Q2 2022 Exlservice Holdings Inc Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
The cone.
[music].
Ladies and gentlemen, thank you for standing by and welcome to the second quarter 2022 E X L Service Holdings, Inc Earnings Conference call.
At this time all participants are in a listen only mode. After the speaker presentation. There will be a question and answer session to ask a question. During this session you will need to press star one one on your telephone.
It is now my pleasure to introduce vice President of Investor Relations Steven Barlow.
Thank you Andrew Good morning, everyone and thanks for joining our second quarter Conference call I'm, Steve Barlow, Exl's, Vice President of Investor Relations.
Call today are Rohit Kapoor, our vice Chairman and Chief Executive Officer, and Maurizio <unk>, Our Chief Financial Officer, We hope you've had an opportunity to review our Q2 2022 earnings release, we issued this morning. We've also updated our investor Factsheet in the Investor Relations section of Exl's website.
As you know some of the matters, we'll discuss on this call are forward looking please keep in mind that these forward looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ.
Differ materially from those expressed or implied by such statements such risks and uncertainties include but are not limited to general economic conditions. Those factors set forth in today's press release discussing the company's periodic reports and other documents filed with the Securities and Exchange Commission from time to time.
<unk> assumes no obligation to update the information presented on this conference call.
During our call today, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors reconciliation of these measures to GAAP can be found in our press release as well as on the Investor Factsheet I'll now turn the call over to Robert support Exl's, Chief Executive Officer.
Thank you Steve Good morning, everyone welcome to our Q2 2022 earnings call I.
I hope all of you are doing well.
I am pleased to report another great quarter following a strong performance in Q1.
Our second quarter revenue was $346 8 million up five 3% from Q1 and up 26, 1% year over year.
For the quarter adjusted EPS was $1 50 per share up 31, 6% year over year.
Our growth was driven by our analytics business, which generated $161 3 million in revenue for the quarter up eight 2% sequentially and 44, 8% year over year.
Analytics now accounts for 47% of our total revenue.
Okay.
Our digital operations and solutions business saw strong growth this quarter with revenue of $185 5 million up two 9% quarter over quarter, and 13, 3% year over year.
This was led by double digit revenue growth from our emerging business segment, which generated year over year growth of 32, 4%.
Our data led approach is unique and is resonating well in the marketplace.
Our clients need to respond much faster with the most relevant service offerings to their end customers in this new world of increased volatility and higher expectations from the consumer.
Our data on that approach allows for precision based targeted responses.
Better business decisions.
Improved operational processes.
Systemic way.
This has led to an accelerated growth of our overall business and we are very pleased with the business is business results. So far.
I wanted to spend a few minutes today talking about the current macro macro economic environment, and how we see it impacting our business.
A combination of high inflation.
Scarcity and global supply constraints has created significant uncertainty and volatility in the economic environment.
With continued geopolitical risks rising interest rates.
Low growth environment. These threats are likely to be persistent and acerbate.
However, in the current environment, it becomes more important than ever for businesses to invest in technology automation and data led transformation to stay relevant for their customers.
We expect that the demand for our services will likely remain strong while the composition of these services Mike undergo a change.
Cost management is likely to become more important along with managing delinquencies and prevention of fraud, which tends to rise in slow growth environments.
EXL is very well positioned to help our clients navigate this turbulence and be a value added strategic partner.
Our data analytics and digital solutions help our clients drive workflow efficiencies.
Create hyper personalized customer engagement and mitigate their risk.
Our capabilities are mission critical for our clients.
Our fundamental lever for them to address their most significant challenges.
And finally <unk>.
Your graphic mix of business is best situated to deal with the global uncertainty and volatility.
As we continue to create new data led business solutions for our clients. We are proud to announce our recent joint venture with Oliver Wyman and called off platforms.
This new solution deliver a turnkey risk decisioning system in real time for regional banks and credit unions.
It is based on enterprise risk analytics governance, and automation solutions that EXL corridor and Oliver Wyman.
Currently delivering for some of the world's largest banks.
This new solution brings all of those capabilities together as a hosted solution on the cloud.
Recall that this decisioning as a service and it is being offered on a usage based pricing model, which aligns cost with demand on the platform.
This variable cost structure is intended to make a proven institutional grid risk and governance solutions accessible to smaller financial institutions.
As more retail bank customers turn to digital lending alternatives, such as point of sale financing and digital loans. This solution will play a key role in helping smaller financial institutions keep pace with changing trends and customer demand.
In a similar vein in order to further enhance our capabilities around being a data led business we have.
<unk> been investing in upstream data management capabilities.
We are working on a number of high profile global data transformation projects to help clients redesign their data management capabilities and drive that shift to the cloud.
Our 2021 acquisition of <unk> is helping drive our scale and success with these initiatives.
And one example, with a UK general insurer.
<unk> leveraged its enterprise data management analytics machine learning and AI capabilities.
To enhance the growth trajectory through our data and analytics led transformation roadmap.
We helped our clients orchestrate cloud optimized analytics ready enterprise data platform that unlocked significant business benefits across the insurance value chain.
We enabled data science as a service capability for delivery of advanced analytics use cases like image analytics based underwriting ml based fraud detection and quote manipulation detection.
With these types of data led transformation projects of course comes a huge demand for highly skilled talent.
To address the challenges of the current talent scarce market.
We have redoubled our efforts over the past several quarters to position EXL as a destination for top talent.
Our ability to provide work that matches the aspirations of highly capable people.
A culture of constant improvement.
Relentless investment and learning.
And our consistent growth are factors that help us attract the best people.
We crossed the milestone of 40000 total employees in June with close to 50% growth in analytics talent from the first half of 2021 to the first half of 2022.
Also more than 70% of our current hiring is for complex skills, which are aligned with our data led and digital solutions delivery for our clients.
In fact, this quarter in a market with high demand for talent.
Our employee engagement increased to the highest level we've ever recorded.
Our world Class talent resilient business model and robust pipeline make me confident in exl's ongoing growth prospects.
We will continue to closely monitor our client base and the broader macroeconomic environment for signs of headwinds.
However, we remain confident that the strong demand for our services combined with the critical role we play for our clients businesses will position us well.
I will now invite bill to highlight our Q2 financial performance and revised 2022 guidance.
Thank you Robert and thanks, everyone for joining us. This morning, I will provide insights into our financial performance for the second quarter and the first six months of 2022, followed by our revised outlook for 2022.
We had a strong second quarter with revenue of $346 8 million up 23, 6% year over year and 6% sequentially on an organic constant currency basis, adjusted EPS was $1 50.
All revenue growth numbers mentioned hereafter are on them.
Organic constant currency basis.
Revenue from our digital operations and solutions businesses as defined by three reportable segments segments. Excluding analytics was $185 5 million up 15% year over year sequentially from the first quarter revenue was up three 7%.
Insurance generated revenue of $108 6 million up 15, 9% year over year, driven by expansion in existing client relationships and life and annuities property and casualty and new client wins of 2021.
The insurance vertical consisting of both our digital operations and solutions and analytics businesses grew 16, 1% year over year.
Emerging reported revenue of $53 9 million up 36, 1% year over year. This growth was driven by new client wins of 2021 and expansion in existing client relationships the emerging vertical consisting of both our.
It'll operations and solutions and analytics businesses grew 43, 5% year over year.
Healthcare reported revenue of $23 1 million down 18, 4% year over year, driven by lower volumes in the clinical services business, primarily due to a transitioning client.
The healthcare vertical consisting of digital operations and solutions and analytics businesses grew 10 eight year over year.
Analytics had revenue of $161 3 million up 36, 1% year over year on an organic constant currency basis.
<unk> contributed $11 million of revenue.
Including clairvoyant analytics grew 44, 8% on a reported basis similar to the first quarter. This growth was driven by increased volumes in banking and financial services payment integrity and direct marketing sequentially.
Sequentially from the first quarter of 2022 analytics grew eight 7% on an organic constant currency basis, signifying continued demand across our analytics services.
Our SG&A expenses decreased by 180 basis points year over year to 18, 6% driven by pandemic related expenses in the prior year and operating leverage.
Our adjusted operating margin for the quarter was 18, 7% up 80 basis points year over year due to lower SG&A expenses, partially offset by investments in ramping new client wins of 2021, and 2022 and higher facility and <unk>.
Travel expenses as we've returned to the office.
Sequentially adjusted operating margin increased by 50 basis points driven by operating leverage.
Our effective tax rate for the quarter was 23, 3% down 100 basis points year over year.
This decrease was driven mainly by lower taxes in certain foreign jurisdictions, we do not anticipate any change in our tax rate due to work from home requirements in the Philippines. As we are in compliance with current government regulations.
Our adjusted EPS for the quarter was $1 50 up 31, 6% year over year on a reported basis.
Turning to our six month performance our revenue for the period was 766 hundred $76 million up 27% year over year on a constant currency basis, and up 23, 1% on an organic constant currency basis. This growth is driven by analytics and <unk>.
Merging and insurance.
Adjusted operating margin for the period was 18, 4% down 60 basis points year over year, driven by investments needed for a ramp up of new client wins and investments in front end sales digital capabilities and higher facility and travel expenses as we return to office.
Adjusted EPS for the period was $2 92.
Up 25, 9% year over year on a reported basis.
Our balance sheet remains strong our cash, including short and long term investments at June 30 was $288 5 million and our revolver debt was 285 million for a net cash position of $3 5 million.
In the first six months of the year, we generated cash flow from operations of $53 million compared to $53 9 million in the same period last year during.
During the first six months, we spent $25 million on capital expenditures repaid $10 million of debt and repurchased $57 million of our shares at an average cost of $133 per share.
And our conversations with clients. We currently do not anticipate significant changes in their spending outlook, giving us confidence as we look ahead at the same time, we are conscious that the macro environment with high inflation remains with us, but we believe our business model is resilient.
Based on our strong performance in the first half of the year and our current outlook for our services across all our verticals, we are increasing our guidance for 2022.
Second quarter revenue does include approximately 2% of onetime revenue that may not occur in subsequent quarters.
Our revised 2022 guidance is as follows revenue is expected to be in the range of 135 to one $3 7 billion. This represents a year over year growth of 20% to 22% on a reported basis and 17% to 19% on an organic constant.
Currency basis.
This is an increase of $35 million at the midpoint, including a foreign exchange headwind of $7 million from previous guidance previous guidance of 131 5 billion to 1.335 billion.
Our acquisition of <unk> is going well and we are reiterating our guidance of $40 million to $45 million in 2022.
We expect a foreign exchange gain between three and $4 million net interest expense of approximately $2 million and our effective tax rate to be in the range of 23% to 25%.
Based on the above we expect our adjusted diluted EPS to be in the range of $5 60 to $5 80.
Up 16% to 20% from the $4 83, we reported in 2021.
In terms of capital allocation, we have a good pipeline of acquisition targets, which we are evaluated based on the capabilities. They could contribute. In addition, we will continue to spend on internally developed solutions to enhance the value of our offerings, we expect capital expenditures to be.
In the range of $40 million to $45 million, we anticipate our buyback program will continue at a pace similar to 2021.
Looking at the third quarter, we expect revenue in the third quarter to be comparable to the second quarter revenue and adjusted diluted EPS to be lower due to the higher return to office expenses as we gradually return to the office.
Higher travel expenses and continued investments in digital capabilities.
In conclusion, we had a successful second quarter, our solutions and services and our data led go to market framework are resonating well with our customers who are in need of digital transformation with state of the art technology, such as cloud AI ml and analytics. In addition.
And we have a strong focus on cost containment measures to ensure healthy margins and drive EPS growth for the remainder of the year.
Now Rohit and I would be happy to take your questions.
Thank you.
As a reminder to ask a question you will need to press star one one on your telephone.
We ask that you please limit yourself to one question and one follow up.
Please standby, while we compile the Q&A roster.
And our first question comes from the line of Bryan Bergin with Cowen.
Hi, good morning, Thank you I.
I wanted to start by digging in a bit on the macro and client sentiment comments. So can you just confirm have you seen any change.
Change in client behavior or decision, making pace through the last I guess, even into July and can you segment that by what you made in digital ops versus anything different to call out there and also just if things do slow down how are you thinking about that analytics growth risks just as it relates to some of the shorter cycle work you have.
Sure Brian .
So we continue to see very strong engagement with our clients and prospects.
Across the board and frankly.
There is.
Pipeline is strong and we are quite encouraged by the dialogue that's taking place.
However, like I noted in my prepared remarks, there is a shift in the composition of.
The pipeline as well as the conversations that we're having with our customers.
So one area, where we are seeing our clients being more cautious is around marketing analytics and thats.
Something which we would expect them to.
To readjust as they go forward into the second half of the year.
But at the same time, we are also seeing increased strength in terms of cost management as well as managing delinquencies and getting prepared for a higher level of delinquencies and fraud.
So we think on an overall basis. The strength continues to be strong and is balanced out while the composition of that demand seems to be shifting a little bit.
The.
The sales cycle for us continues to be about the same as we had previously.
And the progression of the pipeline continues to be at the same pace as what we've experienced previously so overall from a macroeconomic environment with our customer base.
We think things continue to be heading along the same as what they were previously.
Okay. Okay, that's good to hear.
And then just a follow up on margins.
Quarter here with strong op margin surprise, how are you thinking about kind of fiscal 'twenty two.
The target for the year second half and then just longer term potential just based on your pricing initiatives wage levels and internal efficiency opportunities.
Sure Brian .
So when we think about when we think about our operating margin or adjusted operating margin look we we came in at 18, 7% for the for the quarter, which was a little bit higher than what we had expected.
Looking at the rest of the year, we do have the return to office continuing for us in.
In Q3 and Q4, so we will have higher cost in.
In the second half of the year, so our guidance for margins is <unk>.
To what we had in the first half it's in the low 18% range.
When you when you calculate our margins.
And thats been pretty consistent and that includes the additional expenses that we have for return to office and also some incremental investments that we're going to be making in the second half of the year looking forward.
As we go into 2023, we should have comparable margins, but also.
Try and grow them marginally as we go forward.
So we've done very good over the last couple of years to really increase our margins now as we start to add more value add services going forward and drive pricing. We should have we should be looking at incremental.
<unk> on a marginally.
As we go into 2023 and further.
Okay. Thank you very much.
Thank you.
And our next question comes from the line of Puneet Jain with JP Morgan.
Hey, Thanks for taking my question.
Following up on Brian's question on.
Potential slowdown macro slowdown.
<unk> analytics.
How should we think about like the mix of analytics business as it relates to marketing analytics was this risk management services that we provide and can you also talk about the new JV.
Potential financial implications.
From that over the near term.
Sure.
So look I think our view is that the macroeconomic slowdown that is taking place is certainly creating a fair amount of volatility and uncertainty in the marketplace.
In this environment the use of a data led approach becomes even more important and even more critical for our clients.
So what we are seeing is our clients are investing more in automation more in advanced analytics more in terms of moving that data to the cloud more in terms of becoming much more agile and nimble and as that secular shift continues to take place.
The strength in the demand for our services is actually very strong.
Frankly, our data led approach, which is both true for digital operations and solutions as well as for data analytics.
<unk> is resonating very very nicely and we are positioned extremely well.
In this kind of a macroeconomic environment.
We think data analytics.
Actually you need to use more of analytics to deal with the volatile and uncertain environment.
And therefore clients will invest more in that capability and we are very very strong partners for our clients in that particular area.
The joint venture that we created and the new.
Decisioning as a service that we have launched.
This is a unique capability.
The product launch that we have done, which we think will be very attractive to mid sized banks and smaller banks and financial institutions and credit unions.
We have.
Got a good traction in terms of conversations that have started in this direction.
But we're going to see how this kind of.
Plays out and how this kind of evolves.
Certainly gives us.
Access to have a conversation with the key decision makers at these financial institutions and it also broadens out our customer base, which previously was much more tightened with larger banks and financial institutions. It allows us to broaden out that portfolio into the mid market.
And we think that that broadening out of our portfolio is a long term good thing for us structurally.
We are very very excited by this joint venture that we have launched.
Got you and then on the attrition rate it seemed like it increased a little bit assuming most of opex from Philippines.
Can you talk about like.
Apply.
Issues in the supply trends you expect rest of the year in the U S and in India, and then other <unk> locations.
Sure. So the attrition has certainly ticked up and it is for US it is 38%.
However, it seems to be that attrition has picked up for the entire industry.
And.
Our entire focus is to make sure that we can hire the right talent attract the best people engaged with them in an appropriate way make sure that we are investing significantly in bed learning and development.
Build up great career pathway for them and really have our employees do the best work that they can so that it matches with their expectations.
Most of the attrition is taking place at the lower levels.
And.
I guess from our perspective.
We are trying to make sure that we can adhere to all the service level requirements of our customers and execute and deliver despite this higher attrition rate that's taking place.
I think we've demonstrated an ability to do that and we are confident that we can manage this as we go along.
But the one the silver lining on the high attrition rate, it's also indicating a high demand.
Environment as such for these types of skills.
What we're finding is the areas that are of critical importance to us and to our clients, particularly around analytics and digital.
Our attrition rate in those areas haven't gone up as such and we are being able to manage attrition there very very well. So frankly, we feel we are in.
Better position as.
As compared to some of our other peers and we think that that's something which we will continue to be able to manage but it clearly is our number one priority and.
To be able to manage to hire retain and make sure that we can continue to have the minds and hearts of our workforce and thats critical and by the way what the team has done.
The last two quarters is phenomenon with the growth rate that we've had with the kind of engagement that we have had and the kind of execution that we've had.
It's really really tremendous but we are very very happy with how the team has responded out here.
No I appreciate the color. Thank you.
Thank you and our next.
Next question comes from the line of Maggie Nolan with William Blair.
Hi, Thank you and nice quarter.
You gave some data points around how you are.
Our employee base.
Analytics focus employee is growing nicely so.
What does that look like in terms of the percentage of overall employees and how has that been trending and as that growth should we expect it to have an impact on your revenue per employee over time.
Thanks, Maggie so yes.
Head count in our analytics business is growing very nicely and it's grown by 50% year over year, we have a very strong recruitment program from the premier colleges and institutions in the U S and in India, and we continue to.
To build our brand.
In these institutions.
The total headcount for the analytics business.
Suddenly increased as a percentage of our total head count so that's something which.
Continuous to drive up and yes, the revenue per head count will continue to move up.
Our employee base and analytics continues to move up.
Thank you and then at the gross margin level has there been much of an impact from the transition of the health care clients and is that something that you can continue to offset at the operating margin level in the back half of the year here or how should.
We will be thinking about the dynamics at each question operating margin level.
Alright, Maggie sure so let's talk a little bit about the gross margin. So the gross margin. This quarter came in at 36, 2%. So it was affected to a certain extent by healthcare by our transitioning clients. During the period you saw the healthcare gross margin come down also what youll see going.
Forward is we are projecting a higher gross margin in health care.
<unk> forward in Q3, and Q4 trying to get back to.
Recent levels back to Q1 and Q4.
So it had an effect during the period on our gross margin we had nice operating leverage on our SG&A line, which really was an offset and really helped us drive to 18, 7%.
But going forward.
The 36, 2% of gross margin was affected by health care, but also was affected by our increments that we that we paid on April one.
And so that was that contributed to the lower gross margin during the period, but just but forecasting.
Higher gross margin as we go into the second half of the year.
That's helpful. Thank you.
Thank you.
And our next question comes from the line of Ashwin <unk> with Citi.
Thank you.
And our next question comes from the line of Ashwin <unk> with Citi.
Hey, guys.
Yes. My first question is with regards to the.
The stronger growth profile in 'twenty two.
That impact the medium term outlook there is only one year remaining in there.
Do you think of it in terms of tougher comps elevated exit growth's sake.
Are you contemplating.
<unk>.
A different growth profile into next year because of the economic downturn.
Slow down.
Sure Ashwin. So in terms of the comps Ashwin for US $20 21 was the year. When we saw the return back of the demand from the pandemic and actually it became a high growth year for us and therefore our growth.
Rates in 'twenty, two is based off that higher growth number in 'twenty. One. So frankly, we think that the comps are.
Pretty much consistent and they are going to continue on industry direction.
Big lift that we're getting is actually from bolthouse businesses on data analytics as well as from our digital operations and solutions business.
Both these businesses have accelerated in terms of growth rate.
And we think the fundamental reason why this is accelerated is because our data led approach, which applies both to data analytics and to our digital operations and solutions businesses.
It's resonating really really strongly with our clients.
Our clients want to make improvements on the basis of data and whether it is making better business decisions or whether it is running better operations.
Both of these require data to be understood and that data led approach is I think what is causing this.
Just kind of go up.
We do think.
The macroeconomic environment is going to be volatile and uncertain, but like we said we think the use of data in this environment becomes even more critical so we think.
That's something which is likely to continue now going forward.
No.
The rest of 'twenty two we provided that in terms of our guidance going into the medium term into 'twenty three and going forward. We will provide the color on that when we provide our guidance for the 423 at the end of the year, but right now for us the pipeline the demand environment.
To feel strong.
Got it got it thank you for that and then on.
Digital solutions, the gross margin I know it tends to be down sequentially I think.
<unk>.
On a year over year basis was down about almost.
Almost 400 basis points anything to call out driving that might've missed it hopped in a little bit late I'm sorry.
An impact here from mutation any productivity commitments.
And.
How should we kind of model that no.
Rest of the year and into next.
Yes.
In terms of the gross margin in digital operations is really being affected by by two things. One is the lower gross margin in healthcare that I talked about it a little bit earlier and then also the secondary is we've done a lot of investing in new client ramp ups, given our growth rate within <unk>.
<unk> operations and solutions right now.
Needed to invest a bit more and new client ramp ups, which is which is a positive.
Positive thing, which is really helps us drive revenue into the second half of the year. So as you look at gross margin in the second half of the year you should you should look at it in terms of probably the Q4 Q1 percentages.
It will be more reflective in the second half of the year.
Understood. Thank you.
Thank you.
Our next question comes from the line of Vincent Colicchio with Barrington Research.
Okay.
Yes, so Robert I'm curious.
Do you have any.
New economy clients that.
May be facing funding challenges.
Which could be an issue going forward.
Yes.
So for us just.
In terms of our overall portfolio.
We've got very little exposure in terms of new economy clients, whether this be fintech or in short texts or others. We certainly do business with a number of them, but as a percentage of our total revenue and our total profit it's still a very small number.
To your specific question about do we have exposure to any of these new age companies that might be having a.
Concerns on the credit quality.
Don't have any such customer in our portfolio currently.
Which is in a challenged position. So frankly, we are in a fortunate position where the portfolio for us is pretty clean.
And actually does not really have much exposure on an overall aggregate basis.
To this part of the economy, which seems to be kind of drifting down and then we certainly don't have any which has a credit risk associated with it.
Okay.
On your Decisioning application you introduced for the banking sector.
What is your vision there will we see more of these types of applications.
In the near future, Missouri pipeline, you're working on.
Yes, absolutely. So this is a very conscious deliberate and proactive approach that we're taking which is how can we offer a solution as a service to our customers.
And that's something which we are trying to do and make a pivot across our portfolio. We do believe that clients are looking for solutions, where they need to pay on a usage basis and on a consumption model.
We do think clients want to have this available to them wherever on the cloud and they are looking to leverage on the deep knowledge and capability of their partners. In this area. So frankly this is something which we will continue to do whether it be about risk decision.
<unk>, whether it be about.
Data management, whether it be in terms of marketing analytics, whether it be in terms of fraud and risk management, whether it be in terms of managing delinquencies, we're going to keep trying to push and invest in areas, where we can offer a usage based on a consumption based service offering to our.
And we think that's going to be very attractive to our clients and very attractive to us.
Thanks for answering my questions and nice quarter.
Thank you.
Thank you.
I am showing no further questions with that we would like to thank you for I would like to thank you for participating in today's conference call. This does conclude the program and you may now disconnect.
The conference will begin shortly to raise your hand during Q&A you can dial one one.
[music].
Yes.
Okay.
Yeah.
Okay.
Okay.
Okay.
Okay.
[music].
Okay.
Sure.
Yes.
Yes.
Yes.
[music].
Sure.
Sure.
Sure.
Okay.
[music].
Yeah.
Yes.
Yeah.
Yes.
Okay.
Okay.
Yes.
Sure.
Okay.
Yes.
Okay.
Yes.
Okay.
Yes.
Sure.
Yes.
[music].
Okay.
Okay.
Yes.
Yes.
Okay.
[music].
<unk>.
Yes.
Okay.
Yes.
[music].
Okay.
Okay.
<unk>.
[music].
Thank you.
Okay.
<unk>.
<unk>.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Thanks.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
And.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Sure.
Okay.
Yes.
Yes.
Sure.
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Sure.
Okay.
Yes.
Okay.
Okay.
Sure.
Sure.
Yes.
[music].
Yes.
Okay.
Great.
Sure.
Yes.
Yes.
Okay.
Yes.
Okay.
[music].
Okay.
Yes.
Yes.
Sure.
[music].
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Sure.
Yes.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Sure.
Yes.
Great.
Yes.
Yes.
Okay.
Okay.
Uh huh.
Okay.
Okay.
Yes.
Yes.
Yes.
<unk>.
Yes.
Okay.
Yes.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Sure.
Okay.
Okay.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Thanks.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
[music].
Okay.
Okay.
Yes.
<unk>.
<unk>.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Sure.
Yeah.
Okay.
Yes.
Thanks.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
[music].
Yes.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
[music].
Yes.
Sure.
Thank you.
Yes.
Thanks.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Sure.
Sure.
Yes.
Okay.
Yes.
Yes.
Okay.
Thanks.
Yes.
Okay.
Yes.
Yes.
Sure.
Yes.
Okay.
Yes.
Yes.
Yes.
Yes.
Sure.
Okay.
Yeah.
Okay.
Yes.
Yes.
Yes.
Yes.
Yes.
Okay.
[music].
Hum.
Yes.
Okay.
Yes.
Yes.
Yes.
Yes.
Thank you.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.