Q4 2021 LifeMD Inc Earnings Call
[music].
Good afternoon. Thank you for joining us today to discuss the results for life in these fourth quarter and year ended December 31 2021.
Joining the call today are Justin subscriber Chairman and Chief Executive Officer, and Mark <unk>, Chief Financial Officer, Mike <unk>.
Following management's prepared remarks, we will open the call for a question and answer session.
To remind everyone that today's call is being hosted.
And the recording will be made available via the link in todays press release, which is available in the Investor Relations section of the Companys website.
Before we begin I would like to remind everyone that during this call. The company will make a number of forward looking statements, which are subject to numerous risks and uncertainties that may cause the company's actual results to differ materially from those projected these risks and uncertainties are described in the company's 10-K and 10-Q filings.
As in other filings that nice M D.
The SEC from time to time.
Forward looking statements made during this call are based on current information available to the company today March seven 2022.
The company assumes no obligation to update or revise any forward looking statements. After today's call except as required by law also please note that the management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating <unk> performance details on the on the relationship between these non-GAAP measures to the most comparable GAAP measure.
Measures and reconciliations thereof can be found in the press release issued earlier today.
Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the investor Relations section of the company's website.
Now I'd like to call turn the call over to life in the CEO just described please.
Please go ahead.
Thank you operator, and good afternoon, everyone. Thank you for joining us today to discuss our fourth quarter and year end 2021 results.
2021 was another year of outstanding achievement for life Indeed.
Accomplishments throughout the company characterized 2021 for us.
Including triple digit growth in revenues across both our telehealth and work simply segment.
Our record growth in new patients subscribers.
The launch of our Tele dermatology brand for women Napa, the beta launch of our virtual primary care platform.
And the successful completion of a financing transaction that we believe will capitalized lifetime deep permanently to achieve profitability and the fulfillment of our mission to change healthcare.
Our revenues, which we pre announced in January we're up 149% over the previous year to a record $93 million for the full year.
All of our performance metrics underlying our record breaking year with strong as well.
<unk> margins average daily rate of new subscriber acquisition.
Customer acquisition costs revenue from rebuilds of existing patients subscribers and subscription revenue as a percent of total revenue.
All achieved record levels of performance in 2021.
Of note during a year when media rates rose exponentially versus 2020, our team was able to successfully drive a 23% reduction in customer acquisition costs.
While also achieving the aim for mentioned record performance in topline growth metrics and new patient sign ups.
I believe these record achievements encapsulate the lifetime the difference our superior ability to efficiently and effectively attract and retain patients subscribers in a variety of consumer and advertising market conditions.
As we recently outlined in our first annual Investor and Analyst day in February we remain focused on our pursuit of aggressive long term growth and revenue and rapid expansion of our operating margins with the goal of obtaining $215 million to $300 million and net revenues by 2025 with at least 25% adjusted EBITDA.
Our margins.
In addition to the continued strong growth and performance of our core lifestyle oriented health care brands.
Shapiro and novel.
We are equally excited about the newest additions life, Indeed, telehealth platform, clearly and our virtual primary care service lifetime D.
Primary care and cleared along with our lifestyle oriented brands.
Synergistically help us empower patients to live healthier lives by giving them access to affordable and comprehensive personalized health care.
In January of this year life of India announced the first acquisition in the company's history. When we closed on the acquisition of cleared technologies.
Leading allergy asthma and immunology telehealth clinic.
Not only does this business represented tremendous jumping off point into a very large and pervasive market as one in three American adults suffer from allergies or asthma.
It is also highly synergistic with the existing life and deep platform.
In addition to the tremendous opportunity to scale clearance direct to patient offering by leveraging life in these proven capabilities.
Following the acquisition of cleared we've begun to expand licensees business model, even further through direct partnerships with pharmaceutical companies.
Under these initial agreements, we will use our tremendous health care advertising and patient retention capabilities to partner directly with pharmaceutical companies and manage these activities in a highly efficient effective and compliant manner.
We believe this is an important stepping stone in the continued evolution of our business exploiting the strength of our core competencies.
We followed up the announcement of the cleared acquisition with a nationwide launch of life in these virtual primary care platform. Following a successful beta launch.
Primary care platform anchored by our comprehensive 50 state affiliated medical group and seamless proprietary technology platform aims to disrupt the market with a convenient patient burst and frictionless experience in primary care and a highly affordable price point, leading to better outcomes for patients.
As we demo at our recent Investor day, our platform not only features a seamless one stop shop technology platform also integrates with leading nationwide partners, including quest diagnostics axle health and prescriptive to provide our members with best in class lab work diagnostic.
In home services and prescription drug discounts.
As we begin to scale. This business, we see not only a tremendous opportunity to cross sell this offering to the more than 500000 patients life from these affiliated medical group has treated to date and a thousand plus new patients onboard at each day, but also to the millions of Americans, who are either uninsured or underinsured has high deductible health plan.
Or who's simply lack access to quality medical care.
The life of the platform provides comprehensive one on one relationships with high quality doctors and primary care medicine, and an ever growing range of specialties.
We provide direct contact with doctors, one and where patients need it quick responses to their questions and access to their medical histories, all our pricing is affordable and transparent.
With that I will now turn the call over to our CFO , Mark Dennison, who will provide a summary of our financial results Mark.
Thank you Justin and good afternoon, everyone.
As mentioned, we continue to execute and deliver upon strong topline growth and continuously improving operational performance.
This quarter marks 12 consecutive quarters of sequential revenue growth.
Achievement of record gross margin percentages in 2021.
Our team remains laser focused on not only growing topline for patient acquisition and retention. While also achieving our stated goal of adjusted EBITDA profitability by the fourth quarter of 2022.
We are not only on track to achieve this fall, but I've also successfully capitalize the business to achieve this goal without the need for additional capital.
In addition to our strong current liquidity position, finishing the year of 2021 with over $41 million in cash and no debt we have.
Have also outlined the additional liquidity, we expect to realize later this year on the sale of our noncore subsidiary works simply.
We will provide a further update on the status of this process on our next quarterly earnings call.
Now turning to results for the fourth quarter of 2021.
Revenue in the fourth quarter call All day, roughly 27 4 million up 113% Boston, calling for the same quarter a year ago.
93% of total revenues in the fourth quarter were generated by our recurring subscriptions compared to 82% from the same here won't care of them.
Telehealth net revenues grew by 100% to 26 million while works simply net revenues grew by 164% to $6 8 million.
Gross profit totaled $21 8 million, an increase of 144% from the same year ago period, while gross profit as a percentage of revenue was 80% as compared to 69% in the same year ago period.
Operating expenses for the fourth quarter totaled $35 5 million, a decrease of $5 8 million versus a year ago period.
This decrease was predominantly driven by an $11.7 million decrease in general and administrative expense related to a decline in noncash stock based compensation expense of 16 million versus the year ago period.
Our GAAP net loss attributable to common stockholders for the fourth quarter totaled 19 million.
Or a loss of 62 cents per share.
Parents to a net loss attributable to common stockholders of $32 3 million.
Or a loss of $2.56 per share in the fourth quarter of 2020.
Adjusted EPS is a no.
non-GAAP measure that excludes $4 1 million in noncash stock based compensation expense 543000 in financing transactions expense 348000 in depreciation and amortization expense.
More point 10 million in noncash loss on debt extinguishment.
871000 in preferred stock dividends, and 8000 and noncash income tax provision that's figured Paulo the loss of 29 cents per share for the fourth quarter as compared to a loss of 94 cents per share in the same year ago period.
Adjusted EPS improved 19% sequentially versus the prior quarter.
Adjusted EBITDA, and non-GAAP financial measure, which factors out noncash stock based compensation depreciation and amortization expenses noncash loss on debt extinguishment financing transaction expenses inventory adjustments preferred stock dividends interest expenses and then.
Some taxes totaled a loss of $8 2 million in the fourth quarter of 2020 . One. This compares to an adjusted EBITDA loss of $9 2 million in the same year ago quarter.
The EBITDA improved 9% sequentially versus the prior quarter.
Turning to the results for the full year 2021 .
Revenue in 2020 , one totaled a record $92 9 million up 149% as compared to the same year ago period Telehealth net revenues grew by 123% to $68 2 million, while work simply and that revenues grew by 267%.
It's a $24 7 million.
Profit totaled $74 9 million, an increase of 163% from the same year ago period gross profit as a percentage of revenue was 81% as compared to 76% in the same year ago period.
Operating expenses for the full year totaled 129 point 10 million, an increase of $42 9 million versus a year ago period. This increase was primarily driven by one three and a half million dollar increase in selling and marketing expense related to the continued aggressive scaling of our tomahawk would work.
Businesses, despite the growth in spend in selling and marketing spend as a percentage of net revenues decreased to 89% in 2020 , one as compared to 105% in the same year ago period, reflecting significant leveraging of these expenses that she had been in the back half of 2021.
Our GAAP net loss attributable to common stockholders for the full year totaled 61, 8 million or a loss of $2 29 per share. This compares to a net loss attributable to common stockholders was $63 4 million or a loss of 444 per share in 2020.
Adjusted EPS is a non-GAAP measure that excludes $12 1 million in noncash stock based compensation expense 1.8 million in financing transactions expense 869000 in depreciation and amortization 4 million of noncash loss on debt extinguishment $2 1 million in amortization.
This town 871000 in preferred stock dividend and 8000 and noncash income tax provision. This figure totaled a loss of $1.48 per share for the full year asking parents were a loss of $1 74 per share in the same year ago period.
Adjusted EBITDA, and non-GAAP financial measure, which factors out noncash stock based compensation depreciation and amortization expenses non cash loss on debt extinguishment financing transaction expenses litigation costs inventory adjustments preferred stock dividends interest expenses and noncash.
Income tax provision totaled a loss of $38 3 million in 2021. This comparison adjusted EBITDA loss of 15 million in 2020.
Now turning to our balance sheet cash call of 41 million as of December 31, 2021. Following the successful completion of the company's October 2021 preferred and common stock offering. In addition, during the fourth quarter of 2021, we successfully reduced our operating cash.
Slow burn to under $6 million, representing a 21% sequential improvement versus the prior quarter. We believe our balance sheet is sufficient to support our strategic clients and growth.
We continue to scale and invest in the rapid expansion of our business with strong unit economics without the need for additional capital to be raised this wraps up our financial results I'd now like to turn the call back over to Justin.
Thanks Mark.
We are very excited about the opportunities before us. We believe we are revolutionizing health care and that our platforms fundamentally shift how patients think about and access to health care in the U S. We look forward to continuing to execute upon our commitment to be a beater and telehealth, while working towards delivering our fundamental performance goals.
Including adjusted EBITDA profitability by the fourth quarter of 2022, our 2022 revenue guidance of between 142, and 148 million and our long term financial goal of achieving $250 million to $300 million in revenue.
125, with adjusted EBITDA margins at or above 25%.
In closing I would like to thank our entire team for continuing to deliver record performance at license D as well as our providers and their patients and our shareholders for their continued support as we change the face of health care with that I would like to open the call for Q&A.
Thank you and at this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue.
You May press star two if he would like to remove your question from the queue.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star.
One moment, please while we poll for questions.
Okay.
Yeah.
And our first question comes the line of David Larsen with V. T. I G People's question.
Hi, congratulations on the good.
Good quarter can you talk a little bit about the beta launch of the virtual primary care solution. How is the pricing and any sense for demand are you seeing of the uptake in our subscriber.
Yeah.
Yeah.
Yeah.
Sure. David This is Justin I can comment on that you.
You know we.
We really just saw the full launch of the DPP platform.
The last couple of weeks I'm really happy with the progress that we've made on the technology.
You know, we continue to onboard more and more patients. The numbers you know still a very small.
One thing that we were waiting on was legit script, you know what our final approval from Legit script to start you know really committing add dollars to the platform. So that's something that we're gonna be starting in the next week or two and we've also been.
You know putting in place the right technology to you know also start moving patients over the DPP platform, which is kind of the cross sell that we've talked a lot about in the past from our other brands in the U S.
Three or 4000 patients we talked to every single day and yeah. That's also progressing really well also so we don't have any specific numbers right. Now. This type of you know we feel really good about you know what we're going to see in the next couple of weeks in.
I think certainly throughout this quarter, we expect to see some meaningful traction from the BPC platform that we can talk about next quarter.
Okay. So it's my understanding that the pool of patients that rec sees.
You've treated over 500000 patients. So far is it pretty easy to convert or I guess upsell or cross sell the virtual primary care solution to your racks or nava customers, if the doctors talking to them or.
Call Center Rep is talking to them like is there a way for them to easily sign up for that solution can I sort of automatically or easily see whether or not that that member has a primary care provider in place already just any thoughts on sort.
The operational aspect of an upsell around himself.
Okay.
The answer is yes, I prefer not to get too much into it strategy for competitive reasons, but absolutely we speak to.
Of our patients every day most days, we have over 1000, new patients join the life of the family through one of our brands.
And like you know how are our recipe for those patients Ken Ken.
Can see you know whether or not that person has a primary care provider. They can talk to them about it.
So we think look I dunno easy the correct word but.
We're really confident that you know.
Even with our paid media and online and offline advertising techniques, which we're really good at it we're very confident that.
A lot of hard work.
Very confident that we're going to we're going to be able to cross sell and bring them onto the meaningful number of patients every single day from our existing brands onto the D C class where I wouldn't.
I don't like to use the word easy, but I'll just I think I would say that we're extremely confident that that would be a successful initiative.
Okay, and then with the work simply as a fantastic year over year revenue growth, but it seems like on a sequential basis.
The revenue growth has not been as high as it had been say in the year ago period or previous quarters.
And then I seem to recall there was something there was and operational thing that works simply was working through last quarter or two quarters ago, I mean, any thoughts on that and the sequential revenue growth rate of work simply.
Yes, Mark.
So yeah, there was a free trial offer whether they were working on extending the free trial from 14 days to 30 days that was last quarter, we since terminated that seem to really be unfair for it but you know the biggest reason for why they're still sequential revenue growth, albeit at a slower.
Slower rate than what it had been in the past we are very laser focused on continuing to drive profitability in that business it hasn't.
Executing a sales transaction this year likely in the second half of.
The year with that particular business that's been the advice that we've received as were getting closer to a hiring an advisor.
We expect them to continue to have sequential growth.
Going forward.
But all the other will be at least in the short term at a slower rate, but recently added a second product digital resume product.
Transition.
We expect that to start to jumpstart a lot of their sequential growth in the second quarter of this year and to carry forward pretty quickly, but at the same time, we are laser focused on making sure that that business, particularly ahead of wholesale.
<unk> maintains a strong profitability numbers as well.
Okay, Great and then can you talk a little bit about the sales and marketing costs from customer acquisition costs I'm hearing different things from different entities in the market.
Some cases I'm hearing with sales marketing costs are increasing significantly because.
But it seems like you have it under pretty good control, but just what are you seeing.
In like let's say for Q December of 2021 through January and February and now we're heading into the spring what kind of trends are you seeing in advertising costs.
Yeah. So in general from a market rate standpoint, the advertising market has been challenging with that being said we think this is a time, where it really shows how our life can be a differentiator in this area.
If we were just talking to lots of trends, where you would see that our cats were off by significant double digits, they're not worse than flat on a sequential basis and as we mentioned in the call year on year, they were down 23% versus the prior year and a lot of that improvement really started in the back half of the second quarter. This year through the back.
Half of the year. So the market remains challenging, but we continue to be able to produce record results in the acquisitions of new patients and be able to do that with relatively consistent cash because we're able to get smarter and more refined than a lot of our strategies like I said I'm not going to go into.
All those details for competitive reasons on the call but.
We think that the tough market has really shown that we're able to succeed.
Succeed in excel.
Yeah, despite those types of market headwinds.
Okay, and then just last one before I hop back in the queue any thoughts on how Nava and cleared are performing relative to your own internal expectations any thoughts or color. There and it's also my understanding that there's a sort of a very large over the counter solutions.
Set at Nava has in a large market opportunity there.
Any color or thoughts on the traction we're gaining.
Clear it is very early to call. We closed the acquisition on January 18, but so far I'd say, it's tracking in line with the expectations that we had for that business and we think that's actually going to be a pretty significant opportunity, bringing not only.
The significant additional growth on a patient basis, but also directly partnering with some pharmaceutical companies in that space of which we already have a couple of our existing partnerships on the Nava side, Yeah, I would say that that particular business is in line with our.
Internal expectation, we expect most of the growth from that business to be in the second quarter through the end of the era as we start to complement the Rx business with D. O T C something that's happening.
But in general they are both performing.
Line with our expectations for the business.
Okay. Congrats on your progress here and for your four key 22 EBITDA breakeven.
Jack It sounds like you're on track I'll hop back in the queue. Thank you.
Thanks.
And again as a reminder, if anyone has any questions you May press star one on your telephone keypad.
Question comes from the line of Mark Weisenberg of with B Riley Securities. Please proceed with your question.
Thank you. Good afternoon, I think you noted in the release and in your prepared remarks, 93% of revenue was generated by subscription I'm wondering if you could parse out that subscription number with regards to work simply versus the the telehealth business.
Yeah, so 90% of the revenue of the telehealth businesses recurring subscription and 100%.
Simply subscription.
Great. Thank you and then could you talk about kind of the percentage of encounters that that are asynchronous and how that's evolved over the last few quarters and as V. P. C grows how that shift in the mix could impact margins if at all.
Yeah.
Yeah, I can I can take that one mark it's Justin.
Hum.
I would say that.
Currently.
And these numbers are our estimate.
But I would say that if you look at our call them condition specific and dermatology businesses, which are you know.
Shapiro Nava.
You know probably roughly 80% of those are those commvault are asynchronous.
No.
We have the ability to do asynchronous console through the virtual primary care platform, but.
Initially you know we decided that everything is going to be synchronous. So.
Yes, you know the.
No its going to of course, the synchronous appointment takes considerably more time than an asynchronous consultation does.
However.
We feel really good about the market.
The projected margins.
Well that business you know, it's a it's a different type of business you know we're.
It's a true telehealth services, that's recurring and so someone's paying us.
$15 a month for instance, which we expect to be probably the yeah, that's probably the.
This amount of where we have the most number of patients initially.
About $15 a month, that's $15 a month platform fee is 100% margin, we expect to put a lot of patients on that platform and.
And then you know and then it comes down to usage right and how often each patient using the platform they're paying out of course, you know for every commvault without platform, it's an ala carte console offering.
So.
If you think about it you know even paying above market like we do for doctors and making sure that we're only.
Liberty incredible health care.
We still see very very attractive kind of net margins on the business, but it is it is a little bit different but where were you kind of.
You know what makes up for the call. It lower margin Commvault is that kind of a recurring subscription fee, which is 100% margin.
Does that answer your question.
Yeah.
Okay.
Oh, we apologize.
He has disconnected.
If he comes back he who can make he may have a chance to go back.
We do have our next question from the line of David Larsen with V. T. I D. Again. Please proceed with your question.
I just just one more follow up Amazon announced that they are launching a nationwide virtual primary care platform have you seen them in the market at all or just what are your general thoughts on the impact of Amazon may or may not have on on your launch and your progress.
Yes.
David worked worked very kind of focused right now.
Yeah on the on this cash pay market, which is an art as it is.
A product that's really you know really caters to.
60% of Americans that are not insured or under insurer on a hybrid.
Hi, deductible health plan.
You know from what I've seen a lot of the bigger companies you know Amazon for that space Google's in that space Apple's search.
We're going to be in the space and so a lot of other people.
A lot of the big Tech companies have.
<unk> focused on.
The lower hanging at the lowest hanging fruit what should be you know management of chronic conditions like diabetes hypertension.
Things like that and also on relationships with the big payers in the world for.
So I I have not I don't know anybody I've never met anybody I've never seen an AD really I don't think for Amazon's primary care platform.
And I just looked at this market is so big that you know.
And we know that we've always known and we know that you know a lot of things a lot of big companies that are really well funded are going to be are going to be playing in the space and quite frankly.
We built our business in some of the most competitive markets in the U S.
And even in health care, so it's not something that we worry about right what I'm focused on it.
Finding the highest value revenue streams within that virtual primary care world, where we can just deliver incredible health care Amazing unit economics.
What we do best on the acquisition side, and we're going to win right and we don't need we don't need a big we don't need to capture much of the market to build a very big business. So.
I I know that you know.
I've said that you are think offline like.
I think that youre going to start seeing virtual primary care everywhere.
And you know Latham D. In our acquisition team like we really thrive in these competitive markets and we're very accretive and you know we know how to create these because these are offerings that.
People need them and go out there and get patients and then retain them.
So we're just we're not it's way too early in this game for us to worry about competition.
Okay, great. Thanks, very much and have you been approached by any health plans at why basically use you as a virtual primary care group.
And any thoughts on whether or not that's something you'd be willing to do.
At some point in the future and just any thoughts around the size of what that those plants may have been would be helpful. Thank you how many members.
Yeah.
We've been approached by one kind of very small health plan that have.
I don't know very it's very small right I think they have 10 or 20000 lives.
You know.
Also.
We've also been approached.
By some large large employers.
That expressed some interest in the platform.
Just said hey, we need to do we want to follow up with you in another quarter or two once we onboard more patients out of the platform.
We've also we've also David like what's even more interesting than that.
You know we've been approached by a number of health care product companies right diagnostic companies pharma companies that have <unk>.
Where they kind of need a partner right they need a telemedicine partner.
But they can drive patient two you know from from their website that from their own marketing activities.
These are very big.
No.
I could try.
Tens of thousands of patients or more to life M. D. We would actually realize you know service income from these initiatives some of them.
There could be a co promote structure and then also these things you know could be you know, albeit these patients that are now using a life and be out to access. This particular health care products are all great candidates for our virtual primary care offering so.
Super early stage discussions with you know this one small payer.
You know, it's not an area that we focused on but.
There's certainly a very big B to B opportunity here I wanted to be conservative with our statements. They make but it's something that you know I think you're going to see us have some traction with it this calendar year.
Okay, I mean, if we assume.
Call it $25 per member per month.
With you know 20000 patients.
You know that could be anywhere from five to 10 million Bucks a year in revenue. So it might be a small plan, but it could be a material revenue contributor right.
Yeah.
That's correct.
The numbers the numbers get the numbers become material real quickly.
So any of these things right.
Large employer small health plan.
Like a diagnostic company for instance.
Running five or 10000 tests a year any of these things.
Our are very material.
Yeah.
Okay. Thanks very much.
Yeah.
And our next question comes from the line of Marc Eisenberg.
These two games.
People see with your questions.
Yep, Thanks, sorry for the technical difficulty and dropping off the call there.
How do you think about your customer acquisition channels evolving over time it looks like some competitors are maybe increasingly leveraging influencers or celebrities and wondering where you could look to increase the top of the funnel relative to where you are today.
Yes.
Yeah. This is Marc.
Hey, Brooks.
Go ahead and take that.
Yeah.
Hi.
My my quick comment on that would be you know what.
We're constantly we're constantly building new partnerships on the media side.
I think there's a lot of opportunity to continue to grow that.
But we actually just launched a trial like that.
What's the near.
Right.
One of the largest.
Kind of consumer health care web sites in the U S. In the last couple of weeks.
But.
There are a lot of panels out there are a lot of them are online.
Online channels that we just we haven't really tapped into yet there we're constantly kind of testing out see what the ppas look like.
There are a lot of offline you know opportunities as well.
We haven't tested yet that were seeing strong traction on internally so.
These are very competitive market, but we still see a lot of opportunity to continue to expand with upwards of the cosmopolitan.
Great and then just a final one for me.
As you look at the components of your L. T V calculation wondering which one of the inputs do you feel that you can really turn the dials on the most and throughout the year what kind of gains do you think are achievable.
Oh. This is mark I would say two things one a O V. We've already seen some decent traction with bad weather I think to a new subscriber sign ups were particularly in our largest brand racks are in the fourth quarter, we were able to increase our whatnot.
One about the 95 to 100 dollar it'll be all new subscriptions up to about 125 to 130 through some additional cross sells of ourselves.
One and then number two as we continued to broaden our platform on Lake Charles I don't know I think this is probably the biggest one it would be retention.
Bigger for their business.
Thompson, who is going to continue to move.
Move up and continues to have a larger long tail off for those customers to stay with us for two or three or four years plus.
Yeah.
Great. Thank you very much.
And we have reached the end of the question and answer session I will now turn the call back over to Justin scramble for closing remarks.
Yeah.
Yeah.
I just want to say, thank you to everybody for joining another earnings call.
We're extremely pleased with the performance from the last calendar year and I'm looking forward to another terrific year in 2022. So I appreciate everybody's support and we'll talk to you next quarter have a great evening.
And this concludes today's conference and you may disconnect your lines.
Thank you for your participation.
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