Q2 2022 Playtika Holding Corp Earnings Call
Yeah.
[music].
Yeah.
Yeah.
Good day, and thank you for standing by and welcome to the potato second study that she loves him in 'twenty two earnings 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 to ask a question. During the session you will need to press star one on your telephone. Please be advised that today's conference is being recorded I would now like to hand, the conference over to your Speaker, David David Neeleman. Please go ahead.
Welcome everyone and thank you for joining us today for the second quarter of 2022 earnings call for <unk> holding Corp. Joining me on the call today are Robert ethical co founder and CEO of <unk>.
And Craig Abrahams, Lady gets president and Chief Financial Officer.
I'd like to remind you that today's discussion may contain forward looking statements, including but not limited to the company's anticipated future revenue and operating performance.
These statements and other comments are not a guarantee of future performance, but rather are subject to risks and uncertainties some of which are beyond our control. These forward looking statements apply as of today and you should not rely on them as representing our views in the future.
We undertake no obligation to update these statements after this call.
A more complete discussion of the risks and uncertainties. Please see our filings with the SEC.
We have posted an accompanying slide deck to our Investor Relations website, and we will also post our prepared remarks immediately following the call with that I'll now turn the call over to Robert.
Thank you everyone for joining our call today.
Quarter, we continue to execute our strategy enhancing even further our content offerings.
Implementing strategic decision across our studios to further streamline our new game development.
Did you.
And optimize.
Even further our result, and operation while generating strong operating cash flow.
We are proud of this execution during the quarter.
At time when mobile consumers.
Yes.
Weakness.
<unk> is well positioned in the industry and we're confident in our team's ability to win in this market.
Spoken of this before but let me remind you that.
We're diversified portfolio of top ranked games and we have demonstrated the ability to manage our guests for long term.
Our leading games across five different categories, and we have nine of the top.
<unk> hundred the highest grossing mobile game.
We pride ourselves in having long term.
Loyalty and strong engagement and continued to drive strong conversion, which was almost 3% in the second quarter.
Our proven business model.
Our unique approach to gamble.
Our core and very much toolkit for this environment and for the long term.
This leads to stickiness.
Base and will result in majority of our revenue coming from play from previous year's cohort.
Okay.
Launch.
Our technology and capabilities are robust.
We have our own in house Tech platform.
And the reason for it.
Limitation.
We have our direct to consumer platform. It has strong positive impact on our margin we.
We seem to continue to see platform momentum.
With 23, 3% of our total revenues now coming from this platform.
Up from 24% in the second quarter of 2021.
We have our proven monetization strategy enabled by our powerful alive.
Last fall we.
We continue to execute on growing our cancer portfolio with 10% year over year growth, which was offset declines by gently novel casino team portfolio.
Our adjusted EBITDA margin improved by 360 basis points quarter over quarter. Adjusted EBITDA was up eight 3% from last quarter and down nine 6% versus a year ago.
Okay.
Reminder.
I am confident in our business and our positioning in the market.
The technology, we have been over the past 10 years.
Not per head as a capability to lead the market.
In order to compete and we will continue to optimize our resource with a strong focus on adjusted EBITDA.
We are very calculated and strategic on our investment decision as we focus on long term growth.
It's an example is it indicating burst speeds to Israel in Poland, where we are.
We believe teams are better positioned to drive further growth.
Developing three new games in our pipeline with one set to launch this year.
Continue to grow our ongoing coal franchise.
Making smart investments in marketing and R&D.
And finally <unk>.
Blake and then manage the place to work and to build.
While employing the most talented in the best of debit.
I will now turn it over to Craig who will provide more details on this initiative in our second quarter financials.
Thank you Robert revenue was $659 $6 million up 0.1% year over year.
Adjusted EBITDA was $238 9 million down nine 6% year over year, while up eight 3% versus the prior quarter as margins improved 360 basis points sequentially.
This sequential improvement was supported by a broad based focused on cost across the company.
I'll provide some specific details on our efforts when we discuss our income statement.
During the quarter revenue across our casual games portfolio grew 10% versus a year ago.
This was led by solid performances by June's journey soldier Grant harvest and Bingo Blitz.
<unk> journey from our <unk> studio enjoyed its best quarter ever growing 34, 2% versus last year driven by strong performance from the rollout of the album's feature as well as enhanced live ops throughout the quarter.
In addition, solitaire grant harvest was up six 3% versus a year ago and had record number of installs during the quarter. Following the Mega Trail enhancement running of tournaments with a new monuments feature and offline campaigns, including TV with Dr. Phil as well as Billboards.
Additionally, the games' Grand album feature launched in July and were excited about the momentum in this title.
Bingo Blitz grew two 3% versus a year ago, driven by a successful roadmap of activity in the quarter, including the April Fools day, many celebration bingo 90, and the dynamic quest reward system enhancement along with several offline campaigns.
Casino portfolio revenue for the second quarter was down nine 5% versus a year ago.
Caesars Casino grew one 5% versus last year with successful feature rollouts throughout the quarter.
While works there's a program was flat versus last year. We are excited for the future of <unk> on the heels of our first partnership campaign with the UFC together will be teaming up for a series of online and in person band focused campaigns aimed at merging the worlds of poker and UFC.
Passive fund was down 22% versus a year ago.
To improve return on investment we made changes in the structure of the studio and personnel revised its marketing strategy with reduced UA spend and reassess new feature Rollouts.
Astley, Scott I mean, it was down year over year consistent with the overall casino portfolio versus a year ago due to a product roadmap that was less impactful than expected along with additional impact from current market conditions.
Turning to operational metrics average daily payer conversion increased 28 basis points year over year to three 2%.
<unk> increased five 9% year over year to 74.
And average GPU increased three 5% year over year to 310000 average daily paying users.
Turning now to some updates across our portfolio of games. We're excited to start marketing merged stories in the fall.
<unk> is an innovative hybrid game that combines the core merge game mechanic with casual build in battle elements and it was built by our <unk> studio creators of board games.
In addition, we also have two titles in soft launch testing through the back half of this year.
Regarding marketing, we focused on efficiency and ROI in the second quarter shifting more of our online spending that a casual portfolio and moderating offline expenditures at the margin.
This resulted in a decline in CPI sequentially, while maintaining ROI levels compared to Q1. This is a great example of how our marketing teams combined technology process and experience to achieve results.
Now I will turn to some more color on our offline campaigns.
In our casualty portfolio in Q2, we launched the second wave of our Meghan Trainor campaign for <unk> and continued to work with Dr. Phil on promoting Solitaire grant harvest, while further integrating across print broadcast and outdoor.
Looking ahead in the third quarter, we are excited about our campaign launches with new celebrity partners to promote bingo Blitz and James EMR for Salto Grant harvest. In addition to several other campaigns across multiple channels.
And our casino theme portfolio, we continue to partner with Sharon stone for spot ammonia, Ty Pennington procedures casino and Laurence Fishburne for World series of Poker.
As we mentioned last quarter investing for growth remains a top priority for us in 2022, we're strategically investing where we see strong returns and pulling back where we don't shifting resources to better growth opportunities.
We will remain nimble and continue to focus on gains, where we see potential to become a $100 million franchise or greater with.
With the challenging economic environment, we will be opportunistic with potential acquisitions, where we can leverage our live operations knowhow, given our strong balance sheet and consistent strong cash flow generation.
Now turning to our P&L.
Gross margin decreased 32 basis points year over year to 71, 8% from 72, 1%.
This shift was driven by increased amortization expenses, primarily related to capitalized software costs and newly acquired intangible assets.
Helping to offset this impact the percentage of revenue flowing through our own direct to consumer platforms increased to 23, 3% up from 24% in the second quarter of 2021.
Our direct to consumer platforms continue to be a competitive advantage and strong source of margin.
Turning to our operating expenses I'd like to provide some insight into some specific drivers of our sequential adjusted EBITDA margin improvement.
In the second quarter spending on sales and marketing was lower compared to Q1, driven by lower spending on both offline marketing and also user acquisition. Additionally.
Additionally, in Q2, we started to execute against closing operations in Montreal in London, and shifting our operations in Los Angeles in Helsinki, Israel in Poland.
These actions did not have an impact in Q2, but will drive savings in the second half of this year.
As a reminder, the Montreal, London closures are directly related to our decision to prioritize new game development and our high performing studios in Berlin in Tel Aviv and those studios are three exciting titles in the pipeline.
Finally in Q2, we start to slow the pace of new hiring across the organization.
While we continue to limit hiring key positions, we are being measured in our approach and are closely managing overall personnel growth.
R&D expenses increased by 36, 4% year over year, driven primarily by increases in labor costs. This increases due to both growth in head count and increases in compensation expenses for our employees as we discussed in our Q1 call.
Regarding sales and marketing expenses increased by three 6% year over year as I detailed earlier, we are pleased with the efficiencies we achieved in the second quarter.
G&A expenses increased by 46, 9% year over year.
When compared to the same period last year for the first six months of the year G&A expenses increased by six 1% year over year.
The increase in G&A expenses for the quarter are driven by increase in labor costs due to higher head count and employee compensation costs as well as an increase in contingent consideration that did not exist in the same period last year.
GAAP net income was $36 4 million compared to $90 million in the prior year quarter.
Adjusted EBITDA was $238 9 million, representing a margin of 36, 2%. This compares to $264 4 million and 41% in the second quarter of 'twenty one.
As of June 30, we had approximately $1 2 billion in cash and cash equivalents and over $1 8 billion in available liquidity to fund growth opportunities.
Our effective tax rate in the first half of the year was 26, 2%.
Looking out to the remainder of the year for the full year 2022, we expect a revenue range of two six to $2 66 billion and adjusted EBITDA of $900 million to $940 million, we are moving to a range for guidance given the challenging economic backdrop.
We continue to expect 2022 capital expenditures of $140 million.
In closing, we continue to make investments in our future, including new content and features in our existing games and across our new game development pipeline. We will continue to remain nimble and strategic with our investments and believe we are well positioned with a resilient business model in this environment, we are actively managing costs, becoming a more efficient and streamlined our.
<unk> with a continued focus on generating strong EBITDA margins and robust and sustainable cash flow.
All of this is made possible by the power of the <unk> team and we'd like to thank our employees across the globe for their continued efforts to bring mobile entertainment to the masses.
With that we'd be happy to take your questions.
Thank you to ask a question you will need to press star one on your telephone.
Please standby, we compile the Q&A roster.
Okay.
And our first question comes from the line of.
Matthew cost with Morgan Stanley . Your line is open. Please go ahead.
Hi, everybody. Thanks for thanks for taking the question two if I could.
On the revenue guidance, Robert I think in the prepared remarks, you mentioned that there seems to be some weakness in consumer spending I guess in terms of what you saw over QQ and quarter to date in the second quarter. How is player behavior changing is it really.
Monetization issue, while engagement remained strong or is it a combination of those two things and how do you see that kind of trending through the rest of the year and then on the margin front.
Obviously as you mentioned, a big step up in margins in the second quarter I believe the guidance implied.
Hey, Matt.
Sure.
We cannot do because I'll tell you the second question.
Oh, sorry, sorry about that.
Can you can you hear me now.
Sure.
Hello.
Yes, so we have the only the first question.
Okay.
I guess the second question is on the margin front.
You mentioned that.
And margin pretty significantly in the second quarter I think the guidance implied.
Hi, Mark.
Down a little bit.
Given the benefit of just studio reallocation to Poland, and Israel can particularly in the second half are you anticipating a step up in marketing.
Kind of offset that what are the puts and takes the net margin guidance for the second half. Thank you.
Sure. So thanks, so two long question.
It's months.
Yes, so we saw Q2.
During Q2, we started actually Q2, those jumbo natural but then we saw in the May and June that the people are a little bit more worried.
They are little bit less bank it is a bit less.
It seems like the past Colby it is already it's Hugh a year after.
But the good news and this is really good news for US is the July already much better than June so we see for <unk>.
As we got to help a little bit on Q2, but already we started good Q3, so again I cannot say exactly what's going to happen this year.
I cannot predict the economy issue, it's not the.
My head, but I can say that we are right now doing what they said in the call that we are focusing in adjusted EBITDA, while focusing and to make the company more efficient we are focusing.
To bring the marketing.
To work with the marketing.
Better than it was before so we're doing all the important <unk>, but as I said July was better than June . So we are feeling much better known.
Sure Matt on the second half of your question on margins.
Our implied guide both at the high end low end of the range has an increase in margin versus our prior guide that is driven by some of the efficiencies we've taken throughout.
Throughout the company in the second quarter, we will get the full benefit in the back half of this year as well as consolidating the new game studios to really focus on those where they are tracking.
Track record in Israel in Berlin and.
And by doing that we will see the efficiency in the second half of the year as well, so that's really where.
It rolls into the implied guide for the second half from marketing perspective.
There is no plan to increase from where we sit today, obviously, we're reallocating budgets.
From those titles the IRR ROI away.
Away from those with lower ROI and so I think we will continue to make those adjustments through the year, but I don't expect a step up in the back half from a marketing perspective.
Great. Thank you.
Thank you and our next question comes from the line of Eric Handler with MK and partners. Your line is open. Please go ahead.
Good morning, two questions first.
While the remaining is by far your biggest name.
If you set aside some.
Some additional weakness in the second quarter Whats what can you do to sort of gets us back on a positive growth trajectory.
Sure. So I think it was.
<unk>.
By the overall maturity of that casino game business.
Question on the amendment trends, we saw in the second quarter I think we are encouraged by the roadmap there and what we're doing.
With that game obviously this.
In July we are already starting to see some benefits there with some new features and so I think we will continue to focus on the roadmap.
On product innovation, and that's what's driven a lot of mania, historically and will continue to drive it going forward.
Great and then just.
As a follow up I'm curious what type of <unk>.
EBITDA to free cash flow conversion, you think is reasonable at this point as you streamline operations is that going to help that conversion of all too.
Sure. So I think as Robert mentioned, we are focused on adjusted EBITDA and driving.
Our margins as we operate the business I think the second layer to that is capital expenditures.
And looking for efficiencies there this year and then going forward.
Our guide for this year on the Capex side $140 million and we'll be looking for efficiencies there as well moving forward. So I think those are.
The primary two levers obviously, our effective tax rate around 26%, there's not much we can do there.
So it's really on us to drive margins and be efficient from a capital spending perspective.
Okay. Thank you.
Yes.
And our next question comes from the line of Clark <unk> with <unk>. Your line is open. Please go ahead.
Thanks, a lot for me.
Thank you Robert and Craig I wanted to put a little bit of a finer point on the guidance for the year. Robert when you were talking about improvement across the business is that on sort of a month on month sort of July hasnt improved relative to June .
As we think about the back half of the year should we expect revenue dollars to sort of grow in both <unk> and <unk> as we think about sort of arriving at guidance for the full year and then Craig the $140 million of Capex that you called out could you unpack that a little bit what's driving that up.
From a dollar standpoint year on year and also it seems like there is.
Expectations of higher spend over the back half of the year. So anything you can provide there would be great. Thanks.
So regarding the revenues yet.
July was better than June to.
To tell you that I know, what's going to happen in the including the world is not going to affect us I don't know, but I know that.
Because of the changing the rules have been in the last few months. We did many many teams in the company. We change how we think we change how we won't know dramatically because we were always all completion, we're working with smart moves, which as Craig said, we are focusing on that.
Keeping on the places that we have a really good Hawaii.
We're fighting.
And we feel really good results. So I would say again I cannot.
Predict.
Will behave but.
For me to focus.
Just to go up slowly slowly to be pledged not to go down into finished and see you in a.
Good way as we've said in the beginning.
Yes.
The high end of the range that we forecasted here is flat for the year given the seasonality. If you look at last year and some of the seasonality in the third and fourth quarters I think will offset that is how we spread our roadmaps throughout the year and then obviously the bottom end of the range implies about a 1% decrease.
Months over months, given the economic conditions. So I think we've put out a range for that from a capex perspective second quarter was up around 3% year over year, obviously, there's a big jump.
From a capital expenditures perspective, and this year again, something that onetime in nature, whether it was server upgrades our infra.
Infrastructure related to our offices and opening new offices as well I think some of that will go away into next year and obviously, we will provide guidance on that at the appropriate time.
Thank you and our next question comes from the line of Jason Bazinet with Citi. Your line is open. Please go ahead.
Yes.
I just had a question on App store fees.
Just sort of migration to direct to consumer up to 23%, how what sort of.
Natural rate insurance to ceiling.
How successful you can be on that front and then second.
Do you think investors should be optimistic about getting some relief from app store fees. It feels like there's been some news about some players.
Getting some relief in some.
Antitrust scrutiny on sort of App store fees. If you can just give any color that would be great.
Sure. So today about half of our portfolio is on our own direct to consumer channels.
And the upside there is really going to be from rolling out and new titles.
And we're working on that with plans to do that throughout our casual portfolio.
Overtime.
In terms of what we're seeing throughout the industry. There's been a variety of other genres of entertainment that have seen announced a relief it hasn't yet happened within games.
But obviously youre quoting a trending of things that we've seen in other categories and other types of services, whether it's subscription.
But in terms of in App purchases and games, we haven't seen that breakthrough.
Okay. Thank you.
And our next question comes from the line of Stephen Ju with Credit Suisse. Your line is open. Please go ahead.
Okay. Thanks, guys. So the.
The growth between your daily active in bumps the active users continue to diverge so.
Is that generally due to changing mix towards casual or do you think this is just the external factors greater travel economy, The award et cetera.
I think looking forward I think probably IPO I think you talked about eight games in the pipeline.
Because switch craft and Birch and I think you guys have also talked about to a soft launch so how.
Should we think for more are remaining in various stages of development or has the pipeline.
Okay. Thanks.
Thanks, Stephen why don't we take the pipeline question first so we have three titles in our pipeline today.
First of all it is foot traffic and then two others one one from our jelly Bouillon studio and one from our Lewis video.
The soft launch later this year and are excited about.
As we mentioned consolidated studios and by closing.
London, Montreal, obviously their titles in the pipeline.
That have been eliminated and were not going to comment on titles in the pipeline that are kind of more future David beyond over the next 18 months.
Okay.
And the other part of the question.
About the.
The divergence of the daily active.
User growth.
Is that mix or are there others.
I think one changed from marketing strategy perspective, that's affected.
The user base is focusing on higher quality traffic in tier one markets.
And in doing so obviously that youll see monetization increase there I think from.
You've always talked about.
I know you arent necessarily the kpis of our folks.
Honestly engagements in the daily paying users.
And conversion there continuing to drive that is key for us.
Thanks.
Thank you and our next question comes from the line of Eric <unk> with Macquarie. Your line is open. Please go ahead.
Hi, good morning, Thanks for taking my question.
You continue to build up a healthy cash balance in terms of inorganic growth how does the M&A market look in terms of valuations and opportunities I think it's gotten more attractive.
Yes, Hi, this is aircrafts chief strategy officer.
So what we can say things have gotten more attractive I would say that the disconnect that existed between the public and private markets.
<unk>.
Disconnect.
With me are starting to bridge, but I wouldn't yet say that everyone acknowledges the current economic backdrop and I think we're.
Expectations do remain high as largely a product that people thinking that this current trend may not be as long. Some other things. So we're starting to see it a little bit but in other places it's bill.
Yes.
Got it and understanding your focus is more on casual games, but.
Do you think you can take share in social casino. This year, just given how the operating environment has gotten tougher it seems like the larger players should be able to adapt faster and outperform just curious on how you're positioned there. Thanks.
Yes, So I think social casino is an interesting category I think where there are assets that we think there is an opportunity to further monetize and grow those businesses, we'll obviously look at them.
Take a hard look I think in the absence of that we'll continue to focus more on casual.
But we're going into an interesting environment right now and ultimately we're going to pursue where we think there is the most value.
Understood. Thank you.
Yes.
Yes.
And our last question comes from the line of Franco Granda with D. A Davidson. Your line is open. Please go ahead.
Yes, hi, everyone. Thanks for taking my questions.
So with all of the privacy changes related to.
Yes.
Impacting everybody in the space how have you seen your AI models change.
At CPI declines in IRI being steady and then if you could give us some thoughts on your assumptions on realized under our mind campaigns for the rest of the year.
Sure. So during the first one.
We're not going to go into detail about how Randy Moss AI models have been constructed and the nuances there, but what I can say is our AI team has rebuilt from scratch focused on.
Post <unk> world.
Adjusted the time Horizon, which we look at ROI and those models have been very effective for us and we use them in a daily basis allocate budget.
Im just repeating the second question on Ross.
Yes, I was just wondering on what your assumptions are on Rollouts for the online campaigns for the rest of the year.
Yes.
Great.
That's what I can say is that right.
How are Roy has performed in the last quarter.
It's improved across multiple different time periods.
80% of the portfolio.
So we're very happy with our AD spend is being deployed right now and I think what's driving that is both a combination of very effective marketing, but also superior monetization abilities.
Alright, thank you.
Thank you and this does conclude our question and answer session, Ladies and gentlemen. This also does conclude today's conference call. Thank you for participating you may now disconnect everyone have a great day.
Yes.
Okay.
The conference will begin shortly to raise your hand during Q&A.
Dial Star one one.
[music].
Okay.
Okay.
[music].
Yes.
Okay.
[music].
Sure.
[music].
Yes.
Sure.
[music].
Yes.
Sure.
[music].
Okay.
[music].
Okay.
[music].
Sure.
[music].
Okay.
[music].
So.
Okay.
[music].
Okay.
[music].
Okay.
Hum.
Yes.
Yes.
Okay.
Okay.
Okay.
Yes.
[music].
Okay.
[music].
Okay.
[music].
Yes.
[music] okay.
Okay.
Okay.
[music].
Okay.
Thank you.
[music].
Okay.
Okay.
[music].
Okay.
[music].
Okay.
Okay.
[music].
Okay.
Yes.
Yes.
Okay.
[music].
Thank you.
[music].
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
[music].
Alright.
Yes.
Okay.
Okay.
Thank you.
Yes.
Yes.
Okay.
Sure.
Yes.
Okay.
[music].
Okay.
Yes.
Okay.
Yes.
Yes.
[music].
Okay.
Sure.
Okay.
Great.
Yes.
Yes.
[music].
Okay.
[music].
Great.
Okay.
[music].
Okay.
Sure.
[music].
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Okay.
Thanks.
Okay.
Yes.
Sure.
Yes.
Okay.
Yes.
Great.
Great.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Yes.
Okay.
[music].
Okay.
Okay.
Yes.
[music].
Thanks.
Yes.
Okay.
Yes.
Okay.
Yes.
Sure.
Okay.
Okay.
Sure.
Okay.
Yes.
Yes.
Sure.
Thanks.
Okay.
Okay.
Okay.
Thank you.
Okay.
Yes.
Great.
Thanks.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
Thank you.
Okay.
Alright.
Sure.
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Okay.
Thank you.
Okay.
Okay.
[music].
Okay.
Yes.
Okay.
Okay.
Okay.
Thanks.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
[music].
Yes.
Okay.
Thank you.
Okay.
[music].
Thank you.
[music].
Okay.
Okay.
Yes.
Okay.
Thanks.
Sure.
Okay.
Okay.
Thank you.
Okay.
Thank you.
Yes.
Okay.
Okay.
Okay.
Thank you.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
[music].
Okay.
Okay.
Yes.
Thank you.
Okay.
Okay.
Okay.
Okay.
Thanks.
Thank you.
Okay.
Okay.
Yes.
[music].
Okay.
Sure.
Okay.
Okay.
Yes.
Okay.
Okay.
Great.
Okay.
Yes.
Sure.
Yes.
Okay.
Okay.
[music].
Okay.
[music].
Okay.
Yes.
[music].
Yes.
Okay.
Yes.
Sure.
Great.
Okay.
Yes.
Sure.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Sure.
Okay.
Thank you.
Okay.
Yes.
Okay.
Thanks.
Okay.
Okay.
[music].
Hum.
Yes.
Thank you.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Great.
Okay.
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Thanks.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
[music].
Okay.
Thank you.
Sure.
Okay.
Yes.
Okay.
Yes.
Okay.
Great.
Yes.
Sure.
[music].
Thanks.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Yes.
Okay.
Sure.
Yes.
Sure.
Okay.
Yes.
Yes.
Yes.
Sure.
Yes.
Okay.
[music].
Hum.
Yes.
Yes.
Sure.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
[music].
Sure.
[music].
Okay.
Okay.
[music].