Q1 2022 Altus Group Ltd Earnings Call
Thank you for standing by this is the conference operator welcome to the Altice Group first quarter 2022 financial results Conference call and webcast. As a reminder, all participants are in listen only mode and the conference is being recorded.
After the presentation, there will be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you may signal, an operator by pressing star zero.
I'd now like to turn the conference over to Camilla Bartosiewicz. Please go ahead.
Thank you Ashley good afternoon, everyone and welcome to Altus group's first quarter results conference call and webcast for the period ended March 31 2022.
News release announcing our results was issued after market close. This afternoon and is also posted on our website along with our MD&A and financial statements joining us today, our CEO , Jim <unk> CFO , Angelo Bartolini, who will start with some prepared remarks, and then we'll move right into the Q&A session. If we miss any questions. Please contact me directly.
E Mail and Google will begin vice coming off of our financial performance and then Jim will provide an operational update before we get started please be advised that some of our remarks on the call. Today may contain forward looking information also please be reminded that Altus group uses certain non-GAAP and other financial measures indicate.
<unk>.
Financial and operational performance.
Forward looking information and an explanation of these measures are detailed in todays news release and in our related MD&A reports on SEDAR.
All of them all of the forward looking information discussed today is qualified by the cautionary statements and included in these reports okay over to you Andrew.
Similar.
Here today, the year is off to a productive start as demonstrated by our financial performance in Q1, the positive growth indicators in our bookings and the operational momentum across the company.
This is a key execution here and we're really pleased with the progress against our strategic initiatives during the first quarter.
Please note that unless otherwise specified all figures that I will be discussing today are as reported in our growth rates are on a constant currency basis.
On a consolidated basis revenues were 160, 667, 6 million, an increase of 24% of which 11% of the growth was organic.
And adjusted EBITDA continues to steadily improve at $17 7 million or up 4% as we capture synergies from last year's acquisitions and continue to adjust our cost structure in line with our new operating model.
Looking out with the analytics firing on all cylinders and our property tax business set to deliver another record year, we feel confident in our plans to deliver strong top line and adjusted EBITDA growth. This year I had expanded margins.
Analytics delivered another strong quarter.
Revenues were $80 3 million.
50%, especially noteworthy organic revenue growth was 19%. This marks a third consecutive quarter of organic revenue growth in the mid teens to 20% range crude that the evolution of our operating model implemented at the start of the year and the revamped go to market plans are increasingly.
<unk> effective.
We saw solid growth across our key solutions with strong customer expansion and new customer additions to our platform as we saw 250, new logos for August in the quarter.
We're proving that once we went over clients, we not only keep them grow them. Our customer success teams are a great driver of our retention rates, which are industry, leading across all of our software data and analytics solutions.
I have to say that I'm really excited about the growth in our overtime revenues at $68 million overtime revenues grew 16% year over year and 24% on an organic basis Bill.
Building off of a strong Q4 overtime revenues were up 14% sequentially and up 9% on an organic basis. This is a significant increase and really speaks to the durability of our revenue streams.
Regarding our cloud migration progress we're tracking on plan as we close the quarter with a little more than 44% of AE users on the clock.
The large increase in adoption in Q4, the current quarter's increase was on pace with our expectations.
With visibility into our pipeline, we expect we expect closing on some sizable deals and body by the end of 2023, we expect to have converted a large majority of our users onto the cloud.
The recent enhancements to cloud enabled AE 14 launched in late 2021. In addition to our plans to and support for AE $12, one or older by June 32022 will.
It will be significant drivers and helping us to achieve our targets.
Adjusted EBITDA showed a positive improvement in the quarter as well.
$1 2 million.
11%.
This is significant when you recall, we purchased <unk> late in 2021.
An early stage business with an adjusted EBITDA run rate loss of approximately $20 million.
Although we have begun to achieve synergies in Q1, we still have more to go.
Also bear in mind that as part of the purchase price adjustment for Rihanna me, we incurred a discount on deferred revenues of approximately $1 million in Q1, which also impacted adjusted EBITDA.
This 1 million adjustment alone had a one 2% impact to margins.
Notwithstanding these impacts adjusted EBITDA going forward, we expect quarterly improvements in margin and expect margin to be higher on a year over year basis for full year 2022.
I'm also excited about our bookings and bookings growth bookings came in at $28 million up 32%.
Bookings are increasingly skewing more towards recurring in nature reflected in overtime revenues and pleased to add that organic overturns bookings in Q1 were especially strong.
Looking out we are very well positioned for the year to deliver positive performance.
Across our key metrics overtime revenues bookings AE cloud users and margins.
As I said the business is firing on all cylinders.
Turning to the CRE consulting segment.
Our property tax Q1 revenues were $58 5 million up 8% and adjusted EBITDA was $13 3 million up 21%.
Driven by strong performance in the U S, where we saw a rebound from previous Covid related delays.
In Canada, we have steady while the UK continues to experience lower settlement volumes caused by resource constraints the devaluation office.
We do expect resumption to normalized levels later this year.
Overall, we're very positive on the year for tax as we have a healthy backlog of tax appeal cases can be settled significant bookings in our pipeline and a robust level of annuity billing in the U K schedule for Q2.
As a result of these factors, we expect another record revenue year.
As we've discussed before we are driving more technology into this business. The results of our investments are greater operating efficiencies enhanced business development and market intelligence and greater savings for our clients.
As you'll hear from Jim in a minute. We're also excited about the acquisition of rethink solutions, which will begin to provide us with not only an overtime revenue base, but with our first software revenue streams within global tax business.
Although our valuation and cost advisory revenues were up modestly over last year of $29 million, we see underlying strength in the business that will translate into stronger performance throughout the year.
Finally in Q1, we initiated a global restructuring program for the year resulted in one time restructuring cost of $8 4 million in the quarter.
This program was initiated as we drive toward greater efficiencies in our operating model.
Approximately $3 8 million of these costs relate to our efforts to rationalize our office space in certain markets.
These reductions in office space as a result of both the synergies that we planned under the acquisitions of finding attractive in Wyoming and as a result of our deliberate approach toward a hybrid office working model.
As detailed in our recent sustainability report, we believe that by moving to a hybrid model, we can reduce our square footage of our leased space by up to 15% in 2022.
The environmental benefit of this approach is that it significantly reduces our scope two and three emissions.
We expect this program to continue throughout the year and expect further reductions in office space and greater efficiencies, resulting from ongoing integration work.
Turning to our financial position, we finished the year with a cash position of 46.
$8 million and with $306 $7 million in the bank.
Our funded debt to adjusted EBITDA leverage ratio as defined in our credit agreement was two six times well below our maximum limit of four times applying our cash and net debt to adjusted EBITDA leverage ratio was 237 times, representing a very healthy balance sheet.
Given our ability to generate strong cash flows and growing adjusted EBITDA levels, we're able to deleverage quickly and we apply available capital towards growth initiatives.
With that I'll now turn it over to Justin to take us through some of the operational progress alright. Thanks Niccolo.
Good afternoon, everyone excited to be here.
I agree with Agila business is firing on all cylinders as you just heard it was a strong start to the year. Thank you all our colleagues for their continued commitment to our clients in the business.
Quite pleased with our 22% consulting consolidated revenue growth, including 11% organic growth, particularly on the heels of a very strong Q4.
As covered on past calls restructuring all aspects of our business to reinforce altice is the leading intelligence as a service provider for the commercial real estate industry.
We continue to make great progress on our innovative product roadmap and scalable operating model.
We are executing against our strategic priorities and this is reflected in our recent results as well as a number of internal Kpis. Most importantly.
Supportive and there are partners on this journey.
The market fundamentals for our business are healthy for.
We're bringing our clients actionable intelligence solutions in a very dynamic market, helping them maximize their returns protect their bottom line and better manage risk <unk>.
The increasing alpha reducing data that's our mission.
As prudent throughout the pandemic and now with challenging global macroeconomic events, our business is stable across various economic cycles benefiting from a diverse diversified revenue mix geographically and by service.
Our results reflect a growing base of recurring revenues reflected it in our overtime revenues driven by providing mission critical solutions to our industry.
Further as our industry continues to mature the tech adoption curve accelerates and the labor market continues to be constrained the need for outsourced expertise is announcing <unk>.
In combination with the proudest of increased Delta and reduced data clients gained significant value partnering with all of this for the various needs across the CRE value chain.
Over the past few weeks as I stepped into the CEO role I've had the opportunity to speak with many of our customers employees and investors.
Galvanized by the support we're receiving from our various stakeholders, who remain deeply engaged in our value creation plans and the innovation, we drive for our industry.
What is clear is this.
It's increasingly regard our team and strategic business partners based on the quantifiable value we drive for them.
True to our high performing culture, our employees are rallying around our refresh strategy are motivated by the operational momentum that is driving us to new heights.
And the investment community has been a great resource throughout this transition.
Elevating the potential ahead for all of this and appropriately holding us to account.
<unk> was always there and we're steadfast in making it happen.
Okay, reflecting on the progress in Q1.
The analytics growth engine continues to run at a significantly increased pace that we established in 2021.
We had terrific revenue and bookings growth, both organic and in total and particularly in the <unk> category.
We expected continued strong sales execution under our new model with opportunities to extend these go to market practices across tax and costs.
With a large serviceable market, we're continuing to add more clients to our platform and grow wallet share with current clients.
Our pipeline is expanding with increased cross sell opportunities following last year's acquisitions.
And overall, we're <unk>.
We're seeing a higher mix of larger transactions.
Note. By example, Q1 included a sizable multimillion dollar deal from our longstanding top tier client. It was predominantly an expansion of our appraisal management solutions, but included a cross sell with the 100 <unk> with our <unk> hundred 11 consulting group.
Our transition to value selling under a new offer structure is progressing well also.
During the quarter, our sales team completed several weeks of training on the new offer structure.
As you access today's IR materials I Trust you would have also seen our new website, which launched this week, bringing intelligence as a service to life or.
Our product and marketing teams are providing excellent sales enablement materials and driving high qualified sales leads our.
Our customer success teams are maximizing customer satisfaction, while discovering expansion opportunities.
Our go to market team has been well equipped trains and supported to deliver on our ambitious growth plans and as we saw at our Q1 financials they are delivering.
Turning to our CRE consulting segment. This quarter, we began to align our valuation and cost groups closer with our analytics business under a common regional leadership model.
Our new offer structure supports serving clients across the CRE asset lifecycle.
Our valuation and cost services focused on developers lenders and investors aligned with the solutions we offer through analytics.
Pretty development is an important stage in the CRE lifecycle intelligence as a service delivers on our expert advice technology data and analytics across all of our business units.
Our property tax business had a very productive quarter.
Financially, we are delivering solid performance as our expert consultants maximize savings for clients, while growing the volume and value of our backlog and operationally it was a productive quarter marketing towards our target operating model, while continuing to advance our tech strategy and completing the due diligence on <unk> solutions.
Acquisition with the ICL and property tax management software is an important building block for our techs tax strategy, so let's spend a minute on that topic.
First we're excited to welcome <unk> Katzman founder and President as well as this talented team of approximately 35 people to office.
<unk> solutions is the mature SaaS business that has been around for over two decades with a very impressive client roster and stable <unk>.
Trusted by many large organizations across the U S and Canada.
Property tax processes improve productivity by efficiently managing real estate tax assessments across multi property portfolios.
Effectively the software enables customers to centralized property tax data automate processes with Configurable integrations that includes built in data management tools intuitive dashboards and reports.
<unk> software is a highly synergistic.
And it is highly synergistic and complementary with our offerings.
No. This will add substantial value to our clients. This acquisition enhances our growth profile with a new overtime revenue stream enables cross sell opportunities and creates new and expanded customer use cases structures traditional tax market.
Furthermore, the acquisition accelerates our technology strategy to develop an end to end property tax management platform, representing significant time and cost savings for us in advancing that strategy.
The software sales, our clients time and resources and allows us to grow our business more efficiently and serve our clients more effectively.
Property types of approaches and processes vary widely from one country to another but ultimately the foundation of the tax business is the same property values are assessed taxpayers have the right to appeal strategically would envision an end to end tax management solution with a workflow for the tax management and tax appeal.
Yes, I found link software addresses several key workflows critical to that vision plus the tax focused expertise. The team brings we will accelerate our efforts.
Finally, as I wrap up.
Thank you to our shareholders.
We are appreciative of the support we received during the AGM yesterday and value of the candidate engagement, we had with many of you.
Okay, let's open up for questions now operator.
Thank you we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad.
Here atone acknowledging the other categories.
Yes.
Yes, Yep can you hear us.
Just one moment. Please it seems like the presenters are unable to hear.
Hear me just one moment please standby.
Operator, we can't hear you.
You could share at legal side or the dial on another line.
Yeah.
Okay.
Yes.
Thanks.
Okay.
Yeah.
Okay.
Okay.
Yes.
Yes.
Right.
Thank you for your patience and we connected the presenters.
We will now begin the question and answer session. Once again to join the question queue. You can press star one on your telephone keypad Youll hear a tone acknowledging your request. If you are using a speakerphone. Please pick up your handset before pressing any keys.
Your question. Please press Star then two.
The first question is from Yuri Lynk from Canaccord Genuity. Please go ahead.
Theory.
Your line is open.
Thank you your line is open.
Yeah.
Why don't we move on to Dan Chen.
May I just ask the analysts can also email me the questions, which we could read out loud.
Moving onto the next question from Daniel Chan from TD Securities. Please go ahead.
Hey, guys can you hear me okay.
Yeah.
Awesome.
So in Q4, you guys had some big cloud wins I was just looking to get an update on how those migrations are going are they now starting to contribute over time revenue or is there still still left to go.
Yeah, Hi, Dan This is angelo yet.
We've launched into a number of those youre seeing youre seeing now the recurring revenue to acknowledge.
Some of those wins in Q4, so we're we've implemented some of them not all of them. There are still some that are outstanding but some are underway.
Okay sounds good.
Last quarter, you guys also called out that getting to 35% to 40% of cloud adoption was a tipping point. So I'm just wondering whether you start to see an acceleration.
In the cloud adoption and what are the discussions you're having with customers are changing as a result of getting to more of a critical mass.
Hey, Dan it's Jim.
The.
Q4 was a giant quarter for us as you know and.
The cloud adoption rates are going exactly as planned for us we can see when.
Existing clients when their contracts are coming up and we could get well ahead of that and negotiate on their contracts around data security and implementation.
So that's tracking where we expected.
And then we've added significant amount of new logos in the quarter. So.
We're still tracking to the plans that we've been we've been discussing for a couple of years ago.
Okay sounds good.
And then just a final question on <unk> solutions can you guys provide any.
Details on that transaction the price the financials of growth.
Well, what we have.
Disclosed Dan is the purchase price.
Total orders there are some components, but in total its about $40 million Canadian.
There is a component that's contingent.
Just on performance and then there is that.
There is an element of equity.
So.
That's all we've disclosed for now and will be.
It was just a subsequent event and so.
Be more information as we proceed into into the next quarter and then that's in the MD&A.
Okay, great. Thanks.
The next question is from Richard <unk> from National Bank Financial. Please go ahead.
Yes. Thank you can you hear me.
Okay, Okay great.
I was wondering if you could maybe elaborate a little bit on the restructuring beyond sort of the rationalization of our real estate.
Hey, Richard it's Angela.
<unk>.
This year as I mentioned this a.
It's a bit of a.
A new year in terms of some of the things we're doing in implementing a new operating model.
Really launching and integrating <unk> into our system and Theres a lot of work that we're doing as well.
Really integrating globally, our tax business. So this is a year of opportunity for us.
It's across the board.
We're taking we're taking some real cost out as we've noted.
A big component of it was tick.
<unk> taken advantage of some of the offices that we had so we move to a hybrid.
<unk>.
Working model and.
And we're just able to take a bunch of cost out and the synergies that we're able to achieve which we ought to be with finance active with the new one altice operating model just led us to move on this restructuring program.
Okay.
You know sort of a broader question like Jim.
Done a lot since you've come on board I kind of characterize the those are the three PS process people and product.
If you kind of kind.
Kind of go along that line of thinking like which one of those is that sort of the biggest impact in terms of.
The progress Youre, making here.
That's a great question and I'll say.
We've really.
It's actually all three.
Angela has said and I reiterated the teams really aren't firing in all cylinders.
Across the board the teams are excited about.
The new product direction. The offer structures are wrapped around that people and process go together in the way we think about that is.
We need to improve the customer journey, making it easier for clients to transact with us and get served by us.
In doing so we need to make it easier for employees to work here. So that is that's the approach that we take in this it's it's about simplifying the processes.
<unk> focused on most high value processes and ensuring that this is the best place for our folks to work and that they have a say in how we're improving those processes. So those two really go hand in glove.
The product.
Hello.
Yeah.
Hi, there.
Cumberland capacity there.
Yes, we're here.
Okay and it sounds like your line is cut out.
A moment there.
Okay. Richard can you hear me Yep Yep Yep.
So.
We think in terms of offer so it's really it's really the tech led services and bringing that expertise to bear.
Gently with more.
Forward insights than we have in the past and the teams are excited about that.
Okay, and just one last quick one for me.
<unk> got a lot sort of underway here, but as you kind of look through.
And you are crossing this chasm in.
The next three years, you'll probably get to normalize run rate. So when you get to that normalized run rate. What do you think is the sustainable kind of organic growth rate for the company as a whole are respectively, Altus analytics and on the CRE and then I guess related.
Margins for those businesses and that's it for me thanks.
Hey, Richard this is Angelo.
I think we've said.
At some targets for ourselves as you're very well aware.
And in terms of margins we've talked about.
Hitting the 30 plus range for Ultrasound Olympics business now that's two to three years out where we're making progress on that journey.
Now this quarter, you've seen us again, a bit of a stack.
Back as part of that acquisition, but going forward, we're going to see increasingly improving margins on a quarterly basis and annual basis.
And so we will get to that point in our property taxes well.
It's already a pretty pretty good margin business, but we are taking.
We're achieving more efficiencies, particularly with the technology that we're deploying.
And so overall I think over the next two to three years youre going to see on a consolidated basis our margins improving.
Then in terms of revenue like we still have lots of opportunity. We recently in the last year has gotten into adjacencies.
Data, obviously big with autonomy, but also on the debt side with finding attractive we see a long runway there so for the next several years.
Where we're seeing mid teens.
Organic growth rates.
So.
Okay. Thanks, Richard I would add to that the ease for the analytics side of the business you saw.
The increase the significant increase in the bookings capacity last year, our production last year and that's a high watermark to grow the same percentage offer but grow it but.
Growing above that in absolute like maintaining that growth level and growing from there those are the numbers, we're putting up.
We expect that to.
To continue the sales enablement and the value prop.
Activities that I talked about in Q1, they were just kicking in so the go to market machine is really firing well and as we move towards one off this year.
Theres, even more cross sell and <unk>.
Synergy opportunities I'm count level.
That's great. Thank you for taking my question.
Sure. Thank you.
The next question is from Gavin Fairweather from <unk> Securities. Please go ahead.
Oh, Hey, good afternoon, I wanted to start on the go to market side I know, it's kind of no.
Early days on the move to value selling them.
Asset pricing.
Pricing model, but perhaps you could share.
From early customer feedback on kind of a new approach.
And maybe some of the barriers that you need to overcome on the customer side.
We've had Ah Hey, Kevin it's Jim.
Ed.
Significant amount of CSO level engagement over the last quarter.
And the feedback has been fantastic.
They want actually it's.
We love it it feels.
Different these are <unk>.
We've gone from <unk>.
We've discussed those just amazing.
<unk> solution franchises to pulling it together.
With with the acquisitions and.
If anything it's go faster and get this global for us.
So the acquisition was last year finance active obviously increased our.
<unk>.
Access to the debt side of the business.
But significantly improved increased our EMEA concentration of revenues.
So that was great the strategy and <unk> acquisitions.
They are U S focused right now so it's bringing that technology and those datasets.
Globally faster and the feedback we're getting.
That's helpful. And then just secondly for me on kind of the potential for an rguest attack module kind of longer term and maybe one just thinking about the enterprise segment, which would typically have.
Some more white glove service, how much upside do you think there might be and kind of her had productivity.
Targets could that be kind of over time and what are some examples.
And some of the workflow improvements that you can make that.
This was all about.
This was all about driving new market growth.
Right.
So talking about <unk>, specifically right now, bringing tech into the tax business. So number one.
<unk>.
We talk.
In terms of offers insight in how we communicated as the management team.
And how we think about enabling the fields.
<unk>.
Tax and costs are offers right alongside of the core analytics offers a strategy intelligence performance valuations transactions. So.
We look at it as.
One set of offers that are interrelated versus the legacy view.
Have different business units with completely different emotions. When we think in terms of driving alpha reducing beta of course cost and tax are part of that equation from.
On the tech side item link.
It's accelerating the tax tech.
Strategy that we've been talking about for a while and so now you're seeing it come to light.
In the longer term so when you think about like Rguest branded tax.
It's altice branded tap solution and it will all be one platform overtime, not not tomorrow, and we don't have to get there tomorrow. Because this is this acquisition.
Thats a great technical solution today, but we will rationalize that into one platform over time to achieve the platform economics that we've discussed.
Those platform Economics drive increased offers increased wallet share, but it's also a significant improvement to internal efficiency, so that revenue per head and the profit per head.
We will be will be.
Tracking upward nicely.
That's great and then maybe just quickly just following up on the restructuring plan, where some of those savings implemented kind of late in the quarter did you realize any benefit in Q1.
How should we think about that.
They were more mid to late quarter.
In terms of the savings.
So we will.
We'll get a bigger bang in the next quarter.
And then as we go.
We'll continue to have more savings throughout the year I mean, we still have.
We're still rationally rationalizing some additional offices, there's there's efficiencies still with bringing the teams together, it's not concentrated in any one area.
We do see additional efficiencies and just natural some natural attrition also just takes care of some of that where you're not doing some backfill ing and then theres opportunities for us in terms of just merging contracts and leveraging scale, which when you have been hearing a bit of an acquisition mode.
Could you sort of inherit.
You inherit contracts for a period of time and so we're really going through a rationalization process and we expect to see savings throughout throughout this year.
Great I'll pipeline. Thank you.
Thanks, Kevin.
The next question is from Scott <unk> from CIBC. Please go ahead.
Hi, good afternoon.
Really really strong organic growth in the overtime.
This quarter I'm. Just wondering is this are you still seeing that 24% number if maybe a high watermark or is that was there anything specific in the quarter that drove it that high or is that something youre going to strive towards keeping at that level.
Okay.
Got it Jim.
The way I think about that is that.
Go back to the waterfall of bookings.
So with that bookings capacity staying up too.
The way I described to the team as we've talked about capacity as we have a sales factory.
In 'twenty, one we took that factory and took it up that's the top top of production, but we started running the factory at a much higher production level.
And we're running at that level and growing from there on the booking side actually.
I actually.
Amazingly.
I don't mean amazingly that it's happening I mean amazing numbers that the teams are putting out.
That of course is going to flow through into the organic over time.
So with those booking production numbers staying high Youll see sustained.
High growth rates.
The organic revenues.
Okay. Thanks, and then a follow up on that.
I'm wondering if I could get a sense of how much of that organic growth.
I think directionally, it's being driven by customer expansion versus new logo sales.
Okay.
Sure.
<unk>.
We have 259, new logos in the quarter.
It's both.
Purposely segmented the go to market and the high touch what we.
Call.
The scale business.
Which we do that because there is very different customer acquisition cost economics around that.
The ultimately serve.
Both both segments are.
Our producing really well for US right now the other part of the equation is with the launch of the customer success team, we were able to take.
I think a lot of the activities of the field sales team, let them focus on new client growth or wallet expansion growth with existing clients and then take.
More of the administrative ongoing maintenance so clients put it with customer success customer success also uncovers opportunities as they're engaging with clients the hand that back to the field. So to go back to Mike.
Factory production analogy it creates more production capacity in that sales machine.
Okay, great. Thanks.
Second question.
On the talent side of things.
You guys are obviously undertaking a big Big project.
Hi Tech heavy project and I'm sure you brought on staff through these acquisitions, but I'm wondering if you guys still if theres still some hiring that needs to happen on the tech side, given that it's a pretty pretty tight talent market for developers.
Yes.
With these types of growth rates and the opportunities in front of us.
We are we're always recruiting.
Talent.
Our laser focused also on retaining our top talent right now.
Now that was part of the shareholder considerations.
But that was voted on at the AGM and we appreciate that support to give us the tools to drive that retention of key talent.
Okay. Thanks, I will pass along.
Alright, Thanks Scott.
Once again, if you have a question. Please press Star then one.
This concludes the question and answer session I would like to turn the conference back over to Jim Hannon for any closing remarks.
Alright, well once again, we appreciate all of the support.
From the investment community.
Great feedback as we engage with with many of you over the last quarter. We appreciate it. The team is laser focused here very excited and we look forward to talking to all of you soon thanks for your time.
This concludes today's conference call should you have any further questions. Please contact Camilla Bartosiewicz at Altus Group you may disconnect. Your lines. Thank you for participating and have a pleasant day.