Q4 2021 NIU Technologies Earnings Call
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Good day, and thank you for standing by welcome.
The new technologies fourth quarter 2021 earnings release conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.
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And now I'll like to turn the conference over to MS. Irene a chance for you technologies IR team. Thank you. Please go ahead.
Thank you operator, Hello, everyone welcome to today's conference call to discuss <unk> Technologies' results for the quarter.
Our 2021.
In your press release corporate presentation, and the financial spreadsheets.
Been posted on <unk> Investor Relations website.
Call is being webcast from company's IR website, as well and a replay of the call will be available to them.
No.
Today's discussion will come.
Forward looking statements made under the safe Harbor provisions of the private.
The Securities Litigation Reform Act of 1995 forward looking statements involve risks uncertainties assumptions and other factors the company's actual results may be materially different from them.
Okay.
Information regarding the risk factors included in the company's public filings with the Securities and Exchange Commission. The company does not have any obligation to update any forward looking statement, except as required by law.
Our earnings press release, and this core include discussions of certain non-GAAP financial measures.
The press release contains a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results.
On the call with me today, our CEO , Dr Yan Li and the CFO .
Now, let me turn the call over to get.
Thanks Irina.
Thanks, everyone for joining us on the call today.
Fourth quarter, we haven't seen a strong growth of both the China overseas markets.
Our total sales volume reached more than 238000 vehicles.
38, 3% year over year increase.
Sales volume in the China market.
49, 2% year over year, reaching 200.
200200, or 5000 vehicles.
Therefore international market reached a nearly 33000 vehicles.
Moving over 18000 units up more of that.
A 40% year over year increase.
Nearly 50000 peak scooters are significant breakthrough in the micro mobility market.
Now with the strong performance in the fourth quarter, we have ramped up our 2021.
We're proud to announce that our global sales of oil.
1 million vehicles.
It represents an increase of 72, 5% compared to last year.
Sales volume in the China market was more than 988.
Nearly breaking 1 million units was.
It was 72, 7% year over year increase where the boiler in an international market with just shy of 50000 units.
For the year.
35000 units up.
A 16% year over year decrease.
Additional 15000 peak scooters.
This is a milestone for us as a product company and the local brand from a product company standpoint.
All of the global supply chain issues.
Deterioration of.
The Gras Savoye.
By 72%, while also expanding into new product categories.
Broad breadth perspective, we're now the leading urban mobility company in more than 60 countries around the world with class.
Class retail and unlike shops.
The strong growth in 2021.
The compensation.
Our two <unk> strategy, which is leveraging our design technology to create electric mobility.
Sure.
Beautiful reaches kind of market segments.
You return, making you a global urban mobility breath.
For last year with folks in the market.
And advance our product portfolio and knows the China electric bicycle market and the electric motorcycle market the national electric motorcycle market.
<unk> market and also the epi market micro mobility.
In 2021, we launched a total of five new products to the China electric bicycle market.
The upgraded you.
I have to ask you.
Zero of the Golar series price between RMB 399 to 7999.
<unk> new product.
Each of their respective target markets.
427% of our 2021 sales.
Those byproduct Jordan and upgrade to the smart connectivity and a battery management system that comply with the new time, a national standard for electric bicycles.
This allows our customers to enjoy a more connected experience.
These problems you can vary widely.
<unk> expenses right range from what are your kilometers 80 kilometers a single cart.
Meeting multiple consumer segments mobility needs.
This has been a key.
Happy to even larger total addressable.
Our market in China.
Patrick.
Cycle market in China, we have expanded.
Part of the upgrade adult phase III.
For the equity.
It's up over 100 kilometers a single chart.
It's been well received by the market comment.
Close to 60% of our 2021, yes.
Just a few months a year.
For Europe , and Americas market motorcycle market, we introduced three new products, our first product and <unk>.
Can you build the most powerful electric 125 BP shipping 2021.
<unk> electric motorcycle.
Our first 150 <unk> hybrid.
<unk> both ship 22.
Those three products represented our space into more and more.
Cycles.
Both product reached heartbeat over 100 kilometer power and each has been exciting to see.
<unk> dual meter product track time.
Stripping is gasoline powered vehicles.
Those product offering accurately triple our addressable motorcycle market overseas.
These profit equivalent to up to 125 DC equipment.
In December alone right. After the LT feel ready for sure we have shipped.
Ladies and gentlemen, your speaker is currently experiencing some technical difficulties with the line. Please standby, while we address the situation.
Please continue speakers.
Hi, sorry, our technologies our film.
So basically let me just quickly talk about now with the <unk> III.
New electric motorcycle offerings were enabled by our continued investment in RMB.
Upgraded powertrain system to increase the cost to be up to 160 kilometer power.
Battery system to increase driving by 30%.
The smart <unk> final features to add additional technology flash and the traditional motorcycle market.
Now as we mentioned given the last earning call. Besides a skewed a little passive products will have I'm, sorry, the micro mobility market with two new categories kick scooters and E bikes.
In 2021, we introduced two new <unk> III and keep your eye to a robust lineup of <unk> product with price starting from 549% to 80 99 U S dollars.
Those pursuit by their respective target markets and we shipped more than 50000 units between September to December 2021.
The release of those models with only the beginning and then we have a handful of new models to launch in 2022 to meet the budget demand a wide range of customers, who are looking for affordable solutions for their open compute.
Now for the Epi market, we launched the <unk>.
Design and it's capable of extended ride range of 100 kilometers thanks to a truly global.
But equally I would start by $500, making them most powerful and affordable commuter E back to hit the market in 2022.
We expect a lot more you buy products, we enhanced our offerings across the European and American markets before the end of 2022.
Supported by the new products new categories launched in the previous three quarters in 2021, we accelerated our sales networking space in the fourth quarter of 2021 in Q4, we launched with 222, new brands the flagship stores across China, bringing our total store count to 3108.
By the end of 2021.
For the entire year, we added nearly 200 more stores doubling our total store count in China.
Additionally, we are expanding to 40, new Cds, reaching a total coverage up nearly 240 cities in 2021.
Together with a wide range of offering rollout.
So our growth in 2021 and also serve as a strong base for 2022.
International market in 2021, we have increased our market coverage to 50 countries with total 174 flagship at Premier stores across the globe to form a derm sales now, we're kind of putting a better product and services to our customers.
This is in addition to our more than thousand motorcycles E mobility dealers across five continents.
No. New addition to our offline store growth thanks to the lung how micro mobility product, which successfully opened a new range of retail channels that firstly were not ideal for electric scooters, including not only in the big box retail electronic media.
In March but also online.
Also.
New channels to accelerate sales about them methodically expanding our brand recognition.
Now in order to support a has the new too.
Co product to expansion, we have also expanded our branding and marketing activities to penetrate even deeper into the new market.
For China market will successfully dropped the entire 2021 with the brand promotion station to fill up your crowd.
And the euro bonds.
Back in February of 2021, we kicked off the Chinese new year by launching the Europe , new nationwide campaign, which generated more than 200 million views across multiple social platforms.
In October we reached the important milestone becomes the first electric Tula brand to have our customers recorded a 10 billion kilometre writing business to.
To celebrate sexual event, we launched our 10 kilometer feel proud campaign, which will now have an incredible rich accumulating more than $1 4 billion views online to offline around the award for the entire Q4 more importantly, it helped our company our brand value 12 cents riders.
And future customers.
Lastly should position us not just as the electric Scooter company, but more importantly, as a lifestyle brand.
It seems rational market. We also continued deeper how effort in Q4, specifically with our social media effort was close to what the actions the crop Easter grass Facebook Youtube.
We also attended Akamai EMEA, Italy November 2021.
In Las Vegas.
As stated in January 2022 launched brand new product received $10 million cost pressures with more than 100 articles published.
This branding marketing Asbury have significantly increased our brand awareness. Our recent survey China has shown that we are ranked top three in brand awareness significantly higher dollar market share position, which is currently at number 10.
As we wrapped up 2021 successful year, so far we feel very optimistic for 2022.
Florida addressable market, China. The continued implementation of China National standard four electric bicycle is helping to push the two wheeler owners to convert to lithium battery powered electric bicycles, even faster than the original projections.
As the leader in the China, Smart Nikkei, two Wheeler industry, where all of US had our competitors and the leases technology transformation.
We continue to push our R&D on the boardwalk by new models and a handful of existing product upgrades with mature product that purely from April to September in 2022 of this year.
<unk>, but also other fast growth in the light of electric motorcycle market fueled by our E drive reach battery and powertrain solutions will go out and find new models in the sector.
Model goal of Q3.
From 3892, 5499, RMB rollout in March and the rest of the from April to September .
This new model will drive the main growth in the off season in Q2 Q3.
Now for the overseas market advancements in battery technology on powertrain technology last year.
The transformation from petrol electric motorcycle for the mass consumer market.
125 BP category.
Our market, leading lenses, coupled with our mature smart connectivity features that allow us to stand out as the leader in the 50 plus market will have tended to be sold.
For example, we ranked number one in electric more patent in Europe .
As we expand our pilot rates beyond the lower powered 50 50 category into the 125 50 categories, we usually grow our total addressable market by three X.
N GT, our newly rolled out <unk> or the <unk> will be the main feature product for this year and we have additional two product in development.
Now at the same time, the COVID-19 pandemic has accelerated the use their ownership are micro mobility E bikes scooters for short trips in communities around the globe and especially in those market, where new has to be established and the trusted brand since 2016.
Our first backfill kicks scooter products. The <unk> III <unk> has been a hit last year and our <unk> to be shipped in early Q2 2022 has also received very positive tissues.
And where you are seeing by new products in those categories in 2022 to seed the market growth across all segments and take advantage of 101000, plus point of sales across Europe and Americas.
All supported by the suitable product and tech offerings. Our sales network expansion will also continue to be et cetera, or is the plan to add additional more than 1000, new branded stores in 2022.
Yeah.
I will start in Q4 last year and the continued Q1 2022, we have upstairs raw material price continued to increase for example, with the lithium battery cost increased by 10% to 20%.
We can increase our auto pricing averaged 5% in March 2022, this year to cope with the raw material price increase.
Together with our R&D effort on cost reduction, we will maintain a healthy gross margin was 5% price increase.
International Cloud, we also plan to increase price in April .
So all of those price increase the full impact on our gross margin will be fully reflected in Q2 this year.
Now with all of those are under the way, we're very optimistic with this year's growth target peak annual sales of oil between one 5% to $1 7 million vehicles for the entire year of 2022 now.
Now I will turn the call over to Pierre to discuss our financial results.
Thank you Yan and Hello, everyone. Our press release contains all the figures and comparisons you need and we have also uploaded excel format figures to our IR website.
Restaurants.
To review, our financial performance and we are referring to the fourth quarter figures, unless I say otherwise and that.
All monetary figures are RMB, unless otherwise noted ill quickly go through the sales volume, which Dr. <unk> just mentioned.
Wholesale volume reached 230000 units, representing a 58, 3% year over year growth in China sales of audience increased by 49%, primarily driven by the new product launches in the past three quarters.
International business performed extremely well in Carrefour and over 18000 coolers and nearly 15 excluded delivered some protocol and international sales volume exceed our initial expectation.
The main reason causes.
<unk> international shifting gradually.
With regards to the product mix.
In China market, the proportion of <unk> rebounded from 24% to 47% and correspondingly golar products accounted for the rest of 53%.
The 53% of Golar products, 24% from the entry level models.
000, and the remaining 29% was from other golar models with higher retail prices.
Overall product mix.
March improved this quarter as the premium models here.
Im referring to both use areas and all non zero real Golar mottos took a heavier proportion of.
76% compared to 58% in quarter, three and four international market we have.
Around 33000 deliveries in quarter, four with E motorcycle and Emil.
Now we have 455% of them.
Scooters accounting for <unk>.
5%.
Total revenue in quarter four were 980.
$86 million.
Adding top line guidance.
In the third quarter and up by 46, 7% year over year.
Growth was attributed.
Our trade receivables.
To increase the sales volume across our domestic and international segments.
<unk> increase of 156% for international I'll give you a brief I mentioned before.
Revenue for internationally E motorcycles and hemo Pat.
Just after quarter three 2021.
<unk> rose by two seven times to $156 million.
35% year over year and revenue from Keytruda solid by over 20.
Thanks.
There too.
Three and revenue from China, and East quarter sales remained strong and increased by 48% year over year.
The accessory spare parts and services revenue also increased by more than 20% year over year, though partially offset by seven 3% decrease in overall revenue for scooters.
For the year ended December 31, 2021, our total revenue increased 51, 6% to three seven.
Seven 1 billion.
As compared to $2 4 billion in 2020.
Now, let's look at our ESP.
Earl keen in quarter four declined by seven 3% year over year, but improved by 34% quarter over quarter.
In China market.
This quarter. It remained almost the same compared to quarter four 2020 with a slight increased five 9% from 300.
303.
Sorry from 3355 to 3326, while improved 21% significantly quarter over quarter.
In the east quarters ASP from international markets decreased.
36% year over year from $8 579 to 5749 and the key reason for the decline was the changing the product mix.
15000 units sold.
Thanks <unk>.
The fact is our international Asps to a large extent.
Okay.
Sales price is lower than the motorcycles and Emil hedge price.
And if we take how the impact of <unk>.
International Asps decreased balance.
About 3% year over year.
In terms of number $8600 778.
So in total the ESP of each quarter's was only four 6% decrease.
And.
Accessories spare parts and services was 479 quarter decreasing by 24% year over year.
Acceleration in the expansion of our sales volume.
The gross margin in quarter four was 22.6.
6% to.
Two 6% percentage points lower than the same period last year, while 2.6 percentage points higher than last quarter.
The decrease year over year was the consequence of higher raw material cost and changing product mix.
Material cost to remain at the elevated level in the fourth quarter and we were still experiencing additional inflation in the international shipping and a cost inflation has reduced our margin by around one nine percentage points, while product mix in large this impact.
By seven percentage points.
To come back the cost inflation, we increased domestic scooter retail price from March 2022, and international <unk> retail price from April 2022.
And we continue to aggressively manage all aspects of our cost structure, including the advanced technology intuitive product a body.
The purchase agreement to secure a sustainable suppliers of the key components parts and other cost saving initiatives.
Our total operating expenses.
Excluding share based compensation was $176 2 million.
Increased by 66.5.
$5 million.
<unk> six percentage.
Over a year.
The increase was caused by 17.3 million higher branding.
In sales and marketing expenses.
13.2 million higher depreciation expenses of the new store openings.
Nine 7 million higher.
That cost.
Thanks.
Vantage of revenue our operating expenses, excluding share based compensation was 17.
5%.
Six percentage points higher than quarter four of last year, mainly caused by retail <unk>.
Retail sales network expansion and branding and marketing activities.
And we believe there was no better timing for retail sales network expansion and brand marketing than now to gain more ground.
The fast growing lead there my on battery power to weight our market segment.
Areas of marketing activities were launched in fourth quarter as ramping up the branding.
National wide again 10 billion kilometres of writing as Dr. Charity just mentioned.
Promotions, which were targeting to do savings fall to implement the new national standards in 2022.
I'd also like to add that although our operating expenses.
Revenue in quarter, four increased one six percentage points.
Our annual non-GAAP operating expenses as percentage of revenue maintain the same level as last year at 15, 2%.
The more our annual GAAP operating expenses.
Page of revenue decreased from 16, 8% to 16, 4%.
We are in the good position to leverage our brand awareness.
Sales network expansion and our total operating expenses at a healthy level.
Our GAAP net income.
With $47 6 million and net margin was four 8%.
Adjusted net income was $60 2 million and the adjusted net margin was six 1%.
<unk>, one percentage points lower year over year.
As mentioned above this will briefly due to two six percentage point gross margin decline.
One six percentage points operating expenses increase.
And for the year ended December 31, 2021, our net income was 225 8 million and adjusted net income was $273 million and our net margin was six 1% decreased slightly by <unk>.
Okay.
Percentage points and our adjusted net margin was seven 4% decreased by one one percentage points.
And the increase mainly came from the decline in the gross margin.
Turning to our balance sheet and cash flow.
Ended the quarter with RMB, one 1 billion in cash time deposits.
Short term investments excluding the restricted.
The restricted cash.
Our operating cash outflow of $320 million, mainly due to the reduction in payable of $214 million an increase in receivables as a result of seasonality.
All year.
Operating cash flow was positive three.
$34 million.
Waterfall of cash Capex was around $63 million.
Mostly related to capacity expansion of $27 million and new buildings of $36 million.
And now let's turn to guidance.
We expect fourth quarter revenue to be in the range of $647 million to $712 million, an increase of 20% to 30% year over year.
And with that now let's open the call for the question that you may have for US operator. Please go ahead.
Thank you.
As a reminder, if you wish you ask a question. Please press star one on your telephone <unk> bites were deemed to be announced if you wish to withdraw your request. Please press the pound, Ohio state.
By while we compile the question and answer roster. So once again Thats star one for questions.
Okay.
Our first question comes from the line of bin Wang from Credit Suisse. Please ask your question.
Thank you Benjamin Patrick a question about why is that.
First the two.
Too much sales performance because we are already in the beginning remarks.
What's the growth unlocking volume.
Exactly.
The full year.
Volume roughly breakdown how much came from.
And good luck. Thank you.
Okay.
I will answer this question for the first Q.
Months.
Yeah, we already got the sales order right.
<unk>.
Yes.
100 Solomons.
In total, including domestic and international sales orders and the sales volume will be delivered in the fall of two quarters in 17.
All of them, including the kick scooters around 12000 and the other on the.
Smaller cycles, and Tmall pass globally, including domestic and international markets and for the guidance and quantify it for you.
We expect around one three to one for Q&A.
In the China markets.
We expected about 300000 to sorry.
<unk> thousand 300000 units in the international markets and add to the.
A product mix.
Back to you.
And then you compared it to the Gulf carriers in the round three versus seven and eight.
Within the coal ash.
Actually we expect the majority of the of the Golar serious article about premium.
Products other than the entry level plus.
Thank you.
For Ya.
Great. Thank you.
Thank you. Our next question comes from James Jang from CIC. Please ask the question.
Yes.
Hi, Hello, Hello. Thanks.
Thanks for your.
Detail.
Illustration quality results. So I have the major two question so fair to say.
About.
A further question about the product structure.
We can see that the propulsion.
We're serious.
Yeah.
Okay great.
So from 20% to 40%.
And.
Jeff mentioned, you're maybe satisfying product structure.
Next year.
We can see that our customers are still there.
Our credit sensitive so.
If we want to achieve a stable relative high profile.
So mid to high end products.
We can achieve.
Much stronger product differentiation for our maybe higher priced products. This is my first question.
And second is about the.
Expense.
S T at 8% reached a high in the fourth quarter.
Looking at the ratios salary expense ratio that you can talk a minute then it comes from decreasing advertising and promotion expense and also the decrease in amortization of extension. So how can we expect.
Overall expense ratio.
Amongst this year tender.
Cutting eight reflect strong stronger scale effect that means.
Further we can see the expense ratio to go down this year.
My two questions. Thank you.
So.
Both are good questions. So let me address the first one outlet beyond too.
Talk about the expense part so I think the great observation on the on the zero series with entry level.
After 2021, we do see the fluctuations because we actually.
We've announced the Este Lauder either product.
So it's actually coupled with new product roll out of the deals there are serious along with some of the propulsion.
So look at 2022, so far with a 121 zero entry product will be rolled out what would be zero.
Which is actually closer.
The effective end of March.
And then the rest of our product more on the on the two serious with be two also on the six series, which is not showing there the T. Six.
Also the C III under six so most of the more and more towards the high end.
Three level.
Keep in mind that.
Okay.
Entry level model their price low because they have a shorter range so from actually from users perspective.
It's actually users prefer what I'd call the mid price level, it's basically somewhere rock.
4000, RMB, but give a.
A good driver for it.
Therefore, our chief our Q3 C actually represent.
Last year actually on sale for about 434 months actually already represent 6% of sales.
As a driver to 100 kilometers.
No.
I just want to make a point that we don't really know like phase of cheaper better, especially you always have to look at the highest versus the dry ridge.
I think this year the focus on the Golar product more on the extended dry ridge product.
And also I think this year, we'll have about three or four new models for the <unk>.
And a new series to be rolled out for China that will help to continue to drive increased a higher basically our premium premium brands.
So.
Again.
Okay regarding to the sales and marketing expenses in quarter four.
And actually at all.
Explaining the nature of those sales and marketing expenses. The majority part of our branding and marketing activities and the rest of the R&D depreciation and amortization expenses related to new stores openings and if you look at the absolute figure is.
Around 100 million sales and marketing expenses in quarter four almost one third of the total whole years sales and marketing expenses actually this is Dr. Bates.
This caused by the <unk>.
<unk> opened.
During the whole year, and you will see the full effect.
Got it.
We opened more than.
More than 15000 new stores.
Most of that will compare to the.
To the yearend in 2020 and that is.
That is the main reason and regarding <unk> actually regarding to the.
Operating expenses ratio in specialty.
Expenses ratio for this year.
I think we already got.
Scale.
Economy, India, G&A and almost the RMB consider Amy just friends new model.
We believe.
Bolivar.
For the next for the next two to three years activity we're seeing.
R&D expenses and G&A expenses as a percentage of revenue. We all know are around two points two percentage points.
At least for me.
Selling and marketing expenses will remain 282, 9% as a percentage of revenue for this year. So in total we may remain the operating expenses ratio around 15% to 16%.
Because we are still in the process.
Yeah.
In China sales.
Marketing channel for the all the offline sales volume this year and Ah.
Thank you.
As always we are the premium brand in China.
In the international market and stuff, we will take the window to improve brand awareness globally, but we may keep the expenses at <unk>.
A healthy level.
Okay sure.
Her career and that's all my questions.
Thank you.
Thank you. Our next question comes from Wei Chen from UBS. Please ask your question.
Okay.
Hi.
My question is about the gross margin, we understand that the battery prices.
In battery price has to be ready.
In recent weeks.
I'm wondering.
What's your strategy towards it.
So as we increase the.
Mix of lead acid battery in 2022.
And I also understand that you have raised prices by maybe 200, well it's covered.
Battery cost.
Great.
Okay.
Where you consider another round of price.
Thanks.
So I think let me address that so we actually are seeing last quarter with CECO became about it increased a bit but didn't actually really starting January this year, we start to lithium battery to really.
Sure.
So we have seen some cases.
PM powder price increased by almost about 20% and also keep rather price also increased by 15% so keeping in mind the battery.
Cost is roughly about.
About 30% of our revenue to that extent so.
Now, we increased our price by 5%, but really in order to maintain still maintain the same margin. We have also done some.
Cost reductions in terms of the chassis to able to manage to maintain a healthy margin and same time not increase the price too much.
So I think thats one.
We actually look at the market.
In front of the market, we have observed that.
Our competitors in the industry people increase the lithium scooters are multi price back up to from anywhere between 8% to 10%.
Yeah.
It would be higher than what we have done.
So that is.
One we do have additional room to increase the price you would have to.
To really to offload the future price increases.
And secondly, we're also exploring and looking at some of the B for the electric bicycle solution, it's difficult to do the asset but also for their electric motorcycle solution in China in.
Some of the tier two and tier three cities.
Also look at the graph.
Would you call the graphite.
Access better solutions.
<unk> solutions for those like motorcycles.
We will have a few products in that range.
Two two really two to come back with the lithium battery increases price increases.
I'm kind of concerned with.
You bet.
So you raise price by two hunter, which only covered the price hike.
Today.
Thus 2021 till now.
Gross margin will remain.
If everything hits.
Other items of that gross margin in the first quarter will be similar.
The level of the fourth quarter last year.
Still.
Lower.
This quarter.
So the gross margin question also related to the product mix as well so let's say you could keep the same product mix split.
Actually it has the gross margin has also slightly increased.
This way.
Gross margin post price increase versus the gross margin before the price increase the gross margin actually.
Improved by almost one percentage point.
We keep the product mix.
The part of the part of the mix Midnight talk about international Salesforce with China sales also scooter sales versus older stuff.
<unk>.
For the I think I think we talked about for the for the entire year. We are still very optimistic that we're able to get some crop chemicals.
The gross margin somewhere between 22%.
Okay. Thank you.
Thank you as a reminder, ladies and gentlemen, if you wish to ask a question. Please press star one on your telephone keypad.
Okay.
Okay.
Yeah.
Once again, if you wish to ask a question. Please press star one undertone. Thank you Pat.
Yeah.
Alright, Dan No further questions I'll turn the call back to management team for closing remarks.
Thank you operator, and thank you all for participating on today's call and for your support we appreciate your interest and look forward to reporting to you again next quarter on our progress.
Back to you operator.
Thank you, ladies and gentlemen that does conclude our conference for today. Thank you for participating you may all disconnect.
Okay.
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Thanks.
Sure.
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Yes.
Okay.
Yes.
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Sure.
Okay.
Thank you.
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