Q3 2022 Aviat Networks Inc Earnings Call
Good afternoon, and welcome to I've got networks third quarter fiscal 2022 earnings call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note. This conference is being recorded I will now turn the conference over to you.
I'll close to Mr. Hayes.
<unk> third quarter fiscal 2022 results conference call and webcast you can find our Form 10-Q press release.
After the presentation in the IR section of our website at Www Dot network's dot com along with a replay of today's call in approximately two hours.
With me today are Keith Smith, Vice President.
CEO , who will begin with opening remarks on the company's fiscal third quarter, followed by David Greg Our CFO , who will review the financial results for the quarter and first nine months of fiscal 2022.
He will then provide closing remarks, Avi on strategy and outlook followed by Q&A.
As a reminder, during today's call and webcast management may make forward looking statements regarding <unk> business, including but not limited to statements relating to financial projections business drivers new products and expansion the impact of COVID-19, and the economic.
Activity in different regions.
And other forward looking statements reflect the company's opinion only as of the date of this call and webcast and involve assumptions risks and uncertainties that could cause actual results to differ materially from those statements.
Information on factors that could cause actual results to differ materially.
<unk> made on this call can be found in our annual report on Form 10-K filed with the SEC on August 25 2021.
The company undertakes no obligation to revise or make public any revision of these forward looking statements in light of new information or future events.
During today's call and webcast management will reference both GAAP and non-GAAP financial measures.
Please refer to our press release, which is available on the IR section of our website at Ww to adapt our stock cotton and financial tables therein, which include GAAP to non-GAAP reconciliation and other supplemental financial information at.
At this time I would like to turn the call over to <unk>, President and CEO Pete Smith Pete.
Thanks, Andrew and good afternoon, everyone.
Thanks for joining us to review another successful quarter. The company continued to execute on our key long term focus areas of growth margin expansion and meaningful bottom line improvements. Despite continued supply chain and inflationary challenges <unk> same commitment result.
At <unk> revenue of $74 5 million, which represents growth of 12, 2% versus Q3 of last year and nine months revenue growth of 11.0% versus last year EBITDA.
EBITDA of $9 5 million represents growth of 23% versus the same period priority.
For nine months EBITDA increased 13, 2% versus the prior year period.
non-GAAP EPS increase of 38%.
<unk> rock solid balance sheet and liquidity position continued share buybacks.
These results would not have been possible without the tireless dedication and execution of our operations team engineering team and supplier partners.
Markedly our team produced these results despite a tornado impacting our Austin facility. During the last 10 days of the quarter all of our team members evacuated safely before the event our facility was damaged, but we were able to respond quickly and recover the loss production time prior to quarter end.
We do not anticipate any continuing impact from the event.
Supply chain continues to be a challenge, let's address the supply environment from <unk> perspective.
We experienced fewer supply interruptions, but we still experienced interruptions lead times have improved but are now stable. However, some suppliers are now shipping ahead of lead times. This is a precursor to an improved environment. Many semiconductor chips remain on allocation.
We have greater than 100 components that are on allocation.
We remain subject to the risk of a supplier push out in <unk> late in the quarter, specifically, we overcame six supplier D commenced in Q3 Q.
Q3's plagued by Lockdowns in Asia, Fortunately, our inventory approach offered the supply interruptions. These lockdowns have impacted three levels down in the supply chain overall, we see the environment is improving but risks still remain.
Now, let's move to the key highlights of the third quarter.
We continue to see a strong demand environment across our three main market segments, <unk> private networks and rural broadband.
<unk> operators need to upgraded backhaul capacity to enable enhanced mobile.
Broadband capabilities and new applications like fixed wireless access and private <unk> services, while we have seen some <unk> related build outs in certain customers. We believe the lion's share of the <unk> opportunity is still in front of us.
In private networks due to the growing need for secure and reliable communications. This business was a catalyst for <unk> growth in Q3, we remain positive about and committed to our strategy of continued share gain in share of wallet expansion in this segment.
And finally for rural broadband our business remains strong and we look forward to the opportunity provided by large funding sources coming in the quarters and years ahead im referring here to the $20 billion rural digital opportunity fund or hard off and the 65 billion.
Bipartisan infrastructure funds, which have yet to impact our business in the quarter Aviano announced a new role then win with quick client communications one of the largest internet service providers in the U K quicklime selected avia multi band radios to deliver highly reliable.
10, gigabits per second capacity overextended distances.
<unk> solutions enable quick line to add new business and residential customers with faster speeds and more reliability. This win validates our value proposition for Isps in the international market, which.
Fast deliveries and a seamless experience with the <unk> store and the highest capacity radios on the market, including our innovative portfolio of multi band products from a software standpoint, we recently announced the availability of our new health assurance software for <unk>.
Yes.
This software open next offering after our frequency assurance software or fast and our suite of software applications.
<unk> been able the highest possible level of network performance and reliability by proactively analyzing a customer's network and identifying potential problems before traffic impact and curves.
Thanks to an intuitive and easy to understand Matt based interface and intelligent algorithms, obviously has reduced the level of microwave expertise required to operate the network lowering operations cost and improving total cost of ownership.
We believe has will continue the trajectory of growth in our software applications business building on the momentum created by fast.
We continued the share buyback program during Q3 repurchasing $2 million of <unk> stock under the previously announced $10 million authorization.
Before turning the call over to David Let me provide a couple of additional observations and insights first this was a very good quarter in first three quarters of our fiscal year, we remain focused and continue to execute in those collective efforts are reflected in our financial and operational results.
We've continued to demonstrate our ability to grow and to take share of demand looking forward. We see three significant drivers <unk> private networks and rural broadband and believe we are well positioned to capture significant opportunities with our differentiated products software and services offerings.
Finally, the Red line Communications transaction is progressing and the regulatory review cycle, we see the Red line transaction as an opportunity to further demonstrate the <unk> operating system with that let me turn the call over to David to review, our financials before coming back for some final comments David.
Thank you Pete and good afternoon, everyone. During my remarks today I will review some of our key fiscal 2022 third quarter and first nine months financial highlights, noting our detailed financials can be found in our 10-Q and press release, both of which were filed this afternoon.
As a reminder, all comparisons discussed today are between the third quarter of fiscal 2022 in the third quarter of fiscal 'twenty, one unless noted otherwise.
For the third quarter, we reported total revenues of $74 5 million as compared to $66 4 million for the same period last year, an increase of $8 1 million or 12, 2% driven by strong growth in North America and Africa.
North America, which comprised 66% of total revenue for the third quarter was $49 1 million, an increase of $7 million or 16, 7%.
From the same period last year, driven primarily by our private networks business.
International revenue was $25 5 million for the quarter, an increase of $1 1 million or four 5% for the same period last year.
We are again pleased that our backlog continues to remain above $200 million and our trailing 12 month book to Bill ratio remains above one as it has for every quarter since fiscal 2018.
Gross margins for the quarter were 37.0, and 37, 1% on a GAAP and non-GAAP basis as.
As compared to 38, 5% and 38, 7% in the prior year.
Gross margins remained under pressure from inflationary headwinds and expedite costs related to supply chain disruptions, but continued the sequential improvement increasing by 80 basis points from Q2, and 140 basis points from Q1.
This trend is consistent with our prior earnings commentary, where we noted that price actions to offset inflation with gained momentum as the year progressed in fact I am pleased to report that in dollar terms, our price realizations fully offset inflation in Q3, a quarter earlier than expected.
Third quarter GAAP operating expenses were $20 1 million a decline of $1 5 million from the prior year, primarily due to the non recurrence of a $1 2 million restructuring charge in fiscal 2021.
Third quarter, non-GAAP operating expenses, which exclude the impact of restructuring charges share based compensation and deal costs were $19 2 million. This is a decrease of <unk> 5 million from the prior year due to general cost controls and benefits from prior restructuring actions.
Moving on to net income.
Last year's income included a onetime $92 2 million benefit from the release of evaluation allowance against the company's deferred tax assets related to our Nols based on the Companys significant improved profitability and outlook.
Third quarter GAAP net income was 6.0 million compared to $94 7 million last year.
GAAP income before tax was $7 3 million, an increase of $3 1 million or 76% from the prior year as.
As a reminder, the increase in tax provision year over year will not increase our cash taxes paid the company has over $500 million of Nols that will continue to generate shareholder value via minimal cash tax payments for the foreseeable future.
Third quarter, non-GAAP , net income, which excludes restructuring charges share based compensation and noncash tax provision was $7 9 million compared to $5 8 million for the same period last year.
Third quarter non-GAAP EPS came in at <unk> 67 per share compared to <unk> 49 per share for the same period last year, an increase of 38% adjusted.
Adjusted EBITDA for the third quarter was $9 5 million, an increase of $2 2 million or 30% from the prior year adjusted EBITDA margins were 12, 7% for the quarter.
Moving on to the balance sheet.
Our cash and marketable securities at the end of the third quarter were $33 8 million and we continue to have no debt.
We executed 2 million of stock repurchases in the quarter. We also continued to leverage our balance sheet via increased working capital investment to mitigate supply chain challenges protect earnings and service to our customers.
Accounts receivable increased by $7 million in Q3, driven by two factors first higher growth in international regions, Specifically Africa in Q3 were longer payment terms.
Supply chain and logistical issues back loaded invoicing to late quarter. In addition longer transit times and customs delays further prolonged collection times.
Officially we see no deterioration in overall credit quality historically bad debt issues had been very rare for ASEAN with no material bad debt expense in the last four years.
The other major contributor to working capital increase was inventory, which grew by $3 million in the quarter.
A portion of the increase was driven by buffer stocks to support growth and continue servicing our customers in the current supply environment.
As a result, we haven't missed any revenue opportunities for the past two quarters much to the delight of our customers. Additionally.
Additionally, we began directly sourcing about $4 million of components since the beginning of the year and signing the stock to a contract manufacturer to eliminate supply risk.
Lastly, we reduced our payables by $2 9 million in the quarter. This leverage of the balance sheet was executed to maintain obviously prioritize supply addition, with key vendors.
Finally, we made 700000 in cash payments for previously announced restructuring programs.
Looking forward, we expect the supply chain effects on working capital to stabilize and moderate and eventually normalize over the coming quarters. As this happens we expect cash flow generation to also normalize and then accelerate as the mean reversion occurs.
Our balance sheet remains very solid, leaving us well positioned to execute our long term plans with that I will turn it back to Pete for some final comments.
And David just a few additional comments before opening up for Q&A.
Keeping item Andrew Frederickson recently joined US and will be the Investor Relations point of contact now Keith <unk> will be focused on <unk>.
Integration planning for the <unk> team executed well in the third quarter. The Austin tornado was an unexpected test and <unk> and our partners showed a positive response based on our performance to date.
We are raising our full year revenue guidance, while considering the supply chain risk that remains revenue for fiscal 2022 to be in the range of $296 million to $300 million and adjusted EBITDA to be in the range of $37 million to $39 million with that operator, let's open it up for questions.
Okay.
Thank you Sir if you would like to ask a question. Please see number but as you saw on yesterday is going to keep that Keith Youre using a speakerphone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment again press star one to ask a question. We will take the first question from Scott Searle from Roth Capital. Your line is open. Please go ahead.
Hey, good afternoon, congratulations on the quarter, great job in a tough environment.
Thanks, Scott, Thanks, Hey, Hey, Pete maybe quickly just in terms of the sequential outlook nicely, you're raising guidance I'm wondering directionally, how you see gross margins trending until you get some of the price increases kicking in but you're still fighting some of those component headwind. So how should we be thinking about the sequential progression of gross margins.
Thanks, guys, it's David.
It's likely that we'll see continued modest improvement.
As we close out the year and head into early.
Fiscal 'twenty three.
We're still expecting some further inflationary pressures to continue mounting based on what you've seen in the energy markets as well as <unk>.
Commodities will start to run through.
We're planning on more.
But we're also well positioned to offset those so we can see we are planning on continued for gradual progression backup into that.
Above that range.
The range, where we currently are.
Perfect.
And Pete Oh, sorry go ahead.
Yes, so once.
After Q4, then we'd be back to.
Assuming no more inflation will be will be at the margin are kind of the baseline margin and then.
Fluctuations in margin will be mix related as long as there is not a new wave of inflation. So.
Got you and Pete there's.
There's a lot of government funding, which you talked about in terms of our Dawson Iga.
I missed some of the comments is there a timeline of when you start to expect to see some of that contributing or das is that later in this calendar year and IAG was that 'twenty four 'twenty five what are the current thoughts about when that will start to actually.
Further into the results.
So we've kept the art off out of the.
The model we think.
When we.
We look back we thought it was.
The end of this calendar year, maybe at the beginning of next calendar year. It could be as early as October could be as late as March.
Our government affairs folks are tracking this actually yesterday the FCC.
<unk> showed a new release of $200 million.
For <unk>, we don't know what the specifics of those projects are but we do know some of our customers are are in so that's kind of the color on the yard off.
And on the.
Use the different accident acronym we track.
The bipartisan infrastructure.
The fifth and.
So we don't we think that's going to be great for us.
65 billion for rural broadband, but the.
The gating item on that is that they won't be released until the states and the FCC.
<unk> the coverage maps so.
The last forecast, we got on that was that.
Those maps and the department of Commerce Wood.
Ill go through the maps this summer so so let's say the map issue gets resolved.
I think the appropriation cycle will take us.
<unk> months, so maybe the middle of next summer, we can expect some lift from that.
<unk>.
Perfect and if I could two quick follow ups earlier. This week I think <unk> talked about the relationship in a win with dish networks I know <unk> been deployed in a couple of geographies. There I Wonder if you had any thoughts on that front and then as it relates to the redline acquisition.
It's very complementary to what you guys are doing from a private network standpoint.
Wondering if there are any other metrics to help us understand the longer term opportunity I know the model was initially built on being immediately accretive without sales synergies, but if you've got any thoughts in terms of how complementary the existing customer base is and what that opportunity might be as we start to get out into.
Fiscal 'twenty four 'twenty five thanks, so much.
Alright sure Scott so with respect to dish obvious one dish on February 2021, we've delivered to do so over the past one plus year and we continued to deliver dish is always intended to follow the two supplier strategy like most tier one.
Network operators and.
They finally executed apparently on the <unk>.
Second supplier and for obvious the dish when is meaningful because in the bake off we won versus the generalist specialist competitors.
Moved our technology.
Our international customers see it as a bellwether.
Meaning that we've.
Clearly distinguish ourselves.
With respect to modeling all along we've.
We've been concerned about the pace of the rollout and.
We've modeled this.
Conservatively, so with the competitive environment is not going to impact our.
Our perspective and then on.
Red line is a little too early to talk about.
The synergy upside, but what I can say is the response from both companies our customer base has been positive and we think that there's going to be some backhaul pull through for <unk>.
For <unk> products.
As potentially while there is definitely going to be potential to pull through.
Red lines private network portfolio into our customers and particularly utilities.
Thanks Scott.
We will take the next question from Theodore O'neill from Litchfield Hills Research. Please go ahead. Your line is open.
Yes, Thanks say echoes Scott's comments about the quarter very good.
Thanks, Tim.
So Q4 is seasonally a strong quarter for you and if you had it.
Guidance didn't exist I, probably would have come up with a bigger number than youre guiding to for Q4 is there.
Is that partly because you've got the supply chain risks on Covid and you've got parts in allocation I mean could you.
For those things would Q4 be.
Even bigger.
So your question is very fair to you also.
The low end of our guidance as a hedge on supply chain.
The high end as are our target and.
As David said we.
We didn't miss any revenue the last two quarters, but the environment is still.
Like whack a mole so we want it to be.
Careful in case.
We had a supplier decommit.
Late in the quarter that would hurt us in that.
Thats really the logic that went into the <unk>.
The guidance I would say.
Our supply chain is.
Is executing better than our peer group.
Your question is fair and I want to be.
Careful given the environment.
Right Okay.
Just sort of a philosophical question looking at <unk>.
Sure.
Product sales are going so well.
It makes me ask about the service side why don't we see more growth there, even though they're clearly is growth, but it's not up to the level of <unk>.
The product side.
Yeah. So so.
Our business is project based and.
No.
<unk>.
<unk>.
Kind of mix between products and services.
It ebbs and flows.
I think.
When we think about our business we think.
The long term revenue split as it was about two thirds to one.
One third.
What you're just seeing is the mix of projects deal.
Okay.
Thanks very much.
Sure.
Okay.
The next question is from Dave Kang from B Riley. Please go ahead. Your line is open.
Thank you good afternoon.
My first question is.
Regarding.
Last quarter, you talked about test with a large U S. State just wondering if you can give us an update on that.
So the routing right. So that's the.
The routers in a high availability.
Putting software that.
The test went fantastic.
So we do mission critical networks was that was about a 400 node network required seven links to be.
Broken to make the network fell the customer was impressed and thats, helping us.
Build in additional <unk>.
Pipeline around that router in the routing.
<unk> so thanks for.
Asking about that Dave.
Great.
And then.
Regarding the situation with you and it's very good.
Hum.
Hey.
Yes.
As far as like allocation, what do you think the allocation will be between you and Sarah.
50, 50, or somebody will have a larger share.
Yes.
So look we're all hopeful too.
Over the last year, we've had 100% sure and we think we're in a more competitive environment.
We think we've proven our technology, but I don't want to speculate on how that's going to split out Dave So.
So it's a fair question, let's let's see who wins on the in the competitive landscape.
Got it and then on gross margin I think you kind of talked about.
Heading into next fiscal year.
Baseline.
Should we think about the baseline.
Like 37, 38%.
Yes.
I mentioned that we are anticipating and modeling additional inflation into.
Into next year based on the current environment.
Having said that we're still continuing to gain traction momentum momentum.
Has the pricing actions, we've already taken work their way through our backlog.
We feel like we're in a good position to continue not just offsetting but starting to claw back.
Some of that.
Some of the margin points.
Volte, there so yes, I think from that baseline.
The.
37 to 37, 38% range is fair and then.
Still working on our plan for FIS.
Fiscal 'twenty three so we'll have a better idea of our.
How much mix will drive.
Anticipating improvements for next year, as well, but I think as a baseline the.
Mid 37 is good.
Got it and then.
You talked about.
Sourcing directly.
From your suppliers I think you mentioned like $4 million.
What does it mean fulfilled gross margin because actually one of your peers talked about by going directly to expect some margin improvement.
Because obviously, you're not paying like brokers fee.
Right so that.
That was part of our margin improvement plan.
It's factored into the.
Perspective, David shared so it certainly did and.
So so Doug that.
Impacts inventory right. So we carry more inventory instead of our supplier partners that does help margin, but we did not do this for we did this for security of supply as opposed to the.
The improvement in margin.
Look our supply chain results compared to.
A lot of technology companies, we are distinguishing ourselves so.
So bringing that $4 million of buy ins in houses.
<unk> has helped us satisfy our customers.
Got it thank you.
Next question from Deane Northern capital markets. Your line is open. Please go ahead.
Okay.
Just build on the last name like that.
Hi, Jeff.
David.
Good afternoon.
So you talked about the.
The.
Potential variability in timing.
Even though we've seen a fair bit of disbursement of funds and when Youll see the.
Our material art off ramp.
My question is more on the kind of magnitude of that pipeline.
That you see right now.
Maybe it's as you know.
If we did see it roll in October what do you think that can contribute or.
Do you want to talk about the wins in aggregate and the potential value there either in total or annually.
But as we get closer here I'd love to get a little more.
Granularity on how that's shaping up.
Yes, so we.
Avia wins.
Royal broadband.
<unk>.
Our e-commerce platform at our WTO radio platform.
That's delivered.
38, 39%.
Market share from what we.
Can tell and so.
So we think we have all of the.
We have a significant amount of customers and what we've said over the in the past is that the.
So the <unk> funding is good for US, it's 20 billion, 2% to 4% of that funding should.
Sure.
Go to microwave projects and then we have our share and we think the program is.
10 years, we think the peak funding is going to be.
And four years out now.
The challenge that we have is how are those programs.
Programs are.
Rollout is it going to happen in October December March, we don't know where but we are in.
We're engaged with 38, 39% of the.
The market we are ready we have we have a significant amount of inventory. So when the demand comes we'll be ready and we largely keep this out of our guidance because of the uncertainty around when the projects are going to flow and impact the top line. So that's what we know.
Yeah.
Shoot was on mute there.
Okay, and I wanted to follow up on rural broadband, but more short term kind of in the quarter and the outlook.
What kind of.
Trends did you see with rural customers in advance of that what sort of growth.
Are you seeing in rural broadband as we.
No problem, possibly approach the 10.
10% of revenue Mark button.
Are we there yet I guess.
No.
So Tim were.
A tick or two below the 10% level I think our growth was was steady and.
While we wait for the <unk> funding, we think a lot of the demand that we're getting is still tied to the caf II funding.
Which was still flowing in there but.
No.
In our conversations we talk about this 10% threshold and our international business and our private network.
Was it was up right. So that's really what's going on there.
Got it.
Yes.
Last question for me.
And.
You did a nice job managing all of these supply curve balls, but.
Is there a quantification of what the overall supply headwinds might have cost you in the quarter I guess on the top line versus gross margin increased costs.
And as you look into Q4, I mean to the extent that you're.
The high end.
As it was mentioned before you normally are seasonally up pretty good.
The high end of the range puts you flat.
I gather ex any real supply impact so is there.
Something something changing in the business from a seasonality standpoint or are we looking at conservatism here or or are you baking.
Some kind of a dish continued supply impact carrying over from Q3 to Q4.
So there is so.
Right now.
The supply environment.
We've had a couple of supplier interruptions this quarter right. So so we are baking in some.
Some supplier.
Supplier impacts right now.
The earlier question was about the range right. So the low end of the range is.
Factors that we can't resolve those.
Supply interruptions and the the top end of the range factors.
What we're targeting and if we do better then we will be above the range. So.
That's really.
The truth in this is Ben.
Every quarter for the last two years, where youre working on.
The interruptions or their critical shortages or begging for more allocation. So it's it's.
It's pretty similar to the previous quarters and.
That's.
That's the color, we can give and I would say when you're talking to week it'll be it'll be different right and sometimes it gets better and sometimes the problems get more pronounced.
Look I don't like having this conversation because it seems like a dodge but this is this is this is what happens.
Obviously as well as a lot of our peer group.
That's why it's difficult to be more precise with respect to.
The next.
Eight weeks.
And then.
And to answer your question on <unk>.
Inflationary impact.
Impacts in the quarter.
We think it cost us about <unk>.
330 basis points of margin just the inflation, but then our price realizations were up by about 360 <unk>.
Net favorable by about.
About 28 basis points, but then.
Of course, you've got a bit of dilution from increasing year here.
Revenue line to keep your gross margin dollars.
Just a little bit better than you would've been no.
Yes.
Yes.
Still the kind of headwinds that we're facing on the on the inflation side.
Great. Thanks.
I look forward to talking in a week to see how things are.
<unk>.
Thanks Terry.
Okay.
Next question is from Orin Hirschman <unk> investment partners. Please go ahead.
Hi, Thank you.
Congratulations on the progress, especially with the supply chain issues.
Two quick questions from a technological point on the new radios, you've announced and some of the wins that you have.
How big is the technological differentiation versus the competition and then the second question is on the software side product that you mentioned so it helps us helps run the microwave network is that they're going to be sold as a separate SaaS offering or bundled.
Okay. So.
On the radio differentiation.
We.
The highest capacity highest system game, and where operators want to optimize for capacity or distance.
We win.
That's where that differentiation matters and ill also talk a little bit more about the.
The health insurance software we will.
Pushed out for.
For software as a service.
<unk>.
The exceptions will be where.
Where we can't run it as a service do too.
Network security issues that I'd like to say a little bit more about this.
It is the latest release in our assurance software portfolio.
As we've talked for the last couple of years, we want to add more and more software. So this is the next.
Leg in the stool, if you will following on the our frequency assurance software that principally reduces network downtime and lowers the customers.
Operation operational costs for microwave network that is predictive.
Algorithms that continuously analyze the network and basically avoids.
Avoid downtime so we're really excited and you know we.
We hope in the next.
12 months, though we can add another leg to the stool enjoy the growth of the house and then.
Look out further where we can bring more software to bear.
Thanks for that question.
So thank you.
It appears there is no further question Andy Stein, Mr. Pete I'd like to teleconference back to you for any additional or closing remarks.
So I'd like to thank everyone for joining the call our investors our customers our employees and.
In this environment, particularly environment, particularly at our suppliers. We're looking forward to updating you in August on our full year results and.
Providing perspective on fiscal year 'twenty three stay safe everyone.
This concludes today's call. Thank you for your participation you may now disconnect.
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Okay.
Sure.
Yes.
Okay.
Okay.
Thanks.
Yes.
Okay.
Okay.
[music].
Okay.
Yes.
<unk>.
Okay.
Yes.
Yes.
Yes.
Yes.
Thanks.
Sure.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Okay.
Yes.
Thanks.
Okay.
Sure.
Thanks.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
[music].
Yes.
Yes.
Yes.
Yes.
Okay.
Yes.
Yes.
Great.
Thank you.
[music].
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Sure.
Okay.
Sure.
Okay.
Sure.
Okay.
Yes.
[music].
Yes.
Okay.
Sure.
[music].
Okay.
Yes.
[music].
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
[music].