Q1 2022 Qualys Inc Earnings Call
Okay.
Ladies and gentlemen, thank you for standing by and welcome to the <unk> first quarter 2022 Investor Conference call.
At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.
I asked a question during this session you will need.
And then one on your telephone.
If you require any further assistance please.
First Bob is zero.
I would now like to turn the conference over to your Speaker for today Blair King Investor Relations you may begin.
Thank you Glenda and good afternoon, and welcome to call for first quarter 2022 earnings call.
Joining me today to discuss our results are submit the corner, the president and CEO and Julie Kim our CFO .
Before we get started I'd like to remind you that our remarks today will include forward looking statements generally relate to future events.
Financial and operating performance.
Actual results may differ materially from these statements.
That could cause results to differ materially are set.
In today's press release, and our filings with the SEC, including our latest Form 10-Q and 10-K.
Any forward looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.
During this call we will present, both GAAP and non-GAAP financial measures.
A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.
Finally, as a reminder, the press release prepared remarks Investor presentation are all available on the Investor Relations section of our website, so with that I'd like now to turn the call over.
Thank you Bill and welcome everyone to our first quarter earnings call building on our momentum.
To report a good start to the year.
Another quarter of continued revenue growth.
Our collaboration.
Strong cash flow generation.
Some of these headlines.
Okay.
Highlights.
While market dynamics and continued competitive differentiation of fueling our growth.
We believe the continued.
Cleveland buyback focus coupled with a growing company.
Somewhat below this pushing organizations around the world to shed outdated Siloed security and compliance system.
The integrated security platform to the use of it and response plan.
In the future.
<unk> architecture.
Quality.
The benefit of steady on the widespread loan purchase volume.
We've been analyzing billions of assets and preclinical data once an hour.
Platform highlighting the complexity of the current pipe landscape.
Not only did organizations have been giving updates that Africa.
You bet.
But we want out of the software, but also have the mobile license often mitigate the issue in a matter of hours. Our study shows that organization given our 17 based or that may be one that we believe you've done one notable.
During that period.
The same band, but also help them monitor their assets for compromise.
On this point about delay quality cloud platform unified approach of building up of inventory one of the big reduction punctuation on EBIT Godaddy agent will be appreciated by our customers and.
And helping to reduce that exposure significantly complete the silo approach with multiple point solutions.
As shown in this study.
And then buffing model more than $15 million down globally over 50% of loan level loan pushes software was also end of life again, highlighting the strategic visibility provided by qualified integrated that this can be asset management capability, allowing our customers to understand the technology.
And the impact to their security for proactive production.
We believe we are uniquely positioned in this market with our ability to provide.
Comprehensive and integrated products using a single agent approach, where speed UK pension a response.
Given the opportunities ahead, we continue to prioritize investing in our business, especially we believe although the marketing where we expect to see double digit growth. This year, despite the challenging hiring environment given the tight labor market.
In Q1 cloud agent subscriptions grew 26% year over year to 77 million purchased over the last 12 months.
I saw a steady.
Steady adoption of our vulnerability management detection and response, our <unk> solution, which is now deployed about 40% of customers worldwide.
These results continue to validate our security consolidation approach and the power of a single agent as customers transition to the MBR.
Our growth this quarter speaks to the commitment customers are making to the Polish platform.
From a story, where we share it with you to underscore our success with customers of all sizes in the respective journey do uniquely United African Motor Protection Prevention.
Technical <unk>.
Cloud based platform for the media will not be much faster than alternate solutions.
I'll start with an existing U S based fortune blended customer who entered into a new agreement with us to expand into the MBR and patch management deployment, while adding pharmacy would be asset management capabilities.
On Prem cloud and container environment, the ability to significantly enhance our security program with high quality upper context, believing.
Integration of loading and accurate response capabilities on a single integrated platform stood out among several competing solutions in the market today.
The next example is a new customer that started with publishing maybe asset management.
Dr. Perhaps management annual Juniper MBR as part of the strategic initiative to transform.
<unk>. The architecture is this customer chose quality, because we offer the only security and compliance.
And in the market today that we delivered.
Okay.
Enable full asset with lithium context mapping to prioritize long overdue proactively reduced stepping way back up in a cutting and continuously monitor endpoints for defined against future malware and ransomware events across multiple environments.
Finally in another new logo win a fortune 1000 customers selected the MBR along with touch punishment based customer consolidated two vendors to significantly reduce complexity and legacy IP costs, we're uniquely leveraging automation and the security and compliance operations the speed of already detection and remediation capabilities leveraging the single agent.
Unified dashboard were critical factors in the purchasing behavior.
This is also a good example of how we are benefiting from the enhancements, we're making to onboard new channel partners to win new business.
<unk> opportunities.
We believe these new wins and expansions illustrates that our integrated global platform and diligent approach is increasingly resonating with customers. When we do the appetite and consolidate the secured destock leveraging our technical leadership.
Also by third partnering with our channel as part of our Middle market initiative. In fact, we recently launched new partner program designed to further drive our new business local wind forward.
As I've done before our goal is to remove friction for customers to make product expansions in Poland.
Our customer we may currently use on <unk> has the ability to trial and adopt our other applications that are good the whole bucket.
Executing well against this agenda. We recently introduced our next to me given great growth deliver Edr solution natively integrated solution in the cordless floor platform for blood levels with both single agent approach for enhanced play something and risk mitigation capabilities. Unlike traditional video products focus on protecting productivity on the endpoint afterward.
You have already landed might be vectored, <unk> unifies multiple context vectors, including asset criticality and one of the deep and sustained lift configurations associated with <unk>.
As well as packaging to reduce the lead time to respond.
We are pleased to have completed the most recent microeconomic evaluation for the first time, so luca shoulder with existing video players and more specifically achieving impressive results, we believe that for existing customers already utilizing our <unk> solution.
But maybe what might be what the edr conduct or we will need to reduce the volume of incidents extended prediction and prevention capabilities and further strengthened our customer's cyber resilience.
I'm also very pleased by the early adoption of this product from a handful of our customers since its introduction on the April and excited by the positive feedback we're receiving for this new update.
Looking ahead as a leader in security and compliance solutions, we continue to invest in quality growth platform to further differentiate our offer mentioned detection and response capabilities.
Specifically, we will expand.
On our robust capabilities in cloud container and Ics.
CFO environment to further strengthen our competitive differentiator as customers increasingly move applications to cloud in containerized environments.
In summary, we are delivering solid financial results and building strong business momentum in the market as company uniformly recognized security transformation is fundamental to combat the delayed type environment.
As a result customers are increasingly looking to reduce their exposure.
Exposure to the adoption of immediate needs to get executed platform sort of relying on a collection of disparate point solutions.
We believe that with our organically integrated cloud native platform to solve modern security challenges. While this is uniquely positioned to capitalize on this long term sustainable trends and drive shareholder value.
With that I'll turn the call over to Judy to further discuss our first quarter outlook. The result, and outlook for the second quarter and full year contemplate.
Thank you, Mike and good afternoon.
Before I start I'd like to move products suffer Rockingham auto immune from taking our non-GAAP and growth rates are in some comparison to the prior year period.
Inc.
We're pleased to report continued organic revenue growth acceleration and strong profitability.
And the following financial and operational highlights.
Revenue for the first quarter of 2000 common share grew 17% to 113.
Ian upfront, 12% growth and a year ago period.
We saw continued success in our landscape.
And with a healthy cross and upsell performance driving an increase in our year over year and sequential.
Expansion rate.
110% in Q1 up from one 8% last quarter, and one 3% a year ago.
Our LTM average deal size continue to increase for <unk> and <unk>.
Shifting customer.
Average, increasing by 17% and combined Themis RPM growth in Q4 and up from 5% RPM growth a year ago.
With accelerating demand for security transformation solution and our strengthening market position at Q1 calculated current billings grew 22%.
We believe the investments we've made in platform innovation and a single agent approach have enhanced our value proposition with customers and help drive bookings growth over the past quarter.
This quarter with me as I think Brian and we're excited by the continued adoption at the NPR a total customer penetration now at 40% up from 36% last quarter and 24% a year ago.
And continued adoption of current solution increased large customers from 128 customers spending 500000 or more with us.
This represents 17% growth from the year ago period.
We attribute this success to our innovation strategy, having resulted in strong product differentiation and market condition.
Our investments in building a unified coffee platform clearly resonating with customers Cir and are increasingly looking to tape out legacy point solution in favor of a consolidated security and compliance platform.
Increasing cyber security risks.
Speed at which critical vulnerabilities to recognize an increasing important priority of digital transformation initiatives.
We remain focused on building, a long term defense, but durable growth and industry leading margin.
As a result, our scalable platform model continues to drive superior margins and significant cash flow.
Adjusted EBITDA for the first quarter of 2022 was $54 3 million, representing a 48% margin.
<unk> for the first quarter of 2022 89.
Our free cash flow for the first quarter of 2022 was $71 4 million, representing a 53% of my time.
We believe we can continue to generate attractive levels of free cash flow, while continuing to invest in the business.
In Q1, we continue to invest the cash we generate from operations back into comments, including $7 6 million on capital expenditures.
<unk> $46 6 million to repurchase 316000 of our outstanding shares.
We are pleased to announce that our board has authorized an additional 200 million increase to our share repurchase program.
The resilience of our sustainable and scalable business model has been improving over time as currently demonstrated by our continued strong earnings and cash flow generation at this time of uncertainty and volatility.
Leveraging our excess cash to continue to return capital to shareholders will allow us to mitigate our share dilution and drive shareholder value.
Including $225 million remaining as of Q1. This provides approximately $425 million share repurchase capacity.
The weighted average diluted shares outstanding in Q1 with $40 million down from $40 4 million last year.
Shifting now to guidance for the second quarter and the rest of the year.
Our strong start to the year continued to bolster our confidence in both our strategic agenda and business environment.
And with current opportunities ahead, we continue to believe that determine the right time for us to increase their spend with an emphasis on sales and marketing to support long term growth in that business.
As I said before at this investment strategy.
Just adding head count.
<unk> focused on enhancing our channel accelerating digital marketing initiatives.
Standing product management capability and other sales support function.
To further enhance both our value proposition with customer and mid to long term productivity.
Building off our strong start to the year.
Using the bottom and top end of our revenue guidance for the full year to now be in the range of 484 million to $4 $86 5 million representing 18% growth.
This compares to the prior full year revenue guidance of 480 to $2 $85 million.
In terms of profitability balancing a tight labor market with our anticipated investment for the year, we are raising our full year EPS guidance to now being the range of three three to $3 seven from the prior range of $2 87 to $2 90 year.
This revised guidance implies EBITDA margin in the low <unk>, but the timing of our investments to be more back half weighted.
For the second quarter, we expect revenue to be in the range of one.
$117 million to $117 8 million, which represents a range of 17% to 18% growth.
We expect EPS to be in the range of 78 to 80.
Our planned capital expenditures in Q2.
$5 5 million to $6 5 million and for the full year 2022, we continue to expect investments in the range of $25 million to $30 million.
In conclusion, as we look to the balance of this year, we remain excited about our opportunity to drive durable top line growth on the back of a large and growing market opportunity by leveraging our highly scalable model to maintain industry leading profitability.
So Matt and I are happy to answer any of your questions.
Thank you.
Ladies and gentlemen, as a reminder to ask a quick question.
You will need to press Star then one on your telephone.
Withdraw your question press the pound key.
Again, Thats star one to ask a question please.
Please standby.
<unk> roster.
Our first question comes from the line of.
So with Hilton with Wolfe Research your line is open.
Yeah, Hi, guys. Thanks for taking my questions I, just wanted to kind of start off on the hiring trends are you guys are you guys still on track to meet the targets that were baked into the guidance you gave at the end of Q4.
I'm asking because you mentioned investments will be back half weighted this year is that by design or is it just because you guys are kind of maybe behind schedule on some of those investments.
Yes, I think we're seeing the same multi tenant with everybody else's to inform our infrastructure in the current environment.
Alright.
We've been really focused on building out our word.
Our leadership team, which now has really given us the ability to attract the right people.
Our sales and marketing ethanol sales and marketing, which we will talk more about that as we have made progress.
Again what.
What we are looking forward to doing is really continuing that focus on.
<unk> also that we can continue to build out the preliminary forward.
In the second half.
Yes to follow US we remain very confident in our ability to execute and drive growth in terms of our investment. It is by design, we knew that from the get go that.
Investments will be more back half weighted.
On the hiring trial, we are still targeting growing the sales and marketing head count and double digit at the as we communicated last quarter.
Very helpful. And then just a quick follow up obviously awesome outperformance in free cash flow in the quarter can you maybe just give us some additional guardrails as to just how we should think about margins and how they should trend for the rest of the year.
Yes in terms of our margins.
Q2 implies an EBITDA margin in the low 40, <unk> based on the non-GAAP EPS guidance.
And so the first half every year.
Low <unk> versus the second half.
<unk> put below the 40% to ending the year end November 14th is what we're projecting.
Thank you very much appreciate it.
Thank you.
Our question comes from Noah <unk>.
Trevor wash with JMP Securities. Your line is open.
Great. Thanks for taking my call.
A quick question around the.
Our new partner program that you rolled out can you give us maybe a little bit more context is the impetus for that was it feedback from the partner community was it maybe.
Our heads around kind of.
If some of the hiring.
Direct sales maybe doesn't come through that you've kind of have that as a as a backup but can you just give us some more context, there would be great.
Yes, sure, we really got a lot of feed.
Feedback from the partner company or do you have any higher.
Higher than as we'd be focused on partnerships.
We will be working with our partners and understanding from them, how we can actually.
<unk>.
<unk> platform that we believe.
Superior and the ability for us to take that.
Figured out with our partners.
Would it be any of the relationship that's beneficial to them and beneficial dwell time.
A lot of feedback from Im.
Im sorry from the partner program with working with different types of partners.
Are you talking.
A lot of positive feedback, but we do feel.
Given that range of relationships with the partners targets all of these organizations and then.
Of course, so we have people to do for the platform.
Something that we feel that we can focus on that.
Original partners to really focusing on the business mobile growth right, so being able to leverage the relationships and then.
We're getting out.
Our go to market with them.
The direction that will detail.
Great Awesome, and then maybe one more if I can on for the new context Xdr rollout.
And maybe have missed it but in just in some of the messaging that I'm seeing.
For the network layer telemetry are there any are you looking to maybe partner with different providers or other vendors to get that that piece of the puzzle or maybe doing that more organically with your own tool, where do you see that.
Kind of coming through that piece.
Of Intel as far as us again that network layer piece.
Yes, that's a great question in context like VR really is about two main things one is the organic transfers that Qantas platform already has the combination of electrical scanners API connection to the cloud.
Our Asia and we also have.
Passive network sensors that were part of our platform that are.
Riding that network kind of inventory back to our platform. However, one other things with contact center beyond that we have done is in addition to bringing all the context that our platform is already collecting across the board from an inventory and one of the Juniors perspective, we're also expanding the ability for us to collect microcredit battery and other types of log data from <unk>.
Antibody different partners as well so that we can provide a more comprehensive visibility and helping customers reduce the number of impact behalf.
Are there to get.
The context, and then looking at the incidence of those happening in their environment and so therefore, it gives us the ability for them.
The level of the quality sensors for collecting merkel cell inventory, where it makes sense and in other cases, they already have deployed.
From other.
Vendors, we can also build upon them and then provide the.
This is on our platform.
Great. Thanks, a lot appreciate the good questions.
Thank you.
Next question comes from the line of Joel Fishbein with tourists. Your line is open.
Thank you I just had a quick follow up to that now that context xdr is in <unk> can you give us a little bit of color around how its been tracking and how that spaces is actually developing for you guys.
Yes, I think we feel.
Good about.
The direction back contact center speaking.
With any other new product launches, we are working closely with a few early adopters and getting additional feedback from them and we're going to continue to enhance those capabilities similar to what we've done with <unk> as well and we will move forward towards.
Through this year.
We continue to include the adoption of that and getting feedback from the customer on this sort of a unique approach to.
Bringing the contract with <unk>.
<unk>.
Great. Thank you.
Thank you. Our next question comes from the line Hamzah firewall with Morgan Stanley .
This is actually Keith Weiss sitting in for Hamzah.
And in your prepared remarks, you talked about the heightened threat environment.
Particularly the conflict in Europe .
Driving sort of better demand signals.
I wanted to just sort of clarify is that something you guys are seeing in your business. Today do you think thats actually sort of driving sales or is this just something.
A broader kind of the environment remains very good at kind of four.
Yes overall spending in security.
As director of an impact.
That's kind of the number one question and then.
On the.
Hey, Brian broader platform really nice kind of penetration trends and the MTR. It looks like it's driving really nice growth for you on that consolidation play can you remind us like how high do you guys think that penetration can shouldnt get is there a theoretical kind of maximum of where <unk> customer penetration would go.
Yes, I think the first question I think.
Great question.
Any comments around that that will be a balance of the of the environment and not necessarily about the reminder.
About half of our customers tend to look at the design Sunday happening more holistically in terms of taking a step back to see what kind of.
The security program to be able to do larger potential incidents like this and so it's really what we're seeing is conversation happening with our customers.
As I highlighted in some of the <unk>.
Data points in the study that we have there, but even with everybody all hands on deck for something like look for <unk>.
Organization, a long time can you be given patch fee interest income along with reduced regarding active exploit it in the <unk>.
Conversations with customers are more broadly about what kind of security stack consolidation potentially needs to happen. So that we can reduce that time reduce that exposure window leverage more automation and.
Having siloed solution for or having vendors, who provide five different platforms as part of their overall.
<unk> is not is not really helping them with respect.
So the immediate answer, but what is encouraging to do that.
Got it.
This station that we see with the <unk>.
And the customers are having in pushing forward too.
Looking at platforms like quality consolidated.
Because obviously that we.
We see the.
New business examples like this quarter or last couple of quarters, we've seen when we're getting new customers come in they are looking at more of an architecture overall architecture of other than looking at how can I get a mobile tool that is giving a big list of CES, but I have to get figured out.
Hi.
Ensured that the direction, we'd like to immediate dose of Jeremy quickly and the aesthetics for data and Thats the wireless systems.
But in that environment do you see the.
The risk there is different because every organization has to protect themselves from prevention nation states and cyber attacks.
With that that won't expense to Linda looking to Dubai looking to say, how do I create a group.
<unk> modern and that actually can help you provide much more real time visibility and you should see businesses.
Got it.
Your second question on the MBR penetration, it's been trending nicely up to 40% right now.
There is definitely more room for us to increase our penetration, but historically our customer base have been success.
We were between 55% to 70 per tonne.
VM solutions, and so I think that definitely we can see on the MTR penetration going up to 70% and even beyond that about that with customers, who don't currently have a VM solution with us we're seeing some adoption there as well.
Got it that's super helpful. Thank you guys.
Thank you.
Our next question comes from the line of credits were Langer with summit capital. Your line is open.
Hi, Thanks for taking my question Congrats on a strong revenue growth this quarter with revenues from foreign markets up 25% year over year I was wondering if could provide some color on the key trends you're seeing internationally.
How you expect these trends play out for next year. Thanks.
You don't have a forecast that separated out.
We're seeing a good momentum overall, if you take a look at whether youre looking at revenue our LTM current billings trajectory.
Seeing a lot of opportunity both in the U S and international.
On the international front or Theres more opportunity just because there's less penetration penetrated in those markets and so we're happy with the breadth that we're seeing in ambulatory again.
That's great. Thanks.
Thank you.
Our next question comes from the line of John Kim with Loop capital. Your line is open.
Thank you so much.
Can you just give us update on how much of your business or your customers usage on hyperscale environments, like AWS, and Azure and GTP and of course some of your early adopters of your context.
Are they usually get to analyze deployment.
On those hyper scaler environments.
Yes, we don't necessarily breakout about usage from our cloud versus on Prem, we're fulfilling endpoint perspective.
The adoption across the different aspects of IBM environment, then I think that's what we need.
By utilizing the Polish platform brings we think we can actually bring your cloud.
Is it may be or are there more employee.
Employee that with new data as well as your <unk>.
Our environment into one and so today, what we do see is as customers are looking to migrate potentially workloads from on Prem systems into the cloud base fuel volumes has the right capabilities as a trusted partner to help them understand and so we have capabilities in the cloud environment. So we have a bunch of customers.
Our agents into AWS and Azure.
The partnership with Azure as an embedded quality capability in Azure environment. If you think your workloads. So we're looking at cloud for multimodal prospects working with existing customers to help them and be their partner as they are moving into the cloud and plumbing security buyer magna as well as providing them a more embedded capabilities directly through the <unk>.
The later as well as in some cases and so we're quite happy to see that.
The customers see value and quality.
Our usual again like most customers.
Cloud.
Allowing number of employees who are they.
More to help cloud as well as long term.
Only <unk> customers.
Customers. It's again, the same thing, but when we're looking at tracks and Theyre looking at exposure.
And in one particular environment and the quality platform in the context of the CIB it might be bringing the visibility of modeling maybe the cloud accounting that may be seeing some activity.
And then also with that anymore, and blowing up our bags and laptops, which may be accessing metabolic onwards for partial of that particular asset how do you see those together into a single platform. That's really the value that I see the connectivity offerings and differentiates us from what.
What about <unk>.
To be very focused on certain environments.
Okay, great thanks for that context and Jimmy.
I have a quick question.
Iran contract length.
Frequency, obviously, you continue to see the MTR platform adoption.
Deal size around those I'm, assuming is getting larger.
Just any trends that youre seeing around contract length of billings in any potential deviation between the current and total.
Calculated billings.
You can call out this quarter and it's been our weighted average contract length has been slightly over one one on euro and then back to remain the same.
Okay great. Thank.
Thank you so much.
Thank you.
Thank you.
I'm showing no further questions in the queue.
Ladies and gentlemen. This concludes today's conference. Thank you for your participation.
You may now disconnect everyone have a wonderful day.
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Okay.
[music].
Okay.
Yes.
Okay.
[music].
Okay.
[music].
Okay.
Yes.
[music].
Yes.