Q4 2021 Artisan Partners Asset Management Inc Earnings Call
Hello, and thank you for standing by my name is Tom and I will be your conference operator today at this time all participants are in a listen only mode. After the prepared remarks management will conduct a question and answer session and conference participants will be given instructions at that time as a reminder, this conference.
<unk> is being recorded.
At this time I will now turn the conference over to <unk>.
<unk> Investor Relations for Artisan partners asset management. Please go ahead.
Thank you welcome to the artisan partners asset management business update and earnings call.
Today's call will include remarks from Eric Colson, CEO T J Daley CFO .
Our latest results and Investor presentation are available on the Investor Relations section of our website.
Owing to remarks, we will open the line for questions.
Before we begin I'd like to remind you that comments made on today's call, including responses to questions may deal with forward looking statements.
These are subject to risks and uncertainties and are presented in the earnings release and are detailed in our filings with the FCC.
We are not required to update or revise these statements following the call.
In addition, some of our remarks made today will include references to non-GAAP financial measures.
You can find reconciliations of those measures to the most comparable GAAP measures in the earnings release.
I will now turn the call over to Erik Olsson.
Thank you Mikael and thank you everyone for joining the call or reading the transcript.
Manage our business based on the philosophy and principles on slide one we.
We aligned the firm with long term industry evolution to manage thoughtful growth.
We take incremental steps to create stability and duration in our business.
And we believe this is authentic Lee managing for the long term.
Turning to slide two and.
In the early years of artisan partners, we captured a powerful trend of talent free agency and a categorization of active management.
Within categories talent have the opportunity to shine and was well aligned with end clients.
Like any powerful trend the categorized approach event with eventually became over manage overstructured, an oversupplied, while the universe of U S public equity has shrunk in half.
Today, the industry has de emphasized individual and creative talent.
Packaging passive strategies and individual talent into investment solution products.
Emphasis has been on scale packaging fee rate and distribution.
Great investment talent has been diluted underappreciated and poorly aligned with end client outcomes.
We believe that we are at an inflection point.
At the beginning of a new phase of active management, and which talent is re emerging out of rigid structured strategies seeking autonomy and the freedom to be innovative and creative.
The old categories of active management are increasingly breaking down and blurring.
With increasing demand for active managers, who can invest broadly to generate returns and manage risk we.
We see long term demand for high value added active management that includes the use of concentration multiple security types very time horizons and the whole capital structure.
We also see an industry trending towards two broad categories.
Passive and exposure on one end and active and alternatives on the other within the ladder, we highlight private equity and venture capital extending duration into public securities.
Hedge funds converging into long bias strategies managed relative to an index and.
In hedge funds and other active managers converging into hybrid or crossover funds, including public and private companies and short high value active management has evolved to incorporate a full array of investment and security types across an array of time horizons.
This industry evolution presents artisan partners with tremendous opportunity. We believe it's a reaffirmation of active management it embraces degrees of freedom broader opportunity sets and more tools to be different.
It values creative talent and differentiation.
And it more directly aligns talent with end clients.
As we look forward, we expect to add more investment capabilities and more degrees of freedom.
We will continue to empower unique talent within active management operating autonomously.
We see active opportunity sets continuing to grow and overlap evolving away from narrowly defined boxes.
As we have in the past, we will provide and clients with undiluted access to unique investors operating with and large or inefficient spaces.
This evolution places a premium on investment talent and the operational capability to invest broadly.
Okay.
It will allow our existing teams to further growth or opportunity sets capabilities and businesses.
And it will help us to continue to attract.
And add external talent operating in different spaces and across spaces that were traditionally bifurcated.
We see a great supply of talent in the marketplace and.
And we have a proven formula in process for matching talent opportunity sets and long term demand to support sustainable investment franchises.
I want to say a few words about the supply of talent on slide three over.
Over the years.
The number and types of homes for talent have grown that creates competition, but it also creates supply.
We believe our combination of autonomy resources economic alignment patients and proven success remains a unique and attractive in the marketplace.
Because of the investments we have made in our operational platform. We can support a wide array of investment talent and strategies across the high value added spectrum.
The convergence of asset classes, and investing styles and the importance to talent a broad opportunity sets creates opportunities for us to attract talent from sources that even a few years ago would have been unlikely.
At the large integrated firms industry consolidation and a focus on scale and solutions increases our relative attractiveness to active talent talent that is underappreciated and poorly aligned. We also believe that the multi strategy platforms may become a fertile source of new talent.
Given the number of investors that these platforms have attracted and developed over the last decade, or so we expect to see more talent emerge from this source.
Across the board we are excited about the supply of talent in the marketplace today.
We're meeting with compelling talent are proven success at franchise development creates a positive feedback loop, increasing both the quantity and quality of opportunities.
And we have the capacity and bandwidth to do more.
Along with talent the other two components of our growth Formula are the right investment opportunity set and long term demand.
We focus on inefficient spaces in large and growing opportunity sets.
Either from an increasing number of issuers or by redefining a traditional opportunity set sometimes both.
In all cases, we are identifying opportunities to differentiate and add value for clients.
Where we expect there will be long term demand from sophisticated allocators, who value what truly active managers do.
Recently, you've seen us bring together these growth components in a number of areas.
Our credit team enhances the high yield opportunity set by including floating rate loans, roughly doubling their investable universe.
Our China post venture group accesses growth in China through both publicly listed and private companies.
China's on an offshore listed markets are already larger than those in the U S. In terms of the number of issuers they are growing and they are less efficient.
The CPG team increases the opportunity set further with late stage private investments given the team greater access to growth in a world in which many growing companies are staying private longer.
And all three of these areas differentiated credit, China, and private markets, we see large growing less efficient opportunity sets and long term demand from allocators looking for active investment management.
Aren't the only areas, where we will add capabilities and develop businesses.
But they are three areas that we're particularly focused on.
Where we have tow holds for future growth.
And where we can add value for talent and clients.
Our newest team emerging markets debt brings all these teams together.
Outstanding talent disrupted by industry consolidation.
Large growing inefficient often difficult to access opportunity set.
With plenty of opportunity to differentiate and add value.
And long term demand from investors seeking yield total return and diversification.
Since the founding members joined artisan in September we have built a team of 10 plus investment professionals.
We're standing up a next generation set of tools and systems, which will further increase our operating capacity and breadth.
And we are in the process of establishing three investment strategies blended.
Blended currency emerging market debt opportunities local currency emerging market local opportunities and the highest degree of freedom strategy Global unconstrained.
We currently expect to launch these strategies in the first half of this year.
Slide six shows the long term outcome for our stakeholders.
We align talent the right investment opportunity sets and long term demand.
Also align economic interests and time horizons across stakeholders, our people our management team our board our clients our shareholders.
The result is a highly productive firm.
A firm that adds value for all its stakeholders.
Absolute returns in alpha for clients.
A stable rewarding long term home for our people.
And a predictable source of financial return for our shareholders.
Creating sustainable value takes time outcome.
Outcomes are lumpy over short time periods, but over the long term.
A steady predictable growth outcome.
In 2021, we generated record annual revenues of 123 billion and adjusted EPS of $5 <unk> per share.
When we pay our dividend in February we.
We will have distributed $29 55 per share since our IPO in 2013.
Representing nearly 100% of our IPO share price.
We have returned nearly 100% of investor capital since the IPO, while at the same time growing and diversifying the firm from five investment teams and 74 billion in AUM to 10 teams and 175 billion in AUM.
Consistent with who we are and the themes I've discussed on this call we expect to accelerate the evolution of our firm and continue to generate value added outcomes for all of our stakeholders clients associates and shareholders I will now turn it over to C. J to discuss our financial results.
Thanks, Eric as a reminder, our financial model principles are highlighted on page seven.
Our complete GAAP and adjusted results are presented in our earnings release, My comments will focus on our adjusted results.
In 2021, we achieved record revenue and earnings revenues Rose, 36% adjusted operating income rose, 51% and we declared dividends related to 2021 earnings of $4 70 per share.
These record results reflect our continued commitment to our talent focused business model, which is designed and executed for the purpose of generating and compounding wealth for clients over the long term.
Assets under management were $174 8 billion at December 31, 2021 up 1% from the September 2021 quarter and up 11% from the prior year end.
In the fourth quarter investment returns contributed $4 1 billion to the increase in AUM.
This was partially offset by $2 2 billion of annual artisan fund distributions that were not reinvested and slight negative net client outflows.
Average AUM for the quarter was down 1% sequentially.
For the full year investment returns contributed $17 6 billion to the increase in AUM and net client cash inflows contributed $1 7 billion.
Average AUM for the year was up 38% year over year.
Our AUM grew across all three generations in 2021.
And our first and second generation strategies was driven by investment returns and growth in our third generation strategies was primarily driven by net client cash inflows.
Third generation strategies now represent close to 20% of our total AUM.
Key financial metrics for the quarter and year are presented on pages 10 and 11.
Revenues in the current quarter were $315 million down slightly from the September quarter, reflecting lower average AUM.
Our recurring average fee rate remained at 71 basis points.
Expenses rose, 2%, primarily due to higher incentive compensation travel and administrative expenses.
Our fourth quarter adjusted operating margin was 43, 8% and adjusted net income per adjusted share was $1 29.
Average for the year average AUM was up 38% and we generated revenues of 123 billion up 36% from 2020.
Our variable operating expenses, principally in incentive compensation expense adjusted with higher revenues.
Fixed expenses also rose in 2021, reflecting additional headcount, including our newest investment team increased long term incentive expense and continued investment in technology to support our investment teams and operations platform.
Our 2021 adjusted operating margin was 44, 1% and adjusted net income per adjusted share was $5 <unk>.
Up 51% from 2020.
Our balance sheet remains strong our cash balance of December 31, 2021 reflects a significant earnings growth we experienced throughout the year.
A portion of this will be used to pay the dividends most recently declared.
In the fourth quarter, we executed a note purchase agreement.
To refinance the $90 million tranche of senior notes that mature in August 2020 to the.
The transaction will close in mid August subject to certain closing conditions.
The new notes will mature in August 2032, and have a coupon of three 1% covenants will remain unchanged.
Our board of directors declared a quarterly and special cash dividend to shareholders of record on February 14th of $1 75 per share and.
In aggregate cash dividends cleared with respect to 2021 were $4 70.
Which represents the majority of the cash generated in 2021.
The dividends declared with respect to 2021 represented trailing 12 month dividend yield of approximately 10% based on our share price at the end of 2021.
In 2022, we will continue to invest in our business, reflecting purposeful pace of growth as we deepen our investment and operational capabilities in fixed income and differentiated strategies. We expect to increase spend in 2022 that will be primarily focused on investment talent and technology to support our newest investor.
<unk> team as well as new strategy launches and existing teams. In addition, we will continue to invest in expanding our distribution reach with investments in talent marketing digital capabilities and data.
More specifically during the first quarter, we will grant approximately $87 million of long term incentive awards. The majority of these grants will be made to our investment talent. These long term incentive awards are comprised of $49 million of franchise capital awards at approximately $38 million of restricted stock Awards.
Generally 50% of the awards vest pro rata over five years and the remaining 50% best in connection with a qualified retirement.
As a result of this year's grant we estimate that long term incentive amortization expense in 2022 will be approximately $56 million.
Given our priorities in 2022, we expect to increase head count by as much as 10% over the next year across investments distribution and marketing and back office.
We expect the fixed component of our hiring plans will add approximately $15 million to our compensation and benefits costs.
Occupancy and technology costs will also uptick and we expect the annual expense in each of those two categories to be up 5% to $7 million next year.
In addition, we expect travel expense at some point will revert to pre pandemic levels, but as of now it hasnt.
As a reminder, our compensation and benefits expenses are generally higher in the first quarter of each year due to seasonal expenses. We expect the seasonal expenses were approximately $5 million and the expense during the first quarter of 2022.
In conclusion as Eric to accurately stated in his prepared remarks and earnings release, we see opportunity all around us and we are investing more resources back into our business. We will manage this investment in our growth with our proven business model and history of success. However results will be lumpy successful outcomes will take time.
We remain confident in our long term outcomes, we can achieve for our clients associates and shareholders.
I will turn it back to the operator.
Thank you we will now begin the question and answer session.
You'd like to ask a question. Please press Star then one to join the queue.
We are using a speakerphone please pick up your handset before pressing the keys.
If you'd like to withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Okay.
And the first question comes from Bill Katz with Citigroup. Please go ahead.
Okay. Thank you very much good afternoon I appreciate you guys taking the questions.
So maybe first question C J, maybe picking up some.
Commentary from both you and Eric just in terms of investing in that certainly resonated with the press release and your comments today.
Guidance you provided just to be clear is that year on year growth or sequential change overall and then.
Any kind of flexibility against that.
Markets continue to sort of stay where they are or even weaken from here. So my first question.
Yes.
Phil Thanks for the question Thats year over year growth.
Sorry for not clarifying that.
And our spend is focusing on growth we have complete control over our spend.
It's the spend is focused on.
Growth for the long term, we look out five years to seven years and we're building.
We're building over that timeframe. So there isn't any sort of dependence on near term growth with that spend.
But it's basically focused on.
Building out the emerging markets debt team, which obviously.
We need to do to realize growth there the rest of the spend is really expanding our capabilities.
Operational capabilities to enable us to continue to onboard differentiated strategies and align our distribution marketing and data organization around these opportunities, which I think Eric has.
Laid out.
Quite nicely in the in the remarks.
Okay. That's helpful and then Eric maybe one for you just sort of stepping back a little bit. So it seems like theres a lot of long term opportunity here.
So I think we would some of the themes you've talked about can you sort of help us sort of maybe ring fence, where you might be on the legacy book in terms of.
Portfolios or funds that are sort of partially close are capacity constrained versus the timeline do you think you could materially sort of tap into some of these mega trends that you've identified.
Yes.
He has been.
Fairly patient on letting those play out they are very hard to force in.
In the short run over a one or two year period, where you can force demand or.
Trying to short circuit the.
Foundation building of a new strategy or a franchise so.
You can look out over the next three to five years and look at solid growth in our mind because of the supply demand.
That we've laid out of product in the long term demand trying to play that in the short run it was very difficult.
I think we've always said flows are lumpy and.
How to how to time that is going to be difficult with regards to.
The emerging market debt team that we've brought on.
I would play that out somewhere that we've looked at our other.
Credit team and how that team grew.
Similar features with regards to onboarding and potential opportunity.
Okay. Thank you.
Hi, Dan. This is the operator I just wanted to remind us in the question queue. Please limit yourself to two questions and the interest of time. The next question comes from Kenneth Lee with RBC capital markets. Please go ahead.
Hi, good afternoon, Thanks for taking my question.
You mentioned in the prepared remarks, you could potentially enter some new investment areas. That's possible down the line I'm wondering if you could just further expand upon that what particular areas are you looking at right now thanks.
Okay.
As we have.
We have done in years past, where we're fairly open minded on the number of.
Teams are the type of strategies that we look at.
If you look back we've been talking about emerging market debt for years.
And we finally had a great opportunity to bring on Mike <unk> team.
And so.
That team is very indicative of.
The opportunity set disruption hits the market with regards to some type of M&A or consolidation.
Makes it team that we werent thinking about available too.
To us we look at the team and find out beyond emerging market debt. There is an array of strategies.
That come with the team and we opted with our global unconstrained strategy.
And you look at the universe there.
We will see a handful of new strategy is coming out of this emerging market debt team that yield into more alternative oriented strategies.
Today, we are seeing.
More teams that.
May be constrained in.
The overall opportunity that may be embedded in a multi strat.
That we look at and say.
There is there's good parallels to launching a small cap growth strategy back in 94, you would have thought it had been $1 billion and yet it spawned a growth franchise at large.
We're looking at some more alternative oriented strategies on the credit and the equity side.
That may be thought of as more narrowly defined today, but have the opportunity to expand those are the type of opportunities that we're looking at to get that we get excited about and it's going back to that growth formula.
Is there a supply of issuers and opportunities that allow active management to differentiate is there a growing supply of demand that's going to be directly allocating to that category.
And.
Those are.
The characteristics as opposed to the specific categories.
Great very helpful.
And just one follow up if I may you mentioned that some of the alternative oriented strategies have recently passed some milestones, including a five year one year track records.
Wondering if you just talk a little bit more in terms of your expectations would you expect to see.
Potential widening in terms of client demand and perhaps some.
The pickup in organic growth. Thanks.
It was specifically to.
The Antero Pete group hitting.
A milestone as well as our credit opportunities hitting a milestone I would say China post venture is still in the early phase but.
The more alternative oriented strategy is hitting those milestones and certain asset levels.
Provides us a.
A broader opportunity for greater organic growth in those those strategies and we're also stacking.
More distribution efforts.
To align with that growth over the next year or two.
Great very helpful. Thanks again.
The next question comes from Robert Lee with <unk>. Please go ahead.
Great Good afternoon, or good morning, as the case may be and thanks for taking my questions and C. J I just wanted to.
Clarify a couple of your comments on.
Expense guidance for next year so.
Was the occupancy was the $5 million to $7 million in 'twenty two.
For tech and occupancy separately or combined just want make sure I had the right numbers separately.
Okay.
5% to 7% each.
Okay, Great. That's helpful and then when you.
Talked about the.
15 million from the expected headcount increase should I think of that as being kind of in addition to you have kind of a normal salary increases kick in then.
Unfortunately, an increase cost of existing benefits. So does that kind of on top of that or should we think of that is inclusive of kind of the normal increase that you'd see in comp and benefits.
No thats inclusive of that.
It represents.
The merit increases we gave.
For 2022.
It also includes the fully loaded cost of employee new hires that were hired in 2021.
Just had partial.
Compensation as well as.
Head count additions for 2022.
Okay, Great. That's Super helpful. And then maybe one last question broader question, Jeff as you think about the opportunity set to expand the platform and obviously.
Start to launch some private funds or different fund structures.
How is this.
How does do you expect your capital management to continue to involve obviously still going to be distribution oriented so but is it.
Reasonable to think that going forward, greater and greater proportions of cash flow will be used at least for the next several years to two.
To fund or cede some of these.
New strategies over and above.
What <unk> had to do historically have.
<unk> done recently.
Yes, that's a good question Robin.
Policy will as you indicate.
The highly skewed towards.
Cash cash dividends.
We do manage our seed capital book on a.
On a fairly tight basis.
Some of the strategies that we've recently launched and do plan to launch will require more seed capital.
And from time to time, we have.
We have taken from the special or.
Or our current year earnings and utilized more seed.
So it will be evolving, but it wouldnt be.
Unrealistic to think that we would.
Heat into the special.
Whereas we have died on several occasions.
To seed products.
Okay, Great. Those are my questions. Thanks, so much for taking them.
Yes.
The next question comes from Ryan Bailey with Goldman Sachs. Please go ahead.
Good afternoon. Good morning, So maybe a quick question C. J initially.
The pace of investments for this year is this a one year build that youre thinking about to get you where you need to be or should we be thinking. This is kind of the sort of more investment needs for the thumb.
Well Ryan as you know certain costs seem to only only go up with inflation and more usage and I'm speaking technology and data and as our business grows our.
Our talent focus will remain.
So.
<unk>.
I would say that we have.
As I said before control over our spend.
We're leaning into it this year.
Some categories like Tech and occupancy had been a little bit to press over the last couple of years with with Covid.
We had a great last year, so we're leaning into the spend.
So I don't want to say you should expect the same.
Type of growth year over year.
And as we get into the year and into the end of next year. We will provide further guidance on where that goes but our efforts will will span over several years and beyond that because we will continually reinvest in the business.
Okay, that's fair.
And then maybe for Eric you had said that you were excited about this plateau on in the market today.
And I know I just want a austin's question in the past, but it can be difficult to forecast when you bring new teams and so maybe I'll ask it a different way.
Based on what Youre seeing in the market today is there any reason why we shouldn't see more new hiring of new teams coming into a path over the next few years and we've seen in the past.
And I'm asking you this could potentially.
Yes.
Okay.
Okay.
Bob.
You broke up there at the end Ryan just on the last part of it.
Sure sorry, I was just saying.
If you do have more teams coming in more steadily and that could improve the diversification of the MTM more steady sort of pace of growth.
Yes, I do think that we are.
We're looking at a greater supply of talent for the broad comments.
Aid on the earnings call.
As I stated I do think these strategies tend to be a bit more capacity constrained.
As you look at the alternative space.
But.
How teams.
All are inside of the artisan framework coming in with a strategy and skill set.
How you capitalize on that skill set over time and how the market evolves.
Or is unknown. So our first priority is always bank on talent and differentiate it and great performance and let the market evolve the franchise and as we look at the number of potentially strategies that are available to our platform today is <unk>.
As mentioned, we've invested in the broader platform.
Would expect.
Yes.
More teams coming in in a more diverse.
Array of strategies over the next five years.
And then Ryan just to clarify my earlier comment on your question I do think the spend will provide us leverage for the future.
Two to bring on more teams as Eric stated and so while spend reinvestment will continue.
We should gain efficiencies from from some of the things we're doing this year.
Got it okay and thank you for the color, Eric and CJ for the clarification.
And your next question comes from Dan Fannon with Jefferies. Please go ahead.
Hi, Thanks, just looking at the AUM mix of the generations that theyre generating the regeneration of funds and as you look at the third generation in its makeup by client location and vehicle an even distribution channel.
I guess, how do you see that evolving comparing versus the first two generations and do you see kind of more of a growth in non U S from here or SMA or some of the kind of thing.
Think about the maturation of that.
Segment or that generation of products.
Yes.
It's been a debate we have within the firm exactly.
Hi.
Certain strategies fall into the various generations and.
I, clearly think with the new emerging market debt team.
And one side, the global unconstrained really fits nicely into that third generation.
Just the amount of degrees of freedom.
And the differentiated performance results and on top of it.
The fee that goes with that type of strategy, but I also look at the emerging market blend in local is going to attract quite a bit of non U S client.
Base, and it's going to help that global.
The generation two so you can look at that team and say that the emerging market that is a strategy that lends itself very well to asset allocation around the world arguably you might lean towards a non U S and even European.
<unk> set given.
The comfort with currency and <unk>.
Emerging market debt and clearly looking at the rates that across Europe . This is a very attractive asset class. So.
This team may fall into the.
Globalization as well as the degrees of freedom, So two and three.
And then on the flip side, when we look at what's going on with.
The credit team.
We again have a credit opportunity that's clearly a generation three but.
The floating rate strategy as a category killer.
The number of securities.
In that segment of the market has now caught up or even surpassed what you see in the corporate credit in high yield.
Do you have.
Our burgeoning supply of securities to differentiate within a category.
So we're not against categorization, we think it's going to be it's here to stay and in some cases the.
The number of issuers are going to.
Bring that back into Vogue or the redefinition of the category that allows greater flexibility, we'll bring it back in.
So we think growth could occur across all three generations and just looking at the two credit teams that we that I highlighted.
<unk>.
<unk>.
It gives you a lens into how it fits across various categories and opportunities.
Great. Thank you and then as a follow up C. J, just the 10% head count.
Is that mostly I think you said distribution as well as the building out of the of the recent team hires but I assume that doesn't include any.
Forecast of additional team so maybe thinking about.
What the starting point I guess, even numerically how many people that might be and then where the breakdown of that head count is going.
Yes, I mean, we are probably talking.
Around 50 to 60 additions.
And it's really spread across primarily investments in distribution.
No not forecasting any new teams.
Our new team could could.
Okay.
That up a bit more and then.
On the administrative side.
Some smattering of individuals' across a number of different areas.
As we look ahead and think about existing.
Existing.
Growth and future opportunities.
Got it thank you.
Okay.
Louisiana.
Do we have any other questions.
Okay I have no further questions. So this concludes our question and answer session, which also concludes today's conference call. Thank you for attending today's presentation. You may now disconnect.
Thank you. Thank you.
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Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Thanks.
Okay.
Sure.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
[music].
Yes.
Yes.
Okay.
Yes.
Hum.
Okay.
Sure.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
[music].
Yes.
Great.
Yes.
Yes.
Okay.
Okay.
Yes.
<unk>.
Okay.
Hum.
Thank you.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Thank you.
Sure.
Yes.
Okay.
Okay.
Yes.
<unk>.
Yes.
Yes.
Sure.
Okay.
Okay.
Okay.
Yes.
Thanks.
Yes.
Yes.
Sure.
Okay.
Yes.
Sure.
Okay.
Okay.
Okay.
Okay.
Okay.
Sure.
Yes.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Yes.
Yeah.
Okay.
[music].
Yes.
Yes.
Yes.
Okay.
Yes.
Sure.
Okay.
Okay.
[music].
Sure.
[music].
Okay.
Yes.
Sure.