Q4 2021 Inspired Entertainment Inc Earnings Call
Good morning, everyone and welcome to the inspired entertainment fourth quarter and full year 2021 conference call.
All participants will be in a listen only mode.
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After today's presentation there'll be an opportunity to ask questions.
Please note today's event is being recorded.
I'll begin today's conference call by referring you to the company's Safe Harbor statement that appears in the fourth quarter and full year 2021 earnings press release, which is also available in the investors section of the company's website at Www Dot I N E.
I N C dotcom.
This safe Harbor statement also applies to today's conference call as the company's management will be making certain statements that will be considered forward looking under the securities laws and rules of the S. E C.
These statements are based on management's current expectations or beliefs and are subject to risks uncertainties and changes in circumstances.
In addition, please note that the company will discuss both GAAP and non-GAAP financial measures.
A reconciliation is included in the earnings press release.
With that completed I would now like to turn the conference call over to Lorne Weil, The company's executive Chairman Mr. Weil. Please go ahead.
Thank you operator.
Morning, everyone.
And thank you for joining our fourth quarter and year end conference call.
I'm here today, with Brooks Pierce and Dan Silvers, our CFO Stewart Baker.
Is recovering at home from an illness, and we expect storage to be back at work.
And a week or two.
Or if you are listening we look forward to seeing you back in the office shortly.
You need to rest up because there's a lot of work to do.
We feel as though we ended the year firing on all cylinders the integration of the northern attic business.
Interrupted the last couple of years by the fits and starts of Covid is entirely complete.
The businesses are beautifully integrated from both an operating and revenue point of view.
And each of the component is just performing as well as we could have hoped.
At this point, we're particularly pleased.
With the performance of the pub business.
Where we are steadily gaining both margin and market share.
And expect more growth and margin improvement to come as we complete the analog to digital conversion.
We have had conviction going back at least 10 years to our scientific games days.
That there was a great opportunity for our style of digital server based gaming in the pub sector.
But 10 years ago. Unfortunately, we have for more for better or worse ahead of our time.
But now the time has definitely come in this business is really coming into its own.
Might also mentioned.
At the same time.
Some of the acquired nomadic titles are among our best performing online games.
So we're seeing real Omnichannel revenue synergies here also.
What we think of as our digital businesses.
<unk> and virtual sports.
Ended the year far ahead of last year in both revenue and profitability.
With margin improvement illustrating the way these businesses scale.
As we mentioned in our last conference call.
These businesses together are approaching 50% of our overall EBITDA.
And we expect we will move well beyond that as we exit 2022.
A couple of days ago, we launched I gaming in Connecticut with draft Kings.
And we just released our I gaming license.
In Ontario.
My home province by the way earlier this week.
We have plans to launch in Ontario in April .
And at the same time, we can see Pennsylvania.
Clearly on the horizon.
Along with a number of new jurisdiction and virtual sports.
We see this whole digital area as a tremendous driver of revenue growth.
Margin expansion and asset utilization.
For years, we were trained in the paradigm of revenue growth slash margin improvement slash asset utilization.
You could pick any too.
But we seem to be in a new paradigm now where if you understand what you're doing you actually get to have all three.
In a moment Brooks will go into these areas in more detail because there are if you will the number of important developments taking terms in place taking place in terms of products markets geographies and so forth.
Financially of course, we could not have ended the year on a stronger every measure.
Revenue and profitability was at a record level as was our liquidity position we ended the year.
With about $48 million in cash.
And $75 million in liquidity.
Including our Undrawn revolver.
And our net debt to EBITDA.
It was down below three on a stabilized basis.
All of this taken together gives us confidence that our platform is ready to move very aggressively to the next level.
Bear in mind also that.
The cash and liquidity balances are after the completion of the sports lottery acquisition.
Of about $12 million, so that excluding this.
Our cash and revolver worked together to close to $100 million.
A rather remarkable achievement.
<unk>, where we were in the depths of Covid.
The sports Lottery acquisition itself fits a critical piece into our strategic mosaic.
As we have explained previously we paid about $12 million for a three year run rate EBITDA of about $4 million.
So in effect the purchase price was equal to the profit remaining in the existing contract.
At the same time.
We're fortunate to have been able to extend the contract with later the customer.
For an additional 10 years effectively generating there for at least $40 million of gravy.
This was certainly a nice piece of financial engineering, but its not the real reason we did this although by itself. It's obviously made.
<unk> made a compelling case.
When we're finished with the development and launch of the I gaming platform in the Dominican Republic, we expect to see significant immediate upside there.
Given the very high incremental margin on revenue.
We expect that to Dr will give us an operation with a strong retail foundation.
Where we can refine and showcase our irawaddy.
I lottery content.
Which will be greatly beneficial worldwide.
We see significant opportunities to use the D. R. That's the.
A platform to grow our business throughout the Caribbean and Latin America.
Markets again from our past that we know extremely well.
And lastly, and maybe most importantly, I believe we will end up with a state of the art.
Probably beyond the state of the art cloud based lottery system capable of supporting both I lottery.
And land based lottery systems anywhere in the world.
I should also mention that we have assembled.
There really world class team of lottery system developers.
Under the leadership of our global Chief Technology Officer, Steve Beason.
Who some of you.
You May remember was for many years prior to joining us.
C G O a scientific games.
And here I'm, referring to the lottery company, not the light and Wonder company.
And before that GTECH Ah now I G T.
Lastly, I should just mentioned that as a first time.
Accelerated filer this year.
And adding to the increased reporting requirements.
That we now have as we moved this year from Sox 404, a two Sox 404 b.
We will be intending to file our 10-K by March 31st.
Within the automatic extension period.
And with that I will hand, it over to Brooks.
Okay. Thanks Lorne.
And I share your views that we're seeing excellent performance across all the segments of our business and have an outsized number of opportunities. We're working on that we are confident we will continue our momentum in 2022.
As we've learned from the experience with Covid and now with the war in Ukraine General macroeconomic issues supply chain challenges et cetera. There are a number of things beyond our immediate control I do take comfort, however, and the amazing resiliency and tenacity of this management team to take on any challenge they confront head on and find ways to.
Continue to build this company to realize its potential and we want to express our respect and admiration and appreciation for the work that they've done over the last couple of years.
So as we've done in the past few calls I'd like to go into a little more detail on each of the areas of the business and report on our progress and what we're working on in each but aligned with our core strategy of growing our digital businesses and its increasing EBITDA contribution by leveraging not only our existing content port portfolio, but as well as our content.
<unk> I'll also update on our progress in North America, specifically is that as a geography for which we see tremendous potential to grow our footprint substantially.
Moving into the business segments of the interactive business had a strong fourth quarter with 36% year over year revenue growth as well as revenue growth throughout all of 2021 of over 72% even with the land based business is coming back during the second half of the year North America in particular showed strong growth throughout the year.
As Warren mentioned, we've just gone live in Connecticut with draft Kings, and we'll be going live in Ontario, hopefully in the second quarter. After now receiving our license.
We already have agreements in place with most of our customers and we think Ontario is going to be a very strong market.
We hope to be live in Pennsylvania in Q2, as well all subject to licensing approval.
And as I've mentioned in the past, we're currently serving roughly 70% of the markets in New Jersey, and Michigan and would hope to add both Andrew on Penn National by the second half of the year, which should get us close to 90% of each market. So you can see that by the second half of the year, we're expecting several key market drivers to accelerate our growth trajectory in the.
Segment.
We continue to produce three to four new games monthly and that combined with the quality of our games coming out of our studios is driving share gains as part of our organic growth Needless to say, we're very bullish on the prospects for this part of our business now.
Now moving on to virtual sports, our virtual sports business continues to perform exceptionally well and we're excited about the footprint. We're building with the online aspect of this business as our virtual plug and play VP product went live in additional markets like Belgium, with Napoleon and Greece, with both <unk> and Nova bet.
Early results are very encouraging Q4 revenue growth of 26% illustrates the potential we see for this business with online continuing to grow and land base now back at pre COVID-19 levels across our geographies.
In North America, we now have a launch date of April 4th for our second U S lottery customer the DC lottery, and we will be introducing a new football product with the Pennsylvania lottery in the second half of this year.
We remain very bullish on the lottery sector is a great market for virtual sports in North America as we've seen in some of our big lottery customers around the world, including <unk> in Greece, and seasonal and Italy and Turkey.
On the product side, we have a number of enhancements coming out in 2022, including our first women's soccer game in time for the women's euros tournament. This summer and we're signing customers currently for our newly license Major League Baseball players Alumni Association Homeroom homerun shoot out, which I have to tell you it looks amazing and development.
Moving over to the leisure segment, so our leisure business grew well with revenue up 183% compared to the prior year Q4 due to a number of factors.
Including reduce COVID-19 restrictions extended season for holiday parks increased traffic to our MSA locations and as Loren mentioned that continued growth in our pub sector as well as reaching now 78% of these state being digital with the majority of the rest of these state converting and the rest of this first half this year.
The prismatic cabinet continues to be the leader in KFC gaming in pubs, and we're excited to be introducing our vantage cabinet later this year not only to our pub customers, but also our LBO and AGC customers as well as we've said a number of times, we design our games to work across our product port.
Folio, including online leisure and our gaming segments and we're seeing the benefit of this omnichannel strategy with players recognition of our brands and the ability to play our games and whichever venue or mode. They choose for themselves as Lorne mentioned in his remarks, we firmly believe that the pub sector will recover well from the.
<unk> restrictions and increased footfall should drive machine play with our content and cabinet performance being major drivers for the success in this segment.
Last the gaming segment continues to perform well with land base back to pre COVID-19 levels across our major geographies of the U K in Greece.
In Greece, we've seen our lead in performance expand over Q4 and believe the addition of some some of our new key titles of our own along with the first game from aristocrat being introduced to the market will strengthen our offering in the ski market.
We completed the transition to a content platform provider in the Italian market with our deal with Crystal Tech finalized and we're seeing the benefits to our P&L, taking hold we continue to expand our footprint in Illinois in Q4 and have introduced some new content and a roadmap for additional content going into the market in Q1 2022.
That should continue to improve our performance in that highly competitive market.
And we've submitted a number of proposals to several key North American VLT markets in Q1 and expect to report on those in future earnings calls.
Last but certainly not least we are.
Delighted to now have two months under our belt with our beta lottery customer in the Dr. And early results are very positive we expect to expand their offering to make it available online in the first half of 2022, which could expand the sales opportunity significantly in that market.
And I, both worked with <unk> for many years in our prior lives and they run a world class Lottery and we look forward to building a lottery platform for them that state of the art and will be an opportunity for growth for us in markets outside of the Dr. And will include the ability to be a platform provider for <unk> as well.
So needless to say, we have a lot going on at the moment as we continue to build this business and clearly our financial position gives us increased flexibility as we expand organically as well as review the many opportunities going on out in the market today.
So thanks, and I'll hand that back I'll hand, it back to warn for his closing remarks before we take Q&A. Thanks Brooks.
I don't actually have anything to add I think you did.
A great job of.
Summing up where we are so operator if.
You're standing by.
We can open the program up to Q&A. Please.
We will now begin our question and answer session.
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At this time, we will pause momentarily to assemble our roster.
The first question comes from David <unk> with B Riley. Please go ahead.
Great. Thank you and congrats on another strong quarter in our best to Stuart.
First just because it's very topical.
Given the geopolitical and macro environment any change that you're seeing in player habits, particularly in retail or potential <unk>.
Capex or buying activity from from route operators whatnot in North America or any of the other business initiatives that you have.
No amazingly thus.
Thus far and as you know, Dave we track this daily.
We're not seeing anything in the European markets, which you would probably expect if there was any impact we'd see there we're not seeing it certainly.
Don't see it in the a and the Illinois route market as well I know sell just reported their results, which were which were terrific. So.
Illinois market continues to be robust and as I mentioned in the in my remarks, we've got some proposals out and we hope to be reporting on that later in the year. So no. So far so good.
Okay great.
And then if we could circle back on the strategic opportunity of sport attack with the cloud Tac.
It just seems like that may be transformative for your I Lottery initiative.
If I'm gathering it correctly sport tech is going to allow you to be both.
Platform provider and and you're already a content provider and.
And you will be fright lottery. So can you describe like the take rate differential perhaps in the strategy to be more active as a platform and content provider, perhaps outside the U S versus more content related in the U S and if theres any update with USA, a lottery that'd be great too.
Hi, David Lawrence.
[laughter].
I know that was a lot but if.
No.
The strategic.
I definitely understand the question.
Alright.
Yeah.
But anyway just to clarify the.
The.
The contract that we bought is a contract that is currently.
Held by.
This UK company Spartech the customer.
It is.
As.
The operator of the National Dominican Republic Lottery called later.
D S.
It's an acronym that I have no idea what it stands for.
I'm pretty sure the L stands for lottery, but after that I can't tell you how electronic electronic yeah.
<unk>.
So just so we have the nomenclature right.
The.
I mean from what we see in various contracts.
Around.
I think it's probably.
In the ballpark to say.
That being able to supply then I lottery platform.
To use your term, we probably about double the potential take rate.
Relative to just providing content. So if our market opportunity before was X by having the platform itself that would go to two X.
And we're getting a little bit ahead of ourselves, but because of the way were architected. This system.
It will.
Work.
Not just will but beautifully also as our retail lottery system. So.
I can't say, where our focus would be from a marketing point of view.
We're doing that but initially it would probably be outside the United States, but.
If if if adding the.
I lottery platform to content.
Doubles the.
The take potential I'd say, having a system that can do retail probably double that again.
So.
Again based upon my whatever.
30, or 40 years in the lottery business.
But we're going to take it a step at a time right now.
Our main focus is.
Is the.
Lottery content opportunity because that's the one that's really growing.
And as.
As we said in the press release.
The Dr will be hugely helpful. There because then we can put.
All of the lottery content that we have as we develop and.
We will see which ones work, we will be able to demonstrate that they work.
Refine them fine tune them.
And so forth. So that's kind of how we think about this the whole lot or anything and of course.
The beauty is.
<unk>.
That here the synergy between gaming and lottery is extraordinary I should.
Just pause for a second.
There is some.
Yes.
It's possible to have different philosophical views of this whole thing.
<unk> always felt.
Again back win.
Brooks and actually Amy's here, so and Amy were idle at site games that there was.
Potential.
Nominal synergy between.
The gaming business that we had been begun to build at the time.
And I left and the lottery business.
I think what.
So I games has done in terms of how they integrated the business for them is actually quite brilliant but.
But I, but for us I.
I am.
Overwhelmingly convinced that the.
The synergies are tremendous and no place more.
And the opportunity to use in the enormous content library that we have now in gaming.
And repurpose that content for lottery and so that's.
That's where we're really.
We're really focused right now and I'll just make one more point and then I promise I'll shut up.
Sure.
As in Brooks alluded to this is we.
We're really getting.
To be very excited about.
The opportunity in Lauder Lottery World.
Virtual sports.
And beyond that.
A couple of lotteries that we have now.
I hope in the next.
You know a month or two we will make some interesting announcements about further.
Developments of virtual sports in the lottery space.
Very cool Awesome love it thank you.
The next question comes from Barry Jonas with curious Securities. Please go ahead.
Hey, guys good morning.
I wanted to follow up on the lottery.
On lids.
There's a few large players as you know who dominate the traditional lottery space can you maybe just talk about what you see as your sweet spot for new contracts going forward and maybe help size the opportunity.
Oh boy.
Well.
No.
[laughter] I'm sorry, Barry.
Yeah.
One of those mornings.
<unk>.
I would say.
That.
Every lottery in the United States and indeed the world.
As.
As our target.
The market for the lottery content theirs.
There is absolutely no question about that.
<unk>.
We're seeing this.
Unfold very rapidly.
And.
Much like the <unk> gaming business in North America, it's really in its infancy. There are only a handful of states that are doing high lottery now, but I think it's going to.
It's going to accelerate exponentially across the company across the country just the way.
<unk> gaming is doing.
In terms of sizing it.
The.
In countries like the UK for example that.
Have been at it for a number of years and.
And are doing it.
Reasonably well and other jurisdictions.
Hi, lottery comfortably had grown to be 'twenty or 'twenty five for set of lottery revenues.
With no indication that it cannibalize as the underlying lottery business I think the worldwide lottery business.
Retail sales are around $300 billion, let me think.
Coming on close to 100 billion, though that is in the United States. So it's 20% 25% of that is the potential for a lottery.
That's.
Probably not a crazy number.
And as is.
<unk>, let's say.
Estimated a moment ago and the answer to David's question.
I would imagine that the split between that would be 50 50 between content and.
The.
Core lottery.
Platform itself.
In terms of our focus I think in North America, we're going to be primarily focusing on.
I'll Audrie content.
And I would think that our.
At least.
Early days of developing our.
Lottery platform and ultimately retail water re platform initially would probably be focused outside the United States in.
And markets that we've had brooks and I have had.
Years of experience in and I think.
We have.
Uh huh.
Good opportunities to develop the business yes.
Yes, I mean, Barry let me just add one more point I think one of the advantages that we see as we're starting this development from kind of a clean sheet.
So we think that there are some innovation.
And some benefits that we can bring to the whole segment and I think as Lorne said.
Probably our focus outside of the lottery stuff will be outsized.
North America, first, but but we expect to build.
A world class lottery platform that can be both I lottery and retail.
And it's a hell of a lot.
Lot easier kind of starting from scratch and then some of the stuff having to modify some of the existing systems as others would have to do.
If that helps you.
That's great. Thanks, and then just as a follow up question any updates on the UK gaming regulatory review I think our thoughts are you are better positioned than others. There, but just curious if you could share any any updates as you are aware.
Yeah, the only update that I have is that at least what's.
Whats been the signal is the white paper that everyone has been talking about for some time it looks like it's now going to be may.
And we don't have any reason to believe thats going to be anything different than what we've talked about on prior calls.
I think what's happening what we're seeing is the operators themselves are getting more and more aggressive on responsible gaming stuff in advance of the white paper hopefully to take preemptive moves too to address any of the operating issues that they may have before the paper comes out so.
<unk>.
Well like everybody else, we'll we'll kind of wait to see what happens in may.
That's great.
And best wishes to Stuart Thanks.
Thanks Barry.
Your next question comes from Ryan Macdonald with Craig Hallum. Please go ahead.
Good morning, guys and Stuart hope you're feeling better.
Two questions for US first interactive segment was down sequentially good year over year growth in pretty steady trend, but anything to comment I guess directionally on what happened in Q4 relative to Q3 and the trend.
Yeah.
October and December were actually better.
November was was not.
And that was primarily to do there was a there's a whole set of regulations that needed to be implemented that came out of the U K in terms of spend speed et cetera, et cetera, and we made that transition in November and frankly it took.
Look up a lot of our time and capacity and we didn't have as many.
New games in the market as we normally do so we took a little dip in November but.
What we're seeing in the first quarter makes us feel good about.
How the business is going so kind of a little blip in November but that's about it.
Helpful. And then just on the new Vantage pub cabinet that you mentioned can you talk through kind of what the new features are what's what's exciting about that one relative to the past ones you have out there today.
Yeah.
Thanks, It's a good question.
Super excited about it and we've just started showing it to customers.
And I think from a hardware perspective.
Bigger brighter newer screens.
But really what we think what we're seeing in this kind of goes to the Omnichannel strategy is the kind of cross pollination of our content. So because now when you are in particularly in the U K.
Theres really no real difference between a pub experience and adult gaming centers experienced an LBO experience. So what we're doing and from a menu standpoint, maybe this is getting too granular, but from a menu standpoint, you'll be able to kind of navigate to whatever type of game that you're like if you're used to playing in it.
C and you walk into a pub youll see content that you recognize same thing with with LVL and the feedback that we've gotten from <unk>.
Our customers there was just a big amusement show last week was amazing so.
As Lauren talked about we may have been a little too early in the pub market before but I think the pub market is really morphing into server based digital changing content.
<unk>.
Content of all different varieties.
And it kind of cool menu and I again, I think with the increased footfall coming back post Covid, we're expecting to drive the cash box and the pub.
For obviously for us, but also for our for our pub customers higher and higher with everything that we're doing so we're pretty excited about this product.
Great. Thanks, guys. Good luck.
Thank you.
The next question comes from Tom <unk> with Macquarie. Please go ahead.
Yeah.
Hey, Good morning. This is Aaron on for Chad. Thanks for taking my question.
I just wanted to touch on the interactive segment again, I mean, it looks like you've continued to have good momentum launching with new customers here.
Just talk about what sort of investments are needed to support growth from here.
And how we should think about margins in 2022.
Yeah.
Where we're investing.
Our money is obviously continuing to invest in the content pipeline.
But also investing in.
This is calling in a mine that we don't have.
Continuing to invest and integrations.
So I think what youll see from US going forward is more direct integrations with customers as opposed to going through integrators, which will certainly increase our margin because we won't be having to pay 20% to somebody to integrate so I think in terms of both scale and kind of more direct.
Integrations.
You can expect to see the margins improving.
The business kind of grows I think warren alluded to that in his remarks.
Great. Thank you.
If we just.
I think what we'll see is.
As a tremendous illustration of that Chad.
Ah.
Sure Erin.
Uh Huh, it's Aaron for Chad, Oh, I'm, sorry, Erinn for Chad.
Yes, I thought you didn't sound like.
<unk>.
Didn't have that yeah. So.
<unk>.
When we.
Hopefully launch in Ontario in April .
As Brooks said now that we have.
We just we were informed yesterday that we have our licensed and.
We have probably a dozen or more.
Customers operating customers in Ontario already signed to contracts.
And all of the.
The technical work is done.
And it's.
The exact same library of games that we've developed.
For our other markets.
Yeah.
<unk>.
Essentially all of the revenue that will be getting from Ontario should be.
90% of it dropped to the bottom line.
And profitability so.
Each time, we add another jurisdiction like that.
Again, particularly because it's always more or less the same set of customers.
Selling.
The same game.
Our incremental investment.
Occasionally if theres, a new customer or doing a new integration.
As is remarkably low.
Compared to the incremental.
Revenue and margins in this sort of goes back to the point that I was making in my repaired remarks.
When I kind of half jokingly said it used to be revenue margins.
Capital.
Pick any too but this is as pointing in example of now you really get you got to have all three.
Haven't ever.
And my.
Depressed to stay almost 50 year business career.
Haven't ever really seen anything like this so it's really very unique.
That's great. Thank you.
As a reminder, if you would like to ask a question. Please press star one to join the question queue.
Your next question comes from Edward Engel with Roth Capital. Please go ahead.
Hi, Thank you for taking my question just to follow up on the last one at this point do you feel like you are now live with all the major content aggregator platforms and then I guess as a follow up do you think that maybe even owning one of these platforms could accelerate both of your distribution and then maybe even boost your margins on your own games.
Well I'll answer the first one I'll, let Lori answer the second one.
You were going to do.
Well I'll, let you.
M&A Guy.
Yes, we are we've integrated with pretty much.
Everyone that we need to.
So.
Perfect perfect illustration of that as Ontario.
So I think.
We expect to hit the ground running with kind of over 20 customers.
When they open.
For us.
Without really much work at all.
And I think that's a testimony to the idea of that were integrated with everybody, but no I actually think.
We as a company and I think our customers.
I would prefer to have direct integrations with us and I think thats a trend.
That youll, probably see certainly with our bigger customers that will be going direct with them more often.
But I'll, let Darren give his views on the aggregator business on the aggregator.
Part.
It's actually kind of a complicated question.
<unk>.
In general I don't like.
Putting us.
Or any business that were but.
Putting us in a position where we're competing with our customers. So.
I think if we were to call.
<unk> deliberately go into the aggregator business.
We would obviously be competing with the Aggregators, who are customers of ours now and.
Ah.
Hi.
I wouldnt be comfortable doing that.
But.
In a certain sense, we are in aggregate I believe Brooks mentioned a minute ago that in Greece. For example, we're going to be putting aristocrat game on our Greek platform.
So.
More and more with sort of happening is that a lot of our customers, even where we're providing.
The primary platform.
Or in the case of the.
The gaming business the remote game server that these games sit on.
Or in the in the.
The license bidding office business in the UK, where we have.
In many cases other people's games on our platform.
Well, we've always had.
Our philosophy of having as openness system as we possibly can so that our customers know feel like they're stuck having to only have our games and if they have.
Other games that they want us to.
Mega available then we're obviously happy to do it so we're sort of drifting in a way into the aggregator business, but at the initiation of our customers and we're happy to do it but I don't think.
Okay.
We can always change our mind right now this minute.
Wouldn't see us for example, going into the aggregator business in a way that we'd be competing for example, with scientific games I. Just don't think that's something we're going to do.
Great. Thank you.
Okay.
This concludes our question and answer session I would like to turn the conference back over to Lorne Weil for any closing remarks.
Thank you operator, no again I don't have.
Uh huh.
Much to add.
I think actually the questions that we have.
Had this morning were.
As good a collection of questions as I can recall any conference call.
Having added in the last few years that inspired so.
Thank you and appreciate everyone who asked the questions.
And we.
We continue to appreciate your support.
And.
<unk>.
I'm trying to think of when we will be reporting in the first quarter, but probably in mid may.
So we'll be talking to you in mid May and.
We look forward to doing that and so thanks again bye.
Which is.
Now concluded. Thank you for attending today's presentation you may now disconnect.
Yeah.
Yes.
Okay.
Okay.