Q1 2022 RVL Pharmaceuticals PLC Earnings Call
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Yeah.
Good morning, everyone. My name is Britney and I will be your conference operator at this time I'd like to welcome everyone to the RV Al Pharmaceuticals first quarter 2022 financial results call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be.
A question and answer period at that time, if you have a question. Please press star one on your telephone keypad.
Thank you operator.
Welcome to RVO Pharmaceuticals, first quarter, 2022 financial results and commercial update call.
This is Lisa Wilson.
Investor relation for RVO.
With me on today's call are RV, Els Chief Executive Officer.
Brian Marcussen Chief.
Chief operating officer, J D shop, and interim Chief Financial Officer.
Mike did pietrus.
This morning, the company issued a press release detailing financial results for the three months ended March 31st 2022.
This press release and a webcast of this call can be accessed through the investors section of the RVO website at RVO pharma Dot com.
Before we get started I would like to remind everyone that any statements made on today's conference call that express a belief expectation projection forecast anticipation or intent regarding future events and the company's future performance.
May be considered forward looking statements as defined by the private Securities Litigation Reform Act. These forward looking statements are based upon information available to RV else management as of today.
And involve risks and uncertainties, including those noted in the press release and our filings with the Securities and Exchange Commission.
Such forward looking statements are not guarantees of future performance.
Actual results may differ materially from those projected in the forward looking statements RVO, specifically disclaims any intent or obligation to update these forward looking statements except as required by law.
During this call we may refer to non-GAAP financial measures such as adjusted EBITDA.
For a reconciliation of adjusted EBITDA to net income or loss from continuing operations. Please see the tables at the end of today's press release.
The archived webcast of this call will be available for one year on RV else website RV Alpharma dotcom.
For the benefit of those who maybe listening to the replay or archived webcast. This call was held and recorded on Thursday May 12, 2020 too thin.
Since then RVO may have made announcements related to the topics discussed. So please reference the company's most recent press releases and SEC filings.
And with that I'll turn the call over to RVO CEO , Brian Moccasin.
Good morning, and thank you for joining our call today.
We're off to a great start with the first quarter behind us.
We continue to grow in line with our plan.
Through the end of last week, we have activated over 1600 accounts with our second quarter plan continuing to open new accounts and drive utilization or depth from recently opened accounts to generate a reorder cadence that we plan to report on in the future.
The recent award we received some shape magazine ads to the mounting evidence of social proof and joins awards under mentions from the likes of Vogue Elle lure new beauty and people to name a few.
As we look ahead, we plan to increase the aesthetic sales team at the beginning of Q3 expand a small inside sales and customer service group and increase our educational presence anesthetics or.
Within the expense guidance, we have previously discussed.
As we continue to build the eye care and aesthetics markets. We are confident that the growth levers are clear and most importantly, the efficacy and safety of uptake continue to drive patient and provider satisfaction.
Now it's important to keep in mind, a few things first.
As we create a market and eye care and aesthetics, we have no competition and are not defined by market share in a category we are our own category.
And second the safety and efficacy of ethnic combined with an attractive margin profile have and we will see rapid and widespread utilization for those patients who have droopy eyelids blepharoptosis.
Now I'd like to turn the call over to Mike. The Pietrus soon after joining our team in January in a consulting capacity assumed the interim CFO role in mid April following Andy's departure, now just shy of a months into the role of Mike's been coming up to speed and we will cover our Q1 financial results in some depth.
Right.
Thank you, Brian and good morning to everyone.
I'll begin by providing commentary on our quarterly results of continuing operations specific to the first quarter of 2022 with references back to the first and fourth quarters as appropriate.
A reminder, that our quarterly info and highlights can be found in today's earnings press release with regard to our quarterly report on Form 10-Q.
We anticipate filing that with the SEC later today after markets.
Total revenues for Q1 increased by $25 million to 21 $4 million, primarily due to $15 $5 million of licensing revenues unique to the 2022 period.
And also due to a $5 $1 million year over year increase in net product sales of <unk>.
As announced in late March we amended our license agreement with our global partner set in turn.
As of March 31 <unk>.
Expanding our relationship and allowing sand tend to take on more territories and buyout approval milestones for Japan, China and the European Union.
With the licensing earnings process now complete upon signing RVO immediately recognized the Santana licensing income in Q1.
We had to wait until mid April to receive the same 10 cash.
Net product sales, which relate entirely to sales of our peak increased by $5 $1 million to $5 $9 million in the 2022 period.
As compared to zero point $8 million in the 2021 period the.
The increase was mostly due to higher sales volume, reflecting expanded commercialization into eye care markets and effective in February 2022, the medical aesthetics market.
Most importantly sequential sales of <unk> were up $2 $8 million or 90% from the fourth quarter of 2021.
Total cost of goods sold for Q1 increased by $1 $4 million to $2 $1 million.
The increase was primarily driven by zero point $8 million in higher product costs were up neat influenced by higher sales volume and from zero point $6 million relating to increased royalties and contingent milestone payments due under an intellectual property license agreement each attributable to sales of our peak.
On a reported basis, our gross profit percentage increased to 90% for the first quarter of 2022 compared to only 27% in the 2021 period when margins were more watered down because it's a relatively small commercial base.
Take note that 90% margins are abnormally high because of the unique licensing revenue from Santana during the current period. Excluding the same 10 licensing income our gross profit percentage in Q1 would be approximately 64%, which we believe represents a more normalized margin rate for <unk> at this time.
<unk>.
We believe there are opportunities to expand margins as we go forward.
Selling general and administrative expenses for Q1 increased by $6 $8 million to $23 $8 million.
The SG&A increase primarily reflects $6 $8 million.
Higher compensation and training costs for the expanded sales force zero point $7 million of higher marketing expenses for our peak.
Zero point $7 million of transactional fees unique to the 2022 period.
All being partly offset by approximately $1 $1 million of lower legal and other professional fees.
Research and development expenses for Q1 decreased by $1 $3 million to zero point $9 million.
The decrease primarily reflects zero point $6 million of lower personnel costs.
And zero point $5 million and lower project spending on our back listen and uptake.
Rounding out our commentary on operating income and unique to the first quarter of 2021, we recognized a $5 $6 million gain on the sale of rights to <unk> a transaction that closed in January 2021.
Moving below operating income.
Total other non operating activities in Q1, 2022 contributed $1 $5 million of net expense, largely reflecting $5 $5 million of losses from the change in fair value of our debt and warrants.
And $1 million of amortization expense from our financial commitment asset.
Such expenses, however were substantially offset by $5 million in contingent milestone gains earned in Q1 2022, following the sale of our legacy business to a Lora pharmaceuticals.
Take note that any such contingent gains relating to the Aurora sale for which there are tens of millions of dollars in potential future milestones remaining.
These represent non operating income not revenues and they'll only be recognized if ever when it related milestone is achieved.
Importantly, the noted mark to Mark adjustments on both our term loan debt and our warrants each newly issued in October 2021.
As a result of recent accounting determinations or elections that require us to re measure these instruments at fair value each reporting period.
As a result, the comparability of our results will be influenced by these re measurements.
Our forms 10-K, and 10-Q for additional information about these accounting determinations and measurements.
By contrast in Q1 2021 total other non operating activities were comparatively small and represented a net expense of zero point $5 million consisting.
Consisting solely of interest expense and amortization related to our prior debt.
Yes.
Our net loss from continuing operations for the first quarter of 2022 was $6 $8 million.
Compared to a net loss of $13 8 million in the prior year quarter.
Our adjusted EBITDA loss for the first quarter of 2022 was $18 $9 million compared to a loss of $15 8 million in the prior year quarter.
Finally, turning now to our balance sheet and liquidity.
As of March 31, 2022, we held cash and cash equivalents of $26 $3 million, our total debt and financing obligations at quarter end.
Brigade principal amounts due of $56 $5 million, including $55 million of long term debt.
As mentioned earlier, although we recognized $15 $5 million of licensing revenues from Santana in Q1, our March 31, ending cash balance excludes the sand ton cash as the receivable was ultimately collected in April .
Importantly.
Under our note purchase agreement with a theory them.
And subject to the satisfaction of certain conditions, which include a minimum net product sales target for <unk>.
We can draw up to an additional $20 million of notes through October 2022.
We believe it remains within our ability to timely satisfied the drought conditions and avail ourselves of this incremental cash borrowing as it may become necessary.
Accordingly, our near term liquidity is stable and thereby allows us to fully invest and act upon our commercial ambitions for up niche.
We remain highly focused on striking a balance between investing in our rapid commercial growth and prudently managing cash.
With that I'd like to turn the call over to J D for some important commercial color.
J D.
Thanks, Mike and good morning, everyone.
As you heard upfront from Brian we're excited about the continued growth and momentum coming out of a very strong first quarter.
I'll begin with some updates on the eye care side before wrapping up on the aesthetic business.
Our lead metrics within eye care have been a continuation of what we've seen throughout the first year plus of our launch still seeing first time prescriber growth of 150 to 200 every week as of this past week ending five seven paid Rx is through our pharmacy, reaching all time highs.
In recent weeks and a growing base of reordering accounts tied to our direct dispense program.
As we described on our Q4 call we have bill broad brand awareness and eyecare since launch with over 16000 physicians, having written a prescription.
With that foundation, our focus remains driving depth within a smaller group of practices in each territory and building that in a stepwise manner from quarter to quarter.
We have seen a growing appreciation from our I care providers around the functional impact of ptosis as it relates division in ocular health.
This message really resonates with providers and ultimately aligns with their overall goals is an eye care physician.
Turning now to the aesthetic launch as Brian mentioned upfront. The receptivity has been tremendous we are thrilled with the pace at which awareness in this channel has evolved through just 13 weeks and.
We believe the impact has also spilled over into growing consumer awareness given how active these providers are on social media.
There continues to be a growing interest in carrying the product from new accounts and the team has done an incredible job of balancing new customer acquisition with the time and education required to integrate a new technology into these busy practices.
The result has been a growing group of reordering accounts, which is a strong leading indicator of the potential stickiness of this opportunity.
Importantly, we are beginning to increase our presence beyond just the 50 person sales team from the first few months.
<unk> in a growing presence aesthetic meetings launching additional peer to peer educational programs. This month and expanding our sales footprint to about 80 territories.
As we move forward the focus remains building the market and establishing <unk> as a routine part of the non invasive or minimally invasive facial aesthetic protocol.
From what we have seen the product really sells itself. So the effort revolves around finding the time and busy practices to learn how to do something new and a simple and streamlined way that also supports the overall objectives for each practice from a patient outcome and business perspective.
At the end of the day, we see this opportunity as an integral part of the more than 30000 aesthetic practices out there and are thrilled with the early success.
The aesthetic patient wants to look better.
And the asymmetry sleepy or tired look associated with low lying lids aligns with many of these patient needs.
Lastly, the majority of these patients are looking for treatments that provide for things natural looking results immediate satisfaction, no downtime and no pain.
All things that a product like <unk> can deliver.
With that I'd like to turn the call back to Brian .
Thanks, J D. I think you can tell we are extremely excited about our progress and the prospects for this brand.
Operator, I'd like to turn it over to questions. Thank you.
At this time, if he would like to ask a question. Please press the star one on your Touchtone phone you may remove yourself from the queue at any time by pressing the pound key.
Once again that is star Antoine if he would like to ask a question and we will take our first question is from Douglas Tsao with H C. Wainwright. Your line is open.
Hi, good morning, Thanks for taking the questions guys and congrats on the great results.
First I'm just curious.
In terms of actual.
Yes.
What percent came from aesthetics versus high can't right now.
Sure Doug Good morning, a J D. You want to spool that one and what the question was.
What percent of our sales came from aesthetics versus eyecare, yeah, So referencing the first quarter Amit yup.
Think what we saw coming out of the quarter, Doug was a movement towards about 50 50.
So from February through March I taken as we moved into the second quarter was a pretty even split between the two businesses.
<unk>.
Kind of moving forward, we've continued to see growth in both sides of the business.
But obviously theres quite a bit of momentum in terms of receptivity and new account activations on the aesthetic side that are continuing to drive greater than 50% of the revenue here upfront.
Okay, Great that's helpful and so should we assume though.
J D. You had commented that it sort of ended at 50 50, but if we look at the total of $5 9 million in aggregate.
<unk>, a little bit weighted towards eyecare still yes.
That's fair.
Okay, and then and then and then Doug as we as we move through the year.
We certainly expect aesthetics sales to surpass eyecare.
Fairly meaningfully.
Okay.
And then just buying them in the proxy.
Recently filed there was some language.
About sort of sort of some of your top shareholders are referred to as the constant.
Being willing to support the company I'm sort of getting a provision in Q2, it allows us to buy more stock.
Triggering Irish takeover loss could you just expand on that and just sort of clarify for investors. Some.
Some of the mechanics. Thank you.
Yes, thanks for that.
Asking the question in and I'll admit it is a little complicated because.
We are an Irish company, but I'll try to simplify it a bit under the Irish takeover rules.
Since our insider group owns more than 30% of.
Of the outstanding shares.
If in this case, we know what they referred to in the proxy of the concert party were to increase our shares by more than point <unk>, 5%, which is a little bit then we would be obligated to extend an all cash offer to all the other shareholders of the company. So in essence, making an offer to buy the company, which.
It seems a little unusual we have therefore, we've asked the Irish takeover panel.
And they have agreed to waive this provision subject to a shareholder vote, which is proposal three in the proxy and it's very important that I think the intention here is to protect all of the current shareholders should we see the need to raise additional capital.
And really just speaking for myself.
It will be viewed as a sign of confidence in our business plan.
And all of this imposed on our website, including the letter from the takeover panel.
And it's an important both for us at the upcoming vote. So I appreciate you asking the question Kevin.
Okay, great. Thank you very much that's helpful. So just to make sure I think I understand everybody understands I mean basically this will allow you to continue to support the company of the entire can support the company.
Without being forced to keep essentially by the company.
Correct and also if we should choose to raise additional capital at the market with no discount we could choose to do that.
Okay, great. Thank you so much alright.
Alright, Thanks Deb.
We will take our next question from Louise Chen with Cantor Your line is open.
Hi, congratulations on all the progress this quarter and thanks for taking my questions here.
To ask you what are the pushes and pulls on your cash runway I think you also talked about the $20 million drawdown that you have so just curious how you think about how you want to allocate your resources here and then secondly, one question that we get from people is the impact of inflation and price elasticity of your product.
Are you seeing any impact yet do you anticipate what kind of price elasticity do you have and then last question here I know you've got a lot going on already right now, but curious as you think going forward over the next couple of years do you plan to add an adjacent products to your current product portfolio. Thank you.
Louise Thanks for that bundle of questions.
If I don't mail all of them with J D and Mike. Please just tell us, which one we didn't get.
Two do we plan to add more products the answer is obviously.
Our history and our plan is to be acquisitive.
But right now it's head down and build this brand.
So until we can really establish ourselves and demonstrate the growth. We're projecting I think everything we're doing right. Now is focused on building. This business. However, we've had a lot of people come to us with lots of ideas and we are definitely open to many of them.
And if they can help us accelerate today's platform then we're more than open to entertaining it.
Far as you know.
How we plan to use our current cash and capital runway right now we are.
Mostly driven by boots on the ground I think in <unk> remarks, and I'll, let him expand on it a bit.
For us to open a new account is not really all that hard.
Thanks, taking a new modality, a new treatment.
A new business. If you will to these accounts and the time required to run a complete in servers make sure everybody from the office manager the expectation the injector the clinician.
Everybody needs to be on the same page and how they're assessing patients and evaluating them and also administering the sample if they should choose to do that and getting that wow experience in the clinic, but J D. Do you want to add to that yeah. I think the simplest way to think about it Louise as we've.
We've been kind of over emphasizing prudent expense management from a base infrastructure standpoint, so coming out of kind of the.
The reemergence of the business as RV, all dedicated to Meek, we've streamlined the G&A side of the business and that's very stable right now and we're allocating everything that we can while being cognizant of getting to cash flow break even towards sales.
And marketing and to Brian's point.
This is a boots on the ground driven effort upfront, but we're obviously doing it in a stepwise manner as we continue to see the signs of stickiness and the opportunity that I think we view it.
As is so great.
From a market standpoint.
So Louise I'm sure I forgot a question.
Inflation or inflation.
Inflation I think it's going to hit us a little bit you know on the interest rate possibly.
With a theory them, but other than that the war for talent continues and we will only be on boarding people, who have a proven track record in aesthetics that we feel that.
Our culture and our needs so.
I think our supply chain I think we're pretty much set there I don't see a lot going on to affect us negatively as we go forward other than making sure we have continuous supply and therefore, it's been doing a great job with that I think J D would like to add a little bit as well from a product standpoint, I think we feel really good and this is.
Environment.
<unk>.
The stickiness.
We have optimized price.
Against the backdrop of rising inflation.
And we haven't seen the drop off in terms of things like fill rate and obviously new account openings as we've expanded into aesthetics and I think from my perspective that that gives me a lot of confidence that we're working in our business model.
That allows us to operate drive growth and build irrespective of some of the macro economic factors.
And I think look when you think about.
Particularly the aesthetic side.
It's all systems go I mean, the demand for aesthetic procedures continues to be resilient and I think it's not just this environment we've seen it historically.
Over the last.
10, 15 years as that channel continues to grow so we feel really good about our product and the business model in this type of environment.
Great. Thank you very much.
Thanks Louise.
We will take our next question from Greg Fraser with purely Securities. Your line is open.
Good morning, guys. Thanks for taking the questions.
Honest X can you talk more about the average order size and how the order side has been changing for practices that have placed multiple reorders.
And then can you speak a bit more about consumer awareness to what extent are patients asking their providers about at nee and how you're thinking about building consumer awareness over time. Thank you.
So I'll start with the orders.
And thanks for the question Greg.
So.
We're actually seeing what you would expect to see a around the size of orders pretty consistently.
The opening orders are a couple of cases.
And I think that's what we expected. This is a new product I think there's a lot of interest and intrigue.
But.
What is how is it going to work in my practice and so.
That's been very consistent through the first 13 weeks.
And then I think as we look at the reordering accounts, which continues to grow week to week as well you do see a tick up.
In terms of the second reorder being closer to maybe two and a half cases in the third reorder being closer to three cases.
So some really good signs in terms of what's happening as this product begins to take shape within each practice.
Yeah.
Considering that awareness I think was the next question and then yeah. So.
We are absolutely seeing.
A greater influx of patients in practices on both the eye care and the aesthetic side.
Walking in asking about the product one of the things that I think right now from a consumer awareness standpoint that we're focused on because we're spending as much time as we can in these practices is branding the practice, whether that's waiting rooms treatment rooms, so that it's.
Creating a link between whatever they are and therefore.
Since theres never been a product like this and it's not a focus area. If you will in terms of a dropped to lift the lid and open the eye and that is resulting in more people asking I also believe.
The consistency of feedback in terms of how active these practices are on social media, both with their peers, but also with their patient base.
No doubt contributing.
So thats sort of here and now.
As we look at it we continue to be focused on getting to.
A reasonable number of aesthetic practices and laying a foundation before we start to think about ramping direct to consumer spend and so what we'll do in the interim is continue to focus maybe more on a pilot setting looking at certain markets testing some different messaging.
Content.
And making sure that the engagement that we've seen so far in terms of the minimal efforts that we have put behind consumer marketing continues to be a sort.
Sort of above the average so that's kind of in summary, how we look at it.
Okay.
Thanks for taking the questions.
Okay.
Okay.
We will take a follow up question from Douglas Tsao with H C. Wainwright Your line is open.
Hi, good morning, Thanks for taking the follow up call.
Indicated Brian you expected expanding set of sales force in the third quarter I'm just curious to understand why you just given the momentum you're seeing.
Why not sort of keep that earlier or is it just a question of finding the right people. Thank you.
I think it's.
We're really poorly new in the game right, our 50 person team.
Really went live in the market in February and we also made a resource shift to pull down a few resources from eyecare as we're seeing the aesthetic ramp.
And we've always had it in our plan to expand the team and I think we were looking for the right time within our expense base, but also to build.
The right kind of experience so that when we did expand we had a pretty good playbook for what we would expect from every single new person coming into the company.
J D you probably want to add to that yeah, I think look.
We've certainly talked about and we have added kind of one off territories.
In recent months, but I think when we when we look at the driver of an expansion.
It's really to be on the same page with what we're doing and how we're doing it and so that's sort of the runway between today and just adding territories, we're going to add a couple of regions. So we need to get a couple of new managers and we want the managers to be an integral part of the hiring process and take ownership of the team.
<unk> that they're building.
And then we want to put them through a consistent training meeting so that when we hit the ground in Q3 with an expansion that will put I guess more than 50% growth over the current aesthetic footprint.
Its guns blazing, so a little bit of just being thoughtful and considerate about impact.
As we layer in an additional group of 25% to 30 reps in a couple of regions.
And making sure that we have the room.
Within the expense guidance that we have previously given.
And Brian could you just review and just sort of the expense guidance and just.
Cadence and how we think about it should go through the rest of the year. Thank you.
Yes, I mean, we've typically and consistently said that our operating expense will be roughly $7 billion.
Per month run rate and we're not looking at a change to that.
If we see some pretty impressive tailwind then obviously, we're going to add to it but.
Right now we're right on our plan are.
Second quarter looks to be within the range of the analysts' estimates which is very.
Very strong so.
Yeah, we're staying with the $7 million a month opex and we're going to put our head down and execute.
Okay, great. Thank you.
Okay.
And we will take a follow up from Louise Chen with Cantor. Your line is open.
Hi, Thanks for taking my follow up question here just curious so these additional on I think you said 25 to 30 reps that youre going to add could that drive upside to your fourth quarter guidance that you gave on revenues or is that part of your anticipated plan.
When you thought about everything and in the guidance for this year. Thanks.
<unk> part of the planned release.
Okay. Thank you.
Hum.
And once again that is star Antoine if he would like to ask a question. We will take our next question from <unk> Prasad with Barclays. Your line is open.
Hi, good morning, everyone and thanks for the questions.
So.
Brian I missed the last 10 minutes of the call. So apologies if I'm repeating any other questions. Firstly in terms of Geos and can I get a sense of what you're spending in towards a promotional flyers and campaigns.
I am probably indirectly complementing Gilbert fantasy peers with similar launches.
Their spend seemed to be in the 10, several tens of dollars hundreds of millions of dollars.
Versus your spend so I don't want to get a sense of what youre spending on there.
And maybe an extension of that.
How immediate impact from being featured in an beauty magazines aesthetic magazines and on the recall effect that it creates.
Second.
We have seen pretty strong aesthetics numbers across the industry lead neurotoxins of fillers.
I wanted to see if that ties in with the trend that youre seeing on the Aclara side and if there's any way of quantifying. It I know, it's still too early in the day for you, but if there's something that you can quantify what that.
Lastly, a bookkeeping question on the contingent milestone gains I, Tony reported $5 million at the end of March <unk>.
I seem to be seeing roundup point $6 million in the results is there something that I'm missing.
Alright, we will going to start with the cash answer then work our way back with like you want to take that yes velocity.
The milestone payments that we recognized as those were contingent income that we recognized below operating income that is not.
Youll find within.
Revenues, so that $5 million contingent gain and cash to the quarter is classified below operating operating.
Operations.
So if you look at the tail winds affecting the industry.
We kind of love it because it means more people are going in to see if there are sufficient in the med spas et cetera.
But remember we're not anchored to a class like a toxin seller.
Et cetera, so we're.
Our own category and the growth, we're going to see as the generalist thetic market grows is only going to help us.
And the enthusiasm for the brand from.
You mentioned shape magazine or al or Vogue, what's.
What's happening and we're seeing it as more and more people.
We are seeing the social proof out there and we had one of the.
Housewives go on Instagram the other day.
Forgot, which particular show she's from.
And he was talking about it so we're seeing a lot of organic.
Social proof and it is building that ground swell and when we see patients come into the pharmacy, who have asked for a prescription the fill rate is extremely high and it's gratifying to see on the expense space.
The majority of our spend is directed toward.
Field sales.
Followed by marketing and a lot of the marketing spend is field support digital.
And we're now beginning to ramp up our medical education effort a bit and aesthetics.
But look we are certainly spending a lot less than a lot of our peers.
But we're also conscious of the fact that we have no competition.
So we're not in a migraine race or a toxin race, we're going to build carefully we can spend carefully and we're seeing the growth and we're being rewarded for it I think J D. Do you want to add to that no I think you have.
Alright, so <unk> I think I nailed all the questions, but if I left one outlet.
Got it thank you.
Alright, Thank you Sir.
We have no further questions on the line at this time I will turn the program back over to Brian markets for any additional or closing remarks.
Okay operator, thank you.
Thank you everyone for again for joining the call and putting up with us.
And also thank the team at RVO, if theyre listening or listen later, because they're doing a hell of a job and I really appreciate it. Thank you.
This does conclude today's program. Thank you for your participation you may disconnect at anytime and have a one.
Wonderful day.
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