competitive and only the biggest and best capitalized are likely to survive.
Our capital rates of strategic Alliance and market expansion initiatives are critical to our future success as we are in this for the long term.
We intend to be one of the few participants in the top tier as the crypto industry emerges from its infancy.
As a result of our strategic decisions and aggressive spending.
The first fiscal quarter ending September 30 resulted in the loss for the quarter.
However, I am extremely excited to say that our strategy is paying off as voyager's achieving record revenue to date and our current quarter ending December 31.
And is on track to significantly exceed our revenues for the quarter ending December 30 <unk>.
Sorry significantly exceed our revenues for the quarter ending June 30.
In addition, we have returned to profitability.
I would like to turn to some of our initiatives going forward.
Voyager is a product focused company with a vision to be the primary digital asset financial platform for retail crypto investors.
And today, we're taking another step in that journey as we are launching our pre registration of the Voyager debit card.
What is unique about the crypto backed Voyager debit card is that you can hold your funds in the U S. D C stable coin and easily pay your bill is using the USD senior account.
We believe the phase rollout of this product in the March 2022 quarter, beginning in January will develop deeper relationships with our customers and also increase the conversion of the $2 7 million verified users who have yet to become funded accounts and we've seen that already begun today with the sign ups.
This follows our recent announcement that the popular Voyager token as increased utility as it is now integrated into the quantified payment system, allowing holders the ability to use the token for payments with over 30000 global merchants.
Our goal is to significantly increase the number of merchants and offer token holders discounts on purchases if they use the voyager token for payments.
In our last call. We discussed the addition of staking rewards as an additional product feature and as you can see in the September financial statements. We started to Institute are Staking program in September and we will keep adding more points over the next few months.
The addition of staking revenue provides a solid base on top of our transactional revenue.
We anticipate continuing to grow the yield and staking revenue, we think thats, taking as an effective account acquisition tool and also drives significant stickiness and retention on the platform.
Another measuring stick of the success of our strategy is that we delivered significant funded account growth during the September quarter, while our public company competitors reporting a decrease in funded accounts for the quarter.
Thus, we believe we are actively gaining market share.
Despite the increased market share a valuation multiple is roughly half of those same competitors.
On the geographic expansion, we are working towards launching in Europe and are waiting Exemptive relief from the Ontario Securities exchange to enable us to launch in Canada. In addition, we continue to work with in Europe Department of financial services toward our goal of receiving a new York bit license.
It would be remiss of me not to discuss customer service and the significant improvements we have made this year.
We have grown our staff editing AI based health functions on the App through an AI based chatbot and are working diligently on bringing AI efficiencies throughout customer questions expeditiously and adding live chat phone as part of our service offering.
We are working towards being the best on class service for customers for crypto customers.
Now that we have achieved our <unk> listing.
Voyager is engaged counsel to start the process to seek listing on NASDAQ during 2022, the timing is obviously subject to regulatory and exchange approvals.
Lastly, the investments we made in 2021 continue to pay off as we have driven a significant uptick in app store rankings. The increase rankings helped drive the record revenues we are seeing.
To put in context, and if we wanted to look at our results on a calendar year basis for calendar 2021, we will exceed over $360 million of revenue for the calendar year 2021.
With that I'll turn it over to Evan to review our financial performance before we take your Q&A Evan.
Thank you, Steve and thank you all for joining us today.
As a reminder, all figures discussed on today's call are in U S dollars under Ifr.
Today I'll be speaking to three topics.
First a look at our performance in the first quarter of 2022, including the financial statement presentation of quantify revenues as.
As well as our loyalty rewards program.
Most of which are new to the first quarter.
Second a look at our lending and staking strategies beginning in the month of September.
And third some select highlights from our current December quarter.
Before getting into Q1 performance ending September 30, I would like to walk through the impact of the quantify acquisition and the loyalty rewards program on the presentation of revenue in our financial statements.
For our first quarter financials.
We are now reporting five distinct revenue line items.
Action revenue merchant services fees from crypto assets loans.
<unk> revenue and other revenue.
Merchant services, which is new to this quarter as a result of the quantify acquisition.
Quantify processes payments on behalf of its customers and collect a fee for this service.
The accounting treatment for this service requires the revenue presentation for the gross amount of the transaction.
Also new to the quarter as other revenue.
Which is primarily related to our loyalty rewards program and is recognized in the value of the tokens from the VCX growth pool are utilized.
Moving on to our Q1 performance our trading business is largely driven by volumes.
For both the company and across the industry <unk>.
Volumes were down approximately 40% in the September quarter compared to the June quarter.
Despite the industry wide decline in volume, we continued strong momentum across our key metrics, including adding 382000 verified users and 195000 funded accounts.
We also averaged approximately $9 million and net deposits per day and increased our AUM from $2 7 billion to $4 3 billion at quarter end.
Currently our AUM has reached nearly $70 billion.
Okay.
Total revenue from the quarter was $81 5 million, which includes $15 9 million of quantified revenues as well as approximately $41 6 million of transaction revenue and a combined $21 3 million from lending and staking.
For our trading business, we continued to deliver a strong average spread of approximately 110 basis points with alternative coins accounting for nearly 85% of spread revenue.
It is important to note that in earlier announcements, we posted revenue expectations of $63 million to $67 million for the quarter, which does not account for new revenue streams, the gross up of merchant merchant services.
After expenses, we recorded $28 3 million operating loss for the quarter.
As Steve mentioned, we took a long term view and continued to invest in our marketing efforts and loyalty rewards program. Despite the lower trading volumes for the quarter.
The majority of this loss is related to building loyalty rewards program.
I would like to now come back to revenue from lending and staking activities.
As I mentioned in our fourth quarter earnings call, we engaged new high quality borrowers and started to see the benefit of these new lending relationships in the month of September.
As of June 30, we had loaned approximately 15% of our total AUM.
And by the end of September we had increases to approximately 30%.
We also have previously discussed our strategy of sticking more assets in generating staking rewards.
As of September 32000.
'twenty, one we have committed 21% of our AUM to staking protocols across nine different coins.
While these new strategies were not in place for the entire quarter. We continue to believe the company is on track to achieve a minimum of $50 million of combined lending and staking quarterly revenues on a go forward basis beginning in Q2.
To price levels of the coins.
This is incremental to our other revenue sources, including transactional revenue.
To touch on the current December quarter briefly we have already mentioned that we are on pace to set a record for revenues significantly passing the June quarter.
Tober was a record month.
Industry volumes for October were about 30% higher than the industry average for the September quarter and.
And volumes have continued to see strong in November.
Our October results are outpacing the increase in industry average, which is a strong testament to our investment and the commitment in the loyalty rewards program as well as our dedicated focus on marketing and partnerships, which has led to an acceleration in funded accounts.
This concludes our prepared remarks with that I'll now turn it over to our operator, who will open the line for questions.
At this time I would like to ask a question. Please press star one on your Touchtone phone you may remove yourself from the queue at any time by question once.
Once again that is star one to ask a question we will take our first question from Mark Palmer with BTG.
Yes, gentlemen, thanks very much for taking my questions.
With regard to the increased expenditures that we saw.
During the September quarter.
How should we think about the extent to which those expenditures.
Have been curtailed in the current quarter.
Or are we looking at.
<unk> back to June quarter levels or something other than that.
Yes. Thanks, Thanks, Mark Thanks for joining us today this is Steve.
Look I think youre going to go back to we know we're going we went back to.
A more normalization.
The loyalty and rewards program was.
A really important decision that we made as a management team when we saw the volumes decrease because we saw what other competitors public and non we're doing with their rewards programs.
In making significant changes, which significantly affected customer balances in the amount that they can earn and we decided to make that investment. We also saw a lack of quality borrowers and some changes on some of the partners. We work with and made some changes on that front to know September we've made all these changes we are.
Taking more coins, we have higher quality borrowers.
In our rewards program does not nearly it's a fraction of the investment we have to make that we did in the in the September quarter.
So we're in a much different spot by adding the staking and much higher quality borrowers as well.
Thank you and with regard to the transition to speaking.
As Richard said.
It was about 21% of the U N.
And nine points as of September 30.
How should we think about that percentage moving up over time, what is the goal with regard to that percentage and the number of coins that would be part of the sticky program.
Yeah. Our goal is every coin we have on our platform that there is an ability to earn staking rewards by obviously sticking it on the nodes.
Our goal is to get every single one of them to be revenue generating and therefore wealth creation for customers.
That takes a lot for us to do and will add a few more during the December quarter and will continue to add more in 2022, because part of that is finding the right custodians to make sure we securely.
The customer assets as well and we're expanding those relationships with custodians, so youre going to see us increase those quarter over quarter continued to increase those again with the goal of every coin we have on the platform. If there is an ability to stake we will stay get over the next 12 months.
Very good thanks very much.
Thank you.
Well go next to Chris Allen with Compass.
At this point.
Good morning, guys. Thanks for taking the question.
Follow up on that.
You noted that rewards expenses, a fraction of the investments that you had made previously.
As this concludes the rewards expense line is going down or is it because youre just seeing an increased contribution from mistaking in the lending side.
Its the latter its we found quality borrowers that were comfortable with we've always said that from day, one that we will nevertheless customers points out if we're uncomfortable with who the borrower and we found higher quality borrowers that were very comfortable with at the same time, increasing all the staking. So youll see the staking revenue increase.
The rewards program Hasnt changed we feel it's very important for us to build customer acquisition retention and engagement through our loyalty rewards program and we're going to continue to do that but youll see the revenue side increase.
Understood and then.
Just following up on the lending side. The borrowers we saw some of this needed rates come down for two specific borrowers.
Well just renegotiation.
Renegotiation of increasing capacity there.
Kind of wondering what drove that.
Yes market conditions is part of it our capacity and again I think some of it is the quality and who we want to work with.
Our whole goal all the time is where's the best place to put customer assets that we feel comfortable with and sometimes you have to give up a little bit of the rate to engage some of those but we're seeing an uptick in all of that now come back to and as we've grown there are more and more quality borrowers that want to borrow from.
Us.
Understood and last one for me.
Client acquisition cost I think in the June quarter, there are $20 20 up to 50 this quarter.
<unk> is kind of was wondering doesn't talk to what are they what are they currently stand.
The outlook there.
Yes.
Hi, Chris.
Thanks for the question.
Currently for Q1 September 30th customer acquisition costs came in at around $80 an account.
And where can <unk> I mentioned in our last earnings call we were.
We're seeing a more competitive environment in.
In marketing costs will continue to increase EBIT from net 80, I expect to see a continued rise going forward a little bit there.
Yes, we're getting so Chris we're getting a payback on that in about three months right now.
That's our goal was to always have this payback less than four but you have seen us make some investments in October like we did with Mark Cuban in the Dallas maps, where it's a little bit more branding as well, but we saw tremendous feedback from some of those as well. So I think <unk> is what we landed for September we'll see a slight uptick.
Forward, but our payback is getting greater too.
Meaning our payback period, staying less than four months.
Because our revenue is increasing we're seeing very active customers more yield more staking rewards that were able to do for.
For the top line as well, so again staying with our St payback.
Got it thanks, guys I'll get back in queue.
Thanks.
We'll go next to George Sutton with Craig Hallum.
Thank you Steve.
Steve I wondered if you could just address what will decline as the low hanging fruit and that is really increasing the engagement that you have 1 million funded accounts and $2 7 million registered but what kind of programs are you focusing on to really increase that level of engagement and get a higher percentage funded.
Thanks for the call and thanks for jumping on today.
One is the debit card, we just announced today I just as we were on this call I'm getting the numbers of how many people are already pre regimen.
Okay.
We had over 1000 pre Reg for just the debit card so.
That's another way, we're going to engage we have more products coming more staking rewards when we have more coins at stake.
We're finding the niche and we do a lot of testing and we do a lot of.
Industry research with that $1 7 million at arent funded yet to find out some of their needs and what they're looking for and so we tailor our project projects and products to try to engage more of those as well and so we're looking at multiple things again, the debit card was very big here and we're seeing that engagement.
Already.
And so we will have all these other products that are coming down the pike and we will do some programs for them and.
We will start converting you can see our numbers on conversion exceed many others in the fintech industry.
Where we are give or take.
40% is quite large and but where our goal is to increase that it's low hanging fruit as you said.
Well I think you may have buried the lead did you say 7 billion in.
AUM.
Is your current level.
We're just shy of seven were just shy of $7 billion AUM.
Alright that would've been my headline but congratulations.
Thanks.
We'll go next adhere needs with eight capital.
Okay.
Hey, guys. Thanks for taking my questions. So of course I know the biggest part of your investments are in marketing, but maybe can you talk to us about where you're investing in other parts of the business I know you've kind of mentioned that youre, making platform enhancements, but maybe you can dive into that a little bit more.
Kind of marketing worthy investments, where the investments are going.
Yes, thanks, it here and thanks for taking the time this morning.
There are two major areas, we're making major investments one is just keep building our technology development staff.
And we're continuing to hire in that you can see are the.
The number of employees have grown from June to September and we're accelerating that as well to bring more development. So we can bring more products to market. So the tech Dev and the security related to our system, we're making major investments in and we will continue to do that.
But then the other side is the customer service I mean, we've increased our customer service.
We've seen people really praise us.
For our time and response time on customer service, we're building out more AI related to customer service and our <unk> live chat and phone service. We're in the process of building out as well. So those are the two other areas, we feel very important because it all leads back to customer experience our whole job is to bring the best crypto.
Customer experience to consumers and that's what we're building and that comes through product through marketing and through service and that's our commitment and we're going to continue playing down that lane because thats. The most important thing for us.
That's helpful actually just on maybe security and operational related stuff you know some of your competitors have had some mishaps when it comes to that kind of security related issues do you find that days on that we see those types of headlines that you guys see a little bit of a spike given that you guys are focusing on secure.
And that's a that's a major focus for you guys.
Look I think there are a lot of reasons, we're getting spikes.
<unk>.
Our accounts and the continued growth.
I don't like to focus on what others do I would like to focus on what we do.
And we focus on the customer that's why we are a retail oriented business, where a lot of the other guys are both retail and institutional and that mixes the messages get mixed the market gets mixed who they really want a service gets mixed we focus on what we do which is building a top notch system thats easy for customers.
To use and easy for them to create well that's it we're not we don't go outside those that world, we're not looking to be the best institutional broker we stay in our lane with darn good at it and we're excited about continuing to do that and if if we can get customers just doing that which is what our focus is we're going to continue down that path.
Completely agree on that thanks, a lot guys I appreciate the time.
Yes.
Our next question comes from Kevin Dede with HC Wainwright.
Good morning, Steve and thanks for having me.
Hey, Curt.
So could you talk a little bit about the spread.
Adding new coins to the platform and your trends there.
I think I mean granted last call wasn't that long ago, but it looks like your stable around 60, I'm wondering if you might give us some insight on where youre going with that.
Yes.
We're now at I think 67 coins.
We I think 68 coming out in the very near future.
So we're going to continue to add coins, adding coins is a process and it's not just a technology process. It's a legal process with all the analysis that we go through and the Tech analysis. We go through we want to bring quality projects to the platform.
That we believe paas.
Our legal analysis, so we're going to continue to add youll see us as.
As we keep scaling the system, we're adding more and more clients. So youre going to keep seeing us add more coins over the next six weeks.
Okay, So Steve and Matt evaluation process are you considering mistaking side of them as well.
There is a lot of factors that go into it staking is obviously one.
Who's the custody, where we're going to coffee the coins is another one and obviously legal side. So yes. There is a lot of factors that go into deciding which coins.
We want on the platform and then the last obviously as liquidity, there's got be enough global liquidity for us to make sure that we can offer really good quality execution to our consumers.
And then just the spread.
See that staying stable.
How should we think about it.
We've seen it. It's the question everybody asks every quarter is where's the.
Spread revenue in this spread.
<unk> points and we see it consistently in that.
107 to $1 13 range, and we don't see that changing anytime soon.
Okay. So we talked a little bit about the merchant revenue associated with quantify how I mean, I know you talked about more merchants clamoring to get attached and obviously, you're trying to get them attached.
How do you see that trajectory.
Yes, we've seen an uptick in that business in the quarter as well already in the current quarter.
That revenue gets generated through direct to merchants, who are embedding the widget from quantify into their wallets or into their system or the PSP is and we're in the process of hiring a U S based.
Sales person for that merchant system to really increase.
Our recognition here and get into more psp's.
But those take time right those though that's more of a longer term sale, but we see a steady increase of people using some coins from their wallets, we will see a steady increase in that business, but I think the real big Bang for that is going to come in the next six to 12 months when we get into more psp's.
Okay. How are you trying to build awareness within your customer base.
Billed for the retailer Youre talking about the payment systems, yes.
No for your retail users ranked for the people on the platform.
Not necessarily clearly evident that there is all of this added functionality that debit card and payments and such and I was just wondering how you were going to trying to transmit that message.
Yes, we do a lot of engagement with the consumers either some through the app some through other marketing techniques like E mail and notifications.
We have a pretty.
Sophisticated system.
That recognizes who is using what products at this point in time and what engagement, we should send to that and we're going to continue to build upon that.
We use data very heavily it's why we've invested in platforms and the back end to analyze the data and a team to analyze the data. So we can make the right decisions for consumers to send them the right products.
Alright, what point do you think you might consider running your own nodes and staking.
Great question, we haven't decided that yet we think that we're continue to move fast using guys like block Damon and figment in others.
It's very valuable to us because it access lets us move faster.
Rather than building from scratch, but it's something on our plate, we'll look at it when the time's right to bring more value to customers on a quicker basis, we used in the third parties.
Okay.
Thank you gentlemen, much appreciated.
Thanks Curt.
We'll go next to Joe Gomes with noble capital.
Good morning.
Morning, Joe.
I was wondering maybe give us a little update and a little more color here on the Dallas Mavericks promotion, obviously, it looks like it was a huge success.
If you can give us some details on kind of a numbers there and are you seeing any any long tail on that or is that.
Once the.
The promotion and do that kind of just drives right up.
No.
We havent disclosed the actual numbers, but it was a and I can't underestimate it and understated actually huge in capitals success.
And the success has had a real long tail.
So it's been something that has cultivated our.
Our increase in App store rankings are increase in customer engagement.
Increasing customer and investor sentiment and it's all been really positive and there's a long tail. It hasnt, we havent seen really much of a slowdown obviously there is some from the initial bank but.
We're seeing consistent account growth and a lot of customers talking about the maps and we're not done there wasn't a one and done that's why we signed a five year integrated partnership with them. We have a lot of other things we're working on with them.
I have the best CFO in the crypto business.
With the experience that Pam does in building companies from scratch from from our time at E trade. We've seen this before and we know exactly how to keep these long tail going and we're going to continue to press press our foot on the gas on this.
Do you want to give us any insight as to maybe some of the ones you've got coming down the pike.
Come on I'll ask surprises so no. Unfortunately got to keep some of that cut close to the vast and when we have some more announcements.
You guys will be the first to know.
Okay.
One last one here kind of bigger picture.
Obviously, a lot of a lot of good news coming out here.
It looks like.
Significant amount of positive momentum as you sit back Steve kind of what's your you're one or two of your biggest issues or concerns.
For the business as we go forward here.
You know from.
I don't really have a concern I just.
I know, what we're creating I know, how we are growing I see obviously the numbers every day and the number of new accounts everyday.
I just want to bring more product to the market quicker because we have such a great product.
Our industry, leading product and engagement, we get with customers 10 times a day on the App, we have an industry leading product and so the only thing that concerns me is how fast can I get more products to the market debit cards here now in the pre Reg So thats coming what else can I bring to the market that truly helps customers.
Create wealth and engage with with Voyager.
We will be looking forward to that thanks, Steve.
Thanks, Joe.
We'll take the next question from Chris Sakai of singular research.
Oh, hi, good morning.
Hey, Brian.
Sure.
I've got a question on <unk>.
And then for Europe or your plan so on their housing.
Harlequins along with that.
Yes, we're working on our timeline to get there as we've stated for a while that is one of our goals.
And it won't be in 2022 as stated previously.
And working hard with the quantify team that was very important acquisition for us because of some of the things that they bring to the table the payment rails that KFC the AML already set in Europe.
Couple that with our license in France, we're working hard to get there.
Okay.
Great well thanks.
I guess.
Welcome the previous caller.
Yes.
How do you really measure success with your Dallas Mavericks campaign.
It's been the <unk>.
Our success is engagement with customers retention of customers and acquisition of customers. The three things that matter most to US are those three things engagement retention acquisition, we've acquired a huge amount of customers, we're retaining our customers and we're engaging with our customers and we have all the data that we're looking at on that front so to us huge in.
Capital success.
Okay Alright, great.
Thanks, Chris.
This does conclude the Q&A portion of today's call I will now turn the call over to Stephen for any additional or closing remarks.
I just wanted to say thank you for everyone for attending this call I appreciate the interest in Voyager.
Really excited about where our businesses in the quarter were in the middle of and look forward to our next earnings call give or take around February 15th So everyone else have a great holiday season I. Appreciate you again for all being here and look forward to speaking to you. All soon so thank you very much.
This does conclude today's program. Thank you for your participation you may disconnect at any time.
Okay.
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Why.
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