Q3 2022 Playtika Holding Corp Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
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Okay.
Thank you for standing by and welcome to the <unk> Holdings third quarter 2022 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 this session you will need to press star one on your telephone.
Today's program is being recorded and now I'd like to introduce your host for today's program Mr. David Niederman, Vice President of Investor Relations. Please go ahead Sir.
Welcome everyone and thank you for joining us today for the third quarter 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, <unk>, 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.
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.
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 for 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'll also post our prepared remarks immediately following the call.
I will now turn the call over to Robert.
Thank you everyone for joining our call today in the third quarter, our casual games growth velocity continue to succeed we saw excellent results from our casual games, which grew 14% year over year.
The results demonstrate political so clearly technology.
And the ability to optimize and grow revenues over the long term.
Bingo belief is driving this result.
The best lives and using new AI based.
With the potential to create upside across our portfolio.
Thanks to our strong marketing capabilities globally.
<unk> has also become a compelling mainstream franchise leveraging celebrities and music stars with a marketing partnership and is now the number one game in play pickup portfolio by revenue.
And it shows that we are creating amazing entertainment experience that our players love.
I will now touch our slot deals again.
The slot category is a mature competitive market, having said that we are creating exciting roadmap for 2023 that we expect to provide our players with a unique innovation content.
Finally, I'd like to introduce a new initiative.
It's about digital studio.
This will be a new way of managing game studios it is a.
<unk> AI and machine learning tools that enable studio to run more efficiently using automation.
This is something we are testing with our legacy titles and we'll talk about more in the future.
In closing.
I am excited and confident in our position and ability to win this market.
<unk> has a solid foundation.
In place for the long term.
A diversified portfolio of top ranked games.
Passionate long term players that are enjoyed our games over many years.
Our direct to consumer platform is at scale and a strong competitive advantage, our data and technology delivery capabilities and their approach to user acquisition allows us to be first.
<unk> and optimize resource.
And then finally, we have a strong financial position with a healthy balance sheet to pursue growth opportunities.
I will start out by saying that we are excited to continue building political and hadn't seen its position as a leading mobile games company with that I will now turn it over to Craig who will provide more details on our financial results.
Thank you Robert.
Revenue was $647 8 million up one 9% year over year.
Regarding adjusted EBITDA as our debt investors calculated different EBITDA metric going forward, we will provide both credit adjusted and adjusted EBITDA.
The difference between these two non-GAAP financial metrics is our management retention plan, which expires at the end of 2024 and M&A related retention payments.
Adjusted EBITDA was $237 million in the quarter down six 9% year over year.
Credit adjusted EBITDA was $203 5 million in the quarter down six 2% year over year.
Revenue across our casual games grew 14, 4% versus a year ago.
During the journey from our <unk> studio grew 32, 5% versus last year, driven by strong conversion from Nevada feature and addition of new features implemented throughout the quarter.
So I'll start grant harvest was up 14, 3% versus a year ago.
Pingo <unk> grew 14, 7% year over year joined by the Majestic Blitz promotion and very strong execution.
This quarter Bingo Blitz enjoyed amazing momentum and became the largest game in our portfolio from a revenue perspective.
Casino themed games revenue for the third quarter was down 10, 2% versus a year ago.
This was driven primarily by results in slot ammonia and house of fun and offset by positive results in World series of poker.
<unk> had a challenging quarter down 12, 7% year over year. This performance was driven in part by New features we introduced that did not resonate with our players.
To address this we plan to shift focus back to the core of the game, including better slot style content optimizing the game economy, and overall being more responsive to player feedback.
We have a compelling feature roadmap built for 2023 and are making <unk> strategic priority for the company.
How's the fund was down 21, 2% year over year as per our comments in Q2, we continued our strategy of cutting back on marketing and pursuing a more efficient studio model and ultimately aligning with the company's focus on overall adjusted EBITDA generation.
As we evaluate the performance of this strategy, we have the potential to apply it to other mature titles as well.
World series of Poker performed well growing eight 2% versus last year, driven partially by the World series of Poker main event, the July which help build awareness for the game.
Looking at operational metrics average daily payer conversion increased 60 basis points year over year to three 4%.
<unk> increased 16, 4% year over year to 78.
And average daily paying users increased five 8% year over year to 310000.
Turning to marketing the digital user acquisition environment continues to evolve and cost per install have increased in the third quarter.
As we look out to our plans for 2023, we will continue to increase marketing investment in our growth franchises, while being disciplined and data driven in how we allocate marketing capital.
Our offline marketing campaigns have been a great method to offset this changing user acquisition dynamic to drive user growth and also showcase the brands of our games.
We continue to partner with celebrities in the third quarter, including drew Barrymore, Jane Seymour, Dr. Phil and Jay Leno among others.
Turning to our P&L gross margins were stable at 71, 9% up slightly from 71, 8% year over year.
Additionally, direct to consumer platforms were 23, 3% of total revenue up from 21, 7% in the third quarter of 2021.
Total operating expenses increased 10, 7%.
Year over year, primarily related to employee related expenses.
R&D expenses increased by 25, 8% year over year, driven primarily by head count growth and increases in compensation expenses for our employees as we discussed on prior calls.
Sales and marketing expenses increased by 3% year over year as we remain disciplined in how we allocated marketing dollars.
G&A expenses increased by six 5% year over year.
GAAP net income was $68 2 million compared to $80 5 million in the prior year quarter.
As of September 30, we had approximately $1 6 billion in cash and cash equivalents.
Upon closing of the tender offer in October we used approximately $600 million of the cash from our balance sheet, excluding fees and expenses. Following the October transaction, our balance sheet of cash and cash equivalents is approximately $650 million. Additionally.
Additionally, this will reduce share count in the fourth quarter by approximately $51 8 million shares and have a commensurate impact on per share measures.
Our effective tax rate year to date was 32%.
Regarding our financial outlook, despite a difficult market environment, we anticipate we will finish the year within the previously provided ranges for revenue and adjusted EBITDA.
In closing we're encouraged by the success, we saw in our casual games and the continued innovation and creativity of all of our teams as they strive to provide our players with the best quality Entertainment.
And as I mentioned, we are working to stabilize revenue and our slot themed games, while operating them in an efficient manner.
Looking to 2023, we will continue to invest in our strongest franchises to build on momentum they have achieved.
We are prioritizing our investments across our portfolio of games as we look to align growth and expense profiles.
We will maintain our focus on free cash flow generation, while continuing to drive growth in our successful casual titles and build on our leadership position in mobile games.
With that we'd be happy to take your questions.
Certainly ladies and gentlemen, if you have a question at this time. Please press star one on your telephone if your question has to be in it.
And one moment for our first question.
And our first question comes from the line of Matthew <unk> from Morgan Stanley . Your question. Please.
Good morning, everyone. Thanks for taking the questions I have two so just thinking about the divergence between the casual game and the casino games. Obviously, the casual games are performing very very well and you mentioned some challenges specific to Florida Mania is there a market level challenge going on in the casino gaming market right.
Now that you expect it to turn at some point in what should be what should we be watching for that when that turn is going to occur and then just on the marketing front, obviously in the past <unk> been very effective at it sort of maintaining a flat or relatively stable effective CPI, you mentioned CPI as being up a little bit in <unk>.
I'm, just wondering were there certain channels, where youre seeing more challenges or sort of what drove the CPI up. Thank you.
Thank you for the question. So first <unk>, an amazing portfolio of games and we actually proved in the past that we know how to change momentum.
<unk>.
Formerly look amazingly like bingo blades six deals that go like W. So be it two years ago and this is what's happening in your answer to money on we are building an amazing roadmap for 'twenty to 'twenty. Three we're excited about this roadmap we believe with this roadmap we believe.
To stabilize.
Revenues and this is our target.
And then regarding CPI.
Sure. So in terms of CPI as we've shifted focus for higher quality traffic.
And traffic sources and focusing more on ROI.
I think that that's really been helpful for us.
<unk> that we have our scale, our AI technology, and how we buy traffic and our live ops capabilities I think those three things those three things combined really gives us an advantage in an environment, where precision on buying traffic is so important.
Great. Thank you.
Thank you and once again, if you have a question at this time. Please press star one on your telephone one moment for our next question.
And our next question comes from the line of Eric Handler from <unk> Partners. Your question. Please.
Yes, good morning, and thanks for the question Robert I Wonder if you could just touch on your thoughts about new game launches I know you had several in the pipeline how youre thinking about that in this current macro environment.
So thank you for the question. So we're launching most starting September .
With a solid launch it's still early.
What about the future of the game.
It's not easy environment to launch new games.
It's not a surprise, we see the overall industry.
We have another two games that well right.
Right now exploring new ways to launch them.
I think in a quarter or two quarters from now we will know exactly what is the future of the new games, but again as we said in the beginning of the year our focus is.
We began doing at around $100 million and this is the target of political for new games.
Till now its really hard for us to get an answer regarding mass story, but I believe that in the quarter or two quarters from now we'll have.
A solid answer.
Okay, and then just as a <unk>.
A follow up I'm wondering if you could talk about sort of an update on.
Read the core game.
So as you recall as we said in the beginning when you acquired <unk>. It is the project project of 18 to 24 months.
Changes in the game, we built an amazing team is red.
We brought in talent from other.
Studios, and clay ticker and I believe that during.
Next year, we will have a <unk>.
Better view on the future of the game.
Thank you.
Sure.
Our next question.
Okay.
Our next question comes from the line of Cowen.
R. W. Baird your question please.
Hi, there and thanks for taking my questions.
I guess I guess first off I know you guys don't really look at it this way, but on the decline and do you use do you have any concern over time around limitations to GPU growth or revenue per GPU at the top of the funnel does.
Expand and then and then secondly.
I know theres a lot of divergence in performance by title, but are you seeing any any specific areas, where you're making changes to boost are there areas, where youre seeing some of some of those those technology initiatives improved performance in some titles that can be applied to other titles any sort of visibility on and using the.
<unk> technology platform would be helpful. Thanks.
Sure. Thank you so in terms of da use we've been focusing on higher quality tier one traffic.
And so in doing that youre going to see lower levels of <unk> in terms of daily paying users, which is the metric we focus folks on you saw 6% year over increase in stable at 310000 quarter over quarter.
So I think that is the metric in terms of the engaged player base payer base and trying to grow that we're primarily focused.
So regarding the booths question, so really I'm happy to win.
To elaborate more regarding boosting ticketing studio because at the end of the day, when we announced about booth two years ago boost is it a platform to share knowledge of new features of content between the apps and it's working amazingly.
Did you give them to the next level of the boost this is how we're going to operate our games in the future. This is how we're going to use AI technology to make.
The operation in the library of much first off much efficient than we're doing today at the beginning of next year, we're going to elaborate much more about it we're going to share more information, but this is one of our best and interesting project.
Okay. Thanks, very much guys.
No.
Thank you one moment for our next question.
And our next question comes from the line of Stephen Ju from Credit Suisse. Your question. Please.
Great. Thanks, guys. So I think Robert you touched on the.
<unk> remarks, and I think there was also a recent interview.
With Eric.
Talking about the acquisition opportunities out there also.
And you'd have to think that gross at <unk>.
<unk> environment when growth every studio out there was probably flushed with business.
Probably looking at a different situation now so can you talk about the current environment.
Whether those conversations may or may not be accelerating thank you.
Sure. Thanks, David So.
Yes.
The M&A environment continues to be competitive I think everyone acknowledges that mobile gaming is the biggest gaming platform within video games and.
In terms of the investments and M&A opportunities that we're evaluating.
There continues to be a variety of interesting opportunities in the marketplace I would say that.
There continues to be a divergence between private private markets and public company valuations.
But that being said post tender offer we have $650 million of cash on our balance sheet, we have $600 million.
In the form of a revolver. So we definitely have the capabilities and capacity to continue to execute on transactions and we're definitely focused on that as we look to add world class IP to our portfolio.
Thank you.
Thank you one moment for our next question.
Yeah.
And our next question comes from the line of <unk> from <unk>. Your question. Please.
Hey, guys. Good morning, I wanted to ask a question around the directional trends in light of Craig I think you characterize the market environment is difficult right now, which.
Certainly in line with what a lot of peers of yours are saying, but.
What did you see I guess last quarter, you gave us some helpful color on monthly progression, noting may and June were a little weaker relative to April but that July performance sort of uptick did you see improvement relative to July and how has sort of <unk> started off relative to that.
At end of quarter exit rate.
Sure. Thanks for the question, we're not going to comment on kind of monthly trending I think.
We would say is that we're proud of our execution in light of the market conditions.
Being able to stay within the range I would say that.
Both revenue and adjusted EBITDA, probably will end up more towards the bottom end of the range that being said.
Especially as it relates to the expense structure of some of the R&D projects that we anticipated. This year ended up being projects that get expensed versus capitalized.
So our capex guidance for the year previously it was $140 million it will now be $125 million to $130 million.
So neutral effect from a cash flow perspective, but some change that affects where we ended up in the range.
Okay and your direct business has also been growing year on year in terms of mix I think you are up to about 20% or 24% right now.
Do you believe that I guess sort of traditional channels of distribution with sort of mobile in app stores are under pressure and if that is the case.
Perhaps we're looking at maybe medium to long term a slower growth environment that might be a little bit too much of a stretch, but I'd be curious if if that is something that maybe.
He is coming over time does that change your view around sort of long term mix of the opportunities associated with direct and third party channels and maybe driving the former a little bit higher. Thank you.
So direct to consumer has always been a strategic priority for us as you referenced it currently 23, 3% of the business.
Other than bingo Blitz, none of our casual titles are yet on direct to consumer and so we do see opportunities.
To provide more opportunities to give our consumers choice.
And with that we'd hope to see growth as well. So I think for US nothing has changed strategically with that it continues to be a competitive differentiator for us.
Thank you.
Thank you one moment for our next question.
And our next question comes from the line of Eric Sheridan from Goldman Sachs. Your question. Please.
Thanks, so much for taking the questions maybe two if I can just coming back to the.
Our concept around improving monetization within the slots.
<unk> is that a couple of quarter initiative or do you think it could take upwards of six to 12 months, how should we be thinking about the timeline of improvement and how much of that is sort of in your control in terms of just game came optimization versus elements, where there could be potential headwinds from external factors like the broader.
Macro environment of consumption environment that would be number one and number two I know you referenced having over $600 million in cash on the balance sheet now post the tender offer and talk to you a little bit about the potential for acquisitions with a wider spread between public and private but how should we be thinking about the rank order of priorities for that cash as you look.
Over the next 12 months in terms of where you think.
There is potential for ROI in deploying the balance sheet is thanks, so much.
So regarding the first question.
So as I said in the beginning of the call.
We're focusing at the 2023. This is the this is the year now.
We're going to stabilize we're going into we have been amazing a roadmap like I said before and this is a top priority of play ticker slot, Romania and again as I said, we had cases in the past of against the deal performed well and we change the momentum and grew them in.
Look at Bingo visited becomes the number one game in political today, So we're very optimistic about it.
Thanks, Eric in terms of your second question on M&A.
It's always been a strategic priority for us if you look at all of our top titles today other than it's a lot of maintenance Caesars casino. They all came through acquisition.
And it will continue to be a strategic priority for us and in rank order quite high in terms of how we intend to prioritize.
Thanks for the color.
Thank you one moment for our next question.
And our next question comes from the line of Douglas <unk> from Cowen Your question. Please.
Hey, thanks.
Questions first can you give me a sense of what the revenue currency headwind was in Q3, and what you think it could be in Q4.
You talk about difficult market conditions, and we've heard this a few times can you be a bit more specific about.
Is that on the monetization of engagement side, the engagement of user side or the ability to grow da use side.
And maybe can you talk a bit about there's been a pretty big spread of performance between the companies in Q3 and talk about why you think that is thank you.
Sure. So on the first question on FX.
As you know is about 70% of our business today is in the U S 30% outside the U S.
So there were tailwind to revenue from from FX impact.
Some of that was offset by the fact that we employ so many people in Israel, and Europe , and Eastern Europe and got some benefit there outside of what was hedged.
But the net effect overall definitely was a tailwind sorry, it was a headwind in terms of overall impact from FX.
In terms of the market conditions, obviously theres a few things that we've referenced in the past the.
The fact that CPI is are increasing and the marketing environment.
More broadly has been challenging I think we've navigated the market.
At better than what we've seen in terms of other public data and that we have a very strong overall portfolio I think the evergreen nature of the franchises that we have.
The casual titles, specifically have been driving that outperformance and I think that.
Combined with our live ops capability is really what differentiates us.
Great. Thank you.
Thank you one moment for our next question.
And our next question comes from the line of Jason Bazinet from Citi. Your question. Please.
I just had a question on these.
Healthy.
Payer conversion rates, which were in the high ones low twos in the mid twos and high twos now we're approaching sort of mid threes.
Can you just talk a little bit about how much of that is a function of <unk>.
Boost how much of a function is going after higher quality traffic I think was the term that you used.
And what's the what's a reasonable ceiling for how high that number can go.
Sure. So thanks for the question I think as we've looked at in the past we've kind of made the statements that we've looked at our most mature franchises and looked at the conversion levels, there and thats, given us visibility and confidence that and then more newly acquired titles that we can grow their conversion rate over time.
Conversion is a whole kind of directly correlates to the length of time that we've owned the title and operate it leveraging our live ops knowhow and bringing people the right content at the appropriate time. So I think that is something that we're very good at and where a lot of our focus comes in and trying to continue to drive that daily paying user number overtime.
Okay. Thank you.
Thank you one moment for our next question.
And our next question comes from the line of Omar just to keep from Bank of America. Your question. Please.
Alrighty, Thanks for taking the question.
So if I were to assume that advertising revenue was similar to the first and the second quarter.
It would seem to suggest that.
Implied.
Revenue per <unk>.
Daily paying user is a little bit down quarter over quarter.
First of all is that the case and second of all if it is the case.
Is that driven by is that seasonal or is it more driven by.
Reductions in spending across the board are you seeing any changes in behavior.
Or is it driven by the mix of gamers Ware.
Maybe higher spending gamers.
Are less active or lower spending gamers are more active within that number.
Hey, Omar Thanks for the question. So I think it's more driven by.
The portfolio mix that we have in terms of performance quarter over quarter, if youre looking at.
The slight sequential decline quarter over quarter, it was driven more by the slot titles.
Both slot of median house of fun, So I think and more correlates to that than some other broader trend.
As you've seen we had very good quarters from both single bleeds and solve their grant harvest sequentially.
Driving real growth, it's hard to call out that there is some other broader market for us when we see such strength within the portfolio.
Great. Thank you.
Thank you and as a reminder, ladies and gentlemen, if you have a question at this time. Please press star one on your telephone.
And our next question comes from the line of Franco Granda from D. A Davidson your question. Please.
Hi, good morning, everyone.
Just wondering have you noticed any difference between some of the newer cohorts that you're acquiring through your offline campaigns and dose from conventional UA.
Any commentary around LTV curves.
1% to 30 retention etcetera.
Nothing notable that we'd comment on this call.
I think the power of the offline campaigns as early that it further reinforces the brands as <unk> seen its really further elevated bingo Blitz now as the number one title within our portfolio.
I'm truly.
Distinct entertainment personalities and creating a real halo around it. So I think the benefits there are more qualitative in nature.
Helping in diversity of how we acquire traffic as well, but nothing specifically call out in terms of the cohorts.
Okay. That's helpful. And then recently <unk> been reorganizing their company and Sharepoint and games around some sort of a few different studios, where we're arguing that journey and then can you share any progress report of sorts with how that's gone on internally.
No I think as we've noted before some some games like <unk> and best gains are now being managed.
Out of our headquarters in heart failure and.
There is no no update there other than the teams continue to get up to speed and execution.
<unk> on their business plans.
Alright, and then one very last one if I could just squeeze one in.
Can you give us more color around that digital studio or initiatives that you talked about with your AI tools any color around the logistics and how that would work.
Hey, Thank you for the question so I cannot put more color than what I said before I only can say that.
This is going to be meaningful thing for political.
In the future.
This is how we're going to approach our games. This is how we believe the world is going to look and the as I said, we're going to elaborate more about it in the beginning of the deal and there's going to be an amazing thing for us. Thank you.
Thank you guys.
Thank you one moment for our next question.
And our next question comes from the line of Eric <unk> from Macquarie. Your question. Please.
Hi, Thanks for taking my question and I apologize if I missed this I got dropped from the call.
Do you still see any macro impact on consumers and their willingness to pay in.
Last quarter, you had talked about.
May and June have looked a little weak, but things have improved in July .
And we have heard from some companies that called out macro weakness in Q2 that didn't really play out.
<unk>.
So just curious what you're seeing in the consumer and the health consumer.
Yeah.
Thanks for the question. So I think what we're seeing is that it really is by genre category. So it is hard to impact overall.
Economy, driving any one result be that obviously, the real strength throughout the casual portfolio and.
And there was great execution on the quarter and then it was softer on the.
On the slide themed games and so I don't know how much of that because you look at some genres.
The market data it looks like it performed well and we may have over performed underperformed what's happening there. So I don't think we can make a blanket statement about the consumer I think what we can.
Show Us that we believe that we had very we're proud of the results that we had in the quarter amidst the market data that we're seeing.
Got it thanks.
As a follow up are there any economic indicators that you look at to inform your view of.
How do you think players will behave whether thats GDP growth or the stock market unemployment.
You think that could be considered a leading indicator.
Nothing I would note.
Okay. Thanks.
Thank you. This does conclude the question and answer session as well as today's program. Thank you ladies and gentlemen for your participation you may now disconnect. Good day.
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Okay.
Tom.
[music].
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Yeah.
[music].
Okay.
[music].
Okay.
Yes.