Q4 2021 Radcom Ltd Earnings Call
We will be able to do.
[music].
Ladies and gentlemen, thank you for standing by the conference will begin shortly.
[music].
Okay.
Sure.
Okay.
[music].
Ladies and gentlemen, thank you for standing by welcome to the rack Com Limited results conference call for the fourth quarter and full year 2021.
All participants are present in a listen only mode. Following management's formal presentation instructions will be given for the question and answer session.
For operator assistance during the conference. Please press Star Zero as a reminder, this conference is being recorded and will be available for replay on the company's website at www Dot rack com Dot com later today on the call are y'all, Harare rack com CEO and Dara Hob Rad come CFO . Please note.
The management has prepared a presentation for your reference that will be used during the call. If you have not downloaded it yet you may do so through the link in the investors section of rack Com's website at Www Dot Rad comeback Com Slash Investor Dash relations before we begin I would like to review the safe Harbor provision.
Forward looking statements in the conference call involve several risks and uncertainties, including but not limited to the company's statements about the <unk> market and industry trends and expected increase in Standalone five G launches the role the company is expected to play in the <unk> transformation sales opportunities sales.
Cycles and pipeline the expected impact of currency rates, the company's market position cash position potential unexpected growth in 2022, and thereafter, it's expectations with respect to research and development and sales and marketing expenses as well as grants from the Israel innovation.
Third party, the company's expectations with respect to its relationships with Rocco tender and AT&T the potential of the rack on the <unk> product and the integration with Microsoft Azure and AWS its expectation to continue enhancing our software solutions and demand for its solutions deployment of its five <unk>.
Aleutians in multiple cloud environments.
The potential benefits to its clients its ability to capitalize on the emerging <unk> opportunities and win more market share the potential of the company's long term vision and the use of artificial intelligence and its products its expectation that greenfield operators will choose vendors based on innovation.
And its revenue guidance the company does not undertake to update forward looking statements.
The full safe harbor provisions, including risks that could cause actual results to differ from these forward looking statements are outlined in the presentation and the company's SEC filings and this conference call management will refer to certain non-GAAP financial measures, which are provided to enhance the user's overall understanding of the <unk>.
Company's financial performance by excluding certain noncash stock based compensation expenses non-GAAP results provide information to help all in assessing rack com's core operating performance in evaluating and comparing the results of operations consistently from period to period.
The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures included in the quarter's earnings.
Release available on our website now I would like to turn the call over to a young. Please go ahead.
Thanks, operator.
Good morning, everyone and thank you for joining us for our fourth quarter and full years 'twenty to 'twenty one.
Q4 represented a strong finish to a good fiscal year.
We achieved our highest quarterly and full year revenue results.
In the U S.
Our end of our projected annual guidance.
Total revenue for the fourth quarter was $11 2 million, which represents the 10th consecutive quarter while fees over to you.
Both.
Full year 2021 revenues grew to $14 3 million, which represented a 7% year over year ago.
And the new all time full use vehicles for the company.
In fiscal 2021 seven.
70% of our revenue was recurring which reflects our strategy two <unk> contracts, which provide us good visibility into 2022.
Our consistent results throughout the U painful the solid execution of these contracts our team's ability to remain agile in an ever changing environment and the value we bring to our customers.
I am proud of our achievements in fiscal 2021 .
A lot of credit we launched a global teams and our experienced leadership.
Despite the global pandemic are reduced executed exceptionally well to meet the needs of our customers and to execute our growth strategy.
When we deliver those highest ever quarterly and full year revenue results I believe that we can deliver an even stronger growth in 2022.
Let me start by reviewing some of our 2021 achievements.
In 2021, we continue to strategically invest in research and development to extend our technological leadership, we've seen the <unk> issue in space.
We believe to be a key enablers for our future business.
We announced the release of the new AI solution as both of the radical based portfolio.
We believe that AI, driven analytics will be offered considerable benefits to operators for the future network automation and will be critical as part of an automated assurance solution as <unk> evolves.
I will expand on this later in my remarks.
I wish to take this opportunity to thank all of <unk> employees.
Helps us to meet our business commitments and so both our customers' Julie's 2021 .
Walking in hybrid mode requires a new operating model the expense people places and processes.
Quickly adjusted our mode of operations to the new way hopefully most walking empowering teams.
The ability to work effectively to support our customers and to collaborate utilizing cloud based applications and virtual conferencing.
Turning to the business.
AT&T remains the key strategic customer for us and in 2021, we continue the solid business relationship.
We received that older full Additionally, in analytics and network integrations and we also have a significant backlog that provides a good visibility into 2022.
We continue to innovate and deliver best in class software to AT&T.
Our cutting edge cloud technology is embedded into At&t's network and monitors the service quality and allowing them to opening months performance and troubleshoot network degradations.
In 'twenty to 'twenty, two we expect to continue providing AT&T with advanced software enhancement and providing premium customer support.
We are walking closely with record in another strategic customers to support <unk> network rollout in Japan, which in February each 96% population coverage.
We announced during the year. This we started wanting to work with than Standalone <unk> services in preparation for the launch of the <unk> network.
Having secured one of the industry's first <unk> standalone assurance contracts with Rakuten. We believes that this work will continue helping co products mature and provides valuable experience to us when we have more operators implement standalone <unk> is they look to our insurance expertise.
In addition, as you are.
<unk> service assurance vendor of choice.
The greater due to record consumer lending.
And business dedicated to selling directly to the communication platform and managed services to telecom operators worldwide. We.
We believe this platform integration with open significant opportunities for us in the future.
While our focus remains on the <unk> market. We continued in 2021 to see demand for all wheel Fuji and Volta assurance solutions, winning additional orders for them always stall based political base, including the previously announced expansion, we just talked to you.
Latam operator and added key accounts.
In 2021 we also announced the integration of radical Mace, we do hyper scaler, Microsoft Azure and Amazon Web services.
We expect <unk> to be deployed in multi cloud environments and so with these ecosystem partners operators can simply rollout by using the public cloud alone food reticle Mace do smartly manage and optimize <unk> network services both domestically.
As far as <unk> gains traction, we expect that these solutions integration to help us serve a wider range of customers for the rollout of mortgage Vince <unk> services.
Turning to the telecom industry in the state of <unk>.
Our estimates last year the defense market momentum will continue into July 2021, with a largely played out and the market continues to scale and expand globally.
Did you say identifies 20 operators that are launching focused standalone networks with most being limited in scope.
Well the critical mass is still at the early stage of five <unk> to five <unk> networks will be launched over the next few years.
Assurance vendor selection is expected to occur at the later stages of the rollout.
So the market is gaining momentum we are only on the cost of this transition.
It's fun to use Vince as we see new Greenfield factory Nichols being built in the telecom space.
These new networks can be abused by established telecom operators investing in five G O newcomers to the telecom market.
They built a network from scratch and deployed the most advanced technology.
Do you have in essence fueled five G and cloud native form this stopped.
These operators like that's within automated assurance solutions are vital to monitor the network lifecycle and ensure ongoing service quality from lab to full commercial launch.
We dealt with our R&D investments and deposit strategy focus on automated assurance will fight and cloud Native networks. We believe this we have competitive advantage in D. C medicine, Greenfield market and demand for best in class solution will go.
As I mentioned earlier, our content is one of the operators already testing and planning the Standalone nickel and we are already one is all these services, which provide us with invaluable experience.
This makes us one of the only service assurance providers that is conducting re lifestyle that you're monitoring.
We expect this will sales as the favorable facto with mobility still choose their assurance solution in 2022 and beyond.
The confines you momentum is reflected in our pipeline, which was increased by double digits for the beginning of 'twenty. One is mobile operators are planning and transitioning two five G.
I will bypass consist of a good mix of opportunities from our current installed base as well as new logos.
These opportunities also include services and engagements with potential multiyear contracts.
Yeah.
Our long term vision is based on helping telecom operators to become more autonomous.
Telecom operators needs to modernize reduce opex and deploying new services to generate new revenue streams.
To achieve these goals networks needs to be software base Smalto mobile estimated.
This means the operator needs to make data driven decisions in real time.
So operators needs to collect.
Network data.
And instead of you in the analysis use AI to gain insight into the network and pinpoint issues, but domestically.
We believe that we will be a key player in this industry confusion.
And they've already started this journey with some of our customers, where we all consider this as the operators trusted issuance adviser.
<unk> in the cloud I would expect it to be business named or this can deleverage to realize this transformation in this industry industry to infusion.
Our advanced solution integrates seamlessly into the open rates will slow when you sold <unk> services, a new smart algorithms as well as the IDE that functions as the Openreach those eyes into the network and to help make nickel smelter and more automated.
We expect to continue enhancing our social solution. If you used to use with extended automation and intelligence capability. This will help hopefully tools in this transformation.
As part of this strategy, we are working on severally I focused programs within the framework of the Israel Innovation authority and cooperating in civil work groups with academic institutes and industry experts to push fooled AI technology.
There's at least so far with the new AI based radical made solution was an important part of our forward looking strategy and has received very positive feedback from our customers.
To summarize we achieved our highest ever quarterly and full year revenue result.
I am very pleased with our performance for the fiscal years 2021 and things are looking favorable for us in 2022.
We continue to receive industry wide local conditions is a cloud based assurance provider and see interest.
<unk> solutions.
Our cloud expertise gained through our customers' implementations.
Valuable and we believe will become a key differentiator is the fact your market gains momentum.
We believe the factory ramp up will continue in the coming to us and we expect the demand for safety assurance solutions to increase.
As a result, we remain confident in our business strategy the future five G. I'll really innovative cloud native offering in the whole we expect to play in the <unk> transformation.
Based on our current visibility our fiscal 2022 .
<unk> guidance is 42 million to $45 million and believe we will deliver a third consecutive goes to you.
With that I would like to turn the call over to Doug I will CFO will discuss the financial results in detail. Thank you, yes, and good morning, everyone. Please turn to slide eight for other financial items.
I hope you understand it so I wouldn't know the film mainly to non-GAAP numbers, which exclude share based compensation.
We ended the third quarter 2021, with 11 2 million Donaldson revenue, 9% <unk>.
<unk> growth in the new West Coast Cool Yeah. It is also a 10th consecutive quarter of.
Our revenue growth and then increased from 10 point to me and do it all in the fourth quarter of 2020.
Although gross margin in the fourth quarter of 2021 on a non-GAAP basis was 70%. There's no did have a gross margin can fluctuate depending on.
The mix of our gross R&D expenses for the third quarter of 2000 and when.
One when a non-GAAP basis full time 17 under house, it's like in place with $110000 compared to the fourth quarter of 2020.
The grant of $194000 from the Israeli innovation Celerity Youll ended the quarter compared to a grant of $308000 in the first quarter of last year as it always does.
R&D expenses for the third quarter I'll State doesn't it's 91 and non-GAAP basis, they'll still think seeks to meet them door out compared to full time 20 million brought out in the fourth quarter of 2020.
Edison marketing expenses for the third quarter of 2021, the two 6 million do it also on a non-GAAP basis, a slight increase of $256000 compared to the third quarter will still doesn't it 20.
G&A expenses for the fourth quarter of 2021 on a non-GAAP basis were 837000 do what else is slight increase of $89000 compared to the third quarter of 2020 operating loss on a non-GAAP basis for the fourth quarter of 2002.
'twenty, one was $158000 compared to an operating loss of $231000 for default to a tale of 2020 <unk>.
Net loss for the third quarter of 2021 on a non-GAAP basis was $237000 or a net loss of two cents per diluted share compared to a net income of 85 doesn't do it off or net income of one cents per diluted share for the third quarter of 2020.
Thank God bases as you can see on slide seven our net loss for the first quarter of 2021 with $1.4 million or a net loss of 10 cents per diluted share compared to a net loss of still find $5 million or a net loss of three cents per diluted share for the first quarter. It still doesn't in 'twenty.
At the end of the third quarter of 2021, although head count was 278 now, let's turn to the phone it was though.
We ended 2021 with revenues of $43 million, an increase of 7% from 37 6 million in the fiscal year 2020.
Thank god basis, and a non-GAAP basis, our gross margin was 72% in the fiscal year 2021, compared to a gross margin of 71% in 2020.
Our gross R&D expenses for the full year of 2021 on a non-GAAP basis, the $19 million, an increase of $659000 compared to the full year of 2020.
We plan to continue investing in R&D during 2022, it's approximately the same level as in 2021.
Let's see the accumulative grant from the Israeli innovation is still 84 537000 Dura York deal in 2022, we expect grants from the Israel innovation authority to be other than in two dozen in 'twenty, one, but not as high as in 2020 approximately 900.
Thousand Doral.
<unk> expenses for the full year of 2021, the $95 million on a non-GAAP basis compared to a nine point to me doesn't do it out in 2020.
2022, we expect a gradual increase in citizen marketing to support an increasing pipeline of opportunities.
G&A expenses for the full year of 2021 on a non-GAAP basis, well $3.3 million, a slight increase of $77000 compared to the full year of 2020 operating loss on a non-GAAP basis for the full year of two dozen in 'twenty one we're still.
Two $1 million compared to an operating loss of $2.4 million for the full year of 2020.
Net loss for the full year of two dozen in 'twenty, one on a non-GAAP basis was $1 9 million doesn't do it off well and nature of certain cents per diluted share compared to a net Joseph Blanco at the $8 million well and it just upsets in cents per diluted share for the full 2020 non-GAAP net loss was <unk>.
I got deeply impacted by the strengthening of the new Israeli shekel healing 2021.
On a GAAP basis as you can see on slide seven of our net loss for the full year of two dozen in 'twenty, one with $5.3 million or near close to 37 cents per diluted share compared to a net loss of $4 million well in excess of 29 cents per diluted share for the full suite.
Doesn't in 'twenty.
GAAP net loss was negatively impacted by the strengthening of the new Israeli shekel to Q1, 2021, and then increase in share based compensation expenses in 2021 compared to 2020.
In 2022, we believe that the Doral shake at a ratio will stabilize at the current law and will not require hedging down into the balance sheet. As you can see on slide 11 of our cash cash equivalents and short term bank deposits as of December 31, 2021 70.
$6 million.
That ends our prepared remarks, I will now turn the call back over to that although I don't for your questions.
Thank you ladies and gentlemen at this time, we will begin the question and answer session. If you have a question. Please press star one if you wish to cancel your request. Please press star two if you are using speaker equipment kind of lift the handset before pressing the name.
Questions will be pulled in the order. They are received please standby while we poll for your questions.
The first question is from Bob ancillary of William Blair. Please go ahead.
Hey, guys its faith bruner on for bovine first off just congrats on the quarter and a great year I wanted to start out with some housekeeping items about the ongoing projects specifically the project in Latin America.
Can you guys touch on just how this is progressing and the planned progression into 'twenty two.
Hi, good morning.
Yeah.
Overall, we are very pleased we dealt with bogus regardless.
Well just the war degree.
Somewhere in the middle of 2021 and we continue to do with execution.
Do you say Unfortunately, Latam is a very important to us as you'll recall.
Bulk of the multi stage.
I mean look we got the initial stage.
While we are still looking forward to further expanding our relations.
With the customer so very well implementation is going pretty well.
And we look positive from this activity.
Yeah.
Okay awesome. Thank you.
With that I also wanted to talk about the rackets and partnership I know you mentioned the possibility of international expansion went down and I was just curious if there's anything in the garage pipeline on that any new contracts to expand into different markets with them currently.
So I mentioned in the past Rakuten strategies to go beyond the only just gone into international markets and gloves going for you, Chris If you, though and very accurately we did record an symphony and then as you maybe.
So you didn't use the announced the C malls, which is.
The Rakuten, that's social telecom applications. That's called me is fully integrated into direct within stack, rather than a strategic partner with them and the issuance of choice. So any success rakuten and any pricing to deal with.
This is a very well position to get additional.
Project. This is of course, no guarantee which is of course relates to the end customer requirements.
But definitely there are opportunities in some of our pipeline.
So between the Jews, we'd work with them to expand into additional there.
Addition of carriers globally.
Okay. Thank you last one just as you look forward to the next two or three years, what do you see being like the main growth drivers of your operations is it focused on the <unk> expansion is it kind of worked through the early stages of our product expansion can you just add some color on that.
Yes. So we are very focused on our strategy to look on that.
<unk> thousand operators as they transition to five G&A actually.
Totally innovative network today, most of them at home so Google now.
Excuse because the appliance based or limitations and while OCA vehicles now moved two five G do not only totally revise their network, but they are moving to cloud native this is exactly where the high school and excel.
Uh huh.
Very good position with all the technology, we invested in the last five years gone, so far and b into real two licensed games.
The effect our software solutions.
This operator, so moving society and this is what I expect to see that the next three years.
Most of them with required to leave the selected vendors when some of their name.
Houston Los Angeles.
I believe that many will be open to you.
A better alternative as we believe we offer in D. C is a.
Great opportunity for us.
We are in a position that we have the right technology.
Market demand and we are still ahead of the market and most of the operators as I mentioned in my please.
Previously mugs are still not in the stage.
Selected Oh selecting.
We don't really need the beginning but it's very exciting to see the strategy starts to work and we're able to show consecutive gold while in the very early stage of the market.
Mike removed that Oh, we can do much much better so I'm very excited about the opportunity looking forward.
Alright awesome that's it for me Thank you guys.
<unk>.
The next question is from Alex Henderson of Needham and company. Please go ahead.
Hello, guys.
So a couple of questions first one I wanted to talk a little bit about the penetration of the AI analytics are today in terms of our existing customers and.
More importantly, what's in your pipeline to what extent are AI is included are in the pipeline of opportunities or twenty-two and any any calibration around that would be helpful. Thanks.
Yeah. Good morning, Alex So already I E.
Really our kind of our secret sauce.
As many of our competitors, so it'll be easy to figure out how to build it.
Two of those cloud native solution and how to address five G.
We already invested heavily on that in the past.
We we haven't really advance capabilities to.
These allow us to de risk the lots of our R&D resources towards the next stage.
I know you've laid out.
Hum.
My long term vision I believe this is going to be where we're going to invest more and more in the future.
So today, we already engaging with the.
Both new and existing customers.
And we provide it in the two flavors some of it.
If it goes into our outlook.
Out of the box solution, you know that for all operators to really benefit from that but some of the more advanced potential additional upstream both on the existing accounts and the new ones.
I could say that there is still a lot to do we do.
We are collecting tons of data monitoring and real time, each and every transaction of the customer.
But we see that the potential is great.
The plane they got to us getting really advent snow is it holding to not only look for telecom, but many other verticals.
It's called the Telecom did you have so many customers millions of customers and the need to create.
You shouldn't operation. This is supposedly the best way to go and they see us playing an important role in these situations.
We have some.
And you shall customers that already implemented.
Starting to see results that are replacing manual labor and actually providing better insight than before because it can provide.
The safety of the largest scale in a more real time as opposed to human being trying to analyze the data and find anomalies.
So the question really is you know obviously the piece that's in game embedded in your existing core technology.
As you know.
That that's going to be part and parcel of any transaction you do but the upsell piece.
It is an add on sale.
It is the add on sale in the existing pipeline.
Are you.
Do you believe that your existing pipeline, we'll be pulling that add on sale and therefore, you get a higher revenue per rep or a service provider as a result.
Or is that something that will happen after they've already deployed.
As an up sell to the existing installed base.
Yeah, it's mostly the second is a when.
When we're looking on department for the new accounts, usually though.
More focused today on the it's a basic.
And this is already part of the out of the box solution I believe the opportunities more on the longer term to further extend why do we add more and more use cases into ours.
Yeah.
The second question is on the cloud based operating structure.
Clearly, it's a cutting edge capabilities.
The impressive that you're able to to deliver on a micro service cloud native architecture.
And it's certainly impressed with Microsoft and.
The U S engaged.
However, it's not clear to me how many service providers are as cutting edge as this technology would imply so I was wondering if you could talk a little bit about as you're looking at your pipeline.
And existing customers to what extent are the cloud native capability is a critical element.
Or is it something that's beyond their scope.
Ambition.
So it depends on the customer and when we look on the customer that we aim to dose at the most advanced suite of five G M moving into cloud your Standalone.
Many of them are very important for them to have a cloud native application.
It's true and I mentioned this in past quarters.
Immigration into public cloud is something that's going to take time and it's a multiyear.
Yeah Bose this is telecom to dig and mainly legacy providers.
Mainly many of them are still using the appliances and <unk> solutions and some of them out there.
First step off moving into customization.
I believe long term.
We will see more and more beautiful.
So we see more and more partners.
Since forming between open wrinkles and.
Gross goodness.
This being said still today.
You will see only the Khartoum schedule correct to introduce technology, but this is it.
Exactly where we get into our strategy is to stay on the cutting edge.
Limitations to Boston as those that are most advanced which five G and create the the first to market solution that I believe that with time.
And more particularly since the mature the fact implementation going more strategically.
It will become in Ma.
So overall I think it's going to be very important in the future.
So just to clarify.
This is a.
Requirements on the roadmap, but not something that necessarily.
We will show up in the initial orders are for the next couple of years now for the advanced operator mandatory requirement for the ones that we thought would be dying.
This is maybe something they they don't have today, so they want to see it in the short.
Scholten Olga.
It all depends on the opening towards maturity tool to use those in and technologies.
So for example, Rakuten was as we've talked a lot about them in the past work with them to really mandatory requirement you cannot do any business, where really we talk with them not.
I'll have a solution if you have not fully cloud native.
If you go to operators that are still not with five G. The bikes.
They are baked in there, it's a cold month requirement.
So going from what Youre doing to what other people might be doing a have you seen any change in the competitive landscape over the course of 2021.
You know what what's going on with that's scout have they.
Realized that a refrigerator.
Probes or not the way to go and.
Seen what you've done and tried to catch up but it's been.
<unk> been visible for quite a while I would assume that there are scrambling to respond.
So can you give a whole lot.
The landscape, yes, I am not sure you know.
Mainly focused on what we do in most of the feedback.
Our customers and prospects overhaul.
Of course, the board we review that everyone is excited with our technology.
We don't hear that well.
Other than competitors, so as a defensive real people when they go into the details they they see and appreciate the investment we did into the technology.
And we are keeping and investing in that and you know how you're doing so.
We are very very well.
Coincident with.
With the technology, we have compared to the other markets as I mentioned before they're all they're well now playing in the primary market. Besides you and all.
Older competitor also understand that.
Moving to five feet smoker, sometimes it.
Any secret now and everyone and send it.
Well the solution into cloud native and Oh, it's only now demento, how how how much time it would take them and know who they were great. I believe that we've got five plus deals that we are investing in this area, which will do really well for them to catch up.
So have you seen any competitive bids are where they're showing up or are you still pretty much the only game in town and most of the.
Pipeline that Youre looking at.
So again the message we are hearing is that we have the most advanced and Oh, we are losing guardant, several mainly referring to roadmap in the future commitments, but there's the really come with reference customer in a cloud native environment in the clubs.
<unk>.
Not something that is really isn't it.
If I could shift gears, a little bit so too.
T two income statement and balance and cash position.
Clearly, there's a pretty high level of wage inflation. Your head count is not going up a lot but oh.
It does seem like there's a fair amount of wage inflation.
Given roughly.
10% increase in revenues do you expect that you'll be able to improve your operating margins.
You get close to breakeven by year end or should we anticipate a slight losses throughout the year.
So as you can see this quarter. This already reflects most of the.
Yeah.
Inquiries in the shekel dollar.
Sure.
We have around.
Breakeven at the $11 million quarterly.
So with the guidance.
We meet the higher part of the guidance are we are really looking to see some was in the breakeven there.
If we keep the something similar so yeah. This is the this is above the range.
The overall.
Looking to as I've mentioned before we're looking to keep our R&D expected. She really live is in there and do some increasing but since the bankruptcy.
So.
If we are able to execute our goals.
We are going to.
Two degrees.
Our loss in getting to closer to profitability.
You only added a couple of people last year in terms of head count that we expect them larger headcount increase in 'twenty two.
Yeah, No. We don't think there's one day, it's going to we plan, maybe a slight decrease but we all over all along to where we wanted to be.
And then maybe mainly global would be it on the citizen marketing.
As I mentioned before.
We are looking to now expand into more of a movie and does he still leaves us five advanced and we need to go after.
More opportunities than ever more resources through to address those sales.
That's supposed to says.
And then on the cash flow side, it seems that you're actually going to generate a little torsion 'twenty two is that correct.
Yeah, Yeah, I'm not sure we generated cash in 2021 .
I believe that it makes sense, but not something that we.
We can be sure.
You know, we are well could read aloud projects and sometimes there could be fluctuations depends on the.
Specifically milestone and the exact payment dates.
Sometimes.
You have millions former year career, but overall, if you look on the concourse level.
Hum.
He was the highest in the last three years in a wheelchair where most vernon.
Cash is the result of two pools and that was ever new clothes.
<unk> only go and be even better.
Right I'll cede the floor. Thank you.
This concludes the rack com L T D fourth quarter and full year 2021 results conference call. Thank you for your participation you May go ahead and disconnect.
[music].