Q4 2022 Netscout Systems Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to net Scouts fourth quarter and full fiscal year 2022 financial results conference call. At this time all parties are in a listen only mode until the question and answer portion of the call. As a reminder, this call is being recorded.
Tony Piazza Vice President of corporate finance and his colleagues at Nasco are on the line with US today. If you require operator assistance at any time. Please press star Zero I would now like to turn the call over to Tony Piazza to begin the company's prepared remarks.
Thank you operator, and good morning, everyone welcome to net scouts fourth quarter and full fiscal year 2022 conference call for the period ended March 31st 2022, joining me today are Enel Cingal net scouts, President and Chief Executive Officer, Michael Szabados Net Scouts Chi.
<unk> operating officer, and Jean Bua, Net Scouts executive Vice President and Chief Financial Officer.
There is a slide presentation that accompanies our prepared remarks, you can advance the slides in the webcast viewer to follow our commentary both the slides and the prepared remarks can be accessed in multiple areas within the Investor Relations section of our website at Www Dot net scout dot com, including the IR landing page.
Under financial results, the webcast itself and under financial information on the quarterly results page.
Moving on to slide number three today's conference call will include forward looking statements. Examples of forward looking statements include statements regarding our future financial performance or position results of operations business strategy plans and objectives of management for future operations and other statements that are not historical facts.
You can identify forward looking statements by their use of forward looking words, such as anticipate believe plan will should expect or other comparable terms, we caution listeners not to place undue reliance on any forward looking statements included in this presentation, which speak only.
As of today's date. These forward looking statements involve risks and uncertainties and actual results could differ materially from the forward looking statements due to known and unknown risks uncertainties assumptions and other factors, which are described in this slide and in today's financial results press release as well as in the Companys.
Annual report on Form 10-K for the year ended March 31, 2021 on file with the Securities and Exchange Commission.
<unk> assumes no obligation to update any forward looking information contained in this communication or with respect to the announcements described herein.
Let's turn to slide number four which involves non-GAAP metrics. While this slide presentation includes both GAAP and non-GAAP results unless otherwise stated financial information discussed on today's conference call will be on a non-GAAP basis, only the rationale for providing non-GAAP measures along with the limitations of <unk>.
Relying solely on those measures is detailed on this slide and in today's press release. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
Reconciliations of all non-GAAP metrics with the applicable applicable GAAP measures are provided in the appendix of the slide presentation in today's earnings release and on our website.
I will now turn the call over to a nail for his prepared remarks Anil.
Thank you Tony and good morning, everyone welcome and thank you all for joining yesterday I'm.
I am pleased to report that we met all our objectives for fiscal year 2022 and delivered a solid performance on multiple fronts.
In line with our net card without borders strategy, we increased our existing customer business for us new customer relationships and advance our cybersecurity agenda.
These successes led to total revenue growth driven by high single digit.
Product revenue growth continued margin expansion improve diluted EPS performance and strong free a strong free cash flow generation on a year over year basis.
On behalf of <unk> I would like to thank our employees customers and other stakeholders who continue to.
Got it.
Debuted at two of our sectors in fiscal year 'twenty two.
Let's now turn to slide number six for a brief recap and more detail about our fourth quarter and full fiscal year 2022 non-GAAP results.
For the fourth quarter revenue was 191 2 million and diluted earnings per share was 29% both exceeding our objectives for the quarter.
For the first full fiscal year 2022 we delivered $855 $6 million in revenue.
The total revenue growth of approximately 3% year over year, our product revenue growth rate was over 8% year over year.
More than double that of our total revenue growth rate during the same period.
Notably we ended fiscal year 2022 with a substantial backlog of approximately $50 million in unshaped daughters. This excludes approximately $60 million in radio frequency propagation modeling are there would you expect to recognize as revenue in fiscal year 'twenty three.
Turning to margins gross margin was 77 point, a 4% up 100 basis point year over year.
While our operating margin was 31% up 20 basis point year over to you.
I wonder how that margin profile diluted EPS of one dollar and 84 cents in the fiscal year. This represented approximately 8% diluted EPS growth more than twice that of our total annual revenue.
Revenue growth on a year over year basis.
Finally, we generated strong free cash flow of more than $285 million in our fiscal year 'twenty two.
Let's now move let's now move to slide number seven for some further perspective on market and business insights.
Starting with our enterprise customer vertical revenue grew more than 10% year over year for the full fiscal year branded ready to Additionally, all key industry sectors. In this vertical grew on an annual basis.
<unk> got so much that increasingly focus on cyber security solutions and acceleration of the digital transformation as they emerge from the pandemic and adjust to the new normal of today's operating environment.
As a result, we continue to spending and momentum in this vertical Michael will highlight some of the enterprise customer wins, we achieved in the fourth quarter during his remarks.
Moving to our service provider customer vertical.
Declined approximately 4% year over year for the fifth one fiscal year 2022.
The idea of continue be continued to be in the early stages of five G deployment as evidenced by the amount of radio frequency propagation modeling project order received during this fiscal year.
The majority of these projects are expected to be complete and recognized as revenue in fiscal year 2023.
Michael will comment on some of the service provider events during his remarks.
Now, let's move to slide number eight to review our outlook.
As we look forward. We are excited about of course are essential and Ddos security business as well as a new opportunity, we see with their network detection and response to areas of the cybersecurity market.
Our omni solutions offer a uniquely differentiated approach compared to two days more traditional solution, providing faster detection investigation and mitigation at larger scale than most current alternatives.
As we continue to expand our cyber security market footprint in fiscal year 'twenty to 'twenty. Three we also plan to disclose more disclose more information related to our cyber security business, including business size and revenue growth rate.
Our cyber security business is comprised of our garden hardware security business, along with our new Omnis cyber security solution.
Is there a baseline in the first Gulf fiscal year 2022 our private security business generated revenue of approximately $230 million and delivered mid single digit revenue growth year over year.
Moving to a moment ago about current outlook for fiscal year 'twenty to 'twenty, three we anticipate delivering higher revenue growth than last fiscal year with the expectation for revenue to be in the range of $895 million to $925 million. This.
This is a benefit year over year revenue growth rate in mid to high single digits.
We expect our revenue expansion to be driven by product revenue go to date anticipated into the mid single digit to mid teens range.
Regarding profitability, we anticipate diluted earnings per share will be in the range of $1 97.
Total dollar tree visit.
Visit a bonanza high to mid to high single digit diluted EPS year over year growth there.
So we are providing this outlook despite various cost headwinds, which are related to increased costs associated with fabry Lady rent as we return to in person business operation.
Well as the macro headwinds driven by the competitive labor market and elevated inflation.
Our outlook also includes the estimated impact of $850 million accelerated share repurchase program and $150 million debt repayment, both of which we plan to execute in the first quarter of our fiscal year 'twenty three.
Dean will provide additional color then recap on the numbers on the numbers in our remarks.
Finally, given that about 20.
$25 million share repurchase authorization is approaching completion, our board recently authorized a new share repurchase program.
For the repurchase of an additional 25 million shares offer common stock with no definitely a timeframe for execution.
In summary, we are very pleased with our fiscal year 'twenty, you're going to need to perform it and excited about that Boston D. C. For next God in fiscal year, 'twenty 'twenty three N V R.
We are entering the new fiscal year with a solid solid foundation from which to continue growing and remains well positioned to help our customers address the challenges and opportunities of the digital world.
We look for a rotating of our progress and achievements with you as the new fiscal year enforced with that I'll turn the call over to Mike.
Thank you Tania and good morning, everyone Slide 10 outlines the areas that I will be covering today, starting with cost of moving.
You know the enterprise customer vertical we won a mid seven figure deal in the fourth quarter with the large global healthcare customer.
This customer was focused on enhancing its infrastructure.
Greater visibility and avoid disruptions as it would be best for the dramatic increase in business that is expected to occur following the pandemic as part of this transaction. We provided a comprehensive solution combining got new omnis cybersecurity and smart edge monitoring product.
Service assurance solutions.
Separately, we were.
On a high six figure order from a large defense industrial customer that's added.
Acquired a new division.
After that gliding the division this customer recognized the need for a stronger service assurance solution. During the ease of integration process, notably this is the second integration project that we have completed for this project for this customer and we want this deal on the back of a strong performance on the initial project discussed.
It has more divisions to upgrade.
Beyond these first two.
Turning now to our service provider customer vertical as mentioned earlier, we are still in the early innings index or five G and.
During the fourth quarter. He received additional radio frequency propagation modeling orders from two tier one domestic carriers as they advance their five gene. That's the planning the combined size of these orders was an eight figure number in the mid teens range and we expect to recognize the revenue associated with these projects.
You know our fiscal 'twenty to 'twenty three as the projects are completed we are all in we also received seven figure five G related order from a tier two domestic carrier in the fourth quarter as the carriers continue to rollout each large network.
No.
Two our go to market activities that we are starting to focus on in person events again to further engage with existing and prospective customers. Just last week, we held our annual technology and user summit.
H two.
2022 in Orlando, Florida, the team of engaged this year was the.
On this they've all skin innovation.
With a focus on demonstrating hard visibility platform and underlying deep packet inspection technology are being extended to Ajay sent areas ranging from cyber security G.
Deep Ddos, which incorporates our E I S intelligence feed.
They'll just feet AI ops, five G analytics and more experienced a strong customer and partner turnout and it was wonderful to interact with many of our customers and partners and passionate person again as we slowly move into the post pandemic world.
In addition to engage with recently came together with AWS to host our securities to immersion day focused on our on this cyber investigator integration with AWS security hub. This event was also well attended.
Moving forward, we plan to attend the big five G event in Austin, Texas and in mid May.
That concludes my prepared remarks, and I will now turn the call over to Jim. Thank you.
Thank you Michael and good morning, everyone I will review key metrics for our.
Fourth quarter and full fiscal year 2022, as well as comment on our fiscal year 2023 outlook. As a reminder, this focuses on our non-GAAP results unless otherwise stated and all reconciliations with our GAAP results appear in the presentation appendix, regardless I will note the nature of any such comparisons.
Slide number 12 details the results of our fourth quarter and full fiscal year 2022, focusing first on quarterly performance as discussed on last quarters.
We experienced an acceleration of a pocket $25 million to $30 million of borders and our third quarter that were previously expected in our fourth quarter. Accordingly, given our strong third quarter fourth quarter revenue declined 10, 4% year over year to $191 $2 million.
We also ended the fourth quarter with a backlog of approximately $50 million.
Borders and including approximately $60 million of radio frequency propagation modeling Polaris, which is expected to be recognized as revenue in fiscal year 2023, total backlog was more than $100 million.
Our fourth quarter fiscal year 2022, gross profit margin was 77, 6%.
Four percentage points over the same quarter last year, primarily primarily attributable to product mix.
Fourth quarter software only revenue was 45% of our service assurance product revenue compared to 34% in the same period in the prior fiscal year quarterly operating expenses increased six 5% from the prior year, primarily attributable to increased travel.
Sales compensation costs, we reported an operating profit margin of 12, 4% compared with 22, 4% in the same quarter last year.
Diluted earnings per share was 29% compared with 49.
<unk> quarter last year.
For the full fiscal year 2022 revenue was $855 $6 million, which was an increase of two 9% over the prior year product revenues grew eight 6% and service revenue declined one 8% over the prior year.
Gross profit margin was 77.
And an increase of one percentage point over the prior year.
Software only sales were 39% of service assurance product revenue in the full fiscal year versus 33% last fiscal year, resulting in higher margins overall.
Annual operating expenses increased four 2% from the prior year, primarily due to investments in sales and marketing we reported an operating profit margin of 21.0%.
Two percentage points over the prior fiscal year with diluted earnings per share of $1 84 and eight.
Eight 2% increase compared with the same period in the prior year.
Turning to slide 13, I would now like to me the key revenue trends for fiscal year 2022 enterprise customer vertical revenue grew 10, 6%, while our service provider customer vertical revenues declined 4% both on a year over year basis approximately.
51% of total revenue was generated from the enterprise customer vertical while the remaining 49% was from the service provider customer vertical.
Turning to slide 14, which shows our geographic revenue mix on a GAAP basis revenue by geography continues to be domestic related both domestic and international revenue increased on a year to date basis, no customer represented 10% or more of total revenue in the fourth quarter or the full fiscal year.
Slide 15 details our balance sheet highlights and free cash flow, we ended the quarter with $703 $2 million in cash cash equivalents and short term and long term marketable securities representing an increase of $149 $7 million since the end of the third quarter.
Free cash flow generated in the quarter was $152 $2 million, while free cash flow generated for the full fiscal year with $285 $6 million.
Strong free cash flow was partially attributable to the timing of orders in the second half of the fiscal year as well as an increase in multiyear maintenance renewals and customer prepayments from a debt perspective, we ended the fiscal year with $350 million outstanding on our $800 million revolving credit facility.
Which expires in July 2020.
To briefly recap other balance sheet highlights accounts receivable net was $148 $2 million down by $85 $6 million since the end of December the DSO metric was 64 days versus 75 days at the end of the fiscal year 2022, I'm sorry 2021.
And 76 days at the end of December 2021.
Let's move to slide 16 for commentary on our outlook I will focus my review on our non-GAAP outlook as Aneel mentioned, we plan to initiate two capital structure activities in our first quarter fiscal year 2023, first is a $150 million accelerated share repurchase program, we anticipate.
This will be completed in the fall and will consume the majority of the five 8 million shares remaining in our existing $25 million share repurchase program authorization. Given this our board recently authorized a new share repurchase program to allow for the repurchase of an additional 25 million shares of all.
Common stock with no definitive timeframe for execution.
Second is the debt repayment for up to $150 million of the outstanding debt on our revolving credit facility, which when completed should bring the outstanding balance down to $200 million.
Both of these transactions will be funded from our cash balance.
For fiscal year 2023 outlook after taking these capital structure transactions into consideration, we anticipate revenue in the range of $895 million to $925 million, which implies a mid to high single digit year over year growth rate. Additionally.
The first half of the fiscal year, we anticipate delivering revenue in the range of 46% to 48% of our full year revenue outlook.
Our provided revenue range.
The anticipated effective tax rate is expected to be between 20, and 22% assuming approximately 73 million to 74 million weighted average diluted shares outstanding which includes the estimated impact of the planned $150 million accelerated share repurchase program with a partial offset.
For employee stock compensation dilution, we expect our non-GAAP diluted earnings per share to be between $1 97.
And $2 three.
This represents a mid to high single digit diluted EPS year over year growth rate is also incorporates our expectations for increased costs associated with travel and events as they return to in person business operations as well as the persistence of macro headwinds driven by the competitive labor market.
And it's elevated inflation.
I'd also like to offer some color on the first quarter as we assess the opportunities in front of US. We currently anticipate a high single digit revenue growth rates with a similar increase in earnings per share. We estimate that diluted weighted average shares outstanding for the first quarter will be between 73 and 74 million shares.
Given the estimated impact of the planned accelerated share repurchase program.
That concludes my formal review of our financial results before we transition to Q&A I'd like to quickly note that our upcoming IR conference participation is listed on slide seven thank.
Thank you and I'll now turn the.
Call over to the operator to start Q&A.
Yeah.
At this time, if you'd like to ask a question. Please press star one on your telephone keypad, if you wish to remove yourself from the queue press. The pound key we do ask in the interest of time that you limit yourself to one question and one follow up we'll take our first question.
From Matt Hedberg from RBC capital markets.
Yeah. Thank you this is actually Matt Swanson on for Matt.
Jim It was great to see the acceleration in the FY 'twenty three guidance could you just maybe talk through some of the puts and takes of the current macro environment. That's obviously a complicated scenario that we're in right now how did you kind of think through that acceleration and what's giving you the confidence in that.
Sure. So from a revenue perspective, we had seen a software solution take.
Take advantage of some of the other supply chain related issues and so we saw an acceleration in Q3 and Q4 and as you can see from the backlog we have over $100 million entering FY 'twenty three that gives us very good visibility to the first half of the year. We also believe that the <unk>.
As part of the security products that we are entering.
The market that we're entering in the network detention detection and response area.
Has been very well received by our customers so far and we have some sales of the Army's cyber security product in fiscal year 2022, albeit immaterial. So we believe that will be a very good growth.
Growth area for us in 2023 and people salespeople come back to in person a sales and can do proofs of concepts and those types of things.
We also do when I think about the gross margin we will have much more calibration in the gross margin.
Revenue, which will affect the gross margin as we've talked about in the past a lot of the five T radio frequency propagation modeling.
Projects are still looking at you know where the carriers want to put their antennas. Initially so it's still very labor intensive I anticipate that the radio frequency propagation modeling of $60 million revenue will carry probably a 50% gross profit margin and then when I go down.
One through operating costs through the cost structure I would anticipate that there is about $45 million to $50 million of costs that are coming back into the cost structure due to travel do the in person events General inflation and then obviously the very competitive.
Labor market that we're in we have long tenured cut long tenured employees, which are very loyal to net scout and as you know we've never really done any kind of a volumetric layoff. So we still have all of that talent in house. So when I go down to operating margin the operating earnings per share from operations should increase.
<unk> probably in the mid single digits and then we are doing this to capital structure activities, we have over $700 million worth of cash, which gives us over $300 million of excess cash and given how long it takes to execute the shares in the market, we're taking half of that.
That free cash excess cash and doing an accelerated share repurchase and then because of the rising interest rates and the fact that our debt instrument is a revolver, which means I can bring it up or bring it down to a down the money whenever we need it we're going to pay off that debt and then look in the future to it.
Any other debt to capital allocations, that's needed in the form of M&A or maybe a second share repurchase so windows financial the operating leverage combined with those two financial transactions is giving the EPS the growth rate that we'll see in FY 'twenty three.
Thank you that was extremely helpful. And then as a follow up maybe for you know both of Neil N, Michael and building off what.
Gene was saying about the security business expectations in 2023.
It's fantastic that we're going to get those additional metrics to give us some more visibility, but could you just talk a little bit more about what trends youre seeing right now and kind of like what's giving you that confidence for for some further growth from that business in 2023.
So first of all be had I mean, we just introduced this just about three four months ago, we already have granted customers and the confidence is coming from from the fact that will be really targeting are with existing customers.
And and every building the second floor of the building we already have the foundation in the first floor.
So died.
The speed of traction is going to be much better than would be normally with their brand new solution. We are losing a lot of the building blocks in depth of knee.
There's four different India common engineering organization common go to market model, Yes, we have said what would it be but so that's giving us the confidence and the second thing is we believe that the <unk>.
Market, we're addressing outside of Ddos and yard network detection response is sort of underserved and has a big need in the market with several bigger players exiting the market for Monday that so all these things combined with what we have seen the traction already gives us good confidence.
We'll have a higher growth rate in the cyber security business than our total growth rate next year.
<unk> had a very successful customer event last weekend.
A lot of conversations with all of their existing security partners and.
We can begin.
Use that to go to what he's done earlier.
Early analysis with all of you.
Mentioned that he said.
I won't spend too much from that.
Yeah.
Hi, Thank you congrats again on the quarter.
Thank you.
Next question comes from James Fish from Piper Sandler.
Hey, guys congrats on a really good looking quarter.
School year here.
Just wanted to circle back on the guide so you know.
It's been quite a few years since that Scott was able to grow this great and historically.
We haven't had a small product backlog and it's nice to see that building with about a quarters worth of product, but you know what what can you say about what gives you confidence in hitting those type of growth rate given that it's really a quarter's worth of product.
And secondly are you seeing carriers and large enterprises actually ordering earlier than anticipated given the supply chain woes.
Yeah Deane.
So all of these dams, but.
Just to reiterate yes, we had in Q3 a lot of such.
I mean are there multiple orders and multimillion dollar advantage both from service provider had a couple of enterprise customers, who accelerated their are there because they were one of the few software companies.
Who can move bigger size or just because of the size of our deployment.
And then dumped up here our confidence like I said is coming from that we made a lot of investment in the last 18 months and introducing omnis security.
Towards the end of the year, we'll be introducing something in the big data space.
And most of it or hardly any of this Jean mentioned is immaterial to the numbers of last year. So we'll see some growth rate.
From that then is as we just saw it and Nobody's sent you that go on for is just there just to be last week, and there's a lot of customer interest, especially from existing customers, where they're relieved that we have.
Really really compelling technology, yet the cost of ownership is much lower than the competitive solutions.
Cause they can use some of the hardware and they are already but just what I must do it on this new software.
There's another factor in the number of new customers.
Building a growing faster.
And our first over the last several quarters, so that gives us a lot of additional coffee that's.
Being able to grow.
Okay. That's helpful and you or Michael maybe just following up on what you just said, though really what I'm trying to understand as you know typically how much visibility do you guys have.
Without the supply.
For all these supply chain issues and what kind of visibility do you have today in terms of like time like are we talking you know you have visibility two three quarters now instead of typically one quarter or is that the right magnitude.
Well I think one of the things that we always have visibility into a where renewal revenue, which is almost 50% off of our total revenue and be always had that in addition to that this year was an unusual event because of the backlog situation material backlog situation with Dean talked about so we have much much better.
Liberty.
Richie I would had in the last four or five years, but.
If you are a bit and that started before that we had many such things between 2011 and 2016. So I think that's me just getting used to this but at the same time, we want to do and I mean.
Did this year with similar visibility into the new year.
And and then to the next year and because of that are we really need some of the uptick in the security and other areas. So visibility is quite good but.
I think this is I would say it is much much better than we had it in the past.
Got it last one for me if you don't mind free cash flow was really impressive. This quarter, you know $152 million, but gene you mentioned, the timing of orders and impact of multi year maintenance renewals and prepayment switched.
Correct me, if I'm wrong here, but I don't believe is type of coal from.
And mezcal and guessing it comes primarily from carriers. In this case is there a way to think of how much this prepayment and multi year trends kind of impacted free cash flow. This year and what you expect for free cash flow conversion in fiscal 'twenty three.
Sure so the free cash flow conversion.
Free cash flow was 285.
The conversion with greater than 200% I would estimate that is between $40 million to $50 million in that free cash flow between an increase in multi year renewals as well as the customer prepayment.
So when I look at FY 'twenty three I would anticipate that we will still have more than $200 million in free cash flow and that our.
Our conversion rate is probably going to be I'm going to hedge a little bit so I'm going to say, 125% to about 145%.
Hi, Bob.
Uh huh.
Congrats guys.
Yes.
Our next question comes from Kevin Liu from K, losing company.
Hey, Good morning, guys, let me add my congrats on the quarter and outlook as well.
Wanted to touch on more of the project backlog as well as you look at that product backlog coming into this year.
That's it maintain that you know for at least maybe the first half border even throughout the year given ongoing supply chain challenges for your customers or do you expect that to work out fairly quickly.
Well our goal is to obviously maintain that but it also depends on the timing of our doors and next year and things like that so.
So there was a unusual situation aboard unshipped orders and also the calibration projects.
Take much longer to execute and that created this situation. It's possible, we get more calibration or the next year and we have a similar situation and more data coming in towards the end of the year. Yes goal is to continue to have a.
Much better visibility than in the past.
Maybe if we had added we are laying for higher growth numbers and numbers.
Understood and then just in terms of where you expect the growth to come from in 'twenty.
<unk> thousand three can you just talk a little bit about whether that's oriented more to security or whether you expect service assurance to ramp up as our customers begin to move forward more.
So with that the five key rollouts.
And then alongside that you know how does that impact kind of the split between the enterprise and service provider vertical side that we should expect for the year.
So maybe I'll answer your last question first so I think that's going to stay in the 50 50 range longtime I look at and.
Enterprise is 55% and service provider.
45%, which was sort of opposite of what we had in the past recent past sort of three or four years ago.
The growth of area. We're looking at five D is going to replace at Autodesk afforded you the Avenue.
And there could be some uptake because more and at the Mec mobile edge computing.
In the enterprise area that growth has come from all the investment we made a two big areas.
We have announced the <unk>.
Lucian do deal with idea of operation, but are lumped entry yards for a remote workforce and I feel that.
The need for what we do perform mismanagement and and service assurance has become a they've taken a new meaning as people are working from home or are there right now.
Are there they have moved some of the operations to the cloud So we announced the product and the smart bed monitoring area, which was very well received.
The rest of the growth is going to come from this.
Fiber security area read we announced multiple solutions.
Which help our ddos solution, which we call adaptive Ddos and other is in brand new area called N D I.
Which we have looking at debt security.
And I think investors will be able to see how this is progressing as we planned to report for the first time.
More details on that part of the business.
That's great well I appreciate you taking the questions and good luck here in 'twenty three.
Thank you.
And it appears we have no further questions I will now turn the program back over to Tony Piazza.
That concludes our prepared remarks, thank you very much for joining us today and enjoy the rest of the day.
This does conclude today's program. Thank you for your participation you may disconnect at this time and have a great day.
Yeah.
[music].
Okay.
Okay.
Yeah.
[music].
Uh huh.
[music].
No.
[music].