Q3 2022 Altus Group Ltd Earnings Call
The Altice group third quarter 2022 financial results conference call and webcast.
As a reminder, all participants are in listen only mode and the conference is being recorded.
After the presentation there'll be an opportunity to ask questions.
Join the question queue, you May Press Star then one on your telephone keypad.
Should you need assistance during the conference call you May signal, an operator by pressing Star then zero.
I would now like to turn the conference over to Ken now that parts of <unk>. Please go ahead.
Thank you operator, and good afternoon, everyone and welcome to <unk> third quarter results conference call and webcast for the period ended September 30th 2022.
Louisiana Senior results was issued after market close this afternoon, and it's posted on our website along with us and I'll have Peter profile, along with our interim MD&A and financial statements.
For those of you joining us some minor tweaks introduced slides to accompany our prepared remarks. The slide deck is also available on our website for those participating by phone.
Joining us today, our CEO , Jim <unk> CFO Angelo Bartolini as long as the Vice President of finance and accounting error cloud with.
Start with some prepared remarks, and then move right into the Q&A session. If we miss any questions. Please contact me directly by email and Joel will begin by covering our financial performance and then Jim will provide an operational update.
Please be advised that some of our remarks on this call may contain forward looking information forward looking information is based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected.
You can read about these assumptions risks and uncertainties in today's press release, and our most recently filed MD&A and annual information form as well as in our other filings with the Canadian Securities regulators, we undertakes no obligation to update forward looking information, except as required by law.
Also please be reminded that all of this group uses certain non-GAAP and other measures as indicators of our financial and operational performance.
Explanations of these measures are detailed in today's IR materials, including easily slice MD&A and in our other filings with the Canadian Securities regulators.
Over to you as well.
Thanks, Camilla before I begin. Please note that all the figures we will be referring to today are as reported in our growth rates will be on a constant currency basis.
We delivered another quarter of very strong results with clear evidence of our execution across numerous key metrics, our double digit consolidated revenue and adjusted EBITDA growth reflects continued momentum in analytics and robust CRE consulting performance.
Analytics is firing on all cylinders high growth in recurring revenue solid bookings performance and adjusted EBITDA margin expansion.
Our continued execution is driving high sales productivity and cost optimization and enhanced operating leverage demonstrating that we can grow and expand margins.
This resulted in increased cash flow from operations.
$19 million year over year in the quarter.
In addition to delivering solid financial results, while making progress against our strategic initiatives and we are seeing the returns from our investments we have momentum across our businesses as we invest in technology and strategic growth initiatives.
Couldn't be more pleased to host my final earnings call at Altice, delivering such an outstanding quarter.
Diving into our consolidated performance, we have strength across all of our key metrics revenues were up 18% of which 13% of the growth was organic.
This is the sixth consecutive quarter of double digit topline growth.
Profit under item for Us was $6 8 million.
Meaningfully from a loss in the prior.
<unk> here.
Adjusted EBITDA was up 34%.
The earnings growth from analytics.
Consolidated margins were up 240 basis points to 18, 5% driven by a 500 990 basis point increase from analytics.
And adjusted EPS came in at 42.
Nice increase, particularly given the larger share count followed following the equity financing last year.
Two focus simplification and execution, we are improving our business performance, while positioning ultra strategically for the future.
This required us to realign our operations and our resources towards our growth priorities.
In Q3, we took additional cost out as part of our restructuring program recording an 8 million restructuring charge.
More than half related to our ongoing efforts to rationalize our office.
Our office leases space in certain markets and the remainder related to employee charges. The year to date restructuring program charge stands at $21 9 million.
Turning to our business segment performance, starting with analytics analytics revenues up 35% and notably overtime revenue was up 40%.
We're sustaining the accelerated growth and starting to put up notable margin expansion.
This speaks to our sales execution also bolstered by the operational improvements we've been driving healthy demand for our solutions and our focus on enhancing operating leverage as.
As well we are starting to see the results of our transition to a recurring revenue model implemented just over two years ago, which provides for greater revenue growth and margin expansion.
I'm really pleased with the 25% organic revenue growth.
And especially the 28% organic over time revenue growth and new high.
On the earnings side, adjusted EBITDA was up 76%.
This reflects higher revenues and increased operating efficiencies ongoing cost optimization and an FX tailwind on an as reported basis from a stronger U S. Dollar.
Slide nine illustrates the impact of these growth factors, which drove a 590 basis point increase in our adjusted EBITDA margins to nearly 24% in Q3.
Given our strong return revenue base and low churn this bodes well for margin expansion in future.
Okay.
Over time revenue growth is an important kpis for us to grow.
This revenue stream and continue to make investments that will further improve this metric.
Enjoying healthy demand for our key offers while benefiting from customer expansion as well as new customer additions.
Our high percentage of our revenue growth continues to come from our existing customer base.
Have a significant runway for wallet share expansion and.
And we continue to add new customers to our roster both in North America and internationally in Q3, we added approximately 200, new logos for Argus. This is in addition to new logos from our other solutions.
We're also seeing revenue growth internationally in our core geographies, while the majority of our growth continues to come from North America. We also posted notable growth in EMEA and APAC.
Our bookings at $26 9 million showed a solid increase of 28% over last year, while increasing 8% sequentially ended.
Indicating continued strong demand for our offers despite the macro challenges.
Most noteworthy recurring bookings were up 55% year over year.
As a reminder, the effectiveness effectiveness of our go to market model began to emerge in the fourth quarter last year.
While our productivity continues to grow our year over year percentage growth in the future will now be office benchmark.
Turning to this year CRE consulting segment.
Property tax had modest revenue growth consistent with our expectations both in U S and Canadian operations had double digit growth.
Offset by a decline in the UK.
Unfavorable FX rate continues to challenge the UK business and as discussed on the last earnings call. The UK continues to be impacted by the slowed cadence of settlement volumes at the valuation offers future resource constraints.
So impacting revenues and this quarter it translates to a higher backlog entering 2023.
Our valuation and cost advisory businesses performed well in the quarter.
This reflects continued healthy market demand and effective sales execution.
Growth rate also takes into account a lower compare in the same quarter last year, which experienced disruption from the cyber security incident.
Our final and finally, our balance sheet and our net cash from operating activities continued to be strong.
We finished the quarter with a cash position of $46 6 million and with $324 million in bank debt. The funded debt to adjusted EBITDA leverage ratio as defined in our credit agreement was $2 two nine times, a nice improvement from last quarter and well below our maximum limit of four five times.
Applying our cash and net debt to adjusted EBITDA leverage ratio was two two times.
Given our growing adjusted EBITDA levels, and our ability to generate strong cash flows we are able to deleverage quickly and we apply our available capital towards growth initiatives and with that I'll now turn it over to Jeremy to take us through some of the operational progress.
Thanks, Angela good afternoon, everyone.
I think everyone knows that we work out the scripted comments here, but.
Unscripted comments are.
<unk> got a mic drop moment.
Okay.
Awesome.
So happiness.
The results that we got to deliver and we're not surprised because there.
The company has built a great foundation for years.
We put an operating plans for the last few years that it has been just everyone's onboard.
It's great. Thank you.
So to say I'm really pleased with third quarter performance surprises Scott is an understatement.
Not only was performance great strength across all of our leading indicators.
It's been a really exciting time for Altus group and by extension for all of our stakeholders, our clients our employees and our shareholders.
Thanks to all of our colleagues for their hard work and outstanding contributions this quarter.
I'm going to focus my comments on our two largest businesses analytics and tax.
The fundamentals of both businesses are very healthy.
Even in the current economic environment, all parts of our businesses performed well.
87% of our analytics revenue, our overtime and our relationships with our tax clients represent long term and often renewed engagements the volatility of the markets makes our offers more impactful helping to reveal drivers of alpha and identifying and mitigating risk to our clients portfolios in other words, reducing data.
Our results again show that we are stable and quite resilient across various economic cycles.
We believe we're navigating successfully in this current economic environment by focusing on resource allocation and detailed account planning and on value selling and creating value and bringing value to our clients. Our Q3 analytics bookings are up and we have a healthy and growing tax backlog.
Other indicators such as pipeline build renewals and sales cycles are trending nicely and tracking with our expectations.
Overall analytics delivered an impressive quarter.
Last year and in the first half of this year, we focused on ramping up our sales productivity.
As you heard today analytics highlights include 40% over time revenue growth.
590 basis point improved margin improvement in analytics, and 28% bookings growth, including recurring bookings being up 55% with.
With the acceleration in top line growth, we're on a path to reach our aspirational $400 million revenue goal for analytics next year.
And in the tax business, we expect to close a record revenue year.
As we prepare for two important new tax cycles, which are expected to commence next year. We're poised for another multi year run of revenue growth market share gains and enhanced operating efficiencies.
Additionally, the integration with <unk> solutions is progressing well and opens up new cross sell opportunities with our recurring revenue stream.
It also advances our efforts to digitize and automate many of the manual workflows for the tax business.
Turning to a quick update on Argus cloud adoption, we ended the quarter with 55% of our Argus enterprise users on the cloud in line with our plan.
We have good visibility on upcoming contracts and expect larger clients to convert to cloud upon renewal.
Based on that we maintain our target to get to the low to mid sixties cloud adoption rate by the end of the year and expect to have a large majority of Argus enterprise users on cloud by the end of 'twenty three.
A notable operating highlight is the upcoming launch of an important addition to our intelligence as a service offer portfolio.
Investors are looking for ways to harness data and predictive analytics to improve performance and manage risks. Our next intelligence as a service software will enable clients to harness both through the combination of predictive models and macroeconomic demographic and valuation data there will be further enhanced through our expert led delivery.
To illustrate this with a use case consider a CRE investor focused on the retail sector looking to identify new opportunities.
Client would evaluate factors such as demographic profiles income and employment trends population growth mobility trends vacancy and rental rates and growth prospects. In addition to comps all our valuable decision criteria.
Without the right data analytics technology and expertise. This type of research takes extensive effort and time to gather and analyze.
<unk> the performance of and investment based on changing economic conditions could take weeks or months.
Our capabilities can reduce decision time for hours and minutes, while significantly increasing the quality of the analysis.
This will be our first author powered by our next Gen technology stack, which we call the office performance platform or ACP for short.
The ATP deliver scalable diverse and extensible data model designed to support advanced analytics applications, our organic investments in technology combined with two of our most recent acquisitions strategy <unk> converge on a platform to allow us to deliver intelligence as a service is an exciting time for <unk>.
Our analytics team.
Moving to operations.
By design 2022, as key execution year during which we metaphorically report our foundation and got our house in order.
We remain focused investments in our operations our people our systems and our technology to accelerate growth efficiently scale and position us for many years of success. While some of the work continues into next year I am very pleased with the team's successful execution against the strategic priorities that I laid out.
For you when I first took on the CEO role.
As you've seen through our quarterly results. Many of our investments is started generating returns and I believe we have only scratched the surface, we have a solid foundation for growth and efficiency.
During the quarter, we held our strategic planning meeting.
We refined our strategic direction investment allocation in our budget process.
Start with our clients there are opportunities and challenges and how we can help them profitably and sustainably grow their business.
We know our court.
Which markets customer segments and offerings represent the largest growth opportunities, we know where we need to innovate and expand our use cases to create more value for our clients and capture more users and our platform ecosystem.
We know how were positioned against the competition and what we need to do to defend and grow our business.
This drives our next steps, we align our 2023 budget investment request to the most impactful opportunities we prioritize those investments.
Confident in a successful outcome of those investments because we have the best team in our industry driving value for our clients every day.
Having recently reached my two year anniversary with office I'm, even more excited about the future success and opportunities for Altus group.
Okay, Let's open up the line for questions operator.
Thank you we will now begin the question and answer session to join the question queue.
And then one on your telephone keypad.
Tom acknowledging your request.
They are using a speakerphone please pick up your handset before pressing in Q2.
To withdraw your question. Please press Star then two.
Our first question is from Richard Tse.
With National Bank financial Please go ahead.
Thanks for all that detail information.
I have a question about sort of the advanced analytics on AEP.
It sounds like you have a lot of interesting opportunities coming can you help us maybe sort of size that market for all of this in terms of the incremental over and above the run rate that you are currently at.
Sure.
Turning at Investor Day last year, we sized the markets that we currently serve with our legacy franchises.
Five over $5 billion.
Yeah.
In the six core markets that we serve the U S Canada.
U K, France, Germany, Australia, we're in many many other countries, but those are the that's where we focus our investments.
The.
The asset performance offers.
And the portfolio investment strategy and intelligence that we can that we're bringing to the table today.
We'll be doing it at more scale more efficiency with ATP.
Significantly grows that addressable market.
So we don't give exact guidance.
Product level on that but.
This opens up a significantly larger market for us.
Okay markets that where the ability to connect all of the data across all of our franchises and bringing this macro economic and demographic data we didn't really have.
The ability to sue.
Synthesize all of that added asset level.
Which now we do and our.
We think we have the best asset level data.
Anywhere.
Okay. Thanks.
As far as the transition of the cloud.
Is there a sort of a point or some sort of broad number whether it's 60 70, 80%.
Adoption that you kind of get into the point, where there's another level of critical mass or.
Is that not the right way to think about it.
Well.
As we've as we move on past.
<unk> 14, our development efforts are very focused on.
It will be.
But over a course of time, we will be eliminating the entitlements on maintenance.
<unk>.
It will be in our clients' best interest and our shareholders' best interest that we get to one platform. So.
It will all get to cloud over time, we are of course sensitive too.
Our clients, who have other investment opportunities for their it spend and we're accommodating that as long as they are on the latest platforms.
David.
Managing multiple.
Versions are over so.
Eventually all of them get there okay.
Good to hear.
Your point about it.
Is it the right way to think about it.
I already think about us as the analytics business as a cloud technology.
Business. So, yes, we know our path to the low $60 window, which clients get us there.
We're operating like a cloud company inside them.
Okay, Great and just one last one for me.
With respect to your sort of $400 million target.
It looks like the run rate is getting pretty close there.
The assumption here that youll get to that target without acquisitions or.
But it sort of include acquisitions.
The third.
Without acquisitions, Okay perfect. Thank you.
Yes.
The next question will come.
Okay.
Next question is from Larry link with Canaccord Genuity. Please go ahead.
Hey, good evening.
Alright.
So really impressive organic growth, particularly against a pretty tough comp last year.
Wondering if youre seeing any.
Organic growth being driven from from the acquisitions.
Our finance active and maybe even strider them that are now in that organic growth calculation given that it's been over a year.
Sure.
Are you mentioned same customer sales. So are you seeing some of your legacy customers.
Adding some of these modules.
Modules onto their contracts or any color you can give on.
That's driving any organic growth.
So are we having organic growth in those areas yes.
Are they driving it like are they are customers.
Actually seeing your customers, adding <unk>.
Finance Act of <unk> strategy to there to there also.
Yes.
Lately.
We are having success across the board.
The core businesses are are very strong and those those additions to the portfolio.
Would allow us to move to value.
In terms of offers unless about products or.
<unk> legacy brands.
So we think about.
I think that strategy offers for our clients too.
They look at where should they invest next or what should they divest from.
Asset performance.
All of the all of the acquisitions come together to give us that holistic view portfolio and asset performance.
Okay.
It looks like <unk> had a boat.
Just over <unk> 5 million of revenue in the quarter.
<unk>.
If you annualize that which I understand is a dangerous thing to do.
You're kind of getting just over $21 million of revenue you bought it it was doing <unk>.
Is that the type of growth.
You had planned for that business and as a follow on to that hesitant in fact moved into EBITDA positive territory in the back half of 2022.
So.
Couple of things in there.
That business does have a seasonality to it.
And this is not the high part of the seasonality.
Is it the expectation guang.
What are they in line with our expectations, Yes, I will reiterate that.
<unk> was a technology buy for us.
The technology and re automate.
Allows us to connect asset attributes across different datasets together to get a holistic view.
Of a of an asset performance and portfolio performance that was a key part of the strategy.
With that acquisition, we laid out our strategic intent and now we're executing on it what we said about <unk> last year was that the <unk> business would hit breakeven in Q4 of this year.
Our our reporting is the statutory reporting when we bought <unk>, we were not only buying technology, but more importantly, we were buying.
Technologists and great go to market people and their.
<unk> impact is across our entire portfolio. So year end the way to think about this the way I thought about it as the president of analytics. When we did the acquisition its still now it was.
Would it help drive expanded analytics margins in total.
As you can see in our performance it has.
Okay. That's good color I'll turn it over thanks.
Eric.
The next question is from Stephen Macleod with BMO capital markets. Please go ahead.
Thank you good evening everybody.
Just.
So a couple of questions Alright couple.
Couple of questions.
On the overtime revenue.
It sounded like you made a point in the press release, the MD&A are talking about the majority of growth coming from North America, but also seeing contribution from EMEA and Asia Pac.
Regions. So I'm just curious.
Can you give a little bit of color on where that growth is coming from is it new customers and expansions and how does that set the stage for future growth outside of North America.
It is.
The growth is coming from.
Both areas so are a number of.
So if we if we just break down relative to the exact numbers, but if we breakdown the rguest brand legacy view of the world.
Our number of clients are up significantly and our number of users are up more at a greater percentage than our number of clients.
And our revenues are up greater than that which gets back to why the analysts have all been focused on the cloud adoption numbers. So the.
The strategy as it has been laid out for years.
We've accelerated a bit here is playing out in the overtime models, but.
That growth is coming from.
The user count growing faster than that even the client count that comes from the high end of the market.
Okay.
Is it.
But are you seeing incremental growth or from new customers or is that expansions within existing customers.
Well it's both.
We had hundreds of logos every quarter.
Which is primarily driven out of the rguest portfolio.
Yep great.
Great. Okay. Thank you for that color.
And then you sort of alluded to this in your prepared remarks, but I just wanted to confirm.
Are you seeing any any slowdown or extension in the sales cycles, just given the macro backdrop that seems to have accelerated.
The pressure seems to have accelerated through the quarter.
As you can see in the bookings numbers.
Through Q.
Through the end of Q3.
Just been extremely strong demand.
And then I made the comment of not only with our Q3 performance strong, but our leading indicators are strong. So we re measured each week, how many opportunities we expect to add.
And the analytics business, we know what we know what our weekly paces to go into the top of the funnel.
We know the same on the tax side by the way.
And our pace of opportunities going into the top of the funnel has stayed right on track right now so.
Our comments of <unk>.
Volatility can work in our favor I think that's proving out.
Yes market volatility.
Right right, Okay, Okay, great and then.
Maybe just finally.
Last call, we talked a lot about just the revised credit facility, providing flexibility for acquisitions.
I know you said in response to a previous question that you have 400 million Targa does not require acquisitions, but is that something you're still on the lookout for strategic deals.
Always.
We would consider.
It is.
An arrow in the quiver and we we have our pulse on the market and.
Always looking at strategic opportunities, we're looking through it would be.
There is the some of the acquisitions, we did last year.
<unk>, where.
We disclosed it wasn't.
EBITDA positive business when we bought it.
We're looking.
Different filters at this point in time with.
Very defined.
IRR.
Requirements as well as payback periods, but we.
We are absolutely watching the markets and have our.
Strategic.
Targets, whether we our strategic areas of growth, whether we build or buy or partner.
Looking at all scenarios at all times.
Makes sense, okay, great. Thanks, Jim I appreciate it.
Yep. Thank you.
The next question is from Paul Treiber with RBC capital markets. Please go ahead.
Thanks, very much good afternoon, just a couple of questions on <unk> I think last quarter, you said that it would launch Q4.
Is that still on track for Q4, and then how do we think about the magnitude of revenue contribution from <unk> in the near term.
So <unk> is not a product.
<unk> will not come in and buy the EAP the ACP as the platform upon which we can offer our advanced analytics offers so.
The ATP also so again, if the ACP allows us to ingest data connect attributes across.
Different franchises different datasets are own datasets external datasets, and then drop that into the analytics models.
So that's where the strategy <unk> acquisition comes in with <unk> on top of our legacy technology and data.
So.
The ATP drives the ability to offer advanced analytics.
As well as improves our internal operating efficiency. So it's it allows us to target our R&D investments much more efficiently because we are not building on multiple platforms.
And it allows us to deliver service.
Much more economically our folks can scale more because the ACP can take over some of the manual processing and analytics that our folks had to do.
So it's it allows efficient scale as well as new products.
Okay. That's helpful helpful to understand.
Earlier, you mentioned Youre operating at like a cloud company.
Internally.
One thing you can see a lot from cloud companies as a self service model for for customers externally.
Is that something that you would consider where customers can go online and sign up for our guests and other <unk>.
Data products.
Yes.
Absolutely.
It's.
In our investment.
Selection for next year, it's one of the investments the team is targeting.
So we talk about the market on the analytics side is high touch and then to scale our growth business to smaller businesses and then.
I made the comments before that.
The reason, we do that segmentation is because the customer acquisition cost and the cost to serve is so different at those various parts of the market. So we know we need to enable more of that self serve.
<unk> customer journey.
At that end of the market, where ideally it would happen without us touching it.
Okay.
Thanks, that's helpful.
Our internal investments in infrastructure.
So the ATP and our internal infrastructure investments that's all.
Through as one holistic architecture.
So so that we can enable that customer journey.
And so with the transition.
More customers moving to the cloud and how you think about evolving the monetization strategy.
Overtime.
How do we think about the model.
Physician strategy.
Yes.
Going from subscription users potentially evolve it.
Some other metric.
So we look at so.
The point I was making about.
Operating as a cloud company is.
Of course, we're going to continue growing the number of cloud users that's just a given.
And we spend a lot since I've come into the company two years ago. We spent a lot of time on that metric when that's just in my mind, that's a given.
So the metrics become.
How efficient how much can we expand margins without inhibiting growth.
So we're doing both we were not.
The margin expansion that we have.
It was predicated on building improving the productivity of the go to market resources that we had will be running a balance of go to market investments and margin expansion at the same time.
So driving growth and margin expansion at the same time the metric is going to be internally, we look at revenue per head cost per head.
We're looking at.
LTV to CAC and I know, we're not producing it externally, but we're certainly using it to drive where we're making our bets.
So.
Eventually you will get where were.
Moving to those types of metrics externally.
But that's how we think about how to measure the productivity and the efficiency operating efficiencies of being a cloud company.
Okay. Thank you for taking my questions.
Sure.
The next question is from Scott <unk> with CIBC. Please go ahead.
Good evening and thanks for taking the question.
Just two questions on the sales process for the advanced analytics offerings.
First I wanted to ask if there is a certain category of investor be it an asset class for us.
Maybe by the size that you are doing particularly well with or maybe even on the flip side. You know that you haven't seen the traction you Wanna get yet.
Sure, we're actually doing well because when we think about our go to market. We have one go to market leader per.
For analytics, but we think about it in those two segments in the.
The motions of those two segments are different.
And we.
We're having great success at both ends of the market.
As far as the high end of the market and.
Selling into that market.
I talked about the cost to serve part of the model is.
Dedicated resources.
Sure.
Those larger investment.
Clients.
So we're at more of a consultative approach with a sales approach with dedicated customer success.
To make sure we're coordinating across our entire portfolio solving all of the client's needs.
Versus the more of the legacy Altice way I would've been asked several go to market teams and support teams going in on a client. So there is a very specific resource allocation model at the very very top end of the market than there is the.
The general high touch and then there is this.
The growth of our scale part of the market, which after the last question.
Eventually you'd like to get to a complete self serve model there.
Alright, that's helpful. Yeah, Thanks, and the second question I have.
Do you have sort of any any statistics on how often you're displacing an existing analytics offering when you. When you are up selling someone expanding extending a relationship.
Where.
Premier Wen weird.
Providing those solutions were usually displacing lots of different piece part vendors that the client has to put together themselves.
But more is the case that.
We're not displacing anyone they just don't have the abilities.
So having a.
Environment.
Is that where you are investing in data science and data scientists the technology of the processes to give them the tools.
That's a huge investment.
And that's the role that we play on behalf of investors many of our investors of our clients.
They have their own data scientists, we are here to help enable their data scientists to do their jobs more efficiently.
And then enable their data strategies for them.
Okay. Thanks, I'll pass the line.
Thanks, Scott Thanks, Joe.
Once again, if you have a question. Please press Star then one.
This concludes the question answer session I would like to turn the conference back over to Jim Hallett for any closing remarks.
Alright, well, thanks, everyone for joining us.
As always you can reach out to Camilla if you have follow up questions.
Again, Andrew Thanks to you on the last call I think there was a little part of the thought maybe that was your last holiday. So there is no way you would definitely doing this one okay.
What a great quarter to be required.
Pleasure to do Tim. Thank you alright, thanks, everybody.
Yeah.
This concludes today's conference call should you have any further questions. Please contact Camilla bartosiewicz at all.
Altus group.
You may disconnect. Your lines. Thank you for participating and have a pleasant day.
Okay.
Okay.
Yes.
Okay.
Sure.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Sure.
Okay.
Okay.
[music].
Okay.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Sure.
Yes.
Okay.
Sure.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Yes.
Yes.
Yes.
Okay.
Okay.
Yes.
Yes.
Yes.
Yes.
Yes.
Okay.
Okay.
Okay.
[music].
Okay.
Yes.
Okay.
Okay.
Sure.
Sure.
Sure.
Okay.
[music].
Okay.
Yes.
Yes.
Yes.
Okay.
[music].
Yes.
Okay.
Yes.
Okay.
Okay.
[music].
Okay.
[music].
Okay.
Okay.
Yes.
Okay.
Okay.
[music].
Okay.
Yes.
Yes.
Yes.
Yes.
Yes.
Okay.
Okay.
[music].
Okay.
Okay.
Okay.
Yes.
Yes.
Yes.
Sure.
<unk>.
Okay.
Okay.
Yes.
Yes.
Yes.
Yes.
Okay.
Yes.
Yes.
Okay.
Sure.
Yes.
Yes.
Sure.
Yes.
Yes.
Okay.
Thanks.
Yes.
Okay.
Sure.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Sure.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Mhm.
Thanks.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.