Q2 2022 Otonomo Technologies Ltd Earnings Call
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Yeah.
Good day, and thank you for standing by and welcome to the Altra normalized second quarter 2022 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session towards the question during the session that you would need suppressed.
One on one on your telephone.
Doesn't have an automated message advisors hundreds ways. If you wish to ask a question via the web Oh, sorry apologies. Please be advised that today's conference is being recorded I would now like to turn the conference over to your first speaker today, maybe it's ago. Please go ahead.
Thank you operator, and thank you all for joining US today welcome to autonomous second quarter 2022 conference call before we begin I would like to remind you that our discussions today will include forward looking statements that are subject to risks and uncertainties.
Relating to future events, and the future financial performance of autonomy.
Actual results could differ materially from those anticipated in the forward looking statements.
Good looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them for a discussion of some of the important risk factors that could cause actual results to differ materially from any.
Forward looking statements. Please see the risk factors section of <unk>.
Animals 20-F filed with the FCC on March 31st 2022.
If you have not received a copy of Q2 financial results press release, please downloaded from the Investor Relations section of the company's website.
Today's call will be accompanied by a powerpoint presentation.
Welcome to view the presentation on autonomous Investor Relations website.
Following the call a replay of the webcast will be available on the autonomous Investor Relations website.
Please also note that we will present non-GAAP operating loss on today's call, which is a historical non-GAAP financial measure.
Because of this financial measure is used in autonomous internal analysis of financial and operating performance.
<unk> believes that it provides increased transparency of managements view of autonomous economic performance.
Also believes the presentation of this measure allows investors to more effectively evaluate and compare the performance of autonomy to that of its peers.
Although autonomous presentation of this non-GAAP measure may not be comparable to other similarly titled measures of other companies. A reconciliation of this measure to its most directly comparable GAAP financial measure is included in the Q2 release.
Today, we are joined by <unk> co CEO director and co founder of autonomy, Bonnie mob CFO Deron, Simon <unk> EVP strategy and corporate development in the one to four day founder and CEO of the floor.
Been vocal will start with an update on the current state of the market and the business burning Marv will provide an overview of the company's financial results.
By Aldo, who will share industry feedback and opportunities.
Represented by the combination of autonomy and the flow.
We will then open the call for the live Q&A session.
During the question and answer session of this call Ben will be joined by Bernie The run and Aldo with that I'd like to turn the call over to Ben phone call. Ben. Please go ahead.
Thank you Mary.
Hi, everyone and thank you for joining of the normal second quarter 2022 three now show the results conference call.
Q2 was our strongest quarter Asia and was underpinned by solid momentum in our business closing our acquisition of the flow.
While the underlying fundamentals of the business are good and we remain optimistic and positive about future growth. We realize that we are in an early stage market but.
Top line revenues may be less predictable.
Fodder.
Given the current macroeconomic conditions, we have taken action to reduce our expense guidance and we'll continue with our cost control measures.
The transportation sector.
Still growing massive disruption as a result of the exceptional growth of morbidity data.
We believe the data and advanced data science capabilities are going to need and create a new mobility economy.
These checks.
Told almost consulting believes the morbidity economy will represent about 90% of the worldwide GDP covering transportation infrastructure vehicle manufacture any vehicle transportation and enabling technology services.
Okay.
Over the next five to 10 years, the mobility economy will create significant shift towards on demand mobility services and multi modal mobility.
Painted by the Buildout of our neighboring cloud and Big data technology.
With over one 5 billion vehicles estimated to be on the road by 2030.
Almost strategy is to develop their mobility data hub.
Served as the catalyst for a new generation of services and experiences.
That we believe will represent over $100 billion in.
The market opportunity for us.
By 2030.
Our software defined approach.
The significant value creation to date for our clients in the two largest addressable segments photonovel.
Insurance.
Great.
And our marketing engagement validates that uses <unk>.
Given our win rate in both sectors.
This is truly a huge market in transformation and the opportunity is massive.
Yeah.
As I indicated earlier, we continue to see momentum in attributes that are key to our business.
Some of the highlights.
On top of the impressive customer base. The floor brings total normal we added additional 13 new customers in Q2.
Recurring revenues for the second quarter grew by nearly 10 X quarter over quarter and was 69% of our Q2 revenue.
Booking.
Creased by 62% quarter over quarter.
Backlog.
Increased by close to 5.5 ex <unk>.
After over quarters.
Annual recurring revenues increased by more than 11 X quarter over quarter.
Those are remarkable and transformative results.
So the strengths of <unk> business and the market continuing to growth.
We have exciting new wins in Q2.
As we continue to see interest in demand for our core market of connected call use cases increase.
For example.
All because these sites.
Special data and analytics company, where he was their normal platform to access connected vehicle data to them.
They do their clients to derive greater more granular new sites for the business.
And as we announced yesterday.
Grammar.
Go graphic information systems and location intelligence service provider.
Awarded Autonoma, a multiyear contract to provide multi layered connected vehicle data designed to advance road safety in Spain.
In the fleet segment, we've signed multiple new construct.
The guide points system.
Guide points systems is a leading supplier of vehicle telematics.
Solution for yen diesel ships and commercial fleet managers.
<unk> point is we think to be expected into embedded data.
No most OEM connectivity, enabling access across manufactures.
Okay.
Our continued success in winning new deals in the three domain demonstrates that customers see the strong value.
It could be fine telematics solution.
In our early stages of Onboarding suite customers.
We are observing slower pace than initially anticipated.
And therefore slower revenue ramp.
We are working on multiple initiatives to streamline those processes and we remain bullish on this space.
We believe that as these accounts skill.
We guided in our advanced pipeline it will be.
If we change <unk> position in the market dramatically.
Finally, we ask Harold.
Leading advanced mobility company and developer of the first OLED next week six Sky Aerotech seat in the U S.
Autonomous mobility intelligence platform to help translate quantitative inputs into quantitative insights we.
We chose <unk> to be more per se precise you need to go to market.
On the product front.
We had significant through this is for fleet <unk> mobility intelligence.
During Q2.
In Sweden for example, we've introduced new advanced fleet maintenance and mileage management capabilities.
These are the first of several new features to be introduced and provide customers with the breadth of these sites and also suites manages a snapshot view of all relevant connected vehicle data.
So easily and efficiently manage fleets.
<unk> sizes.
Yeah.
Users can setup push notification for maintenance issues, such as low battery Chargers for electric vehicles, low fuel level and for more immediate issues.
Such as win warning rights are triggered.
We hosted our updated the number of op on Salesforce Appexchange.
Providing customers new ways to unlock access to accurate mobility data.
For single vehicles as well as the entire suite.
Using salesforce sales cloud and service cloud.
The latest version will utilize mostly forsake functionality.
Customers to build upon the work flows triggers specific actions.
This distance and dispatch data execute Gil fencing and provides the drivers safety capabilities.
For mobility intelligent.
No more released new solution for three high growth categories.
Extra vehicles adoption mobility, as a service and who've been planning.
These solutions expand autonomous existing curated data product offerings.
Nu X nimble insights derived by try propriety data science machine learning and advanced analytics.
Our depreciate tool.
As in the fusion of switch data sources to understand multi modal human movement.
The doctor depth and Bruce we could stay up to date. So soon.
From mobile devices, new chip municipalities charging networks micro mobility first four months.
Soon the integration of Motiva <unk> connected vehicle data.
Yeah.
Must be intelligent.
Autonoma edge providers.
Mobility services match supply with up to date demand data by deploying stations in optimal location.
Based on predictive performance metrics relocating their resources.
And rebalancing the fleet to maximize right cheat.
This also cities.
Drive positive model shift by increasing service six of stability.
Clear and adaptive mobility services.
On the electric vehicle intelligence.
So normal cannot predict demand and walks with EV charging point operate close to pinpoint optimal location for placing future charging stations.
Data driven EVP and is gain access to accurate measurement of demand for EV charging sites in each city and precise mapping of undeserved zone.
At close primary easy corridor.
Albany intelligent.
What's the normal provides up to date visibility into mobility pattern in specified areas, including detailed origin and destination metrics visitation rate too.
Traffic slow in volume today, all transportation and city planners to design and train networks based on either a local multimodal mobility needs.
Adding social demographic profiles and proposal of Threep creates even more value.
<unk> 10 is with previously been limited with basic translate accounting data.
As you can see it was a strong quarter across the business fundamentals.
Customer wins and product pipeline development.
Now for more detail on our Q2 financials oriented.
And it over to Bill anymore.
Almost CFO .
Thank you Ben revenues for the second quarter 2020 to $1 9 million compared to 281000 in the second quarter of 2021.
Growth was driven by our core connected vehicle data and the contribution of the slope revenues before I move further into the numbers I want to remind you that our non-GAAP item.
Compensation expenses, depreciation and amortization of acquired intangible asset.
<unk> liability expenses related to the slow acquisition and impairment of intangible goodwill non-GAAP information is presented excluding these items.
Our GAAP financial results, along with a reconciliation between GAAP and non-GAAP results can be found in our earnings release.
I will now turn to the detailed financial results for the quarter.
Our GAAP operating loss for Q2, 2020 to $65 6 million compared to $5 6 million in the second quarter of 2021.
Operating loss includes $45 8 million impairment of goodwill and intangible asset in.
In addition, the increase in the GAAP operating loss was mainly driven by operational expansion and acquisition of new companies and related amortization of intangible assets.
In the second quarter non-GAAP operating loss was $15 8 million compared to $5 million in the second quarter of 2021.
Driven by our operational expansion.
An acquisition as.
Well and increasingly.
Amortization of acquired intangible assets.
Our cloud infrastructure expenses consist primarily of costs related to third party cloud services, which increased by 128% from 586000 in Q2 2021 to $1 3 million in Q2 2022, then.
The increase is attributed to our growth.
Mount of data the company, Jack protest and sport and the amount of data used by our data consumer.
In addition, the cost increase is a result of the acquisition of <unk> Flo.
Cost of revenues includes purchased enough data point 6 million, an increase of 116% year over year, which reflects the costs, we pay to the Oems and other data provider for their data using our product in addition.
Four 4 million is related to the cost of services provided to the.
Flow customers.
Our research and development expenses, and our sales and marketing expenses for the second quarter of 2022 were $5 9 million and $6 1 million.
<unk> increased by 155% and 297% respectively year over year.
Mainly due to the accelerated workforce with growth of 231% with 217%, respectively and includes the acquisition of newer in the flow.
General and administrative expenses for the second quarter of 2022 were $6 1 million compared to $1 1 million in the same period, a year ago, representing an increase of over 448%, mainly driven from public company expenses and nonrecurring acquisition.
Costs.
In Q2 2022, the company performed an interim goodwill and intangible impairment test, which was triggered by a recent decline in market capitalization.
Management considers this recent decline along with other possible factors affecting the assessment of the company's reported.
The outcome of this impairment test resulted in a noncash charge of $45 8 million, which was recorded in the consolidated financial statements for Q2 2022.
Turning to the balance sheet.
We ended the quarter with $169 5 million in cash and cash equivalents short term investments and restricted cash a decrease of $38 6 million from year end 2021.
It was mainly driven by acquisition of the flow using $11 million in cash and operating cash activities of $27 3 million.
Moving on to the guidance.
We expect to continue to see a growth in revenues and other basic key metrics in H, two but that growth may not be as fast as forecasted due to a combination of factors such a slower adoption rate.
By our fleet customers and macro economic condition, adding uncertainty as to the pace of new deal closing. We believe that these are near term challenges and we will remain focused on scaling our business and growing our customer base, while controlling expenses.
Based on these factors the forecast for 2022 should no longer be relied upon and we are not forecasting results for the second half of the ear.
Right.
And now I will turn it back over to Ben.
Thank you thank you Bonnie.
Another milestone in Q2 was the completion of the acquisition of the field.
Either in clinics at insurance.
I've asked our del Monte Foti, CEO and co founder of the flow to join us and give additional context to the strategy behind the acquisition.
Why are we seeing these positions at the normal for continued growth.
Aldo.
Thank you Ben and good morning folks.
10 years ago, I had a vision.
The vision that we could reduce the number of automobile accidents and the number of fatalities.
Our North Star from day, one was making mobility safer and to move the industry from an operating model of the Texan repair to predict and prevent.
10 years later and in no small part due to the acquisition by autonomy.
We've never been closer to making that vision, a reality and help on insurance partners go to market with the best connected insurance products ever conceived.
So what is it about connected insurance products that make them special.
Number one.
Our size and granular understanding of risk, which means pricing fairness.
Second intimacy with end users, which means our ability to prevent outcomes.
And third the immediacy of service for end users.
Which means the fact sheet dispatching timely support when most necessary been there for the customer when they need it.
Accurately reconstructive risk events, which means more intelligence to manage the claims.
Yeah.
The acquisition by autonomy is delivered is access to one of the worlds leading repositories of connected car data.
As well as the financial resources that are required to match, our technical platform to our ambition.
When I step back and observe the slowest part of autonomy.
I cannot see another organization in the work that can offer under one roof.
The capabilities data products tools and resources that modern insurers required to compete and thrive in the connect you work ahead.
The days of one policy fits all approach to auto insurance accounted.
Drivers have unique needs and should be able to purchase insurance that fits their needs.
It makes no sense to pay for more coverage requirement.
When Ben and I stepped down just nine months ago, we thought since demand potential in front of us.
We saw three things.
Number one.
Power of fusion.
Which means the augmented precision and accuracy arising from the combination of smartphones with connected vehicle data.
To deliver a deep Vista.
The policyholder Swift profile.
In other words.
Best of both words mitigating the weaknesses of each individual data source.
The fusion is uniquely enabled by the combination with autonomy.
The future of motor insurance.
Bringing us steps ahead of everybody else.
The second thing Ben and I saw was the opportunity to serve commercial insurers quarter.
Behind personal lines in the adoption of telematics and connected policies.
So we can help the micro and small fleet customers quantify and actively manage safety with the added bonus of false alerts and maintenance information arising from native Connecticut data.
And third we saw potential and advanced analytics.
Flow has always been respected for the quality and the efficacy of its course and analytics.
Our data products are now undergoing significant expansion due to availability of richer original datasets coming from native OEM equipment, including Canada and computer vision data.
Since we completed the transaction.
I have personally embark on a world tour and met more than 40 clients and partners in seven countries and three continents.
And talk to them about the future of their business.
And today I would like to shift the main insights I've taken away from those visits.
The industry is pervaded by a sense of anxiety and trepidation in.
Sure as leaders asking what is going to be our role in an intensely connected data.
Driven word.
Their concerns and moved from four feet.
First the proliferation of connected car data and a more assertive role that OEM stake in the insurance space due to their native data control.
Second.
Tumor rising expectations for exquisite digital experiences and interaction.
It seems accelerated by the Covid pandemic.
Third regulatory changes addressing discriminatory biases baked into traditional pricing criteria think of the debate around fitness a credit score is taking place in insurance in the U S.
And fourth the search for artificial intelligence powered analytics that provide a better crystal ball, particularly with reference to lesser known risks such as electric and semi autonomous vehicles.
Now you can see how slow data refinery and solutions not surely enable our partners to turn all these spreads into opportunities.
In my interaction without exception.
All clients have validated the strategic value of the acquisition.
And confirmed our unique position to happened to Hudson, who help them address existential challenges.
In the Brave New World ahead, insurers will struggle to profitably operate without reliance on sophisticated data collection and refinery capabilities.
Either developed in house, which is very hard.
Provided by data refinery partner.
Those insurers, who do not adapt would be outsmart by competitors with better predictive capabilities and the digital touch expected by end users.
And with this over to you Ben.
Thank you Aldo.
As you can see we are experiencing very strong momentum in the business.
Our focus on high growth strategic recurring revenue sectors, such as Sweden issue is is bearing fruits.
We believe.
The achievements of Q2 are a sign of small to come as we continue to scale and grow through the year.
We are very excited about some of the activities and engagement. We are progressing and then to share some of them with you in the next few weeks.
We are in a rapidly growing business in a new and fast emerging market.
While we have challenges on both the macro and micro <unk>, we are very bullish and confident on the expected growth our market position execution strategy and the results to come in future quarters.
Operator, we are now ready to take questions.
Thank you.
As a reminder to ask a question you will need to press star one and one on your telephone and wait.
If your name to be announced once again, please press star one on one on your telephone if you would like to ask a question.
We will now take your first question.
Please standby.
And your first question comes from the line of Josh Nichols from B. Riley. Please go ahead. Your line is open.
Yeah.
Yeah. Thank you good morning.
One if you could provide a little bit of color for how the integration with the flow is progressing and how.
How much revenue do the flows specifically, California second quarter I'm curious.
So Josh. This is then I'm happy to take your question.
The integration with the flow is going very well.
And both on the technical et cetera, and also in the organization that then.
On the technical.
We started to combine the phone and called data is really testing the division or what we are to bring to the to the market what we call diffusion.
A combination of phone and cloud data, which we believe gives the best to insurance to the insurance market in terms of coverage, but also in terms of quality and cost.
And in terms of organization.
Post merger integration and we are moving nicely according to the plan.
B.
Big part of it is really Aldo and his management team that are really 100% <unk> and then we are all excited about the shared vision and what we can bring together to the market, which is very very unique.
In terms of revenues, we are not sharing the revenues for for the slow for Q2, we are not opening it up at this stage.
We might do it later on depending.
Fair enough and then.
I know you mentioned that there's some of these fleet customers that taking a little bit longer to onboard.
Any detail you can provide on what's causing that.
I know you pulled the guidance for 2022, but.
Directionally could you give any any additional information like is it fair that <unk> would be higher than <unk> sensors have the flow for a full quarter or I guess, a directional guidance would be a little bit helpful.
It's a good question and we tried to add in vulnerable elaborate further if needed.
We really see that our suite on boarding with existing customers in terms of adding more vehicles on the platform is going slower than we anticipated.
We are bringing new customers I think we shared today the call that we had there.
Very high growth in terms of new customers.
Definitely more than the previous quarter, but the onboarding the expanding inside the.
The accounts.
Slower than we anticipated.
Many times, it's related for our partners they need to go and bring bringing those customers on board.
Sometimes there are plans are slower than they shared with us.
Yes.
Expected there.
Slowness in the business.
We don't see this as a material impact definitely not something that is changing our strategy.
Strong demand and great feedbacks, we get from fleet operators in the sector.
But maybe we've been a bit too optimistic.
In our guidance, our internal expectations on the growth in their own ramp of vehicles.
Blending anything you want to add.
Yes, I just want to add on to more on the second part.
Your question.
Although we are not giving any forecast for our H stool and we pulled our guidance for 2022 just to remind you that in Q2, we were only able to walk on pellet data revenues from that so two and a half month.
So you can anticipate.
Additional distribution to our top line from the flow for the second half.
2022.
Of course on top of the.
Good momentum with the.
Recurring revenue as has been mentioned.
Uh huh.
The highlight and the continuous.
In revenue.
Thanks for providing some some color there.
You mentioned that you're going to be a little bit more conservative on the opex investments going forward given the map.
Zero risk.
How much are those expected.
We expect that to come down quarter over quarter or what's the what's the target.
So as you know and we keep repeating that from.
One quarter to another we are very conservative with our cash management.
Sure.
And our expanding air watch very closely and we only spend to support the growth of our company.
We are not massively plan to recruit and we are looking to take the money.
Cloud service and purchasing of data and travel.
In terms of percentage I don't want to commit here, but again.
Also to <unk>.
Let's see duration.
We acquired the company.
<unk>.
Our call.
Thanks, and then last question for me is.
I guess, there's a lot of opportunities on the horizon longer term granted it's still relatively early stage. What do you think the largest revenue or a real monetization opportunities are.
For the company in the second half and is there a chance that you could start securing.
Real sizable contracts.
Contracts with some of these Oems or is that still further out.
So I think.
Really investing in areas, where we see.
The largest potential not just us, but also the analyst covering the markets such as Sweden insurance.
There is another reason behind the size for the.
Our investment in those areas, we have the right technology and the right data to approach those segments.
Sweet and insurance.
Those are there is another reason behind the size for them.
Our investment in those areas.
We have the right technology and the right data to approach those segments.
And we also very well positioned we believe in the market.
Unique technology for both segments.
Those segments also represents recurring revenues.
Almost 100% not all segments and will be in the mobility ecosystem represent.
Recurring revenues.
So sweet insurance the main focus areas.
For us.
We see.
We have we see and we have nice large deals for sprouts deals and seven figure deals in the pipeline and we hope to be able to win them and shared though is some news about that in the coming quarters.
How do you like I said, thanks for the question.
Okay.
Thank you.
We will now take our next question.
Please standby.
And your next question comes from the line of Justin <unk> from Citi. Please go ahead. Your line is open.
This is justin on for <unk>.
Super quick question so.
There was a question on guidance, but I guess, what im trying to better understand you highlighted some very strong momentum in the business and kind of thought expressed as growth in bookings backlog customer additions.
And with all that strength that you've kind of observed can you just help us better reconcile the decision to pull the 'twenty two guidance.
There's a lot of volatility given the nascency of the market, but is there a general area, where you guys are seeing weakness relative to plan I know you talked a little bit about fleet.
But just maybe perhaps more broad based as well is there any weakness that you may be seeing kind of coming through on the insurance side as well.
Or is it more just generic end market weakness across the board or just organic.
Yeah.
Thanks for the question, Justin I think that for us.
Company, a young company in the market.
Transparency is very important and we want to build the trust we've done in this community.
And it was important for us to share that we <unk> things like that says that we see the fleet onboarding going slower.
I agree with you that it's a bit of a double message of gear, because they're simply we see strong momentum in <unk> strongest quarter ever we are very excited about what's to come but at the same time. We also give the messaging that we cannot stand 100% behind our previous focus.
I think for US it's mainly we see on the macro that since we're going to beat slow where we see customers waiting.
Before making decisions because what is that then you get the market and we are still not 100% sure. How it will influence our business. This is why it was important for us to come with this.
Caveat and really to say that we cannot stand 100% behind our focus we believe that in the end of next quarter, we'll have better transparency and maybe then we can give some more information where we believe we will end the year.
Got you.
Anything there.
Yeah.
Thank you.
Is there a general I guess timeline, if we think about I guess relative to this maybe how far out and pushed to the right versus the initial expectations. There may be some delay or whatnot is there like a decent time line that we can think about it I know.
The guidance is a bit hard but at least from a directional point of view you do mentioned near term is there any way you can I guess better quantify that for a duration metric.
Yeah.
I will try to answer it in a way I feel comfortable and I think we'll give you better visibility.
Some of the exciting things we shared today is the high growth in recurring revenues.
And in the high growth in bookings.
And the growth of the pipeline.
So we really don't think things are going to be pushed too much to the right.
We are really building, a very LC and stable business.
Based on number of bidders and it based on number of skilled rough seas and based on very high percentage of recurring business.
Hey, Jim.
I'm not sure I can supply more detail than that at this time.
Right.
That's actually Super helpful. So in terms of I guess the recurring revenue can you just walk through I guess the definition as to how youre defining this recurring revenue I E from more on the flow side like is all the fluids revenue.
Recurring or is there that slug that variable might be more ad hoc or is that whole piece of the business coming through as recurring revenue.
Hi.
So as I mentioned before.
Yeah.
This is highlighted 69% of the revenues for Q2 will return that you can understand that the flow truly contributed to that high percentage.
We view, our Panama as a stock company and also the floor with the soft company, which.
Basically.
<unk> said that.
<unk>.
We are in significant.
A significant part of the revenues coming from the flow and autonomy are recurring revenues. This also contributed to maybe to the.
Pushback of the revenues that we are really keen on closing deals.
Not less than 12 months.
And the Kirin revenues for the future.
We see our stock does that.
Recurring.
A tax company.
Okay Gotcha.
Fair to assume then that all the fluids revenue was classified as recurring.
Significant part.
Okay. Thank you perfect I'll jump back in the queue.
Thank you.
Thank you.
Once again, if you would like to ask a question. Please press star one on one on your telephone.
<unk> one on one if you would like to ask a question.
We will now take our next question.
Please standby.
And your next question comes from the line of Ryan Connors from need haven't company. Please go ahead. Your line is open.
Alright, thanks for the question.
On the pick up in backlog there.
Can you tell me if most of that came over from the flow and obviously it sounds like.
A substantial portion of it is recurring.
Any kind of threats will give us on the.
The amount of that backlog that was recognized in the next 12 months and you know a typical contract likes these sorts of things getting any kind of color on the backlog would be really helpful. Thank you.
So we're.
We're not breaking up the slow wasn't.
One moment.
And I can tell you that most of our.
Most of our deals or contracts front between.
<unk> two.
Right.
Months.
So obviously the backlog.
Yeah.
That's really helpful I'll jump back in queue. Thank you.
Thank you.
There are currently no further questions I will hand, the call back.
Thank you operator, thank you everyone for joining us today, we look forward to seeing you in our next call. Thank.
Thank you.
Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
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Okay.
Okay.
Yes.
Yes.
Yeah.
Yes.
[music].
Yes.
Okay.
Yes.
Yes.
Okay.
Sure.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
[music].
Yes.
Okay.
Okay.
Sure.
Okay.
Sure.
Yes.
Yes.
Right.
Yes.
Yes.
Yes.
Okay.
Thanks.
Sure.
Yes.
Okay.
Okay.
Yes.
Sure.
Sure.
Yes.
Yes.
Yes.
Yes.
Okay.
Sure.
Thanks.
Thank you.
Okay.
Sure.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
[music].
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
Yes.
Okay.
Yes.
Thanks.
Yes.
Okay.
Okay.
[music].
Yes.
Okay.
Yes.
Yes.
Yes.
Sure.
Yes.
[music].
Okay.
Sure.
Okay.
[music].
Yes.
Yes.
Okay.
Sure.
Yes.
Yes.
Okay.
Okay.
Yes.
Yes.
Thank you.
Sure.
Yes.
Thanks.
Yes.
Yes.
Yes.
Okay.
Sure.
Yes.
Okay.
Okay.
Yes.
[music].
Okay.
[music].
Okay.
[music].
Yes.
Thanks.
Okay.
[music].
Thanks.
Sure.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Okay.
Yes.
Yes.
Sure.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
[music].
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
[music].
Okay.
Okay.
<unk>.
Yes.
[music].
Sure.
[music].
Yes.
Sure.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
[music].
Hum.
Tom.
Yes.
Sure.
Yes.
Okay.
Yes.
Yes.
Yes.
Yes.
Okay.
Okay.
[music].
Yes.
Okay.
Yes.